Carnival Corporation & plc Announces Closing of $2.0 Billion 6.125% Senior Unsecured Notes Offering for Refinancing and Interest Expense Reduction 

Transaction included redemption of $2.03 billion 10.375% Senior Priority Notes 

MIAMI, Feb. 7, 2025 -- Carnival Corporation & plc (NYSE/LSE: CCL; NYSE: CUK) today announced that Carnival Corporation (the "Company") has closed its previously announced private offering (the "Notes Offering") of $2.0 billion aggregate principal amount of 6.125% senior unsecured notes due 2033 (the "Notes"). The Company used the net proceeds from the Notes Offering, together with cash on hand, to redeem the $2.03 billion 10.375% senior priority notes due 2028 (the "Senior Priority Notes") of Carnival Holdings (Bermuda) Limited, resulting in a reduction in interest expense of over 4%.

The Notes Offering and the redemption of the Senior Priority Notes are a continuation of the Company's strategy to reduce interest expense, simplify its capital structure and manage its future debt maturities. The transaction is expected to reduce net annual interest expense by over $80 million. In addition, the indenture that governs the Notes has investment grade-style covenants.

The Notes will pay interest semi-annually on February 15 and August 15 of each year, beginning on August 15, 2025, at a rate of 6.125% per year. The Notes will be unsecured and will mature on February 15, 2033. The Notes will be fully and unconditionally guaranteed on an unsecured basis, jointly and severally, by Carnival plc and certain of the Company's and Carnival plc's subsidiaries that also guarantee our first-priority secured indebtedness, certain of our other unsecured notes and our convertible notes.

The Notes were offered only to persons reasonably believed to be qualified institutional buyers in reliance on Rule 144A under the Securities Act of 1933, as amended (the "Securities Act"), and outside the United States, only to non-U.S. investors pursuant to Regulation S under the Securities Act.

The Notes were not, and will not be, registered under the Securities Act or any state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and applicable state laws.

This press release shall not constitute an offer to sell or the solicitation of an offer to purchase the Notes or any other securities and shall not constitute an offer, solicitation or sale in any state or jurisdiction in which such offering, solicitation or sale would be unlawful.

About Carnival Corporation & plc

Carnival Corporation & plc is the largest global cruise company, and among the largest leisure travel companies, with a portfolio of world-class cruise lines - AIDA Cruises, Carnival Cruise Line, Costa Cruises, Cunard, Holland America Line, P&O Cruises (Australia), P&O Cruises (UK), Princess Cruises, and Seabourn.

Cautionary Note Concerning Forward-Looking Statements

Carnival Corporation and Carnival plc and their respective subsidiaries are referred to collectively in this press release as "Carnival Corporation & plc," "our," "us" and "we." Some of the statements, estimates or projections contained in this press release are "forward-looking statements" that involve risks, uncertainties and assumptions with respect to us, including some statements concerning the financing transactions described herein, future results, operations, outlooks, plans, goals, reputation, cash flows, liquidity and other events which have not yet occurred. These statements are intended to qualify for the safe harbors from liability provided by Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical facts are statements that could be deemed forward-looking. These statements are based on current expectations, estimates, forecasts and projections about our business and the industry in which we operate and the beliefs and assumptions of our management. We have tried, whenever possible, to identify these statements by using words like "will," "may," "could," "should," "would," "believe," "depends," "expect," "goal," "aspiration," "anticipate," "forecast," "project," "future," "intend," "plan," "estimate," "target," "indicate," "outlook," and similar expressions of future intent or the negative of such terms.

