Core Viewpoint - Carnival Corporation & plc is executing a private offering of $1.0 billion in senior unsecured notes at a 5.875% interest rate, aimed at redeeming $993 million of its existing higher-interest unsecured notes due in 2026, thereby reducing interest expenses and managing future debt maturities [1][2]. Group 1: Notes Offering Details - The Notes Offering will close on May 21, 2025, with the redemption of the 2026 Unsecured Notes expected to occur on May 22, 2025, contingent upon the closing of the Notes Offering [3]. - The new notes will pay interest semi-annually starting December 15, 2025, and will mature on June 15, 2031 [4]. Group 2: Financial Impact - The transaction is projected to reduce net annual interest expenses by over $20 million until the maturity date of the 2026 Unsecured Notes, following a previous partial redemption of $350 million earlier in the year [2]. - The new notes will be governed by investment grade-style covenants, enhancing the financial stability of the company [2]. Group 3: Company Overview - Carnival Corporation & plc is recognized as the largest global cruise company and one of the largest leisure travel companies, operating a diverse portfolio of cruise lines [8].

Core Viewpoint - Carnival Corporation & plc has initiated a private offering of new senior unsecured notes totaling $1.0 billion, aimed at refinancing existing debt and reducing interest expenses while managing future debt maturities [1][2]. Group 1: Notes Offering Details - The new notes are expected to mature in 2031 and will replace the existing $993 million 7.625% senior unsecured notes due in 2026 [1]. - The company plans to use the net proceeds from the notes offering to fund the redemption of the 2026 Unsecured Notes, which is set to occur on or about May 22, 2025 [2]. - The indenture governing the new notes is anticipated to include investment grade-style covenants [1]. Group 2: Redemption Process - A conditional notice of redemption has been issued for the entire outstanding principal amount of the 2026 Unsecured Notes, with the redemption price set at 100% of the principal plus accrued interest [2]. - The redemption is contingent upon the successful closing of the notes offering [2]. Group 3: Company Overview - Carnival Corporation & plc is recognized as the largest global cruise company and one of the largest leisure travel companies, operating a portfolio of well-known cruise lines [6].

Core Insights - The 129-day World Cruise Grand Circle Pacific Voyage by Princess Cruises is set to depart from Ft. Lauderdale on January 6, 2027, visiting 61 destinations across 20 countries and three continents, offering a unique exploration experience [1][3] Itinerary Highlights - The cruise includes access to 23 UNESCO World Heritage Sites and features nine late-night stays, with an overnight in Hong Kong and late nights in cities such as Anchorage, Cairns, Honolulu, Osaka, Singapore, Suva, Sydney, and Tokyo [4][8] - The journey covers a distance of 35,400 nautical miles, crossing the Equator and International Date Line twice [4] Cruise Options - Three departure options are available: a 129-day journey from Ft. Lauderdale to Los Angeles, a 114-day roundtrip from Los Angeles, and a 110-day cruise from Los Angeles to Vancouver, all starting in January 2027 [2] Onboard Experience - The Coral Princess accommodates 2,000 guests and offers gourmet dining, world-class entertainment, and various onboard activities, including enrichment speakers and local performers [6] - Early booking perks include complimentary Wi-Fi and onboard credits based on accommodation levels booked [7][11] Destinations - The cruise itinerary features diverse locations, including the historic Panama Canal, Hawaiian Islands, South Pacific nations, Australia, New Zealand, Southeast Asia, Japan, Alaska, and ends in Los Angeles [8]

VALENCIA, Calif., April 17, 2025 /PRNewswire/ -- Luxury cruise line Cunard is offering incredible savings on voyages to some of the world's most captivating destinations. Queen Elizabeth will homeport out of Seattle for the first time this June The 'Adventure Awaits Sale' is available on more than 100 voyages in 2025 and 2026, including Alaska cruises from their new homeport of Seattle, and incredible Caribbean itineraries from Miami, on the recently transformed Queen Elizabeth. Offers can also be foun ...

Core Insights - Carnival Cruise Line has become the leading cruise operator in Australia with the addition of two new ships, Carnival Adventure and Carnival Encounter, bringing its total fleet to a record 29 ships in its 53-year history [1][2][4] Fleet Expansion - The integration of P&O Australia into the Carnival brand has been completed, with the ships previously known as Pacific Adventure and Pacific Encounter being reimagined to enhance the Carnival experience while retaining popular elements from P&O [4] - Carnival plans to add five new ships through 2033, including two additional Excel class ships scheduled for 2027 and 2028, along with three new ships from an innovative class currently under development [9] Guest Experience - The new ships will offer a blend of familiar dining options and entertainment, maintaining Carnival's signature fun atmosphere with activities like deck parties and themed nights [6] - Carnival's HubApp is now available for guests on the new ships, allowing for easy reservations and communication, and guests will join the VIFP Club loyalty program for exclusive promotions [5] Community Engagement - The expansion in Australia reflects strong enthusiasm for the Carnival brand, with plans to deepen partnerships in the Sydney and Brisbane communities [5]

