Slides
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Q4 2025 EARNINGS CALL
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FORWARD LOOKING STATEMENTS AND NON-GAAP FINANCIAL INFORMATION 2 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 statements include, but are not limited to: statements regarding revenues, costs and financial results for 2026 and beyond; anticipated timing for launch of new ship deliveries and private destinations; our progress toward achievement of our Perfecta Program; demand for our brands; and expectations regarding our credit profile. Words such as “anticipate,” “believe,” “could,” “driving,” “estimate,” “expect,” "focused on," “goal,” “intend,” “may,” “plan,” “project,” "shaping up," "position," "allows," “seek,” “should,” “will,” “would,” “considering,” and similar expressions are intended to help identify forward-looking statements. Forward-looking statements reflect management’s current expectations, are based on judgments, are inherently uncertain and are subject to risks, uncertainties and other factors, which could cause our actual results, performance or achievements to differ materially from the future results, performance or achievements expressed or implied in those forward-looking statements. Examples of these risks, uncertainties and other factors include, but are not limited to, the following: the impact of the economic and geopolitical environment, including changing tariffs and the related uncertainty thereof, on key aspects of our business, such as the demand for cruises, passenger spending, and operating costs; changes in operating costs; the unavailability or cost of air service; disease outbreaks and increased concern about the risk of illness on our ships or when travelling to or from our ships, which could cause a decrease in demand, guest cancellations, and ship redeployments; incidents or adverse publicity concerning our ships, port facilities, land destinations and/or passengers or the cruise vacation industry in general; the effects of weather, climate events and/or natural disasters on our business; risks related to our sustainability activities; the impact of issues at shipyards, including ship delivery delays, ship cancellations or ship construction cost increases; shipyard unavailability; unavailability of ports of call; vacation industry competition and increase in industry capacity and overcapacity; inability to manage our cost and capital allocation strategies; the uncertainties of conducting business globally and expanding into new markets and new ventures, including potential acquisitions; issues with travel advisers that sell and market our cruises; reliance on third-party service providers; potential unavailability of insurance coverage; the risks and costs related to cyber security attacks, data breaches, protecting our systems and maintaining data integrity and security; uncertainties of a foreign legal system as we are not incorporated in the United States; our ability to obtain sufficient financing or capital to fund our capital expenditures, operations, debt repayments and other financing needs; our expectation and ability to pay a cash dividend on our common stock in the future; changes to our dividend policy; growing anti-tourism sentiments and environmental concerns; changes in U.S. or other countries' foreign travel policy; the impact of new or changing legislation and regulations (including environmental regulations) or governmental orders on our business; fluctuations in foreign currency exchange rates, fuel prices and interest rates; further impairments of our goodwill, long-lived assets, equity investments and notes receivable; an inability to source our crew or our provisions and supplies from certain places; our ability to recruit, develop and retain high quality personnel; and pending or threatened litigation, investigations and enforcement actions. More information about factors that could affect our operating results is included under the caption “Risk Factors” in our most recent annual report on Form 10-K, as well as our other filings with the SEC, copies of which may be obtained by visiting our Investor Relations website at www.rclinvestor.com or the SEC’s website at www.sec.gov. Undue reliance should not be placed on the forward-looking statements in this release, which are based on information available to us on the date hereof. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. 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 consolidated financial statements, which are prepared and presented in accordance with generally accepted accounting principles, or U.S. GAAP. The presentation of adjusted financial information is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with U.S. GAAP. Additional information relating to certain of our financial measures contained herein, including non-GAAP financial measures, is available in the Appendix to this presentation and our most recent earnings release, available at our website at www.rclinvestor.com.