Forward-looking statements include those statements that relate to our outlook and financial position including, but not limited to, statements regarding:

Interest, tax and fuel expenses Liquidity and credit ratings The transactions described herein

Because forward-looking statements involve risks and uncertainties, there are many factors that could cause our actual results, performance or achievements to differ materially from those expressed or implied by our forward-looking statements. This note contains important cautionary statements of the known factors that we consider could materially affect the accuracy of our forward-looking statements and adversely affect our business, results of operations and financial position. These factors include, but are not limited to, the following:

Events and conditions around the world, including geopolitical uncertainty, war and other military actions, pandemics, inflation, higher fuel prices, higher interest rates and other general concerns impacting the ability or desire of people to travel could lead to a decline in demand for cruises as well as have significant negative impacts on our financial condition and operations. Incidents concerning our ships, guests or the cruise industry may negatively impact the satisfaction of our guests and crew and lead to reputational damage. Changes in and non-compliance with laws and regulations under which we operate, such as those relating to health, environment, safety and security, data privacy and protection, anti-money laundering, anti-corruption, economic sanctions, trade protection, labor and employment, and tax may be costly and lead to litigation, enforcement actions, fines, penalties and reputational damage. Factors associated with climate change, including evolving and increasing regulations, increasing global concern about climate change and the shift in climate conscious consumerism and stakeholder scrutiny, and increasing frequency and/or severity of adverse weather conditions could have a material impact on our business. Inability to meet or achieve our targets, goals, aspirations, initiatives, and our public statements and disclosures regarding them, including those related to sustainability matters, may expose us to risks that may adversely impact our business. Cybersecurity incidents and data privacy breaches, as well as disruptions and other damages to our principal offices, information technology operations and system networks and failure to keep pace with developments in technology have adversely impacted and may in the future materially adversely impact our business operations, the satisfaction of our guests and crew and may lead to fines, penalties and reputational damage. The loss of key team members, our inability to recruit or retain qualified shoreside and shipboard team members and increased labor costs could have an adverse effect on our business and results of operations. Increases in fuel prices, changes in the types of fuel consumed and availability of fuel supply may adversely impact our scheduled itineraries and costs. We rely on suppliers who are integral to the operations of our businesses. These suppliers and service providers may be unable to deliver on their commitments, which could negatively impact our business. Fluctuations in foreign currency exchange rates may adversely impact our financial results. Overcapacity and competition in the cruise and land-based vacation industry may negatively impact our cruise sales, pricing and destination options. Inability to implement our shipbuilding programs and ship repairs, maintenance and refurbishments may adversely impact our business operations and the satisfaction of our guests. We require a significant amount of cash to service our debt and sustain our operations. Our ability to generate cash depends on many factors, including those beyond our control, and we may not be able to generate cash required to service our debt and sustain our operations. Our substantial debt could adversely affect our financial health and operating flexibility. The risk factors included in Carnival Corporation's and Carnival plc's Annual Report on Form 10-K filed with the SEC on January 27, 2025.

The ordering of the risk factors set forth above is not intended to reflect our indication of priority or likelihood. Additionally, many of these risks and uncertainties are currently, and in the future may continue to be, amplified by our substantial debt balance incurred during the pause of our guest cruise operations. There may be additional risks that we consider immaterial or which are unknown.

Forward-looking statements should not be relied upon as a prediction of actual results. Subject to any continuing obligations under applicable law or any relevant stock exchange rules, we expressly disclaim any obligation to disseminate, after the date of this document, any updates or revisions to any such forward-looking statements to reflect any change in expectations or events, conditions or circumstances on which any such statements are based.

Forward-looking and other statements in this document may also address our sustainability progress, plans, and goals (including climate change and environmental-related matters). In addition, historical, current, and forward-looking sustainability- and climate-related statements may be based on standards and tools for measuring progress that are still developing, internal controls and processes that continue to evolve, and assumptions and predictions that are subject to change in the future and may not be generally shared.

SOURCE Carnival Corporation & plc

Carnival Corporation & plc Media Contact: Jody Venturoni, Carnival Corporation, jventuroni@carnival.com, (469) 797-6380; Carnival Corporation & plc Investor Relations Contact: Beth Roberts, Carnival Corporation, eroberts@carnival.com, (305) 406-4832

P&O Cruises reports record-breaking January

MIAMI and SOUTHAMPTON, England, Feb. 6, 2025 -- P&O Cruises has reported its strongest ever January, with record-breaking sales volume across the board during the month. The cruise line also reported more newcomers have booked in January than ever before.

