Core Viewpoint - Carnival Corporation & plc has announced a private offering of $3.0 billion in senior unsecured notes, aimed at refinancing existing debt and managing future debt maturities [1][2][4]. Group 1: Notes Offering Details - The offering consists of $3.0 billion aggregate principal amount of 5.750% senior unsecured notes due 2032 [1][6]. - The proceeds will be used to fully repay borrowings under the senior secured term loan facility maturing in 2028 and to redeem $2.4 billion of 5.750% senior unsecured notes due 2027 [2][4]. - The transaction is expected to close on July 16, 2025, subject to customary closing conditions [5]. Group 2: Redemption and Debt Management - A conditional notice of redemption has been issued for the $2.4 billion of 2027 Unsecured Notes, set to be redeemed on July 17, 2025, at a price equal to 100% of the principal amount plus applicable premiums and interest [3]. - Following the completion of this transaction, the company's remaining senior secured debt will be $3.1 billion, with provisions for security fall away upon receiving investment grade ratings from two of the three rating agencies [4]. Group 3: Financial Terms - The notes will pay interest semi-annually at a rate of 5.75% per year, starting February 1, 2026, and will mature on August 1, 2032 [6]. - The notes will be fully and unconditionally guaranteed on an unsecured basis by Carnival plc and certain subsidiaries [6]. Group 4: Company Overview - Carnival Corporation & plc is the largest global cruise company and among the largest leisure travel companies, operating a portfolio of well-known cruise lines [10].

Core Viewpoint - Carnival Corporation & plc has successfully closed a private offering of €1.0 billion in senior unsecured notes, which will be used to repay existing borrowings and enhance its capital structure [1][2]. Group 1: Financial Details - The offering consists of 4.125% senior unsecured notes due in 2031, with interest payments starting on July 15, 2026 [2]. - Proceeds will be utilized to fully repay borrowings under the 2027 Term Loan Facility and partially repay borrowings under the 2028 Term Loan Facility [1]. - The company made a prepayment of $450.0 million towards the 2027 Term Loan Facility on June 27, 2025, as part of its deleveraging strategy [1]. Group 2: Investment Grade Status - The company is one notch away from achieving an investment grade credit rating, and this transaction is a step towards that goal [2]. Group 3: Offering Details - The notes were offered only to qualified institutional buyers under Rule 144A and to non-U.S. investors under Regulation S [3]. - The notes are not registered under the Securities Act and cannot be sold in the U.S. without registration or an exemption [4]. Group 4: Company Overview - Carnival Corporation & plc is the largest global cruise company and one of the largest leisure travel companies, operating a portfolio of well-known cruise lines [6].

Core Viewpoint - Carnival Corporation & plc has announced a private offering of €1.0 billion in senior unsecured notes to repay existing borrowings and manage its capital structure [1][2]. Group 1: Notes Offering Details - The offering consists of €1.0 billion aggregate principal amount of 4.125% senior unsecured notes due in 2031 [1]. - Proceeds will be used to fully repay borrowings under the 2027 Term Loan Facility and partially repay borrowings under the 2028 Term Loan Facility [1]. - The Notes will pay interest annually at a rate of 4.125%, starting on July 15, 2026, and will mature on July 15, 2031 [3]. Group 2: Offering Structure and Conditions - The Notes will be governed by investment grade-style covenants and will be fully guaranteed on an unsecured basis by Carnival Corporation and certain subsidiaries [3][2]. - The offering is targeted at qualified institutional buyers under Rule 144A and non-U.S. investors under Regulation S [4]. - The Notes will not be registered under the Securities Act and cannot be sold in the U.S. without registration or an exemption [5]. Group 3: Company Overview - Carnival Corporation & plc is the largest global cruise company and a major player in the leisure travel industry, operating a portfolio of well-known cruise lines [7].

