Carnival plc - ADR

Strong Q1 Performance and Revenue Growth: Carnival Corporation reported a record-setting Q1 2025 with over $1.2 billion in EBITDA, a nearly 40% year-over-year increase, driven by a robust 7.3% yield increase. This surpasses prior guidance and reflects strong demand, particularly in ticket prices and onboard spending.

Increased Full-Year Guidance: The company raised its full-year net income guidance by $185 million to approximately $2.5 billion, driven by improved yield forecasts and reductions in interest expense due to successful refinancing efforts. This indicates strong confidence in sustained demand and profitability for the remainder of 2025.

Challenges from Macro Volatility: Despite strong performance, Carnival acknowledged heightened macroeconomic and geopolitical volatility could impact future demand. The management emphasized a cautious approach, noting that while close-in demand has been strong, external factors could alter consumer behavior and booking patterns.