CCL: 2Q26 Earnings Takes; Lowered Yield Guide Worse than Feared, but We Believe Likely Conservative

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CCL: 2Q26 Earnings Takes; Lowered Yield Guide Worse than Feared, but We Believe Likely Conservative

s in a strong booked position that 2026E 0.20 A 0.41 A 1.36 E 0.27 E 2.24 E

deteriorated as the conflict failed to find resolution. Instead of leaning into price to fill Prior NC 0.28 E 1.40 E 0.25 E 2.12 E

cabins, mgmt. made the decision to preserve pricing integrity sacrificing higher occupancy 2027E 0.20 E 0.52 E 1.58 E 0.34 E 2.65 E

and associated onboard spend. We applaud the decision and believe maintaining price Prior 0.17 E 0.42 E 1.59 E 0.32 E 2.50 E

integrity is vital in terms of cruise fundamentals. We are delighted to see cruise mgmt.

teams not reward last-minute bookers w/ bargain prices. Source:NA = NotCompanyAvailable,Data,NC =WellsNo Change,Fargo SecuritiesNE = Noestimates,Estimate and Factset.

Trey Bowers, CFAReadthroughs? We received questions around what CCL's report may indicate for VIK

given its higher exposure to Europe. We believe the readthrough to VIK is minimal given Equity Analyst | Wells Fargo Securities, LLC Trey.Bowers@wellsfargo.com | 617-210-3724

its much longer booking curves and higher income customer. We also note that VIK

Nicholas Weichelreported 1Q results in mid-May, which CCL mgmt. called out as notably weaker vs. prior

Associate Equity Analyst | Wells Fargo Securities, LLC

expectations, and nearly two months after CCL. Meanwhile, RCL reported 1Q results on Nicholas.Weichel@wellsfargo.com | 646-717-0343

April 30th and noted that booking trends in Europe/Med. improved. Zachary Silverberg

Equity Analyst | Wells Fargo Securities, LLC

Remain OW. As we called out in our preview, we were not surprised to see CCL shares Zachary.Silverberg@wellsfargo.com | 212-214-1152

trade down following yesterday's print.