Carnival Corporation

“This lead time allows us to actively manage our prices in relation to guest demand and the number of available cabins through our revenue management capabilities and other initiatives.”

Annual report 2025A · The company itself

“In addition, all of our cruise brands offer guest loyalty and recognition programs that motivate future purchases from our repeat guests. Each brand strategically leverages its catalog of demand-generating rewards and incentives to bring repeat guests back time and again with finely honed offers, such as special fares, onboard activity discounts, complimentary laundry and internet services, expedited ship embarkation and disembarkation and special onboard activities.”

Annual report 2025A · The company itself

“This increase was caused by: •$635 million - higher ticket prices driven by continued strength in demand •$196 million - net favorable foreign currency translation impact •$159 million - 1.0% capacity increase in ALBDs These increases were partially offset by a decrease of $74 million in air transportation revenue.”

Annual report 2025A · The company itself

“This increase was caused by: •$344 million - higher ticket prices driven by continued strength in demand •$122 million - 1.2% capacity increase in ALBDs These increases were partially offset by a decrease of $74 million in air transportation revenue.”

Annual report 2025A · The company itself

“This increase was driven by: •$292 million - higher ticket prices driven by continued strength in demand •$200 million - net favorable foreign currency translation impact •$46 million - 0.8 percentage point increase in occupancy The remaining 23% of our Europe segment’s 2025 total revenues were comprised of onboard and other revenues, which increased by $188 million, or 11%, to $1.9 billion in 2025 from $1.8 billion in 2024. This increase was driven by: •$89 million - higher onboard spending by our guests •$60 million - net favorable foreign currency translation impact Operating Expenses Consolidated Operating expenses increased by $309 million, or 2.0%, to $15.9 billion in 2025 from $15.6 billion in 2024.”

Annual report 2025A · The company itself

“Together, we believe these initiatives will increase same ship revenues, drive margins and returns higher over time and help to close the price-to-value gap we offer versus land-based alternatives.”

Annual report 2025A · The company itself

“Overview Cruising offers a broad range of products and services to suit vacationing guests of many ages, backgrounds and interests. Each brand in our portfolio meets the needs of a distinct set of consumer psychographics and vacation needs which allows us to penetrate large addressable customer segments.”

Annual report 2025A · The company itself

“The remaining 35% of 2025 total revenues were comprised of onboard and other revenues, which increased by $644 million, or 7.5%, to $9.2 billion in 2025 from $8.6 billion in 2024. This increase was driven by: •$466 million - higher onboard spending by our guests •$83 million - 1.0% capacity increase in ALBDs •$57 million - net favorable foreign currency translation impact North America Segment Passenger ticket revenues made up 62% of our North America segment’s 2025 total revenues.”

Annual report 2025A · The company itself

“The FuelEU Maritime regulation, which became effective in January 2025, is a framework designed to reduce maritime emissions by increasing the use of sustainable alternative fuels and, for container and passenger ships (including cruise ships), the use of shore power. The regulation requires compliance with the maximum limits of GHG intensity of energy used on board. The stringency of these limits increases over time, and there are financial penalties for non-compliance.”

Annual report 2025A · The company itself

“Preventing and Minimizing Pollution MARPOL contains requirements designed to prevent and minimize both accidental and operational pollution by oil, sewage, garbage and air emissions and the provision of facilities at ports and terminals for the reception of sewage and sets forth specific requirements related to vessel operations, equipment, recordkeeping and reporting that are designed to prevent and minimize pollution. All our ships must carry an International Oil Pollution Prevention Certificate, an International Sewage Pollution Prevention Certificate, an International Air Pollution Prevention Certificate and a Garbage Management Plan.”

Annual report 2025A · The company itself

“In addition, some environmental focused groups have and may continue to generate negative publicity regarding the environmental impact of the cruise industry and are advocating for more stringent oversight and regulation of our industry, including ship emissions while the ship is docked and at sea.”

