{ "documentInfo": { "documentType": "https://xbrl.org/2021/xbrl-json", "features": { "xbrl:canonicalValues": true }, "namespaces": { "ccl": "http://www.carnivalcorp.com/20251130", "ifrs-full": "https://xbrl.ifrs.org/taxonomy/2024-03-27/ifrs-full", "iso4217": "http://www.xbrl.org/2003/iso4217", "scheme": "http://standards.iso.org/iso/17442", "xbrl": "https://xbrl.org/2021", "xbrli": "http://www.xbrl.org/2003/instance" }, "taxonomy": [ "http://www.carnivalcorp.com/xbrl/2025/4DR1VPDQMHD3N3QW8W95-2025-11-30.xsd" ] }, "facts": { "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00485": { "value": "CARNIVAL PLC
GROUP STATEMENTS OF INCOME
(in millions, except per share data)
\n\n \u00a0 \u00a0 \u00a0 \u00a0\u00a0\n \n
Years Ended November 30,
Notes
2025
2024
Revenues
Passenger ticket
...........................
$
7,402
$
6,909
Onboard and related
.......................
2,617
2,503
Total Revenues
.............................
3
10,019
9,413
Cruise and tour operating expenses:
Commissions, transportation and related
.......
1,414
1,354
Onboard and related
......................
618
563
Payroll and related
.......................
1,052
1,053
Fuel
.................................
753
851
Food
.................................
529
519
Property and equipment impairment reversals
....
10
\u2014
(260)
Gain on sales of ships
.....................
(37)
(25)
Other operating
.........................
1,817
1,872
Total Cruise and tour operating expenses
..........
6,146
5,928
Selling and administrative expense
..............
3
1,143
1,100
Depreciation and amortisation expense
..........
3
810
758
Operating Income
...........................
1,921
1,627
Interest income
...........................
17
39
Income from investments in associates
...........
17
13
Interest expense
...........................
(267)
(330)
Other (expense) income, net
..................
4
(346)
142
Income Before Income Taxes
....................
1,341
1,491
Income tax benefit, net
......................
5
6
4
Net Income
................................
$
1,347
$
1,495
Earnings Per Share
Basic
..................................
6
$
7.16
$
7.97
Diluted
.................................
6
$
7.12
$
7.93
\n
The accompanying notes are an integral part of these financial statements. These financial statements only
present the Carnival plc consolidated Group IFRS Financial Statements and, accordingly, do not include the
consolidated IFRS results of Carnival Corporation.
Within the DLC arrangement the most appropriate presentation of Carnival plc\u2019s results and financial
position is considered to be by reference to the DLC Financial Statements.
CARNIVAL PLC
\n
GROUP STATEMENTS OF COMPREHENSIVE INCOME
\n
(in millions)
\n \n \n
Years Ended November 30,
2025
2024
Net Income
............................................
$
1,347
$
1,495
Other Comprehensive Income (Loss)
Items that will not be reclassified through the Statements of Income
Remeasurements of post-employment benefit obligations
........
(3)
6
Items that may be reclassified through the Statements of Income
Foreign currency translation
............................
407
(75)
Other Comprehensive Income (Loss)
..........................
404
(70)
Total Comprehensive Income
................................
$
1,752
$
1,425
\n
The accompanying notes are an integral part of these financial statements. These financial statements only
\n
present the Carnival plc consolidated Group IFRS Financial Statements and, accordingly, do not include the
\n
consolidated IFRS results of Carnival Corporation.
\n
Within the DLC arrangement the most appropriate presentation of Carnival plc\u2019s results and financial
\n
position is considered to be by reference to the DLC Financial Statements.
CARNIVAL PLC
GROUP BALANCE SHEETS
(in millions)
\u00a0 \u00a0\u00a0
November 30,
\u00a0
Notes
2025
2024
ASSETS
\u00a0 \u00a0 \u00a0
Current Assets
\u00a0 \u00a0 \u00a0
Cash and cash equivalents
................................
7
$
545
$
397
Trade and other receivables, net
.............................
8
322
287
Inventories
.........................................
9
236
223
Prepaid expenses and related
...............................
\u00a0
309
300
Amount owed from Carnival Corporation group
...................
\u00a0
427
417
Total current assets
...................................
\u00a0
1,839
1,623
Non-Current Assets
\u00a0 \u00a0 \u00a0
Property and equipment, net
...............................
10
13,958
11,117
Right-of-use assets, net
..................................
11
271
500
Investments in associates
.................................
12
116
97
Emission allowances
....................................
\u00a0
105
69
Other assets
.........................................
13
276
188
Total non-current assets
................................
\u00a0
14,727
11,971
\u00a0 \u00a0
$
16,566
$
13,594
LIABILITIES AND SHAREHOLDERS\u2019 EQUITY
\u00a0 \u00a0 \u00a0
Current Liabilities
\u00a0 \u00a0 \u00a0
Current portion of long-term debt
...........................
14
$
768
$
925
Current portion of lease liabilities
............................
11
42
131
Accounts payable
.....................................
\u00a0
481
443
Accrued liabilities and related
..............................
16
730
720
Customer deposits
.....................................
\u00a0
2,540
2,376
Total current liabilities
.................................
\u00a0
4,560
4,595
Non-Current Liabilities
\u00a0 \u00a0 \u00a0
Long-term debt
......................................
14
7,617
6,269
Long-term lease liabilities
................................
11
244
408
Provisions
..........................................
23
81
70
Other long-term liabilities
................................
18
294
249
Total non-current liabilities
..............................
\u00a0
8,236
6,996
Shareholders\u2019 Equity
\u00a0 \u00a0 \u00a0
Share capital
........................................
19
361
361
Share premium
.......................................
\u00a0
1,143
1,143
Retained earnings
.....................................
\u00a0
4,120
2,820
Other reserves
.......................................
\u00a0
(1,855)
(2,320)
Total shareholders\u2019 equity
...............................
\u00a0
3,770
2,004
\u00a0 \u00a0
$
16,566
$
13,594
\n
The accompanying notes are an integral part of these financial statements. These financial statements only present the Carnival
plc consolidated Group IFRS Financial Statements and, accordingly, do not include the consolidated IFRS results of Carnival
Corporation.
The Carnival plc Group financial statements (registered number 04039524) were authorised for issue by the Boards of Directors
on January 23, 2026 and signed on their behalf by
Micky Arison
Josh Weinstein
Chair of the Boards of Directors
January 27, 2026
Chief Executive Officer and Director
January 27, 2026
Within the DLC arrangement the most appropriate presentation of Carnival plc\u2019s results and financial position is
considered to be by reference to the DLC Financial Statements.
CARNIVAL PLC
\n
GROUP STATEMENTS OF CASH FLOWS
\n
(in millions)
\n\n\n \u00a0 \u00a0 \u00a0 \u00a0
Years Ended November 30,
Notes
2025
2024
OPERATING ACTIVITIES
Income before income taxes
......................
$
1,341
$
1,491
Adjustments to reconcile income before income taxes to net
cash provided by (used in) operating activities
Depreciation and amortisation
...................
3
810
758
Impairment reversals
.........................
10
\u2014
(260)
Share-based compensation
.....................
21
14
10
Interest expense, net
.........................
256
301
(Income) loss from investments in associates
..........
(17)
(13)
Unrealized foreign currency exchange (gain) loss
.......
368
(163)
Gain on sales of ships
........................
(37)
(25)
Greenhouse gas regulatory expense
................
69
35
Other
...................................
(22)
41
2,783
2,175
Changes in operating assets and liabilities
Receivables
...............................
(13)
19
Inventories
...............................
(2)
6
Purchase of emission allowances
..................
(67)
(71)
Prepaid expenses and other assets
.................
(30)
(70)
Accounts payable
...........................
(15)
(17)
Accrued liabilities, other and provisions
.............
(72)
24
Customer deposits
..........................
68
228
Cash provided by (used in) operations before interest, debt
issuance costs and income taxes
..................
2,651
2,293
Interest received
............................
17
39
Interest paid
..............................
(227)
(302)
Debt issuance costs paid
.......................
(29)
(78)
Income tax benefit received (paid), net
..............
(20)
(14)
Net cash provided by (used in) operating activities
.....
2,392
1,939
INVESTING ACTIVITIES
Purchases of property and equipment
..............
3
(675)
(1,056)
Proceeds from sales of ships
....................
94
40
Advances to Carnival Corporation group, net
.........
(160)
(387)
Refunds of investments held in trust
...............
\u2014
108
Net cash provided by (used in) investing activities
.....
(740)
(1,295)
FINANCING ACTIVITIES
Payments to Carnival Corporation group, net
.........
(1,935)
(1,908)
Principal repayments of long-term debt
.............
(748)
(1,150)
Proceeds from issuance of long-term debt
............
1,278
1,581
Lease liabilities principal payments
................
(115)
(136)
Net cash provided by (used in) financing activities
.....
(1,519)
(1,612)
Effect of exchange rate changes on cash and cash
equivalents
...............................
14
2
Net increase (decrease) in cash and cash equivalents
....
148
(966)
Cash and cash equivalents at beginning of year
..........
397
1,363
Cash and cash equivalents at end of year
...........
$
545
$
397
\n\n
The accompanying notes are an integral part of these financial statements. These financial statements only
\n
present the Carnival plc consolidated Group IFRS Financial Statements and, accordingly, do not include the
\n
consolidated IFRS results of Carnival Corporation.
\n
Within the DLC arrangement the most appropriate presentation of Carnival plc\u2019s results and financial
\n
position is considered to be by reference to the DLC Financial Statements.
CARNIVAL PLC
\n
GROUP STATEMENTS OF CHANGES IN SHAREHOLDERS\u2019 EQUITY
\n
(in millions)
\n\n\n \u00a0 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
Reserves
Cash
Total
Share
Share
Retained
Translation
flow
Treasury
Other
Merger
shareholders\u2019
capital
premium
earnings
reserve
hedges
shares
reserves
reserve
Total
equity
At November 30, 2023
....
$
361
$
1,143
$
1,366
$ (2,258)
$
21
$ (1,694) $
128
$ 1,503
$ (2,300)
$
569
Comprehensive income
(loss)
Net income
........
\u2014
\u2014
1,495
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
1,495
Foreign currency
translation
.......
\u2014
\u2014
\u2014
(75)
\u2014
\u2014
\u2014
\u2014
(75)
(75)
Remeasurements of
post-employment
benefit obligations . . .
\u2014
\u2014
6
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
6
Total comprehensive
income (loss)
......
\u2014
\u2014
1,501
(75)
\u2014
\u2014
\u2014
\u2014
(76)
1,425
Issuance of treasury
shares for vested
share-based awards
..
\u2014
\u2014
(47)
\u2014
\u2014
47
\u2014
\u2014
47
\u2014
Other, net (a)
.......
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
9
\u2014
9
9
At November 30, 2024
....
361
1,143
2,820
(2,334)
21
(1,647)
137
1,503
(2,320)
2,004
Comprehensive income
(loss)
Net income
........
\u2014
\u2014
1,347
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
1,347
Foreign currency
translation
.......
\u2014
\u2014
\u2014
407
\u2014
\u2014
\u2014
\u2014
407
407
Remeasurements of
post-employment
benefit obligations . . .
\u2014
\u2014
(3)
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
(3)
Total comprehensive
income (loss)
......
\u2014
\u2014
1,345
407
\u2014
\u2014
\u2014
\u2014
407
1,752
Issuance of treasury
shares for vested
share-based awards
..
\u2014
\u2014
(44)
\u2014
\u2014
44
\u2014
\u2014
44
\u2014
Other, net (a)
.......
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
15
\u2014
15
15
At November 30, 2025
....
$
361
$
1,143
$
4,120
$ (1,926)
$
20
$ (1,603) $
151
$ 1,503
$ (1,855)
$
3,770
\n\n
(a)
Includes equity settled share-based payments.
\n
The accompanying notes are an integral part of these financial statements. These financial statements only
\n
present the Carnival plc consolidated Group IFRS Financial Statements and, accordingly, do not include the
\n
consolidated IFRS results of Carnival Corporation.
\n
Within the DLC arrangement the most appropriate presentation of Carnival plc\u2019s results and financial
\nposition is considered to be by reference to the DLC Financial Statements.CARNIVAL PLC
PARENT COMPANY BALANCE SHEETS
(in millions)
November 30,
Notes
2025
2024
ASSETS
Current Assets
Cash and cash equivalents
...............................
2
$
382
$
228
Trade and other receivables, net
............................
3
104
92
Inventories
.........................................
71
82
Prepaid expenses and related
.............................
150
157
Receivable from subsidiaries
..............................
419
1,122
Amount owed from Carnival Corporation group
.................
408
405
Total current assets
..................................
1,535
2,085
Non-Current Assets
Property and equipment, net
.............................
4
5,461
3,258
Right-of-use assets
....................................
5
185
429
Investments in associates
................................
64
58
Emission allowances
...................................
34
24
Other assets
........................................
6
100
73
Loans owed from subsidiaries
.............................
66
71
Investments in subsidiaries
...............................
7
5,236
5,797
Total non-current assets
...............................
11,146
9,710
$
12,681
$
11,796
LIABILITIES AND SHAREHOLDERS\u2019 EQUITY
Current Liabilities
Current portion of long-term debt
..........................
$
768
$
925
Current portion of lease liabilities
..........................
5
27
120
Accounts payable
.....................................
164
168
Accrued liabilities and related
.............................
8
256
325
Customer deposits
....................................
1,413
1,428
Total current liabilities
................................
2,629
2,967
Non-Current Liabilities
Long-term debt
......................................
7,617
6,269
Long-term lease liabilities
...............................
5
177
353
Provisions
.........................................
46
34
Other long-term liabilities
...............................
10
144
122
Total non-current liabilities
.............................
7,985
6,779
Shareholders\u2019 Equity
Share capital
........................................
11
361
361
Share premium
......................................
1,143
1,143
Retained earnings
....................................
2,197
2,097
Other reserves
.......................................
(1,634)
(1,551)
Total shareholders\u2019 equity
..............................
2,067
2,050
$
12,681
$
11,796
Net income for the Carnival plc Parent Company was $147 million in 2025 and $477 million in 2024.
The accompanying notes are an integral part of the Carnival plc Parent Company financial statements.
The Carnival plc Parent Company financial statements (registered number 04039524) were authorized for
issue by the Boards of Directors on January 23, 2026 and signed on their behalf by
Micky Arison
Josh Weinstein
Chair of the Boards of Directors
January 27, 2026
Chief Executive Officer and Director
January 27, 2026
CARNIVAL PLC
PARENT COMPANY STATEMENTS OF CHANGES IN SHAREHOLDERS\u2019 EQUITY
(in millions)
Reserves
Share
capital
Share
premium
Retained
earnings
Translation
reserve
Cash
flow
hedges
Treasury
shares
Other
reserves
Merger
reserve
Total
Total
shareholders\u2019
equity
At November 30, 2023
...
$
361
$
1,143
$
1,661
$
(279) $
21
$ (1,694) $
128
$
36
$ (1,788)
$
1,376
Comprehensive income
(loss)
Net income
........
\u2014
\u2014
477
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
477
Foreign currency
translation
.......
\u2014
\u2014
\u2014
182
\u2014
\u2014
\u2014
\u2014
182
182
Remeasurements of
post-employment
benefit obligations . . .
\u2014
\u2014
6
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
6
Total comprehensive
income
.........
\u2014
\u2014
483
182
\u2014
\u2014
\u2014
\u2014
182
665
Issuance of treasury
shares for vested
share-based awards
..
\u2014
\u2014
(47)
\u2014
\u2014
47
\u2014
\u2014
47
\u2014
Other, net
.........
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
9
\u2014
9
9
At November 30, 2024
...
361
1,143
2,097
(98)
21
(1,647)
137
36
(1,551)
2,050
Comprehensive income
(loss)
Net income (loss)
....
\u2014
\u2014
147
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
147
Foreign currency
translation
.......
