On this page of StockholderLetter.com we present the latest annual shareholder letter from CARNIVAL PLC — ticker symbol CUK. Reading current and past CUK letters to shareholders can bring important insights into the investment thesis.

 •  2/28/2025 Letter Continued (Full PDF)
 •  2/28/2023 CUK Stockholder Letter
 •  2/23/2024 CUK Stockholder Letter
 •  More "Hotels" Category Stockholder Letters

CUK Shareholder/Stockholder Letter Transcript:

Annual Report
Year Ended November 30, 2024
The Carnival plc Annual Report comprises the Strategic Report, Carnival plc consolidated Group and
Company Financial Statements, the DLC Financial Statements and certain parts of the Proxy Statement,
including its Annexes (the    Proxy Statement   ).
The Directors consider that, within the Carnival Corporation and Carnival plc dual listed company (   DLC   )
arrangement, the most appropriate presentation of Carnival plc   s results and financial position is by reference to
the Carnival Corporation & plc U.S. GAAP consolidated financial statements (   DLC Financial Statements   ).
Accordingly, the DLC Financial Statements are included as part of the Carnival plc Annual Report.

Cautionary Note Concerning Factors That May Affect Future Results
Some of the statements, estimates or projections contained in this document are    forward-looking
statements    that involve risks, uncertainties and assumptions with respect to us, including some statements
concerning future results, operations, outlooks, plans, goals, reputation, cash flows, liquidity and other events
which have not yet occurred. These statements are intended to qualify for the safe harbors from liability
provided by Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of
1934, as amended. All statements other than statements of historical facts are statements that could be
deemed forward-looking. These statements are based on current expectations, estimates, forecasts and
projections about our business and the industry in which we operate and the beliefs and assumptions of our
management. We have tried, whenever possible, to identify these statements by using words like    will,   
   may,       could,       should,       would,       believe,       depends,       expect,       goal,       aspiration,       anticipate,   
   forecast,       project,       future,       intend,       plan,       estimate,       target,       indicate,       outlook,    and similar
expressions of future intent or the negative of such terms.
Forward-looking statements include those statements that relate to our outlook and financial position
including, but not limited to, statements regarding:



Pricing
Booking levels
Occupancy
Interest, tax and fuel expenses
Currency exchange rates



Goodwill, ship and trademark fair values
Liquidity and credit ratings
Investment grade leverage metrics
Estimates of ship depreciable lives and residual values
Adjusted return on invested capital (   ROIC   )
Because forward-looking statements involve risks and uncertainties, there are many factors that could cause
our actual results, performance or achievements to differ materially from those expressed or implied in this
Strategic Report. This Strategic Report contains important cautionary statements of the known factors that
we consider could materially affect the accuracy of our forward-looking statements and adversely affect
our business, results of operations and financial position.
Forward-looking statements should not be relied upon as a prediction of actual results. Subject to any
continuing obligations under applicable law or any relevant stock exchange rules, we expressly disclaim any
obligation to disseminate, after the date of this document, any updates or revisions to any such forwardlooking statements to reflect any change in expectations or events, conditions or circumstances on which
any such statements are based.
Forward-looking and other statements in this document may also address our sustainability progress, plans,
and goals (including climate change- and environmental-related matters). In addition, historical, current,
and forward-looking sustainability- and climate-related statements may be based on standards and tools for
measuring progress that are still developing, internal controls and processes that continue to evolve, and
assumptions and predictions that are subject to change in the future and may not be generally shared.
Adjusted ROIC provides additional information to us and investors about our operating performance relative
to the capital we have invested in the company. We define adjusted ROIC as the twelve-month adjusted net
income (loss) before interest expense and interest income divided by the monthly average of debt plus equity
minus construction-in-progress, excess cash, goodwill and intangibles.

Strategic Report
The Directors consider that within the DLC arrangement, the most appropriate presentation of Carnival
plc   s business strategy is by reference to the consolidated strategy of Carnival Corporation & plc. Accordingly,
this Strategic Report presents the required strategy and business review for Carnival Corporation & plc in
order to satisfy reporting requirements of the Companies Act 2006.
CARNIVAL PLC ANNUAL REPORT
PAGE NO.
Strategic Report
Executive Overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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1. Business . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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A. Overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
I. Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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II. Purpose & Mission, Vision, Values and Priorities . . . . . . . . . . . . . . . . . . . . . . . . . . .
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B. Global Cruise Industry . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
I. Overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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II. Passenger Capacity by Ocean Going Vessels . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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III. Competition . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
C. Our Global Cruise Business . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
I. Segment and Brand Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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II. Ships Under Contract for Construction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
III. Descriptions of Cruise Brands . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
IV. Trademarks and Other Intellectual Property . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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V. Passengers Carried and Principal Source Geographic Areas . . . . . . . . . . . . . . . . . . . .
VI. Cruise Programs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
VII. Cruise Pricing and Payment Terms . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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VIII. Seasonality . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
IX. Onboard and Other Revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
X. Port Destinations and Private Islands . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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XI. Marketing Activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
XII. Sales Channels . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
XIII. Suppliers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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XIV. Human Capital Management and Employees . . . . . . .
XV. Ethics and Compliance . . . . . . . . . . . . . . . . . . . . . . .
XVI. Insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
XVII. Taxation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
XVIII. Governmental Regulations . . . . . . . . . . . . . . . . . .
XIX. Sustainability and Environmental Impact . . . . . . . . .
D. Website Access to Carnival Corporation & plc SEC Reports
E. Industry and Market Data . . . . . . . . . . . . . . . . . . . . . . .































































































