Core Insights - Silversea has announced a new Venetian Society Reunion Voyage aboard Silver Shadow, scheduled to depart from Nice on June 19, 2026, for a 12-day round-trip itinerary [1][2] - The voyage will include visits to iconic Italian destinations and offer unique experiences both onboard and ashore, enhancing the community feel among past and new guests [3][10] Itinerary Highlights - The voyage will visit Livorno (Tuscany), Porto Santo Stefano, Civitavecchia (Rome), Valletta (Malta), Giardini Naxos (Sicily), Salerno, Ponza, Portoferraio (Elba), and Portofino, returning to Nice on July 1, 2026 [2] - Guests will have the opportunity to participate in various shore experiences, including a three-day Tuscany adventure, wine tasting at Antinori "Le Mortelle" Winery, and a Sicilian cooking class [4][6][8] Special Features - The voyage will be hosted by Bert Hernandez, president of Silversea, and will include onboard receptions, enriched entertainment, and special experiences ashore [2][3] - Venetian Society members will receive perks such as a five percent discount on cruise fares and commemorative gifts [2] Culinary Experiences - Guests can enjoy exclusive culinary experiences, such as a private lunch with wine pairings in San Miniato and a farm-to-table picnic at La Portofinese Eco-Farm [5][9] - The S.A.L.T. program will offer immersive culinary tours that highlight local gastronomy and winemaking traditions [5][9] Company Overview - Silversea is recognized as a leading experiential luxury and expedition travel brand, offering immersive experiences across all seven continents [10] - The company is part of the Royal Caribbean Group, which operates a global fleet of 67 ships across five brands [11]

Core Insights - Nuvei has expanded its partnership with Virgin Voyages to facilitate in-app purchases on its cruise ships, reinforcing its position as a leading payments provider in the travel and hospitality sector [1][3] - The Virgin Voyages mobile app serves as a digital hub for guests, allowing them to personalize their experiences and make purchases seamlessly [2][3] - Nuvei's technology enhances the travel commerce experience by increasing conversion rates, reducing fraud, and enabling companies to scale into new markets [3][4] Company Overview - Nuvei offers modular, flexible, and scalable technology that supports next-gen payments, payout options, card issuing, banking, risk, and fraud management services [4] - The company operates in over 200 markets, with local acquiring in 50 markets, supporting 150 currencies and more than 720 alternative payment methods [4][6] - Nuvei's solutions include real-time payment orchestration and tokenization, as well as embedded compliance and settlement tools for cross-border travel commerce [6] Virgin Voyages Overview - Virgin Voyages is an award-winning adult-only cruise line founded by Sir Richard Branson, known for its luxurious and contemporary cruise experiences [5][7] - The cruise line offers over 60 unique itineraries, sailing to more than 150 ports, and features a variety of dining options and entertainment experiences [5][7] - Virgin Voyages has received accolades as the best cruise line in both Condé Nast Traveler's and Travel + Leisure's Readers' Choice Awards for 2023 and 2024 [7]

Group 1 - Norwegian Cruise Lines (NYSE: NCLH) is currently trading at approximately $19 per share, significantly below its 52-week high of around $29 [1] - The stock is considered a bargain within the travel industry, indicating potential investment opportunities [1] - The investment strategy highlighted focuses on strategic buying opportunities, particularly in dividend and value stocks, which has garnered a strong following and positive ratings [1]

Core Insights - Carnival shares increased approximately 7% following the release of stronger-than-expected second-quarter results and an upward revision of its full-year guidance [1] - The company reported adjusted earnings of 35 cents per share, surpassing analyst expectations of 24 cents, with adjusted revenue reaching a record $6.3 billion compared to the anticipated $6.2 billion [1] Financial Performance - Net income rose significantly to $565 million, up from $92 million a year ago, indicating strong financial growth [2] - Carnival raised its full-year guidance, now expecting adjusted net income to be 40% higher than 2024, translating to an increase of about $200 million from its previous forecast in March [2] Future Expectations - The company anticipates full-year adjusted EBITDA to be $6.9 billion, an increase from the prior estimate of $6.7 billion [3] - Carnival is set to open the island Celebration Key in the Bahamas on July 19, which is expected to contribute positively to future revenues [3] Industry Trends - Post-pandemic cruise demand remains robust, with expectations of higher prices and fuller ships, which are likely to drive profits closer to pre-pandemic levels [4]

