Carnival Corporation (CCL.N): 2Q Beat; FY26 Guide Reduced on Prolonged Middle East Conflict

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Carnival Corporation (CCL.N): 2Q Beat; FY26 Guide Reduced on Prolonged Middle East Conflict

Carnival Corporation (CCL.N)

24 June 2026 Citi Research

Management acknowledged that some customers did not book 2027 voyages

during the period of heightened uncertainty and said it was too early to determine

whether that would create any timing effect in the first half of 2027. However,

overall 2027 bookings remained above the prior year.

Nevertheless, CCL’s overall 2027 booked position was described as being at

historical highs for both price and occupancy.

The company did not provide formal 2027 yield or cost guidance, but reiterated its

confidence in the moderate multiyear yield-growth framework presented under its

PROPEL plan. The FY27 y/y impact from the loyalty-program accounting change is

expected to be approximately 0.4 percentage points because 2027 will reflect a full

year of the revised accounting treatment.

Celebration Key and RelaxAway at Half Moon Cay

Carnival completed the pier extension at Celebration Key in early May, allowing as

many as four ships to dock and providing the flexibility to accommodate more than

13,000 guests in a day. The destination has welcomed more than 2M guests since

opening in July 2025 and is expected to receive approximately 3.5M visitors in

2027. Management said the additional berths provide immediate flexibility to

optimize the mix of ships and bring daily attendance closer to the current landside

capacity. Guest feedback was described as strong, and management said early

operating issues associated with opening the destination had been addressed.

Further landside development remains under evaluation, with no additional phase

announced.

A new pier also opened at RelaxAway, Half Moon Cay, enabling two of Carnival’s