Carnival PLC – Carnival Corporation 1Q 2026 Earnings

CARNIVAL CORPORATION & PLC ACHIEVES RECORD FIRST QUARTER OPERATING RESULTS AND
RECORD BOOKINGS

Introduces PROPEL, ambitious targets designed to reflect continued earnings
growth momentum through 2029

Announces initial $2.5 billion share buyback program

MIAMI, March 27, 2026 — Carnival Corporation & plc (NYSE/LSE: CCL; NYSE: CUK)
announced financial results for the first quarter 2026 and provided an updated
outlook.

· Diluted EPS of $0.19 and adjusted EPS1of $0.20, up 50 percent compared to
the prior year.
· Record revenues2of $6.2 billion, gross margin yields up nearly 10 percent
and record net yields1,2 (in constant currency), outperforming guidance on
strong close-in demand.
· Bookings for 2026 up double digits, further strengthening the company’s
record booked position at historically high prices (in constant currency).
· Expects operational improvement of nearly $150 million in full year 2026
adjusted net income1 compared to December guidance, partially mitigating the
impact from recent changes in fuel prices.
· Announces PROPEL, a new set of long-term targets designed to reflect
continued earnings growth momentum, outsized shareholder distributions and even
higher returns to be achieved by 2029.

«We delivered a strong start to the year, with record first-quarter operating
results that exceeded our guidance, driven by healthy fundamentals and solid
execution across the business. This performance supported an increase to our
full year operational outlook of nearly $150 million, helping to mitigate the
impact of higher fuel prices,» said Carnival Corporation &plc’s Chief Executive
Officer Josh Weinstein.

«We remain on track to deliver solid yield growth, continued cost discipline and
$7 billion in adjusted EBITDA1 this year, underscoring the strength of demand
across our portfolio, progress on our long-term strategy, and the advancements
we have made positioning the business to perform across a range of
environments.»

«With this strong foundation in place, we are focused on the next chapter of
value creation for Carnival. Today, we are introducing PROPEL: Powering Growth
and Returns, Responsibly – our new set of long-term targets. At its core, PROPEL
is about converting strong demand into higher returns, earnings growth and cash
flow while maintaining disciplined capacity growth and a strong balance sheet,»
Weinstein added.

First Quarter 2026 Results

· Net income3 of $258 million and adjusted net income of $275 million,
outperformed guidance despite a $54 million ($0.04 adjusted EPS) unfavorable
impact from fuel prices and currency rates compared to guidance.
· Record adjusted EBITDA2 of $1.3 billion.
· Gross margin yields increased nearly 10 percent. Record net yields2 (in
constant currency) increased 2.7 percent, which outperformed guidance by over 1
point.
· Cruise costs per available lower berth day («ALBD») increased 4.9 percent.
Adjusted cruise costs excluding fuel per ALBD1 (in constant currency) increased
5.3 percent, better than guidance.
· Fuel consumption per ALBD decreased 4.7 percent due to the company’s efforts
and investments to continuously reduce fuel consumption in its operations.

Advance Sales

«We delivered an incredibly strong start to the year, achieving our highest
level of bookings ever on strong demand that extended well into 2028 sailings,»
Weinstein said.

«Bookings for 2026 were up double digits, which further pulled forward our
already record booked position for the remainder of the year at historically
high prices (in constant currency),» he continued.

«With nearly 85 percent of 2026 already on the books and an even smaller amount
of inventory available compared to this time last year, we are well positioned
to deliver yield improvement in the back half of the year. Continued demand
strength is also clearly reflected in higher first quarter onboard revenues and
an acceleration in pre-cruise onboard sales.»

Customer deposits reached a first quarter record of nearly $8 billion,
surpassing the prior year’s high by nearly 10 percent, reflecting the demand
momentum and reinforcing the company’s strong cash flow profile.

_________________________________
1See «Non-GAAP Financial Measures» and «Constant Currency.»
2First quarter record.
3Net income (loss) attributable to Carnival Corporation & plc.

2026 Outlook

For the full year 2026, the company expects:

· Net yields (in constant currency) up approximately 2.75 percent compared to
record 2025 levels and 0.25 percentage points better than December guidance. Net
yields (in constant currency) up approximately 3.25 percent after normalizing
for the impact of the summer 2025 close-in decision to redeploy away from the
previously planned first quarter 2026 Arabian Gulf voyages and the impacts of
loyalty program accounting for Carnival Cruise Line.
· Adjusted cruise costs excluding fuel per ALBD (in constant currency) up
approximately 3.1 percent compared to 2025 and better than December guidance.
Adjusted cruise costs excluding fuel per ALBD (in constant currency) up
approximately 2.3 percent after normalizing for the partial year of operating
expenses from Celebration Key, Grand Bahama and RelaxAway, Half Moon Cay as well
as the timing of certain expenses between the years.
· Operational improvement of nearly $150 million in adjusted net income
compared to December guidance, driven by improvements in both net yields and
adjusted cruise costs excluding fuel per ALBD, which partially mitigates the
impact from recent changes in fuel prices of more than $500 million.
· The company’s guidance reflects the purchased price of fuel for the month of
March and early April, Brent averaging $90 per barrel for the remainder of April
and May, Brent averaging $85 per barrel for the third quarter, and Brent
averaging $80 for the fourth quarter. See sensitivities for fuel costs included
below.