Group 1 - Carnival Corporation & plc announced a private offering of new senior unsecured notes totaling €1.0 billion, maturing in 2031, aimed at repaying borrowings under existing senior secured term loan facilities maturing in 2027 and 2028 [1] - The indenture governing the notes is expected to include investment grade-style covenants [1] - The offering is targeted at qualified institutional buyers under Rule 144A and non-U.S. investors under Regulation S of the Securities Act [2] Group 2 - The notes will not be registered under the Securities Act or any state securities laws, and cannot be offered or sold in the U.S. without registration or an exemption [3] - The press release does not constitute an offer to sell or solicit offers to purchase the notes or any other securities [4] - Carnival Corporation & plc is recognized as the largest global cruise company and a major player in the leisure travel industry, operating several well-known cruise lines [5]

[Financial Highlights](index=4&type=section&id=Financial%20Highlights) [Overall Performance](index=4&type=section&id=Overall%20Performance) Carnival Corporation & plc reported strong Q2 2025 growth, driven by robust demand, increased pricing, and strategic debt management Q2 2025 Key Financial Metrics (vs. Q2 2024) | Metric | Q2 2025 (in millions) | Q2 2024 (in millions) | Change | | :--- | :--- | :--- | :--- | | **Total Revenues** | $6,328 | $5,781 | **+9.5%** | | **Operating Income** | $934 | $560 | **+66.8%** | | **Net Income** | $565 | $92 | **+514.1%** | | **Diluted EPS** | $0.42 | $0.07 | **+500.0%** | - Customer deposits reached a record **$8.5 billion** as of May 31, 2025, up from **$6.8 billion** at November 30, 2024, signaling strong future demand[31](index=31&type=chunk) - The company actively refinanced its debt, issuing new lower-rate senior unsecured notes to redeem higher-rate notes, resulting in reduced interest expenses and extended maturities[41](index=41&type=chunk)[42](index=42&type=chunk)[43](index=43&type=chunk) [PART I - FINANCIAL INFORMATION](index=4&type=section&id=PART%20I%20-%20FINANCIAL%20INFORMATION) [Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements) Unaudited consolidated financial statements show significant Q2 and H1 2025 profitability improvement, driven by strong revenue and cash flow [Consolidated Statements of Income (Loss)](index=4&type=section&id=Consolidated%20Statements%20of%20Income%20%28Loss%29) Consolidated Income Statement Highlights (in millions) | Metric | Q2 2025 | Q2 2024 | H1 2025 | H1 2024 | | :--- | :--- | :--- | :--- | :--- | | **Total Revenues** | $6,328 | $5,781 | $12,139 | $11,187 | | Passenger ticket | $4,104 | $3,754 | $7,936 | $7,370 | | Onboard and other | $2,224 | $2,027 | $4,202 | $3,817 | | **Operating Income** | $934 | $560 | $1,477 | $836 | | **Net Income (Loss)** | $565 | $92 | $486 | $(123) | | **Diluted EPS** | $0.42 | $0.07 | $0.37 | $(0.10) | [Consolidated Balance Sheets](index=6&type=section&id=Consolidated%20Balance%20Sheets) Consolidated Balance Sheet Highlights (in millions) | Metric | May 31, 2025 | Nov 30, 2024 | | :--- | :--- | :--- | | **Cash and cash equivalents** | $2,146 | $1,210 | | **Total assets** | $51,165 | $49,057 | | **Customer deposits** | $8,082 | $6,425 | | **Total debt** | $27,254 | $27,475 | | **Total shareholders' equity** | $10,007 | $9,251 | [Consolidated Statements of Cash Flows](index=7&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Six Months Ended May 31, Cash Flow Highlights (in millions) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | **Net cash provided by operating activities** | $3,317 | $3,807 | | **Net cash used in investing activities** | $(1,191) | $(3,384) | | **Net cash used in financing activities** | $(1,211) | $(1,183) | | **Net increase (decrease) in cash** | $940 | $(767) | [Segment Information](index=20&type=section&id=Segment%20Information) Segment Operating Income (in millions) | Segment | Q2 2025 | Q2 2024 | H1 2025 | H1 2024 | | :--- | :--- | :--- | :--- | :--- | | **North