Annual report 2025A · The company itself

“During 2025, we also continued making progress towards our sustainability goals. We reached our 2030 goal ahead of schedule, cutting greenhouse gas emissions intensity by over 20% relative to our 2019 baseline.”

Annual report 2025A · The company itself

“Adverse weather conditions or an increase in the frequency and/or severity of adverse weather conditions could have a material impact on our business and results of operations. Our cruise ships, hotels, land tours, port destinations and exclusive islands, shore excursions and our guest source markets have been and may continue to be impacted by adverse weather or other natural disasters, such as hurricanes, earthquakes, floods, fires, tornadoes, tsunamis, typhoons and volcanic eruptions.”

Annual report 2025A · The company itself

“We have been forced to, and in the future may be forced to, alter itineraries, including diverting from our port destinations and exclusive islands, or cancel a cruise or a series of cruises or tours due to these or other types of disruptions. Additionally, our increasing itineraries and investments in port destinations and exclusive islands in the Caribbean region may further expose us to adverse weather conditions. These effects may also disrupt the supply of critical goods and services to our facilities and ships.”

Annual report 2025A · The company itself

“Execute our sustainability roadmap. We are privileged to explore remarkable cultures and environments around the world—and it is our shared responsibility to honor and help preserve them. Without the thriving communities, healthy oceans and stunning places we visit, we could not deliver our Purpose and Mission or achieve our other priorities. That is why it is imperative that we continue to reduce our fuel consumption and carbon footprint, advance a circular economy and strengthen shared‑value partnerships with the communities we sail to and from.”

Annual report 2025A · The company itself

“We are subject to laws and requirements related to the treatment and protection of personal, sensitive and/or other regulated data in the jurisdictions where we operate. Various governments, agencies and regulatory organizations have enacted or are considering new rules and regulations and we expect to continue to incur costs to comply with these rules and regulations.”

Annual report 2025A · The company itself

“Our business has faced and may in the future continue to face increased scrutiny from our guests, our team members, the investment community, media (including social media), governments, regulators, destinations and other parties related to our sustainability and environmental activities. If our sustainability practices do not meet, are adverse to, or are perceived to diverge from the expectations of our guests, team members, investors or other stakeholders, the demand for cruising, our reputation, our ability to attract or retain team members as well as our attractiveness as an investment could be negatively impacted.”

Annual report 2025A · The company itself

“Sustainability Sustainability forms an important element of our business strategy. Our efforts to promote the safety and well-being of our guests and crew, protect the environment, create opportunities for our workforce, build strong relationships and support the communities we operate in and visit, reflect our core values and are key to our long-term success.”

Annual report 2025A · The company itself

“Priorities Ensure each of our world-class cruise lines owns its space in the vacation market. Different travelers seek different vacation experiences. That is why our portfolio of world-class cruise lines gives us such a powerful competitive advantage. With eight distinctive cruise lines operating around the globe, each brand has the opportunity to stand out with a clear, compelling identity that attracts its own unique profile of new and loyal guests.”

Annual report 2025A · The company itself

“We face competition from other cruise brands on the basis of overall experience, destinations, types and sizes of ships and cabins, travel agent partner preferences and value. In addition, we may fail to sufficiently invest in or upgrade our existing cruise ships and other assets to meet the expectations of current and potential guests.”

Annual report 2025A · The company itself

“We are the largest global cruise company, and among the largest leisure travel companies, with a portfolio of world-class cruise lines - AIDA Cruises, Carnival Cruise Line, Costa Cruises, Cunard, Holland America Line, P&O Cruises, Princess Cruises and Seabourn.”

