CARNIVAL CORP Q2 FY26 Results

We achieved another quarter of record results, marking our twelfth consecutive quarter of record net yields and delivering over 20 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 $100 million. These results reflect the strong demand for our portfolio of world-class cruise lines and the continued progress we are making across the business. 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 our European deployments, particularly in the Mediterranean region, which were closest in proximity to the conflict in the Middle East. For those deployments, we leaned into the substantial occupancy advantage we had strategically built to deliberately prioritize pricing integrity. We are now 93 percent booked for the year with less inventory remaining for sale than this time last year and are on track for record net yields in the second half of 2026. Looking further out, demand for 2027 and beyond remains strong. Since March, booking volumes and prices for these future sailings have been running ahead of prior year levels, including a substantial increase in bookings for our European deployments 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, the durability of our demand generation efforts and the exceptional vacation experiences we deliver. Continued strength in demand is also reflected in higher second quarter onboard revenues, increased pre-cruise onboard sales and record customer deposits. Our second quarter operational outperformance and accelerated cost efficiency efforts have offset the transitory moderation shaped by the prolonged conflict in the Middle East, which is incorporated into our second-half outlook. As conditions continue to normalize, we expect to benefit from the strong demand, pricing and operational improvements embedded throughout our business. Recent booking trends already suggest that we are beginning to see a reversal of these headwinds, reinforcing our confidence in both the near-term outlook and the long-term earnings power of the business.

Our strong cash flow growth enabled us to launch our current share buyback program, repurchasing over $450 million of stock to date, reinforcing our commitment to accelerate shareholder returns. At the same time, we continued to responsibly invest in return-generating programs across our fleet and exclusive destinations, while further strengthening our financial position. We achieved a net debt to adjusted EBITDA ratio of 3.1x—more than half a point improvement from just one year ago. The continued momentum of our financial performance was recognized by Moody's with a credit rating upgrade and a continued positive outlook.