America** | $691 | $525 | $1,207 | $797 | | **Europe** | $368 | $168 | $508 | $288 | | **Cruise Support** | $(113) | $(114) | $(204) | $(210) | | **Tour and Other** | $(12) | $(19) | $(34) | $(40) | - In March 2025, the company sunset the P&O Cruises (Australia) brand, folding its operations into Carnival Cruise Line[23](index=23&type=chunk) [Debt](index=11&type=section&id=Debt) - Total debt was **$28.0 billion** as of May 31, 2025. The company has actively managed its debt profile, issuing **$1.0 billion** of 5.75% notes due 2030 to redeem 10.50% notes, **$2.0 billion** of 6.13% notes due 2033 to redeem 10.38% notes, and **$1.0 billion** of 5.88% notes due 2031 to redeem 7.63% notes[34](index=34&type=chunk)[41](index=41&type=chunk)[42](index=42&type=chunk)[43](index=43&type=chunk) - In June 2025, the company entered into a new **$4.5 billion** unsecured multi-currency revolving credit facility maturing in 2030, replacing its previous facility[37](index=37&type=chunk) Debt Maturity Schedule as of May 31, 2025 (in millions) | Year | Principal Payments | | :--- | :--- | | Remainder of 2025 | $692 | | 2026 | $1,400 | | 2027 | $4,958 | | 2028 | $6,758 | | 2029 | $4,780 | | Thereafter | $9,378 | | **Total** | **$27,967** | [Management's Discussion and Analysis (MD&A)](index=23&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management attributes strong Q2 2025 performance to robust demand, higher pricing, and effective financial management, ensuring strong liquidity [Key Performance Indicators & Trends](index=25&type=section&id=Key%20Performance%20Indicators%20%26%20Trends) Key Operating Statistics | Metric | Q2 2025 | Q2 2024 | H1 2025 | H1 2024 | | :--- | :--- | :--- | :--- | :--- | | ALBDs (in millions) | 24.2 | 23.5 | 47.8 | 46.5 | | Occupancy percentage | 104% | 104% | 104% | 103% | | Fuel cost per metric ton | $614 | $684 | $628 | $685 | - Capacity, measured in Available Lower Berth Days (ALBDs), increased by **3.1%** in Q2 2025 compared to Q2 2024, driven by an **8.4%** increase in the Europe segment[101](index=101&type=chunk) - The company anticipates that the EU Emissions Trading System (ETS), which began in 2024, will have a material negative impact on future financial results as the phase-in period progresses from **40%** of emissions in 2024 to **70%** in 2025 and **100%** in 2026[98](index=98&type=chunk) [Results of Operations](index=26&type=section&id=Results%20of%20Operations) - **Q2 2025 vs Q2 2024:** - Passenger ticket revenue increased **9.3%** to **$4.1 billion**, driven by a **$169 million** increase from higher ticket prices and a **$128 million** increase from higher onboard spending[105](index=105&type=chunk)[107](index=107&type=chunk) - Operating Expenses: Increased by a modest **2.3%**, benefiting from a **$103 million** gain on ship sales and **$72 million** in lower fuel costs[113](index=113&type=chunk) - Interest Expense: Decreased by **24%** (**$109 million**) due to lower debt balances and interest rates[125](index=125&type=chunk) - **H1 2025 vs H1 2024:** - Passenger ticket revenue increased **7.7%** to **$7.9 billion**, driven by a **$320 million** increase from higher ticket prices and a **$252 million** increase from higher onboard spending[126](index=126&type=chunk)[129](index=129&type=chunk) - Operating Income: Increased by **$641 million** to **$1.5 billion**[146](index=146&type=chunk) - Interest Expense: Decreased by **22%** (**$203 million**)[147](index=147&type=chunk) [Liquidity and Capital Resources](index=32&type=section&id=Liquidity%20and%20Capital%20Resources) - As of May 31, 2025, the company had **$5.2 billion** of liquidity, comprising **$2.1 billion** in cash and **$3.0 billion** available under its revolving facility[150](index=150&type=chunk) - The working capital deficit increased to **$8.6 billion** from **$8.2 billion**, primarily due to a significant increase in advance customer deposits, which is a characteristic of the company's business model[151](index=151&type=chunk) - Net cash from operating