May Cruise Pricing Data +2% Y/Y; Key Change in RCL's Close-in Caribbean

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May Cruise Pricing Data +2% Y/Y; Key Change in RCL's Close-in Caribbean

USA | Leisure EquityMayResearch19, 2026

Chart 2 - Y/Y Purchase Intention Down for AllMay Cruise Pricing Data +2% Y/Y; Key Change in

Operators in May

110 CCL RCL NCLH DIS MSC

May 2026 Intent:RCL's Close-in Caribbean 105

RCLCCL (5.1%)(2.4%)Purchase Y/YY/Y 100

NCLH Y/Y

DIS (2.0%) (4.6%)Y/Y

MSC (2.4%) Y/Y 95

90May advertised cruise pricing was +1.8% Y/Y on avg with VIK, DIS, and MSC IntentPurchase

posted gains, while LIND, CCL, NCLH, and RCL declined. NCLH's negative 75

momentum may be continuing, though RCL has improved. Purchase intent .Source:Jan-23 Feb-23 Mar-23MorningApr-23 May-23 Jun-23 Jul-23 Aug-23 Sep-23 Oct-23Consult,Nov-23 Dec-23 Jan-24 Feb-24 Mar-24 Apr-24JefferiesMay-24 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24EstimatesDec-24 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Jan-26 Feb-26 Mar-26 Apr-26 May-26

across all operators was down Y/Y in May, though DIS was least affected.

Regionally, Australia/NZ is performing well. Overall, the data is consistent with

our Buys on CCL and VIK, and our Hold on NCLH, though RCL is notably bullish.

More on pages 2-9.

NEW Dataset: We debuted the data in April 2026 with advertised cruise pricing in absolute dollars

by brand, region, and cabin type. The dataset enables tracking of price evolution for the same sailing

over time, allowing for longitudinal analysis. Bespoke analysis is available.

Chart 1 - May Cruise Pricing for Sailings in May 2026-May 2027 Tracking Up ~2% Y/Y on Avg, With Wide

Disparity by Operator

May 2026 Pricing vs. May 2025 Pricing; For Sailings in May 2026 Through May 2027

Y/Y % Chg. May-26 Jun-26 Jul-26 Aug-26 Sep-26 Oct-26 Nov-26 Dec-26 Jan-27 Feb-27 Mar-27 Apr-27 May-27