The two most popular destinations were Norwegian fjords and Caribbean with both destinations booking record volumes, as well as the highest number of premium cabins booked, with more suites and balconies booked throughout January than ever before.

Carnival UK & P&O Cruises president Paul Ludlow said: "We have seen a record-breaking month for P&O Cruises holidays, with our incredible new TV campaign inspiring and encouraging viewers to book their next holiday with us. We have also seen a continued trend for guests booking suites and balcony cabins indicating guests are treating themselves to more luxurious cabins that offer endless views of the Norwegian fjords and Caribbean islands."

P&O Cruises has limited time offers for new applicable holidays booked by March 3, 2025. These include:

Extra onboard spending money, up to £500 per cabin*, which can be spent on shore experiences, speciality dining, spa treatments and more Low 10% deposit** 20% off classic drinks packages^ Extra guests sail freeΔ

Travel agents should go to www.shinerewardsclub.com/ for more information and toolkits including campaign details, marketing assets and lead in fares.

Terms and conditions*Extra on-board spending money is applicable to new Select Price bookings made by March 3, 2025, on applicable departures through to March 27, 2027.

**10% deposit is applicable to new Select Price or Early Saver bookings made by March 3, 2025, on applicable departures through to March 27, 2027.

^20% discount off Classic drinks packages is available when purchased at time of booking and is applicable to new Select Price or Early Saver holiday of five nights or more when booked by March 3, 2025, on applicable departures through to March 27, 2027.

Δ3rd and 4th guests sail free when sharing an applicable cabin with two full paying adults. Offer is available on selected cabins on selected off-peak holidays sailing from/to Southampton for seven nights or more departing between January 1, 2026, and December 5, 2026, when booked by March 3, 2025.

About P&O CruisesP&O Cruises is Britain's favourite cruise line, welcoming guests onboard its seven ships to experience holidays with a blend of discovery, choice, relaxation and exceptional service catered towards British tastes. With a proud history spanning more than 187 years, each ship has its own appeal from family friendly or exclusively for adults with every sailing delivering each guest a holiday like never before.

With almost 200 destinations worldwide, P&O Cruises itineraries are carefully curated to inspire discovery and are varied to suit newcomers and experienced guests alike.

P&O Cruises offers its travel agent partners access to its reward and loyalty platform, Shine Rewards Club. Shine Rewards Club offers agents the chance to earn points for every Select Price booking they make for P&O Cruises. Points can be redeemed towards high street vouchers or a P&O Cruises Holiday. Shinerewardsclub.com is also a great hub for travel agents to access the latest news and learning materials from P&O Cruises.

Recent awards for P&O Cruises include:1.  Wave Awards 2024 – Best Ocean Cruise Line2.  British Travel Awards 2024 – Best Cruise Line for Family Holidays (winner) and Best Cruise Line for No-Fly Cruise Holidays (silver accreditation)3.  Best in Cruise Awards by Cruise Critic Awards 2024 – Best Cruise Line and Best for Families4.  The Travel Industry Awards 2024 by TTG - Ocean Cruise Line of the Year

The company is part of Carnival Corporation & PLC (NYSE/LSE: CCL; NYSE:CUK). 

CONTACT: Michele Andjel, michele.andjel@carnivalukgroup.com 07730 732 072; Jade Berry, jade.berry@pocruises.com 07467 999 381

CARNIVAL PLC - VOTING RIGHTS AND CAPITAL

In accordance with the FCA's Disclosure and Transparency Rules, at 9:00 a.m. Eastern Time on 31 January 2025 Carnival plc had 217,406,012 issued ordinary shares of US $1.66 each admitted to trading. Carnival plc holds 29,718,429 ordinary shares in Treasury.