\u2014
\u2014
\u2014
(140)
\u2014
\u2014
\u2014
\u2014
(140)
(140)
Remeasurements of
post-employment
benefit obligations . . .
\u2014
\u2014
(3)
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
(3)
Total comprehensive
income (loss)
......
\u2014
\u2014
144
(140)
\u2014
\u2014
\u2014
\u2014
(141)
3
Issuance of treasury
shares for vested
share-based awards
..
\u2014
\u2014
(44)
\u2014
\u2014
44
\u2014
\u2014
44
\u2014
Other, net
.........
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
14
\u2014
14
14
At November 30, 2025
...
$
361
$
1,143
$
2,197
$
(238) $
20
$ (1,603) $
151
$
36
$ (1,634)
$
2,067
The accompanying notes are an integral part of the Parent Company financial statements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfConsolidatedAndSeparateFinancialStatementsExplanatory", "language": "en", "entity": "scheme:4DR1VPDQMHD3N3QW8W95", "period": "2024-12-01T00:00:00/2025-12-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00240": { "value": "\n\n \u00a0 \u00a0 \u00a0 \u00a0\u00a0\n \n
Years Ended November 30,
Notes
2025
2024
Revenues
Passenger ticket
...........................
$
7,402
$
6,909
Onboard and related
.......................
2,617
2,503
Total Revenues
.............................
3
10,019
9,413
Cruise and tour operating expenses:
Commissions, transportation and related
.......
1,414
1,354
Onboard and related
......................
618
563
Payroll and related
.......................
1,052
1,053
Fuel
.................................
753
851
Food
.................................
529
519
Property and equipment impairment reversals
....
10
\u2014
(260)
Gain on sales of ships
.....................
(37)
(25)
Other operating
.........................
1,817
1,872
Total Cruise and tour operating expenses
..........
6,146
5,928
Selling and administrative expense
..............
3
1,143
1,100
Depreciation and amortisation expense
..........
3
810
758
Operating Income
...........................
1,921
1,627
Interest income
...........................
17
39
Income from investments in associates
...........
17
13
Interest expense
...........................
(267)
(330)
Other (expense) income, net
..................
4
(346)
142
Income Before Income Taxes
....................
1,341
1,491
Income tax benefit, net
......................
5
6
4
Net Income
................................
$
1,347
$
1,495
Earnings Per Share
Basic
..................................
6
$
7.16
$
7.97
Diluted
.................................
6
$
7.12
$
7.93
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:4DR1VPDQMHD3N3QW8W95", "period": "2024-12-01T00:00:00/2025-12-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00241": { "value": "\n\n \u00a0 \u00a0 \u00a0 \u00a0\u00a0\n \n
Years Ended November 30,
Notes
2025
2024
Revenues
Passenger ticket
...........................
$
7,402
$
6,909
Onboard and related
.......................
2,617
2,503
Total Revenues
.............................
3
10,019
9,413
Cruise and tour operating expenses:
Commissions, transportation and related
.......
1,414
1,354
Onboard and related
......................
618
563
Payroll and related
.......................
1,052
1,053
Fuel
.................................
753
851
Food
.................................
529
519
Property and equipment impairment reversals
....
10
\u2014
(260)
Gain on sales of ships
.....................
(37)
(25)
Other operating
.........................
1,817
1,872
Total Cruise and tour operating expenses
..........
6,146
5,928
Selling and administrative expense
..............
3
1,143
1,100
Depreciation and amortisation expense
..........
3
810
758
Operating Income
...........................
1,921
1,627
Interest income
...........................
17
39
Income from investments in associates
...........
17
13
Interest expense
...........................
(267)
(330)
Other (expense) income, net
..................
4
(346)
142
Income Before Income Taxes
....................
1,341
1,491
Income tax benefit, net
......................
5
6
4
Net Income
................................
$
1,347
$
1,495
Earnings Per Share
Basic
..................................
6
$
7.16
$
7.97
Diluted
.................................
6
$
7.12
$
7.93
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:4DR1VPDQMHD3N3QW8W95", "period": "2024-12-01T00:00:00/2025-12-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00239": { "value": "\n\n \u00a0 \u00a0 \u00a0 \u00a0\u00a0\n \n
Years Ended November 30,
Notes
2025
2024
Revenues
Passenger ticket
...........................
$
7,402
$
6,909
Onboard and related
.......................
2,617
2,503
Total Revenues
.............................
3
10,019
9,413
Cruise and tour operating expenses:
Commissions, transportation and related
.......
1,414
1,354
Onboard and related
......................
618
563
Payroll and related
.......................
1,052
1,053
Fuel
.................................
753
851
Food
.................................
529
519
Property and equipment impairment reversals
....
10
\u2014
(260)
Gain on sales of ships
.....................
(37)
(25)
Other operating
.........................
1,817
1,872
Total Cruise and tour operating expenses
..........
6,146
5,928
Selling and administrative expense
..............
3
1,143
1,100
Depreciation and amortisation expense
..........
3
810
758
Operating Income
...........................
1,921
1,627
Interest income
...........................
17
39
Income from investments in associates
...........
17
13
Interest expense
...........................
(267)
(330)
Other (expense) income, net
..................
4
(346)
142
Income Before Income Taxes
....................
1,341
1,491
Income tax benefit, net
......................
5
6
4
Net Income
................................
$
1,347
$
1,495
Earnings Per Share
Basic
..................................
6
$
7.16
$
7.97
Diluted
.................................
6
$
7.12
$
7.93
\nWe review our ships for impairment whenever events or circumstances indicate that the carrying value of a
ship may not be recoverable. The recoverable amount is considered to be the higher of value in use or fair value
less costs of disposal. We evaluate ship asset impairments either at the individual ship level, when it is
considered to be the lowest level for which identifiable cash inflows are largely independent of the cash
inflows of other assets and liabilities, for example when we have plans to dispose of a ship, or at the cash
generating unit (\u201cCGU\u201d) (or cruise brand) level, when the cash inflows of a given ship are not considered to
be largely independent of the cash flows of other assets and liabilities.
Where an assessment is performed at the individual ship level, the fair value is typically estimated based
either on ship sales price negotiations and/or estimated sales prices from previous ship sales.NOTE 10 \u2014 Property and Equipment \n\n \u00a0 \u00a0 \u00a0 \u00a0\n \n
Other
Ships and
property
ship
and
(in millions)
improvements
equipment
Total
Cost
At November 30, 2023
..............................
$
17,392
$
1,611
$
19,003
Exchange movements
.............................
(497)
(27)
(524)
Additions
.....................................
918
123
1,041
Disposals
.....................................
(1,089)
(75)
(1,164)
At November 30, 2024
..............................
16,724
1,632
18,355
Exchange movements
.............................
1,368
68
1,436
Additions
.....................................
2,957
138
3,095
Disposals
.....................................
(1,281)
(150)
(1,431)
At November 30, 2025
..............................
$
19,768
$
1,687
$
21,455
Accumulated depreciation
At November 30, 2023
..............................
$
(6,525)
$
(999)
$
(7,523)
Exchange movements
.............................
182
12
194
Depreciation
...................................
(522)
(88)
(610)
Disposals
.....................................
370
71
441
Impairment reversals
.............................
260
\u2014
260
At November 30, 2024
..............................
(6,234)
(1,004)
(7,238)
Exchange movements
.............................
(497)
(43)
(540)
Depreciation
...................................
(611)
(88)
(699)
Disposals
.....................................
881
99
980
At November 30, 2025
..............................
$
(6,462)
$
(1,035)
$
(7,497)
Net book value
At November 30, 2024
..............................
$
10,489
$
628
$
11,117
At November 30, 2025
..............................
$
13,307
$
651
$
13,958
\n
At November 30, 2025, the cost of assets under construction, which are included in the above table, totalled
$354 million ($218 million at November 30, 2024).
Capitalized interest amounted to $6 million in 2025 ($9 million in 2024). The interest capitalization rate is
based on the weighted-average interest rates applicable to borrowings within the DLC during each period.
During 2025, the average capitalization rate was 5.5% (6.2% in 2024).
Ship Sales
During 2025, we completed the sale of one Europe segment ship, which represents a passenger-capacity
reduction of 2,700 berths. We will continue to operate the ship under a bareboat charter agreement through
September 2026.
Refer to Note 22 \u2014 \u201cRelated Party Transactions\u201dfor details of ship sales to and purchases from Carnival
Corporation.
Valuation of Ships
We review our ships for impairment whenever events or circumstances indicate that the carrying value of a
ship may not be recoverable. In 2025, we had no impairment charges or reversals. In 2024, as a result of our
decision to sunset the P&O Cruises (Australia) brand and sell two ships to Carnival Corporation, we
recognized a full impairment reversal of $260 million.
Ship Accounting
As of November 30, 2025, we have estimated our ships\u2019useful lives at 30 years and residual values at 15% of
our original ship cost. Our ships\u2019useful life and residual value estimates take into consideration the
estimated weighted-average useful lives of the ships\u2019major component systems, such as hull, superstructure,
main electric, engines and cabins. We also take into consideration the impact of technological changes,
historical useful lives of similarly-built ships, long-term cruise and vacation market conditions and regulatory
changes, including those related to the impact of greenhouse gases and other emissions on the environment.
We determine the residual value of our ships based on our long-term estimates of their resale value at the
end of their useful lives to us but before the end of their physical and economic lives to others, historical resale
values of our and other cruise ships as well as our expectations of the long-term viability of the secondary
cruise ship market. Other areas of estimation uncertainty include the determination of ships useful life and
residual values as recognition and measurement are based on assumptions subject to longer term
uncertainties.
We review estimated useful lives and residual values of our ships for reasonableness at the period end or
whenever events or circumstances indicate a revision is warranted. In December 2025, we completed such
review considering the period over which we expect to operate our ships and our long-term plans. As a result,
we determined our ships\u2019depreciable lives would be extended to 35 years. In connection with the increase
in estimated useful life, we reduced our estimated residual value of each ship to be 5% of our original ship cost
for LNG powered ships and a range of salvage values under $25 million for all other ships, depending on
the class and tonnage of the ship. This revision did not have a material impact on our financial statements and
has been applied prospectively beginning December 1, 2025.
The IMO\u2019s 2023 Strategy on Reduction of GHG Emissions from Ships (\u201cIMO Strategy\u201d) strives to peak
GHG emissions from international shipping as soon as possible and to reach net zero GHG emissions on a
well-to-wake basis by or around 2050. The IMO Strategy includes checkpoints in 2030 and 2040 that seek
reductions in the absolute GHG emissions from international shipping by at least 20% and 70%, respectively,
compared to 2008. It also includes a target of a 40% reduction in CO
2
emissions intensity by 2030 compared
to 2008. We are pursuing our aspiration of net zero emissions from ship operations by 2050 in line with
the IMO\u2019s 2023 Strategy on Reduction of GHG Emissions from Ships. Given the estimated useful life for
our ships, our most recently delivered vessels\u2019 lives will extend beyond this 2050 date. To provide a path to net
zero emissions, alternative low GHG emission fuels will be necessary for the maritime industry; however,
there are significant supply challenges that must be resolved before viability is reached. We are closely
monitoring technology developments which may support our sustainability goals. Our fleet\u2019s engines are
capable of using certain alternative fuels and we have completed tests on the use of marine biofuel blends on
certain ships in our fleet. In addition, and in support of our 2030 Climate Action Goals, we invest in
technologies, including the use of LNG powered cruise ships, the installation of Advanced Air Quality
Systems on board our ships to aid in the reduction of sulfur emissions, the use of shore power, enabling ships
to use shoreside electric power where available while in port and various other efficiency related upgrades
intended to reduce our emissions. It is uncertain how proposed and possible future regulatory changes, as well
as our 2050 net zero emissions aspiration, may impact our ships\u2019useful lives and residual values as the
impact is dependent on future regulatory actions and technological advances. ", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:4DR1VPDQMHD3N3QW8W95", "period": "2024-12-01T00:00:00/2025-12-01T00:00:00" } }, "GroupStatementsOfIncomeLoss_Label_0025": { "value": "7402000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:RevenueFromRenderingOfPassengerTransportServices", "entity": "scheme:4DR1VPDQMHD3N3QW8W95", "period": "2024-12-01T00:00:00/2025-12-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementsOfIncomeLoss_Label_0026": { "value": "6909000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:RevenueFromRenderingOfPassengerTransportServices", "entity": "scheme:4DR1VPDQMHD3N3QW8W95", "period": "2023-12-01T00:00:00/2024-12-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementsOfIncomeLoss_Label_0031": { "value": "2617000000.0", "decimals": -6, "dimensions": { "concept": "ccl:OnboardAndRelated", "entity": "scheme:4DR1VPDQMHD3N3QW8W95", "period": "2024-12-01T00:00:00/2025-12-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementsOfIncomeLoss_Label_0032": { "value": "2503000000.0", "decimals": -6, "dimensions": { "concept": "ccl:OnboardAndRelated", "entity": "scheme:4DR1VPDQMHD3N3QW8W95", "period": "2023-12-01T00:00:00/2024-12-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementsOfIncomeLoss_TotalLabel_0037": { "value": "10019000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Revenue", "entity": "scheme:4DR1VPDQMHD3N3QW8W95", "period": "2024-12-01T00:00:00/2025-12-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementsOfIncomeLoss_TotalLabel_0038": { "value": "9413000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Revenue", "entity": "scheme:4DR1VPDQMHD3N3QW8W95", "period": "2023-12-01T00:00:00/2024-12-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementsOfIncomeLoss_Label_0061": { "value": "1414000000.0", "decimals": -6, "dimensions": { "concept": 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"GroupBalanceSheets_TotalLabel_0064": { "value": "13594000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:EquityAndLiabilities", "entity": "scheme:4DR1VPDQMHD3N3QW8W95", "period": "2024-12-01T00:00:00", "unit": "iso4217:USD" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00242": { "value": "The accompanying notes are an integral part of these financial statements. These financial statements only present the Carnival
plc consolidated Group IFRS Financial Statements and, accordingly, do not include the consolidated IFRS results of Carnival
Corporation.
The Carnival plc Group financial statements (registered number 04039524) were authorised for issue by the Boards of Directors
on January 23, 2026 and signed on their behalf by
Micky Arison
Josh Weinstein
Chair of the Boards of Directors
January 27, 2026
Chief Executive Officer and Director
January 27, 2026", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:4DR1VPDQMHD3N3QW8W95", "period": "2024-12-01T00:00:00/2025-12-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00244": { "value": "\n\n \u00a0 \u00a0 \u00a0 \u00a0
Years Ended November 30,
Notes
2025
2024
OPERATING ACTIVITIES
Income before income taxes
......................
$
1,341
$
1,491
Adjustments to reconcile income before income taxes to net
cash provided by (used in) operating activities
Depreciation and amortisation
...................
3
810
758
Impairment reversals
.........................
10
\u2014
(260)
Share-based compensation
.....................
21
14
10
Interest expense, net
.........................
256
301
(Income) loss from investments in associates
..........
(17)
(13)
Unrealized foreign currency exchange (gain) loss
.......
368
(163)
Gain on sales of ships
........................
(37)
(25)
Greenhouse gas regulatory expense
................
69
35
Other
...................................
(22)
41
2,783
2,175
Changes in operating assets and liabilities
Receivables
...............................
(13)
19
Inventories
...............................
(2)
6
Purchase of emission allowances
..................
(67)
(71)
Prepaid expenses and other assets
.................
(30)
(70)
Accounts payable
...........................
(15)
(17)
Accrued liabilities, other and provisions
.............
(72)
24
Customer deposits
..........................
68
228
Cash provided by (used in) operations before interest, debt
issuance costs and income taxes
..................
2,651
2,293
Interest received
............................
17
39
Interest paid
..............................
(227)
(302)
Debt issuance costs paid
.......................
(29)
(78)
Income tax benefit received (paid), net
..............
(20)
(14)
Net cash provided by (used in) operating activities
.....
2,392
1,939
INVESTING ACTIVITIES
Purchases of property and equipment
..............
