Financial Data and Key Metrics Changes - The company reported record Q2 revenue, with net yield growing by 3.1% due to strong closing demand and onboard spending, exceeding expectations [8][29] - Adjusted EBITDA for the quarter was $694 million, which was $24 million above guidance, resulting in a trailing twelve-month margin of 36.3%, an improvement of over 300 basis points year-over-year [8][29] - Adjusted EPS was in line with guidance at $0.51, despite an $0.08 headwind from foreign exchange losses [29] Business Line Data and Key Metrics Changes - The successful delivery of Oceana Cruises' Allura, the brand's eighth vessel, and the confirmation of two additional Sonata class ships for Oceana Cruises were highlighted as significant milestones [7][15] - The company is focusing on enhancing the guest experience at Great Stirrup Cay with the introduction of the Great Tides Waterpark, expected to open in 2026, which aims to attract approximately 1 million guests [10][12] Market Data and Key Metrics Changes - The company experienced record bookings over the last three months, indicating strong customer demand [6][28] - The advanced ticket sales (ATS) balance reached an all-time high of $4 billion, reflecting robust demand [31] Company Strategy and Development Direction - The company is committed to its "Charting the Course" strategy, balancing return on investment with return on experience to deliver exceptional vacations while driving strong financial results [6][7] - The focus remains on long-term value creation through disciplined execution and strategic investments in new ships and enhanced guest experiences [6][15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving full-year guidance, citing strong customer demand and a favorable macroeconomic environment [6][28] - The company anticipates net yield growth in the low to mid-single-digit range for 2026, supported by the opening of the Great Tides Waterpark [21][40] Other Important Information - The company has made significant progress in cost management, expecting to deliver over $200 million in savings by year-end 2025 [22][34] - The company was recognized by Forbes as one of America's best large employers for 2025, reflecting the dedication of its team [27] Q&A Session Summary Question: Demand increase across brands and changes for 2026 - Management noted a shift to slightly shorter itineraries in Europe for 2026 and a modest decrease in deployment, which they believe better reflects consumer demand [46][47] Question: Yield and cost considerations for 2026 - Management expects tailwinds from the Q3 dip in 2025 and anticipates a return to historical load factors as they pivot to more Caribbean itineraries [52][53] Question: Early indications of demand for Great Stirrup Cay - Management reported a material increase in website visits and leads following the announcement of the Great Tides Waterpark, indicating positive early signs [83] Question: Booking momentum and tactical tools used - Management attributed the rebound in bookings to an improved macroeconomic environment and a shift towards more brand-oriented marketing efforts [91] Question: Competitive positioning of Great Stirrup Cay - Management emphasized their goal to create the greatest island experience in the Caribbean, focusing on amenities that appeal to their demographic [95][96]

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 Insights - Oceania Sonata, debuting in 2027, will be the ninth ship in Oceania Cruises' fleet, emphasizing luxury and culinary excellence [2][4] - The ship is designed to enhance the company's legacy of innovation and luxury cruising, in partnership with Fincantieri, a renowned Italian shipbuilder [2][3] - Oceania Cruises operates eight small, luxurious ships, accommodating a maximum of 1,250 guests, and offers destination-rich itineraries across over 600 ports worldwide [4] Company Overview - Oceania Cruises is recognized as the world's leading culinary- and destination-focused cruise line, featuring The Finest Cuisine at Sea [4] - The company has two Sonata class ships on order, further expanding its fleet and luxury offerings [4] - Oceania Cruises is a wholly owned subsidiary of Norwegian Cruise Line Holdings Ltd. (NYSE: NCLH) [4]