activities was **$3.3 billion** for the first six months of 2025. Investing activities used **$1.2 billion**, mainly for capital expenditures, while financing activities used **$1.2 billion** for net debt repayments[153](index=153&type=chunk)[154](index=154&type=chunk)[155](index=155&type=chunk) [Market Risk Disclosures](index=33&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's primary market risk exposures are interest rates, foreign currency, and fuel prices, with no material changes since the 2024 Form 10-K Debt Composition (after swaps) as of May 31, 2025 | Debt Type | Percentage | | :--- | :--- | | Fixed rate | **58%** | | EUR fixed rate | **24%** | | Floating rate | **7%** | | EUR floating rate | **11%** | [Controls and Procedures](index=33&type=section&id=Item%204.%20Controls%20and%20Procedures) Management, including the CEO and CFO, concluded disclosure controls and procedures were effective as of May 31, 2025, with no material internal control changes - The CEO and CFO concluded that disclosure controls and procedures were effective as of the end of the period[161](index=161&type=chunk) - No changes in internal control over financial reporting occurred during the quarter that have materially affected, or are reasonably likely to materially affect, internal controls[162](index=162&type=chunk) [PART II - OTHER INFORMATION](index=35&type=section&id=PART%20II%20-%20OTHER%20INFORMATION) [Legal Proceedings & Risk Factors](index=35&type=section&id=Item%201.%20Legal%20Proceedings%20%26%20Item%201A.%20Risk%20Factors) The company updated on the Havana Docks lawsuit, noting a favorable appeal ruling, and confirmed no material changes to risk factors since the 2024 Form 10-K - In the Havana Docks lawsuit, the Court of Appeals reversed a **$110 million** judgment against Carnival. The plaintiff has since filed a petition with the U.S. Supreme Court. The company does not expect the ultimate outcome to have a material impact[54](index=54&type=chunk) - There has been no material change to the risk factors affecting the business since the filing of the 2024 Form 10-K[166](index=166&type=chunk)

Core Insights - Princess Cruises has achieved recognition for excellence in wine offerings, with all 16 ships in its fleet receiving the Wine Spectator Award of Excellence for 2025, marking a significant achievement as the only cruise line to earn 16 awards [1][2]. Group 1: Awards and Recognition - All 16 ships in the Princess Cruises fleet, including 15 main dining rooms and the Sanctuary Collection restaurant on Sun Princess, have been awarded the Wine Spectator Award of Excellence for 2025, highlighting the cruise line's commitment to quality wine selections [1][2]. - The Wine Spectator Awards of Excellence are presented annually to restaurants that offer thoughtfully curated wine selections paired with quality cuisine, with over 2,000 establishments recognized globally this year [2]. Group 2: Wine Program Details - Princess Cruises' wine program features over 250 labels from renowned wine regions such as France, Italy, Argentina, and New Zealand, as well as biodynamic, organic, vegan, and sustainable wines, including a section dedicated to women winemakers [3]. - The wine lists are designed to cater to a variety of palates, providing detailed descriptions to assist guests in navigating options by flavor profile and style [3]. Group 3: Premium Liquors Collection - The Love Lines Premium Liquors Collection offers exclusive wines and spirits crafted by globally recognized personalities, including celebrity wines from Taraji P. Henson, Jason Aldean, Romero Britto, and Kylie Minogue [4]. Group 4: Company Overview - Princess Cruises is recognized as a leading cruise brand, providing dream vacations to millions in sought-after destinations, featuring well-appointed staterooms, world-class dining, and a range of activities [6]. - The company is part of Carnival Corporation & plc, and its new ship, Sun Princess, has been named Condé Nast Traveler's Mega Ship of the Year [6].

