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Outperforms Guidance, Delivering Best Ever Revenues, Net Yields and Net Income Third Quarter 2026 Earnings Presentation Record Bookings Provide a Strong Foundation for 2027
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2 Disclaimers, Forward Looking Statements and Responsibility This presentation includes certain financial measures not presented in accordance with generally accepted accounting principles (“GAAP”) including, but not limited to, Adjusted EBITDA, Adjusted Net Income, and certain ratios and metrics derived therefrom. These non-GAAP measures are supplemental measures that are not required by, and are not presented in accordance with, GAAP and we have presented these measures because we believe they are useful to investors in evaluating a company's performance and/or ability to service and/or incur indebtedness. The items excluded from these measures are significant in assessing Carnival Corporations operating results and liquidity and should not be construed as an inference that its future results will be unaffected by any such adjustments. Certain adjustments that are made in calculating these measures are based on assumptions and estimates that may prove to have been inaccurate. Therefore, these measures have limitations as analytical tools and should not be considered in isolation or as an alternative to net income, cash flows from operations or other measures of profitability, liquidity or performance under GAAP. You should be aware that Carnival’s presentation of these measures may not be comparable to similarly-titled measures used by other companies. Some of the statements, estimates or projections contained in this document are “forward-looking statements” that involve risks, uncertainties and assumptions with respect to us, including statements concerning future results, operations, strategy, outlooks, plans, goals, reputation, cash flows, liquidity and other events which have not yet occurred. These statements are intended to qualify for the safe harbors from liability provided by Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical facts are statements that could be deemed forward-looking. These statements are based on current expectations, estimates, forecasts and projections about our business and the industry in which we operate and the beliefs and assumptions of our management. We have tried, whenever possible, to identify these statements by using words like “will,” “may,” “could,” “should,” “would,” “believe,” “depends,” “expect,” “goal,” “aspiration,” “anticipate,” “forecast,” “project,” “future,” “intend,” “plan,” “estimate,” “target,” “indicate,” “outlook,” and similar expressions of future intent or the negative of such terms. Forward-looking statements include, but are not limited to, statements that relate to our outlook and financial position, as well as, statements regarding: Because forward-looking statements involve risks and uncertainties, there are many factors that could cause our actual results, performance or achievements to differ materially from those expressed or implied by our forward-looking statements. This note contains important cautionary statements of the known factors that we consider could materially affect the accuracy of our forward-looking statements and adversely affect our business, results of operations and financial position. These factors include, but are not limited to, the following: The ordering of the risk factors set forth above is not intended to reflect our indication of priority or likelihood. There may be additional risks that we consider immaterial or which are unknown. Additional information about the factors that may affect future results is contained in our most recent Annual Report on Form 10-K as well as our other filings with the SEC, all of which are available on the SEC's website at www.sec.gov. Forward-looking statements should not be relied upon as a prediction of actual results. Subject to any continuing obligations under applicable law or any relevant stock exchange rules, we expressly disclaim any obligation to disseminate, after the date of this document, any updates or revisions to any such forward-looking statements to reflect any change in expectations or events, conditions or circumstances on which any such statements are based. Forward-looking and other statements in this document may also address our sustainability progress, plans, and goals (including emissions and environmental-related matters). In addition, historical, current, and forward-looking sustainability-related statements may be based on standards and tools for measuring progress that are still developing, internal controls and processes that continue to evolve, and assumptions and predictions that are subject to change in the future and may not be generally shared. • Events and conditions around the world, including geopolitical uncertainty, war and other military actions, pandemics, inflation, higher interest rates and other general concerns impacting the ability or desire of people to travel could lead