Soft Results As Yield Outlook Moves Lower...

Research evidence excerpt

Soft Results As Yield Outlook Moves Lower...

Consumer

Leisure - Market Weight

CARNIVAL CORPORATION (CCL) June 23, 2026

Soft Results As Yield Outlook Moves Lower... Rating:

Outperform

The Wolfe Byte Price: $28.72

Carnival's F'2Q came in ahead of expectations, but a lower full year net yield Price Target:

outlook clouded the results. The guide for F'3Q is also worse than we were $29

expecting as the geopolitical volatility impacted demand trends. % Upside:

1.0%

View CCL Model

With the stock trading up into the print, expectations were elevated, with many View Comp Table

investors looking for a raise. Carnival was able to largely maintain EPS guide, but Company Information

the full year net yields ticking down 100bps raises questions about the run-rate 52-Week Range $24 - $34

into 2027. Market Cap. (MM) $39,728

Enterprise Value (MM) $65,179

F'2Q Results (ending May). Net yields (ex-FX) increased +2.2% vs guidance of +2.0% Shares Out. (MM) 1,383.3

while adjusted cruise costs per ALBD (ex fuel, ex-FX) increased +0.1% vs guidance Avg. Value Traded (MM) $957.07

SI% of Float 2.8%

of +2.6%. Adjusted EBITDA was $1.58bn vs guidance of $1.48bn and consensus at

$1.48bn. Adjusted EPS of 41c beat guidance of 34c and consensus at 34c.

Bookings and pricing are holding up despite geopolitical conflicts. CCL is 93% 34

booked for the full year as they navigated the geopolitical uncertainty by continuing 3230

to base load. They saw the greatest impact in the Europe (primarily Mediterranean) 28

bookings which were closest in proximity to the Middle East war. Since March demand 26

for 2027 has remained strong with volumes and pricing for future sales ahead of 2026 2422

levels. Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Jan-26 Feb-26 Mar-26 Apr-26 May-26 Jun-26

CCL