CARNIVAL CORP

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

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JOSH WEINSTEIN

Chief Executive

Officer

Dear Fellow Shareholders,

2025 was another strong year that exceeded expectations, setting new records across our business and achieving more milestones, including:

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Record revenues of $26.6 billion

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All-time high operating income of $4.5 billion, up 25 percent compared to the prior year

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Achieved the highest adjusted return on invested capital (“ROIC”) in 19 years

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Record booking trends with continued strong close-in demand throughout the year

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Ended 2025 with record year-end customer deposits, up nearly 7 percent year over year

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In 2025, we made significant progress strengthening our balance sheet. We successfully completed our $19 billion refinancing plan in less than a year and reduced total debt by over $10 billion since our peak in January 2023. In addition, we surpassed our investment grade leverage metric threshold. These accomplishments enabled us to reinstate our dividend, reflecting both our confidence in the durability of our cash generation and the improvements we have made to our balance sheet.

Looking forward, we are well-positioned to create even greater shareholder value over time as we continue to reinvest in our future. This will be driven by our focus on driving commercial excellence, disciplined newbuild strategy, our expansion of AIDA Evolution-style return-generating ship enhancement initiatives across several of our other cruise lines and our exclusive destination development program.

We continue to strengthen our demand generation efforts to position ourselves for success in 2026 and beyond, while also capturing additional market share from land-based vacation alternatives. Our world-class cruise lines are refining their focus on target markets, sharpening marketing messages and reaching target consumers more efficiently. We are also enhancing our commercial strategies by leveraging AI to improve marketing effectiveness, deliver personalized experiences and drive efficiency gains across all our cruise lines. Together, we believe these initiatives will increase same ship revenues, drive margins and returns higher over time and help to close the price-to-value gap we offer versus to land-based alternatives.

In 2025, we opened our game-changing new exclusive destination, Celebration Key, Grand Bahama, which has already hosted more than one million guests since its July opening. We will continue to build on the success of Celebration Key through planned expansions at some of our other Paradise Collection properties, including RelaxAway, Half Moon Cay and Isla Tropicale (formerly Mahogany Bay) in 2026. In addition, we recently announced the development of Ensenada Bay Village—​Treasures of Baja. This destination will showcase the natural beauty of Baja California, Mexico through a blend of adventure, culture and relaxation experiences while benefitting our west coast deployments.

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Letter to Shareholders from our Chief Executive Officer

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During 2025, we also continued making progress towards our sustainability goals. We reached our 2030 goal ahead of schedule, cutting year-over-year greenhouse gas emissions intensity by 20% relative to our 2019 baseline. Separately, our Less Left Over strategy helped reduce food waste by over 47%, edging closer to our 50% target set for 2030.

In addition, we continue to take actions that will strengthen our ability to deliver long-term shareholder value. We recently announced that our Boards of Directors recommends unifying our dual-listed company framework under a single corporate entity to streamline governance and reporting. This would create a single global share price, reduce administrative costs and is expected to increase liquidity and weighting in major U.S. stock indexes.

Together in 2025, we delivered unforgettable happiness to over 13.5 million people around the world by providing them with extraordinary cruise vacations while honoring the integrity of every ocean we sail, place we visit and life we touch. We are grateful for the efforts of our 160,000 hard-working and dedicated team members who delivered incredible results this year and have set us up well for another step forward in 2026.

Sincerely,

JOSH WEINSTEIN

Chief Executive Officer

February 27, 2026

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