to a decline in demand for cruises as well as have significant negative impacts on our financial condition and operations. • Incidents concerning our ships, guests or the cruise industry may negatively impact the satisfaction of our guests and crew and lead to reputational damage. • 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 targets, goals, aspirations, initiatives, public statements and disclosures, including those related to sustainability matters, may expose us to risks that may adversely impact our business. • Cybersecurity incidents and data privacy breaches, as well as disruptions and other damages to our principal and other offices, information technology operations and system networks and failure to keep pace with developments in technology may adversely impact our business operations, the satisfaction of our guests and crew and may lead to fines, penalties and reputational damage. • 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. • 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. These suppliers and service providers may be unable to deliver on their commitments, which could negatively impact our business. • 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. • Factors associated with sustainability and the impact of greenhouse gases and other emissions on the environment could have a material impact on our business and operating results. • Revenues • Financial outlook • Costs and expenses • Non-GAAP measures • Capital expenditures • Passenger capacity • Leverage metrics • Demand and bookings trends • Shareholder returns • Progress toward achieving our goals and targets
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3 Outperformed Third Quarter June Guidance on Every Measure 3Q 2026 Guidance Actual Net Yields vs. 2025 1.2% 2.4% Adj. Cruise Costs excl. Fuel per ALBD vs. 2025 2.8% 1.8% Adj. EBITDA $2.9B $3.0B Adj. Net Income $1.9B $2.0B Adj. Earnings Per Share - Diluted $1.35 $1.43 Note: Net Yields and Adj. Cruise Costs excl. Fuel per ALBD in Constant Currency. Adj. EBITDA, Adj. Net Income, and Adj. Earnings Per Share - Diluted in Current Dollars Strong execution drove over $100M more to the bottom line than expected
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4 Continued Strength of Demand $7.1 $7.6 3Q'25 3Q'26 Record 3Q Customer Deposits In Billions Net Yields outperform guidance by 120 basis points 3Q 2026 Results ~7% Strong growth in onboard revenue Growth in customer deposits significantly outpacing flat capacity Strong growth in pre-cruise onboard revenue Net Yields outperformed guidance by 120 basis points Acceleration in onboard revenue growth
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5 Taking Up Full Year Guidance Despite $150M Impact from Higher Fuel Prices Full Year 2026 June Guidance September Guidance Net Yields vs. 2025 2.25% Normalized(1) 1.75% 2.7% Normalized(1) 2.3% Adj. Cruise Costs excl. Fuel per ALBD vs. 2025 1.3% Normalized(2) 2.4% 1.1% Normalized(2) 2.2% Adj. Earnings Per Share - Diluted $2.22 $2.24 (1) Reflecting the impact of the summer 2025 close-in decision to redeploy away from the previously planned first quarter 2026 Arabia n Gulf voyages and the impacts of loyalty program accounting for Carnival Cruise Line which requires the deferral of a portio n of the ticket price paid by the guest (2) Reflecting the timing of certain expenses between the years, partial year operating expenses from two exclusive destinations a nd the impact of certain elevated logistics costs as a result of disruption from the Middle East conflict (3) Reflecting the impact of loyalty program accounting for Carnival Cruise Line Note: Net Yields and Adj. Cruise Costs excl. Fuel per ALBD in Constant Currency. Adj. Earnings Per Share - Diluted in Current Dollars Net Yields expected to be up 2.3% in 4Q on a normalized(3) basis 0.75 pts. above our implied June Guidance and a consistent YoY trend to 3Q 2026
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6 Turning Our Attention to 2027 & Beyond Booking curve remains the furthest out on record 2028 off to an excellent start at higher occupancy and prices than last year Half of 2027 already on the books 2027 booked price and occupancy at record levels
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7 Carnival RewardsTM Generating Substantial Early Engagement New loyalty program successfully launched on September 1st >300% more Carnival Cruise Line credit card issuances vs. pre-announcement levels Deepening guest loyalty by providing more flexibility in how guests earn and redeem rewards and increasing lifetime value Thousands of members have already redeemed tens of millions of points
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8 Driving More Earnings and Higher Returns from Our Destination Strategy 2.7M guests in 2026 → 3.5M guests in 2027 4 brands calling in 2027 1.9M guests in 2026 → 2.8M guests in 2027 7 brands calling in 2027 Celebration Key RelaxAway, Half Moon Cay & Isla Tropicale, Roatan 8