Annual report 2025A · The company itself

“Our Global Cruise Business I. Segment and Brand Information Passenger Capacity Percentage of Total Capacity Number of Cruise Ships North America Segment Carnival Cruise Line 94,340 35 % 29 Princess Cruises 54,890 20 % 17 Holland America Line 23,030 8 % 11 Seabourn 2,640 (a) 1 % 6 174,910 64 % 63 Europe Segment AIDA Cruises (“AIDA”) 32,270 12 % 11 Costa Cruises (“Costa”) 31,140 (b) 11 % 9 P&O Cruises 24,300 9 % 7 Cunard 9,770 4 % 4 97,470 36 % 31 272,380 100 % 94 (a)Includes Seabourn Sojourn which is expected to leave the fleet in May 2026.”

Annual report 2025A · The company itself

“In addition to our cruise operations, we own Holland America Princess Alaska Tours, the leading tour company in Alaska and the Canadian Yukon, which complements our Alaska cruise operations.”

Annual report 2025A · The company itself

“Our portfolio of seven owned or operated ports and destinations includes: •Amber Cove in the Dominican Republic •Celebration Key, an exclusive destination in The Bahamas •Grand Turk Cruise Center in Turks & Caicos •Isla Tropicale in Roatan, an exclusive destination in Honduras (formerly Mahogany Bay) •Princess Cays, an exclusive island in The Bahamas •Puerta Maya in Cozumel, Mexico •RelaxAway, Half Moon Cay, an exclusive island in The Bahamas 8 During 2025, we introduced the Paradise Collection, which currently includes: Celebration Key, our newly launched exclusive cruise port destination on the southern coast of Grand Bahama Island, officially opened in July 2025. Celebration Key welcomes guests to a stunning beach and offers an abundance of features and amenities for our guests.”

Annual report 2025A · The company itself

“Cruise Programs Carnival Corporation & plc Percentage of Passenger Capacity by Itinerary 2026 2025 2024 Caribbean 35 % 34 % 34 % Europe without Mediterranean 17 16 17 Mediterranean 14 14 13 Alaska 7 6 6 Australia and New Zealand 5 6 7 Other 22 24 23 100 % 100 % 100 % VII.”

Annual report 2025A · The company itself

“Results of Operations We have historically earned substantially all of our cruise revenues from the following: •Sales of passenger cruise tickets and, in some cases, the sale of air and other transportation to and from airports near our ships’ home ports and cancellation fees.”

Annual report 2025A · The company itself

“The cruise ticket price typically includes the following: •Accommodations •Most meals, including snacks at numerous venues •Access to onboard amenities such as swimming pools, water slides, water parks, whirlpools, a health club and sun decks •Entertainment, such as theatrical and comedy shows, live music and nightclubs •Visits to multiple ports, including our portfolio of owned or operated ports and destinations •Childcare and supervised youth programs 35 •Sales of onboard goods and services not included in the cruise ticket price.”

Annual report 2025A · The company itself

“Additionally, with the increased use of artificial intelligence (“AI”) and social media, adverse publicity, even if unfounded, has been and can continue to be disseminated quickly and broadly without context, making it increasingly difficult for us to effectively respond.”

Annual report 2025A · The company itself

“The sophistication of these attacks has continued to increase in recent years and the rapid evolution and growing adoption of AI technologies by various threat actors may enhance their ability to conduct attacks which are more difficult to prevent, detect or remediate. Additionally, integrating AI into our operations may increase our cybersecurity and data privacy risks.”

Annual report 2025A · The company itself

“Our world-class cruise lines are refining their focus on target markets, sharpening marketing messages and reaching target consumers more efficiently. We are also enhancing our commercial strategies by leveraging AI to improve marketing effectiveness, deliver personalized experiences and drive efficiency gains across all our cruise lines.”

Annual report 2025A · The company itself

“In 2025, we opened our game-changing new exclusive destination, Celebration Key, Grand Bahama, which has already hosted more than one million guests since its July opening. We will continue to build on the success of Celebration Key through planned expansions at some of our other Paradise Collection properties, including RelaxAway, Half Moon Cay and Isla Tropicale (formerly Mahogany Bay) in 2026. In addition, we recently announced the development of Ensenada Bay Village - Treasures of Baja.”