Core Insights - Wyndham Travel Bundles allows travelers to customize their entire vacation experience, including flights, hotel stays, rental cars, excursions, and post-cruise getaways, all in one platform [1][6] - The partnership with Carnival Cruise Line enhances the travel experience by allowing members to earn Wyndham Rewards points on cruise bundle reservations, as well as on airfare and car rentals [2][3] Wyndham Travel Bundles - Members earn one Wyndham Rewards point per dollar spent on cruise bundle reservations, with additional points for airfare, car rentals, and hotel stays, including up to 10 points per dollar on qualifying hotel stays [3] - The platform was developed in collaboration with Snowstorm Technologies, and requires that cruise bundles include at least one night at a Wyndham hotel [6] Carnival Cruise Line - Carnival Cruise Line is recognized as the world's most popular cruise line, known for its extensive reach and variety of cruise options, including new exclusive destinations like Celebration Key [2][10] - The company operates a fleet of 27 ships and is set to expand with seven new ships by 2033, reflecting ongoing growth in the cruise industry [10] Wyndham Rewards Program - Wyndham Rewards is the largest hotel rewards program, with approximately 114 million members globally, offering generous point redemption options starting at 7,500 points for free nights [7] - Members can earn guaranteed points with every qualified stay, enhancing the overall value of the Wyndham Travel Bundles [7]

Revenue Growth - Passenger ticket revenues increased by $216 million, or 6.0%, to $3.8 billion in 2025 from $3.6 billion in 2024[99] - Onboard and other revenues increased by $189 million, or 11%, to $2.0 billion in 2025 from $1.8 billion in 2024[100] - The North America segment's passenger ticket revenues increased by $159 million, or 7.0%, to $2.4 billion in 2025 from $2.3 billion in 2024[101] - The Europe segment's passenger ticket revenues increased by $52 million, or 3.8%, to $1.4 billion in 2025[103] Operating Performance - Consolidated operating income increased by $267 million to $543 million in 2025 from $276 million in 2024[116] - Occupancy percentage increased to 103% in 2025 from 102% in 2024[95] - The company experienced a 2.5% capacity increase in Available Lower Berth Days (ALBDs) from 23.0 million in 2024 to 23.6 million in 2025[95] Financial Expenses - Interest expense decreased by $94 million, or 20%, to $377 million in 2025 from $471 million in 2024, primarily due to a decrease in total debt and lower average interest rates[117] - Debt extinguishment and modification costs increased by $218 million to $252 million in 2025 from $33 million in 2024[120] Cash Flow and Liquidity - As of February 28, 2025, the company had $3.8 billion of liquidity, including $0.8 billion in cash and cash equivalents and $2.9 billion in borrowings available under its multi-currency revolving credit facility[121] - The working capital deficit increased to $8.6 billion as of February 28, 2025, compared to $8.2 billion as of November 30, 2024, primarily due to an increase in customer deposits[122] - Net cash flows from operating activities decreased to $0.9 billion during the three months ended February 28, 2025, down from $1.8 billion for the same period in 2024[124] - Net cash used in investing activities was $605 million during the three months ended February 28, 2025, primarily due to capital expenditures of $607 million for ship improvements and port developments[125] - During the three months ended February 28, 2025, net cash used in financing activities was $690 million, compared to a net cash provided of $0.2 billion for the same period in 2024[127] Future Projections - The company anticipates a $46 million impact in 2024 due to the EU Emissions Trading System, affecting 40% of emissions under the operational scope[94] - Future export credit facilities at February 28, 2025, are projected to be $0.7 billion in 2025, increasing to $3.1 billion thereafter[129] Debt Composition - As of February 28, 2025, the company maintained a fixed rate debt composition of 61%, with 23% in EUR fixed rate and 7% in floating rate[131] - The company plans to use existing liquidity and future cash flows from operations to fund cash requirements, including capital expenditures not covered by export credit facilities[128] - The company is not a party to any off-balance sheet arrangements that could materially affect its consolidated financial statements[123]

VALENCIA, Calif., March 25, 2025 /PRNewswire/ -- Cunard today announced an exciting partnership with Sail4th 250, the non-profit organization overseeing celebrations in the Port of New York and New Jersey for America's 250th anniversary next year.The collaboration will see the luxury cruise line's flagship Queen Mary 2 – the world's only ocean liner – take pride of place at the heart of the landmark event, offering guests a once-in-a-lifetime vantage point in what promises to be an unforgettable moment in h ...

