Carnival — Dec 20, 2024 release

Financing and Capital Activity “With the benefit of well managed near term maturity towers and improved leverage metrics, we expect to opportunistically capitalize on improved interest rates while proactively managing our maturity towers for 2027 and beyond. In 2025, interest expense is currently expected to be over $200 million lower than 2024 and over $500 million lower compared to 2023,” commented Carnival Corporation & plc’s Chief Financial Officer David Bernstein. “We are laser focused on continuing our efforts to further reduce interest expense and rebuilding an investment grade balance sheet. Just this year, we achieved a 4.3x net debt to adjusted EBITDA 1 ratio, nearly a two and a half turn improvement from 2023, positioning us three-fourths of the way to our initial leverage target,” Bernstein added. During 2024, the company made debt prepayments of $3.3 billion, bringing its total prepayments to $7.3 billion since the beginning of 2023. In addition, the company has reduced its debt balance by over $8 billion from its peak in January 2023, ending the year with $27.5 billion of debt. As of November 30, 2024, the company’s debt maturities for full year 2025 and 2026 are $1.5 billion and $2.7 billion. During the quarter, the company obtained three new export credit facilities, bringing its total committed financings related to ship deliveries to $7.8 billion, continuing its strategy to finance its newbuild program at preferential interest rates. Sustainability The company continues to achieve meaningful progress towards its sustainability goals. In 2024, the