2Q Cruise Preview; 2H Guides Will Be the Focus, Expect Conservatism

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2Q Cruise Preview; 2H Guides Will Be the Focus, Expect Conservatism

Equity Research

Earnings Preview — July 1, 2026

Leisure

2Q Cruise Preview; 2H Guides Will Be the

Focus, Expect Conservatism

Following CCL's report last week, the question is

incremental pressure or was CCL a catch-up? We expect

conservative guides.

Our Call Trey Bowers, CFA

Similar to our philosophy heading into CCL's 2Q print, we take a cautious view on the Equity Analyst | Wells Fargo Securities, LLC

Trey.Bowers@wellsfargo.com | 617-210-3724

remainder of '26 slightly lowering 2H26 yields for RCL. We continue to believe headwinds

Nicholas Weichelfrom the Iran conflict are transitory and remain OW on both RCL and NCLH.

Associate Equity Analyst | Wells Fargo Securities, LLC

Nicholas.Weichel@wellsfargo.com | 646-717-0343

Expect No Fireworks from 2Q Results. We believe 2Q results for RCL will come in slightly Zachary Silverberg

ahead of expectations, driven by higher yields and strong cost controls, while 2Q should Equity Analyst | Wells Fargo Securities, LLC

be ~in line at NCLH. 2Q should see little impact from the Iran conflict (ex. higher fuel Zachary.Silverberg@wellsfargo.com | 212-214-1152

prices), given the length of the booking curves. We note that RCL and NCLH likely leaned Harrison Kelley

into lower-cost fuel during 2Q, which should reduce downside from higher fuel prices. Associate Equity Analyst | Wells Fargo Securities, LLC

Harrison.Kelley@wellsfargo.com | 617-603-4265

CCL Setting the Stage for RCL to Remain Conservative. We believe CCL cutting 2H yield

guidance will set the stage for RCL to slightly reduce 2H yields, which we believe will offset

any upside from 2Q yields. We expect the full-year guide to remain mostly intact with

the potential for narrowing the guide around the midpoint.