Carnival Corporation Orders Fourth Excel-Class Ship for Carnival Cruise Line

Germany

Carnival Corporation & plc (NYSE/LSE: CCL; NYSE: CUK), the world's largest cruise company, today announced it has signed an agreement with leading German shipbuilder Meyer Werft to build a fourth Excel-class cruise ship for its namesake Carnival Cruise Line brand.

The ship, the 10th Excel-class ship in the corporation's fleet across four of its world-class brands, is expected to enter service in Spring 2027.

Joining current Carnival Cruise Line Excel-class ships Mardi Gras, Carnival Celebration and Carnival Jubilee, the new 180,000-ton ship will carry over 6,400 guests and be powered on a liquefied natural gas (LNG) technology platform. This new ship is the first newbuild order placed by Carnival Corporation in five years.

"Our Excel-class ships have been a tremendous addition to the Carnival fleet and proven very popular with our guests," said Christine Duffy, president of Carnival Cruise Line. "As the world's most popular cruise line, this new ship enables us to continue the growth of our incredible fleet as we welcome our loyal guests back to cruise more frequently and attract new-to-cruise guests to experience all that a Carnival cruise has to offer."

"Building on our strong performance and growing momentum around the world, we are excited to resume our newbuild program and further enhance our global fleet with yet another state-of-the-art ship that will wow Carnival Cruise Line's guests," said Josh Weinstein, CEO of Carnival Corporation. "With one newbuild scheduled for delivery in 2025, none for 2026, and this order being our only expected newbuild in 2027, our responsible capital approach will support utilizing our substantial free cash flow over the next several years to strategically improve our balance sheet, significantly reduce our leverage levels and continue to transfer value from debt holders to shareholders.

"We are following through on our measured capacity growth strategy with the addition of one to two ships per year beginning in 2027, which will be allocated to our cruise lines that most need the capacity to satisfy outsized demand, delivering an attractive payback period. We also remain focused on driving revenue growth throughout our portfolio of world-class cruise lines by continuing to improve execution across all aspects of our operation, yielding higher return on invested capital," said Weinstein.

"We are very pleased that the partnership between the MEYER Group and Carnival Corporation will continue with this new order," said Bernd Eikens, CEO MEYER Group.