Although Carnival plc has 187,687,583 issued and outstanding ordinary shares, the 24,901,144 ordinary shares held by Carnival Investments Limited and 17,975,128 ordinary shares held by Carnival Corporation do not carry the right to vote (in accordance with the Articles of Association of Carnival plc).

 

Therefore, the total number of voting rights in Carnival plc is 144,811,311. The above figure of 144,811,311 may be used by shareholders (and others with notification obligations) as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, Carnival plc under the FCA's Disclosure and Transparency Rules.

 

 

6 February 2025

Carnival Corporation & plc Announces Pricing of $2.0 Billion 6.125% Senior Unsecured Notes Offering for Refinancing and Interest Expense Reduction

Proceeds from the offering of senior unsecured notes to be used to redeem $2.03 billion 10.375% senior priority notes due 2028 

MIAMI, Jan. 28, 2025 -- Carnival Corporation & plc (NYSE/LSE: CCL; NYSE: CUK) today announced that Carnival Corporation (the "Company") priced its private offering (the "Notes Offering") of $2.0 billion aggregate principal amount of 6.125% senior unsecured notes due 2033 (the "Notes"). The Company expects to use the net proceeds from the Notes Offering, together with cash on hand, to redeem the $2.03 billion 10.375% senior priority notes due 2028 (the "Senior Priority Notes") of Carnival Holdings (Bermuda) Limited ("Carnival Bermuda").

The Notes Offering and the redemption of the Senior Priority Notes are a continuation of the Company's strategy to reduce interest expense, simplify its capital structure and manage its future debt maturities. The Company expects to reduce net annual interest expense by over $80 million as a result of the transaction. In addition, the indenture that will govern the Notes is expected to have investment grade-style covenants.

The Notes Offering is expected to close on February 7, 2025, subject to customary closing conditions. The previously announced redemption of the Senior Priority Notes is expected to occur on February 7, 2025, and is conditioned on the closing of the Notes Offering.

The Notes will pay interest semi-annually on February 15 and August 15 of each year, beginning on August 15, 2025, at a rate of 6.125% per year. The Notes will be unsecured and will mature on February 15, 2033. The Notes will be fully and unconditionally guaranteed on an unsecured basis, jointly and severally, by Carnival plc and certain of the Company's and Carnival plc's subsidiaries that also guarantee our first-priority secured indebtedness, certain of our other unsecured notes and our convertible notes.

This press release does not constitute a notice of redemption with respect to the Senior Priority Notes.

The Notes are being offered only to persons reasonably believed to be qualified institutional buyers in reliance on Rule 144A under the Securities Act of 1933, as amended (the "Securities Act"), and outside the United States, only to non-U.S. investors pursuant to Regulation S under the Securities Act.

The Notes will not be registered under the Securities Act or any state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and applicable state laws.

This press release shall not constitute an offer to sell or the solicitation of an offer to purchase the Notes or any other securities and shall not constitute an offer, solicitation or sale in any state or jurisdiction in which such offering, solicitation or sale would be unlawful.

About Carnival Corporation & plc

Carnival Corporation & plc is the largest global cruise company, and among the largest leisure travel companies, with a portfolio of world-class cruise lines - AIDA Cruises, Carnival Cruise Line, Costa Cruises, Cunard, Holland America Line, P&O Cruises (Australia), P&O Cruises (UK), Princess Cruises, and Seabourn.

Cautionary Note Concerning Forward-Looking Statements

Carnival Corporation and Carnival plc and their respective subsidiaries are referred to collectively in this press release as "Carnival Corporation & plc," "our," "us" and "we." Some of the statements, estimates or projections contained in this press release are "forward-looking statements" that involve risks, uncertainties and assumptions with respect to us, including some statements concerning the financing transactions described herein, future results, operations, outlooks, plans, goals, reputation, cash flows, liquidity and other events which have not yet occurred. These statements are intended to qualify for the safe harbors from liability provided by Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical facts are statements that could be deemed forward-looking. These statements are based on current expectations, estimates, forecasts and projections about our business and the industry in which we operate and the beliefs and assumptions of our management. We have tried, whenever possible, to identify these statements by using words like "will," "may," "could," "should," "would," "believe," "depends," "expect," "goal," "aspiration," "anticipate," "forecast," "project," "future," "intend," "plan," "estimate," "target," "indicate," "outlook," and similar expressions of future intent or the negative of such terms.