Core Insights - Carnival Corp. reported its eighth consecutive quarter of record revenue, with EBITDA rising 26% year over year and net income of $565 million exceeding management's guidance by $185 million [1] - The company surpassed all three of its 2026 strategic targets 18 months early and upgraded its full-year guidance [1] Financial Performance - In the trailing 12 months, EBITDA per available lower berth day (ALBD) was 52% above the 2023 baseline, and return on invested capital (ROIC) surpassed 12.5%, marking the highest levels in nearly two decades [2][3] - Unit net yields expanded by over 6.4% on an adjusted basis compared to the prior year, building on a comparable 12% gain from last year [2] Strategic Initiatives - Carnival is investing in exclusive destinations like Celebration Key, which features 275,000 square feet of lagoon space, to capture greater price premiums and boost market share against land-based vacation alternatives [4] - Early pricing premiums on Celebration Key itineraries are in line with expectations, supporting the company's portfolio yield management strategy [5] Financial Flexibility - During the second quarter, Carnival prepaid $350 million in senior notes due in 2026 and increased its revolving credit capacity by 50% to $4.5 billion [6] - The net-debt-to-EBITDA ratio improved from 4.1x to 3.7x, with rating upgrades bringing the company just one notch below investment-grade status at both S&P Global and Fitch [6][7] Future Outlook - Full-year 2025 net income guidance was increased by $200 million to approximately $2.7 billion, with net yield growth guidance raised to 5% for FY2025 [8] - The company plans to set new post-2026 financial and environmental targets and focus on the launch of Celebration Key in July 2025 and the new Carnival Rewards loyalty program in the second half of 2026 [9]

Core Insights - Carnival Corporation & plc (CCL) reported strong second-quarter fiscal 2025 results, with adjusted earnings and revenues exceeding expectations and showing year-over-year growth [1][4] - The company achieved its 2026 SEA Change financial targets 18 months ahead of schedule, indicating operational efficiency and strategic growth [2] - CCL aims to maintain high-margin revenue growth and robust profitability through favorable booking positions [3] Financial Performance - Adjusted earnings per share (EPS) for Q2 were 35 cents, surpassing the Zacks Consensus Estimate of 24 cents by 45.8%, compared to 11 cents in the same quarter last year [4] - Revenues for the quarter reached $6.33 billion, exceeding the consensus estimate of $6.21 billion by 2% and increasing by 9.5% year over year [4] - Adjusted net income for the quarter was $470 million, a significant increase of 250.7% from $134 million year over year, driven by higher ticket prices and onboard spending [6] Revenue Breakdown - Passenger ticket revenues amounted to $4.1 billion, up from $3.75 billion in the prior-year quarter, exceeding estimates of $3.96 billion [4] - Onboard and other revenues increased to $2.22 billion from $2.03 billion year over year, aligning closely with estimates [5] Balance Sheet and Liquidity - As of May 31, 2025, cash and cash equivalents were $2.15 billion, up from $1.21 billion as of November 30, 2024, with total liquidity at $5.17 billion [7] - Total debt as of May 31 was $27.3 billion, slightly down from $27.48 billion as of November 30, 2024 [7] Booking and Future Outlook - CCL reported strong advance bookings for 2025 and 2026, with record levels and historical high pricing, indicating robust demand [8][9] - For Q3 fiscal 2025, the company expects adjusted EBITDA of approximately $2.87 billion and adjusted net income of about $1.8 billion [11] - The fiscal 2025 outlook has been raised, with adjusted EBITDA now anticipated to be approximately $6.9 billion, reflecting over 10% growth year over year [12]