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9 Continuing to Invest Selectively in Our Fleet Carnival Festivale – Coming May 2027 Stunning refurbishment planned for Queen Mary 2 in 2027 Midlife modernization programs continuing to progress on AIDA and Holland America Line with additional vessels planned in 2027 9
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10 Capital Allocation >$0.8B Annualized Dividends Distributed Shares Repurchased S&P upgrade marks the second investment grade rating resulting in no secured debt ~$1.2B Total Shareholder Returns in 2026 $0.15 per share per quarter (1) As of September 28, 2026 ~$2.0B ~45M shares YTD(1) Balance sheet and leverage metrics in 2026 expected to improve vs. 2025
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The page numbering is dependent on the placeholder text boxes on the page layout in the master view, so please DO NOT remove them 11 Appendix 11
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12 1Q 2Q 3Q 4Q Full Year Caribbean 51% 34% 26% 31% 35% Europe 15% 31% 43% 33% 31% Australia/New Zealand 7% 6% 3% 5% 5% Alaska 0% 4% 17% 5% 7% Other Programs 27% 25% 11% 26% 22% Total 100% 100% 100% 100% 100% Capacity by Market – 2026
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13 1Q 2Q 3Q 4Q Full Year Caribbean 50% 33% 25% 29% 34% Europe 17% 33% 47% 37% 34% Australia/New Zealand 7% 6% 3% 6% 5% Alaska 0% 5% 16% 5% 7% Other Programs 26% 23% 9% 23% 20% Total 100% 100% 100% 100% 100% Capacity by Market – 2027
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14 Guidance
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15 Reconciliation of Net Yields
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16 Reconciliation of Non-GAAP Financial Measures
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17 Non-GAAP Financial Measures We use non-GAAP financial measures and they are provided along with their most comparative U.S. GAAP financial measure: The presentation of our non-GAAP financial information is not intended to be considered in isolation from, as a substitute for, or superior to the financial information prepared in accordance with U.S. GAAP. It is possible that our non-GAAP financial measures may not be exactly comparable to the like-kind information presented by other companies, which is a potential risk associated with using these measures to compare us to other companies. Adjusted net income and adjusted earnings per share provide additional information to us and investors about our future earnings performance. These measures represent net income attributable to Carnival Corporation Ltd., excluding certain gains, losses and expenses that we believe are not part of our core operating business and are not an indication of our future earnings performance. We believe that gains and losses on ship sales, impairment charges, debt extinguishment and modification costs, restructuring costs and certain other gains, losses and expenses are not part of our core operating business and are not an indication of our future earnings performance. Adjusted EBITDA, adjusted EBITDA per ALBD and adjusted EBITDA margin provide additional information to us and investors about our core operating profitability, including on a per ALBD basis, by excluding certain gains, losses and expenses that we believe are not part of our core operating business and are not an indication of our future earnings performance as well as excluding interest, taxes and depreciation and amortization. In addition, we believe that the presentation of adjusted EBITDA provides additional information to us and investors about our ability to operate our business in compliance with the covenants set forth in our debt agreements. We define adjusted EBITDA as adjusted net income adjusted for (i) interest, (ii) taxes and (iii) depreciation and amortization. There are material limitations to using adjusted EBITDA. Adjusted EBITDA does not take into account certain significant items that directly affect our net income attributable to Carnival Corporation Ltd. These limitations are best addressed by considering the economic effects of the excluded items independently and by considering adjusted EBITDA in conjunction with net income attributable to Carnival Corporation Ltd. as calculated in accordance with U.S. GAAP. We define adjusted EBITDA margin as adjusted EBITDA divided by total revenues. Net debt to adjusted EBITDA provides additional information to us and investors about our overall leverage. We define net debt to adjusted EBITDA as total debt less cash and cash equivalents divided by twelve-month adjusted EBITDA. Net yields enable us and investors to measure the performance of our cruise segments on a per ALBD basis. We use adjusted gross margin rather than gross margin to calculate net yields. We believe that adjusted gross margin is a more meaningful measure in determining net yields than gross margin because it reflects the cruise revenues earned net of only our most significant variable costs, which are travel agent commissions, cost of air and other transportation, certain other costs that are directly associated with onboard and other revenues and credit and debit card fees.
