ROYAL CARIBBEAN CRUISES LTD

Previous wording

•a discussion of our results of operations for the quarter and nine months ended September 30, 2025, compared to the same period in 2024; and

Current wording

•a discussion of our results of operations for the quarter ended March 31, 2026, compared to the same period in 2025; and

Previous wording

Adjusted EBITDA is a non-GAAP measure that represents EBITDA (as defined below) excluding certain items that we believe adjusting for is meaningful when assessing our profitability on a comparative basis. For the periods presented, these items included (i) other expense (income), (ii) equity investment impairment, recovery of losses, and other, (iii) restructuring charges and other initiative expenses, and (iv) impairment losses. A reconciliation of Net Income attributable to Royal Caribbean Cruises Ltd. to Adjusted EBITDA is provided below under Results of Operations.

Current wording

Adjusted EBITDA is a non-GAAP measure that represents EBITDA (as defined below) excluding certain items that we believe adjusting for is meaningful when assessing our profitability on a comparative basis. For the periods presented, these items included (i) other income; and (ii) restructuring charges and other initiative expenses. A reconciliation of Net Income attributable to Royal Caribbean Cruises Ltd. to Adjusted EBITDA is provided below under Results of Operations.

Previous wording

Adjusted Gross Margin represents Gross Margin, adjusted for payroll and related, food, fuel, other operating, and depreciation and amortization expense. Gross Margin is calculated pursuant to GAAP as total revenues less total cruise operating expenses, and depreciation and amortization.

Current wording

Adjusted Gross Margin represents Gross Margin, adjusted for payroll and related, food, fuel, other operating, and depreciation and amortization expenses. Gross Margin is calculated pursuant to GAAP as total revenues less total cruise operating expenses, and depreciation and amortization.

Previous wording

Adjusted Net Income attributable to Royal Caribbean Cruises Ltd. is a non-GAAP measure that represents Net Income attributable to Royal Caribbean Cruises Ltd., excluding certain items that we believe adjusting for is meaningful when assessing our performance on a comparative basis. For the periods presented, these items included (i) loss on extinguishment of debt and inducement expense, (ii) the amortization of the Silversea intangible assets resulting from the Silversea acquisition, (iii) restructuring charges and other initiative expenses, (iv) equity investments impairment, recovery of losses, and other, (v) impairment losses, (vi) gain on sale of noncontrolling interest, and (vii) tax on the sale of PortMiami noncontrolling interest. A reconciliation of Net Income attributable to Royal Caribbean Cruises Ltd. to Adjusted Net Income attributable to Royal Caribbean Cruises Ltd. is provided below under Results of Operations.

Current wording

Adjusted Net Income attributable to Royal Caribbean Cruises Ltd. is a non-GAAP measure that represents Net Income attributable to Royal Caribbean Cruises Ltd., excluding certain items that we believe adjusting for is meaningful when assessing our performance on a comparative basis. For the periods presented, these items included (i) loss on extinguishment of debt and inducement expense; (ii) restructuring charges and other initiatives expenses; and (iii) the amortization of the Silversea intangible assets resulting from the Silversea acquisition. A reconciliation of Net Income attributable to Royal Caribbean Cruises Ltd. to Adjusted Net Income attributable to Royal Caribbean Cruises Ltd. is provided below under Results of Operations.

Previous wording

Constant Currency is a significant measure for our revenues and expenses, which are denominated in currencies other than the U.S. Dollar. Because our reporting currency is the U.S. Dollar, the value of these revenues and expenses in U.S. Dollar will be affected by changes in currency exchange rates. Although such changes in local currency prices are just one of many elements impacting our revenues and expenses, it can be an important element. For this reason, we also monitor our revenues and expenses in "Constant Currency" - i.e., as if the current period's currency exchange rates had remained constant with the comparable prior period's rates. For the 2025 period presented, we calculate "Constant Currency" by applying the average for 2024 period exchange rates for each of the corresponding months, so as to calculate what the results would have been had exchange rates been the same throughout both periods. We do not make predictions about future exchange rates and use current exchange rates for calculations of future periods. It should be emphasized that the use of Constant Currency is primarily used by us for comparing short-term changes and/or projections. Over the longer term, changes in guest sourcing and shifting the amount of purchases between currencies can significantly change the impact of the purely currency-based fluctuations.

