Royal Caribbean Cruises Ltd. (RCL) SEC Filings & Earnings Calls

Transaction subject to customary approvals and closing conditions; integration risk and debt financing execution.

“subject to customary approvals and closing conditions” · word for word

Increased debt load with fixed interest rate; refinancing risk mitigated by longer maturity.

“New $1.25B debt at 5.55% due 2034; proceeds used to repay floating rate term loans, reducing interest rate risk.”

Increased debt load of $1.25B adds leverage, though proceeds are used to repay existing floating rate debt, reducing interest rate risk.

“issuance and sale by the Company of $1,250,000,000 aggregate principal amount of the Company’s 5.550% Senior Notes due 2034” · word for word

Geopolitical activity impacting select itineraries

“This outlook incorporates a modest booking impact for select itineraries primarily due to prolonged geopolitical activity.” · word for word

Fuel price sensitivity

“10% change in fuel prices impacts Q3 2026 by $13 million and remainder of year by $26 million.”

Currency exchange rate risk

“1% change in currency impacts Q3 2026 by $8 million and remainder of year by $14 million.”

Interest rate sensitivity

“100 basis point change in SOFR impacts Q3 2026 by $0.2 million and remainder of year by $1.8 million.”

Regulatory risk: environmental permit denial for Perfect Day Mexico project.

“SEMARNAT will deny approval of the Company’s initial application for the environmental permits needed to develop the Company’s Perfect Day Mexico project.”

Geopolitical developments affecting Mediterranean and West Coast of Mexico itineraries; bookings moderated in March and early April.

“Bookings moderated in March and early April for Mediterranean and West Coast of Mexico itineraries due to geopolitical developments.” · word for word

Higher fuel costs expected to impact FY26 guidance by $0.62 per share.

“Fuel costs, based on current at-the-pump rates, net of hedging, are expected to be approximately $1.3 billion, or $0.62 per share higher than prior guidance.” · word for word

Fuel Cost Exposure

“Fuel expenses, which include fuel and related delivery, storage and emission consumable costs and the financial impact of fuel swap agreements.” · word for word

Seasonality

“Our revenues are seasonal based on demand for cruises.” · word for word

Geopolitical and Economic Uncertainty

“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” · word for word

Disease Outbreak Risk

“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” · word for word

Increased debt load but used for refinancing existing maturities; manageable.

“Proceeds used to refinance senior notes maturing in 2026 and repay existing indebtedness.”

Increased leverage from $2.5B new debt, though used for refinancing.

“Issuance of $2.5B in senior notes.”

Fuel price volatility

“Increases in fuel prices have and could continue to materially and adversely affect our business as fuel prices impact not only our fuel costs, but also some of our other expenses, such as crew travel, freight, and commodity prices.” · word for word

Climate regulation compliance costs

“For example, the European Union has enacted parts of a series of significant carbon reforms under its Fit for 55 package designed to meet its 2030 emission goals, which would require us, among other things, to purchase emission allowances, increase the use of low carbon fuel onboard our vessels as well as connectivity to shore power.” · word for word

Interest rate sensitivity

“As of December 31, 2025, a hypothetical 1% increase in prevailing interest rates would increase our forecasted 2026 interest expense by approximately $12.3 million.” · word for word

China itinerary modifications create 30 bps headwind to net yields in 2026.

“This includes 30 bps of headwind from itinerary modifications in China.” · word for word

Adverse weather events and temporary closure of Labadee, Haiti may impact Q4 results minimally.

“minimal impact in the fourth quarter from recent adverse weather, and the unplanned extension of the temporary closure of one of the company's exclusive destinations in Labadee, Haiti.” · word for word