Carnival — Mar 21, 2025 release

• Adjusted ROIC of approximately 12 percent is now expected to reach the 2026 SEA Change target one year in advance, alongside exceeding the company’s 2026 SEA Change EBITDA per ALBD target. For the second quarter of 2025, the company expects: • Net yields (in constant currency) up approximately 4.4 percent compared to strong 2024 levels. • Adjusted cruise costs excluding fuel per ALBD (in constant currency) up approximately 5.5 percent compared to the second quarter of 2024 primarily due to higher dry-dock days. • Adjusted EBITDA of approximately $1.3 billion, up 10 percent compared to the second quarter of 2024. See “Guidance” and “Reconciliation of Forecasted Data” for additional information on the company’s 2025 outlook. Financing “During the quarter we stepped up our refinancing efforts, tackling $5.5 billion of debt, which included our highest coupon debt instruments and delivered an incremental $145 million in annualized interest expense savings. We have been opportunistically reducing interest expense while simplifying our capital structure and managing our future debt maturities. Through all our efforts, we have reduced our average cash interest rate to 4.6 percent,” commented Carnival Corporation & plc’s Chief Financial Officer David Bernstein. The company continued its efforts to proactively manage its debt profile. Since November 30, 2024, the company has: • Repriced approximately $2.45 billion of its first-priority senior secured term loan facilities maturing in 2027 and 2028, which will result in int