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DELIVER THE BEST VACATIONS RESPONSIBLY OUR MISSION Celebrity, Compass 3
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PLACE IMAGE HERE (image must fill the width of this gray box) Q4 BY THE NUMBERS Load Factor 108% Net Yield Growth vs. 2024 (in Constant Currency) 2.5% NCCx Growth vs. 2024 (in Constant Currency) (6.3%) Adjusted EBITDA $1.48B +35% vs. 2024 Adjusted EBITDA Margin (Adjusted EBITDA / Gross Revenue) 34.8% Adjusted Earnings Per Share $2.80 +72% vs. 2024 Operating Cash Flow $1.6B 4 Perfect Day CocoCay, Hideaway Beach Note: slide references non-GAAP financial measures. See the Appendix for a reconciliation to the most directly comparable GAAP financial measure. Curacao
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PLACE IMAGE HERE (image must fill the width of this gray box) 2025 BY THE NUMBERS Load Factor 110% Net Yield Growth vs. 2024 (in Constant Currency) 3.7% NCCx Growth vs. 2024 (in Constant Currency) (0.1%) Adjusted EBITDA $7.03B +18% vs. 2024 Adjusted EBITDA Margin (Adjusted EBITDA / Gross Revenue) 39.2% Adjusted Earnings Per Share $15.64 +33% vs. 2024 Operating Cash Flow $6.5B 5 Note: slide references non-GAAP financial measures. See the Appendix for a reconciliation to the most directly comparable GAAP financial measure. Celebrity Apex, Martini Bar
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CONTINUED STRONG PERFORMANCE 6 $11.0 $13.9 $16.5 $17.9 2019 2023 2024 2025 $3.6 $4.5 $6.0 $7.0 2019 2023 2024 2025 $9.54 $6.77 $11.80 $15.64 2019 2023 2024 2025 Total Revenue (Billions) Adj. EBITDA (Billions) Adj. Earnings per Share
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PLACE IMAGE HERE (image must fill the width of this gray box) FY 2026 GUIDANCE Expecting Double Digit Revenue and Earnings YoY Growth APCDs 56.9M Capacity Growth vs. 2025 6.7% Net Yield Growth vs. 2025 (in Constant Currency) 1.5% to 3.5% NCCx Growth vs. 2025 (in Constant Currency) 0.0% to 1.0% Fuel Approx. $1,173M D&A $1,890M to $1,900M Net Interest Expense $990M to $1,000M Adjusted Earnings Per Share $17.70 to $18.10 7 Silversea, Silver Ray, S.A.L.T. Bar
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PLACE IMAGE HERE (image must fill the width of this gray box) Q1 2026 GUIDANCE APCDs 13.7M Capacity Growth vs. 2025 8.5% Net Yield Growth vs. 2025 (in Constant Currency) 1.0% to 1.5% NCCx Growth vs. 2025 (in Constant Currency) 0.9% to 1.4% Fuel Approx. $275M D&A $455M to $465M Net Interest Expense $245M to $255M Adjusted Earnings Per Share $3.18 to $3.28 Royal Caribbean, Star of the Seas 8
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9 W H I L E Delivering the Best Vacations Responsibly and Maintaining Solid Investment Grade Metrics BY 2027 We Remain On Track To Achieve Our Perfecta Goals By 2027
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10 DELIVERS LONG-TERM SHAREHOLDER VALUE Moderate Capacity Growth Moderate Yield Growth Disciplined Cost Control OUR PROVEN FORMULA 10
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11 11 Will separate this into two separate slides: one for ocean ships, one for river ships.
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12 12 Will separate this into two separate slides: one for ocean ships, one for river ships.
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APPENDIX 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 consolidated financial statements, which are prepared and presented in accordance with generally accepted accounting principles, or U.S. GAAP. The presentation of adjusted financial information is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with U.S. GAAP. These measures may be different from adjusted measures used by other companies. In addition, these adjusted measures are not based on any comprehensive set of accounting rules or principles. Adjusted measures have limitations in that they do not reflect all of the amounts associated with our results of operations as do the corresponding U.S. GAAP measures. We have not provided a quantitative reconciliation of the projected non-GAAP financial measures to the most comparable GAAP financial measures because preparation of meaningful U.S. GAAP projections would require unreasonable effort. Due to significant uncertainty, we are unable to predict, without unreasonable effort, the future movement of foreign exchange rates, fuel prices and interest rates inclusive of our related hedging programs. In addition, we are unable to determine the future impact of non-core business related gains and losses which may result from strategic initiatives. These items are uncertain and could be material to our results of operations in accordance with U.S. GAAP. Due to this uncertainty, we do not believe that reconciling information for such projected figures would be meaningful. Definitions and Non-GAAP Information and Reconciliation 14
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Definitions 15 • 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 believe that this non-GAAP measure is meaningful when assessing our performance on a comparative basis. • 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. • Adjusted EBITDA Margin is a non-GAAP measure that represents Adjusted EBITDA (as defined above) divided by total revenues. • Adjusted Gross Margin represent 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. • 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. • Adjusted Operating Income is a non-GAAP measure that represents operating incomeincluding income from equity investments and income taxes but excluding certain items that we believe adjusting for is meaningful when assessing our operating performance on a comparative basis. We use this non-GAAP measure to calculate ROIC (as defined below) • Available Passenger Cruise Days (“APCD”) is our measurement of capacity and represents double occupancy per cabin multiplied by the number of cruise days for the period, which excludes canceled cruise days and cabins not available for sale.We use this measure to perform capacity and rate analysis to identify our main non-capacity drivers that cause our cruise revenue and expenses to vary. • 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. 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. • 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 this non-GAAP measure is meaningful when assessing our operating performance on a comparative basis.
