Core Viewpoint - Carnival Corporation & plc has announced a quarterly cash dividend of $0.15 per share, payable on February 27, 2026, to shareholders of record on February 13, 2026 [1] Group 1: Dividend Announcement - The dividend of $0.15 (U.S.) per share will be paid in U.S. dollars to holders of Carnival Corporation common stock or Carnival plc ADSs [1] - For Carnival plc ordinary shares, the dividend will be payable in sterling unless shareholders elect to receive it in U.S. dollars by February 13, 2026 [1] - The conversion rate for dividends payable in sterling will be based on the exchange rate quoted by Bloomberg at 12 noon London time on February 17, 2026, with the rate being US$1 = 73.72457 pence [1] - Consequently, the dividend payable in sterling will amount to 11.05869 pence per share [1] Group 2: Company Overview - Carnival Corporation & plc is recognized as the largest global cruise company and one of the largest leisure travel companies [1] - The company operates a portfolio of world-class cruise lines, including AIDA Cruises, Carnival Cruise Line, Costa Cruises, Cunard, Holland America Line, P&O Cruises, Princess Cruises, and Seabourn [1]

Core Viewpoint - Carnival Corporation & plc is set to hold a conference call on December 19, 2025, to discuss its fourth quarter financial results, which will be released on the same day [1]. Company Overview - Carnival Corporation & plc is the largest global cruise company and one of the largest leisure travel companies, operating a portfolio of renowned cruise lines including AIDA Cruises, Carnival Cruise Line, Costa Cruises, Cunard, Holland America Line, P&O Cruises, Princess Cruises, and Seabourn [2].

Core Insights - Carnival Corporation & plc (CCL) is the largest cruise company globally, with a market cap of $34.3 billion, operating under brands like Carnival Cruise Line and Princess Cruises, and carrying nearly half of global cruise guests [1] Stock Performance - CCL shares have outperformed the broader market over the past 52 weeks, gaining 27.1% compared to the S&P 500 Index's 18.3% increase, but are up only 11.8% year-to-date, lagging behind the SPX's 17.2% rise [2] - Over the past 52 weeks, CCL shares have also outpaced the Consumer Discretionary Select Sector SPDR Fund's (XLY) return of 19.8% [3] Financial Performance - In Q3 2025, Carnival Corp reported adjusted EPS of $1.43 and revenue of $8.15 billion, exceeding expectations, yet shares fell nearly 4% on Sept. 29 due to projected cruise costs rising 3.3% for the year and potential impacts from increased investments in 2026 [4] - For the fiscal year ending in November 2025, analysts expect CCL's adjusted EPS to increase by 52.8% year-over-year to $2.17, with a strong earnings surprise history [5] Analyst Ratings and Price Targets - Among 25 analysts covering CCL, the consensus rating is a "Strong Buy," with 19 "Strong Buy" ratings, one "Moderate Buy," and five "Holds" [5] - Citi raised its price target on Carnival to $38, maintaining a "Buy" rating, with a mean price target of $35.43 indicating a 27.2% premium to the current price, and a Street-high price target of $43 suggesting a potential upside of 54.3% [6]

Core Viewpoint - The cruise industry is recovering post-pandemic, with Royal Caribbean positioned for growth while Carnival is focused on stabilizing its finances [1][2]. Royal Caribbean - Royal Caribbean is experiencing strong demand, with bookings extending into 2027, and is expanding its fleet with new Icon-class ships aimed at luxury travelers [3]. - The company has reduced its net debt from a pandemic peak of $22 billion to $18.3 billion, improving its credit profile to a BBB- rating from Fitch [4]. - Royal Caribbean's EBITDA margin stands at 42% in Q2 2025, and it trades at a forward P/E ratio of approximately 20x, above its pre-pandemic average of 14x, indicating investor confidence in its growth potential [5]. Carnival - Carnival is working on reducing its pandemic-era debt, targeting a net debt reduction of $8 billion by the end of 2025, but still carries over $25 billion in net debt, rated BB+ by Fitch [6]. - The company's focus is on operational stabilization rather than growth, with a forward P/E ratio of about 13x and an EBITDA margin of 24%, reflecting a slower recovery compared to competitors [7]. - Carnival's stock price is currently around $29, significantly below its pre-COVID range of $50 to $60, suggesting potential for long-term upside if its turnaround strategy is successful [13]. Investment Considerations - Royal Caribbean is recommended for investors seeking growth, with a current price of $311 and a 12-month target near $347, indicating a potential 10% upside [12]. - Carnival may appeal to contrarian investors, offering a discounted valuation and potential for significant long-term rewards if management successfully executes its turnaround strategy [13].

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].