Annual report 2025A · The company itself

“We earn our tour and other revenues from our hotel and transportation operations and other revenues.”

Annual report 2025A · The company itself

“Onboard and Other Revenues In 2025, we earned 34% of our cruise revenues from onboard and other revenue goods and services including: •Beverage sales •Internet and communication services •Casino gaming •Full-service spas •Shore excursions and experiences •Specialty restaurants •Retail sales •Photo sales Many of these goods and services are available for purchase prior to embarkation and can be purchased individually or as a bundled value added package.”

Annual report 2025A · The company itself

“Further strengthen our balance sheet while delivering outsized shareholder returns. Several years of exceptional performance has significantly strengthened our financial fitness—reducing debt, achieving strong profitability and double‑digit ROIC, surpassing the investment grade threshold and reinstating our dividend. We are fortifying our position through disciplined cost control and continued deleveraging.”

Annual report 2025A · The company itself

“Onboard and Other Revenues In 2025, we earned 34% of our cruise revenues from onboard and other revenue goods and services including: •Beverage sales •Internet and communication services •Casino gaming •Full-service spas •Shore excursions and experiences •Specialty restaurants •Retail sales •Photo sales Many of these goods and services are available for purchase prior to embarkation and can be purchased individually or as a bundled value added package.”

Annual report 2025A · The company itself

“Travel agent partners are an integral part of our long-term cruise distribution network and are critical to our success. We utilize local sales teams to motivate travel agents to support our products and services with competitive pricing, promotional policies and joint marketing and advertising programs.”

Annual report 2025A · The company itself

“A team of highly motivated and engaged employees is key to providing extraordinary cruise vacations. To facilitate the recruitment, development and retention of our valuable employees, we strive to make Carnival Corporation & plc a workplace that not only attracts top talent but also provides meaningful opportunities for professional growth and development. a.Talent Development We are committed to excellence through our comprehensive performance management system that aligns individual contributions with our business priorities and fosters the continuous development of our employees.”

Annual report 2025A · The company itself

“Events impacting our supply chain could be caused by factors beyond the control of our suppliers or us, including labor actions, increased demand, problems in production or distribution and/or disruptions in third-party logistics, information technology or transportation systems. In addition, global events in recent years have resulted in widespread global supply chain disruptions to suppliers including critical supply chain shortages, labor shortages, significant material cost inflation and extended lead times for items that are required for our operations.”

Annual report 2025A · The company itself

“Our financial condition and operations could be adversely impacted if we are unable to service our debt or satisfy our covenants. •Increases in fuel costs, changes in the types of fuel consumed and availability of fuel supply may adversely impact our scheduled itineraries and costs. •The loss of key team members, our inability to recruit or retain qualified shoreside and shipboard team members and increased labor costs could have an adverse effect on our business and results of operations. •We rely on suppliers who are integral to the operations of our businesses.”

Annual report 2025A · The company itself

“The loss of key team members, our inability to recruit or retain qualified shoreside and shipboard team members and increased labor costs could have an adverse effect on our business and results of operations. Our success depends, in large part, on the skills and contributions of our team members, and on our ability to recruit, develop and retain high quality team members.”

Annual report 2025A · The company itself

“At times we have, and may in the future continue to, experience difficulty in hiring sufficient qualified team members, due to general macroeconomic factors, regulatory changes and/or increasingly competitive labor markets. In addition, we hire a significant number of qualified shipboard team members each year and, thus, our ability to adequately recruit, develop and retain these individuals is important to our success.”

Annual report 2025A · The company itself

“Future increases in the global price of fuel would increase the cost of our cruise ship operations as well as some of our other expenses, such as crew travel, freight and commodity prices.”

Annual report 2025A · The company itself

“Increases in airfares, such as those resulting from increases in the cost of fuel, have in the past and may in the future increase our guests’ overall vacation costs and reduce demand for cruises, as many of our guests depend on airlines to transport them to or from the airports near the ports where our cruises embark and disembark.”

