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]

Tops Guidance Achieving Highest-Ever Second Quarter Operating Results Exceeding 2026 SEA Change Financial Targets 18 Months Early Second Quarter 2025 Earnings Presentation Because forward-looking statements involve risks and uncertainties, there are many factors that could cause our actual results, performance or achievements to differ materially from those expressed or implied by our forward-looking statements. This note contains important cautionary statements of the known factors that we consider could m ...

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 ...

Financial Performance & Outlook - The company achieved record full-year operating results in 2024[2, 11] - The company expects 20% earnings growth in 2025[2, 16] - The company anticipates hitting the 2026 SEA Change EBITDA target one year early[2, 16, 45] - Q4 2024 adjusted EBITDA reached $1.22 billion, exceeding the guidance of approximately $1.14 billion[12] - Full year 2024 adjusted EBITDA reached $6.1 billion, outperforming the December guidance of approximately $5.6 billion by $500 million[13] - Full year 2024 adjusted net income reached $1.9 billion, exceeding the December guidance of approximately $1.2 billion by $700 million[13] Demand & Bookings - Net yields in FY 2024 increased by 11% compared to 2023, outperforming the December guidance of approximately 8.5%[13] - Adjusted cruise costs excluding fuel per ALBD in FY 2024 decreased by 3.5% compared to 2023, outperforming the December guidance of approximately 4.5%[13] - Customer deposits reached a record of $6.8 billion in 4Q 2024[40] Debt Management - The company achieved approximately 2.5 turn net debt to adjusted EBITDA improvement in 2024[44] - Debt prepayments exceeded $3 billion[44]

Consumer Sentiment and Travel Industry Outlook - Consumer sentiment rebounded sharply in May, showing a nearly 16% increase from the previous month, driven by a moderating trade war and tariff reductions [5][6] - Despite the rebound, the current sentiment index of 60.5 remains significantly below the pre-pandemic levels and the post-election bump [5][6] Travel Sector Performance - The travel industry, including airlines, hotels, and cruise lines, has faced challenges in 2025, with many companies missing earnings expectations and revising guidance downward [7][8] - The rebound in consumer sentiment is expected to benefit the travel sector, particularly during the summer [6] United Airlines - United Airlines reported strong Q1 earnings, surpassing EPS projections, and is one of the only two airlines to turn a profit in Q1 [9][10] - The company has better net margins and cash flow per share compared to competitors, trading at a forward P/E of 5.1, indicating reasonable valuation [10] Royal Caribbean - Royal Caribbean Cruises reported a net margin of 19.38% in Q1, significantly higher than its competitors, and was the only cruise line to turn a profit [12][13] - The company also pays dividends, currently yielding 1.12%, making it an attractive option in the cruise line sector [13] Booking Holdings - Booking Holdings reported strong Q1 earnings, exceeding expectations and raising guidance, positioning itself as a leader in the online travel reservation space [15] - The company has superior metrics compared to its largest competitor, Expedia, including higher EPS and profit margins [15]

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 Cruises is enhancing its culinary offerings by introducing a new Nikkei cuisine menu, reflecting the fusion of Japanese and Peruvian culinary traditions [1][2][4] - The new menu items will debut on the Oceania Vista and will be available on the Oceania Allura next month, with plans to roll out across the fleet by early 2026 [3][4] Company Overview - Oceania Cruises is recognized as the world's leading culinary- and destination-focused luxury cruise line, operating eight small ships with a maximum capacity of 1,250 guests [10] - The cruise line emphasizes high-quality culinary experiences, featuring The Finest Cuisine at Sea and a commitment to using the best ingredients and talented chefs [8][10] Culinary Innovation - The introduction of Nikkei dishes is a response to guests' growing interest in bold flavors and diverse culinary experiences [5] - The new menu includes highlights such as Ceviche Nikkei, Peruvian-Style Beef Short Rib, and Yuzu Cheesecake, showcasing a blend of traditional and innovative flavors [6][8] Culinary Leadership - Oceania Cruises boasts a culinary team led by two Executive Culinary Directors, both of whom are Master Chefs of France, ensuring high standards in culinary excellence [8][10] - The cruise line's commitment to culinary innovation is driven by guest feedback and a desire to introduce new experiences [5][4]

Core Viewpoint - The company, Carnival Corp, is effectively managing its substantial debt incurred during the COVID-19 pandemic, presenting a compelling investment opportunity despite market skepticism [1][5][19]. Company Overview - Carnival Corp operates a fleet of 29 ships and owns 93 different vessels across various brands, including Princess, Holland America, and Cunard [4][5]. - The company has accumulated approximately $24 billion in long-term debt due to the pandemic, resulting in annual interest payments of around $2 billion [5][16]. Financial Performance - In the first quarter, Carnival reported record revenue of $5.8 billion, a 7.5% increase year-over-year, and doubled its operating income [7][8]. - Advanced bookings for the fiscal year are at record highs, leading to total customer deposits of $7.3 billion [8]. - The company raised its earnings per share guidance from $1.70 to approximately $1.83, with analysts projecting a 4% sales growth for the year [8][19]. Industry Trends - The cruise industry is experiencing a resurgence, with the Cruise Lines International Association forecasting 37.7 million ocean cruise passengers in 2025, a 9% increase from the previous year [13]. - The leisure cruise market is expected to grow at an annualized rate of nearly 6% through 2034, driven by increasing demand and limited capacity [15]. Debt Management - Carnival's interest payments are projected to decrease from over $2 billion in 2023 to under $1.8 billion in 2024, as the company continues to pay down its debt [17][18]. - The company has reduced its long-term debt by nearly $2.5 billion over the past year while still reporting profits [17]. Market Position - Carnival's stock is trading at less than 13 times its earnings guidance, presenting a significant value opportunity compared to its profitability [19]. - Analysts maintain a strong buy rating for Carnival, with a consensus price target of $27.69, indicating a potential upside of nearly 20% from its current price [20].

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]

The three game-changing ships will be decked out with bolder thrills, unmatched chill and more ways to dine and drinkMIAMI, June 18, 2025  /PRNewswire/ -- Royal Caribbean is tripling the adventure in 2026 when it debuts three newly amplified vacations on Ovation, Harmony and Liberty of the Seas. The fan-favorite ships are set to be reimagined with bold new experiences while visiting must-see destinations across Alaska, Europe and the Caribbean. Vacationers have more choices than ever before for all-out adve ...