Royal Caribbean (RCL) official guidance

Capacity changes for 2026 are expected to be 6.6% compared to 2025.

Together with capacity growth of 6.6%, total revenue is expected to grow 9% as we continue to grow both yields and capacity.

Capacity changes for 2026 are expected to be 6.6% compared to 2025. Capacity changes for 2027, 2028, and 2029 are expected to be 4%, 6%, and 7%, respectively.

Capacity is expected to grow 6.7% for the year, with first and third quarters growing at a higher rate than the second and the fourth.

Capacity changes for 2026 are expected to be 6.7% compared to 2025.

With the introduction of Legend and the annualized impact of Star and Xcel, capacity is expected to be up 6.7% year-over-year, on the higher end of our moderate capacity growth.

| Capacity change vs. 2025 | 8.5% | 6.7% |

2026 capacity is expected to be up 6% as we introduce Legend of the Seas in Europe next summer, as well as benefit from a full year of Star and Xcel.

Capacity changes for 2026, 2027, and 2028 are expected to be 6%, 4%, and 6%, respectively.

Capacity changes for 2027, 2028, and 2029 are expected to be approximately 4.5%, 6.0%, and 6.5%, respectively.

Capacity changes for 2026 are expected to be 6.6% compared to 2025. Capacity changes for 2027, 2028, and 2029 are expected to be 4%, 6%, and 7%, respectively.

Capacity changes for 2027, 2028, and 2029 are expected to be 4%, 6%, and 7%, respectively.

Capacity changes for 2027, 2028, and 2029 are expected to be 4%, 6%, and 7%, respectively.

Capacity changes for 2026, 2027, and 2028 are expected to be 6%, 4%, and 6%, respectively.

| Capacity change vs. 2025 | 5.0% | 6.6% |

We expect APCDs to grow 8.5% in the first and third quarters and 5% in the second and fourth quarter.

Lastly, Alaska is expected to account for 5% of total capacity and 13% in the third quarter.

Alaska is expected to account for 5% of total capacity and is up 3% versus last year.

The Caribbean represents 57% of our capacity this year and 44% in the third quarter.

The Caribbean represents 57% of our capacity, growing 8% compared to last year, with the full-year impact of Star of the Seas and Celebrity Xcel.

Europe will account for 14% of capacity for the year and 28% of capacity in the third quarter.

Europe will account for 15% of capacity and is growing 5% versus last year, including Legend of the Seas debuting in Europe this summer.

The company now expects full year Adjusted EPS to be in the range of $17.85 to $17.95.

Full-year adjusted earnings per share is expected to grow 14% and be in the range of $17.73-$17.87.

Adjusted EPS is expected to be in the range of $17.73 to $17.87, representing 14% year over year growth, and a 23% CAGR over the first two years of the company's Perfecta program, which targets a 20% earnings CAGR from 2024 to 2027 and ROIC in the high teens by 2027.

We are expecting another year of strong earnings growth and cash Adjusted Earnings Per Share is expected to grow double digits and be in the range of $17.10 to $17.50. This includes $0.74 per share from fuel headwinds as well as lower income from joint ventures.

•Adjusted EPS is expected to be in the range of $17.10 to $17.50, representing 11% year over year growth, and a 21% CAGR over the first two years of the company's Perfecta program, which targets a 20% earnings CAGR from 2024 to 2027 and ROIC in the high teens by 2027.

Full-year adjusted earnings per share is expected to be in the range of $17.70-$18.10, a 14% year-over-year increase.

Adjusted EPS in 2026 are expected to be $17.70 to $18.10

Taking all this into account, we expect adjusted EPS to have a $17 handle, and we will provide more details during our fourth quarter earnings call.

Based on current fuel pricing, interest rates, currency exchange rates and the factors detailed above, the company expects fourth quarter Adjusted EPS to be in the range of $3.48 to $3.58.

The underlying business is performing well ahead of our initial expectations, and based on the forward fuel curve, we remain on track to achieve our Perfecta goals of delivering 20% Adjusted EPS CAGR from 2024 through 2027, or a $20-handle in 2027.

Adjusted EPS is expected to be in the range of $17.73 to $17.87, representing 14% year over year growth, and a 23% CAGR over the first two years of the company's Perfecta program, which targets a 20% earnings CAGR from 2024 to 2027 and ROIC in the high teens by 2027.

We are also on track on our Perfecta performance program, targeting a 20% compound annual Adjusted Earnings Per Share through 2027 and a ROIC in the high teens.

•Adjusted EPS is expected to be in the range of $17.10 to $17.50, representing 11% year over year growth, and a 21% CAGR over the first two years of the company's Perfecta program, which targets a 20% earnings CAGR from 2024 to 2027 and ROIC in the high teens by 2027.

This also represents a 23% CAGR over the first two years of Perfecta, which sets us up well to achieve our targets by 2027.

Under our Perfecta Program, we are targeting 20% compound annual growth rate in Adjusted EPS compared to 2024 and ROIC of 17% or higher by the end of 2027.

We remain on track to achieve our Perfecta targets by 2027, a 20% compound annual growth rate in adjusted earnings per share, and return on invested capital in the high teens.

Under our Perfecta Program, we are targeting 20% compound annual growth rate in Adjusted EPS compared to 2024 and ROIC of 17% or higher by the end of 2027.

| Fuel Consumption (metric tons) | 463,000 | 1,763,000 |

| Percent Hedged (fwd. consumption) | 58.0% | 58.0% |

| Fuel Expenses | $379 million | $1,345 million |

We expect fuel expense to be $1.3 billion for the year, our consumption for the remainder of 2026 is 58% hedged at significantly below market rates.

| Fuel Expenses | $362 million | $1,338 million |

We expect fuel expense to be $1.35 billion for the year, and our forward consumption for the remainder of 2026 is 59% hedged at significantly below market rates.

| Fuel Expenses | $346 million | $1,349 million |

We anticipate full-year fuel expense of approximately $1.17 billion, with 60% of our projected fuel consumption hedged.

| Fuel Expenses | $275 million | $1,173 million |

Based on current fuel prices, the company has included $379 million of fuel expense in its fourth quarter guidance, which is 58% hedged via swaps at a forecasted consumption of 463,000 metric tons.