HighGravityDataCarnival — Mar 27, 2026 release
Fiscal 2026 first-quarter results · 8-K Item 2.02 · Exhibit 99.1 · 0000815097-26-000034
Showing in the filing
PROPEL return on invested capital target
“Greater than 16 percent”
Period
FY2029
Measure
Company-defined measure
Source
Prose
All guidance in this release · 56
Share buyback program
“initial $2.5 billion”
Adjusted net income operational improvement … for FY2026
“nearly $150 million”
Adjusted EBITDA for FY2026
“$7 billion”
Net yields (Constant Currency) for FY2026
“up approximately 2.75 percent”
Net yields (in constant currency) for FY2026
“up approximately 2.75 percent compared to record 2025 levels and 0.25 percentage points better than December guidance”
Net yields (constant currency, normalized) for FY2026
“up approximately 3.25 percent”
Net yields (in constant currency), after nor… for FY2026
“up approximately 3.25 percent”
Adjusted cruise costs excluding fuel per ALB… for FY2026
“up approximately 3.1 percent”
Adjusted cruise costs excluding fuel per ALB… for FY2026
“up approximately 3.1 percent compared to 2025 and better than December guidance”
Adjusted cruise costs excluding fuel per ALB… for FY2026
“up approximately 2.3 percent”
Fuel price impact on adjusted net income for FY2026
“more than $500 million”
Brent crude oil price assumption for FY2026
“$90 per barrel”
Brent crude oil price assumption for Q3 FY2026
“$85 per barrel”
Brent crude oil price assumption for Q4 FY2026
“$80”
PROPEL return on invested capital target for FY2029
“Greater than 16 percent”
PROPEL adjusted EPS growth target for FY2029
“More than 50 percent adjusted EPS growth from 2025”
PROPEL cash from operations distributed to s… for FY2029
“More than 40 percent of cash from operations distributed to shareholders (approximately $14 billion)”
Shareholder returns roadmap for FY2029
“approximately $14 billion”
PROPEL net debt to adjusted EBITDA target for FY2029
“2.75x”
PROPEL greenhouse gas emissions rate reduction for FY2029
“more than 25 percent compared to 2019 levels”
Total dividend distributions for FY2026
“more than $800 million”
Net yields (Current Dollars) for Q2 FY2026
“Approx. 3.7%”
Net yields (Constant Currency) for Q2 FY2026
“Approx. 2.0%”
Net yields (Current Dollars) for FY2026
“Approx. 4.1%”
Adjusted cruise costs excluding fuel per ALB… for Q2 FY2026
“Approx. 4.0%”
Adjusted cruise costs excluding fuel per ALB… for Q2 FY2026
“Approx. 2.6%”
Adjusted cruise costs excluding fuel per ALB… for FY2026
“Approx. 4.4%”
ALBDs (in millions) for Q2 FY2026
“24.7”
ALBDs (in millions) (a) for FY2026
“24.7”
Capacity growth compared to prior year for Q2 FY2026
“1.9 %”
Capacity growth compared to prior year for FY2026
“0.9 %”
Fuel consumption in metric tons (in millions) for FY2026
“2.8”
Fuel cost per metric ton consumed (excluding… for Q2 FY2026
“$795”
Fuel cost per metric ton consumed (excluding… for FY2026
“$ 795”
Fuel expense (including emission allowances … for Q2 FY2026
“$0.61”
Fuel expense (including emission allowances … for FY2026
“$ 2.15”
CAD for FY2026
“$ 0.73”
Depreciation and amortization expense (in bi… for Q2 FY2026
“$0.73”
Depreciation and amortization expense (in bi… for FY2026
“$ 2.97”
Interest expense, net of capitalized interes… for Q2 FY2026
“$0.27”
Interest expense, net of capitalized interes… for FY2026
“$ 1.09”
Adjusted EBITDA (in billions) for Q2 FY2026
“Approx. $1.48”
Adjusted EBITDA (in billions) for FY2026
“Approx. $7.19”
Adjusted net income (in millions) for Q2 FY2026
“Approx. $470”
Adjusted net income (in millions) for FY2026
“Approx. $3,070”
Adjusted earnings per share - diluted for Q2 FY2026
“Approx. $0.34”
Adjusted earnings per share - diluted for FY2026
“Approx. $2.21”
Weighted-average shares outstanding - basic for Q2 FY2026
“1,386”
Weighted-average shares outstanding - basic for FY2026
“1,385”
Adjusted weighted-average shares outstanding… for Q2 FY2026
“1,392”
AUD for FY2026
“$ 0.71”
EUR for FY2026
“$ 1.15”
GBP for FY2026
“$ 1.34”
Newbuild capital expenditures for FY2026
“$0.6 billion”
Non-newbuild capital expenditures for FY2026
“$1.8 billion”
Fuel consumption in metric tons (in millions) for Q2 FY2026
“0.7”
Exhibit 99.1 · the passage around this item
… earlier in the release
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, as the company also intends to achieve a 2.75x net debt to adjusted EBITDA 1 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
later in the release …
the item shown at left
other guidance in this release
Text is the filed exhibit, verbatim.