The results were bolstered by robust booking trends, including record volumes for 2026 and 2027 sailings, and a cumulative advanced booked position for next year aligning with 2025's highs at elevated prices (in constant currency). Customer deposits hit a peak of USD 7.2 billion, reflecting sustained demand amid strong Black Friday and Cyber Monday sales that outpaced the previous year. On the cost front, fuel consumption per available lower berth day (ALBD) fell 5.6% year-on-year, aiding efficiency gains.

Strategically, Carnival has slashed net debt by over USD 10 billion since its peak less than three years ago and completed a USD 19 billion refinancing plan in under a year, simplifying its capital structure and trimming interest expenses. Credit ratings have improved markedly, with Fitch awarding investment-grade status and S&P issuing a positive outlook just one notch shy of the same. The company also proposed unifying its dual-listed structure into a single Carnival Corporation entity listed on the New York Stock Exchange, with Carnival plc becoming a wholly-owned UK subsidiary, and shifting legal incorporation to Bermuda.

In a move to reward shareholders, Carnival reinstated its quarterly dividend at USD 0.15 per share, payable on 27 February 2026 to shareholders of record on 13 February 2026. This follows Q4 debt management actions, including the issuance of USD 1.25 billion in senior unsecured notes and the redemption of convertible notes using USD 500 million in cash and 69 million common shares.

Looking ahead, Carnival anticipates adjusted net income of USD 3.5 billion for 2026 – a 12% increase from 2025's record – on less than 1% capacity growth. Net yields are projected to rise about 2.5% (in constant currency), with adjusted EBITDA around USD 7.63 billion and adjusted earnings per share (EPS) of approximately USD 2.48. For the first quarter, net yields are expected to increase by 1.6% (or 2.4% normalised), though adjusted cruise costs excluding fuel per ALBD will rise about 5.9%.

"This year was truly phenomenal," said Josh Weinstein, chief executive officer of Carnival Corporation & plc. "These milestones reflect the collective strength of our cruise line portfolio and confidence in our long-term future. The momentum is carrying into 2026, which is shaping up to surpass even these remarkable results with another year of double-digit earnings growth and return on invested capital expected to exceed 13.5 per cent.

"David Bernstein, chief financial officer, added: "We have reached a meaningful turning point, surpassing the investment grade leverage metric threshold. These efforts strengthened our balance sheet. This decision [to reinstate the dividend] highlights confidence in our future performance.

"Carnival's resurgence comes after navigating pandemic-related challenges, positioning the group for sustained growth in the global cruise sector.

Full report https://www.prnewswire.com/news-releases/carnival-corporation--plc-achieves-record-full-year-adjusted-net-income-and-investment-grade-leverage-metrics-reinstates-dividend-302646558.html

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