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]

"Sail and Save" Runs through April 1 Offering Savings of up to 50%, Third and Fourth Guests Sail Free, and up to $500 Onboard CreditFT. LAUDERDALE, Fla., March 5, 2025 /PRNewswire/ -- As travelers set sail for spring break getaways, those looking ahead to summer and fall 2025 can lock in major savings now – up to 50% off – with Princess Cruises' latest sale. From March 5 through April 1, guests can enjoy savings of up to 50% on cruises to Alaska, the Caribbean, Mediterranean, and Canada & New England, plus ...

Core Viewpoint - Carnival Corporation has successfully closed a private offering of $1.0 billion in senior unsecured notes at a 5.750% interest rate, which will be used to redeem existing higher-interest notes, thereby reducing overall interest expenses significantly [1][2]. Group 1: Financial Impact - The transaction is expected to reduce net annual interest expense by approximately $45 million, reflecting a strategic move to lower interest costs [2]. - The redemption of the $1.0 billion 10.500% senior unsecured notes will result in a reduction of interest expense by over 4.5% [1]. Group 2: Notes Offering Details - The new notes will pay interest semi-annually at a rate of 5.750% per year, starting from September 15, 2025, and will mature on March 15, 2030 [3]. - The notes are unsecured and will be guaranteed on a senior unsecured basis by Carnival plc and certain subsidiaries [3]. Group 3: Regulatory and Offering Information - The notes were offered only to qualified institutional buyers under Rule 144A and to 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].

Core Viewpoint - Carnival Corporation & plc is enhancing fuel efficiency and reducing greenhouse gas emissions through innovative hull designs, advanced propulsion technology, and underwater inspection and cleaning drones [1][2][4]. Group 1: Fuel Efficiency Strategies - The company is implementing complementary strategies to maximize hydrodynamic performance and enhance hull maintenance, which collectively reduce underwater drag and fuel consumption across its fleet [2][4]. - The aspiration is to achieve net zero greenhouse gas emissions by 2050, with ongoing efforts focused on fuel savings and decarbonization [4]. Group 2: Technological Innovations - Advanced hull designs are selected using computer-assisted analysis, allowing for extensive simulations to identify optimal designs for various sailing conditions [5]. - Trim optimization software is utilized onboard to ensure vessels operate in the most efficient configuration [5]. - Over 40 ships are equipped with high-efficiency, steerable podded propulsion units, which are approximately 7% more efficient than traditional propellers [5]. - Air Lubrication Systems (ALS) are installed on over 10% of the fleet, reducing fuel consumption by 5% or more, with plans for 10 additional ships to be converted in the next three years [5]. - Drones are being trialed for hull inspections to optimize cleaning schedules and manage marine growth, enhancing hydrodynamic efficiency [5]. - Trials with remotely operated vehicle (ROV) hull cleaners aim to improve cleaning speed and efficiency, targeting full hull cleaning during a single port visit [5]. - Innovative hull coatings with advanced biofouling prevention are being tested, with about 15% of the fleet currently trialing new coatings [5]. Group 3: Environmental Impact - The initiatives undertaken by the company have led to significant improvements in fuel and energy efficiency, contributing to a reduced environmental footprint while enhancing guest experiences [6].

Core Viewpoint - Carnival Corporation & plc is executing a private offering of $1.0 billion in 5.750% senior unsecured notes due 2030 to redeem its existing $1.0 billion 10.500% senior unsecured notes due 2030, aiming to reduce interest expenses by approximately $45 million annually [1][2]. Group 1: Notes Offering Details - The Notes Offering is priced at $1.0 billion with a maturity date of March 15, 2030, and will pay interest semi-annually starting September 15, 2025 [1][4]. - The transaction is expected to close on February 28, 2025, and the redemption of the existing notes is contingent upon the closing of the Notes Offering [3]. Group 2: Financial Strategy - The company aims to lower its net annual interest expense by approximately $45 million through this transaction, which is part of a broader strategy to manage and reduce interest costs [2]. - The indenture governing the new notes will include investment grade-style covenants, indicating a focus on maintaining financial stability [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 [1][2]. Group 1: Notes Offering - The new senior unsecured notes are expected to mature in 2030 and will replace the existing $1.0 billion 10.500% senior unsecured notes due 2030 [1]. - The offering is anticipated to include investment grade-style covenants in the governing indenture [1]. Group 2: Redemption of Existing Notes - A conditional notice of redemption has been issued for the entire outstanding principal amount of the 2030 Unsecured Notes, with a redemption date around February 28, 2025 [2]. - The redemption price will be 100% of the principal amount plus applicable premiums and accrued interest, funded by the net proceeds from the new notes offering and cash on hand [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 - Princess Cruises is expanding its Alaska National Parks cruisetours for 2025 and 2026, offering new itineraries that allow guests to explore multiple national parks [2][3] - The new cruisetours combine a seven-day "Voyage of the Glaciers" cruise with scenic rail travel and extended land stays at Princess-owned wilderness lodges [2][3] Itinerary Details - The 2025 National Parks Cruisetours include options such as the "National Parks Expedition" visiting five parks in 15 days, and the "National Parks Explorer" visiting four parks in 14 days [4][5][8] - The 2026 offerings mirror the 2025 itineraries, maintaining the same structure and park visits [6] Unique Features - The cruisetours provide immersive experiences, allowing guests to engage with Alaska's natural beauty, including towering glaciers and abundant wildlife [3] - Princess Cruises emphasizes its unique position in visiting Glacier Bay, with 88 visits planned, making it the cruise line with the most frequent access to this national park [11] Onboard Experience - The "North to Alaska" program enhances the onboard experience with local cultural elements, including performances by lumberjacks and Iditarod champions, as well as fresh Alaskan seafood [12]

Core Viewpoint - Carnival Corporation has successfully closed a private offering of $2.0 billion in senior unsecured notes, which will be used to redeem $2.03 billion in higher-interest senior priority notes, thereby reducing interest expenses and simplifying its capital structure [1][2]. Group 1: Financial Details - The newly issued notes carry an interest rate of 6.125% and are due in 2033, with interest payments scheduled semi-annually starting August 15, 2025 [3]. - The transaction is expected to lower net annual interest expenses by over $80 million, representing a reduction of more than 4% in interest costs [2][1]. - The notes will be fully guaranteed on an unsecured basis by Carnival plc and certain subsidiaries, which also guarantee other forms of indebtedness [3]. Group 2: Strategic Implications - This transaction aligns with the company's strategy to manage future debt maturities and reduce overall interest expenses [2]. - The indenture governing the notes includes investment-grade-style covenants, indicating a focus on maintaining financial stability [2]. Group 3: Offering Details - The notes were offered exclusively to qualified institutional buyers under Rule 144A and to non-U.S. investors under Regulation S of the Securities Act [4]. - The notes will not be registered under the Securities Act, limiting their sale in the U.S. without proper registration or exemption [5].