Carnival Corporation Ltd. Common Shares

Earnings Conference call. I'm joined today by our CEO, Josh Weinstein, our CFO, David Bernstein, and our Chair, Mickey Erson. Before we begin, please note that some of our remarks on this call will be forward-looking. Therefore, I will refer you to today's press release and our filings with the SEC for additional information on

operating income, and EBITDA, we achieved these record results in each and every quarter of the year and for the full year. 2025 was clearly another step change forward for us. We delivered over $3 billion to the bottom line, a 60% increase over 2024, and an all-time high net income for our company. This was over 30% greater than our initial guidance. Full year yields improved more than 5.5% over last year and topped our initial guidance by almost a point and a half driven by successful commercial execution across our industry leading cruise lines and all while absorbing the heightened volatility we encountered periodically throughout the year. We also brought unit costs in over a point better than initial guidance at a 2.6% increase for the year. with successful cost management mitigating inflation, higher dry dock expenses, and the inclusion of costs for our amazing new destination, Celebration Key, Grand Bahama. This combination pushed operating margins and EBITDA margins up by over 200%.

50 basis points year over year, leading to the highest operating income per ALBD in almost 20 years and EBITDA per ALBD.