Core Insights - Royal Caribbean Cruises has demonstrated exemplary returns for shareholders over the past five years, distinguishing itself in a challenging industry [1] - The company has ambitious plans to sustain its growth momentum and has been selected as the first stock in a new investment portfolio for 2026 [2] Strategy and Financial Goals - Royal Caribbean's strategy focuses on moderate capacity growth, yield growth, and disciplined cost control to enhance shareholder value [4] - The company aims for an average annual growth rate of 20% in earnings per share from now until 2027, while maintaining a high investment-grade bond rating to control financing costs [5] Fleet Expansion and New Destinations - The company is launching an ambitious schedule of new cruise ships, including the Star of the Seas and Celebrity Xcel in 2025, and several others through 2028, catering to a diverse range of travelers [6][8] - Royal Caribbean plans to expand its exclusive destination resorts, adding new locations such as Royal Beach Club resorts in the Bahamas and Mexico, and properties in Chile for expeditions to Antarctica [8] Investment Appeal - The strong business execution of Royal Caribbean, particularly its successful strategy prior to the pandemic, positions the company favorably for future growth [11]

Core Insights - Celebrity Cruises has taken delivery of its newest ship, Celebrity Xcel, and announced the construction of its sixth Edge Series ship, Celebrity Xcite, which is expected to set sail in 2028 [1][5][8] Group 1: Ship Deliveries and Announcements - Celebrity Xcel officially joins the Celebrity Cruises fleet, marking a significant milestone celebrated by executives and crew members [3] - The construction of Celebrity Xcite commenced with a steel cutting ceremony, indicating the brand's commitment to innovation and excellence in premium cruising [5][6] Group 2: Design and Guest Experience - Celebrity Xcel has been designed with guest input through the Xcel Dream Makers program, aiming to enhance the vacation experience [2] - The Edge Series ships, including Celebrity Xcel and Xcite, are focused on redefining premium travel with elevated design and unique experiences [2][6] Group 3: Inaugural Seasons and Itineraries - Celebrity Xcel will begin its inaugural season in November, offering seven-night itineraries to destinations such as The Bahamas, Mexico, and the Caribbean [7] - In Summer 2026, Celebrity Xcel will embark on its inaugural European season with journeys from Barcelona and Athens, including overnight stays in Madeira, Portugal [7]