Forward-looking statements include those statements that relate to our outlook and financial position including, but not limited to, statements regarding:

Interest, tax and fuel expenses Liquidity and credit ratings The transactions described herein

Because forward-looking statements involve risks and uncertainties, there are many factors that could cause our actual results, performance or achievements to differ materially from those expressed or implied by our forward-looking statements. This note contains important cautionary statements of the known factors that we consider could materially affect the accuracy of our forward-looking statements and adversely affect our business, results of operations and financial position. These factors include, but are not limited to, the following: 

Events and conditions around the world, including geopolitical uncertainty, war and other military actions, pandemics, inflation, higher fuel prices, higher interest rates and other general concerns impacting the ability or desire of people to travel could lead to a decline in demand for cruises as well as have significant negative impacts on our financial condition and operations. Incidents concerning our ships, guests or the cruise industry may negatively impact the satisfaction of our guests and crew and lead to reputational damage. Changes in and non-compliance with laws and regulations under which we operate, such as those relating to health, environment, safety and security, data privacy and protection, anti-money laundering, anti-corruption, economic sanctions, trade protection, labor and employment, and tax may be costly and lead to litigation, enforcement actions, fines, penalties and reputational damage. Factors associated with climate change, including evolving and increasing regulations, increasing global concern about climate change and the shift in climate conscious consumerism and stakeholder scrutiny, and increasing frequency and/or severity of adverse weather conditions could have a material impact on our business. Inability to meet or achieve our targets, goals, aspirations, initiatives, and our public statements and disclosures regarding them, including those related to sustainability matters, may expose us to risks that may adversely impact our business. Cybersecurity incidents and data privacy breaches, as well as disruptions and other damages to our principal offices, information technology operations and system networks and failure to keep pace with developments in technology have adversely impacted and may in the future materially adversely impact our business operations, the satisfaction of our guests and crew and may lead to fines, penalties and reputational damage. The loss of key team members, our inability to recruit or retain qualified shoreside and shipboard team members and increased labor costs could have an adverse effect on our business and results of operations. Increases in fuel prices, changes in the types of fuel consumed and availability of fuel supply may adversely impact our scheduled itineraries and costs. We rely on suppliers who are integral to the operations of our businesses. These suppliers and service providers may be unable to deliver on their commitments, which could negatively impact our business. Fluctuations in foreign currency exchange rates may adversely impact our financial results. Overcapacity and competition in the cruise and land-based vacation industry may negatively impact our cruise sales, pricing and destination options. Inability to implement our shipbuilding programs and ship repairs, maintenance and refurbishments may adversely impact our business operations and the satisfaction of our guests. We require a significant amount of cash to service our debt and sustain our operations. Our ability to generate cash depends on many factors, including those beyond our control, and we may not be able to generate cash required to service our debt and sustain our operations. Our substantial debt could adversely affect our financial health and operating flexibility. The risk factors included in Carnival Corporation's and Carnival plc's Annual Report on Form 10-K filed with the SEC on January 27, 2025.

The ordering of the risk factors set forth above is not intended to reflect our indication of priority or likelihood. Additionally, many of these risks and uncertainties are currently, and in the future may continue to be, amplified by our substantial debt balance incurred during the pause of our guest cruise operations. There may be additional risks that we consider immaterial or which are unknown.

Forward-looking statements should not be relied upon as a prediction of actual results. Subject to any continuing obligations under applicable law or any relevant stock exchange rules, we expressly disclaim any obligation to disseminate, after the date of this document, any updates or revisions to any such forward-looking statements to reflect any change in expectations or events, conditions or circumstances on which any such statements are based.

