Cruise Lines: Signals from the Seas: Barclays Proprietary Cruise Pricing Checks

Research evidence excerpt

Cruise Lines: Signals from the Seas: Barclays Proprietary Cruise Pricing Checks

Equity Research

8 June 2026

Cruise Lines

Signals from the Seas: Barclays

Proprietary Cruise Pricing Checks

Caribbean 4Q prices softened further in May (vs. April); for U.S. Gaming, Leisure & Lodging

1H27, Royal/Carnival prices were stable; Norwegian was soft. POSITIVE

Premium outperforming Contemporary in Europe/Alaska. U.S. Gaming, Leisure & Lodging

Brandt Montour, CFA

+1 212 526 9947

We appreciate your 5-star vote in the 2026Extel All-America Research Survey in Gaming & brandt.montour@barclays.com

Lodging and Leisure as well as Quantitative Research (Data Science) categories. View our BCI, US

analysts » Vote 5 Stars for Barclays » Elizabeth Heffern

+1 212 526 3592

In the Caribbean, our ticket pricing tracker showed continued sequential softening across the elizabeth.heffern@barclays.com

back half of 2026, with 4Q26 contemporary sailings down 1% m/m, following March and April's BCI, US

1%/2% declines, respectively, and 3Q26 sailings down 7% m/m, although on likely very limited

inventory remaining. 1H27 pricing, however, remained stable overall for the second month in a Data Science & Applied AI

row (flat m/m in both 1Q27 and 2Q27); recall 1Q27 is when the industry begins lapping recent Fan Gao, CFA(v)

+1 212 526 8404Caribbean weakness/supply pressure. That said, this stability was not shared across all

fan.gao@barclays.com

operators. Norwegian prices were particularly weak across 1H27 in May, which would

BCI, US

appear to line up with a broader reset of its pricing and booking strategy as it looks to

"base-load" 2027 and 2028 in order to build a longer-dated, more resilient booking curve Troy Li(iv)

+1 212 526 1825(see our recent note from Miami here).

troy.li@barclays.com