3
(675)
(1,056)
Proceeds from sales of ships
....................
94
40
Advances to Carnival Corporation group, net
.........
(160)
(387)
Refunds of investments held in trust
...............
\u2014
108
Net cash provided by (used in) investing activities
.....
(740)
(1,295)
FINANCING ACTIVITIES
Payments to Carnival Corporation group, net
.........
(1,935)
(1,908)
Principal repayments of long-term debt
.............
(748)
(1,150)
Proceeds from issuance of long-term debt
............
1,278
1,581
Lease liabilities principal payments
................
(115)
(136)
Net cash provided by (used in) financing activities
.....
(1,519)
(1,612)
Effect of exchange rate changes on cash and cash
equivalents
...............................
14
2
Net increase (decrease) in cash and cash equivalents
....
148
(966)
Cash and cash equivalents at beginning of year
..........
397
1,363
Cash and cash equivalents at end of year
...........
$
545
$
397
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:4DR1VPDQMHD3N3QW8W95", "period": "2024-12-01T00:00:00/2025-12-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00243": { "value": "
Years Ended November 30,
Notes
2025
2024
OPERATING ACTIVITIES
Income before income taxes
......................
$
1,341
$
1,491
Adjustments to reconcile income before income taxes to net
cash provided by (used in) operating activities
Depreciation and amortisation
...................
3
810
758
Impairment reversals
.........................
10
\u2014
(260)
Share-based compensation
.....................
21
14
10
Interest expense, net
.........................
256
301
(Income) loss from investments in associates
..........
(17)
(13)
Unrealized foreign currency exchange (gain) loss
.......
368
(163)
Gain on sales of ships
........................
(37)
(25)
Greenhouse gas regulatory expense
................
69
35
Other
...................................
(22)
41
2,783
2,175
Changes in operating assets and liabilities
Receivables
...............................
(13)
19
Inventories
...............................
(2)
6
Purchase of emission allowances
..................
(67)
(71)
Prepaid expenses and other assets
.................
(30)
(70)
Accounts payable
...........................
(15)
(17)
Accrued liabilities, other and provisions
.............
(72)
24
Customer deposits
..........................
68
228
Cash provided by (used in) operations before interest, debt
issuance costs and income taxes
..................
2,651
2,293
Interest received
............................
17
39
Interest paid
..............................
(227)
(302)
Debt issuance costs paid
.......................
(29)
(78)
Income tax benefit received (paid), net
..............
(20)
(14)
Net cash provided by (used in) operating activities
.....
2,392
1,939
INVESTING ACTIVITIES
Purchases of property and equipment
..............
3
(675)
(1,056)
Proceeds from sales of ships
....................
94
40
Advances to Carnival Corporation group, net
.........
(160)
(387)
Refunds of investments held in trust
...............
\u2014
108
Net cash provided by (used in) investing activities
.....
(740)
(1,295)
FINANCING ACTIVITIES
Payments to Carnival Corporation group, net
.........
(1,935)
(1,908)
Principal repayments of long-term debt
.............
(748)
(1,150)
Proceeds from issuance of long-term debt
............
1,278
1,581
Lease liabilities principal payments
................
(115)
(136)
Net cash provided by (used in) financing activities
.....
(1,519)
(1,612)
Effect of exchange rate changes on cash and cash
equivalents
...............................
14
2
Net increase (decrease) in cash and cash equivalents
....
148
(966)
Cash and cash equivalents at beginning of year
..........
397
1,363
Cash and cash equivalents at end of year
...........
$
545
$
397
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"unit": "iso4217:USD" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00245": { "value": "NOTE 1 \u2014 General
Description of Business
Carnival plc and its subsidiaries and associates are referred to collectively in these financial statements as
the \u201cGroup,\u201d \u201cour,\u201d \u201cus\u201d and \u201cwe.\u201d Carnival Corporation and Carnival plc, together with their consolidated
subsidiaries, are referred to collectively in these financial statements as \u201cCarnival Corporation & plc.\u201d
Carnival Corporation & plc is the largest global cruise company, and among the largest leisure travel
companies, with a portfolio of world-class cruise lines \u2014 AIDA Cruises, Carnival Cruise Line, Costa Cruises,
Cunard, Holland America Line, P&O Cruises, Princess Cruises, and Seabourn.
DLC Arrangement
Carnival Corporation and Carnival plc operate a dual listed company (\u201cDLC\u201d) arrangement, whereby the
businesses of Carnival Corporation and Carnival plc are combined through a number of contracts and
provisions in Carnival Corporation\u2019s Articles of Incorporation and By-Laws and Carnival plc\u2019s Articles
of Association. The two companies operate as a single economic enterprise with a single senior management
team and identical Boards of Directors, but each has retained its separate legal identity. Carnival
Corporation\u2019s shares of common stock are publicly traded on the New York Stock Exchange (\u201cNYSE\u201d)
and Carnival plc\u2019s ordinary shares are publicly traded on the London Stock Exchange. The Carnival plc
American Depositary Shares are traded on the NYSE.
The constitutional documents of each company provide that, on most matters, the holders of the common
equity of both companies effectively vote as a single body. The Equalization and Governance Agreement
between Carnival Corporation and Carnival plc provides for the equalization of dividends and liquidation
distributions based on an equalization ratio and contains provisions relating to the governance of the DLC
arrangement. Because the equalization ratio is 1 to 1, one share of Carnival Corporation common stock
and one Carnival plc ordinary share are generally entitled to the same distributions.
Under deeds of guarantee executed in connection with the DLC arrangement, as well as stand-alone
guarantees executed since that time, each of Carnival Corporation and Carnival plc have effectively cross
guaranteed all indebtedness and certain other monetary obligations of each other. Once the written demand
is made, the holders of indebtedness or other obligations may immediately commence an action against
the relevant guarantor.
Under the terms of the DLC arrangement, Carnival Corporation and Carnival plc are permitted to transfer
assets between the companies, make loans to or investments in each other and otherwise enter into
intercompany transactions. In addition, the cash flows and assets of one company are required to be used
to pay the obligations of the other company, if necessary.
The Boards of Directors consider that, within the DLC arrangement, the most appropriate presentation of
Carnival plc\u2019s results and financial position is by reference to the U.S. generally accepted accounting principles
(\u201cU.S. GAAP\u201d) DLC Financial Statements because all significant financial and operating decisions
affecting the DLC companies are made on a joint basis to optimize the consolidated performance as a
single economic entity. Accordingly, the DLC Financial Statements are provided to shareholders as
supplementary information, which are included in the Carnival plc Annual Report, but do not form part of
these Carnival plc financial statements.
In December 2025, following a review of the corporate structure, the Boards of Directors of Carnival
Corporation and Carnival plc recommended unifying the dual listed company under a single corporate
entity, Carnival Corporation, listed solely on the New York Stock Exchange, with Carnival plc as its wholly-
owned UK subsidiary. Under this plan, Carnival plc shareholders would receive Carnival Corporation
shares on a one-for-one basis, and Carnival plc shares and American Depositary Receipts would be de-listed
from both the London Stock Exchange and the New York Stock Exchange, respectively. These proposals
will be subject to certain conditions, including the approval of shareholders and receipt of regulatory and UK
court approvals.", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:4DR1VPDQMHD3N3QW8W95", "period": "2024-12-01T00:00:00/2025-12-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00222": { "value": "Carnival plc", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:4DR1VPDQMHD3N3QW8W95", "period": "2024-12-01T00:00:00/2025-12-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00219": { "value": "Carnival plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:4DR1VPDQMHD3N3QW8W95", "period": "2024-12-01T00:00:00/2025-12-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00225": { "value": "Carnival plc", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:4DR1VPDQMHD3N3QW8W95", "period": "2024-12-01T00:00:00/2025-12-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00224": { "value": "Carnival Corporation & plc is the largest global cruise company, and among the largest leisure travel companies, with a portfolio of world-class cruise lines", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:4DR1VPDQMHD3N3QW8W95", "period": "2024-12-01T00:00:00/2025-12-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00246": { "value": "DLC Arrangement
Carnival Corporation and Carnival plc operate a dual listed company (\u201cDLC\u201d) arrangement, whereby the
businesses of Carnival Corporation and Carnival plc are combined through a number of contracts and
provisions in Carnival Corporation\u2019s Articles of Incorporation and By-Laws and Carnival plc\u2019s Articles
of Association. The two companies operate as a single economic enterprise with a single senior management
team and identical Boards of Directors, but each has retained its separate legal identity. Carnival
Corporation\u2019s shares of common stock are publicly traded on the New York Stock Exchange (\u201cNYSE\u201d)
and Carnival plc\u2019s ordinary shares are publicly traded on the London Stock Exchange. The Carnival plc
American Depositary Shares are traded on the NYSE.
The constitutional documents of each company provide that, on most matters, the holders of the common
equity of both companies effectively vote as a single body. The Equalization and Governance Agreement
between Carnival Corporation and Carnival plc provides for the equalization of dividends and liquidation
distributions based on an equalization ratio and contains provisions relating to the governance of the DLC
arrangement. Because the equalization ratio is 1 to 1, one share of Carnival Corporation common stock
and one Carnival plc ordinary share are generally entitled to the same distributions.
Under deeds of guarantee executed in connection with the DLC arrangement, as well as stand-alone
guarantees executed since that time, each of Carnival Corporation and Carnival plc have effectively cross
guaranteed all indebtedness and certain other monetary obligations of each other. Once the written demand
is made, the holders of indebtedness or other obligations may immediately commence an action against
the relevant guarantor.
Under the terms of the DLC arrangement, Carnival Corporation and Carnival plc are permitted to transfer
assets between the companies, make loans to or investments in each other and otherwise enter into
intercompany transactions. In addition, the cash flows and assets of one company are required to be used
to pay the obligations of the other company, if necessary.
The Boards of Directors consider that, within the DLC arrangement, the most appropriate presentation of
Carnival plc\u2019s results and financial position is by reference to the U.S. generally accepted accounting principles
(\u201cU.S. GAAP\u201d) DLC Financial Statements because all significant financial and operating decisions
affecting the DLC companies are made on a joint basis to optimize the consolidated performance as a
single economic entity. Accordingly, the DLC Financial Statements are provided to shareholders as
supplementary information, which are included in the Carnival plc Annual Report, but do not form part of
these Carnival plc financial statements.
In December 2025, following a review of the corporate structure, the Boards of Directors of Carnival
Corporation and Carnival plc recommended unifying the dual listed company under a single corporate
entity, Carnival Corporation, listed solely on the New York Stock Exchange, with Carnival plc as its wholly-
owned UK subsidiary. Under this plan, Carnival plc shareholders would receive Carnival Corporation
shares on a one-for-one basis, and Carnival plc shares and American Depositary Receipts would be de-listed
from both the London Stock Exchange and the New York Stock Exchange, respectively. These proposals
will be subject to certain conditions, including the approval of shareholders and receipt of regulatory and UK
court approvals.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialGuaranteesExplanatory", "language": "en", "entity": "scheme:4DR1VPDQMHD3N3QW8W95", "period": "2024-12-01T00:00:00/2025-12-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00248": { "value": "NOTE 2 \u2014 Material Accounting Policies
Basis of Preparation
The Carnival plc Group financial statements are presented in U.S. dollars unless otherwise noted and are
prepared on the historical cost basis, except for certain financial assets and liabilities. The financial statements
of the Group have been prepared in accordance with UK-adopted International Accounting Standards
and with the requirements of the Companies Act 2006 as applicable to companies reporting under those
standards. The financial statements have been prepared on a going concern basis. The Boards of Directors
of the Group have a reasonable expectation that, on the basis of current financial projections, available
borrowing facilities and based on our reassessment of principal and emerging risks, we are well positioned
to meet our commitments and obligations, and will remain in operational existence for at least the next
12 months from the date of this report.
Basis of Consolidation
The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its
involvement with the entity and has the ability to affect those returns through its power to direct the activities
of the entity. All significant intra-Group balances and transactions are eliminated on consolidation. These
financial statements are required to satisfy reporting requirements of the Companies Act 2006 and do not
include the IFRS consolidated results and financial position of Carnival Corporation and its subsidiaries.
Cash and Cash Equivalents
Cash and cash equivalents include investments with maturities of three months or less at acquisition that
are readily convertible to known amounts of cash, which are stated at cost and present insignificant risk of
changes in value. Investments in money market funds are measured at fair value through profit or loss. Cash
equivalents, including investments in money market funds, are held to meet short-term cash commitments.
Trade and Other Receivables
Although we generally require full payment from our customers prior to or concurrently with their cruise,
we grant credit terms to a relatively small portion of our revenue source. We have receivables from credit card
merchants and travel agents for cruise ticket purchases and onboard revenue which are included within
trade and other receivables. These receivables represent contractual cash flows, and are measured at amortized
cost and are less of allowances for expected credit losses. We apply the simplified approach and record
lifetime expected credit losses for trade receivables. We have agreements with a number of credit card
processors that transact customer deposits related to our cruise vacations. Certain of these agreements allow
the credit card processors to request, under certain circumstances, that we provide a reserve fund in cash.
Inventories
Inventories consist substantially of food, beverages, hotel supplies, fuel and retail merchandise, which are all
carried at the lower of cost or net realisable value. Cost is determined using the weighted-average or first-
in, first-out methods and applied consistently between major categories of inventory.
Property and Equipment
Property and equipment are stated at cost less accumulated depreciation and any impairment charges. We
capitalize interest as part of the cost of capital projects incurred during construction. Depreciation is computed
using the straight-line method over our estimated useful lives of the assets to a residual value, as a percentage
of original cost, as follows:
\n \n
Residual
Years
Values
Ships
..................................
30
15%
Ship improvements
........................
3 \u2013 30
0%
Buildings and improvements
..................
10 \u2013 40
0%
Computer hardware and software
..............
2 \u2013 12
0%
Transportation equipment and other
............
3 \u2013 20
0%
Leasehold improvements, including port facilities . . .
Shorter of the remaining lease term or
0%
related asset life (3 \u2013 30)
The cost of ships under construction includes progress payments for the construction of new ships, as well
as design and engineering fees, capitalized interest, construction oversight costs and various owner supplied
items. Any liquidated damages received from shipyards are recorded as reductions to the cost basis of the
ship.
We have a capital program for the improvement of our ships and for asset replacements to enhance the
effectiveness and efficiency of our operations; to comply with, or exceed, all relevant legal and statutory
requirements related to health, environment, safety, security and sustainability; and to gain strategic benefits
or provide improved product innovations to our guests. We account for ship improvement costs, including
replacements of certain significant components and parts by capitalizing those costs that add value to our
ships and have a useful life greater than one year and depreciating those improvements over their estimated
remaining useful life.
The costs of repairs and maintenance, including minor improvement costs and expenses incurred during dry-
docks, are charged to expense as incurred and included in other operating expenses. These minor dry-dock
expenses primarily represent maintenance activities that are incurred when a ship is taken out-of-service for
scheduled maintenance.
In addition, specifically identified or estimated cost and accumulated depreciation of previously capitalized
ship components are written-off upon retirement, which may result in a loss on disposal that is also
included in other operating expenses.
Given the large size and complexity of our ships, ship accounting estimates require judgment and are
inherently uncertain. We do not have cost segregation studies performed to specifically componentize our
ships. In addition, since we do not separately componentize our ships, we do not identify and track
depreciation of original ship components. Therefore, we typically have to estimate the net book value of
components that are retired, based primarily upon their replacement cost, their age and their original
estimated useful lives.
As of November 30, 2025, we have estimated our ships\u2019useful lives at 30 years and residual values at 15% of
our original ship cost. Our ships\u2019useful life and residual value estimates take into consideration the
estimated weighted-average useful lives of the ships\u2019major component systems, such as hull, superstructure,
main electric, engines and cabins. We also take into consideration the impact of technological changes,
historical useful lives of similarly-built ships, long-term cruise and vacation market conditions and regulatory
changes, including those related to the impact of greenhouse gases and other emissions on the environment.