Annual report 2025A · The company itself

“Our financial condition and operations could be adversely impacted if we are unable to service our debt or satisfy our covenants. •Increases in fuel costs, changes in the types of fuel consumed and availability of fuel supply may adversely impact our scheduled itineraries and costs. •The loss of key team members, our inability to recruit or retain qualified shoreside and shipboard team members and increased labor costs could have an adverse effect on our business and results of operations. •We rely on suppliers who are integral to the operations of our businesses.”

Annual report 2025A · The company itself

“The supply and availability of different fuel types in various markets in which we operate have in the past and may in the future experience increased volatility and lead to increased fuel costs and reduced profitability.”

Annual report 2025A · The company itself

“We rely on suppliers to deliver key products and services to the operations of our businesses around the world. Any event impacting a supplier’s ability to deliver quality goods and services at the location and time needed could negatively impact our ability to operate our business.”

Annual report 2025A · The company itself

“Events impacting our supply chain could be caused by factors beyond the control of our suppliers or us, including labor actions, increased demand, problems in production or distribution and/or disruptions in third-party logistics, information technology or transportation systems. In addition, global events in recent years have resulted in widespread global supply chain disruptions to suppliers including critical supply chain shortages, labor shortages, significant material cost inflation and extended lead times for items that are required for our operations.”

Annual report 2025A · The company itself

“In addition, we have in the past and may in the future be impacted by unforeseen events, such as work stoppages, supply chain issues, insolvencies, “force majeure” events or other financial difficulties experienced by shipyards, their subcontractors and our suppliers. This may result in less shipyard availability resulting in delays or preventing the delivery of our ships under construction and/or the completion of the repair, maintenance or refurbishment of our existing ships.”

Annual report 2025A · The company itself

“•Our debt requires a significant amount of cash to service and our ability to generate sufficient cash depends on many factors, some of which may be beyond our control.”

Annual report 2025A · The company itself

“Our debt requires a significant amount of cash to service and our ability to generate sufficient cash depends on many factors, some of which may be beyond our control. Our financial condition and operations could be adversely impacted if we are unable to service our debt or satisfy our covenants. Our ability to meet our debt service obligations depends on our future operating and financial performance and our ability to generate cash. This will be affected by our ability to successfully continue to execute on our business strategy and by general economic, financial, geopolitical, competitive, regulatory and other factors beyond our control.”

Annual report 2025A · The company itself

“Interest Rate Risks The composition of our debt was as follows: Fixed rate 54 % EUR fixed rate 31 % Floating rate 5 % EUR floating rate 10 % Based on a 100 basis point change in the market interest rates, our annual interest expense on floating rate debt would change by approximately $42 million.”

Annual report 2025A · The company itself

“In April 2025, the IMO drafted the Net Zero Framework, a set of fuel standards and market-based measures that could result in increased compliance-related costs, which may have a material impact on our profitability. In October 2025, IMO member states voted to postpone the adoption discussions until late 2026.”

Annual report 2025A · The company itself

“Emission penalties and the costs of compliant fuels may also increase our energy costs.”

Annual report 2025A · The company itself

“Our debt requires a significant amount of cash to service and our ability to generate sufficient cash depends on many factors, some of which may be beyond our control. Our financial condition and operations could be adversely impacted if we are unable to service our debt or satisfy our covenants. Our ability to meet our debt service obligations depends on our future operating and financial performance and our ability to generate cash. This will be affected by our ability to successfully continue to execute on our business strategy and by general economic, financial, geopolitical, competitive, regulatory and other factors beyond our control.”

Annual report 2025A · The company itself

“b.Protection and Indemnity (“P&I”) Coverages Liabilities, costs and expenses for illness and injury to crew, guest injury, pollution and other third-party claims in connection with our cruise activities are covered by our P&I clubs, which are mutual indemnity associations owned by ship owners. We are members of three P&I clubs, Gard, Steamship Mutual and UK Club, which are part of a worldwide group of 12 P&I clubs, known as the International Group of P&I Clubs (the “IG”). The IG insures directly, and through broad and established reinsurance markets, a large portion of the world’s shipping fleets.”

