嘉年华邮轮(ADR) 2025年度报告

Accelerates shareholder returns, surpassing $450 million in stock repurchases MIAMI (June 23, 2026) - Carnival Corporation (NYSE: CCL) announced financial results for the second quarter 2026 andprovided an updated outlook. •Net income1of $537 million with record adjusted net income2,3of $569 million, up over 20 percent compared tothe prior year.•Record revenues3of $6.7 billion with record net yields2,3(in constant currency), demonstrating continueddemand strength.•Reached all-time high customer deposits of $9.0 billion, up over $450 million compared to the prior year record.•Booked position for the remainder of 2026 ahead of prior year at historically high prices, with demand for 2027and beyond continuing to exceed prior-year levels. “We achieved another quarter of record results, marking our twelfth consecutive quarter of record net yields and delivering over20 percent more to the bottom line, overcoming extreme geopolitical headwinds and nearly 30 percent higher fuel costs.Continued commercial execution and a step up in our cost efficiency efforts enabled us to exceed our March guidance by $100million. These results reflect the strong demand for our portfolio of world-class cruise lines and the continued progress we aremaking across the business,” said Carnival Corporation’s Chief Executive Officer Josh Weinstein. Second Quarter 2026 Results •Diluted EPS of $0.39 and adjusted EPS2of $0.41, up over 15 percent compared to the prior year despite a $0.06 ($73million) unfavorable impact from fuel prices and currency rates.•Record adjusted EBITDA2,3of $1.6 billion.•Gross margin yields down 3.9 percent driven by higher fuel prices. Record net yields (in constant currency) up 2.2percent.•Cruise costs per available lower berth day (“ALBD”) increased 6.0 percent driven by higher fuel prices. Adjustedcruise costs excluding fuel per ALBD2(in constant currency) were in line with prior year due to sharpened costdiscipline.•Fuel consumption per ALBD improved 5.6 percent, reflecting the company’s efforts and investments to continuouslyreduce fuel consumption, which helped partially mitigate a nearly 30 percent increase in fuel prices. Advance Sales “Our booked position for the second half of 2026 is higher than last year, at historically high prices (in constant currency),despite navigating more than a full quarter of extreme geopolitical volatility that primarily impacted booking trends for ourEuropean deployments, particularly in the Mediterranean region, which were closest in proximity to the conflict in the MiddleEast. For those deployments, we leaned into the substantial occupancy advantage we had strategically built to deliberatelyprioritize pricing integrity. We are now 93 percent booked for the year with less inventory remaining for sale than this time lastyear and are on track for record net yields in the second half of 2026,” Weinstein said. “Looking further out, demand for 2027 and beyond remains strong. Since March, booking volumes and prices for these futuresailings have been running ahead of prior year levels, including a substantial increase in bookings for our Europeandeployments next year. These trends reinforce our confidence in the longer-term demand environment.” “Our booking curve remains the furthest out on record, reflecting the power of our world-class portfolio of cruise lines, thedurability of our demand generation efforts and the exceptional vacation experiences we deliver. Continued strength in demandis also reflected in higher second quarter onboard revenues, increased pre-cruise onboard sales and record customer deposits,"Weinstein noted. Customer deposits reached an all-time high of $9.0 billion on flat capacity growth over the next twelve months, surpassing the prior year’s record by over $450 million, a further reflection of demand momentum and reinforcing the company’s strong cashflow profile. 2026 Outlook “Our second quarter operational outperformance and accelerated cost efficiency efforts have offset the transitory moderationshaped by the prolonged conflict in the Middle East, which is incorporated into our second-half outlook. As conditions continueto normalize, we expect to benefit from the strong demand, pricing and operational improvements embedded throughout ourbusiness. Recent booking trends already suggest that we are beginning to see a reversal of these headwinds, reinforcing ourconfidence in both the near-term outlook and the long-term earnings power of the business,” Weinstein added. For the full year 2026, the company expects: •Net yields up approximately 3.2 percent compared to record 2025 levels. Net yields (in constant currency) upapproximately 1.75 percent, 2.25 percent after reflecting the impact of the summer 2025 close-in decision to redeployaway from the previously planned first quarter 2026 Arabian Gulf voyages and the impacts of loyalty programaccounting for Carnival Cruise Line.•Adjusted cruise costs excluding fuel per ALBD up approximately 3.7 per