We determine the residual value of our ships based on our long-term estimates of their resale value at the
end of their useful lives to us but before the end of their physical and economic lives to others, historical resale
values of our and other cruise ships as well as our expectations of the long-term viability of the secondary
cruise ship market.
We review estimated useful lives and residual values of our ships for reasonableness at the period end or
whenever events or circumstances indicate a revision is warranted. In December 2025, we completed such
review considering the period over which we expect to operate our ships and our long-term plans. As a result,
we determined our ships\u2019depreciable lives would be extended to 35 years. In connection with the increase
in estimated useful life, we reduced our estimated residual value of each ship to be 5% of our original ship cost
for LNG powered ships and a range of salvage values under $25 million for all other ships, depending on
the class and tonnage of the ship. This revision did not have a material impact on our financial statements and
has been applied prospectively beginning December 1, 2025.
Occasionally we transfer ships from Carnival plc to Carnival Corporation. The group\u2019s accounting policy
with regard to such transfers is that they take place at the higher of their net book value or fair value.
We review our ships for impairment whenever events or circumstances indicate that the carrying value of a
ship may not be recoverable. The recoverable amount is considered to be the higher of value in use or fair value
less costs of disposal. We evaluate ship asset impairments either at the individual ship level, when it is
considered to be the lowest level for which identifiable cash inflows are largely independent of the cash
inflows of other assets and liabilities, for example when we have plans to dispose of a ship, or at the cash
generating unit (\u201cCGU\u201d) (or cruise brand) level, when the cash inflows of a given ship are not considered to
be largely independent of the cash flows of other assets and liabilities.
Where an assessment is performed at the individual ship level, the fair value is typically estimated based
either on ship sales price negotiations and/or estimated sales prices from previous ship sales.
Where an assessment is performed at the CGU level, we compare the carrying amount of the net assets
allocated to each CGU (inclusive of ships) with its recoverable amount. The estimated recoverable amount
is the higher of the cruise brands\u2019 fair value less costs of disposal and its value in use. If the recoverable
amount is greater than the cruise brand net asset carrying value, then the value of the assets is deemed
recoverable. Judgement is required in estimating the recoverable amounts of our CGUs. Assessments are
made at a CGU level as individual ships\u2019 cash flows are dependent both upon shore-based assets that support
the operation of the ships and the itineraries each ship operates, which is determined based upon plans for
ships in the CGU and for which we have the ability to change over time.
If estimated discounted future cash flows are less than the carrying value of a ship, an impairment charge is
recognized to the extent its carrying value exceeds its estimated recoverable amount.
If, subsequent to impairment, there has been a change in the estimates used to determine our ships\u2019
recoverable amount, then the carrying amount of the ship may be increased by the reversal of the impairment.
The reversal is limited to the carrying amount that would have been determined had no impairment loss
been recognized for the ship in prior years. Determination of future cash flows and fair values of our cruise
ships involves estimates and assumptions.
Leases
Substantially all of our leases for which we are the lessee are leases of port facilities and real estate and are
included within right-of-use assets, net, long-term lease liabilities and the current portion of lease liabilities in
our Consolidated Balance Sheets. We determine if an arrangement is or contains a lease at the lease
inception date by evaluating whether the arrangement conveys the right to use an identified asset and
whether we obtain substantially all of the economic benefits from and have the ability to direct the use of
the asset.
We have port facilities and real estate lease agreements with lease and non-lease components, and in such
cases, we account for the components as a single lease component.
We do not recognize right-of-use assets and lease liabilities for any leases that have an initial term of
twelve months or less and do not include an option to purchase the underlying asset. For some of our port
facilities and real estate lease agreements, we have the option to extend our current lease term by 1 to 10 years.
Generally, we do not include renewal options as a component of our present value calculation as we are
not reasonably certain that we will exercise the options.
As our leases do not have a readily determinable implicit rate, we estimate the incremental borrowing rate
(\u201cIBR\u201d) to determine the present value of lease payments. We apply judgement in determining the IBR
including considering the term of the lease, the currency in which the lease is denominated, and the impact of
collateral and our credit risk on the rate.
Certain of our agreements stipulate potential future increases in variable lease payments based on an index
or rate, which are not included in the lease liability until they take effect. When adjustments to lease payments
based on an index or rate take effect, the lease liability is reassessed and adjusted against the right-of-use
asset.
We depreciate our right-of-use assets on a straight-line basis over the shorter of the asset\u2019s useful life and
the lease term. Lease payments are allocated between principal and finance cost. The finance cost is charged
to profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining
balance of the liability for each period.
Contingencies
We are routinely involved in legal proceedings, claims, disputes, regulatory matters and governmental
inspections or investigations arising in the ordinary course of or incidental to our business, including those
noted below. While it is typically very difficult to determine the timing and ultimate outcome of these matters,
we use our best judgement to determine the appropriate amounts to record in our consolidated financial
statements. We accrue a liability and establish a provision when we believe a loss is probable and the amount
of the loss can be reasonably estimated. In assessing probable losses, we make estimates of the amount of
probable insurance recoveries, if any, which are recorded as assets where appropriate. Such accruals and
reserves and the estimated timing of settlement are typically based on developments to date, historical claims
experience, and actuarially determined estimates of liabilities. Given the inherent uncertainty related to the
eventual outcome of these matters and potential insurance recoveries, it is possible that all or some of these
matters may be resolved for amounts different from any provisions or disclosures that we may have made.
In addition, as new information becomes available, we may need to reassess the amount of asset or liability
that needs to be accrued related to our contingencies. Refer to Note 23 \u2014 \u201cContingencies\u201d for additional
information.
Investments in Associates
Investments in associates are accounted for using the equity method of accounting and are initially
recognized at cost. Interest in the net assets of such investments is included in investments in associates in
the Consolidated Balance Sheets and our proportionate interest in their results is included in income (loss)
from investments in associates in the Consolidated Statements of Income (Loss).
Debt and Debt Issuance Costs
Debt is recorded at initial fair value, which normally reflects the proceeds received by us, net of debt
issuance costs. Debt is subsequently stated at amortized cost. Debt issuance costs, discounts and premiums
are generally amortized to interest expense using the straight-line method, which approximates the effective
interest method, over the term of the debt. Debt issuance costs related to a recognized debt liability are
presented in the Consolidated Balance Sheets as a direct deduction from the carrying amount of that debt
liability, consistent with debt discounts. For our revolving facility, and those export credit facilities not yet
drawn, the related debt issuance costs are deferred and recorded as an asset. Debt instruments are evaluated
for the existence of features that require separation and accounting as a derivative. In our Consolidated
Statements of Cash Flows, debt issuance costs paid to lenders related to a recognized debt liability are
netted against the proceeds from the related long-term debt while debt issuance costs paid to third parties,
or related to undrawn credit facilities, are presented separately within financing activities.
Derivatives and Other Financial Instruments
We have in the past and may in the future utilize derivative and non-derivative financial instruments, such as
foreign currency forwards, options and swaps, foreign currency debt obligations and foreign currency cash
balances, to manage our exposure to fluctuations in certain foreign currency exchange rates. We have in the
past and may in the future use interest rate swaps primarily to manage our interest rate exposure to
achieve a desired proportion of fixed and floating rate debt. Our policy is to not use financial instruments
for trading or other speculative purposes.
All derivatives are recorded at fair value. If a derivative is designated as a cash flow hedge, then the change
in the fair value of the derivative is recognized as a component of other comprehensive income (\u201cOCI\u201d) until
the underlying hedged item is recognized in earnings or the forecasted transaction is no longer probable. If
a derivative or a non-derivative financial instrument is designated as a hedge of our net investment in a foreign
operation, then changes in the effective portion of the fair value of the financial instrument are recognized
as a component of OCI to offset the change in the translated value of the designated portion of net investment
being hedged until the investment is sold or substantially liquidated, while the impact attributable to
components excluded from the assessment of hedge effectiveness is recorded in interest expense, on a
systematic and rational basis. For derivatives that do not qualify for hedge accounting treatment, the change
in fair value is recognized in earnings.
We classify the fair value of all our derivative contracts as either current or non-current, depending on the
maturity date of the derivative contract. The cash flows from derivatives treated as cash flow hedges are
classified in our Consolidated Statements of Cash Flows in the same category as the item being hedged.
Derivative valuations are based on observable inputs such as interest rates, forward currency exchange rates,
credit spreads, maturity dates, volatilities, and cross currency basis spreads. We use the income approach
to value derivatives for foreign currency options and forwards, interest rate swaps and cross currency swaps
using observable market data for all significant inputs and standard valuation techniques to convert future
amounts to a single present value amount, assuming that participants are motivated but not compelled to
transact.
Emission Allowances
We became subject to the EU Emissions Trading System (\u201cETS\u201d) on January 1, 2024, which includes a three-
year phase-in period. The ETS regulates emissions through a \u201ccap and trade\u201dprinciple, where a cap is set
on the total amount of certain emissions that can be emitted and requires us to procure emission allowances
for certain emissions inside EU waters (as defined in the ETS). Emission allowances are recognized at cost
as non-current assets and included in emission allowances in our Consolidated Balance Sheets. Purchases of
emission allowances are classified as operating activities in our Consolidated Statements of Cash Flows.
Emission obligations are recognized as the emissions are generated and are included in accrued liabilities and
related and other long-term liabilities. The funded portion of the emission obligations are measured at the
carrying value of the emission allowances and the unfunded portion of emission obligations is measured at
the fair value of emission allowances necessary to settle. We record expense for emissions in EU waters in
fuel expense in the period incurred. Emission allowances and obligations are derecognized when surrendered
based on the first-in, first-out method, and are non-cash activities.
Foreign Currency Translation and Transactions
The Carnival plc Group financial statements are presented in U.S. dollars. Each foreign entity determines its
functional currency by reference to its primary economic environment. The Group\u2019s most significant
foreign entities utilize the U.S. dollar, Euro, Sterling or the Australian dollar as their functional currencies.
The Group translates the assets and liabilities of its foreign entities that have functional currencies other than
the U.S. dollar at exchange rates in effect at the balance sheet date. Revenues and expenses of these foreign
entities are translated at the average rate for the period. Equity is translated at historical rates and the resulting
foreign currency translation adjustments are included in the translation reserve, which is a separate
component of other reserves within shareholders\u2019equity. Therefore, the U.S. dollar value of the non-equity
translated items in the Group\u2019s consolidated financial statements will fluctuate from period to period,
depending on the changing value of the U.S. dollar versus these currencies.
The Group executes transactions in a number of different currencies. At the date that the transaction is
recognized, each asset, liability, revenue, expense, gain or loss arising from the transaction is measured and
recorded in the functional currency of the recording entity using the exchange rate in effect at that date. At
each balance sheet date, recorded monetary balances denominated in a currency other than the functional
currency are adjusted using the exchange rate at the balance sheet date, with gains or losses recorded in other
income or other expense. The unrealized gains or losses on our long-term intercompany receivables and
payables which are denominated in a non-functional currency and are not expected to be repaid in the
foreseeable future are recorded in translation reserves.
Revenue and Expense Recognition
Guest cruise deposits and advance onboard purchases are initially included in customer deposits when
received. Customer deposits are subsequently recognized as cruise revenues, together with revenues from
onboard and other activities, and all associated direct expenses of a voyage are recognized as cruise expenses,
upon completion of voyages with durations of ten nights or less and on a pro rata basis for voyages in
excess of ten nights. The impact of recognizing these shorter duration cruise revenues and expenses on a
completed voyage basis versus on a pro rata basis is not material. Certain of our product offerings are bundled
and we allocate the value of the bundled services and goods between passenger ticket revenues and onboard
and related revenues based upon the estimated standalone selling prices of those goods and services.
Guest cancellation fees, when applicable, are recognized in passenger ticket revenues at the time of
cancellation.
Our sales to guests of air and other transportation to and from airports near the home ports of our ships
are included in passenger ticket revenues, and the related expenses of these services are included in
transportation expenses. The proceeds that we collect from the sales of third-party shore excursions are
included in onboard and related revenues and the related expenses are included in onboard and related
expenses. The amounts collected on behalf of our onboard concessionaires, net of the amounts remitted to
them, are included in onboard and related revenues as concession revenues. All of these amounts are
recognized on a completed voyage or pro rata basis as discussed above.
Revenues and expenses from our hotel and transportation operations, which are included in our Tour and
Other segment, are recognized at the time the services are performed.
Customer Deposits
Our payment terms generally require an initial deposit to confirm a reservation, with the balance due prior
to the commencement of the voyage. We also offer our guests the advance purchase of onboard and other
services. Cash received from guests in advance of the cruise is recorded in customer deposits and in other
long-term liabilities on our Consolidated Balance Sheets. These amounts include refundable deposits.
Contract Costs
We recognize incremental travel agent commissions and credit and debit card fees incurred as a result of
obtaining the ticket contract as assets when paid prior to the start of a voyage. We record these amounts
within prepaid expenses and related and subsequently recognize these amounts as commissions, transportation
and related at the time of revenue recognition or at the time of voyage cancellation. We had incremental
costs of obtaining contracts with customers recognized as assets of $90 million and $82 million as of
November 30, 2025 and 2024.
Insurance
We maintain insurance under Carnival Corporation & plc\u2019s insurance programs to cover a number of risks
including illness and injury to crew, guest injuries, pollution, other third-party claims in connection with our
cruise activities, damage to hull and machinery for each of our ships, war risks, workers\u2019compensation,
directors\u2019and officers\u2019liability, property damage and general liability for shoreside third-party claims. We
recognize insurance recoverables from third-party insurers for recorded losses at the time the recovery is
virtually certain or upon settlement for amounts in excess of the recorded losses. All of our insurance policies
are subject to coverage limits, exclusions and deductible levels.
Selling and Administrative Expenses
Selling expenses include a broad range of advertising, marketing and promotional expenses. Advertising is
charged to expenses as incurred. Selling expenses totalled $408 million in 2025 and $395 million in 2024.
Administrative expenses represent the costs of our shoreside support, reservations and other administrative
functions, and include salaries and related benefits, professional fees and building occupancy costs, which are
typically expensed as incurred.
Share-Based Compensation
We recognize compensation expense for, equity settled, share-based compensation awards using the fair
value method. For time-based share awards, we recognize compensation cost ratably using the straight-line
attribution method over the expected vesting period or to the retirement eligibility date, if earlier than the
vesting period. For performance-based share awards, we recognize compensation cost ratably using the
straight-line attribution method over the expected vesting period based on our estimate of performance
conditions. If all or a portion of the performance condition is not expected to be met, the appropriate amount
of previously recognized compensation expense is reversed and future compensation expense is adjusted
accordingly. In addition, performance-based share awards for which the accounting grant date is not
established at the time of the award are remeasured at the end of each reporting period. For market-based
share awards, we recognize compensation cost ratably using the straight-line attribution method over the
expected vesting period. Compensation expense will be recognized, even if the target market-based
conditions are not expected to be met. We account for forfeitures as they occur.
Earnings Per Share
Basic earnings per share is computed by dividing net income (loss) by the weighted-average number of
shares outstanding during each period. Diluted earnings per share is computed by dividing net income by
the weighted-average number of shares and common stock equivalents outstanding during each period.
Post-Employment Benefits
The Group operates both defined benefit and defined contribution plans. The net deficit or surplus for each
defined benefit pension plan is calculated based on the present value of the defined benefit obligation at
the balance sheet date less the fair value of the plan assets. The calculation is performed by a qualified external
actuary using the projected unit credit method. The discount rate is the yield at the balance sheet date on
AA credit rated bonds or local equivalents that have maturity dates approximating the terms of the pension
plans\u2019 obligations.
Actuarial gains and losses that arise in calculating the defined benefit pension plans\u2019 obligations are
recognized in the period in which they arise directly in the Group\u2019s comprehensive income (loss).
The operating and financing costs of defined benefit pension plans are recognized in the Statements of
Income (Loss); current service costs are spread systematically over the expected average remaining service
lives of employees and financing costs are recognized in the periods within which they arise. To the extent
that the benefits vest immediately, the expense is recognized immediately.