[Financial & Operational Highlights](index=1&type=section&id=Financial%20%26%20Operational%20Highlights) The company achieved record Q2 operating results, exceeding guidance and reaching 2026 financial targets early, driven by record revenues and customer deposits [Q2 2025 Key Achievements](index=1&type=section&id=Q2%202025%20Key%20Achievements) Carnival Corporation & plc reported its highest-ever second-quarter operating results, exceeding guidance and achieving its 2026 SEA Change financial targets 18 months ahead of schedule - Exceeded 2026 SEA Change financial targets 18 months early, with **adjusted ROIC surpassing 12.5%** and **adjusted EBITDA per ALBD increasing by 52%** in under two years[2](index=2&type=chunk)[4](index=4&type=chunk) - The company's cumulative advanced booked position for 2026 is aligned with the record levels of 2025 and at historically high prices (in constant currency)[4](index=4&type=chunk)[7](index=7&type=chunk) - In June, the company extended and increased its revolver capacity by **50% to $4.5 billion**[4](index=4&type=chunk)[8](index=8&type=chunk) | Metric | Q2 2025 | Change vs. Q2 2024 | Note | | :--- | :--- | :--- | :--- | | **Revenues** | $6.3 billion | +$550 million | Record Second Quarter | | **Operating Income** | $934 million | - | Record Second Quarter | | **Net Income** | $565 million | +$475 million | - | | **Adjusted Net Income** | $470 million | More than tripled | Outperformed guidance by $185M | | **Adjusted EBITDA** | $1.5 billion | +26% | Record Second Quarter | | **Customer Deposits** | $8.5 billion | - | All-time high | [Financial Performance](index=1&type=section&id=Financial%20Performance) The company achieved record Q2 2025 revenues and operating income, driven by strong net yield growth and effective cost management [Q2 2025 Detailed Results](index=1&type=section&id=Q2%202025%20Detailed%20Results) In Q2 2025, the company achieved record revenues of $6.3 billion and record operating income of $934 million, with net yields growing 6.4% year-over-year - Operating margins and adjusted EBITDA margins increased by over **500 and 300 basis points**, respectively, compared to 2024, significantly exceeding 2019 levels[5](index=5&type=chunk) | Performance Metric | Q2 2025 Result | Comparison/Note | | :--- | :--- | :--- | | **Record Revenues** | $6.3 billion | Up nearly $550 million vs. 2024 | | **Record Operating Income** | $934 million | - | | **Record Net Yields (Constant Currency)** | +6.4% vs. 2024 | Outperformed guidance by 200 bps | | **Adjusted Cruise Costs ex. Fuel per ALBD (Constant Currency)** | +3.5% vs. 2024 | Better than March guidance | | **Fuel Consumption per ALBD** | -6.3% vs. 2024 | Better than guidance by 300 bps | | **Occupancy Percentage** | 104% | Same as Q2 2024 | [Consolidated Statements of Income](index=9&type=section&id=Consolidated%20Statements%20of%20Income) For the three months ended May 31, 2025, total revenues increased to $6.33 billion, leading to a significant rise in net income to $565 million | (in millions, except per share data) | Three Months Ended May 31, 2025 | Three Months Ended May 31, 2024 | Six Months Ended May 31, 2025 | Six Months Ended May 31, 2024 | | :--- | :--- | :--- | :--- | :--- | | **Total Revenues** | $6,328 | $5,781 | $12,139 | $11,187 | | **Operating Income** | $934 | $560 | $1,477 | $836 | | **Net Income (Loss)** | $565 | $92 | $486 | $(123) | | **Diluted EPS** | $0.42 | $0.07 | $0.37 | $(0.10) | [Consolidated Balance Sheets](index=10&type=section&id=Consolidated%20Balance%20Sheets) As of May 31, 2025, total assets increased to $51.17 billion, with customer deposits growing significantly to $8.08 billion | (in millions) | May 31, 2025 | November 30, 2024 | | :--- | :--- | :--- | | **Total Assets** | $51,165 | $49,057 | | Cash and cash equivalents | $2,146 | $1,210 | | Property and Equipment, Net | $42,751 | $41,795 | | **Total Liabilities** | $41,158 | $39,806 | | Total current liabilities | $12,920 | $11,617 | | Customer deposits (current) | $8,082 | $6,425 | | Long-Term Debt | $25,862 | $25,936 | | **Total Shareholders' Equity** | $10,007 | $9,251 | [Business Outlook & Guidance](index=2&type=section&id=Business%20Outlook%20%26%20Guidance) The company maintains strong booking trends and has raised its full-year 2025 guidance for adjusted net income and EBITDA [Booking Trends](index=2&type=section&id=Booking%20Trends) Booking trends remain exceptionally strong, with the booking curve extending further out than ever before, indicating robust future demand - Close-in demand and onboard spending were very strong for Q2 sailings[6](index=6&type=chunk) - The booking curve is the furthest out on record, indicating strong future demand[6](index=6&type=chunk) - For the rest of 2025, occupancy is the second-highest on record with pricing at historical highs (in constant currency)[7](index=7&type=chunk) - The booked position for 2026 is in line with 2025's record levels at the same point last year, also at historical high prices[7](index=7&type=chunk) [Full Year & Q3 2025 Guidance](index=2&type=section&id=Full%20Year%20%26%20Q3%202025%20Guidance) The company has raised its full-year 2025 guidance, expecting adjusted net income of approximately $2.69 billion and adjusted EBITDA of around $6.9 billion | Guidance Metric (Full Year 2025) | Forecast | Note | | :--- | :--- | :--- | | **Net Yields (Constant Currency)** | ~5.0% growth | Better than March guidance | | **Adj. Cruise Costs ex. Fuel per ALBD (Constant Currency)** | ~3.6% growth | Better than March guidance | | **Adjusted EBITDA** | ~$6.9 billion | Up >10% vs. 2024 | | **Adjusted Net Income** | ~$2.69 billion | Up >40% vs. 2024; $200M better than March guidance | | **Adjusted EPS - Diluted** | ~$1.97 | - | | Guidance Metric (Q3 2025) | Forecast | Note | | :--- | :--- | :--- | | **Net Yields (Constant Currency)** | ~3.5% growth | - | | **Adj. Cruise Costs ex. Fuel per ALBD (Constant Currency)** | ~7.0% growth | Includes Celebration Key opening & advertising costs | | **Adjusted EBITDA** | ~$2.87 billion | - | | **Adjusted Net Income** | ~$1.8 billion | - | | **Adjusted EPS - Diluted** | ~$1.30 | - | | Sensitivities (Impact to Adjusted Net Income) | Remainder of 2025 (in millions) | | :--- | :--- | | 1% change in net yields | $104 | | 1% change in adjusted cruise costs ex. fuel per ALBD | $55 | | 10% change in fuel cost per metric ton | $88 | [Financial Position & Capital Management](index=2&type=section&id=Financial%20Position%20%26%20Capital%20Management) The company is actively managing its debt profile to rebuild an investment-grade balance sheet and maintains a strong liquidity position [Financing Activities & Debt Management](index=2&type=section&id=Financing%20Activities%20%26%20Debt%20Management) The company is actively managing its debt profile to rebuild an investment-grade balance sheet, with recent credit rating upgrades and debt refinancing efforts - S&P upgraded the company's credit rating to **BB+ (stable outlook)** and Fitch upgraded it to **BB+ (positive outlook)**, placing it one notch from investment grade[8](index=8&type=chunk)[9](index=9&type=chunk) - Proactively managed debt by prepaying **$350 million of 2026 notes** and refinancing the remainder, which will reduce net interest expense by over **$20 million** through 2026[11](index=11&type=chunk) - Total debt was **$27.3 billion** as of May 31, 2025, with the net debt to adjusted EBITDA ratio improving from **4.1x to 3.7x** during the quarter[10](index=10&type=chunk)[12](index=12&type=chunk) [Liquidity and Capital Expenditures](index=3&type=section&id=Liquidity%20and%20Capital%20Expenditures) The company maintains