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Proceeds from the offering of senior unsecured notes, together with cash on hand, to be used to redeem $2.0 billion of 6.000% senior unsecured notes due 2029

MIAMI, Sept. 30, 2025 /PRNewswire/ — Carnival Corporation & plc (NYSE/; ) today announced that Carnival Corporation (the "Company") priced its private offering (the "Notes Offering") of $1.25 billion aggregate principal amount of 5.125% senior unsecured notes due 2029 (the "Notes").

The Company expects to use the proceeds from the Notes Offering, together with cash on hand, to redeem its $2.0 billion 6.000% senior unsecured notes due 2029 (the "2029 Unsecured Notes") after the closing of the Notes Offering.

The transaction is a continuation of the Company's strategy to reduce interest expense. In addition, the indenture that will govern the Notes will have investment grade-style covenants.

The Notes Offering is expected to close on October 15, 2025, subject to customary closing conditions.

The Notes will pay interest semi-annually on May 1 and November 1 of each year, beginning on May 1, 2026 at a rate of 5.125% per year. The Notes will be unsecured and will mature on May 1, 2029. 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 2029 Unsecured 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, Princess Cruises and Seabourn.

Cautionary Note Concerning Forward-Looking Statements

Certain statements in this press release constitute forward-looking statements under the Private Securities Litigation Reform Act of 1995. These statements relate to, among other things, the financing transactions described herein, future results, operations, outlooks, plans, goals, reputation, cash flows and liquidity and other events which have not yet occurred. Forward-looking statements reflect management's current expectations and are subject to risks, uncertainties and other factors that 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. Factors that could affect our results include, among others, those discussed under the caption "Risk Factors" in our most recent annual report on Form 10-K, as well as our other filings with the Securities and Exchange Commission (the "SEC"), copies of which may be obtained by visiting the Investor Relations page of our website at www.carnivalcorp.com/investors/ 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.

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SOURCE Carnival Corporation & plc

Carnival shares are on pace for their largest percent decrease since April, when President Trump announced sweeping tariffs and fears of a travel slowdown surged. The selloff comes despite a beat-and-raise in the cruise operator's fiscal 3Q, favorable booking commentary for the next two years and the successful rollout of Celebration Key, its new private destination in the Bahamas, Melius Research analysts Conor Cunningham and Patrick Coleman say in a note. "We view the near-term weakness as a buying opportunity," they say, adding the company's long-term outlook remains favorable. Carnival's stock has outperformed recently, the analysts note, "suggesting investor positioning is impacting the shares today more so than the fundamentals." Shares fall 4.6%. (connor.hart@wsj.com)

Q3 2025 delivered record financial results, with adjusted net income of $2B and all key metrics exceeding guidance. Full-year 2025 outlook was raised for the third time, driven by strong bookings, higher yields, and effective cost control. Credit ratings improved and deleveraging continues.

Original document: Carnival plc [CCL] Slides Release — Sep. 29 2025

Carnival's Celebration Key, its new private destination in the Bahamas, is paying off, CEO Josh Weinstein says on a call with analysts. Early guest feedback has been "fantastic," and the cruise operator expects word of mouth to continue to build next year, when 2.8 million guests are set to visit the port. "This adds up to high utilization rates, with a ship in port virtually every day of the year and at least two ships 85% of the time," Weinstein says. He adds a pier extension is underway, and the port will be able accommodate up to four ships at a time by next fall. "In the early innings, the returns of our Celebration Key investment are indeed meeting expectations, all of which were built into our forecast and which we have exceeded," Weinstein says. Shares fall 5% despite a beat-and-raise in 3Q. (connor.hart@wsj.com)

Carnival delivers another beat-and-raise, further supporting Jefferies' bullish view on the stock, the analysts say in a research note. The cruise operator continues to post accelerating general and pricing trends, with ticket and onboard growing faster than F2Q, despite being up against challenging comps, the analysts write. They note that much of the upside in the recent quarter came from Celebration Key, its new private island destination that opened this summer. "We continue to view Carnival as one of our top picks in the leisure sector," the analysts write. Despite the upbeat earnings report, Carnival sinks 3.5%. (connor.hart@wsj.com)

$3 billion of 5.75% Senior Unsecured Notes due 2032 were issued, guaranteed by key subsidiaries, with robust covenants, change of control repurchase rights, and tax gross-up provisions. The notes are governed by New York law and support the group's ongoing capital markets strategy.

Original document: Carnival plc [CCL] SEC 10-Q Quarterly Report — Sep. 29 2025