See «Guidance» for additional information on the company’s 2026 outlook, «Non
-GAAP Financial Measures,» «Reconciliation of Forecasted Data» and «Constant
Currency.»

PROPEL: Powering Growth & Returns, Responsibly

«We surpassed our SEA Change targets in nearly half the expected time, more than
doubling return on invested capital and delivering our highest adjusted EBITDA
per ALBD1 in almost two decades alongside a meaningful reduction in greenhouse
gas emissions. PROPEL builds on that foundation and reflects our confidence in
the durability and earnings power of our business,» Weinstein noted.

The company is introducing PROPEL, a new set of long-term targets designed to
reflect continued earnings growth momentum, outsized shareholder distributions
and even higher returns to be achieved by 2029.

‌ PROPEL Targets:

· Greater than 16 percent return on invested capital1
· More than 50 percent adjusted EPS growth from 2025
· More than 40 percent of cash from operations distributed to shareholders
(approximately $14 billion)

These targets will be accomplished responsibly, as the company also intends to
achieve a 2.75x net debt to adjusted EBITDA1 ratio and a reduction of the
company’s greenhouse gas emissions rate by more than 25 percent compared to 2019
levels.

The keys to achieving PROPEL are grounded in:

· The strategic advantage of the company’s industry leading portfolio of world
-class cruise lines
· Continued focus on commercial excellence and disciplined execution, driving
demand that outpaces intentionally measured capacity growth
· Investing in return-generating midlife ship refurbishment programs for the
company’s existing fleet and in its exclusive differentiated destinations in the
Caribbean region and Alaska
· Building on industry-leading cost structure by further leveraging scale and
best practices, and improving productivity
· Aggressively leveraging technology to enhance revenue and reduce cost

PROPEL, and all of the keys to its success, is powered by the best team in all
of travel and leisure, aligned on delivering the company’s purpose, mission and
long-term goals.

_________________________________
1See «Non-GAAP Financial Measures» and «Constant Currency.»

Share Buyback Program

Today, the Boards of Directors approved an initial $2.5 billion share buyback
program1.

«Initiating an opportunistic buyback program reflects our strong and growing
free cash flow generation and ongoing commitment to return value to our
shareholders,» commented Carnival Corporation & plc’s Chief Financial Officer
David Bernstein. «With more than $800 million in total dividend distributions
expected this year, our newly authorized share buyback program, and a roadmap to
delivering approximately $14 billion to our shareholders through 2029, we
continue to demonstrate confidence in our operating performance, our focus on
disciplined capital allocation and our commitment to accelerating shareholder
returns.»

Due to legal requirements associated with the current open voting period for the
unification of the dual listed company («DLC») structure, the program will
commence following the meetings of shareholders expected to be held on April 17,
2026 and does not have an expiration date.

