Carnival Corporation & PLC Surpasses Expectations with Record First Quarter Revenues and Booking Levels

MIAMI, March 27, 2024 - Carnival Corporation & PLC (NYSE/LSE: CCL; NYSE: CUK), the world's largest leisure travel company, today reported outstanding financial results for the first quarter of 2024. Demonstrating a remarkable recovery and growth trajectory, the company announced record first-quarter revenues of $5.4 billion, an unprecedented surge in net yields and net per diems in constant currency, and the highest booking volumes in its history.

Highlights:

• Record First Quarter Revenues: Carnival Corporation & PLC announced record first-quarter revenues of $5.4 billion, indicating significant growth and recovery in the travel and leisure sector.
• Unprecedented Net Yields and Per Diems: The company achieved record net yields and net per diems (in constant currency), substantially exceeding the levels of 2023.
• Bottom Line Improvement: Carnival's bottom line improved by nearly $500 million compared to the same period in 2023, with adjusted net losses performing better than expected.
• Historic Booking Volumes: Booking volumes reached an all-time high during the first quarter, with prices considerably higher year-over-year, indicating strong consumer demand for cruising.
• Increased Customer Deposits: Total customer deposits hit a first-quarter record of $7.0 billion, surpassing the previous record by $1.3 billion.
• Debt Management and Financial Strategy: The company redeemed its remaining second lien debt, upsized its forward starting revolving facility, and extended its availability, showcasing effective financial management and strategic planning.
• New Ship Orders: For the first time in five years, Carnival Corporation & PLC ordered new ships to join the Carnival Cruise Line fleet, underscoring its commitment to growth and meeting demand.
• Optimistic 2024 Outlook: Despite some operational challenges, the company has raised its full-year 2024 net yield guidance to approximately 9.5 percent over 2023 and expects a significant growth in adjusted EBITDA.
• Strong Financial Health Indicators: With $5.2 billion in liquidity and proactive management of its debt profile, Carnival is positioned for sustainable growth and leveraging opportunities in the leisure travel market.
• Future Focus: CEO Josh Weinstein highlighted the company's focus on achieving record revenues and EBITDA in 2024, with an eye towards delivering an even stronger performance in 2025.

Record-Breaking Financial Performance

Carnival Corporation & PLC's first quarter showcased nearly a $500 million improvement in its bottom line compared to 2023. This improvement was supported by a robust demand that drove ticket prices higher, leading to adjusted net losses that outperformed previous guidance.

A significant milestone was the attainment of a first-quarter record in customer deposits, reaching $7.0 billion, which eclipses the prior first-quarter record by $1.3 billion. The company's strategic financial moves, including the redemption of its remaining second lien debt and the upsizing of its forward starting revolving facility, further solidify its financial stability and growth outlook.

A Wave of Success: Record Booking Volumes and Pricing

The early onset of a highly successful wave season contributed to record booking volumes for all future sailings, with prices considerably higher than the previous year. This success reflects the strong demand across all major deployments and brands, even with less inventory available for the remainder of the year. Carnival's booked position for the rest of the year continues to be the best on record, boasting higher pricing and occupancy compared to 2023.

Optimistic 2024 Outlook Amidst Challenges

Despite the temporary challenges, such as the event at the Francis Scott Key Bridge in Baltimore affecting homeport operations, Carnival Corporation & PLC has raised its full-year 2024 net yield guidance to approximately 9.5 percent compared to 2023. The company anticipates adjusted EBITDA of approximately $5.63 billion, marking over 30 percent growth from the previous year. This outlook reflects a strong demand and occupancy at historical levels, setting the stage for a year of significant revenue and EBITDA records.

Financing and Capital Activity: A Path to Stronger Financial Health

Carnival Corporation & PLC's continued focus on managing its debt profile and capital structure, coupled with the receipt of two new ships and the ordering of its first newbuilds in five years, underscores its commitment to growth and financial health. The company ended the quarter with $5.2 billion in liquidity, after prepaying a substantial euro term loan and drawing down on two export credit facilities to finance its newbuild program.