Core Points - Princess Cruises is hosting a special "Love Boat" themed cruise featuring original cast members and exclusive performances, scheduled for November 16-23, 2025 [1][2][4] - The cruise will include meet-and-greets with cast members, themed activities, and live performances by Charo, enhancing the nostalgic experience for fans [3][4] - An exclusive "Captain Package" is available, offering unique experiences such as a cocktail hour with the cast and commemorative merchandise [4] Company Overview - Princess Cruises is recognized as "The Love Boat," a brand that has become synonymous with cruising, offering vacations to millions in sought-after destinations [7] - The cruise line operates a fleet of 16 ships, providing personalized experiences and a range of activities, from world-class dining to entertainment [7] - The company is part of Carnival Corporation & plc, indicating its significant presence in the cruise industry [7]

Core Points - Carnival Corporation's vice president Vicky Rey has been appointed to the Champions 12.3 coalition, which aims to halve food waste and reduce food loss by 2030 as part of the UN Sustainable Development Goals [1][2] - Rey has over four decades of experience at Carnival Corporation and is recognized for building partnerships that create shared value and address local needs [2] - The company has implemented a meal donation program to distribute surplus meals to communities in Latin America, contributing to its strategy of reducing food waste by 44% per person in 2024 compared to 2019 levels [3][5] Group 1 - Vicky Rey's appointment to Champions 12.3 reflects her commitment to developing scalable solutions for food waste reduction [1][4] - The meal donation program is part of Carnival's Less Left Over strategy, which focuses on maximizing the use of safe, high-quality surplus food [3][5] - The company has surpassed its 2025 interim goal for food waste reduction a year early while maintaining high-quality dining experiences [3] Group 2 - Rey's leadership has fostered cross-sector partnerships that support effective surplus meal recovery and donation frameworks [5][6] - The Champions 12.3 coalition includes leaders from various sectors, aiming to create actionable frameworks for surplus meal donation [6] - Rey's role in the coalition will help expand the reach of these initiatives to more destinations globally [6]

Core Insights - Princess Cruises has updated its Premier and Plus packages to enhance guest experience, reflecting customer feedback for more dining options and shore excursion credits [1][3] Pricing Updates - The new pricing for the Premier Package is $100 per person per day, up from $90, while the Plus Package is now $65 per person per day, increased from $60 [2] - For the new Sphere class ships, the Premier Package is priced at $105 per person per day and the Plus Package at $70 per person per day [2] Package Enhancements - The Premier Package now includes a new shore excursion credit based on voyage length: $100 for 6–9 days, $200 for 10–20 days, and up to $300 for voyages of 21+ days [6] - The Plus Package has been enhanced to include two additional casual dining meals per voyage, totaling four [6] Removal of Features - To accommodate the new enhancements, certain features with lower usage, such as premium desserts and fitness classes, will be removed from the packages [4]

Core Viewpoint - Carnival Corporation has successfully closed a private offering of $3.0 billion in senior unsecured notes, which will be used to repay existing borrowings and redeem a portion of its unsecured notes due in 2027 [1][2][3]. Group 1: Financial Strategy - The proceeds from the notes offering will fully repay borrowings under the senior secured term loan facility maturing in 2028 and will also be used to redeem $2.4 billion of 5.750% senior unsecured notes due 2027 [2][3]. - The company has refinanced nearly $11 billion of debt and prepaid $1.1 billion of debt in the current year, significantly reducing its secured debt by nearly 70% since Q4 2021 [3]. Group 2: Notes Offering Details - 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 [4]. - The notes are unsecured and will be guaranteed on a senior unsecured basis by Carnival plc and certain subsidiaries [4]. Group 3: Redemption Information - A conditional notice of redemption for the $2.4 billion of 2027 Unsecured Notes has been issued, with the redemption scheduled for July 17, 2025 [3].

Core Insights - Princess Cruises is launching a new entertainment lineup aboard its Sphere-class ship, Star Princess, set to sail on October 4, 2025, featuring original theatrical productions, immersive concerts, and global performances [1][12] Entertainment Offerings - The ship will host two original theatrical productions: "Meridian," a cinematic spectacle exploring themes of love and fate, and "Illuminate," a circus-themed show that reveals wonder in the unexpected [3][4] - "Viva La Música," a high-energy celebration featuring Latin music, returns with choreography by Liz Imperio, known for her work with major artists [6] - The entertainment extends beyond traditional theater, including vibrant deck soirées, themed events, and a reimagined champagne waterfall experience [7] Unique Venues - The Dome will feature the Princess Cruises Candlelight Concert Series, offering a unique blend of classical music and storytelling in a candlelit setting [8] - The Piazza will serve as a lively hub for performances, including "Princess Jamz," showcasing the talents of the Princess World Orchestra [10] Special Events - The Celestial Champagne Soirée will debut in the Piazza, combining multimedia elements with the iconic Champagne Waterfall, enhancing the onboard experience [11] Ship Specifications - Star Princess is designed to accommodate 4,300 guests and has a gross tonnage of 175,500 tons, built by Fincantieri [12]

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)