Forward-looking and other statements in this document may also address our sustainability progress, plans, and goals (including climate change and environmental-related matters). In addition, historical, current, and forward-looking sustainability- and climate-related statements may be based on standards and tools for measuring progress that are still developing, internal controls and processes that continue to evolve, and assumptions and predictions that are subject to change in the future and may not be generally shared.

CONTACT: Carnival Corporation & plc Media Contact: Jody Venturoni, Carnival Corporation, jventuroni@carnival.com, (469) 797-6380; Carnival Corporation & plc Investor Relations Contact: Beth Roberts, Carnival Corporation, eroberts@carnival.com, (305) 406-4832

SOURCE: Carnival Corporation & plc

The digital age threatens to create a generational gap in our collective historyNew international study reveals a staggering 256 billion1 images are taken every year in the UK & US aloneOnly 3% of adults store their cherished memories in printed albumOver 70% believe that without printed photos, future generations' memories could be lostCunard calls for public to help co-create a global exhibition to preserve cherished memories on board its ships for its 185th Anniversary

VALENCIA, Calif., Jan. 28, 2025 /CNW/ -- Are future generations at risk of losing precious childhood memories? According to new research by luxury British cruise line Cunard, the digital age is creating a generational gap in our collective history. In response to this, Cunard is calling upon the public to help preserve these precious moments in a new physical exhibition curated by renowned British photographer Mary McCartney to mark 185 years of ocean travel.

The digital age threatens to create a generational gap in our collective historyNew international study reveals a staggering 256 billion1 images are taken every year in the UK & US aloneOnly 3% of adults store their cherished memories in printed albumOver 70% believe that without printed photos, future generations' memories could be lostCunard calls for public to help co-create a global exhibition to preserve cherished memories on board its ships for its 185th Anniversary

VALENCIA, Calif., Jan. 28, 2025 /PRNewswire/ -- Are future generations at risk of losing precious childhood memories? According to new research by luxury British cruise line Cunard, the digital age is creating a generational gap in our collective history. In response to this, Cunard is calling upon the public to help preserve these precious moments in a new physical exhibition curated by renowned British photographer Mary McCartney to mark 185 years of ocean travel.

Carnival Corporation & plc Announces the Redemption of Existing $2.03 Billion Senior Priority Notes and Launch of New Senior Unsecured Notes Offering for Interest Expense Reduction

 

MIAMI, Jan. 28, 2025 -- Carnival Corporation & plc (NYSE/LSE: CCL; NYSE: CUK) today announced that Carnival Corporation (the "Company") commenced a private offering (the "Notes Offering") of new senior unsecured notes in an aggregate principal amount of $2.0 billion, expected to mature in 2033 (the "Notes"), to refinance the $2.03 billion 10.375% senior priority notes due 2028 (the "Senior Priority Notes") of Carnival Holdings (Bermuda) Limited ("Carnival Bermuda"), expecting to reduce interest expense, simplify its capital structure and manage its future debt maturities. In addition, the indenture that will govern the Notes is expected to have investment grade-style covenants.

Carnival Bermuda issued a conditional notice of redemption for the entire outstanding principal amount of the Senior Priority Notes to be redeemed on or about February 7, 2025, at a redemption price equal to 100.0% of the principal amount of the Senior Priority Notes to be redeemed, plus the applicable "make-whole" premium and accrued and unpaid interest to, but excluding, the redemption date. The Company expects to fund the redemption using the net proceeds from the Notes Offering and cash on hand. The redemption is conditioned on the closing of the Notes Offering.

This press release does not constitute a notice of redemption with respect to the Senior Priority Notes.

The Notes will be offered only to persons reasonably believed to be qualified institutional buyers in reliance on Rule 144A under the Securities Act of 1933, as amended (the "Securities Act"), and outside the United States, only to non-U.S. investors pursuant to Regulation S under the Securities Act.

