Royal Caribbean Cruises Ltd. · NYSE:RCL
Royal Caribbean Cruises — Q3 2026 Earnings Presentation
22 slides from Royal Caribbean Cruises's earnings presentation, Oct 27, 2026
Slide 1: Q3 Earnings Call
OS ©) y 0 2 6 Royal Caribbean Group Ld ROYAL Celebrity 9K Cruises: % WG carissean EARNINGS CALL g& SILVERSEA RCL LISTED NYSE
Slide 2: Forward Looking Statements and Non-GAAP Financial Information
FORWARD LOOKING STATEMENTS AND NON-GAAP FINANCIAL INFORMATION Certain statements in this presentation relating to, among other things, our future performance estimates, forecasts and projections constitute forward-looking statements under the Private Securities Litigation Reform Act of 1995. These s
Slide 3: Our Mission: Deliver the Best Vacations Responsibly
OUR MISSION DELIVER THE BEST VACATIONS RESPONSIBLY 3 Royal Caribbean, Perfect Day
Slide 4: Q3 by the Numbers
Q3 BY THE NUMBERS Royal Caribbean, Legend of the Seas, The Pearl Load Factor 112% Net Yield Growth vs. 2025 0.6% (in Constant Currency) NCCx Growth vs. 2025 (1.8%) (in Constant Currency) PLACE IMAGE Adjusted EBITDA $2.54B HERE +11% vs. 2025 (image must fill the width of this gray box) Adjusted EBITD
Slide 5: FY 2026 Guidance
FY 2026 GUIDANCE Silversea, The Cormorant at 55 South, Puerto Williams, Chile APCDs 56.8M Capacity Growth vs. 2025 6.6% Net Yield Growth vs. 2025 Approx. 2.1% (in Constant Currency) PLACE IMAGE NCCx Growth vs. 2025 (in Constant Currency) Approx. Flat HERE (image must fill the width of this gray box)
Slide 6: FY 2026 Guidance: Reconciliation to Prior Guidance
FY 2026 GUIDANCE Celebrity Compass, Cologne, Germany Reconciliation to Prior Guidance $17.73 - July 2026 Guidance $17.87 Q3 Permanent Beat (excl. cost timing) $0.21 PLACE IMAGE HERE (image must fill the width of Q4 FX/Fuel Rate ($0.11) this gray box) $17.85 - October 2026 Guidance $17.95 *Based on c
Slide 7: Q4 2026 Guidance
Q4 2026 GUIDANCE Silversea, The Cormorant at 55 South, Puerto Williams, Chile APCDs 14.7M Capacity Growth vs. 2025 5.0% Net Yield Growth vs. 2025 4.2% to 4.7% (in Constant Currency) NCCx Growth vs. 2025 (in Constant Currency) (1.4%) to (0.9%) PLACE IMAGE HERE (image must fill the width of Fuel Appro
Slide 8: Entering All Inclusive Market
Royal Caribbean, Legend of the Seas ENTERING ALL INCLUSIVE MARKET
Slide 9: Global Consumers Spend Over $2T Annually on Vacations
Global Consumers Spend Over $2T Annually on Vacations Travelers in the U.S. — our largest market — use 20+ nights on vacations per year GLOBAL VACATION MARKET1 IS $2T+ AND GROWING +6% $2.8T Today, we only capture CAGR $2.3T 20-25% of our guests’ vacation wallets2 Growing frequency and 2025 2029 repe
Slide 10: Our Strategies Are Enabling a Lifetime of Vacations
Deepen Customer Relationships Build a lifetime of loyalty through data and innovation Commercial Travel Platform Co-Brand Credit Card Enterprise Loyalty Data, Technology, and AI OUR STRATEGIES ARE Expand Vacation ENABLING A LIFETIME Experiences OF VACATIONS Win In Cruise Introduce new experiences to
Slide 11: Following the Customer and Participating in Over 50% of the U.S. Vacation Market
We Are Following the Customer and 71 Ocean2 ships today and 81 when including ships on order Now Participating in Over 50% of 20 River ships on order the U.S. Vacation Market U.S. vacation 4 unique destination experiences market by trip type1 4 more on the way Gaming Other Amusement Park Sailing to
Slide 12: Delivering the Best Vacations Responsibly While Maintaining Investment Grade Metrics
WH I LE Delivering the Best Vacations Responsibly and Maintaining Solid Investment Grade Metrics 12 BY 2027
Slide 13: Our Proven Formula Delivers Long-Term Shareholder Value
OUR PROVEN FORMULA DELIVERS LONG-TERM SHAREHOLDER VALUE Moderate Capacity Growth Moderate Yield Growth Disciplined Cost Control 13 13
Slide 14: Turning the Vacation of a Lifetime into a Lifetime of Vacations
TURNING THE VACATION OF A LIFETIME INTO A LIFETIME OF VACATIONS
Slide 15: Appendix: Definitions and Non-GAAP Information and Reconciliation
APPENDIX Definitions and Non-GAAP Information and Reconciliation This presentation includes certain adjusted financial measures defined as non-GAAP financial measures under Securities and Exchange Commission rules, which we believe provide useful information to investors as a supplement to our conso
Slide 16: Definitions
Definitions • Adjusted Earnings per Share ("Adjusted EPS") is a non-GAAP measure that represents Adjusted Net Income attributable to Royal Caribbean Cruises Ltd. (as defined below) divided by weighted average shares outstanding or by diluted weighted average shares outstanding, as applicable. We bel
Slide 17: Definitions
Definitions • EBITDA is a non-GAAP measure that represents net income attributable to Royal Caribbean Cruises Ltd. excluding (i) interest income; (ii) interest expense, net of interest capitalized; (iii) depreciation and amortization expenses; and (iv) income tax benefit or expense. We believe that
Slide 18: Selected Statistical Information
SELECTED STATISTICAL INFORMATION Quarter Ended Nine Months Ended September 30, September 30, 2026 2025 2026 2025 Passengers Carried 2,676,480 2,466,039 7,567,360 6,961,768 Passenger Cruise Days 16,692,392 15,356,271 46,527,802 43,402,497 APCD 14,844,688 13,698,886 42,119,787 39,299,263 Occupancy 112
Slide 19: Non-GAAP Reconciliation Information (Unaudited)
NON-GAAP RECONCILIATION INFORMATION (Unaudited) 19
Slide 20: Non-GAAP Reconciliation Information (Unaudited)
NON-GAAP RECONCILIATION INFORMATION (Unaudited) 20
Slide 21: Non-GAAP Reconciliation Information (Unaudited)
NON-GAAP RECONCILIATION INFORMATION (Unaudited) 21
Slide 22: Non-GAAP Reconciliation Information (Unaudited)
NON-GAAP RECONCILIATION INFORMATION (Unaudited) 22
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