Cruise Yacht Upper HoldCo: Key Takeaways from Q1'26 Update Call

Research evidence excerpt

Cruise Yacht Upper HoldCo: Key Takeaways from Q1'26 Update Call

Deutsche Bank

Research

European High Yield Company Date

17 June 2026 Consumer Services, Leisure Cruise Yacht Upper

& Gaming HoldCo

Key Takeaways from Q1'26 Update Call

Ricardo Chinchilla

Our key takeaways from CRYACU's update call include: Research Analyst

+44-207-541-6172

❖ Management noted it is very pleased with CRYACU's performance in

Q1'26. The company is strategically reorienting from demand generation

to conversion optimization and the execution of operational and

commercial strategies. Management prioritizes performance

optimization while adhering to established standards. As the fleet

matures and capacity utilization increases, management anticipates

progressive adjusted EBITDA improvement, driven by revenue scale,

pricing power, and enhanced cost absorption.

❖ Regarding prevailing trends, management noted that while geopolitical

developments in Iran impacted March and April, March bookings alone

increased ~80% year-over-year. Year-to-date bookings are over 50%

higher than the prior year, positioning the company favorably for the

summer season with strong demand across all key markets.

Management affirmed the company remains on track to achieve its

annual revenue objectives.

❖ Customer satisfaction and loyalty remain strong, with ~83% of guests

rating their experience a 9 or 10. Repeat guests constituted over 20% of

total guests year-to-date.

❖ Average daily rate per passenger increased to $1,696, a 26.9% increase

from $1,336 in Q1'25, primarily supported by premium Asia-Pacific

deployments.

❖ Management asserts CRYACU has solidified its market position within

the luxury cruise segment, attributed to its three-ship portfolio and

robust forward bookings. The company maintains a differentiated