CARNIVAL $CCL Q3’26 EARNINGS HIGHLIGHTS 🔹 Revenue: $8.4B (Est. $8.3B) 🟢 🔹 Adj. EPS: $1.43 (Est. $1.36) 🟢; flat YoY 🔹 Adj. EBITDA: $3.0B (Est. $2.93B) 🟢; flat YoY 🔹 Adj. Net Income: $2.0B (Est. $1.86B) 🟢 FY26 Guide: 🔹 Adj. Net Income: ~$3.1B (Est. $3.05B) 🟢 🔹 Adj. EPS: ~$2.24 (Est. $2.21) 🟢 🔹 Adj. EBITDA: ~$7.1B (Est. $7.12B) 🟡 🔹 Net Yields (cc): +2.3% 🔹 Adj. Cruise Costs ex-Fuel/ALBD (cc): +2.2% Q4 Guide: 🔹 Adj. Net Income: ~$274M (Est. $352M) 🔴 🔹 Adj. EPS: ~$0.20 (Est. $0.25) 🔴 🔹 Adj. EBITDA: ~$1.3B (Est. $1.32B) 🟡 🔹 Net Yields (cc): +1.7% 🔹 Adj. Cruise Costs ex-Fuel/ALBD (cc): +1.7% Q3 Metrics: 🔹 Net Yields (cc): $255.09; +2.4% YoY 🔹 Adj. Costs ex-Fuel/ALBD (cc): $113.98; +1.8% YoY 🔹 Oper Income: $2.2B (Est. $2.2B) 🟡; -2% YoY 🔹 Net Income: $1.9B 🔹 EPS: $1.40; +5% YoY 🔹 Customer Deposits: $7.6B 🔹 Occupancy: 111.8% Key Updates: 🔹 2027 Bookings: Record occupancy and pricing 🔹 Debt: $500M of seven percent coupon notes redeemed 🔹 Credit Rating: S&P upgrade made Carnival investment grade 🔹 Dividends: $204M paid during Q3