a strong liquidity position, enhanced by an upsized revolving credit facility, with planned capital expenditures for newbuilds and non-newbuild projects - Capital expenditures for the remainder of 2025 are projected to be **$2.3 billion**, comprising **$1.1 billion for newbuilds** and **$1.2 billion for non-newbuilds**[17](index=17&type=chunk) | Liquidity (in millions) | May 31, 2025 | Note | | :--- | :--- | :--- | | **Cash and cash equivalents** | $2,146 | - | | **Revolver Availability** | $3,026 | Facility upsized to $4.5B in June 2025 | | **Total Liquidity** | $5,172 | - | [Other Corporate Developments](index=3&type=section&id=Other%20Corporate%20Developments) Carnival announced strategic initiatives including new ship orders, a new loyalty program, and expansion of Caribbean destinations [Recent Highlights](index=3&type=section&id=Recent%20Highlights) Carnival announced several strategic initiatives, including ordering two new mid-size class ships for AIDA Cruises and launching a new loyalty program - Ordered two newbuilds for AIDA Cruises, for delivery in fiscal 2030 and 2032, bringing the total newbuild pipeline to **eight ships through 2033**[13](index=13&type=chunk) - Carnival Cruise Line will launch 'Carnival Rewards' in June 2026, a new loyalty program based on spending on fares and onboard activities[13](index=13&type=chunk) - Introduced the 'Paradise Collection' of destinations, including the new Celebration Key (opening July 2025) and enhancements to Half Moon Cay and Mahogany Bay[13](index=13&type=chunk) - Sold the Costa Fortuna, which is expected to leave the fleet in September 2026, resulting in a gain on the sale[13](index=13&type=chunk) [Non-GAAP Financial Measures](index=12&type=section&id=Non-GAAP%20Financial%20Measures) The company uses non-GAAP financial measures to assess core operating performance, excluding non-recurring or non-core items [Definitions and Reconciliation](index=12&type=section&id=Definitions%20and%20Reconciliation) The company utilizes non-GAAP financial measures to assess performance, excluding items not considered part of core operations, to understand underlying business trends - Non-GAAP measures like Adjusted Net Income and Adjusted EBITDA are used to provide additional information on core operating profitability by excluding certain non-recurring or non-core business items[45](index=45&type=chunk)[46](index=46&type=chunk) - Net Yields and Adjusted Cruise Costs per ALBD are used to measure cruise segment performance, separating the impact of capacity changes from price and other operational changes[48](index=48&type=chunk)[49](index=49&type=chunk) - Reconciliation of forecasted non-GAAP data to GAAP is not provided because predicting future movements of foreign exchange, fuel prices, and other non-core gains/losses would require unreasonable effort[52](index=52&type=chunk) [Forward-Looking Statements](index=7&type=section&id=Forward-Looking%20Statements) This report contains forward-looking statements subject to numerous risks and uncertainties that could cause actual results to differ materially [Cautionary Note on Future Results](index=7&type=section&id=Cautionary%20Note%20on%20Future%20Results) This report contains forward-looking statements regarding future results, operations, and strategy, which are subject to numerous risks and uncertainties - The report includes forward-looking statements that are not guarantees of future performance and involve risks and uncertainties[21](index=21&type=chunk)[22](index=22&type=chunk) - Key risk factors that could affect future results include: - Global events (geopolitical uncertainty, inflation, pandemics) - Incidents concerning ships or the cruise industry - Changes in laws and regulations (environmental, health, safety) - Climate change-related factors - Cybersecurity incidents and data breaches - Increases in fuel prices and supply issues - Competition and overcapacity - The company's substantial debt balance[24](index=24&type=chunk)[28](index=28&type=chunk)

