Carnival plc - ADR

Record Financial Performance: Carnival Corporation achieved record revenues, EBITDA, and operating income for the second quarter of 2025. EBITDA was up 26% year-over-year, operating income increased by 67%, and net income more than tripled, reflecting a strong focus on commercial execution. Customer deposits reached all-time highs.

Exceeding Targets Ahead of Schedule: The company surpassed its 2026 targets for EBITDA per ALBD growth (52% above the 2023 baseline) and return on invested capital (ROIC exceeding 12.5%), achieving these milestones 18 months earlier than planned, indicating strong operational efficiency and market demand.

Strong Booking Position and Yield Growth: The company's advanced booking position remains strong, consistent with last year's record levels, and yields grew by 6.5%, outperforming guidance by 200 basis points. This growth was driven by robust pricing both in ticket sales and onboard spending despite geopolitical uncertainties.