Defined contribution plan expenses are recognized in the period to which they relate. We contribute to these
plans based on employee contributions, salary levels and length of service. The assets of these plans are
held separately from the Group in independently administered funds.
Income Taxes
Deferred income taxes are provided using the balance sheet liability method. Deferred income tax assets are
recognized to the extent that it is probable that future taxable income will be available against which the
temporary differences can be utilized. Deferred income taxes are measured at the average tax rates that are
expected to apply in the periods in which the temporary differences are expected to reverse based on tax rates
and laws that have been enacted or substantially enacted by the balance sheet date. Current income taxes
are the taxes payable on the taxable income for the year, applying current rates and any adjustments in respect
of previous years.
Dividends
When applicable, dividend distributions are recognized in the period in which the dividends are declared
because, under the DLC arrangement, the declaration of a dividend by the Boards of Directors of Carnival
Corporation & plc establishes a liability for Carnival plc. If declared, Carnival plc dividends are declared
in U.S. dollars and holders of Carnival plc American Depositary Shares receive a dividend payable in U.S.
dollars.
Transactions with Carnival Corporation
Under the terms of the DLC arrangement, Carnival Corporation and Carnival plc are permitted to transfer
assets between the companies, make loans to or investments in each other and otherwise enter into
intercompany transactions. In addition, the cash flows and assets of one company are required to be used
to pay the obligations of the other company, if necessary. Amounts owed between Carnival Corporation and
Carnival plc do not have a stated maturity date, as the two companies operate as a single economic enterprise.
We present cash flows between Carnival Corporation and Carnival plc and their respective subsidiaries
on a net basis as this presentation is most appropriate to reflect the nature of these underlying cash flows
between Carnival Corporation and Carnival plc and their respective subsidiaries, being large amounts, with
a high volume of transactions, and which are unsecured and repayable on demand (of a short-term
nature). These cash flows are presented as either financing activities or investing activities in the Statement
of Cash Flows based on whether they reflect a financing of Carnival plc from Carnival Corporation (balance
is a payable from Carnival plc) or an investing activity from Carnival plc to Carnival Corporation (balance
is a receivable to Carnival plc).
Accounting Estimates and Judgements
The preparation of these financial statements in conformity with IFRS as adopted in the UK requires
management to make judgements and estimates that affect the application of policies and reported and
disclosed amounts in these financial statements. These judgments and estimates are based on management\u2019s
best knowledge of the relevant facts and circumstances, having regard to previous experience, but actual
results may differ materially from the amounts included in the financial statements.
Key judgements and estimates are reviewed on an ongoing basis. Revisions to accounting estimates are
recognized in the period in which the estimate is revised if the revision affects only that period or in the period
of the revision and future periods if the revision affects both current and future periods.
Significant accounting estimates are those with a significant risk of resulting in a material adjustment to the
carrying amounts of assets and liabilities within the next year. In 2025, there were no significant accounting
estimates or critical accounting judgements as defined under IAS 1. Other areas of estimation uncertainty
include the determination of ships useful life and residual values as recognition and measurement are
based on assumptions subject to longer term uncertainties. Refer to Note 10 \u2014 \u201cProperty and Equipment\u201d.
Climate change
In preparing these financial statements, management has considered the expected impacts of climate change
and the steps necessary to achieve Carnival Corporation & plc\u2019s 2030 Climate Action Goals. Management
has considered the expected impacts of climate change on a number of estimates within the financial
statements, including:
\u2022 Estimates related to our future liquidity requirements and viability (refer to Item 5. Going Concern
Confirmation and Viability Statement of the Strategic Report)
\u2022 Estimates related to the useful life and residual value of ships (refer to Note 10 \u2014 \u201cProperty and
Equipment\u201d)
The following specific points were considered:
\u2022 Carnival Corporation & plc\u2019s ongoing newbuild program, which includes deliveries of larger-more
efficient ships over the coming years, has been and will continue to be a factor in management\u2019s
expected ability to achieve Carnival Corporation & plc\u2019s GHG intensity reduction goals
\u2022 Carnival Corporation & plc\u2019s ongoing investment in energy efficiency projects for its existing fleet
\u2022 The current status of recently enacted and various pending environmental regulations which will
materially impact Carnival Corporation & plc\u2019s future cash flows. Refer to XVIII. Governmental and
Other Regulations on pages 15 to 20 of the Strategic Report.
Accounting Pronouncements
The International Accounting Standards Board (\u201cIASB\u201d) has issued amendments to the standard, IAS 1,
Presentation of Financial Statements
\u2014
Classification of Liabilities as Current or Non-current
, providing a
more general approach to the classification of liabilities based on the contractual agreements in place at the
reporting date. On December 1, 2024, we adopted this guidance. The adoption of this guidance had no
impact on our consolidated financial statements.
The IASB has issued amendments to the standards, IAS 7,
Statement of Cash Flows
and IFRS 7,
Financial
Instruments: Disclosures
\u2014
Supplier Finance Arrangements
. These amendments require that an entity disclose
information about its supplier finance arrangements that enables users of financial statements to assess the
effects of those arrangements on the entity\u2019s liabilities and cash flows and the entity\u2019s exposure to liquidity
risk. On December 1, 2024, we adopted this guidance. The adoption of this guidance had no impact on
our consolidated financial statements.
The IASB has issued amendments to the standard, IAS 21,
The Effects of Changes in Foreign Exchange
Rates
\u2014
Lack of Exchangeability
. These amendments specify how to assess whether a currency is
exchangeable and how to determine the exchange rate when it is not. These amendments require that an
entity disclose information that enables users of its financial statements to evaluate how currencies lacking
exchangeability affect, or are expected to affect, the entity\u2019s financial performance, financial position, and
cash flows. These amendments are required to be adopted by us beginning December 1, 2025. The adoption
of this guidance will not have an impact on our consolidated financial statements.
The IASB has issued amendments to the standards, IFRS 9,
Financial Instruments
and IFRS 7,
Financial
Instruments: Disclosures \u2014 Amendments to the Classification and Measurement of Financial Instruments.
These amendments clarify the recognition and derecognition criteria for financial assets and liabilities, and
the classification of financial assets with environmental, social and corporate governance and similar
features. In addition, the amendments require additional disclosures for financial assets and liabilities with
contractual terms that reference a contingent event and equity instruments classified at fair value through
other comprehensive income. These amendments are required to be adopted by us beginning December 1,
2026. We are currently evaluating the impact of these amendments on our consolidated financial statements.
The IASB has issued amendments to the standards, IFRS 9,
Financial Instruments
and IFRS 7,
Financial
Instruments: Disclosures \u2014 Contracts Referencing Nature-dependent Electricity.
These amendments clarify
certain own-use requirements and hedge accounting requirements for contracts for nature-dependent
renewable electricity. In addition, the amendments require additional disclosures for contracts for nature-
dependent electricity with specified characteristics. These amendments are required to be adopted by us
beginning December 1, 2026. We are currently evaluating the impact of these amendments on our consolidated
financial statements.
The IASB has issued the following standards and amendments that have not been adopted in the UK:
\u2022 IFRS 18,
Presentation and Disclosure in Financial Statements
(effective date January 1, 2027)
\u2022 IFRS 19,
Subsidiaries without Public Accountability: Disclosures
(effective date January 1, 2027)
\u2022 Amendments to IAS 21,
Translation to Hyperinflationary Presentation Currency
(effective date
January 1, 2027) ", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:4DR1VPDQMHD3N3QW8W95", "period": "2024-12-01T00:00:00/2025-12-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00314": { "value": "Basis of Preparation
The Carnival plc Group financial statements are presented in U.S. dollars unless otherwise noted and are
prepared on the historical cost basis, except for certain financial assets and liabilities. The financial statements
of the Group have been prepared in accordance with UK-adopted International Accounting Standards
and with the requirements of the Companies Act 2006 as applicable to companies reporting under those
standards. The financial statements have been prepared on a going concern basis. The Boards of Directors
of the Group have a reasonable expectation that, on the basis of current financial projections, available
borrowing facilities and based on our reassessment of principal and emerging risks, we are well positioned
to meet our commitments and obligations, and will remain in operational existence for at least the next
12 months from the date of this report.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:4DR1VPDQMHD3N3QW8W95", "period": "2024-12-01T00:00:00/2025-12-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00315": { "value": "The Carnival plc Group financial statements are presented in U.S. dollars unless otherwise notedThe Carnival plc Group financial statements are presented in U.S. dollars. Each foreign entity determines its
functional currency by reference to its primary economic environment. The Group\u2019s most significant
foreign entities utilize the U.S. dollar, Euro, Sterling or the Australian dollar as their functional currencies.
The Group translates the assets and liabilities of its foreign entities that have functional currencies other than
the U.S. dollar at exchange rates in effect at the balance sheet date. Revenues and expenses of these foreign
entities are translated at the average rate for the period. Equity is translated at historical rates and the resulting
foreign currency translation adjustments are included in the translation reserve, which is a separate
component of other reserves within shareholders\u2019equity. Therefore, the U.S. dollar value of the non-equity
translated items in the Group\u2019s consolidated financial statements will fluctuate from period to period,
depending on the changing value of the U.S. dollar versus these currencies.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:4DR1VPDQMHD3N3QW8W95", "period": "2024-12-01T00:00:00/2025-12-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00316": { "value": "The financial statements
of the Group have been prepared in accordance with UK-adopted International Accounting Standards
and with the requirements of the Companies Act 2006 as applicable to companies reporting under those
standards. ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:4DR1VPDQMHD3N3QW8W95", "period": "2024-12-01T00:00:00/2025-12-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00317": { "value": "The financial statements have been prepared on a going concern basis. The Boards of Directors
of the Group have a reasonable expectation that, on the basis of current financial projections, available
borrowing facilities and based on our reassessment of principal and emerging risks, we are well positioned
to meet our commitments and obligations, and will remain in operational existence for at least the next
12 months from the date of this report.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:4DR1VPDQMHD3N3QW8W95", "period": "2024-12-01T00:00:00/2025-12-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00318": { "value": "Basis of Consolidation
The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its
involvement with the entity and has the ability to affect those returns through its power to direct the activities
of the entity. All significant intra-Group balances and transactions are eliminated on consolidation. These
financial statements are required to satisfy reporting requirements of the Companies Act 2006 and do not
include the IFRS consolidated results and financial position of Carnival Corporation and its subsidiaries. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:4DR1VPDQMHD3N3QW8W95", "period": "2024-12-01T00:00:00/2025-12-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00321": { "value": "Basis of Consolidation
The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its
involvement with the entity and has the ability to affect those returns through its power to direct the activities
of the entity. All significant intra-Group balances and transactions are eliminated on consolidation. These
financial statements are required to satisfy reporting requirements of the Companies Act 2006 and do not
include the IFRS consolidated results and financial position of Carnival Corporation and its subsidiaries.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:4DR1VPDQMHD3N3QW8W95", "period": "2024-12-01T00:00:00/2025-12-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00322": { "value": "Cash and Cash Equivalents
Cash and cash equivalents include investments with maturities of three months or less at acquisition that
are readily convertible to known amounts of cash, which are stated at cost and present insignificant risk of
changes in value. Investments in money market funds are measured at fair value through profit or loss. Cash
equivalents, including investments in money market funds, are held to meet short-term cash commitments.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:4DR1VPDQMHD3N3QW8W95", "period": "2024-12-01T00:00:00/2025-12-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00323": { "value": "Trade and Other Receivables
Although we generally require full payment from our customers prior to or concurrently with their cruise,
we grant credit terms to a relatively small portion of our revenue source. We have receivables from credit card
merchants and travel agents for cruise ticket purchases and onboard revenue which are included within
trade and other receivables. These receivables represent contractual cash flows, and are measured at amortized
cost and are less of allowances for expected credit losses. We apply the simplified approach and record
lifetime expected credit losses for trade receivables. We have agreements with a number of credit card
processors that transact customer deposits related to our cruise vacations. Certain of these agreements allow
the credit card processors to request, under certain circumstances, that we provide a reserve fund in cash.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:4DR1VPDQMHD3N3QW8W95", "period": "2024-12-01T00:00:00/2025-12-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00324": { "value": "Trade and Other Receivables
Although we generally require full payment from our customers prior to or concurrently with their cruise,
we grant credit terms to a relatively small portion of our revenue source. We have receivables from credit card
merchants and travel agents for cruise ticket purchases and onboard revenue which are included within
trade and other receivables. These receivables represent contractual cash flows, and are measured at amortized
cost and are less of allowances for expected credit losses. We apply the simplified approach and record
lifetime expected credit losses for trade receivables. We have agreements with a number of credit card
processors that transact customer deposits related to our cruise vacations. Certain of these agreements allow
the credit card processors to request, under certain circumstances, that we provide a reserve fund in cash.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:4DR1VPDQMHD3N3QW8W95", "period": "2024-12-01T00:00:00/2025-12-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00325": { "value": "Inventories
Inventories consist substantially of food, beverages, hotel supplies, fuel and retail merchandise, which are all
carried at the lower of cost or net realisable value. Cost is determined using the weighted-average or first-
in, first-out methods and applied consistently between major categories of inventory. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:4DR1VPDQMHD3N3QW8W95", "period": "2024-12-01T00:00:00/2025-12-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00327": { "value": "Property and Equipment
Property and equipment are stated at cost less accumulated depreciation and any impairment charges. We
capitalize interest as part of the cost of capital projects incurred during construction. Depreciation is computed
using the straight-line method over our estimated useful lives of the assets to a residual value, as a percentage
of original cost, as follows:
\n \n
Residual
Years
Values
Ships
..................................
30
15%
Ship improvements
........................
3 \u2013 30
0%
Buildings and improvements
..................
10 \u2013 40
0%
Computer hardware and software
..............
2 \u2013 12
0%
Transportation equipment and other
............
3 \u2013 20
0%
Leasehold improvements, including port facilities . . .
Shorter of the remaining lease term or
0%
related asset life (3 \u2013 30)
The cost of ships under construction includes progress payments for the construction of new ships, as well
as design and engineering fees, capitalized interest, construction oversight costs and various owner supplied
items. Any liquidated damages received from shipyards are recorded as reductions to the cost basis of the
ship.
We have a capital program for the improvement of our ships and for asset replacements to enhance the
effectiveness and efficiency of our operations; to comply with, or exceed, all relevant legal and statutory
requirements related to health, environment, safety, security and sustainability; and to gain strategic benefits
or provide improved product innovations to our guests. We account for ship improvement costs, including
replacements of certain significant components and parts by capitalizing those costs that add value to our
ships and have a useful life greater than one year and depreciating those improvements over their estimated
remaining useful life.
The costs of repairs and maintenance, including minor improvement costs and expenses incurred during dry-
docks, are charged to expense as incurred and included in other operating expenses. These minor dry-dock
expenses primarily represent maintenance activities that are incurred when a ship is taken out-of-service for
scheduled maintenance.
In addition, specifically identified or estimated cost and accumulated depreciation of previously capitalized
ship components are written-off upon retirement, which may result in a loss on disposal that is also
included in other operating expenses.
Given the large size and complexity of our ships, ship accounting estimates require judgment and are
inherently uncertain. We do not have cost segregation studies performed to specifically componentize our
ships. In addition, since we do not separately componentize our ships, we do not identify and track
depreciation of original ship components. Therefore, we typically have to estimate the net book value of
components that are retired, based primarily upon their replacement cost, their age and their original
estimated useful lives.
As of November 30, 2025, we have estimated our ships\u2019useful lives at 30 years and residual values at 15% of
our original ship cost. Our ships\u2019useful life and residual value estimates take into consideration the
estimated weighted-average useful lives of the ships\u2019major component systems, such as hull, superstructure,
main electric, engines and cabins. We also take into consideration the impact of technological changes,
historical useful lives of similarly-built ships, long-term cruise and vacation market conditions and regulatory
changes, including those related to the impact of greenhouse gases and other emissions on the environment.
