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]

Core Viewpoint - Carnival Corporation & plc has successfully arranged a new $4.5 billion multi-currency revolving credit facility, enhancing its liquidity and supporting debt reduction efforts [1][2]. Group 1: Financial Arrangement - The new revolving credit facility matures in June 2030 and replaces the existing facility of Carnival Holdings (Bermuda) II Limited [1]. - The facility includes an accordion feature, allowing for up to $1.0 billion of additional revolving commitments, representing a 50 percent increase in available liquidity [1][2]. Group 2: Management Commentary - The Chief Financial Officer, David Bernstein, emphasized that the increase in the revolver reflects confidence in the company's performance and is a milestone in rebuilding its financial strength [2]. - Bernstein noted that the New Revolver is a testament to the company's ongoing business improvement and strong banking relationships [2]. Group 3: Security and Structure - The New Revolver will be unsecured and guaranteed on an unsecured basis by the same subsidiaries that guarantee the company's senior secured term loan facilities [3]. - Carnival Corporation and Carnival plc are entering into the New Revolver with a global syndicate of financial institutions, with JPMorgan Chase Bank, N.A. acting as the administrative agent [3]. 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 world-class cruise lines [4].

Core Insights - Carnival Corporation achieved a 44% reduction in unit food waste in 2024 compared to 2019, surpassing its 2025 target of 40% a year early, and is on track for a 50% reduction by 2030 [1][2][3] - The company has avoided over $250 million in food costs since 2019 through its "Less Left Over" food management strategy, which enhances dining experiences while minimizing waste [2][3] Food Management Strategy - The "Less Left Over" strategy includes various programs and technologies aimed at reducing food waste by 50% by 2030, fostering a culture of creativity among its 160,000 employees [3][4] - The company employs a circular economy approach to repurpose food scraps into new products, such as vegan soap from coffee grounds and biofuel from used cooking oil [4][5] Technological Innovations - Carnival Corporation utilizes over 630 biodigesters fleetwide to liquefy uneaten food, significantly reducing its volume [6][7] - The company has installed over 90 dehydrators to remove excess water from food waste, shrinking the remaining volume by approximately 90% for potential use as organic mulch or compost [7] Sustainability Initiatives - The food management strategy is part of a broader waste management and circular economy initiative, focusing on efficient resource management and sustainability [8] - Carnival Corporation's efforts aim to reduce environmental impact while providing sustainable financial results for stakeholders [8]

Core Concept - Cunard has partnered with Abbey Road Studios to create an exclusive Listening Lounge experience on board the Queen Elizabeth, featuring curated playlists of iconic recordings and film scores [1][2][4]. Group 1: Partnership and Experience - The Listening Lounge experience will debut on Queen Elizabeth in Autumn 2025, hosted in the Commodore Club, and will last 60 minutes [1]. - The playlists will include music from celebrated artists such as Ed Sheeran, Fela Kuti, and The Beatles, highlighting Abbey Road's rich recording heritage [2]. - Guests will enjoy the experience on select sea days, starting during Queen Elizabeth's maiden Caribbean season from Miami in October 2025, with a curated menu of cocktails available [5]. Group 2: Musical Heritage and Events - The playlists will feature famous film scores from iconic movies, showcasing Abbey Road's Studio One, which has been a home for film music for over 45 years [4]. - A special Event Voyage in partnership with Abbey Road is scheduled to depart Southampton for New York on October 23, 2026, celebrating the studio's musical heritage [6]. - The week-long crossing will include live performances, a photography exhibition, and Q&As with Abbey Road's award-winning engineers [7]. Group 3: Company Background - Cunard is a luxury British cruise line with a history dating back to 1840, celebrating 185 years of operation in 2025 [10]. - The company currently operates four ships: Queen Mary 2, Queen Elizabeth, Queen Victoria, and the newly launched Queen Anne [11]. - Cunard is known for its fine dining, entertainment, and outstanding service, with a focus on creating unforgettable experiences for guests [10].

Core Points - Cunard's Transatlantic Fashion Week voyage will take place from October 31 to November 7, 2025, sailing from New York to Southampton aboard the Queen Mary 2 [3][4] - The event will feature prominent fashion figures including Christian Siriano, Bob Mackie, and Coco Rocha, showcasing a blend of fashion and luxury at sea [4][7] - This marks the first time Cunard's Transatlantic Fashion Week will sail from the U.S., continuing the brand's tradition of high culture on the high seas [4][10] Company Highlights - Cunard has been a leading operator of passenger ships since 1840 and is celebrating 185 years of operation in 2025 [10] - The company operates four ships, including the newly launched Queen Anne, marking a significant expansion in its fleet [11] - Cunard is known for its luxurious experiences, including fine dining and high-quality entertainment, which are integral to its brand identity [10] Event Details - Christian Siriano will headline the voyage with his first-ever runway show at sea, featuring highlights from his 16-year archive and a custom nautical-themed dress [4][5] - Bob Mackie will showcase selected pieces from his personal archive, including celebrity gowns and sketches, along with a documentary screening and live Q&A [5][6] - Coco Rocha will lead workshops, including a model camp at sea, sharing her expertise from a 20-year career in fashion [7][8]

VALENCIA, Calif., June 2, 2025 /PRNewswire/ -- Cunard has unveiled its latest program of extraordinary voyages with 195 new itineraries across its iconic fleet, visiting 115 destinations in 32 countries between April 2027 and January 2028.The new itineraries include 93 UNESCO World Heritage sites. With 18 overnight port calls and 33 late-evening departures, the new program offers guests even more opportunities to explore the world. With more than 185 new voyages, Cunard’s ships will call at 115 unique d ...

Core Insights - Princess Cruises has launched its new 2026-27 South America and Antarctica season, featuring scenic routes and immersive itineraries, now available for booking [1][2] Itinerary Highlights - The 3,560-guest Majestic Princess will debut in this season, with a commitment to safe and environmentally responsible travel to Antarctica as a member of IAATO [2] - New scenic cruising routes include the Beagle Channel Fjords and Glacier Alley, showcasing glaciers from the Darwin Mountain Range [3] - The season includes five itineraries and six departures, ranging from 15 to 33 days, covering 17 destinations across 10 countries, including 10 UNESCO World Heritage Sites [8] Wildlife and Scenic Experiences - Guests can expect to see over one million penguins from five species in the Falkland Islands, along with whales, porpoises, and leopard seals during the cruise [5] - Scenic highlights include iconic locations such as Rio's skyline, Gerlache Strait, Elephant Island, and Cape Horn [6] Cultural Experiences - The itineraries will immerse guests in the local culture, featuring samba in Brazil and tango in Argentina and Uruguay, along with culinary experiences like caipirinhas and world-renowned steaks [7] Booking Incentives - Early booking discounts are available until June 14, 2025, offering perks such as onboard credits up to $1,200 and shore excursion credits up to $400 per stateroom [8][9]