Royal Caribbean Cruises — Oct 28, 2025 release

Full Year 2025 Outlook: • Net Yields are expected to increase 3.5% to 4.0% on both an as-reported and Constant Currency basis. • NCC, excluding Fuel, per APCD is expected to increase approximately 0.1% as-reported and decline approximately (0.1%) in Constant Currency. • Adjusted EPS is expected to grow approximately 32% year over year and be in the range of $15.58 to $15.63. Third Quarter 2025 Results Net Income for the third quarter of 2025 was $1.6 billion or $5.74 per share compared to Net Income of $1.1 billion or $4.21 per share for the same period in the prior year. Adjusted Net Income was $1.6 billion or $5.75 per share for the third quarter of 2025 compared to Adjusted Net Income of $1.4 billion or $5.20 per share for the same period in the prior year. The company also reported total revenues of $5.1 billion and Adjusted EBITDA of $2.3 billion. Capacity for the third quarter was up 2.9% year over year and the company delivered memorable vacations to 2.5 million guests, a 7% increase year over year at high guest satisfaction scores. Gross Margin Yields increased 3.8% as-reported, and Net Yields increased 2.8% as-reported (2.4% in Constant Currency). Load factor for the quarter was 112%, up one percentage point versus the prior year, driven by contribution of new ships that carry higher load factors, and improvements on a like for like basis. As expected, Net Yield growth in the quarter was driven mainly by like for