Current wording

Constant Currencyis a significant measure for our revenues and expenses, which are denominated in currencies other than the U.S. Dollar. Because our reporting currency is the U.S. Dollar, the value of these revenues and expenses in U.S. Dollar will be affected by changes in currency exchange rates. Although such changes in local currency prices are just one of many elements impacting our revenues and expenses, it can be an important element. For this reason, we also monitor our revenues and expenses in "Constant Currency" - i.e., as if the current period's currency exchange rates had remained constant with the comparable prior period's rates. We calculate "Constant Currency" by applying the average of the prior period exchange rates for each of the corresponding months, so as to calculate what the results would have been had exchange rates been the same throughout both periods. We do not make predictions about future exchange rates and use current exchange rates for calculations of future periods. It should be emphasized that the use of Constant Currency is primarily used by us for comparing short-term changes and/or projections. Over the longer term, changes in guest sourcing and shifting the amount of purchases between currencies can significantly change the impact of the purely currency-based fluctuations.

Previous wording

EBITDAis 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 expense. We believe that this non-GAAP measure is meaningful when assessing our operating performance on a comparative basis. A reconciliation of Net Income attributable to Royal Caribbean Cruises Ltd. to EBITDA is provided below under Results of Operations.

Current wording

EBITDAis 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) provision for income taxes. We believe that this non-GAAP measure is meaningful when assessing our operating performance on a comparative basis. A reconciliation of Net Income attributable to Royal Caribbean Cruises Ltd. to EBITDA is provided below under Results of Operations.

Previous wording

Gross Margin Yields represent Gross Margin per APCD.

Current wording

Gross Margin Yield represent Gross Margin per APCD.

Previous wording

Net Cruise Costsand Net Cruise Costs Excluding Fuel are non-GAAP measures that represent Gross Cruise Costs excluding commissions, transportation and other expenses, and onboard and other expenses and, in the case of Net Cruise Costs Excluding Fuel, fuel expenses (each of which is described above under the Description of Certain Line Items heading). In measuring our ability to control costs in a manner that positively impacts net income, we believe changes in Net Cruise Costs and Net Cruise Costs Excluding Fuel to be the most relevant indicators of our performance. A reconciliation of Gross Cruise Costs to Net Cruise Costs and Net Cruise Costs Excluding Fuel is provided below under Results of Operations. For the periods presented, Net Cruise Costs and Net Cruise Costs Excluding Fuel excludes (i) restructuring charges and other initiative expenses, and (ii) impairment losses.

Current wording

Net Cruise Costsand Net Cruise Costs excluding Fuel are non-GAAP measures that represent Gross Cruise Costs excluding commissions, transportation and other expenses, and onboard and other expenses and, in the case of Net Cruise Costs excluding Fuel, fuel expenses (each of which is described above under the Description of Certain Line Items heading). In measuring our ability to control costs in a manner that positively impacts net income, we believe changes in Net Cruise Costs and Net Cruise Costs excluding Fuel to be the most relevant indicators of our cost performance. A reconciliation of Gross Cruise Costs to Net Cruise Costs and Net Cruise Costs excluding Fuel is provided below under Results of Operations. For the periods presented, Net Cruise Costs and Net Cruise Costs excluding Fuel excludes restructuring charges and other initiative expenses.

Previous wording

Net Income attributable to Royal Caribbean Cruises Ltd. and Adjusted Net Income attributable to Royal Caribbean Cruises Ltd. for the third quarter of 2025 was $1.6 billion, respectively, compared to Net Income and Adjusted Net Income of $1.1 billion and $1.4 billion, respectively, for the third quarter of 2024.

Current wording

Net Income attributable to Royal Caribbean Cruises Ltd. and Adjusted Net Income attributable to Royal Caribbean Cruises Ltd. for the first quarter of 2026 was $941 million and $975 million, respectively, compared to Net Income attributable to Royal Caribbean Cruises Ltd. and Adjusted Net Income attributable to Royal Caribbean Cruises Ltd. of $730 million and $744 million, respectively, for the first quarter of 2025.

Previous wording

Significant items for the quarter and nine months ended September 30, 2025 include:

Current wording

Significant items for the quarter ended March 31, 2026 include:

Previous wording

•Total revenues increased $253 million and $952 million for the quarter and nine months ended September 30, 2025 as compared to the same periods in 2024. The increase was primarily due to an increase in capacity, ticket prices and onboard spending in 2025, compared to same period in 2024.

Current wording

•Total revenues increased $453 million for the quarter ended March 31, 2026 as compared to the same period in 2025. The increase was primarily due to an increase in capacity and yield growth as a result of higher pricing in 2026 compared to the same period in 2025.

Previous wording

•Total cruise operating expenses, increased $88 million and $241 million for the quarter and nine months ended September 30, 2025 as compared to the same periods in 2024. The increase was primarily due to an increase in capacity in 2025 compared to the same periods in 2024.