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Definitions 16 • Gross Cruise Costs represent the sum of total cruise operating expenses plus marketing, selling and administrative expenses. • Gross Margin Yield represent Gross Margin per APCD. • Invested Capital represents the most recent five-quarter average of total debt (i.e., Current portion of long-term debt plus Long-term debt) plus the most recent five-quarter average of Total shareholders' equity. We use this measure to calculate ROIC (as defined below) • Net Cruise Costs (“NCC”) and NCC 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. 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. • Net Yields represent Adjusted Gross Margin per APCD. We utilize Adjusted Gross Margin and Net Yields to manage our business on a day-to-day basis as we believe that they are the most relevant measures of our pricing performance because they reflect the cruise revenues earned by us net of our most significant variable costs, which are commissions, transportation and other expenses, and onboard and other expenses. • Occupancy ("Load Factor"), in accordance with cruise vacation industry practice, is calculated by dividing Passenger Cruise Days (as defined below) by APCD. A percentage in excess of 100% indicates that three or more passengers occupied some cabins. • Passenger Cruise Days (“PCD”) represent the number of passengers carried for the period multiplied by the number of days of their respective cruises • Perfecta Program refers to the multi-year Adjusted EPS and ROIC goals we are seeking to achieve by end of 2027. Under our Perfecta Program, we are targeting 20% compound annual growth rate in Adjusted EPS compared to 2024 and ROIC of 17% or higher by the end of 2027. • Return on Invested Capital ("ROIC") represents Adjusted Operating Income divided by Invested Capital. We believe ROIC is a meaningful measure because it quantifies how efficiently we generated operating income relative to the capital we have invested in the business. ROIC is also used as a key metric in our long-term incentive compensation program for our executive officers
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SELECTED STATISTICAL INFORMATION 17 Quarter Ended Year Ended December 31, December 31, 2025 2024 2025 2024 Passengers Carried 2,484,241 2,159,429 9,446,010 8,564,272 Passenger Cruise Days 15,116,254 13,678,795 58,518,751 54,844,780 APCD 14,025,949 12,716,724 53,325,212 50,552,731 Occupancy 107.8 % 107.6 % 109.7 % 108.5 %
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NON-GAAP RECONCILIATION INFORMATION (Unaudited) 18 Gross Margin Yields, Net Yields and Adjusted Gross Margin per PCD are calculated as follows (in millions, except APCD, PCD, Yields, and Adjusted Gross Margin per PCD. Certain amounts may not add or calculate due to the use of rounded numbers): Quarter Ended December 31, Year Ended December 31, 2025 2025 On a Constant Currency Basis 2024 2025 2025 On a Constant Currency Basis 2024 Total revenues $ 4,259 $ 4,236 $ 3,761 $ 17,935 $ 17,915 $ 16,484 Less: Cruise operating expenses 2,242 2,232 2,052 9,083 9,058 8,652 Depreciation and amortization expenses 453 453 411 1,718 1,718 1,600 Gross Margin 1,564 1,550 1,298 7,133 7,140 6,231 Add: Payroll and related 356 355 342 1,366 1,366 1,301 Food 269 269 237 1,019 1,019 934 Fuel 293 293 284 1,146 1,146 1,160 Other operating 572 567 514 2,202 2,188 2,098 Depreciation and amortization expenses 453 453 411 1,718 1,718 1,600 Adjusted Gross Margin $ 3,508 $ 3,488 $ 3,086 $ 14,585 $ 14,577 $ 13,325 APCD 14,025,949 14,025,949 12,716,724 53,325,212 53,325,212 50,552,731 Passenger Cruise Days 15,116,254 15,116,254 13,678,795 58,518,751 58,518,751 54,844,780 Gross Margin Yields $ 111.49 $ 110.53 $ 102.06 $ 133.77 $ 133.89 $ 123.27 Net Yields $ 250.09 $ 248.72 $ 242.66 $ 273.51 $ 273.35 $ 263.59 Adjusted Gross Margin per PCD $ 232.05 $ 230.78 $ 225.60 $ 249.24 $ 249.09 $ 242.96
