Carnival — Dec 19, 2025 release

We had record full year net yields (in constant currency) and adjusted net income increased more than 60 percent driven by strong demand that outpaced unit cost increases. The momentum is carrying into 2026, which is shaping up to surpass even these remarkable results with another year of double-digit earnings growth and return on invested capital expected to exceed 13.5 percent, closing in on our 20-year high.” “With our strengthened balance sheet, powerful and diverse portfolio of world-class cruise lines and exclusive destinations, we are well positioned to capitalize on a tremendous runway to continue driving yield improvement and exceptional returns. We look forward to delivering unforgettable happiness to our guests around the world and long-term value for our shareholders, for years to come,” Weinstein added. Fourth Quarter 2025 Results • Net income of $422 million, or $0.31 diluted EPS, up nearly 40 percent compared to 2024. Adjusted net income of $454 million, or $0.34 adjusted EPS 1 , up over 140 percent compared to 2024 and outperforming September guidance by over $150 million led by strong close-in demand and effective cost management. • Record adjusted EBITDA 2 of $1.5 billion with adjusted EBITDA margins 1 up nearly 300 basis points year over year. • Record revenues 2 of $6.3 billion, up nearly $400 million compared to the prior year. ◦ Gross margin yields were 16 percent higher than 2024. ◦ Record net yields 2 (in constant currency) were 5.4 percent higher than 2