Carnival Corp. - Ordinary Shares (Paired Stock)

Strong Q1 Performance: Carnival Corporation reported a record first quarter with net income exceeding guidance by over $170 million, driven by a 7.3% yield increase (outpacing last year's 17% improvement), and robust onboard spending. EBITDA reached $1.2 billion—an almost 40% year-over-year increase.

Full-Year Guidance Raised: The company raised its full-year net income guidance by $185 million to approximately $2.5 billion, attributing this to improved yield forecasts (up 0.5 points to 4.7%) and successful refinancing that lowered interest expenses by $100 million, showcasing resilience despite macroeconomic challenges.

Resilience and Forward Indicators: Carnival demonstrated strong booking demand and onboard spending, with 80% of the year already booked at higher prices. They indicated that demand outstrips inventory, suggesting continued pricing power through 2025 and into 2026. Onboard spending rose by 10% year-over-year for Q1—a positive indicator of consumer sentiment.