We determine the residual value of our ships based on our long-term estimates of their resale value at the
end of their useful lives to us but before the end of their physical and economic lives to others, historical resale
values of our and other cruise ships as well as our expectations of the long-term viability of the secondary
cruise ship market.
We review estimated useful lives and residual values of our ships for reasonableness at the period end or
whenever events or circumstances indicate a revision is warranted. In December 2025, we completed such
review considering the period over which we expect to operate our ships and our long-term plans. As a result,
we determined our ships\u2019depreciable lives would be extended to 35 years. In connection with the increase
in estimated useful life, we reduced our estimated residual value of each ship to be 5% of our original ship cost
for LNG powered ships and a range of salvage values under $25 million for all other ships, depending on
the class and tonnage of the ship. This revision did not have a material impact on our financial statements and
has been applied prospectively beginning December 1, 2025.
Occasionally we transfer ships from Carnival plc to Carnival Corporation. The group\u2019s accounting policy
with regard to such transfers is that they take place at the higher of their net book value or fair value.
We review our ships for impairment whenever events or circumstances indicate that the carrying value of a
ship may not be recoverable. The recoverable amount is considered to be the higher of value in use or fair value
less costs of disposal. We evaluate ship asset impairments either at the individual ship level, when it is
considered to be the lowest level for which identifiable cash inflows are largely independent of the cash
inflows of other assets and liabilities, for example when we have plans to dispose of a ship, or at the cash
generating unit (\u201cCGU\u201d) (or cruise brand) level, when the cash inflows of a given ship are not considered to
be largely independent of the cash flows of other assets and liabilities.
Where an assessment is performed at the individual ship level, the fair value is typically estimated based
either on ship sales price negotiations and/or estimated sales prices from previous ship sales.
Where an assessment is performed at the CGU level, we compare the carrying amount of the net assets
allocated to each CGU (inclusive of ships) with its recoverable amount. The estimated recoverable amount
is the higher of the cruise brands\u2019 fair value less costs of disposal and its value in use. If the recoverable
amount is greater than the cruise brand net asset carrying value, then the value of the assets is deemed
recoverable. Judgement is required in estimating the recoverable amounts of our CGUs. Assessments are
made at a CGU level as individual ships\u2019 cash flows are dependent both upon shore-based assets that support
the operation of the ships and the itineraries each ship operates, which is determined based upon plans for
ships in the CGU and for which we have the ability to change over time.
If estimated discounted future cash flows are less than the carrying value of a ship, an impairment charge is
recognized to the extent its carrying value exceeds its estimated recoverable amount.
If, subsequent to impairment, there has been a change in the estimates used to determine our ships\u2019
recoverable amount, then the carrying amount of the ship may be increased by the reversal of the impairment.
The reversal is limited to the carrying amount that would have been determined had no impairment loss
been recognized for the ship in prior years. Determination of future cash flows and fair values of our cruise
ships involves estimates and assumptions.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:4DR1VPDQMHD3N3QW8W95", "period": "2024-12-01T00:00:00/2025-12-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00326": { "value": "Property and Equipment
Property and equipment are stated at cost less accumulated depreciation and any impairment charges. We
capitalize interest as part of the cost of capital projects incurred during construction. Depreciation is computed
using the straight-line method over our estimated useful lives of the assets to a residual value, as a percentage
of original cost, as follows:
\n \n
Residual
Years
Values
Ships
..................................
30
15%
Ship improvements
........................
3 \u2013 30
0%
Buildings and improvements
..................
10 \u2013 40
0%
Computer hardware and software
..............
2 \u2013 12
0%
Transportation equipment and other
............
3 \u2013 20
0%
Leasehold improvements, including port facilities . . .
Shorter of the remaining lease term or
0%
related asset life (3 \u2013 30)
The cost of ships under construction includes progress payments for the construction of new ships, as well
as design and engineering fees, capitalized interest, construction oversight costs and various owner supplied
items. Any liquidated damages received from shipyards are recorded as reductions to the cost basis of the
ship.
We have a capital program for the improvement of our ships and for asset replacements to enhance the
effectiveness and efficiency of our operations; to comply with, or exceed, all relevant legal and statutory
requirements related to health, environment, safety, security and sustainability; and to gain strategic benefits
or provide improved product innovations to our guests. We account for ship improvement costs, including
replacements of certain significant components and parts by capitalizing those costs that add value to our
ships and have a useful life greater than one year and depreciating those improvements over their estimated
remaining useful life.
The costs of repairs and maintenance, including minor improvement costs and expenses incurred during dry-
docks, are charged to expense as incurred and included in other operating expenses. These minor dry-dock
expenses primarily represent maintenance activities that are incurred when a ship is taken out-of-service for
scheduled maintenance.
In addition, specifically identified or estimated cost and accumulated depreciation of previously capitalized
ship components are written-off upon retirement, which may result in a loss on disposal that is also
included in other operating expenses.
Given the large size and complexity of our ships, ship accounting estimates require judgment and are
inherently uncertain. We do not have cost segregation studies performed to specifically componentize our
ships. In addition, since we do not separately componentize our ships, we do not identify and track
depreciation of original ship components. Therefore, we typically have to estimate the net book value of
components that are retired, based primarily upon their replacement cost, their age and their original
estimated useful lives.
As of November 30, 2025, we have estimated our ships\u2019useful lives at 30 years and residual values at 15% of
our original ship cost. Our ships\u2019useful life and residual value estimates take into consideration the
estimated weighted-average useful lives of the ships\u2019major component systems, such as hull, superstructure,
main electric, engines and cabins. We also take into consideration the impact of technological changes,
historical useful lives of similarly-built ships, long-term cruise and vacation market conditions and regulatory
changes, including those related to the impact of greenhouse gases and other emissions on the environment.
We determine the residual value of our ships based on our long-term estimates of their resale value at the
end of their useful lives to us but before the end of their physical and economic lives to others, historical resale
values of our and other cruise ships as well as our expectations of the long-term viability of the secondary
cruise ship market.
We review estimated useful lives and residual values of our ships for reasonableness at the period end or
whenever events or circumstances indicate a revision is warranted. In December 2025, we completed such
review considering the period over which we expect to operate our ships and our long-term plans. As a result,
we determined our ships\u2019depreciable lives would be extended to 35 years. In connection with the increase
in estimated useful life, we reduced our estimated residual value of each ship to be 5% of our original ship cost
for LNG powered ships and a range of salvage values under $25 million for all other ships, depending on
the class and tonnage of the ship. This revision did not have a material impact on our financial statements and
has been applied prospectively beginning December 1, 2025.
Occasionally we transfer ships from Carnival plc to Carnival Corporation. The group\u2019s accounting policy
with regard to such transfers is that they take place at the higher of their net book value or fair value.
We review our ships for impairment whenever events or circumstances indicate that the carrying value of a
ship may not be recoverable. The recoverable amount is considered to be the higher of value in use or fair value
less costs of disposal. We evaluate ship asset impairments either at the individual ship level, when it is
considered to be the lowest level for which identifiable cash inflows are largely independent of the cash
inflows of other assets and liabilities, for example when we have plans to dispose of a ship, or at the cash
generating unit (\u201cCGU\u201d) (or cruise brand) level, when the cash inflows of a given ship are not considered to
be largely independent of the cash flows of other assets and liabilities.
Where an assessment is performed at the individual ship level, the fair value is typically estimated based
either on ship sales price negotiations and/or estimated sales prices from previous ship sales.
Where an assessment is performed at the CGU level, we compare the carrying amount of the net assets
allocated to each CGU (inclusive of ships) with its recoverable amount. The estimated recoverable amount
is the higher of the cruise brands\u2019 fair value less costs of disposal and its value in use. If the recoverable
amount is greater than the cruise brand net asset carrying value, then the value of the assets is deemed
recoverable. Judgement is required in estimating the recoverable amounts of our CGUs. Assessments are
made at a CGU level as individual ships\u2019 cash flows are dependent both upon shore-based assets that support
the operation of the ships and the itineraries each ship operates, which is determined based upon plans for
ships in the CGU and for which we have the ability to change over time.
If estimated discounted future cash flows are less than the carrying value of a ship, an impairment charge is
recognized to the extent its carrying value exceeds its estimated recoverable amount.
If, subsequent to impairment, there has been a change in the estimates used to determine our ships\u2019
recoverable amount, then the carrying amount of the ship may be increased by the reversal of the impairment.
The reversal is limited to the carrying amount that would have been determined had no impairment loss
been recognized for the ship in prior years. Determination of future cash flows and fair values of our cruise
ships involves estimates and assumptions.
Leases
Substantially all of our leases for which we are the lessee are leases of port facilities and real estate and are
included within right-of-use assets, net, long-term lease liabilities and the current portion of lease liabilities in
our Consolidated Balance Sheets. We determine if an arrangement is or contains a lease at the lease
inception date by evaluating whether the arrangement conveys the right to use an identified asset and
whether we obtain substantially all of the economic benefits from and have the ability to direct the use of
the asset.
We have port facilities and real estate lease agreements with lease and non-lease components, and in such
cases, we account for the components as a single lease component.
We do not recognize right-of-use assets and lease liabilities for any leases that have an initial term of
twelve months or less and do not include an option to purchase the underlying asset. For some of our port
facilities and real estate lease agreements, we have the option to extend our current lease term by 1 to 10 years.
Generally, we do not include renewal options as a component of our present value calculation as we are
not reasonably certain that we will exercise the options.
As our leases do not have a readily determinable implicit rate, we estimate the incremental borrowing rate
(\u201cIBR\u201d) to determine the present value of lease payments. We apply judgement in determining the IBR
including considering the term of the lease, the currency in which the lease is denominated, and the impact of
collateral and our credit risk on the rate.
Certain of our agreements stipulate potential future increases in variable lease payments based on an index
or rate, which are not included in the lease liability until they take effect. When adjustments to lease payments
based on an index or rate take effect, the lease liability is reassessed and adjusted against the right-of-use
asset.
We depreciate our right-of-use assets on a straight-line basis over the shorter of the asset\u2019s useful life and
the lease term. Lease payments are allocated between principal and finance cost. The finance cost is charged
to profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining
balance of the liability for each period.Investments in Associates
Investments in associates are accounted for using the equity method of accounting and are initially
recognized at cost. Interest in the net assets of such investments is included in investments in associates in
the Consolidated Balance Sheets and our proportionate interest in their results is included in income (loss)
from investments in associates in the Consolidated Statements of Income (Loss).", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:4DR1VPDQMHD3N3QW8W95", "period": "2024-12-01T00:00:00/2025-12-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00329": { "value": "Property and Equipment
Property and equipment are stated at cost less accumulated depreciation and any impairment charges. We
capitalize interest as part of the cost of capital projects incurred during construction. Depreciation is computed
using the straight-line method over our estimated useful lives of the assets to a residual value, as a percentage
of original cost, as follows:
\n \n
Residual
Years
Values
Ships
..................................
30
15%
Ship improvements
........................
3 \u2013 30
0%
Buildings and improvements
..................
10 \u2013 40
0%
Computer hardware and software
..............
2 \u2013 12
0%
Transportation equipment and other
............
3 \u2013 20
0%
Leasehold improvements, including port facilities . . .
Shorter of the remaining lease term or
0%
related asset life (3 \u2013 30)
The cost of ships under construction includes progress payments for the construction of new ships, as well
as design and engineering fees, capitalized interest, construction oversight costs and various owner supplied
items. Any liquidated damages received from shipyards are recorded as reductions to the cost basis of the
ship.
We have a capital program for the improvement of our ships and for asset replacements to enhance the
effectiveness and efficiency of our operations; to comply with, or exceed, all relevant legal and statutory
requirements related to health, environment, safety, security and sustainability; and to gain strategic benefits
or provide improved product innovations to our guests. We account for ship improvement costs, including
replacements of certain significant components and parts by capitalizing those costs that add value to our
ships and have a useful life greater than one year and depreciating those improvements over their estimated
remaining useful life.
The costs of repairs and maintenance, including minor improvement costs and expenses incurred during dry-
docks, are charged to expense as incurred and included in other operating expenses. These minor dry-dock
expenses primarily represent maintenance activities that are incurred when a ship is taken out-of-service for
scheduled maintenance.
In addition, specifically identified or estimated cost and accumulated depreciation of previously capitalized
ship components are written-off upon retirement, which may result in a loss on disposal that is also
included in other operating expenses.
Given the large size and complexity of our ships, ship accounting estimates require judgment and are
inherently uncertain. We do not have cost segregation studies performed to specifically componentize our
ships. In addition, since we do not separately componentize our ships, we do not identify and track
depreciation of original ship components. Therefore, we typically have to estimate the net book value of
components that are retired, based primarily upon their replacement cost, their age and their original
estimated useful lives.
As of November 30, 2025, we have estimated our ships\u2019useful lives at 30 years and residual values at 15% of
our original ship cost. Our ships\u2019useful life and residual value estimates take into consideration the
estimated weighted-average useful lives of the ships\u2019major component systems, such as hull, superstructure,
main electric, engines and cabins. We also take into consideration the impact of technological changes,
historical useful lives of similarly-built ships, long-term cruise and vacation market conditions and regulatory
changes, including those related to the impact of greenhouse gases and other emissions on the environment.
We determine the residual value of our ships based on our long-term estimates of their resale value at the
end of their useful lives to us but before the end of their physical and economic lives to others, historical resale
values of our and other cruise ships as well as our expectations of the long-term viability of the secondary
cruise ship market.
We review estimated useful lives and residual values of our ships for reasonableness at the period end or
whenever events or circumstances indicate a revision is warranted. In December 2025, we completed such
review considering the period over which we expect to operate our ships and our long-term plans. As a result,
we determined our ships\u2019depreciable lives would be extended to 35 years. In connection with the increase
in estimated useful life, we reduced our estimated residual value of each ship to be 5% of our original ship cost
for LNG powered ships and a range of salvage values under $25 million for all other ships, depending on
the class and tonnage of the ship. This revision did not have a material impact on our financial statements and
has been applied prospectively beginning December 1, 2025.
Occasionally we transfer ships from Carnival plc to Carnival Corporation. The group\u2019s accounting policy
with regard to such transfers is that they take place at the higher of their net book value or fair value.
We review our ships for impairment whenever events or circumstances indicate that the carrying value of a
ship may not be recoverable. The recoverable amount is considered to be the higher of value in use or fair value
less costs of disposal. We evaluate ship asset impairments either at the individual ship level, when it is
considered to be the lowest level for which identifiable cash inflows are largely independent of the cash
inflows of other assets and liabilities, for example when we have plans to dispose of a ship, or at the cash
generating unit (\u201cCGU\u201d) (or cruise brand) level, when the cash inflows of a given ship are not considered to
be largely independent of the cash flows of other assets and liabilities.
Where an assessment is performed at the individual ship level, the fair value is typically estimated based
either on ship sales price negotiations and/or estimated sales prices from previous ship sales.
Where an assessment is performed at the CGU level, we compare the carrying amount of the net assets
allocated to each CGU (inclusive of ships) with its recoverable amount. The estimated recoverable amount
is the higher of the cruise brands\u2019 fair value less costs of disposal and its value in use. If the recoverable
amount is greater than the cruise brand net asset carrying value, then the value of the assets is deemed
recoverable. Judgement is required in estimating the recoverable amounts of our CGUs. Assessments are
made at a CGU level as individual ships\u2019 cash flows are dependent both upon shore-based assets that support
the operation of the ships and the itineraries each ship operates, which is determined based upon plans for
ships in the CGU and for which we have the ability to change over time.
If estimated discounted future cash flows are less than the carrying value of a ship, an impairment charge is
recognized to the extent its carrying value exceeds its estimated recoverable amount.
If, subsequent to impairment, there has been a change in the estimates used to determine our ships\u2019
recoverable amount, then the carrying amount of the ship may be increased by the reversal of the impairment.
