| RCG exceeds with Q4 results

ROYAL Caribbean Group’s (RCG) fourth quarter results exceeded guidance, delivering more than 30% earnings growth, with the company’s wave season off to a record start.

The results, released overnight, exceeded guidance due to greater revenue and stronger results from joint ventures.

Royal Caribbean operates a 50% JV with TUI Cruises, which operates the Mein Schiff and Hapag-Lloyd brands.

Net income for the fourth quarter of last year was US$800 million (A$1.14 billion), while Royal Caribbean also reported total revenue of US$4.3 billion (A$6.1 billion) and an adjusted EBITDA of US$1.5 billion (A$2.1b).

The strong financial performance is partly the result of the company’s cyber sales and wave season, which together helped deliverer the best seven booking weeks in its history.

Royal Caribbean has approximately two-thirds of its capacity for 2026 already booked, which is within historical ranges and at record pricing levels.

RCG is seeing elevated close-in bookings, while onboard and pre-cruise spending are exceeding prior years, driven by higher participation at increased prices

Nearly 50% of onboard revenue from last year was booked pre-cruise, with 90% of pre-voyage purchases being made through digital channels.

Looking to this year, the share of booked guests who have purchased onboard revenue pre-cruise is up year-over-year.

“2025 was an outstanding year, and the momentum is further accelerating into 2026,” chairman and CEO Jason Liberty said.

“Wave is off to a great start and we continue to see strong and growing preference for our leading brands and differentiated vacation experiences.

“We expect another strong year of financial performance with both revenue and earnings growing double digits.”

Liberty said Royal Caribbean remains on track to achieve its ‘Perfecta Program’ goals, including a 20% compound annual growth rate and return on invested capital, by the end of next year. MS