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NON-GAAP RECONCILIATION INFORMATION (Unaudited) 19 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): Quarter Ended December 31, Year Ended December 31, 2025 2025 On a Constant Currency Basis 2024 2025 2025 On a Constant Currency Basis 2024 Total cruise operating expenses $ 2,242 $ 2,232 $ 2,052 $ 9,083 $ 9,058 $ 8,652 Marketing, selling and administrative expenses 630 627 674 2,223 2,220 2,125 Gross Cruise Costs 2,872 2,859 2,726 11,306 11,277 10,778 Less: Commissions, transportation and other 545 542 492 2,369 2,362 2,250 Onboard and other 206 205 183 981 976 909 Net Cruise Costs including other costs 2,121 2,112 2,051 7,957 7,938 7,619 Less: Restructuring charges and other initiatives expense (1) 1 1 5 8 8 10 Impairment losses (2) — — 3 — — 9 Net Cruise Costs 2,120 2,111 2,043 7,949 7,931 7,600 Less: Fuel 293 293 284 1,146 1,146 1,160 Net Cruise Costs excluding Fuel $ 1,827 $ 1,818 $ 1,759 $ 6,803 $ 6,784 $ 6,440 APCD 14,025,949 14,025,949 12,716,724 53,325,212 53,325,212 50,552,731 Gross Cruise Costs per APCD $ 204.79 $ 203.84 $ 214.33 $ 212.03 $ 211.48 $ 213.20 Net Cruise Costs per APCD $ 151.15 $ 150.48 $ 160.63 $ 149.07 $ 148.72 $ 150.34 Net Cruise Costs excluding Fuel per APCD $ 130.27 $ 129.61 $ 138.31 $ 127.57 $ 127.23 $ 127.40 1. These amounts are included in Marketing, selling and administrative expenses within our consolidated statements of comprehensive income (loss). 2. For 2024, represents property and equipment impairment charges related to certain construction in progress assets. These amounts are included in Other operating within our consolidated statements of comprehensive income (loss).
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NON-GAAP RECONCILIATION INFORMATION (Unaudited) 20 1. These amounts are included in Marketing, selling and administrative expenses within our consolidated statements of comprehensive income (loss).. 2. For 2024, represents property and equipment impairment charges related to certain construction in progress assets. These amounts are included in Other operating within our consolidated statements of comprehensive income (loss). 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): Quarter Ended December 31, Year Ended December 31, 2025 2024 2025 2024 Net Income attributable to Royal Caribbean Cruises Ltd. $ 754 $ 553 $ 4,268 $ 2,877 Interest income (7) (3) (24) (16) Interest expense, net of interest capitalized 267 266 992 1,590 Depreciation and amortization expenses 453 411 1,718 1,600 Provision for income taxes 15 — 82 46 EBITDA 1,483 1,227 7,036 6,097 Other income (4) (141) (17) (149) Restructuring charges and other initiatives expense (1) 1 5 8 10 Equity investment impairment, recovery of losses and other — 4 (1) 4 Impairment losses (2) — 3 — 9 Adjusted EBITDA $ 1,481 $ 1,098 $ 7,025 $ 5,971 Total revenues $ 4,259 $ 3,761 $ 17,935 $ 16,484 APCD 14,025,949 12,716,724 53,325,212 50,552,731 Net Income attributable to Royal Caribbean Cruises Ltd. per APCD $ 53.76 $ 43.46 $ 80.04 $ 56.92 Adjusted EBITDA per APCD $ 105.55 $ 86.35 $ 131.75 $ 118.13 Adjusted EBITDA Margin 34.8 % 29.2 % 39.2 % 36.2 %
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NON-GAAP RECONCILIATION INFORMATION (Unaudited) 21 EBITDA and Adjusted EBITDA for 2019 were calculated as follows (in millions, except APCD and per APCD data): Year Ended December 31, 2019 Net Income attributable to Royal Caribbean Cruises Ltd. $ 1,879 Interest income (27) Interest expense, net of interest capitalized 408 Depreciation and amortization expenses 1,246 Income tax expense (1) 33 EBITDA 3,539 Other income (2) (8) Restructuring charges and other initiatives expense 14 Oasis of the Seas incident, Grand Bahama's drydock write-off and other incidental expenses (3) 35 Transaction and integration costs related to the 2018 Silversea acquisition 2 Non-controlling interest adjustment (4) 36 Adjusted EBITDA $ 3,618 APCD 41,432,451 Net Income attributable to Royal Caribbean Cruises Ltd. per APCD $ 45.35 Adjusted EBITDA per APCD $ 87.32 1. Included within Other (expense) income in our consolidated statements of comprehensive income (loss). 2. Excludes income tax expense, included in the EBITDA calculation above. 3. Amount includes incidental costs, net of insurance recoveries of $14.5 million related to the collapse of the drydock structure at the Grand Bahama Shipyard involving Oasis of the Seas, which were reported primarily within Other operating expenses in our consolidated statements of comprehensive income (loss) for the year ended December 31, 2019; and $20.7 million regarding the Grand Bahama incident involving one of its drydocks, included in our Equity investment income within our consolidated statements of comprehensive income (loss) for the year ended December 31, 2019. 4. Adjustment made to exclude the impact of the contractual accretion requirements associated with the put option held by Heritage Cruise Holding Ltd.'s (previously known as Silversea Cruises Group Ltd.) noncontrolling interest, which noncontrolling interest we acquired on July 9, 2020.