The reversal is limited to the carrying amount that would have been determined had no impairment loss
been recognized for the ship in prior years. Determination of future cash flows and fair values of our cruise
ships involves estimates and assumptions.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:4DR1VPDQMHD3N3QW8W95", "period": "2024-12-01T00:00:00/2025-12-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00330": { "value": "Depreciation is computed
using the straight-line method over our estimated useful lives of the assets to a residual value, as a percentage
of original cost, as follows:
\n \n
Residual
Years
Values
Ships
..................................
30
15%
Ship improvements
........................
3 \u2013 30
0%
Buildings and improvements
..................
10 \u2013 40
0%
Computer hardware and software
..............
2 \u2013 12
0%
Transportation equipment and other
............
3 \u2013 20
0%
Leasehold improvements, including port facilities . . .
Shorter of the remaining lease term or
0%
related asset life (3 \u2013 30)
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:4DR1VPDQMHD3N3QW8W95", "period": "2024-12-01T00:00:00/2025-12-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00328": { "value": "We review our ships for impairment whenever events or circumstances indicate that the carrying value of a
ship may not be recoverable. The recoverable amount is considered to be the higher of value in use or fair value
less costs of disposal. We evaluate ship asset impairments either at the individual ship level, when it is
considered to be the lowest level for which identifiable cash inflows are largely independent of the cash
inflows of other assets and liabilities, for example when we have plans to dispose of a ship, or at the cash
generating unit (\u201cCGU\u201d) (or cruise brand) level, when the cash inflows of a given ship are not considered to
be largely independent of the cash flows of other assets and liabilities.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:4DR1VPDQMHD3N3QW8W95", "period": "2024-12-01T00:00:00/2025-12-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00331": { "value": "Leases
Substantially all of our leases for which we are the lessee are leases of port facilities and real estate and are
included within right-of-use assets, net, long-term lease liabilities and the current portion of lease liabilities in
our Consolidated Balance Sheets. We determine if an arrangement is or contains a lease at the lease
inception date by evaluating whether the arrangement conveys the right to use an identified asset and
whether we obtain substantially all of the economic benefits from and have the ability to direct the use of
the asset.
We have port facilities and real estate lease agreements with lease and non-lease components, and in such
cases, we account for the components as a single lease component.
We do not recognize right-of-use assets and lease liabilities for any leases that have an initial term of
twelve months or less and do not include an option to purchase the underlying asset. For some of our port
facilities and real estate lease agreements, we have the option to extend our current lease term by 1 to 10 years.
Generally, we do not include renewal options as a component of our present value calculation as we are
not reasonably certain that we will exercise the options.
As our leases do not have a readily determinable implicit rate, we estimate the incremental borrowing rate
(\u201cIBR\u201d) to determine the present value of lease payments. We apply judgement in determining the IBR
including considering the term of the lease, the currency in which the lease is denominated, and the impact of
collateral and our credit risk on the rate.
Certain of our agreements stipulate potential future increases in variable lease payments based on an index
or rate, which are not included in the lease liability until they take effect. When adjustments to lease payments
based on an index or rate take effect, the lease liability is reassessed and adjusted against the right-of-use
asset.
We depreciate our right-of-use assets on a straight-line basis over the shorter of the asset\u2019s useful life and
the lease term. Lease payments are allocated between principal and finance cost. The finance cost is charged
to profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining
balance of the liability for each period. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:4DR1VPDQMHD3N3QW8W95", "period": "2024-12-01T00:00:00/2025-12-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00332": { "value": "Contingencies
We are routinely involved in legal proceedings, claims, disputes, regulatory matters and governmental
inspections or investigations arising in the ordinary course of or incidental to our business, including those
noted below. While it is typically very difficult to determine the timing and ultimate outcome of these matters,
we use our best judgement to determine the appropriate amounts to record in our consolidated financial
statements. We accrue a liability and establish a provision when we believe a loss is probable and the amount
of the loss can be reasonably estimated. In assessing probable losses, we make estimates of the amount of
probable insurance recoveries, if any, which are recorded as assets where appropriate. Such accruals and
reserves and the estimated timing of settlement are typically based on developments to date, historical claims
experience, and actuarially determined estimates of liabilities. Given the inherent uncertainty related to the
eventual outcome of these matters and potential insurance recoveries, it is possible that all or some of these
matters may be resolved for amounts different from any provisions or disclosures that we may have made.
In addition, as new information becomes available, we may need to reassess the amount of asset or liability
that needs to be accrued related to our contingencies. Refer to Note 23 \u2014 \u201cContingencies\u201d for additional
information.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:4DR1VPDQMHD3N3QW8W95", "period": "2024-12-01T00:00:00/2025-12-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00334": { "value": "Contingencies
We are routinely involved in legal proceedings, claims, disputes, regulatory matters and governmental
inspections or investigations arising in the ordinary course of or incidental to our business, including those
noted below. While it is typically very difficult to determine the timing and ultimate outcome of these matters,
we use our best judgement to determine the appropriate amounts to record in our consolidated financial
statements. We accrue a liability and establish a provision when we believe a loss is probable and the amount
of the loss can be reasonably estimated. In assessing probable losses, we make estimates of the amount of
probable insurance recoveries, if any, which are recorded as assets where appropriate. Such accruals and
reserves and the estimated timing of settlement are typically based on developments to date, historical claims
experience, and actuarially determined estimates of liabilities. Given the inherent uncertainty related to the
eventual outcome of these matters and potential insurance recoveries, it is possible that all or some of these
matters may be resolved for amounts different from any provisions or disclosures that we may have made.
In addition, as new information becomes available, we may need to reassess the amount of asset or liability
that needs to be accrued related to our contingencies. Refer to Note 23 \u2014 \u201cContingencies\u201d for additional
information.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:4DR1VPDQMHD3N3QW8W95", "period": "2024-12-01T00:00:00/2025-12-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00333": { "value": "Contingencies
We are routinely involved in legal proceedings, claims, disputes, regulatory matters and governmental
inspections or investigations arising in the ordinary course of or incidental to our business, including those
noted below. While it is typically very difficult to determine the timing and ultimate outcome of these matters,
we use our best judgement to determine the appropriate amounts to record in our consolidated financial
statements. We accrue a liability and establish a provision when we believe a loss is probable and the amount
of the loss can be reasonably estimated. In assessing probable losses, we make estimates of the amount of
probable insurance recoveries, if any, which are recorded as assets where appropriate. Such accruals and
reserves and the estimated timing of settlement are typically based on developments to date, historical claims
experience, and actuarially determined estimates of liabilities. Given the inherent uncertainty related to the
eventual outcome of these matters and potential insurance recoveries, it is possible that all or some of these
matters may be resolved for amounts different from any provisions or disclosures that we may have made.
In addition, as new information becomes available, we may need to reassess the amount of asset or liability
that needs to be accrued related to our contingencies. Refer to Note 23 \u2014 \u201cContingencies\u201d for additional
information.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:4DR1VPDQMHD3N3QW8W95", "period": "2024-12-01T00:00:00/2025-12-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00335": { "value": "Investments in Associates
Investments in associates are accounted for using the equity method of accounting and are initially
recognized at cost. Interest in the net assets of such investments is included in investments in associates in
the Consolidated Balance Sheets and our proportionate interest in their results is included in income (loss)
from investments in associates in the Consolidated Statements of Income (Loss).", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:4DR1VPDQMHD3N3QW8W95", "period": "2024-12-01T00:00:00/2025-12-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00336": { "value": "Investments in Associates
Investments in associates are accounted for using the equity method of accounting and are initially
recognized at cost. Interest in the net assets of such investments is included in investments in associates in
the Consolidated Balance Sheets and our proportionate interest in their results is included in income (loss)
from investments in associates in the Consolidated Statements of Income (Loss).Investments in Associates
Investments in associates are accounted for using the equity method of accounting and are initially
recognized at cost. Interest in the net assets of such investments is included in investments in associates in
the Balance Sheets.", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:4DR1VPDQMHD3N3QW8W95", "period": "2024-12-01T00:00:00/2025-12-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00342": { "value": "Debt and Debt Issuance Costs
Debt is recorded at initial fair value, which normally reflects the proceeds received by us, net of debt
issuance costs. Debt is subsequently stated at amortized cost. Debt issuance costs, discounts and premiums
are generally amortized to interest expense using the straight-line method, which approximates the effective
interest method, over the term of the debt. Debt issuance costs related to a recognized debt liability are
presented in the Consolidated Balance Sheets as a direct deduction from the carrying amount of that debt
liability, consistent with debt discounts. For our revolving facility, and those export credit facilities not yet
drawn, the related debt issuance costs are deferred and recorded as an asset. Debt instruments are evaluated
for the existence of features that require separation and accounting as a derivative. In our Consolidated
Statements of Cash Flows, debt issuance costs paid to lenders related to a recognized debt liability are
netted against the proceeds from the related long-term debt while debt issuance costs paid to third parties,
or related to undrawn credit facilities, are presented separately within financing activities.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLoansAndReceivablesExplanatory", "language": "en", "entity": "scheme:4DR1VPDQMHD3N3QW8W95", "period": "2024-12-01T00:00:00/2025-12-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00341": { "value": "Debt and Debt Issuance Costs
Debt is recorded at initial fair value, which normally reflects the proceeds received by us, net of debt
issuance costs. Debt is subsequently stated at amortized cost. Debt issuance costs, discounts and premiums
are generally amortized to interest expense using the straight-line method, which approximates the effective
interest method, over the term of the debt. Debt issuance costs related to a recognized debt liability are
presented in the Consolidated Balance Sheets as a direct deduction from the carrying amount of that debt
liability, consistent with debt discounts. For our revolving facility, and those export credit facilities not yet
drawn, the related debt issuance costs are deferred and recorded as an asset. Debt instruments are evaluated
for the existence of features that require separation and accounting as a derivative. In our Consolidated
Statements of Cash Flows, debt issuance costs paid to lenders related to a recognized debt liability are
netted against the proceeds from the related long-term debt while debt issuance costs paid to third parties,
or related to undrawn credit facilities, are presented separately within financing activities.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:4DR1VPDQMHD3N3QW8W95", "period": "2024-12-01T00:00:00/2025-12-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00340": { "value": "Debt and Debt Issuance Costs
Debt is recorded at initial fair value, which normally reflects the proceeds received by us, net of debt
issuance costs. Debt is subsequently stated at amortized cost. Debt issuance costs, discounts and premiums
are generally amortized to interest expense using the straight-line method, which approximates the effective
interest method, over the term of the debt. Debt issuance costs related to a recognized debt liability are
presented in the Consolidated Balance Sheets as a direct deduction from the carrying amount of that debt
liability, consistent with debt discounts. For our revolving facility, and those export credit facilities not yet
drawn, the related debt issuance costs are deferred and recorded as an asset. Debt instruments are evaluated
for the existence of features that require separation and accounting as a derivative. In our Consolidated
Statements of Cash Flows, debt issuance costs paid to lenders related to a recognized debt liability are
netted against the proceeds from the related long-term debt while debt issuance costs paid to third parties,
or related to undrawn credit facilities, are presented separately within financing activities.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:4DR1VPDQMHD3N3QW8W95", "period": "2024-12-01T00:00:00/2025-12-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00337": { "value": "Debt and Debt Issuance Costs
Debt is recorded at initial fair value, which normally reflects the proceeds received by us, net of debt
issuance costs. Debt is subsequently stated at amortized cost. Debt issuance costs, discounts and premiums
are generally amortized to interest expense using the straight-line method, which approximates the effective
interest method, over the term of the debt. Debt issuance costs related to a recognized debt liability are
presented in the Consolidated Balance Sheets as a direct deduction from the carrying amount of that debt
liability, consistent with debt discounts. For our revolving facility, and those export credit facilities not yet
drawn, the related debt issuance costs are deferred and recorded as an asset. Debt instruments are evaluated
for the existence of features that require separation and accounting as a derivative. In our Consolidated
Statements of Cash Flows, debt issuance costs paid to lenders related to a recognized debt liability are
netted against the proceeds from the related long-term debt while debt issuance costs paid to third parties,
or related to undrawn credit facilities, are presented separately within financing activities.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory", "language": "en", "entity": "scheme:4DR1VPDQMHD3N3QW8W95", "period": "2024-12-01T00:00:00/2025-12-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00338": { "value": "Debt and Debt Issuance Costs
Debt is recorded at initial fair value, which normally reflects the proceeds received by us, net of debt
issuance costs. Debt is subsequently stated at amortized cost. Debt issuance costs, discounts and premiums
are generally amortized to interest expense using the straight-line method, which approximates the effective
interest method, over the term of the debt. Debt issuance costs related to a recognized debt liability are
presented in the Consolidated Balance Sheets as a direct deduction from the carrying amount of that debt
liability, consistent with debt discounts. For our revolving facility, and those export credit facilities not yet
drawn, the related debt issuance costs are deferred and recorded as an asset. Debt instruments are evaluated
for the existence of features that require separation and accounting as a derivative. In our Consolidated
Statements of Cash Flows, debt issuance costs paid to lenders related to a recognized debt liability are
netted against the proceeds from the related long-term debt while debt issuance costs paid to third parties,
or related to undrawn credit facilities, are presented separately within financing activities.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:4DR1VPDQMHD3N3QW8W95", "period": "2024-12-01T00:00:00/2025-12-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00339": { "value": "Debt and Debt Issuance Costs
Debt is recorded at initial fair value, which normally reflects the proceeds received by us, net of debt
issuance costs. Debt is subsequently stated at amortized cost. Debt issuance costs, discounts and premiums
are generally amortized to interest expense using the straight-line method, which approximates the effective
interest method, over the term of the debt. Debt issuance costs related to a recognized debt liability are
presented in the Consolidated Balance Sheets as a direct deduction from the carrying amount of that debt
liability, consistent with debt discounts. For our revolving facility, and those export credit facilities not yet
drawn, the related debt issuance costs are deferred and recorded as an asset. Debt instruments are evaluated
for the existence of features that require separation and accounting as a derivative. In our Consolidated
Statements of Cash Flows, debt issuance costs paid to lenders related to a recognized debt liability are
netted against the proceeds from the related long-term debt while debt issuance costs paid to third parties,
or related to undrawn credit facilities, are presented separately within financing activities.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:4DR1VPDQMHD3N3QW8W95", "period": "2024-12-01T00:00:00/2025-12-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00376": { "value": "Derivatives and Other Financial Instruments
We have in the past and may in the future utilize derivative and non-derivative financial instruments, such as
foreign currency forwards, options and swaps, foreign currency debt obligations and foreign currency cash
balances, to manage our exposure to fluctuations in certain foreign currency exchange rates. We have in the
past and may in the future use interest rate swaps primarily to manage our interest rate exposure to
achieve a desired proportion of fixed and floating rate debt. Our policy is to not use financial instruments
for trading or other speculative purposes.
All derivatives are recorded at fair value. If a derivative is designated as a cash flow hedge, then the change
in the fair value of the derivative is recognized as a component of other comprehensive income (\u201cOCI\u201d) until
the underlying hedged item is recognized in earnings or the forecasted transaction is no longer probable. If
a derivative or a non-derivative financial instrument is designated as a hedge of our net investment in a foreign
operation, then changes in the effective portion of the fair value of the financial instrument are recognized
as a component of OCI to offset the change in the translated value of the designated portion of net investment
being hedged until the investment is sold or substantially liquidated, while the impact attributable to
components excluded from the assessment of hedge effectiveness is recorded in interest expense, on a
systematic and rational basis. For derivatives that do not qualify for hedge accounting treatment, the change
in fair value is recognized in earnings.
We classify the fair value of all our derivative contracts as either current or non-current, depending on the
maturity date of the derivative contract. The cash flows from derivatives treated as cash flow hedges are
classified in our Consolidated Statements of Cash Flows in the same category as the item being hedged.
