Total revenue for the quarter reached USD 4.8 billion, a six per cent increase year on year, with the group carrying 2.4 million guests at a load factor of 110 per cent. Net Yields rose 1.9 per cent as-reported and 1.2 per cent in Constant Currency, with yield growth exceeding guidance on the back of better-than-anticipated close-in bookings. Adjusted EBITDA came in at USD 1.8 billion.

"The strong second quarter performance demonstrates the continued strength of our brands, the appeal of our vacation experiences, and the momentum in our business," said Jason Liberty, chairman and CEO of Royal Caribbean Group. He pointed to the debut earlier in July of LEGEND OF THE SEAS, the third vessel in the group's Icon class, as a further milestone in its newbuild programme, adding that the company expects another year of approximately double-digit growth in revenue and earnings.

On the newbuild front, the group took delivery of LEGEND OF THE SEAS during the quarter and in April placed orders for Icon VI and Icon VII, with committed financing in place. Full year capital expenditure is expected to total approximately USD 4.7 billion, predominantly related to the order book and land-based destination initiatives. Capacity is set to grow 6.6 per cent in 2026, followed by four per cent in 2027, six per cent in 2028 and seven per cent in 2029.

Chief financial officer Naftali Holtz noted that the group remains booked at record prices with booking volumes above last year's levels, though the company has seen a modest near-term impact on bookings for select itineraries, primarily due to prolonged geopolitical activity. Early booking trends for 2027 are pacing ahead of historical levels, including for itineraries affected by geopolitical developments this year.

For the full year, Royal Caribbean now expects Adjusted EPS in the range of USD 17.73 to USD 17.87, representing 14 per cent growth year on year and a 23 per cent compound annual growth rate over the first two years of its Perfecta programme, which targets a 20 per cent earnings CAGR from 2024 to 2027 and return on invested capital in the high teens by 2027. Revenue is forecast to grow nine per cent over the year.

The group ended the quarter with a liquidity position of USD 6.9 billion and returned over USD 600 million to shareholders during the period through share repurchases and dividend payments.

Royal Caribbean Group operates 71 ships across its Royal Caribbean, Celebrity Cruises and Silversea brands, together with a 50 per cent interest in the TUI Cruises joint venture, and is expanding its portfolio of private destinations from three to eight by 2028 while preparing to enter river cruising in 2027 with Celebrity River Cruises.

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