Carnival — Mar 27, 2026 release

• 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 ALBD 1 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 capital 1 • 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,