Carnival Corp. - Ordinary Shares (Paired Stock)

Record Financial Performance: Carnival Corporation reported its second quarter 2025 results marked by record revenues, achieving an 8th consecutive quarter of record yields. Year-over-year, EBITDA increased by 26%, operating income rose by 67%, and net income more than tripled, significantly outperforming guidance by $185 million.

Strong Yields & Cost Management: Yields grew nearly 6.5%, exceeding guidance by 200 basis points, driven by robust ticket prices and strong onboard spending. Additionally, unit costs came in 200 basis points better than expected, contributing to a substantial year-over-year increase in EBITDA margins, which surpassed levels seen in 2019.

Positive Outlook & 2026 Targets: The company exceeded its 2026 targets for EBITDA per ALBD growth (52% above 2023 baseline) and ROIC (exceeding 12.5%). With strong booking positions and yields expected to increase by 16% across 2024 and 2025, the outlook indicates sustained growth and profitability in the coming quarters.