Carnival Corporation & plc

“We are the largest global cruise company, and among the largest leisure travel companies, with a portfolio of world-class cruise lines - AIDA Cruises, Carnival Cruise Line, Costa Cruises, Cunard, Holland America Line, P&O Cruises, Princess Cruises and Seabourn.”

“Record revenues of $26.6 billion • All-time high operating income of $4.5 billion, up 25% compared to the prior year”

“We are the largest global cruise company, and among the largest leisure travel companies, with a portfolio of world-class cruise lines – AIDA Cruises, Carnival Cruise Line, Costa Cruises, Cunard, Holland America Line, P&O Cruises, Princess Cruises, and Seabourn.”

“We define adjusted ROIC as the twelve-month adjusted net income (loss) before interest expense and interest income divided by the monthly average of debt plus equity minus construction-in-progress, excess cash, goodwill and intangibles.”

“the reliability of air transportation, which our guests depend on to transport them to or from the airports near the ports where our cruises embark and disembark”

“Although we generally require full payment from our customers prior to or concurrently with their cruise, we grant credit terms to a relatively small portion of our revenue source.”

“Passenger ticket$17,419 $16,463 $14,067 Onboard and other9,202 8,558 7,526 Total Revenues26,622 25,021 21,593”

“AIDA is the most recognized brand in the German cruise market.”

“We have product and service offerings in each of these three broad classifications.”

“Sales of onboard goods and services not included in the cruise ticket price. This generally includes the following: •Beverage sales”

“United States$14,847 $14,061 $12,253”

“Total Revenues$17,604 $8,467 $309 $241 $26,622”

“With a team of more than 160,000 individuals from approximately 150 countries”

“As of November 30, 2025, we have a total of seven cruise ships expected to be delivered through 2033. Our ship construction contracts are with Fincantieri in Italy and Meyer Werft in Germany.”

“We compete with land-based vacation alternatives throughout the world, such as hotels, resorts (including all-inclusive resorts), theme parks, organized tours, casinos, vacation ownership properties, and other internet-based alternative lodging sites.”

“Record booking trends with continued strong close-in demand throughout the year”

“We may be impacted by adverse changes in the perceived or actual economic climate, such as inflation, global or regional recessions, higher unemployment and underemployment rates and declines in income levels.”

“During 2025, we sunset the P&O Cruises (Australia) brand and folded its Australia operations into Carnival Cruise Line.”

“enhancing our commercial strategies by leveraging AI to improve marketing effectiveness, deliver personalized experiences and drive efficiency gains”

“we, along with our principal cruise competitors Royal Caribbean Group, Norwegian Cruise Line Holdings, Ltd. and MSC Cruises, represented approximately 80% of the cruise industry capacity”

“In December 2025, following a review of the corporate structure, the Boards of Directors of Carnival Corporation and Carnival plc recommended unifying the dual listed company under a single corporate entity, Carnival Corporation, listed solely on the New York Stock Exchange”

“In 2025, we opened our game-changing new exclusive destination, Celebration Key, Grand Bahama, which has already hosted more than one million guests since its July opening.”

“Further strengthen our balance sheet while delivering outsized shareholder returns.”

“our Boards of Directors recommends unifying our dual listed company under a single corporate entity to streamline governance and reporting”

“Fuel1,808 2,007 2,047”

“In December 2025, we successfully completed our $19 billion refinancing plan in less than a year and reduced total debt by over $10 billion since our peak in January 2023.”

“Interest expense, net of capitalized interest(1,349)”

“each of Carnival Corporation and Carnival plc have effectively cross guaranteed all indebtedness and certain other monetary obligations of each other”

“reducing debt, achieving strong profitability and double‑digit ROIC, surpassing the investment grade threshold and reinstating our dividend”

“the company intends to complete the unification and legal incorporation in Bermuda in the second quarter of 2026”

“The impact of this regulation in 2025 and 2024 was $91 million and $46 million, which represented costs associated with 70% and 40% of emissions under the ETS operational scope.”

“Greenhouse gas regulatory expense91 46 —”

“geopolitical uncertainty, war and other military actions, pandemics, inflation, higher interest rates and other general concerns impacting the ability or desire of people to travel could lead to a decline in demand for cruises”

“Our debt requires a significant amount of cash to service and our ability to generate sufficient cash depends on many factors, some of which may be beyond our control.”

“Our debt requires a significant amount of cash to service and our ability to generate sufficient cash depends on many factors, some of which may be beyond our control.”

“our increasing itineraries and investments in port destinations and exclusive islands in the Caribbean region may further expose us to adverse weather conditions”

“Increases in fuel costs, changes in the types of fuel consumed and availability of fuel supply may adversely impact our scheduled itineraries and costs.”

“We have been and may continue to be impacted by cybersecurity incidents and data privacy breaches, which occur from time to time.”

“with the increased use of artificial intelligence ("AI") and social media, adverse publicity, even if unfounded, has been and can continue to be disseminated quickly and broadly without context”

“the availability and costs of low- or non-GHG emission energy sources and technology that do not yet exist at scale for our industry, evolving regulatory requirements affecting sustainability standards or disclosures”

“heightened regulations around customs and border control, travel bans to and from certain geographical areas, voluntary changes to our itineraries in light of geopolitical events, government policies increasing the difficulty of travel and limitations on issuing international travel visas”

“A failure to adopt the appropriate technology, including AI, or a failure, disruption or obsolescence in the technology that we do adopt, could have adverse effects on our business.”