Other Recent Highlights

· AIDAluna completed its upgrade as part of AIDA Evolution (learn more
here (https://edge.prnewswire.com/c/link/?t=0&l=en&o=4651190
-1&h=502332748&u=https%3A%2F%2Fapi.kscope.io%2Fks-doc-view%3Fkey%3Dfde6d8e0-6260
-46ee-9286
-9578b2baf99c%26content%3Dbenznews%26docid%3D9b2584de098d6e9d488142744620075c1739
2b49%26allow_back%3Dtrue&a=here)) and will begin sailing to Celebration Key in
November 2027, joining Carnival Cruise Line and Princess Cruises in sailing to
the exclusive destination (learn more
here (https://edge.prnewswire.com/c/link/?t=0&l=en&o=4651190
-1&h=3662899045&u=https%3A%2F%2Fcruiseindustrynews.com%2Fcruise
-news%2F2026%2F02%2Faida-to-sail-to-celebration-key-in-2027%2F&a=here)).
· Carnival Cruise Line returned to New York’s Times Square for the lighting of
the iconic New Year’s Eve Ball as the official cruise line sponsor for the fifth
consecutive year (learn more
here (https://edge.prnewswire.com/c/link/?t=0&l=en&o=4651190
-1&h=1331713522&u=https%3A%2F%2Fwww.carnival
-news.com%2F2025%2F12%2F30%2Famericas-cruise-line-brings-extra-sparkle-to
-americas-biggest-new-years-celebration&a=here)).
· Holland America Line co-sponsored «Cruise Week» on the «Wheel of Fortune,»
America’s longest-running syndicated game show (learn more
here (https://edge.prnewswire.com/c/link/?t=0&l=en&o=4651190
-1&h=2364593762&u=https%3A%2F%2Fwww.hollandamerica.com%2Fen%2Fus%2Fnews%2F2026%2F
january%2Fnews-01052026-cruise-week-2026&a=here)), featuring its Alaska
itineraries and contributing to record January bookings made on the cruise
line’s site.
· Cunard was named the headline sponsor for the 2026 Olivier Awards, the UK’s
most prestigious stage honors (learn more
here (https://edge.prnewswire.com/c/link/?t=0&l=en&o=4651190
-1&h=407653902&u=https%3A%2F%2Fwww.independent.co.uk%2Ftravel%2Fcruise%2Fcunard
-theatre-at-sea-b2901217.html&a=here)).
· Awards and Recognitions:
· Princess Cruises was recognized for ‘Best Big-Ship Itineraries’ at the
2026 The Points Guy Awards (learn
morehere (https://edge.prnewswire.com/c/link/?t=0&l=en&o=4651190
-1&h=2470088706&u=https%3A%2F%2Fwww.princess.com%2Fnews%2Fnews
-releases%2F2026%2F02%2Fprincess-cruises-recognized-by-the-points-guy-in-2026
-tpg-awards-for-best-big-ship-itineraries&a=here)).
· Seabourn Venture earned a spot in Condé Nast Traveler’s 2026 Gold List
(learn more here (https://edge.prnewswire.com/c/link/?t=0&l=en&o=4651190
-1&h=4169656866&u=https%3A%2F%2Fwww.cntraveler.com%2Fgallery%2Fbest-cruise-ships
-gold-list&a=here)).
· Celebration Key was recognized with the Leading Edge Award from the
WorldWaterpark Association for its innovation, design and guest experience
(learn more here (https://edge.prnewswire.com/c/link/?t=0&l=en&o=4651190
-1&h=496756740&u=https%3A%2F%2Fwww.carnivalcorp.com%2Ftwo-exclusive-destinations
-win-prestigious-honors%2F&a=here)).
· The company was recognized as one of the World’s Most Admired Companies by
Fortune for the second consecutive year (learn
morehere (https://edge.prnewswire.com/c/link/?t=0&l=en&o=4651190
-1&h=639738740&u=https%3A%2F%2Fapi.kscope.io%2Fks-doc-view%3Fkey%3Dfde6d8e0-6260
-46ee-9286
-9578b2baf99c%26content%3Dbenznews%26docid%3D445d4b66adad115030562da375e399dd5fdc
d8cc%26allow_back%3Dtrue&a=here)) and America’s Most Trusted Companies by Forbes
(learn more here (https://edge.prnewswire.com/c/link/?t=0&l=en&o=4651190
-1&h=495221831&u=https%3A%2F%2Fapi.kscope.io%2Fks-doc-view%3Fkey%3Dfde6d8e0-6260
-46ee-9286
-9578b2baf99c%26content%3Dbenznews%26docid%3D2b77285bec5ffde39405088cc2cb6041abb2
ac27%26allow_back%3Dtrue&a=here)).

_________________________________
1 The program covers shares of Carnival
Corporation and/or Carnival plc.
Repurchases under the program may be made
from time to time in amounts and at prices
the company deems appropriate. The timing,
volume and structure of any share buyback
will be subject to market and general
economic conditions, the prevailing share
price(s), applicable legal requirements and
the receipt of any required shareholder
authority for Carnival plc.

Guidance

(See «Non-GAAP Financial Measures,» «Reconciliation of Forecasted Data» and
«Constant Currency»)

2Q 2026 Full Year 2026
Year over year change Current Constant Current Constant
Dollars Currency Dollars Currency
Net yields Approx. Approx. Approx. 4.1% Approx. 2.75%
3.7% 2.0%
Adjusted cruise costs Approx. Approx. Approx. 4.4% Approx. 3.1%
excluding fuel per 4.0% 2.6%
ALBD

2Q 2026 Full Year 2026
ALBDs (in millions) (a) 24.7 97.4
Capacity growth compared to prior year 1.9% 0.9%

Fuel consumptionin metric tons (in 0.7 2.8
millions)
Fuel cost per metric ton consumed $ 795 $ 718
(excluding emission allowances) (b)
Fuel expense (including emission $ 0.61 $ 2.15
allowances expense) (in billions)

Depreciation and amortization expense $ 0.73 $ 2.97
(in billions)
Interest expense, net of capitalized $ 0.27 $ 1.09
interest and interest income (in
billions)

Adjusted EBITDA (in billions) Approx. $1.48 Approx. $7.19
Adjusted net income (in millions) Approx. $470 Approx. $3,070
Adjusted earnings per share – diluted Approx. $0.34 Approx. $2.21
Weighted-average shares outstanding – 1,386 1,385
basic
Adjusted weighted-average shares 1,392 1,392
outstanding – diluted

(a) See «Notes to Statistical Information.»
(b) Given the recent spike and volatility in fuel prices, we believe it is
reasonable to forecast fuel based on the purchased
price of fuel for the month of March and early April, Brent averaging $90
per barrel for the remainder of April and
May, Brent averaging $85 per barrel for the third quarter, and Brent
averaging $80 for the fourth quarter rather than
use the spot price for our guidance. See sensitivities for fuel costs
included below.

