Royal Caribbean Cruises — Jul 29, 2025 release

• Total revenues were $4.5 billion, Net Income was $1.2 billion or $4.41 per share, Adjusted Net Income was $1.2 billion or $4.38 per share, and Adjusted EBITDA was $1.9 billion. Full Year 2025 Outlook: • Net Yields are expected to increase 3.5% to 4.0% as-reported and in Constant Currency. • NCC, excluding Fuel, per APCD is expected to increase approximately 0.5% as-reported and 0.3% in Constant Currency. • Adjusted EPS is expected to grow approximately 31% year over year and be in the range of $15.41 to $15.55. Second Quarter 2025 Results Net Income for the second quarter of 2025 was $1.2 billion or $4.41 per share compared to Net Income of $0.9 billion or $3.11 per share for the same period in the prior year. Adjusted Net Income was $1.2 billion or $4.38 per share for the second quarter of 2025 compared to Adjusted Net Income of $0.9 billion or $3.21 per share for the same period in the prior year. The company also reported total revenues of $4.5 billion and Adjusted EBITDA of $1.9 billion. Capacity for the second quarter was up 5.8% year over year and the company delivered memorable vacations to 2.3 million guests, a 10% increase year over year at high guest satisfaction scores. Gross Margin Yields increased 11.0% as-reported, and Net Yields increased 5.3% as-reported (5.2% in Constant Currency), when compared to the second quarter of 2024. Load factor for the quarter was 110%, up two percentage points versus prior year, driven by contribution of new ships that carry higher load factors. Net Yield growth in the quarter was split evenly between new and like for like hardware, an