Carnival Corporation & plc is the world's largest global cruise company, operating a portfolio of world-class cruise lines including AIDA Cruises, Carnival Cruise Line, Costa Cruises, Cunard, Holland America Line, P&O Cruises (Australia), P&O Cruises (UK), Princess Cruises and Seabourn. The company operates a dual listed company structure, combining the businesses of Carnival Corporation and Carnival plc as a single economic enterprise with a single executive management team and identical Boards of Directors. The company's core business model revolves around providing extraordinary cruise vacations to guests across various market segments, with each brand carving out a distinct identity.

• Employees: 160,000+ (approximate)
• Geographic Footprint: Approximately 150 countries
• Headquarters: Miami, Florida and Southampton, United Kingdom
• Founded: 1974 (Carnival Corporation) and 2000 (Carnival plc)
• Number of locations/facilities: Not explicitly stated, but includes numerous ports, exclusive islands, and tour operations
• Revenue: $21.6 billion (FY2023)
• Market Capitalization: $11.2 billion (Carnival Corporation) and $1.8 billion (Carnival plc) as of the last business day of the most recently completed second fiscal quarter.
• Key Subsidiaries/Brands: AIDA Cruises, Carnival Cruise Line, Costa Cruises, Cunard, Holland America Line, P&O Cruises (Australia), P&O Cruises (UK), Princess Cruises and Seabourn

• CEO: Josh Weinstein
• CFO: David Bernstein
• Board Chair: Micky Arison
• Other Key Executives:
  • William R. Burke, Chief Maritime Officer
  • Bettina Deynes, Global Chief Human Resources Officer
  • Enrique Miguez, General Counsel

Key leaders have extensive experience in the cruise and leisure industries.

• Annual Revenue: $21.6 billion (FY2023)
• Net Income: $(74) million (FY2023)
• Market Cap: $11.2 billion (Carnival Corporation) and $1.8 billion (Carnival plc)
• Total Assets: $49.1 billion (as of November 30, 2023)
• Employees: 160,000+ (approximate)
• Key Financial Highlights: Full year revenues hit an all-time high; net income was positive during the third quarter, generating $1.07 billion; reduced debt balance by $4.6 billion from its peak in the first quarter of 2023 and ended the year with $5.4 billion of liquidity.

The company offers a range of cruise experiences across contemporary, premium, and luxury segments.

• Contemporary Cruises: Feature a variety of activities and entertainment venues, historically including cruises that last seven days or less.
• Premium Cruises: Emphasize quality, comfort, style, and more destination-focused itineraries, generally including cruises that last from seven to 14 days.
• Luxury Cruises: Characterized by very high standards of accommodation and service, smaller vessel size, and exotic itineraries to ports that are inaccessible by larger ships.

The company operates through two main segments:

• North America and Australia (NAA): Includes Carnival Cruise Line, Princess Cruises, Holland America Line, P&O Cruises (Australia), and Seabourn.
• Europe: Includes Costa Cruises, AIDA Cruises, P&O Cruises (UK), and Cunard.

The NAA segment accounted for 62% of the total capacity and the Europe segment accounted for 38% of the total capacity as of November 30, 2023.

The company's strategy focuses on ensuring each brand owns its space in the vacation market by delivering tailored experiences. Key priorities include:

• Strengthening the balance sheet and delivering long-term shareholder value.
• Investing in technology upgrades and fleet improvements, piloting alternative fuel types, and optimizing itineraries.
• Maintaining a commitment to compliance, environmental protection, and the safety, health, and well-being of every life they touch.
• Focusing on financial fitness, driving revenue, operating efficiently at scale, and generating record levels of cash from operations.
• Reducing debt over time and improving return on invested capital.

The company operates in the global cruise industry, competing with land-based vacation alternatives such as hotels, resorts, theme parks, casinos, and other internet-based lodging sites. Key competitors include Royal Caribbean Group, Norwegian Cruise Line Holdings, Ltd. and MSC Cruises. The company, along with its principal cruise competitors, represented approximately 80% of the cruise industry capacity as of December 31, 2023.

• Market Position: Largest global cruise company.
• Key Competitors: Royal Caribbean Group, Norwegian Cruise Line Holdings, Ltd., MSC Cruises.
• Industry Trends: The cruise industry is recovering from the impact of COVID-19.

• Market Risks: Geopolitical uncertainty, war, inflation, higher fuel prices, and higher interest rates impacting demand for cruises and operating costs.
• Operational Risks: Pandemics, incidents concerning ships, guests or the cruise industry, supply chain disruptions, and inability to implement shipbuilding programs and ship repairs.
• Financial Risks: Fluctuations in foreign currency exchange rates, overcapacity and competition in the cruise industry, and substantial debt that could affect financial health and operating flexibility.
• Regulatory Risks: Changes in and non-compliance with laws and regulations related to health, environment, safety, security, data privacy, anti-money laundering, and tax.