Financial Data and Key Metrics Changes - The company achieved record revenues and yields for eight consecutive quarters, with EBITDA up 26%, operating income increasing by 67%, and net income more than tripling year-over-year [9][10]. - Net income exceeded guidance by $185 million, driven by strong performance across all metrics [28]. - Yields grew by almost 6.5%, surpassing guidance by 200 basis points, with both ticket and onboard spending outperforming expectations [9][28]. Business Line Data and Key Metrics Changes - Customer deposits reached an all-time high, increasing by over $250 million compared to the previous year [30]. - Cruise costs without fuel per available lower berth day (ALBD) were up 3.5%, which was 200 basis points better than guidance [29][30]. - The company reported that EBITDA margins were 200 basis points higher than 2019 levels, marking the highest margins achieved in nearly twenty years [10][12]. Market Data and Key Metrics Changes - The company noted a strong close in demand across all core programs, contributing to improved ticket prices and onboard spending [28]. - The company is 93% booked for 2025, indicating strong demand despite geopolitical uncertainties [66]. Company Strategy and Development Direction - The company plans to set new targets in early Q2 next year after exceeding its 2026 fee change targets ahead of schedule [11][13]. - The launch of Celebration Key, a new private island destination, is expected to enhance customer experience and drive demand [17][19]. - The company is focused on achieving yield improvement by driving demand that outpaces supply, with significant investments in marketing and fleet enhancements [21][22]. Management's Comments on Operating Environment and Future Outlook - Management acknowledged the geopolitical tensions in the Middle East but stated that it has not yet had a discernible impact on business [6][7]. - The company remains optimistic about its ability to meet or exceed guidance, despite acknowledging a more unpredictable environment [15][69]. - Management indicated that onboard spending has remained strong even during periods of volatility, suggesting resilience in consumer behavior [74]. Other Important Information - The company has successfully met its carbon intensity reduction target, achieving a 20% reduction compared to 2019 levels [12]. - The new loyalty program, Carnival Rewards, is expected to enhance customer engagement and increase lifetime value, although it may have a short-term impact on yields [24][36]. Q&A Session Summary Question: Can you speak to improvements in product and experience that are translating to pricing and onboard spend? - Management highlighted ongoing incremental improvements across the business, emphasizing the importance of innovation and guest experience [46][49]. Question: What are the pricing expectations for Celebration Key itineraries? - Management confirmed that Celebration Key is seeing a premium in pricing, aligning with expectations, and marketing efforts are being ramped up [56][57]. Question: How has booking demand been affected by recent geopolitical events? - Management noted volatility in bookings during April, but improvements were seen in May and June, indicating a recovery in demand [66][68]. Question: Can you characterize demand for Europe in Q3? - Management reported strong demand for Europe in Q3, with onboard revenues outperforming expectations [75][76]. Question: What is the impact of the new loyalty program on customer engagement? - Management stated that the new loyalty program is designed to enhance engagement without pushing for direct bookings, benefiting both the company and travel agents [60].