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NON-GAAP RECONCILIATION INFORMATION (Unaudited) 22 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): Quarter Ended December 31, Year Ended December 31, 2025 2024 2025 2024 Net Income attributable to Royal Caribbean Cruises Ltd. $ 754 $ 553 $ 4,268 $ 2,877 Loss on extinguishment of debt and inducement expense (1) 6 7 16 463 Restructuring charges and other initiatives expense (2) 1 5 8 10 Amortization of Silversea intangible assets resulting from the Silversea acquisition (3) 2 2 6 6 Gain on sale of noncontrolling interest (4) — — (11) — Equity investment impairment, recovery of losses and other — (1) (1) (1) Litigation loss contingency (5) — (124) — (124) Impairment losses (6) — 3 — 9 PortMiami tax on sale of noncontrolling interest (7) — — — (3) Adjusted Net Income attributable to Royal Caribbean Cruises Ltd. $ 762 $ 445 $ 4,286 $ 3,237 Earnings per Share - Diluted (8) $ 2.76 $ 2.02 $ 15.61 $ 10.94 Adjusted Earnings per Share - Diluted (9) $ 2.80 $ 1.63 $ 15.64 $ 11.80 Weighted-Average Shares Outstanding - Diluted 273 277 274 279 1. For 2025 and 2024, includes $10 million and $119 million, respectively, of inducement expense related to the settlements 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). 2. These amounts are included in Marketing, selling and administrative expenses within our consolidated statements of comprehensive income (loss).. 3. Represents the amortization of the Silversea intangible assets resulting from the 2018 Silversea acquisition. 4. Represents gain on sale of noncontrolling interest of Floating Docks and Grand Bahama Shipyard. These amounts are included in Other income within our consolidated statements of comprehensive income (loss). 5. For 2024, represents the release of the loss contingency recorded in 2022, in connection with the Havana Docks litigation inclusive of related legal fees and costs. These amounts are included in Other income within our consolidated statements of comprehensive income (loss). 6. For 2024, represents property and equipment impairment charges related to certain construction in progress assets. These amounts are included in Other operating within our consolidated statements of comprehensive income (loss). 7. For 2024, represents adjustments to tax impacts on the 2023 PortMiami sale of noncontrolling interest. These amounts are included in Other income (expense) in our consolidated statements of comprehensive income (loss). 8. Diluted EPS includes the add-back of $16 million and $175 million of dilutive inducement and interest expense related to our convertible notes for the year ended December 31, 2025, and 2024, respectively, and none and $5 million for the quarters ended December 31, 2025, and 2024, respec tively. 9. Adjusted Diluted EPS includes the add-back of dilutive interest expense related to our convertible notes of $6 million and $56 million for the year ended December 31, 2025, and 2024, respectively, and none and $5 million for the quarters ended December 31, 2025, and 2024 respectively.
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NON-GAAP RECONCILIATION INFORMATION (Unaudited) 23 Adjusted Operating Income and ROIC, are calculated as follows: (in millions, except ROIC. Certain amounts may not add or calculate due to the use of rounded numbers): For the Twelve Months Ended December 31, 2025 Operating Income $ 4,910 Including: Equity investment income 414 Provision for income taxes (82) Adjustments: Restructuring charges and other initiatives expense (1) 8 Amortization of Silversea intangible assets related to Silversea acquisition (2) 6 Gain on sale of controlling interest (3) (11) Equity investment impairment, recovery of losses and other (1) Adjusted Operating Income $ 5,243 Invested Capital $ 29,174 ROIC 18.0 % 1. These amounts are included in Marketing, selling and administrative expenses within our consolidated statements of comprehensive income (loss). 2. Represents the amortization of the Silversea intangible assets resulting from the 2018 Silversea acquisition. 3. For 2025 represents gain on sale of noncontrolling interest of Floating Docks and Grand Bahama Shipyard. These amounts are included in Other income within our consolidated statements of comprehensive income (loss).