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18 Non-GAAP Financial Measures (Cont’d) Adjusted cruise costs per ALBD and adjusted cruise costs excluding fuel per ALBD enable us and investors to separate the impact of predictable capacity or ALBD changes from price and other changes that affect our business. We believe these non-GAAP measures provide useful information to us and investors and expanded insight to measure our cost performance. Adjusted cruise costs per ALBD and adjusted cruise costs excluding fuel per ALBD are the measures we use to monitor our ability to control our cruise segments’ costs rather than cruise costs per ALBD. We exclude gains and losses on ship sales, impairment charges, restructuring costs and certain other gains and losses that we believe are not part of our core operating business as well as excluding our most significant variable costs, which are travel agent commissions, cost of air and other transportation, certain other costs that are directly associated with onboard and other revenues and credit and debit card fees. We exclude fuel expense to calculate adjusted cruise costs excluding fuel. The price of fuel, over which we have no control, impacts the comparability of period-to-period cost performance. The adjustment to exclude fuel provides us and investors with supplemental information to understand and assess the company’s non-fuel adjusted cruise cost performance. Substantially all of our adjusted cruise costs excluding fuel are largely fixed, except for the impact of changing prices once the number of ALBDs has been determined. Adjusted return on invested capital (“ROIC”) provides additional information to us and investors about our operating performance relative to the capital we have invested in the company. We define ROIC as the twelve-month adjusted net income before interest expense and interest income divided by the monthly average of debt plus equity minus construction-in-progress, excess cash, goodwill and intangibles. Reconciliation of Forecasted Data We have not provided a reconciliation of forecasted non-GAAP financial measures to the most comparable U.S. GAAP financial measures because preparation of meaningful U.S. GAAP forecasts would require unreasonable effort. We are unable to predict, without unreasonable effort, the future movement of foreign exchange rates and fuel prices. We are unable to determine the future impact of gains and losses on ship sales, impairment charges, debt extinguishment and modification costs, restructuring costs and certain other non-core gains and losses. Constant Currency Our operations primarily utilize the U.S. dollar, Australian dollar, euro and sterling as functional currencies to measure results and financial condition. Functional currencies other than the U.S. dollar subject us to foreign currency translational risk. Our operations also have revenues and expenses that are in currencies other than their functional currency, which subject us to foreign currency transactional risk. Constant currency reporting removes the impact of changes in exchange rates on the translation of our operations plus the transactional impact of changes in exchange rates from revenues and expenses that are denominated in a currency other than the functional currency. We report adjusted gross margin, net yields, adjusted cruise costs excluding fuel and adjusted cruise costs excluding fuel per ALBD on a “constant currency” basis assuming the current periods’ currency exchange rates have remained constant with the prior periods’ rates. These metrics facilitate a comparative view for the changes in our business in an environment with fluctuating exchange rates. Examples: • The translation of our operations with functional currencies other than U.S. dollar to our U.S. dollar reporting currency results in decreases in reported U.S. dollar revenues and expenses if the U.S. dollar strengthens against these foreign currencies and increases in reported U.S. dollar revenues and expenses if the U.S. dollar weakens against these foreign currencies. • Our operations have revenue and expense transactions in currencies other than their functional currency. If their functional currency strengthens against these other currencies, it reduces the functional currency revenues and expenses. If the functional currency weakens against these other currencies, it increases the functional currency revenues and expenses.