Core Points - Cunard is celebrating its 185th anniversary with a special sale offering fares starting at $899 per person and $185 in Onboard Credit per stateroom, available for 185 voyages [1] - The sale is valid from now until July 9, 2025, covering select voyages from 2025 to 2027 across various destinations including Alaska, the Caribbean, and Europe [1][2] - Cunard's flagship Queen Mary 2, Queen Victoria, the newly transformed Queen Elizabeth, and the newest ship Queen Anne are featured in this promotion [1][2] Company Overview - Cunard is a luxury British cruise line with a history dating back to 1840, known for providing exceptional experiences and fine dining [4] - The company operates four ships: Queen Mary 2, Queen Elizabeth, Queen Victoria, and Queen Anne, which entered service in May 2024 [5] - Cunard is owned by Carnival Corporation & plc since 1998 and is based in Southampton [6] Upcoming Voyages and Events - Queen Elizabeth will sail from Seattle for the first time this summer, offering 7 to 11-night voyages to Alaska, including scenic cruising through Glacier Bay National Park [5] - The ship will also operate winter cruises from Miami to the Caribbean from October 16 to April 14, visiting various ports [5] - Queen Mary 2 will host the Transatlantic Fashion Week from October 31 to November 7, 2025, featuring designer Christian Siriano and fashion icons [5]

Core Points - Carnival Cruise Line is set to launch a new loyalty program named Carnival Rewards™ in June 2026, introducing a points-based system with personalized perks and new ways to earn status [1][2][3] Group 1: Program Features - The Carnival Rewards program will feature a dual-earning structure, allowing guests to accumulate both Carnival Rewards points and status qualifying stars, moving away from the current model that focuses solely on the number of nights sailed [3][4] - Guests will earn points on eligible purchases, including cruise fares and onboard activities, providing more opportunities to achieve higher status levels based on overall spending [3][4] - The program will be closely linked to the Carnival Rewards Mastercard, enabling cardmembers to earn points and status more rapidly through everyday spending [3][4] Group 2: Transition and Status Retention - Existing loyalty status from the current Very Important Fun Person (VIFP) program will carry over into the new Carnival Rewards program for a two-year period, ensuring that current members' status is honored [5] - Diamond members will retain their status for an extended period of six years, through May 31, 2032, allowing ample time for members to adapt to the new rewards system [5] - Current cardmembers will have their Fun Points converted to Carnival Rewards points upon the launch of the new program [5] Group 3: Customer Engagement and Information - Carnival Cruise Line will provide detailed information and tools for guests to track their status and point balances, as well as tips to maximize rewards under the new system [6] - Current loyalty members will receive updates via email throughout the transition process leading up to the launch [6]

MIAMI, June 13, 2025 /PRNewswire/ -- Carnival Corporation & plc (NYSE/LSE: CCL; NYSE: CUK) (the "Company") today announced that it has successfully arranged a new $4.5 billion multi-currency revolving credit facility (the "New Revolver").  The New Revolver matures in June 2030 and will replace the existing multi-currency revolving credit facility of Carnival Holdings (Bermuda) II Limited, a subsidiary of Carnival Corporation. The New Revolver also contains an accordion feature, allowing for up to $1.0 billi ...