Comment: Key themes ahead of Royal Caribbean‘s 2Q26

Research evidence excerpt

Comment: Key themes ahead of Royal Caribbean‘s 2Q26

17 June 2026

Comment: Key themes ahead of Royal Caribbean's 2Q26

Richard J. Clarke, FCA +44 20 7676 6850 richard.clarke@bernsteinsg.com

Niall Mitchelson +44 20 7676 7144 niall.mitchelson@bernsteinsg.com

Lasith Siriwardana +44 20 7550 2191 lasith.siriwardana@bernsteinsg.com

We regularly hold calls with companies, making sure we are up-to-date with their latest communications. We recently caught up with Royal

Caribbean, in the lead up to their 2Q26 reporting, and provide an update of the key themes on the company below.

Perfect Day Mexico: Perfect Day Mexico remains a key topic for Royal Caribbean after the recent rejection by the Mexican Environmental

Agency. Royal Caribbean remain confident in the path ahead; there is support from local government both in Mexico and Texas, which

were both set to benefit from infrastructure development. The government has made requests for modification to the design, which RCL

are open to. It is a fluid situation, changing weekly, but our current expectations are for a delay in the months. There is scope to tweak

Galveston deployments in the meantime and/or look at ship retirements. We would note that the Cozumel Beach Club is at a similar stage of

development and therefore at similar potential risks from environmental agency review.

Demand: A reminder that the company had previously guided to 0.2% net yield growth in Q2 and 1.5-2.5% for FY and stated the yield

profile would be “smile shaped”, i.e. implying a strong back end recovery. Our data (Cruise: Key feedback post VIK & NCLH initiation (and June

Bernstein price tracker)), suggests that Q2 is running stronger than guidance, with 1% price increases and suggesting some improvement in

recent “close-in” demand.