Carnival (CCL) official guidance

| Adjusted cruise costs excluding fuel per ALBD | Approx. 1.9% | Approx. 1.7% | Approx. 3.5% | Approx. 2.2% |

For full year 2026, newbuild capital expenditures are $0.6 billion and non-newbuild capital expenditures are $2.5 billion.

| Adjusted EBITDA (in billions) | Approx. $1.30 | | | Approx. $7.14 | | |

| Adjusted EBITDA (in billions) | Approx. $2.88 | | | Approx. $7.11 | | |

In summary, putting all these factors together, our net income guidance for full year 2026 is over $3.45 billion, an improvement of more than 12% versus 2025 or $0.23 per share. In addition, this will result in $7.6 billion of EBITDA, as we mentioned on the last earnings call, for the longer term, we're targeting a net debt to EBITDA ratio under three times.

| Adjusted EBITDA (in billions) | Approx. $1.24 | | Approx. $7.63 | |

| Adjusted earnings per share - diluted | Approx. $0.20 | | | Approx. $2.24 | | |

Our full-year guidance calls for earnings per share of $2.22, which is $0.01 above our previous guidance as we recognize the EPS accretion from our second quarter share repurchases.

| Adjusted earnings per share - diluted | Approx. $1.35 | | | Approx. $2.22 | | |

Our full year guidance calls for earnings per share of $2.21.

| Adjusted earnings per share - diluted | Approx. $0.17 | | Approx. $2.48 | |

| Net yields | Approx. 2.3% | Approx. 1.7% | Approx. 3.8% | Approx. 2.3% |

Our June guidance assumes normalized yield growth of approximately 2.25%.

| Net yields | Approx. 1.3% | Approx. 1.2% | Approx. 3.2% | Approx. 1.75% |

Our March guidance assumes yield growth of approximately 2.75%, which is 25 basis points better than our December guidance and fully reflects the first quarter yield improvement.

On top of the 17% yield growth over the last two years, we are expecting to deliver further yield improvement in 2026 with our guidance forecasting an increase of approximately 2.5%, which is really 3% when normalized for the Carnival Cruise Line loyalty program accounting and the last-minute changes we made to our Arabian Gulf deployment and certain dry dock schedules.

| Net yields | Approx. 5.1% | Approx. 1.6% | Approx. 3.7% | Approx. 2.5% |

As a reminder, while the program will be cash flow positive from day one, it does impact our yields in 2026. The year over year impact is expected to be about half a point.

| Net yields | Approx. 2.3% | Approx. 1.7% | Approx. 3.8% | Approx. 2.3% |

Next year, Celebration Key is expected to welcome three and a half million visitors while still providing ample capacity for future landside expansion.

Cruise costs without fuel per ALBD are now expected to be up approximately 1.3% on a normalized basis, which includes the $0.06 per share cost savings I previously mentioned.

| Adjusted cruise costs excluding fuel per ALBD | Approx. 2.8% | Approx. 2.8% | Approx. 3.7% | Approx. 2.4% |

Cruise costs without fuel per ALBD are now expected to be up approximately 3.1%, which is 15 basis points better than our December guidance and reflects the first quarter improvement.

Turning to costs, cruise costs without fuel per ALBD are expected to be up approximately 3.25%, costing $0.27 per share for 2026 versus 2025.

| Adjusted cruise costs excluding fuel per ALBD | Approx. 9.6% | Approx. 5.9% | Approx. 4.6% | Approx. 3.25% |

| Adjusted cruise costs excluding fuel per ALBD | Approx. 2.8% | Approx. 2.8% | Approx. 3.7% | Approx. 2.4% |

| Adjusted cruise costs excluding fuel per ALBD | Approx. 9.6% | Approx. 5.9% | Approx. 4.6% | Approx. 3.25% |

| ALBDs (in millions) (a) | 24.9 | | | 97.4 | | |