It‘s Coming Home!

Research evidence excerpt

It‘s Coming Home!

Deutsche Bank

Research

Europe Industry Date

High Yield Corporates Thrills & Chills 19 June 2026

It's Coming Home!

Ricardo Chinchilla

CRYACU Q1’26 Conference Call. The Ritz-Carlton Yacht Collection (CRYACU) Research Analyst

hosted a call with lenders on June 16, 2026. Our key takeaways from CRYACU's +44-207-541-6172

update call include:

• 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.

• Management currently expects cruise revenue to be in the range of $400

million to $440 million and adjusted EBITDA to approach break even.

Management expects the company to generate significantly positive

EBITDA starting in 2027.

• While CRYACU has no direct itinerary exposure to the Middle East, the

company is experiencing cost pressures primarily related to logistics and

fuel. Regarding fuel prices, management noted that should current fuel