Current wording

•Total cruise operating expenses increased $168 million for the quarter ended March 31, 2026 as compared to the same period in 2025. The increase was primarily due to an increase in capacity in 2026 compared to the same period in 2025.

Previous wording

Operating results for the quarters and nine months ended September 30, 2025 compared to the same periods in 2024 are shown in the following tables (in millions, except per share data):

Current wording

Operating results for the quarter ended March 31, 2026 compared to the same period in 2025 are shown in the following table (in millions, except per share data):

Previous wording

We reported Net Income attributable to Royal Caribbean Cruises Ltd., Adjusted Net Income attributable to Royal Caribbean Cruises Ltd., Earning per Share and Adjusted Earnings per Share as shown in the following table (in millions, except per share data. Certain amounts may not add due to use of rounded numbers):

Current wording

Adjusted Net Income attributable to Royal Caribbean Cruises Ltd., and Adjusted Earnings per Share are calculated as follows (in millions, except per share data. Certain amounts may not add or calculate due to the use of rounded numbers):

Previous wording

(1)For 2025 and for 2024, includes $10 million and $119 million, respectively, of inducement expense related to the partial settlement of our 6.00% convertible notes due 2025. These amounts are included in Interest expense, net of interest capitalized within our consolidated statements of comprehensive income (loss). Refer to Note 7. Debt to our consolidated financial statements under Item 1. Financial Statements for further information.

Current wording

(1)For 2026, includes the loss on extinguishment of debt associated with redemptions of the senior notes maturing in 2026. Refer to Note 6. Debt to our consolidated financial statements under Item 1. Financial Statements for further information. For 2025, includes $10 million of inducement expense related to the settlements of the 2025 6.00% convertible notes. These amounts are included in Interest expense, net of interest capitalized within our consolidated statements of comprehensive income (loss).

Previous wording

(2)Represents the amortization of the Silversea intangible assets resulting from the 2018 Silversea acquisition.

Current wording

(3)Represents the amortization of the Silversea intangible assets resulting from the 2018 Silversea acquisition.

Previous wording

(7)Diluted EPS includes the add-back of dilutive inducement and interest expense related to our convertible notes of $16 million and $169 million for the nine months ended September 30, 2025, and 2024, respectively. Refer to Note 4. Earnings Per Share to our consolidated financial statements under Item 1. Financial Statements for further information.

Current wording

(4)For 2025, Diluted EPS includes the add-back of dilutive inducement and interest expense related to our convertible notes of $15 million for the quarter ended March 31, 2025. Refer to Note 4. Earnings Per Share to our consolidated financial statements under Item 1. Financial Statements for further information.

Previous wording

(8)Adjusted Diluted EPS includes the add-back of dilutive interest expense related to our convertible notes of $6 million for the nine months ended September 30, 2025, and $13 million and $51 million for the quarter and nine months ended September 30, 2024, respectively.

Current wording

(5)For 2025, Adjusted Diluted EPS includes the add-back of dilutive interest expense related to our convertible notes of $5 million for the quarter ended March 31, 2025.

Previous wording

EBITDA, Adjusted EBITDA and Adjusted EBITDA Margin were calculated as follows (in millions, except APCD and per APCD data. Certain amounts may not add due to use of rounded numbers; reported EBITDA, Adjusted EBITDA, and per APCD and Margin amounts are calculated from the underlying dollar amounts):

Current wording

EBITDA, Adjusted EBITDA and Adjusted EBITDA Margin are calculated as follows (in millions, except APCD and per APCD data. Certain amounts may not add or calculate due to the use of rounded numbers):

Previous wording

Gross Margin Yields and Net Yields were calculated by dividing Gross Margin and Adjusted Gross Margin by APCD as follows (in millions, except APCD and Yields. Certain amounts may not add due to use of rounded numbers; reported Adjusted Gross Margin and Yields are calculated from the underlying dollar amounts):

Current wording

Gross Margin Yields and Net Yields are calculated as follows (in millions, except APCD and Yields. Certain amounts may not add or calculate due to the use of rounded numbers):

Previous wording

Gross Cruise Costs, Net Cruise Costs and Net Cruise Costs excluding Fuel were calculated as follows (in millions, except APCD and costs per APCD. Certain amounts may not add due to use of rounded numbers; reported Gross Cruise Costs, Net Cruise Costs, Net Cruise Costs excluding Fuel, and per APCD amounts are calculated from the underlying dollar amounts):

Current wording

Gross Cruise Costs, Net Cruise Costs and Net Cruise Costs excluding Fuel are calculated as follows (in millions, except APCD and costs per APCD. Certain amounts may not add or calculate due to the use of rounded numbers):

Previous wording

(1)These amounts are included in Other expense within our consolidated statements of comprehensive income (loss).