Currencies (USD to 1) 2Q 2026 Full Year 2026
AUD $ 0.71 $ 0.70
CAD $ 0.73 $ 0.73
EUR $ 1.15 $ 1.16
GBP $ 1.34 $ 1.34

Sensitivities (impact to adjusted 2Q 2026 Remainder of 2026
net income in millions)
1% change in net yields $ 48 $ 160
1% change in adjusted cruise costs $ 28 $ 87
excluding fuel per ALBD
10% change in fuel cost per metric $ 56 $ 160
ton (excluding emission allowances)
100 basis point change in variable – $ 31
rate debt
1% change in currency exchange $ 6 $ 23
rates

Capital Expenditures

For the remainder of 2026, newbuild capital expenditures are $0.6 billion and
non-newbuild capital expenditures are $1.8 billion. These future capital
expenditures will fluctuate with foreign currency movements relative to the U.S.
Dollar. In addition, these figures do not include potential stage payments for
ship orders that the company may place in the future.

Conference Call

The company has scheduled a conference call with analysts at 10:00 a.m. EDT
(2:00 p.m. GMT) today to discuss its earnings release. This call can be listened
to live, and additional information including the company’s earnings
presentation and debt maturities schedule, can be obtained via Carnival
Corporation & plc’s website at
www.carnivalcorp.com (https://edge.prnewswire.com/c/link/?t=0&l=en&o=4651190
-1&h=4067996870&u=https%3A%2F%2Fwww.carnivalcorp.com%2F&a=www.carnivalcorp.com)
and www.carnivalplc.com (https://edge.prnewswire.com/c/link/?t=0&l=en&o=4651190
-1&h=1025138200&u=https%3A%2F%2Fwww.carnivalplc.com%2F&a=www.carnivalplc.com).

Carnival Corporation & plc is 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.

Additional information can be found on
www.carnivalcorp.com (https://edge.prnewswire.com/c/link/?t=0&l=en&o=4651190
-1&h=4067996870&u=https%3A%2F%2Fwww.carnivalcorp.com%2F&a=www.carnivalcorp.com),
www.aida.de (https://edge.prnewswire.com/c/link/?t=0&l=en&o=4651190
-1&h=167634187&u=https%3A%2F%2Fwww.aida.de%2F&a=www.aida.de),
www.carnival.com (https://edge.prnewswire.com/c/link/?t=0&l=en&o=4651190
-1&h=1936288571&u=https%3A%2F%2Fwww.carnival.com%2F&a=www.carnival.com),
www.costacruises.com (https://edge.prnewswire.com/c/link/?t=0&l=en&o=4651190
-1&h=3214659447&u=https%3A%2F%2Fwww.costacruises.com%2F&a=www.costacruises.com),
www.cunard.com (https://edge.prnewswire.com/c/link/?t=0&l=en&o=4651190
-1&h=3541507021&u=https%3A%2F%2Fwww.cunard.com%2F&a=www.cunard.com),
www.hollandamerica.com (https://edge.prnewswire.com/c/link/?t=0&l=en&o=4651190
-1&h=1641480327&u=https%3A%2F%2Fwww.hollandamerica.com%2F&a=www.hollandamerica.co
m), www.pocruises.com (https://edge.prnewswire.com/c/link/?t=0&l=en&o=4651190
-1&h=3946381816&u=https%3A%2F%2Fwww.pocruises.com%2F&a=www.pocruises.com),
www.princess.com (https://edge.prnewswire.com/c/link/?t=0&l=en&o=4651190
-1&h=972495880&u=https%3A%2F%2Fwww.princess.com%2F&a=www.princess.com)and
www.seabourn.com (https://edge.prnewswire.com/c/link/?t=0&l=en&o=4651190
-1&h=3825061852&u=https%3A%2F%2Fwww.seabourn.com%2F&a=www.seabourn.com).

Cautionary Note Concerning Factors That May Affect Future Results

Some of the statements, estimates or projections contained in this document are
«forward-looking statements» that involve risks, uncertainties and assumptions
with respect to us, including statements concerning future results, operations,
strategy, outlooks, plans, goals, reputation, cash flows, liquidity and other
events which have not yet occurred. These statements are intended to qualify for
the safe harbors from liability provided by Section 27A of the Securities Act of
1933 and Section 21E of the Securities Exchange Act of 1934, as amended. All
statements other than statements of historical facts are statements that could
be deemed forward-looking. These statements are based on current expectations,
estimates, forecasts and projections about our business and the industry in
which we operate and the beliefs and assumptions of our management. We have
tried, whenever possible, to identify these statements by using words like
«will,» «may,» «could,» «should,» «would,» «believe,» «depends,» «expect,»
«goal,» «aspiration,» «anticipate,» «forecast,» «project,» «future,» «intend,»
«plan,» «estimate,» «target,» «indicate,» «outlook,» and similar expressions of
future intent or the negative of such terms.

