Q2 2025 Carnival Corp and Carnival PLC Earnings Call Transcript
Key Points
- Carnival PLC (CUK) achieved record revenues and yields for the eighth consecutive quarter, with EBITDA and operating income reaching new highs.
- The company exceeded its 2026 sea change targets 18 months ahead of schedule, with EBITDA per berth day 52% above the 2023 baseline and ROIC surpassing 12.5%.
- Customer deposits reached an all-time high, indicating strong future demand and consumer confidence.
- Carnival PLC (CUK) has successfully reduced its carbon intensity by 20% compared to 2019, benefiting both the environment and the company's bottom line.
- The company is launching new destinations like Celebration Key and expanding existing ones, such as RelaxAway and Mahogany Bay, to enhance guest experiences and drive demand.
- The ongoing conflict in the Middle East presents uncertainty, with potential impacts on future business operations and itineraries.
- Despite strong performance, the company faces heightened volatility in the global market, which could affect future bookings and pricing strategies.
- The introduction of the new loyalty program in 2026 will initially impact yields negatively due to revenue deferral, although it is expected to be accretive in the long term.
- Third-quarter cruise costs are expected to rise significantly, driven by factors such as the introduction of Celebration Key and lower capacity.
- The company has seen more volatility in bookings, particularly in April, which could indicate potential challenges in maintaining consistent demand.
Greetings. Welcome to the Carnival Corporation & plc second-quarter 2025 earnings call.
(Operator Instructions)
As a reminder, this conference is being recorded.
It is now my pleasure to introduce your host, Beth Roberts, Senior Vice President, Investor relations.
Thank you, Beth. You may now begin.
Thank you. Good morning and welcome to our second quarter 2025 earnings conference call.
I'm joined today by our CEO, Josh Weinstein; our CFO, David Bernstein; and our Chair, Micky Arison.
Before we begin, please note that some of our remarks on this call will be forward-looking. Therefore, I will refer you to the forward-looking statement in today's press release. All references to ticket prices, yields, and cruise costs without fuel will be in constant currency unless otherwise stated. Reference to yields will be on a net basis. References to cruise costs without fuel, EBITDA, net income, ROIC, and related statistics
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