Annual report 2025A · The company itself

“Ships Under Contract for Construction As of November 30, 2025, we have a total of seven cruise ships expected to be delivered through 2033. Our ship construction contracts are with Fincantieri in Italy and Meyer Werft in Germany.”

Annual report 2025A · The company itself

“Suppliers To provide an exceptional cruise experience for our guests, we source significant quantities of goods and services from a global supply base. In addition, we incur significant capital expenditures for materials to support the refurbishment and enhancements of our vessels as well as to build new ships.”

Annual report 2025A · The company itself

“AUD $ 0.65 $ 0.65 CAD $ 0.72 $ 0.71 EUR $ 1.16 $ 1.06 GBP $ 1.32 $ 1.27 If the November 30, 2024 currency exchange rates had been used to translate our November 30, 2025 non-U.S. dollar functional currency operations’ assets and liabilities (instead of the November 30, 2025 U.S. dollar exchange rates), our total assets would have been lower by $1.4 billion and our total liabilities would have been higher by $1.3 billion.”

Annual report 2025A · The company itself

“Newbuild Currency Risks At November 30, 2025, our newbuild currency exchange rate risk primarily relates to euro-denominated newbuild contract payments, which represent a total commitment of $8.4 billion and relate to newbuilds scheduled to be delivered to non-euro functional currency brands. The functional currency cost of each of these ships will increase or decrease based on changes in the exchange rates until the payments are made under the shipbuilding contract. We may utilize foreign currency derivatives to mitigate some of this foreign currency exchange rate risk.”

Annual report 2025A · The company itself

“Evolving views among consumers about the impact of GHG and other emissions on the environment may also lead to changes in consumer preferences.”

Annual report 2025A · The company itself

“•Fluctuations in foreign currency exchange rates may adversely impact our financial results. •Our investments in port destinations and exclusive islands may expose us to additional risks. •Overcapacity and competition in the cruise and land-based vacation industry may negatively impact our cruise sales, pricing and destination options. •Inability to implement our shipbuilding programs and ship repairs, maintenance and refurbishments may adversely impact our business operations and the satisfaction of our guests. •Changes in and non-compliance with laws and regulations under which we operate, such as those relating to health, environment, safety and security, data privacy and protection, anti-money laundering, anti-corruption, economic sanctions, trade protection measures, labor and employment, and tax may be costly and lead to litigation, enforcement actions, fines, penalties and reputational damage.”

Annual report 2025A · The company itself

“The sophistication of these attacks has continued to increase in recent years and the rapid evolution and growing adoption of AI technologies by various threat actors may enhance their ability to conduct attacks which are more difficult to prevent, detect or remediate. Additionally, integrating AI into our operations may increase our cybersecurity and data privacy risks.”

Annual report 2025A · The company itself

“Any such interruptions to our supply chain could increase our costs and could limit the availability of products critical to our operations.”

Annual report 2025A · The company itself

“AUD $ 0.65 $ 0.65 CAD $ 0.72 $ 0.71 EUR $ 1.16 $ 1.06 GBP $ 1.32 $ 1.27 If the November 30, 2024 currency exchange rates had been used to translate our November 30, 2025 non-U.S. dollar functional currency operations’ assets and liabilities (instead of the November 30, 2025 U.S. dollar exchange rates), our total assets would have been lower by $1.4 billion and our total liabilities would have been higher by $1.3 billion.”

Annual report 2025A · The company itself

“Additionally, the prices of various commodities that are used in the construction of ships and for repair, maintenance and refurbishment of existing ships, such as steel, are subject to volatility which may increase our costs.”

Annual report 2025A · The company itself

“These suppliers and service providers may be unable to deliver on their commitments, which could negatively impact our business.”