Current wording

(1)These amounts are included in Marketing, selling and administrative expenses within our consolidated statements of comprehensive income (loss).

Previous wording

Passenger ticket revenues comprised 70.8% of our 2025 total revenues. Passenger ticket revenuesfor 2025 increased by $166 million, or 4.8% to $3.6 billion from $3.5 billion in 2024. The increase was primarily due to:

Current wording

Passenger ticket revenues comprised 68% of our 2026 total revenues. Passenger ticket revenues increased by $277 million, or 10.1% to $3 billion in 2026 from $2.7 billion in 2025. The increase was primarily due to:

Previous wording

The remaining 29.2% of 2025 total revenues was comprised of Onboard and other revenues, which increased $87 million, or 6.2% to $1.5 billion in 2025 from $1.4 billion in 2024. The increase was primarily due to:

Current wording

The remaining 32% of 2026 total revenues was comprised of Onboard and other revenues, which increased $176 million, or 14% to $1.4 billion in 2026 from $1.3 billion in 2025. The increase was primarily due to:

Previous wording

Other comprehensive incomewas $274 million in 2025 compared to Other comprehensive loss of$(79) million for the same period in 2024. The increase of$353 million in income was primarily due to a gain on cash flow derivative hedges of$304 million in 2025 compared to loss on cash flow derivative hedges of$(82) million in 2024, mostly as a result of a significant increase in the fair value of our FX forward swaps in 2025 compared to 2024.

Current wording

Other comprehensive incomefor 2026 increased by $113 million, or 105.6%, to $220 million in 2026 from$106.8 million in 2025. The increase was primarily due to Gain on cash flow derivative hedges of$221 million in 2026 compared to$128 million in 2025, mostly as a result of a significant increase in the fair value of our fuel swaps in 2026 compared to 2025, partially offset by a significant decrease in the fair value of our FX forward swaps in 2026 compared to 2025.

Previous wording

Cash flow generated from operations provides us with a significant source of liquidity. Net cash provided by operating activitieswas $4.8 billion and $3.8 billion for the nine months ended September 30, 2025, and 2024, respectively. Cash flows from operating activities increased $1.0 billion primarily driven by an increase in operating income.

Current wording

Cash flow generated from operations provides us with a significant source of liquidity. Net cash provided by operating activitieswas $1.8 billion for the three months ended March 31, 2026, compared to $1.6 billion in 2025.

Previous wording

Our future capital commitments consist primarily of new ship orders. As of September 30, 2025, the aggregate expected cost of our ships on order presented in the table above, excluding any ships on order by our Partner Brands, was $9.7 billion, of which we had deposited $1.0 billion. Approximately 60.0% of the aggregate cost was exposed to fluctuations in the Euro exchange rate at September 30, 2025. Refer to Note 9. Commitments and Contingenciesand Note 12. Fair Value Measurements and Derivative Instrumentsto our consolidated financial statements under Item 1. Financial Statements for further information.

Current wording

Our future capital commitments consist primarily of new ship orders. As of March 31, 2026, the aggregate expected cost of our ships on order presented in the table above, excluding any ships on order by our Partner Brands, was approximately $16.2 billion, of which we had deposited $1.3 billion. Approximately 52.9% of the aggregate cost was exposed to fluctuations in the Euro exchange rate at March 31, 2026. Refer to Note 8. Commitments and Contingenciesand Note 11. Fair Value Measurements and Derivative Instrumentsto our consolidated financial statements under Item 1. Financial Statements for further information.

Previous wording

As of September 30, 2025, we anticipate overall 2025 capital expenditures of approximately $5 billion, primarily related to our existing ships on order, and land-based destination initiatives. This amount does not include any ships on order by our Partner Brands.

Current wording

As of March 31, 2026, we anticipate overall full year capital expenditures, based on our existing ships on order, will be approximately $5 billion for 2026 . This amount does not include any ships on order by our Partner Brands.

Previous wording

(3)Amounts are based on contractual installment and delivery dates for our ships on order. Included in these figures are $6.7 billion in final contractual installments, which have committed financing with sovereign guarantees covering approximately 80% of the cost of the ships on order for our Global Brands. Amounts do not include potential obligations which remain subject to cancellation at our sole discretion or any agreements entered for ships on order that remain contingent upon completion of conditions precedent.

