Carnival Corporation Ltd.

- There is no mention of any current or planned new fundraising through debt or equity in the provided pages. - The company emphasizes maintaining a strong balance sheet with a target net debt-to-EBITDA of 2.75x. - Focus is on disciplined capacity growth funded internally and reinvestment of over $15 billion back into the business through 2029. - Capital allocation prioritizes measured new ship deliveries (3 ships during PROPEL period) and modernization programs. - Shareholder returns include dividends and an opportunistic $2.5 billion share buyback authorization, with a total of approximately $14 billion cash returned to shareholders. - No details are given about issuing new debt or equity for funding during this period.

- Carnival plans to reinvest over $15 billion back into the business from 2026 through 2029. - The company is building on modernization programs like the MyAIDA Evolution ship revamp, with a second cruise line's program announcement expected soon. - Capacity growth is intentionally measured, with only 3 ships scheduled to enter service during the PROPEL period (2026-2029). - Strategic investments also include expanding and enhancing unique destination assets such as Celebration Key, Grand Bahama, RelaxAway, Half Moon Cay, Isla Tropicale, Roatan, and Alaska land footprint. - Investment plans include Service Power Package 2, aimed at further reducing consumption and improving operational efficiency. - Focus on maintaining financial strength with targeted net debt-to-EBITDA of 2.75x while supporting modernization and destination development. - Dry dock expenditures and non-newbuild CapEx are reasonably predictable, with ongoing evaluation for future capital plans beyond 2029.

- Expect moderate yield (revenue per available lower berth day) growth on a CAGR basis from 2026 through 2029, driven by higher ticket prices and onboard spending. - Measured capacity growth planned, with only 2.5 to 3 new ships entering service between now and 2029, focusing more on improving existing fleet utilization. - Portfolio approach and commercial operations focusing on lengthening booking curves and stronger pricing power. - Further monetization and enhancement of unique destination assets (e.g., Celebration Key, Grand Bahama, Alaska footprint) to drive incremental revenue. - Continued investment in technology and revenue management to improve lead generation and conversion rates, supporting incremental commercial improvements. - 50%+ EPS growth targeted from 2025 to 2029, implying strong overall revenue and profitability expansion. - COVID recovery and broader demand trends position cruising as a mainstream, high-demand leisure option supporting volume growth.

- Targeting >50% earnings per share (EPS) growth from 2025 through 2029, with 2029 EPS expected above $3.38 from about $2.25 in 2025. - Moderate compound annual growth rate (CAGR) in net yields expected through 2029, driven by strong pricing, onboard spend, and earlier guest engagement. - Operating earnings and profitability to benefit from margin expansion due to yield growth outpacing low single-digit CAGR cost growth excluding fuel. - Return on Invested Capital (ROIC) target above 16% by 2029, supported by disciplined capacity growth and return-focused capital allocation. - Achieving significant margin expansion with heightened cost discipline, operational efficiencies, and technology investments. - Free cash flow generation expected at ~40% of operating cash flow (~$14 billion distributed to shareholders) enabling dividends and opportunistic buybacks. - Measured ship capacity growth with three new ships entering service 2026-2029 and continued modernization programs to support returns.

- Carnival expects to have approximately 2.5 new ships delivered to the Carnival brand between now and 2029. - Carnival will be somewhat more heavily weighted in ship capacity by 2029 compared to today, as these new ships are primarily for the Carnival brand. - After 2029, additional ship orders will be placed for the 2030s, but those plans are not yet finalized or disclosed. - The company plans intentionally measured capacity growth, with only one new ship per year through 2029 as currently laid out. - This approach balances fleet modernization with maintaining their existing 96-ship portfolio and focusing on improving the existing business rather than rapid fleet expansion.