2Q26 preview: expect lingering impact from conflict; VIK still a standout

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2Q26 preview: expect lingering impact from conflict; VIK still a standout

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Cruise Lines

2Q26 preview: expect lingering impact

from conflict; VIK still a standout

Price Objective Change

Lingering impact from conflict; still solid travel backdrop 15 July 2026

We do not expect RCL and NCLH to be immune from the bookings weakness that Equity

resulted in the CCL 2H26 net yield guide down back in mid-June, and we are modestly United States

lowering our 2H26 net yield expectations. However, the travel backdrop remains solid, Cruise Lines

with aggregated BAC credit and debit card spending on cruises rising to +9.8% in June Andrew G. Didora, CFA

from +8.4% in May while airline and hotel data spend have each seen its strongest Research Analyst

growth rates in over a year. VIK is a standout, as the company is more than 92% booked BofAS+1 646 855 2924

for 2026, which makes it largely immune from the demand volatility. We raise our PO to andrew.didora@bofa.com

$115 from $97 given industry leading ROIC, resilient demand, and strong free cash flow. John Gellene, CFA

Research Analyst

BofAS

+1 646 855 5193RCL: modestly lower 2026E net yields; see 2Q26 beat

john.gellene@bofa.com

We estimate a modest 2Q26 net yield beat, with yields up +0.5% vs. guidance of +0.2%,

while net cruise costs increase +4.6%, at the low end of guidance. Our EPS estimate

remains $3.93. To reflect the impact of the Iran conflict on booking trends, we lower our

3Q26 net yield estimate to +0.5% from +1.0% with 4Q26 net yields now +4.0% from

+4.5%. Our full year net yield forecast is now +1.7% vs. +1.5-2.5% guidance. Our 2026E

EPS declines slightly to $17.30 from $17.39, which is the midpoint of guidance.

NCLH: yield inflection requires an industry inflection CCL – Carnival Corporation