Current wording

(3)Amounts are based on contractual installment and delivery dates for our ships on order. Included in these figures are $10.8 billion in final contractual installments, which have committed financing covering approximately 80% of the cost of the ships on order for our Global Brands, all of which include sovereign financing guarantees, excluding ships on order for Celebrity River Cruises. Amounts do not include potential obligations which remain subject to cancellation at our sole discretion or any agreements entered for ships on order that remain contingent upon completion of conditions precedent.

Previous wording

Refer to Funding Needs and Sourcesfor discussion on the planned funding of the above material cash requirements.

Current wording

Refer to Funding Needs and Sources below for discussion on the planned funding of the above material cash requirements.

Previous wording

Refer to Note 3. Revenueto our consolidated financial statements under Item 1. Financial Statementsfor credit card processor agreements for export credit agency guarantees.

Current wording

Refer to Note 6. Debtto our consolidated financial statements under Item 1. Financial Statementsfor export credit agency guarantees.

Previous wording

We have significant contractual obligations of which our debt service obligations and the capital expenditures associated with our ship purchases represent our largest funding needs. As of September 30, 2025, we had $8.8 billion of committed financing for our ships on order. As of September 30, 2025, our obligations due through September 30, 2026 primarily consisted of $3.1 billion related to debt maturities, $936 million related to interest on debt and $2.9 billion related to progress payments on our ship orders and, based on the expected delivery date, the final installments payable due upon the delivery of Celebrity Xceland Legend of the Seas. We have historically relied on a combination of cash flows provided by operations, draw-downs under our available credit facilities, the incurrence of additional debt and/or the refinancing of our existing debt and the issuance of additional shares of equity securities to fund our obligations.

Current wording

We have significant contractual obligations of which our debt service obligations and the capital expenditures associated with our ship purchases represent our largest funding needs. As of March 31, 2026, we had approximately $14.0 billion of committed financing for our ships on order, which excludes ships on order for Celebrity River Cruises. As of March 31, 2026, our obligations due through March 31, 2027 primarily consisted of$1.4 billion related to debt maturities,$1.0 billion related to interest on debt and$2.4 billion related to progress payments on our ship orders, including the final installments payable due upon the delivery of Legend of the Seas given the expected delivery date in 2026. We have historically relied on a combination of cash flows provided by operations, draw-downs under our available credit facilities, the incurrence of additional debt and/or the refinancing of our existing debt and the issuance of additional shares of equity securities to fund our obligations.

Previous wording

As of September 30, 2025, we had liquidity of $6.8 billion, including cash and cash equivalents of $0.4 billion, and $6.4 billion of undrawn revolving credit facility capacity.

Current wording

As of March 31, 2026, we had liquidity of $6.9 billion, including cash and cash equivalents of $0.5 billion, and $6.4 billion of undrawn revolving credit facility capacity.

Previous wording

If any person acquires ownership of more than 50% of our common stock or, subject to certain exceptions, during any 24-month period, a majority of our Board of Directors is no longer comprised of individuals who were members of our Board of Directors on the first day of such period, we may be obligated to prepay indebtedness outstanding under our credit facilities, which we may be unable to replace on similar terms. Our public debt securities also contain change of control provisions that would be triggered by a third-party acquisition of greater than 50% of our common stock coupled with a ratings downgrade. If this were to occur, it would have an adverse impact on our liquidity and operations.

Current wording

We may be obligated to prepay indebtedness outstanding under our credit facilities if any person acquires ownership of more than 50% of our common stock or, subject to certain exceptions, during any 24-month period, a majority of our Board is made up of persons who were not (i) members of the Board on the first day of such period, (ii) nominated by persons who were members of the Board on the first day of such period, or (iii) nominated by directors who themselves were nominated under clauses (i) or (ii) above. If prepayment is triggered, we may be unable to replace our credit facilities on similar terms. Our public debt securities also contain change of control provisions that would be triggered by a third-party acquisition of greater than 50% of our common stock coupled with a ratings downgrade. If this were to occur, it would have an adverse impact on our liquidity and operations.

Previous wording

The declaration of dividends shall at all times be subject to the final determination of our Board of Directors that a dividend is prudent at that time in consideration of the needs of the business. During the quarter ended September 30, 2025, our Board of Directors declared a cash dividend on our common stock of $1.00 per share, which was paid in October 2025.

Current wording

The declaration of dividends shall at all times be subject to the final determination of our Board that a dividend is prudent at that time in consideration of the needs of the business. During the quarter ended March 31, 2026, our Board declared a dividend of $1.50 per share, which was paid in April 2026.