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F. Cybersecurity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
G. Properties . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
H. Legal Proceedings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
I. Executive Officers and Corporate Governance . . . . . . . . . . . . . . . .
J. Dividends . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
K. Repurchase Authorizations . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2. Business Review . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3. Internal Control and Risk Assessment . . . . . . . . . . . . . . . . . . . . . . .
4. Risk Management and/or Mitigation of Principal and Emerging Risks











































































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CARNIVAL PLC ANNUAL REPORT
PAGE NO.
5. Going Concern Confirmation and Viability Statement . . . . . . . . . . . . . . . . . . . . . . . . . . .
63
6. Non-Financial and Sustainability Information Statement . . . . . . . . . . . . . . . . . . . . . . . . .
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7. Section 172(1) Statement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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Carnival plc Financial Statements for the year ended November 30, 2023
Carnival plc Group Financial Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Carnival plc Parent Company Financial Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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114
Deloitte LLP Independent Auditor   s Report . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
129
DLC Financial Statements and Other Information
DLC Financial Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
138
Common Stock and Ordinary Shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Stock Performance Graphs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Corporate and Other Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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176
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Proxy
Statement
Page No.
Other Information from the Proxy Statement
Carnival plc Directors    Report . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
A-1
Carnival plc Directors    Remuneration Report     Part I . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Carnival plc Directors    Remuneration Report     Part II . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Carnival plc Corporate Governance Report . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
49
B-1
C-1
The Carnival plc Annual Report has been submitted to the National Storage Mechanism in European
Single Electronic Format (   ESEF   ) and is available for inspection at
data.fca.org.uk/#/nsm/nationalstoragemechanism and will be included in the Annual Meeting materials
available to the Carnival plc shareholders. Only the Carnival plc Annual Report in ESEF is the official version
for the purposes of the ESEF Regulation. The Form 10-K is not set forth within this document but is
available for viewing at www.carnivalcorp.com or www.carnivalplc.com.

2024 Executive Overview



Full year revenues hit an all-time high of $25 billion, over 15 percent higher than the prior year
Seven consecutive quarters of record revenues
Record full year operating income of $3.6 billion, over 80 percent higher than the prior year
All-time high cash from operations of almost $6 billion
Higher ticket prices for 2024 versus 2023 for all of our major cruise lines and onboard spending
levels that accelerated sequentially each quarter throughout the year
    Record booking trends and record year-end customer deposits, indicating a continuation of the
strong momentum we   ve been experiencing for the last two years
We remain laser focused on further reducing interest expense and rebuilding our investment-grade balance
sheet. During 2024, we made debt prepayments of over $3 billion, bringing our total prepayments to over
$7 billion since the beginning of 2023. Additionally, we have reduced our debt balance by over $8 billion
from the peak in January 2023, ending the year with $27.5 billion of debt.
We are delivering long-term value for our shareholders through improved operational execution across our
cruise lines. We ended 2024 with adjusted return on invested capital (   ROIC   ) comfortably above our cost of
capital.
We welcomed three new ships during 2024: Carnival Jubilee, the third of five Excel class vessels for Carnival
Cruise Line; Sun Princess, Princess Cruises    next generation flagship which was just awarded Conde Nast
Traveler   s 2024 Mega Ship of the year in the U.S.; and Queen Anne, Cunard   s first new ship in 14 years.
We have also been focusing on each of our cruise lines    unique target markets, launching new marketing
campaigns across all our brands. In 2024, both new-to-cruise and repeat guests were each up doubledigit percentages and we continue to attract new cruise guests as we work to increase awareness and
consideration for cruise travel globally.
We continue to advance our enhanced destination strategy to provide guests with yet another reason to take
a cruise vacation with us. Celebration Key, our new exclusive cruise port destination on Grand Bahama
Island, is scheduled to open in the summer of 2025, with an additional pier opening in the fall of 2026. Its
five portals built for fun will further expand our experience offerings with an abundance of features and
amenities for our guests. Celebration Key will be our largest and closest destination in our portfolio,
saving fuel costs and reducing greenhouse gas emissions. In addition, we recently announced plans to enhance
Half Moon Cay, our highly rated and award-winning exclusive Bahamian destination. The enhancements
will lean further into this destination   s natural beauty and pristine appeal, reinforcing its new name    
RelaxAway, Half Moon Cay. Featuring a newly constructed pier that is expected to be ready in the summer
of 2026, the destination will allow two ships to dock, including Carnival Cruise Line   s largest ships that will be
able to visit for the first time. We believe developing and promoting these unique assets will help us cast the
net wider and capture even more new-to-cruise demand.
During 2024, we also continued making progress towards our sustainability goals. We reduced our greenhouse
gas emission intensity by approximately 17.5 percent compared to 2019, on track to achieve our targeted
reduction of 20 percent by the end of 2026, a goal that was previously pulled forward by four years. We have
also lowered our absolute greenhouse gas emissions by almost 10 percent since 2019, despite capacity
growth of over nine percent over the same period.
We are grateful for the efforts of our hard working and dedicated team who delivered a step change
improvement in 2024 and set us up very well for 2025 and beyond, while consistently delivering unforgettable
happiness to over 13 and a half million people in 2024, by providing them with extraordinary cruise
vacations while honoring the integrity of every ocean we sail, place we visit and life we touch.
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Strategic Report
We had a strong year, setting records and achieving milestones, including:



 2/28/2025 Letter Continued (Full PDF)