| Carnival not affected by macro trends

CARNIVAL Corporation has posted a strong second quarter financial report, despite a volatile macroeconomic background for the travel industry, driven by a combination of better-than-expected yield and costs.

The company posted a second quarter adjusted EPS of US0.35, slightly better than its guidance of approximately US$0.22, while adjusted EBITDA came in at US1.5 billion, also above the guidance of approximately US$1.3 billion.

Carnival posted an unchanged second-half guidance, however Truist analysts noted this would likely have been even more positive if not for broader macroeconomic factors.

The relatively strong financial numbers were despite an unchanged occupancy rate of 104% from the prior corresponding period.

This can partly be attributed to a higher passenger ticket revenue per passenger cruise day of US$162, above the consensus of US$159; while also positive was Carnival’s onboard revenue per passenger cruise day, which came in at US$88, above the consensus of US86.50.

Initial trends for next year are encouraging, with Carnival revealing its 2026 booked position thus far is in line with this year’s record levels, and at historical high prices.

The company’s cumulative advanced booked position for the remainder of 2025 remains strong with occupancy the second-highest on record and pricing at historical highs.

Carnival’s full year adjusted EBITDA guide was raised to US$6.9 billion from approximately US$6.7 billion, while adjusted EPS is approximately US$1.97 from approximately US$1.83.

Chief Executive Officer John Weinstein (pictured) said Carnival’s strong results, booked position, and outlook are a testament to the success of the company’s ongoing strategy to deliver same-ship, high margin revenue growth.

“We also remain on track for a strong 4% net yield growth in the second half, consistent with what we forecasted back in Dec, which was before the complex macroeconomic and geopolitical backdrop we have all experienced in the last few months,” Weinstein said. MS