Forward-looking statements include, but are not limited to, statements that
relate to our outlook and financial position, as well as, statements regarding:

· Pricing · Adjusted net income
· Booking levels · Adjusted EBITDA
· Occupancy · Adjusted EBITDA per ALBD
· Interest, tax and fuel · Adjusted EBITDA margin
expenses
· Currency exchange rates · Adjusted earnings per share
· Goodwill, ship and · Net debt to adjusted EBITDA
trademark fair values
· Liquidity and credit · Net yields
ratings
· Investment grade leverage · Adjusted cruise costs per ALBD
metrics
· Shareholder returns · Adjusted cruise costs excluding fuel per ALBD
· Estimates of ship · Adjusted ROIC
depreciable lives and
residual values

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 materially affect the accuracy of our forward
-looking statements and adversely affect our business, results of operations and
financial position. These factors include, but are not limited to, the
following:

· Events and conditions around the world, including 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 as well as have significant negative
impacts on our financial condition and operations.
· Incidents concerning our ships, guests or the cruise industry may negatively
impact the satisfaction of our guests and crew and lead to reputational damage.
· Adverse weather conditions or an increase in the frequency and/or severity
of adverse weather conditions could have a material impact on our business and
results of operations.
· Our targets, goals, aspirations, initiatives, public statements and
disclosures, including those related to sustainability matters, may expose us to
risks that may adversely impact our business.
· Cybersecurity incidents and data privacy breaches, as well as disruptions
and other damages to our principal and other offices, information technology
operations and system networks and failure to keep pace with developments in
technology may adversely impact our business operations, the satisfaction of our
guests and crew and may lead to fines, penalties and reputational damage.
· 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 financial condition and operations could be adversely impacted
if we are unable to service our debt or satisfy our covenants.
· Increases in fuel costs, changes in the types of fuel consumed and
availability of fuel supply may adversely impact our scheduled itineraries and
costs.
· The loss of key team members, our inability to recruit or retain qualified
shoreside and shipboard team members and increased labor costs could have an
adverse effect on our business and results of operations.
· We rely on suppliers who are integral to the operations of our businesses.
These suppliers and service providers may be unable to deliver on their
commitments, which could negatively impact our business.
· Fluctuations in foreign currency exchange rates may adversely impact our
financial results.
· Our investments in port destinations and exclusive islands may expose us to
additional risks.
· Overcapacity and competition in the cruise and land-based vacation industry
may negatively impact our cruise sales, pricing and destination options.
· Inability to implement our shipbuilding programs and ship repairs,
maintenance and refurbishments may adversely impact our business operations and
the satisfaction of our guests.
· Changes in and non-compliance with laws and regulations under which we
operate, such as those relating to health, environment, safety and security,
data privacy and protection, anti-money laundering, anti-corruption, economic
sanctions, trade protection measures, labor and employment, and tax may be
costly and lead to litigation, enforcement actions, fines, penalties and
reputational damage.
· Factors associated with sustainability and the impact of greenhouse gases
and other emissions on the environment could have a material impact on our
business and operating results.
· We may not successfully complete the proposed unification of our DLC
structure and the migration of Carnival Corporation’s legal incorporation to
Bermuda, or, if we do, we may not realize the anticipated benefits and will be
subject to Bermuda law, which differs in some respects compared to our current
jurisdictions.

The ordering of the risk factors set forth above is not intended to reflect our
indication of priority or likelihood. There may be additional risks that we
consider immaterial or which are unknown. Additional information about the
factors that may affect future results is contained in our most recent Annual
Report on Form 10-K as well as our other filings with the SEC, all of which are
available on the SEC’s website at
www.sec.gov (https://edge.prnewswire.com/c/link/?t=0&l=en&o=4651190
-1&h=3380477157&u=https%3A%2F%2Fwww.sec.gov%2F&a=www.sec.gov).

Forward-looking statements should not be relied upon as a prediction of actual
results. Subject to any continuing obligations under applicable law or any
relevant stock exchange rules, we expressly disclaim any obligation to
disseminate, after the date of this document, any updates or revisions to any
such forward-looking statements to reflect any change in expectations or events,
conditions or circumstances on which any such statements are based.

Forward-looking and other statements in this document may also address our
sustainability progress, plans, and goals (including emissions and environmental
-related matters). In addition, historical, current, and forward-looking
sustainability-related statements may be based on standards and tools for
measuring progress that are still developing, internal controls and processes
that continue to evolve, and assumptions and predictions that are subject to
change in the future and may not be generally shared.

CARNIVAL CORPORATION& PLC

CONSOLIDATED STATEMENTS OF
INCOME (LOSS)

(UNAUDITED)

(in millions, except per share
data)

Three Months Ended

February 28,
2026 2025
Passenger ticket $ 4,023 $ 3,832
Onboard and other 2,142 1,978
Total Revenues 6,165 5,810
Cruise and tour operating
expenses:
Commissions, transportation 872 850
and other
Onboard and other 618 599
Payroll and related 684 640
Fuel 397 465
Food 382 354
Other operating 986 858
Total Cruise and tour 3,939 3,766
operating expenses
Selling and administrative 924 848
expense
Depreciation and amortization 696 654
expense
Operating Income 607 543
Interest income 12 7
Interest expense, net of (291) (377)
capitalized interest
Debt extinguishment and – (252)
modification costs
Other income (expense), net (47) 12
Income (Loss) Before Income 280 (68)
Taxes
Income tax expense, net (17) (7)
Net Income (Loss) 263 (75)
Less: net income attributable 4 4
to noncontrolling interest
Net Income (Loss) attributable $ 258 $ (78)
to Carnival Corporation & plc

