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Cruise Sector INDUSTRY INSIGHTS S P R I N G2 0 2 6 Learn More A Travel Sector whose Time has come In this paper we set out the investment case for cruising as one of the most attractive areas of the travel industry based onsuperior long-term demand growth and strong financial metrics. There are many ways to play the sector, depending on investment strategy aswell asconsolidation potential. We also take the opportunity to bust a few myths surrounding the cruise sector to demonstrate that while the sectoris still young, it is now increasingly mainstream as both a vacation option and investment thesis. M&A implications–the most attractive sector within travel for investors 01Strong investment fundamentalsResilient high-growth sector andleading return on equity compared tobroader travel reflected in valuationsabove 10-year averages Mid-market opportunityWith increased consumer demand forspecialist itineraries and destinations,midsized players are well placed tocapture share in a growing market,benefiting from investmentsbylargerplayers04 Consumer preference is evident inrising passenger volumes acrossdifferent geographies and positivefindings from travel agent surveys The Cruise Industry has Grown Consistently and RelentlesslyThrough the Cycle for the Past 40 years Consistent growth in passenger volumes with supply as the major constraint on growth Travel and Tourism remain High Priorities for Consumers, butCruise is Growing Faster Cruise is ~5% of worldwide tourism revenue but guest satisfaction and repeat rates are higher Travel Agents Report Rising Demand driven by YoungerCustomers and Value for Money Increasing variety of cruise options as the industry expands is widening the funnel of interested travelers Cruise offers conveniencePassengers can enjoy a seamless travel experience, free from concerns about transportation logistics and without the need for repeated packing and unpacking,whether they prefer to visit multiple destinations or immerse themselves fully in asingle location Millennials are the most enthusiastic cruisetravelersof the future, with over 81% oftravelersplanning to cruise again;they are particularly attracted to mega, resort-stylevessels Ability to offer unique experiencesData shows high demand for “hidden-gem” destinations, with the number of Increasing specialization and customization of itinerariesCruise operators are increasing flexibility of activities and itineraries, providing passengers sailing on expedition itineraries increasing by 71% from 2019 to 2023 personalized experiences tailored to individual preferences as well as creatingculturally authentic and unique experiences Investment in onboard technological advancementsIncreased investments intechnology, such as offering interactive virtual reality tours and mobile apps for seamless onboard navigation, are aimed at enhancing thepassenger experience There is rising demand for luxury travel among all age demographics, withcompanies investing in other amenities such as private islands and beach clubs Core Passenger growth in 60+ years Cohort Supported byDemographics and Penetration Gains In addition to younger travelers entering the sector, older, traditional passenger cohorts are growing and gains from increasesin cruise penetration is very tangible Industry leader insight “Our guests value a more traditional cruising experience, completewith entertainment and a sense of community onboard which playswell to our fleet of mid-size vessels. This older demographic has highdisposable income, is more flexible in terms of length of itinerary andsailing season and books further ahead.”Christian Verhounig, CEO Cruise Offers Variety, from Mass Market to Specialists, acrossValue Propositions and Vessel Sizes From dedicated explorers, curious travelers or families after ease and activities, cruising has an offer for everyone Myth buster #2 growth in global capacity forexpedition and explorationship from 2019 to 2029150% total cruise market focusedon non-mass-marketholidays change in the numberof luxury vesselssince 2010 Increasing specialisation made possible by sector growth, allowingunique destinations and experiences, broadening the appeal forpassengers of all types All Segments Forecast to Grow with the Highest Growth inSpecialist Products Three industry leaders investing heavily in market expansion Recent Cruise Sector Headlines Innovative strategies to stimulate and capture consumer demand, and growing investor attention The Caribbean is still the Leading Global Cruise Location butother Areas Growing Quickly Growing popularity of Mediterranean as a destination provides opportunity for destination-focussedtravellers Myth buster #3“Cruising involves long periods at sea” of cruise voyageslast less than 7 days77% average number of days spent at seafor North Americans and Europeanpassengers6-9 cruise travellers that onlyconsidered cruise for the destinationand experience 12% Industry leader