Financial Performance - Record first quarter revenues of $5.8 billion, up over $400 million compared to the prior year[6] - Record first quarter operating income of $543 million, nearly double the prior year[6] - Adjusted net income guidance for 2025 expected to be up over 30 percent compared to 2024, better than December guidance by $185 million[6] - Revenues for the three months ended February 28, 2025, were $5,810 million, an increase from $5,406 million in the same period of 2024, representing a growth of 7.5%[32] - Adjusted net income for the three months ended February 28, 2025, was $174 million, compared to a loss of $180 million in the same period of 2024[40] - Adjusted EBITDA for the three months ended February 28, 2025, was $1,205 million, up from $871 million in the same period of 2024, indicating a significant improvement in operational performance[40] - Adjusted EBITDA of approximately $6.7 billion expected for full year 2025, up nearly 10 percent compared to 2024[14] - Adjusted gross margin for the same period was $4,359 million, compared to $4,033 million in 2024, indicating a year-over-year increase of 8.1%[43] Customer Activity - Total customer deposits reached a first quarter record of $7.3 billion, reflecting continued growth in ticket prices and pre-cruise onboard sales[7] - Cumulative advanced booked position for the remainder of the year remains strong, with pricing at historical highs for each quarter[10] - Booking volumes for 2026 sailings and beyond reached an all-time high at higher prices in constant currency[9] - Passenger cruise days (PCDs) increased to 24.3 million in the three months ended February 28, 2025, compared to 23.5 million in the same period of 2024, reflecting a rise in passenger activity[37] - The occupancy percentage for the three months ended February 28, 2025, was 103%, slightly up from 102% in the same period of 2024, indicating strong demand for cruise services[37] - Customer deposits increased to $6,853 million as of February 28, 2025, up from $6,425 million as of November 30, 2024, suggesting growing consumer interest and bookings[34] Cost and Margin Analysis - Gross margin yields per ALBD increased by 25% to $58.99 from $47.34 in the previous year[43] - Net yields per ALBD rose by 5.5% to $184.95, up from $175.36 in 2024[43] - Cruise costs per ALBD decreased slightly by 0.3% to $194.99 from $195.60 in 2024[45] - Adjusted cruise costs per ALBD were $133.50, down 1.9% from $136.03 in the previous year[45] - Adjusted cruise costs excluding fuel per ALBD were $113.76, a decrease of 0.3% compared to $114.09 in 2024[45] Debt and Financial Position - The company successfully refinanced $5.5 billion of debt, delivering $145 million in annualized interest savings[12] - Total current liabilities as of February 28, 2025, were $11,578 million, a slight decrease from $11,617 million as of November 30, 2024[34] - The company reported a net loss of $78 million for the three months ended February 28, 2025, an improvement from a net loss of $214 million in the same period of 2024[32] - The current portion of long-term debt as of February 28, 2025, was $1,531 million, compared to $1,538 million as of November 30, 2024, indicating a stable debt position[34] Future Projections - Adjusted return on invested capital (ROIC) expected to reach approximately 12 percent, achieving 2026 SEA Change targets one year in advance[14] - Newbuild capital expenditures for the remainder of 2025 are projected at $1.0 billion[20] - Future forecasts for non-GAAP measures are not provided due to the unpredictability of foreign exchange rates and fuel prices[54] - The company utilizes non-GAAP financial measures to provide insights into performance, including adjusted EBITDA and adjusted earnings per share[46]

Core Insights - Carnival Corporation & plc reported strong financial results for Q1 2025, with record revenues and improved earnings expectations for the year [1][2][3] Financial Performance - The company achieved record first quarter revenues of $5.8 billion, an increase of over $400 million compared to the previous year [7][8] - Record net yields were 7.3% higher than 2024 and exceeded December guidance by 270 basis points [8] - Operating income for the first quarter was $543 million, nearly double that of the prior year [8] - Adjusted net income guidance for 2025 is expected to rise over 30% compared to 2024, surpassing December guidance by $185 million [7][8] Booking Trends - The cumulative advanced booked position for the remainder of 2025 is in line with last year's record levels, with pricing at historical highs [11] - Booking volumes for 2026 and beyond reached record levels, indicating strong future demand [10][11] Debt Management - The company refinanced $5.5 billion of debt, resulting in $145 million in annualized interest savings and a reduction of the debt balance by $0.5 billion [7][13][17] - The average cash interest rate has been reduced to 4.6% [13] Operational Highlights - Total customer deposits reached a record of $7.3 billion in the first quarter, reflecting growth in ticket prices and onboard sales [8] - The company continues to focus on delivering value for money, enhancing customer experiences [4] Future Outlook - For Q2 2025, the company expects net yields to increase approximately 4.3% year-over-year, with adjusted cruise costs excluding fuel per ALBD expected to rise approximately 5.6% [19] - The company anticipates achieving its 2026 SEA Change financial targets one year ahead of schedule [7][16]