Royal Caribbean Cruises Ltd.

“owning and operating three global cruise vacation brands: Royal Caribbean, Celebrity Cruises and Silversea ... combined fleet of 69 ships in the cruise vacation industry with an aggregate capacity of approximately 179,720 berths as of December 31, 2025”

“We believe our brands possess the versatility to enter multiple cruise market segments within the cruise vacation industry.”

“our brands have been aggregated as a single reportable segment ... The CODM uses Operating Income (Loss) to assess performance and allocate resources.”

“As a result, our brands have been aggregated as a single reportable segment based on the similarity of their economic characteristics”

“sale arrangements through travel advisor charter and group sales are proportionately higher in the China market than in our other markets which are primarily through retail agency and direct sales.”

“Silversea is an ultra luxury and expedition travel brand ... Silversea operates 12 ships, with an aggregate capacity of approximately 5,500 berths.”

“Celebrity Cruises operates 15 ships with an aggregate capacity of approximately 38,900 berths ... in January 2026 we entered into additional commitments for 10 new ships that will expand the river cruise fleet to 20 vessels.”

“We receive payment before we satisfy this performance obligation and recognize revenue over the duration of each cruise, which generally ranges from three to 14 nights.”

“Royal Caribbean is also operating three exclusive private destinations, with plans to expand to 7 by 2028 through its Perfect Day and Royal Beach Club collections.”

“North America (1)$11,542 $10,594 $8,707 Asia/Pacific1,716 1,380 993 Europe2,951 2,697 2,685 Other Regions (2)862 1,025 847”

“Passenger ticket revenues accounted for approximately 70% of total revenues in 2025, 2024 and 2023.”

“The amounts of port costs charged to our guests and included within Passenger ticket revenues on a gross basis were $1.3 billion, $1.1 billion and $896 million for the years ended December 31, 2025, 2024 and 2023, respectively.”

“The majority of our transactions are settled in United States dollars.”

“As of December 31, 2025, approximately 87% of our shipboard employees were covered by collective bargaining agreements.”

“TUIC is a joint venture owned 50% by us and 50% by TUI AG, a German tourism company”

“Our principal cruise competitors are Carnival Corporation & plc ... Disney Cruise Line; MSC Cruises; Norwegian Cruise Line Holdings Ltd ... Viking, and Virgin Voyages.”

“Many of our guests depend on scheduled commercial airline services to transport them to or from the ports where our cruises embark or disembark.”

“consumers prioritizing experiences over goods is another reason supporting this growth.”

“Royal Caribbean is the world's largest cruise vacation brand. ... Royal Caribbean operates 29 ships with an aggregate capacity of approximately 111,000 berths.”

“Our operating costs, including fuel, food, payroll and benefits, airfare, taxes, insurance, and security costs, can be and have been subject to increases due to market forces and economic or geopolitical conditions”

“As of December 31, 2025, we had approximately $1.6 billion of indebtedness that bears interest at variable rates, which is net of our interest rate swap agreements. This amount represented approximately 7.4% of our total indebtedness.”

“Includes seasonality impacted itineraries primarily in South American countries, and Antarctica.”

“As of December 31, 2025, a total of 47 new ships with approximately 113,000 berths were on order for delivery through 2029 in the cruise industry, including twelve ships currently scheduled to be delivered to our Global and Partner Brands.”

“the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control - Integrated Framework (2013)”

“the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2025”

“/s/ JASON T. LIBERTY Jason T. Liberty Chairman of the Board and Chief Executive Officer (Principal Executive Officer)”

“For the year ended December 31, 2025, we separately presented Provision for income taxes in our consolidated statements of comprehensive income (loss).”

“Weak or uncertain economic conditions may impact consumer confidence and pose a risk as vacationers postpone or reduce discretionary spending.”

“Disease outbreaks and increased concern related to illness when traveling to, from, and on our ships, could cause a decrease in demand for cruises, guest cancellations, travel restrictions, an unavailability of ports and/or destinations”

“We are susceptible to a wide range of adverse events, including terrorist attacks, war, conflicts, civil unrest and other hostilities.”

“Natural disasters (e.g., earthquakes, volcanos, wildfires), weather and/or climate events (including hurricanes and typhoons) could impact our source markets and operations”

“The considerable expansion in the use of social and digital media has compounded the potential scope and reach of any negative publicity.”

“Increases in fuel prices have and could continue to materially and adversely affect our business as fuel prices impact not only our fuel costs, but also some of our other expenses, such as crew travel, freight, and commodity prices.”

“we are subject to additional premium calls in the event of a catastrophic loss incurred by any member of the 12 P&I clubs”

“we may be required to pay higher Global Minimum Tax in the United Kingdom (or other jurisdictions), adversely impacting our results of operations.”