June Cruise Pricing Data +1% Y/Y; CCL 2H26 Decelerating; AUS/NZ Very Strong

研报英文原文证据摘录

June Cruise Pricing Data +1% Y/Y; CCL 2H26 Decelerating; AUS/NZ Very Strong

USA | Leisure EquityJuneResearch22, 2026

Chart 2 - Cruise Purchase Intent Choppy SinceJune Cruise Pricing Data +1% Y/Y; CCL 2H26

Netflix's "Poop Cruise"

110 CCL RCL NCLHDecelerating; AUS/NZ Very Strong 105

100 mayNetflix'shaveCruise"Poopled purchasetoCruise"a temporaryintent.in Junepeak2025in

Intention 95

90June advertised cruise pricing was +0.7% Y/Y on avg with VIK, MSC, and DIS Purchase 85

posted gains, while CCL, RCL, LIND, and NCLH declined. CCL's 2H26 core 75

pricing has decreased, while VIK continues to lead. Purchase intent at RCL and .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

NCLH fell, while CCL rebounded. Regionally, AUS/NZ pricing is accelerating,

especially at CCL. Overall, the data is consistent with our Buy on VIK, a near term

negative on LT Buy CCL and our Holds on RCL/NCLH. 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 - June Cruise Pricing for Sailings in June 2026-June 2027 Tracking Up ~1% Y/Y on Avg, With Wide

Disparity by Operator

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

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