Carnival — Jun 23, 2026 release

Net yields (in constant currency) up approximately 1.75 percent, 2.25 percent after reflecting the impact of the summer 2025 close-in decision to redeploy away from the previously planned first quarter 2026 Arabian Gulf voyages and the impacts of loyalty program accounting for Carnival Cruise Line. • Adjusted cruise costs excluding fuel per ALBD up approximately 3.7 percent. Adjusted cruise costs excluding fuel per ALBD (in constant currency) up approximately 2.4 percent, 1.3 percent after reflecting the timing of certain expenses between the years, partial year operating expenses from two exclusive destinations and over 30 basis points for certain elevated logistics costs as a result of disruption from the Middle East conflict. • The net impact of fuel prices and currency on the company’s June guidance compared to prior guidance was less than $0.01 per share. The company’s guidance reflects the current spot prices of fuel. 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.” Capital Allocation “Our strong cash flow growth enabled us to launch our current share buyback program, repurchasing over $450 million of stock to date, reinforcing our commitment to accelerate shareholder returns. At the same time, we continued to responsibly invest in return-generating programs across our fleet and exclusive destinations, while further strengthening our financial position. We achieved a net debt to adjusted EBITDA 1 ratio of 3.1x—more than half a point improvement from just one year ago. The continued momentum of our financial performance was recognized by Moody's with a credit rating upgrade and a continued positive outlook,” commented Carnival Corporation’s Chief Financial Officer David Bernstein. During the quarter, the company distributed $207 million