Earnings Per Share
Basic $ 0.19 $ (0.06)
Diluted $ 0.19 $ (0.06)
Weighted-Average Shares 1,379 1,309
Outstanding – Basic
Weighted-Average Shares 1,392 1,309
Outstanding – Diluted

CARNIVAL CORPORATION& PLC

CONSOLIDATED BALANCE SHEETS

(UNAUDITED)

(in millions, except par values)

February 28, November 30,
2026 2025
ASSETS
Current Assets
Cash and cash equivalents $ 1,424 $ 1,928
Trade and other receivables, net 663 678
Inventories 510 505
Prepaid expenses and other 1,120 1,108
Total current assets 3,716 4,219
Property and Equipment, Net 43,700 43,494
Operating Lease Right-of-Use Assets, Net 1,295 1,328
Goodwill 579 579
Other Intangibles 1,181 1,177
Other Assets 1,095 890
$ 51,567 $ 51,687
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current Liabilities
Current portion of long-term debt $ 1,502 $ 2,603
Current portion of operating lease 171 175
liabilities
Accounts payable 1,242 1,245
Accrued liabilities and other 2,034 2,239
Customer deposits 7,472 6,831
Total current liabilities 12,420 13,092
Long-Term Debt 23,788 24,037
Long-Term Operating Lease Liabilities 1,146 1,178
Other Long-Term Liabilities 1,164 1,097

Shareholders’ Equity
Carnival Corporation common stock, $0.01 14 13
par value; 1,960 shares authorized; 1,367
shares issued at 2026 and 1,298 shares
issued at 2025
Carnival plc ordinary shares, $1.66 par 361 361
value; 217 shares issued at 2026 and 2025
Additional paid-in capital 17,871 17,253
Retained earnings 4,733 4,817
Accumulated other comprehensive income (1,738) (1,810)
(loss)
Treasury stock, 128 shares at 2026 and 131 (8,210) (8,364)
shares at 2025 of Carnival Corporation and
71 shares at 2026 and 72 shares at 2025 of
Carnival plc, at cost
Total shareholders’ equity attributable to 13,031 12,270
Carnival Corporation & plc
Noncontrolling interest 18 14
Total shareholders’ equity 13,049 12,284
$ 51,567 $ 51,687

CARNIVAL CORPORATION & PLC

OTHER INFORMATION

OTHER BALANCE SHEET February 28, 2026 November 30, 2025
INFORMATION(in millions)
Debt (current and long-term) $ 25,290 $ 26,640
Customer deposits (current and $ 7,923 $ 7,246
long-term)

Three Months Ended

February 28,
CASH FLOW INFORMATION (in 2026 2025
millions)
Cash from operations $ 1,263 $ 925
Capital expenditures (Purchases $ 566 $ 607
of Property and Equipment)
Dividends paid $ 208 $ –

Three Months Ended

February 28,
STATISTICAL INFORMATION 2026 2025
Passenger cruise days («PCDs») 24.4 24.3
(in millions) (a)
ALBDs (in millions) (b) 23.7 23.6
Occupancy percentage (c) 103% 103%
Passengers carried (in millions) 3.1 3.2

Fuel consumption in metric tons 0.7 0.7
(in millions)
Fuel consumption in metric tons 28.9 30.3
per thousand ALBDs
Fuel cost per metric ton $ 559 $ 643
consumed (excluding emission
allowances)

Currencies (USD to 1)
AUD $ 0.68 $ 0.63
CAD $ 0.73 $ 0.70
EUR $ 1.18 $ 1.04
GBP $ 1.35 $ 1.25

Notes to
Statistical
Information
(a) PCD represents the number of cruise passengers on a voyage
multiplied by the number of revenue-producing ship operating days
for that voyage.

(b) ALBD is a standard measure of passenger capacity for the period
that we use to approximate rate and capacity variances, based on
consistently applied formulas that we use to perform analyses to
determine the main non-capacity driven factors that cause our
cruise revenues and expenses to vary. ALBDs assume that each
cabin we offer for sale accommodates two passengers and is
computed by multiplying passenger capacity by revenue-producing
ship operating days in the period.

(c) Occupancy, in accordance with cruise industry practice, is
calculated using a numerator of PCDs and a denominator of ALBDs,
which assumes two passengers per cabin even though some cabins
can accommodate three or more passengers. Percentages in excess
of 100% indicate that on average more than two passengers
occupied some cabins.

