Royal Caribbean (RCL) - Management Meeting Takeaways...

Research evidence excerpt

Royal Caribbean (RCL) - Management Meeting Takeaways...

Consumer

ROYAL CARIBBEAN CRUISES (RCL) May 13, 2026

Royal Caribbean (RCL) - Management Meeting Rating:

Takeaways... Outperform

Price:

We caught up with Royal Caribbean's Blake Vanier (IR) and had the following key $258.12

takeaways. Price Target:

$318

●RCL is targeting +MSD yields in Q4, driven by easier YoY comps, new hardware % Upside:

23.2% (Legend), and the continued ramp of private beach club destinations.

●Icon class ships continue to book at significant premiums (+50-70%) and has Source: FactSet, Wolfe Research

resulted in a step change in the yield premium on new hardware. Priced as of 05/12/26

●2027 Yield outlook not yet expected to maintain the 4Q run-rate of +MSD as Greg Badishkanian

the step up is really specific to that quarter. gbadishkanian@wolferesearch.com

●No notable impact to bookings or pricing from Hantavirus, but the team (646) 582-9340

View Greg’s Research

continues to monitor the headlines. View RCL Model

●Caribbean capacity is still likely to be up +MSD in 2027 after a healthy increase View Comp Table

in 2026. Catherine Lee

clee@wolferesearch.com

The broader market has returned to normal following the start of the Iran conflict. (646) 582-9341

The Iran conflict caused roughly 6 weeks of booking disruptions for Mediterranean Spencer Hanus

cruises, which had a structural negative impact to the guide, though bookings and shanus@wolferesearch.com

pricing have started to stabilize. During the disruption, management shifted the (646) 582-9344 View Spencer’s Research

sourcing strategy, which resulted in losing some higher-priced bookings to maintain

volumes. Travis Harbauer tharbauer@wolferesearch.com

(646) 582-9343

Management continues to target 20% EPS CAGR from 2024–2027 in their Perfecta