Financial Data and Key Metrics Changes - The company achieved record revenues for the eighth consecutive quarter, with EBITDA up 26% year-over-year, operating income increasing by 67%, and net income more than tripling [6][7][26] - Net income exceeded guidance by $185 million, with yields growing by almost 6.5%, surpassing guidance by 200 basis points [7][26] - EBITDA margins were 200 basis points higher than 2019 levels, marking the highest margins achieved in nearly twenty years [8][9] Business Line Data and Key Metrics Changes - Customer deposits reached an all-time high, up over $250 million compared to the previous year [28] - Cruise costs without fuel per available lower birthday (ALBD) increased by 3.5% year-over-year, which was 200 basis points better than guidance [26][30] - The company reported strong onboard spending across all major categories, contributing to the overall revenue growth [26] Market Data and Key Metrics Changes - The company noted a strong close in demand, reaffirming consumer strength despite geopolitical tensions [5][12] - The advanced booking window remains elongated, with historically high prices, providing flexibility for pricing strategies [13] Company Strategy and Development Direction - The company plans to set new targets in early Q2 next year after exceeding 2026 fee change targets ahead of schedule [9][11] - The launch of Celebration Key is expected to enhance guest experiences and drive demand, with significant marketing efforts planned [15][55] - Investments in existing fleet and new builds are aimed at increasing demand and enhancing pricing power [19][20] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the company's positioning despite geopolitical uncertainties, emphasizing the ability to navigate challenges [5][12] - The company anticipates continued strong performance in the second half of the year, although the upside potential may not be as high as previously expected due to external factors [66][73] Other Important Information - The company has successfully reduced its net debt to EBITDA ratio from 4.1 times to 3.7 times, with ongoing efforts to improve leverage metrics [36][37] - A new loyalty program, Carnival Rewards, is set to launch in June 2026, which is expected to enhance customer engagement and lifetime value [22][34] Q&A Session Summary Question: Can you speak to improvements in product and experience that are translating to above-plan pricing and onboard spend? - Management highlighted ongoing incremental improvements across all areas of the business, emphasizing the importance of innovation and guest experience [43][44] Question: How best to think about the margin opportunity moving forward? - Management indicated that margins are expected to continue improving, with a focus on maintaining low costs while driving incremental revenue [48][49] Question: Can you provide color on pricing for Celebration Key itineraries? - Management confirmed that Celebration Key is seeing a premium in pricing, aligning with expectations, and marketing efforts are being ramped up [54][55] Question: How has booking demand been affected by recent geopolitical events? - Management noted volatility in bookings, particularly in April, but observed a recovery in May and June, indicating resilience in demand [62][63] Question: What is the expected impact of the new loyalty program on onboard spending? - Management believes the new loyalty program will enhance onboard spending without cannibalizing it, as guests will earn points through their total spend [113][115]

Financial Performance Highlights - The company achieved record revenues, net yields, Adjusted EBITDA, Adjusted EBITDA per ALBD, and operating income in the second quarter of 2025[9] - Second quarter 2025 net yields increased by 64% compared to 2024 guidance of approximately 44%[10] - Adjusted net income more than tripled compared to the second quarter of 2024[10] - Adjusted EBITDA for the second quarter of 2025 reached $151 billion, exceeding the guidance of approximately $132 billion[10] - Adjusted net income for the second quarter of 2025 was $470 million, surpassing the guidance of approximately $285 million[10] - Adjusted earnings per share - diluted for the second quarter of 2025 was $035, exceeding the guidance of approximately $022[10] - The company exceeded its 2026 SEA Change financial targets 18 months early[14, 48, 49] - Full year 2025 Adjusted EBITDA is projected to be approximately $69 billion[17, 53] - Full year 2025 Adjusted net income is projected to be approximately $269 billion[17, 53] - Full year 2025 Adjusted earnings per share - diluted is projected to be approximately $197[17, 53] Demand and Booking Trends - 93% of 2025 is already booked, with occupancy for the remainder of the year being the second-highest on record at historically high prices[18] - Customer deposits in the second quarter of 2025 increased by approximately 40% compared to the second quarter of 2019, despite only a 10% capacity growth[22] - Customer deposits reached $85 billion in the second quarter of 2025, a $25 billion increase compared to the prior quarter's record[21] Strategic Initiatives and Investments - The company is continuing to invest in its highest-returning brands[32] - Carnival Cruise Line is launching "Carnival Rewards" in June 2026, a new and improved loyalty program[39] Debt Management and Financial Position - The company prepaid $350 million of 7625% notes due in 2026 and refinanced the remainder with $10 billion of 5875% senior unsecured notes due in 2031, resulting in over $20 million net interest expense reduction through early 2026[44] - Net debt to Adjusted EBITDA improved from 41x in the first quarter of 2025 to 37x in the second quarter of 2025[43]

The page numbering is dependent on the placeholder text boxes on the page layout in the master view, so please DO NOT remove them Disclaimers, Forward Looking Statements and Responsibility This presentation includes certain financial measures not presented in accordance with generally accepted accounting principles ("GAAP") including, but not limited to, Adjusted EBITDA, Adjusted Net Income (loss), and certain ratios and metrics derived therefrom. These non-GAAP measures are supplemental measures that are n ...