Carnival — Sep 29, 2025 release

For the fourth quarter of 2025, the company expects: • Net yields (in constant currency) up approximately 4.3 percent compared to record 2024 levels, consistent with the company’s prior expectation. • Adjusted net income up over 60 percent compared to the fourth quarter 2024. See “Guidance” for additional information on the company’s 2025 outlook, “Non-GAAP Financial Measures” and “Reconciliation of Forecasted Data.” Financing “With our current refinancing strategy nearly complete, we’ve continued taking decisive actions to strengthen our balance sheet by simplifying our capital structure, reducing interest expense and managing our future debt maturities,” commented Carnival Corporation & plc’s Chief Financial Officer David Bernstein. “This year alone, we’ve opportunistically refinanced over $11 billion of debt and prepaid another $1 billion. With that and today’s redemption notice for all our outstanding convertible notes—which if converted will be settled with a mix of cash and equity—we’re closing in on our near-term target of reaching investment grade leverage metrics. Our focus is now on driving our net debt to adjusted EBITDA ratio to under 3x as we continue boosting our financial strength.” During the quarter, the company continued its refinancing strategy to reduce interest expense and manage its maturity towers, while reducing secured debt by nearly $2.5 billion. The company successfully issued two senior unsecured notes: $1.2 billion at 4.12