CARNIVAL CORPORATION & PLC

NON-GAAP FINANCIAL MEASURES

Three Months Ended

February 28,
(in millions, except per share 2026 2025
data)
Net income (loss) attributable $ 258 $ (78)
to Carnival Corporation & plc
(Gains) losses on ship sales – –
and impairments
Debt extinguishment and – 252
modification costs
Restructuring expense 0 –
Other 16 –
Adjusted net income $ 275 $ 174
Interest expense, net of 291 377
capitalized interest
Interest income (12) (7)
Income tax expense, net 17 7
Depreciation and amortization 696 654
expense
Adjusted EBITDA $ 1,267 $ 1,205

Earnings per share – diluted $ 0.19 $ (0.06)
(a)
Weighted-average shares 1,392 1,309
outstanding – diluted (a)

Adjusted earnings per share – $ 0.20 $ 0.13
diluted (a)
Adjusted weighted-average 1,392 1,316
shares outstanding – diluted
(a)

(See Non-GAAP Financial
Measures)

‌ (a Diluted earnings per share and diluted adjusted
) earnings per share for the three months ended
February 28, 2025 excludes the company’s
convertible notes, which were antidilutive and
therefore
were notincluded in the calculations.

CARNIVAL CORPORATION
& PLC

NON-GAAP FINANCIAL
MEASURES (CONTINUED)

Gross margin yields
and net yields were
computed by dividing
the gross margin and
adjusted gross
margin
by ALBDs as follows:

Three
Months
Ended
February
28,
(in millions, except 2026 2026 2025
yields data)
Constant

Currency
Total Revenues $ 6,165 $ 5,810
Less: Cruise and (3,939) (3,766)
tour operating
expenses
Depreciation and (696) (654)
amortization expense
Gross margin 1,530 1,390
Less: Tour and other 0 (2)
revenues
Add: Payroll and 684 640
related
Fuel 397 465
Food 382 354
Other operating 986 858
Depreciation and 696 654
amortization expense
Adjusted gross $ 4,675 $ 4,495 $ 4,359
margin

ALBDs 23.7 23.7 23.6

Gross margin yields $ 64.63 $ 58.99
(per ALBD)
Net yields (per $ 197.44 $ 189.86 $ 184.95
ALBD)

(See Non-GAAP
Financial Measures)

CARNIVAL CORPORATION &
PLC

NON-GAAP FINANCIAL
MEASURES (CONTINUED)

Cruise costs per ALBD,
adjusted cruise costs
per ALBD and adjusted
cruise costs excluding
fuel per
ALBD were computed by
dividing cruise costs,
adjusted cruise costs
and adjusted cruise
costs excluding
fuel by ALBDs as
follows:
Three
Months
Ended
February
28,
(in millions, except 2026 2026 2025
costs per ALBD data)
Constant

Currency
Cruise and tour $ 3,939 $ 3,766
operating expenses
Selling and 924 848
administrative expense
Less: Tour and other (18) (19)
expenses
Cruise costs 4,845 4,595
Less: Commissions, (872) (850)
transportation and
other
Onboard and other (618) (599)
costs
Gains (losses) on ship – –
sales and impairments
Restructuring expense 0 –
Other (16) –
Adjusted cruise costs 3,339 3,234 3,146
Less: Fuel (397) (397) (465)
Adjusted cruise costs $ 2,941 $ 2,837 $ 2,681
excluding fuel

ALBDs 23.7 23.7 23.6

Cruise costs per ALBD $ 204.63 $ 194.99
Adjusted cruise costs $ 141.01 $ 136.58 $ 133.50
per ALBD
Adjusted cruise costs $ 124.22 $ 119.81 $ 113.76
excluding fuel per
ALBD

(See Non-GAAP
Financial Measures)

Non-GAAP Financial Measures

We use non-GAAP financial measures and they are provided along with their most
comparative U.S. GAAP financial measure:

Non U.S. Use Non
-GAAP GAAP -GAAP
Measure Measure Measure
to
Assess
· Adjusted net · Net income · Company
income, adjusted (loss) Performance
EBITDA, attributable
adjustedEBITDA to Carnival
per Corporation
ALBD and adjusted & plc
EBITDA margin
· Adjusted earnings · Earnings per · Company
per share share Performance
· Net debt to – · Company
adjusted EBITDA Leverage
· Net yields · Gross margin · Cruise
yields Segments
Performance
· Adjusted cruise · Cruise costs · Cruise
costs perALBD and per ALBD Segments
adjustedcruise Performance
costs excluding
fuel
per ALBD
· AdjustedROIC – · Company
Performance

The presentation of our non-GAAP financial information is not intended to be
considered in isolation from, as a substitute for, or superior to the financial
information prepared in accordance with U.S. GAAP. It is possible that our non
-GAAP financial measures may not be exactly comparable to the like-kind
information presented by other companies, which is a potential risk associated
with using these measures to compare us to other companies.

Adjusted net incomeand adjusted earnings per share provide additional
information to us and investors about our future earnings performance. These
measures represent net income (loss) attributable to Carnival Corporation & plc,
excluding certain gains, losses and expenses that we believe are not part of our
core operating business and are not an indication of our future earnings
performance. We believe that gains and losses on ship sales, impairment charges,
debt extinguishment and modification costs, restructuring costs and certain
other gains, losses and expenses are not part of our core operating business and
are not an indication of our future earnings performance.

