Royal Caribbean Cruises — Apr 29, 2025 release

“This year continues our guest experience innovation with the debut of Star of the Seas , Celebrity Xcel , and the opening of Royal Beach Club Paradise Island by year-end – all of which continue to generate consumer excitement and strengthen our competitive moat.” The cadence of yield growth throughout the year, as expected, is driven by the timing of new hardware entering service, with the arrival of Star of the Seas in late summer and the related ramp-up of load factors, as is typical for new ship launches. Second Quarter 2025 Capacity in the quarter is expected to increase 6%, driven by lower dry dock days and a full year of Utopia of the Seas , compared to second quarter 2024. Net Yields are expected to increase 4.4% to 4.9% as-reported and 4.3% to 4.8% in Constant Currency as compared to the same period in the prior year. The expected growth in yield is driven by healthy demand across all key products and onboard spend, both from new and like-for-like hardware. NCC, excluding Fuel, per APCD, is expected to increase 4.1% to 4.6% as-reported and 3.7% to 4.2% in Constant Currency as compared to the same period in the prior year. Approximately 140 bps of cost growth is attributable to the timing shift from the first quarter. Based on current fuel pricing, interest rates, currency exchange rates and the factors detailed above, the company expects second quarter Adjusted EPS to be in the range of $4.00 to $4.10. Fuel Expense Bunker pricing, net of hedging, for the first quarter was $655 per metric ton and consumption was 423,000 metric tons. The company does not forecast fuel prices and its fuel cost calculations are based on current at-the-pump prices, net of hedging impacts. Based on current fuel prices, the company has included $286 million of fuel expense in its second quarter guidance at a forecasted consumption of 428,000 metric tons, which is 59% hedged via swaps. Forecasted consumption is 59%, 55%, 45%, and 15% hedged via swaps for 2025, 2026, 202