The Notes will not be registered under the Securities Act or any state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and applicable state laws.

This press release shall not constitute an offer to sell or the solicitation of an offer to purchase the Notes or any other securities and shall not constitute an offer, solicitation or sale in any state or jurisdiction in which such offering, solicitation or sale would be unlawful.

About Carnival Corporation & plc

Carnival Corporation & plc is the largest global cruise company, and among the largest leisure travel companies, with a portfolio of world-class cruise lines - AIDA Cruises, Carnival Cruise Line, Costa Cruises, Cunard, Holland America Line, P&O Cruises (Australia), P&O Cruises (UK), Princess Cruises, and Seabourn.

Cautionary Note Concerning Forward-Looking Statements

Carnival Corporation and Carnival plc and their respective subsidiaries are referred to collectively in this press release as "Carnival Corporation & plc," "our," "us" and "we." Some of the statements, estimates or projections contained in this press release are "forward-looking statements" that involve risks, uncertainties and assumptions with respect to us, including some statements concerning the financing transactions described herein, future results, operations, outlooks, plans, goals, reputation, cash flows, liquidity and other events which have not yet occurred. These statements are intended to qualify for the safe harbors from liability provided by Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical facts are statements that could be deemed forward-looking. These statements are based on current expectations, estimates, forecasts and projections about our business and the industry in which we operate and the beliefs and assumptions of our management. We have tried, whenever possible, to identify these statements by using words like "will," "may," "could," "should," "would," "believe," "depends," "expect," "goal," "aspiration," "anticipate," "forecast," "project," "future," "intend," "plan," "estimate," "target," "indicate," "outlook," and similar expressions of future intent or the negative of such terms.

Forward-looking statements include those statements that relate to our outlook and financial position including, but not limited to, statements regarding:

Interest, tax and fuel expenses Liquidity and credit ratings The transactions described herein

Because forward-looking statements involve risks and uncertainties, there are many factors that could cause our actual results, performance or achievements to differ materially from those expressed or implied by our forward-looking statements. This note contains important cautionary statements of the known factors that we consider could materially affect the accuracy of our forward-looking statements and adversely affect our business, results of operations and financial position. These factors include, but are not limited to, the following: 

Events and conditions around the world, including geopolitical uncertainty, war and other military actions, pandemics, inflation, higher fuel prices, higher interest rates and other general concerns impacting the ability or desire of people to travel could lead to a decline in demand for cruises as well as have significant negative impacts on our financial condition and operations. Incidents concerning our ships, guests or the cruise industry may negatively impact the satisfaction of our guests and crew and lead to reputational damage. Changes in and non-compliance with laws and regulations under which we operate, such as those relating to health, environment, safety and security, data privacy and protection, anti-money laundering, anti-corruption, economic sanctions, trade protection, labor and employment, and tax may be costly and lead to litigation, enforcement actions, fines, penalties and reputational damage. Factors associated with climate change, including evolving and increasing regulations, increasing global concern about climate change and the shift in climate conscious consumerism and stakeholder scrutiny, and increasing frequency and/or severity of adverse weather conditions could have a material impact on our business. Inability to meet or achieve our targets, goals, aspirations, initiatives, and our public statements and disclosures regarding them, including those related to sustainability matters, may expose us to risks that may adversely impact our business. Cybersecurity incidents and data privacy breaches, as well as disruptions and other damages to our principal offices, information technology operations and system networks and failure to keep pace with developments in technology have adversely impacted and may in the future materially adversely impact our business operations, the satisfaction of our guests and crew and may lead to fines, penalties and reputational damage. The loss of key team members, our inability to recruit or retain qualified shoreside and shipboard team members and increased labor costs could have an adverse effect on our business and results of operations. Increases in fuel prices, changes in the types of fuel consumed and availability of fuel supply may adversely impact our scheduled itineraries and costs. We rely on suppliers who are integral to the operations of our businesses. These suppliers and service providers may be unable to deliver on their commitments, which could negatively impact our business. Fluctuations in foreign currency exchange rates may adversely impact our financial results. Overcapacity and competition in the cruise and land-based vacation industry may negatively impact our cruise sales, pricing and destination options. Inability to implement our shipbuilding programs and ship repairs, maintenance and refurbishments may adversely impact our business operations and the satisfaction of our guests. We require a significant amount of cash to service our debt and sustain our operations. Our ability to generate cash depends on many factors, including those beyond our control, and we may not be able to generate cash required to service our debt and sustain our operations. Our substantial debt could adversely affect our financial health and operating flexibility. The risk factors included in Carnival Corporation's and Carnival plc's Annual Report on Form 10-K filed with the SEC on January 27, 2025.