Annual report 2025A · The company itself

“Passengers Carried by Principal Source Geographic Areas Carnival Corporation & plc Passengers Carried (in thousands) 2025 2024 2023 Brands’ Main Source Markets United States and Canada 8,092 7,938 7,410 Carnival Cruise Line, Cunard, Holland America Line, Princess Cruises and Seabourn Continental Europe 2,754 2,702 2,590 AIDA and Costa United Kingdom 1,108 1,087 970 Cunard and P&O Cruises Australia and New Zealand 944 1,027 940 Carnival Cruise Line and Princess Cruises Other 729 754 550 Total 13,627 13,509 12,460 9 VI.”

Annual report 2025A · The company itself

“Descriptions of Cruise Brands AIDA is the most recognized brand in the German cruise market.”

Annual report 2025A · The company itself

“For over 75 years, Costa has brought wonder to guests’ lives, allowing them to discover unique destinations and experiences both onboard and onshore.”

Annual report 2025A · The company itself

“Passengers Carried by Principal Source Geographic Areas Carnival Corporation & plc Passengers Carried (in thousands) 2025 2024 2023 Brands’ Main Source Markets United States and Canada 8,092 7,938 7,410 Carnival Cruise Line, Cunard, Holland America Line, Princess Cruises and Seabourn Continental Europe 2,754 2,702 2,590 AIDA and Costa United Kingdom 1,108 1,087 970 Cunard and P&O Cruises Australia and New Zealand 944 1,027 940 Carnival Cruise Line and Princess Cruises Other 729 754 550 Total 13,627 13,509 12,460 9 VI.”

Annual report 2025A · The company itself

“For over 150 years, Holland America Line has delivered experiences too good to hurry through —perfecting the art of leisurely travel for guests who seek to explore more than 100 countries and connect with the world and each other.”

Annual report 2025A · The company itself

“For 60 years, Princess Cruises has unlocked the world and inspired discovery through enriching vacations that connect people, places and cultures.”

Annual report 2025A · The company itself

“Passengers Carried by Principal Source Geographic Areas Carnival Corporation & plc Passengers Carried (in thousands) 2025 2024 2023 Brands’ Main Source Markets United States and Canada 8,092 7,938 7,410 Carnival Cruise Line, Cunard, Holland America Line, Princess Cruises and Seabourn Continental Europe 2,754 2,702 2,590 AIDA and Costa United Kingdom 1,108 1,087 970 Cunard and P&O Cruises Australia and New Zealand 944 1,027 940 Carnival Cruise Line and Princess Cruises Other 729 754 550 Total 13,627 13,509 12,460 9 VI.”

Annual report 2025A · The company itself

“We have continued to map and evaluate risks in our supply chain, including the categories of products and services sourced and their geographic locations.”

Annual report 2025A · The company itself

“P&O Cruises welcomes guests to extraordinary travel experiences designed in a distinctively British way - through a blend of discovery, relaxation and exceptional service catered towards British tastes.”

Annual report 2025A · The company itself

“Other In addition to or in place of income taxes, virtually all jurisdictions where our ships call impose taxes, fees and other charges based on guest counts, ship tonnage, passenger capacity or some other measure.”

Annual report 2025A · The company itself

“•Fluctuations in foreign currency exchange rates may adversely impact our financial results. •Our investments in port destinations and exclusive islands may expose us to additional risks. •Overcapacity and competition in the cruise and land-based vacation industry may negatively impact our cruise sales, pricing and destination options. •Inability to implement our shipbuilding programs and ship repairs, maintenance and refurbishments may adversely impact our business operations and the satisfaction of our guests. •Changes in and non-compliance with laws and regulations under which we operate, such as those relating to health, environment, safety and security, data privacy and protection, anti-money laundering, anti-corruption, economic sanctions, trade protection measures, labor and employment, and tax may be costly and lead to litigation, enforcement actions, fines, penalties and reputational damage.”

Annual report 2025A · The company itself