Slides
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Q3 2026 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 the benefits and expected impact of the proposed joint venture with Sandals and Beaches Resorts, including the timing of the closing of the transaction, earnings impact, and anticipated growth, expansion and future opportunities for the joint venture; statements regarding revenues, costs and financial results for 2026 and beyond; anticipated timing for launch of private destinations; our progress toward achievement of our Perfecta program; demand for our brands; future capital expenditures; and expectations regarding our credit profile and fuel expenses. Words such as “anticipate,” “believe,” “on track” “committed,” “could,” “driving,” “estimate,” “expect,” “goal,” “intend,” “may,” “plan,” "encouraged," “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; 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 3 Royal Caribbean, Perfect Day
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PLACE IMAGE HERE (image must fill the width of this gray box) Q3 BY THE NUMBERS Load Factor 112% Net Yield Growth vs. 2025 (in Constant Currency) 0.6% NCCx Growth vs. 2025 (in Constant Currency) (1.8%) Adjusted EBITDA $2.54B +11% vs. 2025 Adjusted EBITDA Margin (Adjusted EBITDA / Gross Revenue) 45.4% Adjusted Earnings Per Share $6.57 +14% vs. 2025 Operating Cash Flow $1.6B 4 Note: slide references non-GAAP financial measures. See the Appendix for a reconciliation to the most directly comparable GAAP financial measure. Royal Caribbean, Legend of the Seas, The Pearl
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PLACE IMAGE HERE (image must fill the width of this gray box) FY 2026 GUIDANCE APCDs 56.8M Capacity Growth vs. 2025 6.6% Net Yield Growth vs. 2025 (in Constant Currency) Approx. 2.1% NCCx Growth vs. 2025 (in Constant Currency) Approx. Flat Fuel Approx. $1,345M D&A $1,870M to $1,890M Net Interest Expense $995M to $1,005M Adjusted Earnings Per Share $17.85 to $17.95 5 Silversea, The Cormorant at 55 South, Puerto Williams, Chile
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PLACE IMAGE HERE (image must fill the width of this gray box) Celebrity Compass, Cologne, Germany 6 July 2026 Guidance $17.73 - $17.87 Q3 Permanent Beat (excl. cost timing) $0.21 Q4 FX/Fuel Rate ($0.11) October 2026 Guidance $17.85 - $17.95 FY 2026 GUIDANCE Reconciliation to Prior Guidance *Based on current at-the-pump rates
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PLACE IMAGE HERE (image must fill the width of this gray box) Q4 2026 GUIDANCE APCDs 14.7M Capacity Growth vs. 2025 5.0% Net Yield Growth vs. 2025 (in Constant Currency) 4.2% to 4.7% NCCx Growth vs. 2025 (in Constant Currency) (1.4%) to (0.9%) Fuel Approx. $379M D&A $460M to $470M Net Interest Expense $255M to $265M Adjusted Earnings Per Share $3.48 to $3.58 7 Silversea, The Cormorant at 55 South, Puerto Williams, Chile
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Royal Caribbean, Legend of the Seas ENTERING ALL INCLUSIVE MARKET
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Global Consumers Spend Over $2T Annually on Vacations 9 1 Defined as 1+ night stay, away from home; includes Cruises, Hotels & Resorts, Casinos, Short -Term Rentals, Theme Parks, N ational Parks, Tours / Activities, Transportation, and Other Misc. 2 Defined as share of 5 -year spend with Royal Caribbean Group as a % of total 5 -Year Vacation Spend. Growing frequency and repeat visits to capture more guest vacation time Travelers in the U.S. — our largest market — use 20+ nights on vacations per year Today, we only capture 20-25% of our guests’ vacation wallets2 2025 2029 $2.3T +6% CAGR GLOBAL VACATION MARKET1 IS $2T+ AND GROWING $2.8T
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Win In Cruise Deliver differentiated vacation experiences Expand Vacation Experiences Introduce new experiences to capture more share of wallet Deepen Customer Relationships Build a lifetime of loyalty through data and innovation OUR STRATEGIES ARE ENABLING A LIFETIME OF VACATIONS Commercial Travel Platform Co-Brand Credit Card Enterprise Loyalty Data, Technology, and AI 10 River Cruising All-Inclusive Resorts
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11 We Are Following the Customer and Now Participating in Over 50% of the U.S. Vacation Market 1 Based on internal U.S. consumer research study 2 Includes TUI Cruises Gaming Beach / All-Inclusive City Trips / Sight Seeing / Land Tours Road Trip / Visit Friends & Family Amusement Park Ocean & River Cruises Other U.S. vacation market by trip type1 71 Ocean2 ships today and 81 when including ships on order 20 River ships on order Sailing to more than 1,000 destinations on all 7 continents 18 all-inclusive resorts, and growing, in the Caribbean 500K sq. ft. of gaming footprint across the fleet 4 unique destination experiences 4 more on the way NEWGuiding our entry into all -inclusive beach resorts
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12 W H I L E Delivering the Best Vacations Responsibly and Maintaining Solid Investment Grade Metrics BY 2027
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13 DELIVERS LONG-TERM SHAREHOLDER VALUE Moderate Capacity Growth Moderate Yield Growth Disciplined Cost Control OUR PROVEN FORMULA 13
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TURNING THE VACATION OF A LIFETIME INTO A LIFETIME OF VACATIONS
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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 15
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Definitions 16 • 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 Incomeattributable to Royal Caribbean Cruises Ltd. is a non-GAAP measure that represents Net Incomeattributable 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 incomefrom 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.
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Definitions 17 • EBITDA is a non-GAAP measure that represents net incomeattributable 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. • 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 18 Quarter Ended Nine Months Ended September 30, September 30, 2026 2025 2026 2025 Passengers Carried 2,676,480 2,466,039 7,567,360 6,961,768 Passenger Cruise Days 16,692,392 15,356,271 46,527,802 43,402,497 APCD 14,844,688 13,698,886 42,119,787 39,299,263 Occupancy 112.4 % 112.1 % 110.5 % 110.4 %
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NON-GAAP RECONCILIATION INFORMATION (Unaudited) 19
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NON-GAAP RECONCILIATION INFORMATION (Unaudited) 20
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NON-GAAP RECONCILIATION INFORMATION (Unaudited) 21
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NON-GAAP RECONCILIATION INFORMATION (Unaudited) 22