The ordering of the risk factors set forth above is not intended to reflect our indication of priority or likelihood. Additionally, many of these risks and uncertainties are currently, and in the future may continue to be, amplified by our substantial debt balance incurred during the pause of our guest cruise operations. There may be additional risks that we consider immaterial or which are unknown.

Forward-looking statements should not be relied upon as a prediction of actual results. Subject to any continuing obligations under applicable law or any relevant stock exchange rules, we expressly disclaim any obligation to disseminate, after the date of this document, any updates or revisions to any such forward-looking statements to reflect any change in expectations or events, conditions or circumstances on which any such statements are based.

Forward-looking and other statements in this document may also address our sustainability progress, plans, and goals (including climate change and environmental-related matters). In addition, historical, current, and forward-looking sustainability- and climate-related statements may be based on standards and tools for measuring progress that are still developing, internal controls and processes that continue to evolve, and assumptions and predictions that are subject to change in the future and may not be generally shared.

 

Carnival Corporation & plc Media Contact: Jody Venturoni, Carnival Corporation, jventuroni@carnival.com, (469) 797-6380; Carnival Corporation & plc Investor Relations Contact: Beth Roberts, Carnival Corporation, eroberts@carnival.com, (305) 406-4832

 

Broadway legend Sutton Foster performs onboard Cunard's newest ship, Queen Anne ahead of her engagement during Queen Elizabeth's 2025-2026  Miami homeporting

VALENCIA, Calif., Jan. 21, 2025 /PRNewswire/ -- History was made today when Cunard celebrated Queen Anne's arrival in Miami for her maiden call, her second stop in North America since her launch in May 2024. The special day marked a proud moment for Cunard as they build towards welcoming Queen Elizabeth to Miami, with voyages to the Caribbean starting on October 16.  It will be the first time in Cunard's 185-year history that one of the fleet's iconic ships will spend a full season in Miami.

Broadway legend Sutton Foster performs onboard Cunard's newest ship, Queen Anne ahead of her engagement during Queen Elizabeth's 2025-2026  Miami homeporting

VALENCIA, Calif., Jan. 21, 2025 /CNW/ -- History was made today when Cunard celebrated Queen Anne's arrival in Miami for her maiden call, her second stop in North America since her launch in May 2024. The special day marked a proud moment for Cunard as they build towards welcoming Queen Elizabeth to Miami, with voyages to the Caribbean starting on October 16.  It will be the first time in Cunard's 185-year history that one of the fleet's iconic ships will spend a full season in Miami.

Queen Anne is the company's first new ship in 14 years

VALENCIA, Calif., Jan. 18, 2025 /PRNewswire/ -- Today, Cunard's highly anticipated new ship, Queen Anne marked her North American debut as she arrived in New York on her maiden call from Southampton, England. Cunard's first new ship in 14 years spans 14 decks and features 15 dining venues, accommodating up to 3,000 guests.

For the first time in Cunard's 185-year history, the line has two female leaders in command. Captain Inger Klein Thorhauge, one of the few female captains in the maritime industry, is at the helm of Queen Anne, and Katie McAlister, Cunard's president, is steering the company into an exciting era of luxury cruising.