Adjusted EBITDA, adjusted EBITDA per ALBD and adjusted EBITDA marginprovide
additional information to us and investors about our core operating
profitability, including on a per ALBD basis, by excluding certain gains, losses
and expenses that we believe are not part of our core operating business and are
not an indication of our future earnings performance as well as excluding
interest, taxes and depreciation and amortization. In addition, we believe that
the presentation of adjusted EBITDA provides additional information to us and
investors about our ability to operate our business in compliance with the
covenants set forth in our debt agreements. We define adjusted EBITDA as
adjusted net income adjusted for (i) interest, (ii) taxes and (iii) depreciation
and amortization. There are material limitations to using adjusted EBITDA.
Adjusted EBITDA does not take into account certain significant items that
directly affect our net income (loss) attributable to Carnival Corporation &
plc. These limitations are best addressed by considering the economic effects of
the excluded items independently and by considering adjusted EBITDA in
conjunction with net income (loss) attributable to Carnival Corporation & plc as
calculated in accordance with U.S. GAAP. We define adjusted EBITDA margin as
adjusted EBITDA divided by total revenues.

Net debt to adjusted EBITDA provides additional information to us and investors
about our overall leverage. We define net debt to adjusted EBITDA as total debt
less cash and cash equivalents excluding a minimum cash balance divided by
twelve-month adjusted EBITDA.

Net yieldsenable us and investors to measure the performance of our cruise
segments on a per ALBD basis. We use adjusted gross margin rather than gross
margin to calculate net yields. We believe that adjusted gross margin is a more
meaningful measure in determining net yields than gross margin because it
reflects the cruise revenues earned net of only our most significant variable
costs, which are travel agent commissions, cost of air and other transportation,
certain other costs that are directly associated with onboard and other revenues
and credit and debit card fees.

Adjusted cruise costs per ALBDand adjusted cruise costs excluding fuel per ALBD
enable us and investors to separate the impact of predictable capacity or ALBD
changes from price and other changes that affect our business. We believe these
non-GAAP measures provide useful information to us and investors and expanded
insight to measure our cost performance. Adjusted cruise costs per ALBD and
adjusted cruise costs excluding fuel per ALBD are the measures we use to monitor
our ability to control our cruise segments’ costs rather than cruise costs per
ALBD. We exclude gains and losses on ship sales, impairment charges,
restructuring costs and certain other gains and losses that we believe are not
part of our core operating business as well as excluding our most significant
variable costs, which are travel agent commissions, cost of air and other
transportation, certain other costs that are directly associated with onboard
and other revenues and credit and debit card fees. We exclude fuel expense to
calculate adjusted cruise costs excluding fuel. The price of fuel, over which we
have no control, impacts the comparability of period-to-period cost performance.
The adjustment to exclude fuel provides us and investors with supplemental
information to understand and assess the company’s non-fuel adjusted cruise cost
performance. Substantially all of our adjusted cruise costs excluding fuel are
largely fixed, except for the impact of changing prices once the number of ALBDs
has been determined.

Adjusted ROICprovides additional information to us and investors about our
operating performance relative to the capital we have invested in the company.
We define adjusted ROIC as the twelve-month adjusted net income before interest
expense and interest income divided by the monthly average of debt plus equity
minus construction-in-progress, excess cash, goodwill and intangibles.

Reconciliation of Forecasted Data

We have not provided a reconciliation of forecasted non-GAAP financial measures
to the most comparable U.S. GAAP financial measures because preparation of
meaningful U.S. GAAP forecasts would require unreasonable effort. We are unable
to predict, without unreasonable effort, the future movement of foreign exchange
rates and fuel prices. We are unable to determine the future impact of gains and
losses on ship sales, impairment charges, debt extinguishment and modification
costs, restructuring costs and certain other non-core gains and losses.

Constant Currency

Our operations primarily utilize the U.S. dollar, Australian dollar, euro and
sterling as functional currencies to measure resultsand financial condition.
Functional currencies other than the U.S. dollar subject us to foreign currency
translational risk. Our operations also have revenues and expenses that are in
currencies other than their functional currency, which subject us to foreign
currency transactional risk.

Constant currency reporting removes the impact of changes in exchange rates on
the translation of our operations plus the transactional impact of changes in
exchange rates from revenues and expenses that are denominated in a currency
other than the functional currency.

We report adjusted gross margin, net yields, adjusted cruise costs excluding
fuel and adjusted cruise costs excluding fuel per ALBD on a «constant currency»
basis assuming the current periods’ currency exchange rates have remained
constant with the prior periods’ rates. These metrics facilitate a comparative
view for the changes in our business in an environment with fluctuating exchange
rates.

Examples:

· The translation of our operations with functional currencies other than U.S.
dollar to our U.S. dollar reporting currency results in decreases in reported
U.S. dollar revenues and expenses if the U.S. dollar strengthens against these
foreign currencies and increases in reported U.S. dollar revenues and expenses
if the U.S. dollar weakens against these foreign currencies.
· Our operations have revenue and expense transactions in currencies other
than their functional currency. If their functional currency strengthens against
these other currencies, it reduces the functional currency revenues and
expenses. If the functional currency weakens against these other currencies, it
increases the functional currency revenues and expenses.

CONTACT: MEDIA, Jody Venturoni,+1 469 797 6380;INVESTOR RELATIONS, Beth
Roberts,+1 305 406 4832

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