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]

Core Insights - Cunard has launched a new program featuring 195 itineraries across its fleet, visiting 115 destinations in 32 countries from April 2027 to January 2028, including 93 UNESCO World Heritage sites [1][2] - The program includes 18 overnight port calls and 33 late-evening departures, enhancing exploration opportunities for guests [1] - Cunard aims to provide diverse travel experiences, with each ship offering unique itineraries and destinations [3] Itinerary Highlights - Queen Anne will make maiden calls at Sorrento, Italy, and La Rochelle, France, while Queen Mary 2 will visit Charlottetown, Canada for the first time [2] - Queen Elizabeth will return to Europe with 65 new voyages, visiting 22 ports not visited in 15 years, including Palermo and Istanbul [4] - Queen Mary 2 will continue iconic Transatlantic Crossings and offer immersive itineraries to destinations like Norway and the Caribbean [5] - Queen Anne will provide round-trip voyages from Southampton, featuring Mediterranean and Nordic adventures [6] - Queen Victoria will operate round-trip Southampton voyages, including itineraries to Scandinavia and Iceland, marking its first visit to Grundarfjordur since 2009 [7][8] Booking Information - Bookings for Cunard World Club members will open on June 11, 2025, and for the general public on June 12, 2025 [10] Company Background - Cunard is a luxury British cruise line with a history dating back to 1840, celebrating 185 years of operation in 2025 [11][12] - The company currently operates four ships: Queen Mary 2, Queen Elizabeth, Queen Victoria, and the newly introduced Queen Anne [12]

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]

Core Viewpoint - Cunard is celebrating its 185th anniversary with the "Sea of Glamour" exhibition, showcasing stories and photographs from guests around the world, highlighting the brand's rich history in luxury ocean travel [1][4][14]. Group 1: Exhibition Details - The "Sea of Glamour" exhibition will feature 185 curated images, including rare archive photos of Hollywood icons, musicians, and politicians, alongside guest-submitted photographs [2][9]. - The exhibition will be held at The Royal Liver Building in Liverpool from May 28, 2025, to June 17, 2025, before traveling aboard the Cunard fleet [8][10]. - An immersive audio storytelling experience and a sculptural installation called "Sails of History" will enhance visitor engagement [10]. Group 2: Curatorial Insights - The exhibition is curated by renowned photographer Mary McCartney, who emphasizes the importance of personal stories shared by Cunard guests [11][12]. - McCartney's work aims to capture the essence of glamour not just through celebrity images but through the shared experiences of all passengers [12]. Group 3: Company Background - Cunard, a luxury British cruise line, has been a leading operator of passenger ships since 1840 and is known for its fine dining, entertainment, and exceptional service [14][15]. - The company currently operates four ships: Queen Mary 2, Queen Elizabeth, Queen Victoria, and the newly launched Queen Anne, marking a significant expansion in its fleet [15].

Core Viewpoint - Carnival Corporation has successfully closed a private offering of $1.0 billion in senior unsecured notes, which will be used to redeem existing higher-interest debt, thereby reducing interest expenses and managing future debt maturities [1][2]. Group 1: Notes Offering Details - The offering consists of $1.0 billion aggregate principal amount of 5.875% senior unsecured notes due in 2031 [1]. - The proceeds will be utilized to redeem $993 million of 7.625% senior unsecured notes due in 2026, with the redemption scheduled for May 22, 2025 [1][2]. - The company anticipates a reduction in net interest expense exceeding $20 million through this transaction and a prior partial redemption of $350 million of the 2026 Unsecured Notes [2]. Group 2: Financial Structure and Guarantees - The new notes will pay interest semi-annually at a rate of 5.875%, starting December 15, 2025, and will mature on June 15, 2031 [3]. - The notes will be unsecured and guaranteed on a senior unsecured basis by Carnival plc and certain subsidiaries [3]. Group 3: Regulatory and Offering Conditions - 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]. Group 4: 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 [7].

Core Viewpoint - Cunard continues its partnership with the Royal Canadian Geographical Society (RCGS) for the Alaska 2025 season, featuring a lineup of expert speakers on select voyages starting June 12, 2025 [1][2][3] Company Overview - Cunard is a luxury British cruise line with a history of 185 years, known for providing unforgettable experiences through fine dining, entertainment, and exceptional service [7] - The company currently operates four ships: Queen Mary 2, Queen Elizabeth, Queen Victoria, and the newly launched Queen Anne [8] Partnership Details - The collaboration with RCGS aims to enhance the educational experience for guests, featuring explorers, naturalists, and other experts who will share their knowledge and stories [3][4] - This partnership, which began in 2023, has been well-received by guests, and Cunard is excited to continue it for a third season in Alaska [3] Speaker Lineup - The 2025 speaker lineup includes notable figures such as: - George Kourounis, a worldwide explorer and storm chaser [4] - Laval St. Germain, an airline captain and Everest summiter [4] - Andrew Fuestel, a professional astronaut with three spaceflights [4] - Sunniva Sorby, a polar ambassador and explorer [4] - Additional speakers include TV personalities and adventurers, enhancing the diverse range of expertise available to guests [5] Educational Programming - Cunard's Insights enrichment program will allow guests to immerse themselves in the Alaskan experience while learning from the RCGS speakers [2][3] - The programming is designed to provide intellectual enrichment and create lasting memories for guests [3]