Derivative valuations are based on observable inputs such as interest rates, forward currency exchange rates,
credit spreads, maturity dates, volatilities, and cross currency basis spreads. We use the income approach
to value derivatives for foreign currency options and forwards, interest rate swaps and cross currency swaps
using observable market data for all significant inputs and standard valuation techniques to convert future
amounts to a single present value amount, assuming that participants are motivated but not compelled to
transact.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForReclassificationOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:4DR1VPDQMHD3N3QW8W95", "period": "2024-12-01T00:00:00/2025-12-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00345": { "value": "Derivatives and Other Financial Instruments
We have in the past and may in the future utilize derivative and non-derivative financial instruments, such as
foreign currency forwards, options and swaps, foreign currency debt obligations and foreign currency cash
balances, to manage our exposure to fluctuations in certain foreign currency exchange rates. We have in the
past and may in the future use interest rate swaps primarily to manage our interest rate exposure to
achieve a desired proportion of fixed and floating rate debt. Our policy is to not use financial instruments
for trading or other speculative purposes.
All derivatives are recorded at fair value. If a derivative is designated as a cash flow hedge, then the change
in the fair value of the derivative is recognized as a component of other comprehensive income (\u201cOCI\u201d) until
the underlying hedged item is recognized in earnings or the forecasted transaction is no longer probable. If
a derivative or a non-derivative financial instrument is designated as a hedge of our net investment in a foreign
operation, then changes in the effective portion of the fair value of the financial instrument are recognized
as a component of OCI to offset the change in the translated value of the designated portion of net investment
being hedged until the investment is sold or substantially liquidated, while the impact attributable to
components excluded from the assessment of hedge effectiveness is recorded in interest expense, on a
systematic and rational basis. For derivatives that do not qualify for hedge accounting treatment, the change
in fair value is recognized in earnings.
We classify the fair value of all our derivative contracts as either current or non-current, depending on the
maturity date of the derivative contract. The cash flows from derivatives treated as cash flow hedges are
classified in our Consolidated Statements of Cash Flows in the same category as the item being hedged.
Derivative valuations are based on observable inputs such as interest rates, forward currency exchange rates,
credit spreads, maturity dates, volatilities, and cross currency basis spreads. We use the income approach
to value derivatives for foreign currency options and forwards, interest rate swaps and cross currency swaps
using observable market data for all significant inputs and standard valuation techniques to convert future
amounts to a single present value amount, assuming that participants are motivated but not compelled to
transact.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:4DR1VPDQMHD3N3QW8W95", "period": "2024-12-01T00:00:00/2025-12-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00344": { "value": "Derivatives and Other Financial Instruments
We have in the past and may in the future utilize derivative and non-derivative financial instruments, such as
foreign currency forwards, options and swaps, foreign currency debt obligations and foreign currency cash
balances, to manage our exposure to fluctuations in certain foreign currency exchange rates. We have in the
past and may in the future use interest rate swaps primarily to manage our interest rate exposure to
achieve a desired proportion of fixed and floating rate debt. Our policy is to not use financial instruments
for trading or other speculative purposes.
All derivatives are recorded at fair value. If a derivative is designated as a cash flow hedge, then the change
in the fair value of the derivative is recognized as a component of other comprehensive income (\u201cOCI\u201d) until
the underlying hedged item is recognized in earnings or the forecasted transaction is no longer probable. If
a derivative or a non-derivative financial instrument is designated as a hedge of our net investment in a foreign
operation, then changes in the effective portion of the fair value of the financial instrument are recognized
as a component of OCI to offset the change in the translated value of the designated portion of net investment
being hedged until the investment is sold or substantially liquidated, while the impact attributable to
components excluded from the assessment of hedge effectiveness is recorded in interest expense, on a
systematic and rational basis. For derivatives that do not qualify for hedge accounting treatment, the change
in fair value is recognized in earnings.
We classify the fair value of all our derivative contracts as either current or non-current, depending on the
maturity date of the derivative contract. The cash flows from derivatives treated as cash flow hedges are
classified in our Consolidated Statements of Cash Flows in the same category as the item being hedged.
Derivative valuations are based on observable inputs such as interest rates, forward currency exchange rates,
credit spreads, maturity dates, volatilities, and cross currency basis spreads. We use the income approach
to value derivatives for foreign currency options and forwards, interest rate swaps and cross currency swaps
using observable market data for all significant inputs and standard valuation techniques to convert future
amounts to a single present value amount, assuming that participants are motivated but not compelled to
transact.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:4DR1VPDQMHD3N3QW8W95", "period": "2024-12-01T00:00:00/2025-12-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00343": { "value": "Derivatives and Other Financial Instruments
We have in the past and may in the future utilize derivative and non-derivative financial instruments, such as
foreign currency forwards, options and swaps, foreign currency debt obligations and foreign currency cash
balances, to manage our exposure to fluctuations in certain foreign currency exchange rates. We have in the
past and may in the future use interest rate swaps primarily to manage our interest rate exposure to
achieve a desired proportion of fixed and floating rate debt. Our policy is to not use financial instruments
for trading or other speculative purposes.
All derivatives are recorded at fair value. If a derivative is designated as a cash flow hedge, then the change
in the fair value of the derivative is recognized as a component of other comprehensive income (\u201cOCI\u201d) until
the underlying hedged item is recognized in earnings or the forecasted transaction is no longer probable. If
a derivative or a non-derivative financial instrument is designated as a hedge of our net investment in a foreign
operation, then changes in the effective portion of the fair value of the financial instrument are recognized
as a component of OCI to offset the change in the translated value of the designated portion of net investment
being hedged until the investment is sold or substantially liquidated, while the impact attributable to
components excluded from the assessment of hedge effectiveness is recorded in interest expense, on a
systematic and rational basis. For derivatives that do not qualify for hedge accounting treatment, the change
in fair value is recognized in earnings.
We classify the fair value of all our derivative contracts as either current or non-current, depending on the
maturity date of the derivative contract. The cash flows from derivatives treated as cash flow hedges are
classified in our Consolidated Statements of Cash Flows in the same category as the item being hedged.
Derivative valuations are based on observable inputs such as interest rates, forward currency exchange rates,
credit spreads, maturity dates, volatilities, and cross currency basis spreads. We use the income approach
to value derivatives for foreign currency options and forwards, interest rate swaps and cross currency swaps
using observable market data for all significant inputs and standard valuation techniques to convert future
amounts to a single present value amount, assuming that participants are motivated but not compelled to
transact.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:4DR1VPDQMHD3N3QW8W95", "period": "2024-12-01T00:00:00/2025-12-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00377": { "value": "All derivatives are recorded at fair value. If a derivative is designated as a cash flow hedge, then the change
in the fair value of the derivative is recognized as a component of other comprehensive income (\u201cOCI\u201d) until
the underlying hedged item is recognized in earnings or the forecasted transaction is no longer probable. If
a derivative or a non-derivative financial instrument is designated as a hedge of our net investment in a foreign
operation, then changes in the effective portion of the fair value of the financial instrument are recognized
as a component of OCI to offset the change in the translated value of the designated portion of net investment
being hedged until the investment is sold or substantially liquidated, while the impact attributable to
components excluded from the assessment of hedge effectiveness is recorded in interest expense, on a
systematic and rational basis. For derivatives that do not qualify for hedge accounting treatment, the change
in fair value is recognized in earnings.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:4DR1VPDQMHD3N3QW8W95", "period": "2024-12-01T00:00:00/2025-12-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00426": { "value": "All derivatives are recorded at fair value. If a derivative is designated as a cash flow hedge, then the change
in the fair value of the derivative is recognized as a component of other comprehensive income (\u201cOCI\u201d) until
the underlying hedged item is recognized in earnings or the forecasted transaction is no longer probable. If
a derivative or a non-derivative financial instrument is designated as a hedge of our net investment in a foreign
operation, then changes in the effective portion of the fair value of the financial instrument are recognized
as a component of OCI to offset the change in the translated value of the designated portion of net investment
being hedged until the investment is sold or substantially liquidated, while the impact attributable to
components excluded from the assessment of hedge effectiveness is recorded in interest expense, on a
systematic and rational basis. For derivatives that do not qualify for hedge accounting treatment, the change
in fair value is recognized in earnings.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:4DR1VPDQMHD3N3QW8W95", "period": "2024-12-01T00:00:00/2025-12-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00427": { "value": "All derivatives are recorded at fair value. If a derivative is designated as a cash flow hedge, then the change
in the fair value of the derivative is recognized as a component of other comprehensive income (\u201cOCI\u201d) until
the underlying hedged item is recognized in earnings or the forecasted transaction is no longer probable. If
a derivative or a non-derivative financial instrument is designated as a hedge of our net investment in a foreign
operation, then changes in the effective portion of the fair value of the financial instrument are recognized
as a component of OCI to offset the change in the translated value of the designated portion of net investment
being hedged until the investment is sold or substantially liquidated, while the impact attributable to
components excluded from the assessment of hedge effectiveness is recorded in interest expense, on a
systematic and rational basis. For derivatives that do not qualify for hedge accounting treatment, the change
in fair value is recognized in earnings.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:4DR1VPDQMHD3N3QW8W95", "period": "2024-12-01T00:00:00/2025-12-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00428": { "value": "Emission Allowances
We became subject to the EU Emissions Trading System (\u201cETS\u201d) on January 1, 2024, which includes a three-
year phase-in period. The ETS regulates emissions through a \u201ccap and trade\u201dprinciple, where a cap is set
on the total amount of certain emissions that can be emitted and requires us to procure emission allowances
for certain emissions inside EU waters (as defined in the ETS). Emission allowances are recognized at cost
as non-current assets and included in emission allowances in our Consolidated Balance Sheets. Purchases of
emission allowances are classified as operating activities in our Consolidated Statements of Cash Flows.
Emission obligations are recognized as the emissions are generated and are included in accrued liabilities and
related and other long-term liabilities. The funded portion of the emission obligations are measured at the
carrying value of the emission allowances and the unfunded portion of emission obligations is measured at
the fair value of emission allowances necessary to settle. We record expense for emissions in EU waters in
fuel expense in the period incurred. Emission allowances and obligations are derecognized when surrendered
based on the first-in, first-out method, and are non-cash activities. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmissionRightsExplanatory", "language": "en", "entity": "scheme:4DR1VPDQMHD3N3QW8W95", "period": "2024-12-01T00:00:00/2025-12-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00429": { "value": "Foreign Currency Translation and Transactions
The Carnival plc Group financial statements are presented in U.S. dollars. Each foreign entity determines its
functional currency by reference to its primary economic environment. The Group\u2019s most significant
foreign entities utilize the U.S. dollar, Euro, Sterling or the Australian dollar as their functional currencies.
The Group translates the assets and liabilities of its foreign entities that have functional currencies other than
the U.S. dollar at exchange rates in effect at the balance sheet date. Revenues and expenses of these foreign
entities are translated at the average rate for the period. Equity is translated at historical rates and the resulting
foreign currency translation adjustments are included in the translation reserve, which is a separate
component of other reserves within shareholders\u2019equity. Therefore, the U.S. dollar value of the non-equity
translated items in the Group\u2019s consolidated financial statements will fluctuate from period to period,
depending on the changing value of the U.S. dollar versus these currencies.
The Group executes transactions in a number of different currencies. At the date that the transaction is
recognized, each asset, liability, revenue, expense, gain or loss arising from the transaction is measured and
recorded in the functional currency of the recording entity using the exchange rate in effect at that date. At
each balance sheet date, recorded monetary balances denominated in a currency other than the functional
currency are adjusted using the exchange rate at the balance sheet date, with gains or losses recorded in other
income or other expense. The unrealized gains or losses on our long-term intercompany receivables and
payables which are denominated in a non-functional currency and are not expected to be repaid in the
foreseeable future are recorded in translation reserves. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:4DR1VPDQMHD3N3QW8W95", "period": "2024-12-01T00:00:00/2025-12-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00251": { "value": "Revenue and Expense Recognition
Guest cruise deposits and advance onboard purchases are initially included in customer deposits when
received. Customer deposits are subsequently recognized as cruise revenues, together with revenues from
onboard and other activities, and all associated direct expenses of a voyage are recognized as cruise expenses,
upon completion of voyages with durations of ten nights or less and on a pro rata basis for voyages in
excess of ten nights. The impact of recognizing these shorter duration cruise revenues and expenses on a
completed voyage basis versus on a pro rata basis is not material. Certain of our product offerings are bundled
and we allocate the value of the bundled services and goods between passenger ticket revenues and onboard
and related revenues based upon the estimated standalone selling prices of those goods and services.
Guest cancellation fees, when applicable, are recognized in passenger ticket revenues at the time of
cancellation.
Our sales to guests of air and other transportation to and from airports near the home ports of our ships
are included in passenger ticket revenues, and the related expenses of these services are included in
transportation expenses. The proceeds that we collect from the sales of third-party shore excursions are
included in onboard and related revenues and the related expenses are included in onboard and related
expenses. The amounts collected on behalf of our onboard concessionaires, net of the amounts remitted to
them, are included in onboard and related revenues as concession revenues. All of these amounts are
recognized on a completed voyage or pro rata basis as discussed above.
Revenues and expenses from our hotel and transportation operations, which are included in our Tour and
Other segment, are recognized at the time the services are performed.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFeeAndCommissionIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:4DR1VPDQMHD3N3QW8W95", "period": "2024-12-01T00:00:00/2025-12-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00431": { "value": "Revenue and Expense Recognition
Guest cruise deposits and advance onboard purchases are initially included in customer deposits when
received. Customer deposits are subsequently recognized as cruise revenues, together with revenues from
onboard and other activities, and all associated direct expenses of a voyage are recognized as cruise expenses,
upon completion of voyages with durations of ten nights or less and on a pro rata basis for voyages in
excess of ten nights. The impact of recognizing these shorter duration cruise revenues and expenses on a
completed voyage basis versus on a pro rata basis is not material. Certain of our product offerings are bundled
and we allocate the value of the bundled services and goods between passenger ticket revenues and onboard
and related revenues based upon the estimated standalone selling prices of those goods and services.
Guest cancellation fees, when applicable, are recognized in passenger ticket revenues at the time of
cancellation.
Our sales to guests of air and other transportation to and from airports near the home ports of our ships
are included in passenger ticket revenues, and the related expenses of these services are included in
transportation expenses. The proceeds that we collect from the sales of third-party shore excursions are
included in onboard and related revenues and the related expenses are included in onboard and related
expenses. The amounts collected on behalf of our onboard concessionaires, net of the amounts remitted to
them, are included in onboard and related revenues as concession revenues. All of these amounts are
recognized on a completed voyage or pro rata basis as discussed above.
Revenues and expenses from our hotel and transportation operations, which are included in our Tour and
Other segment, are recognized at the time the services are performed.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory", "language": "en", "entity": "scheme:4DR1VPDQMHD3N3QW8W95", "period": "2024-12-01T00:00:00/2025-12-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00430": { "value": "Revenue and Expense Recognition
Guest cruise deposits and advance onboard purchases are initially included in customer deposits when
received. Customer deposits are subsequently recognized as cruise revenues, together with revenues from
onboard and other activities, and all associated direct expenses of a voyage are recognized as cruise expenses,
upon completion of voyages with durations of ten nights or less and on a pro rata basis for voyages in
excess of ten nights. The impact of recognizing these shorter duration cruise revenues and expenses on a
completed voyage basis versus on a pro rata basis is not material. Certain of our product offerings are bundled
and we allocate the value of the bundled services and goods between passenger ticket revenues and onboard
and related revenues based upon the estimated standalone selling prices of those goods and services.
Guest cancellation fees, when applicable, are recognized in passenger ticket revenues at the time of
cancellation.
Our sales to guests of air and other transportation to and from airports near the home ports of our ships
are included in passenger ticket revenues, and the related expenses of these services are included in
transportation expenses. The proceeds that we collect from the sales of third-party shore excursions are
included in onboard and related revenues and the related expenses are included in onboard and related
expenses. The amounts collected on behalf of our onboard concessionaires, net of the amounts remitted to
them, are included in onboard and related revenues as concession revenues. All of these amounts are
recognized on a completed voyage or pro rata basis as discussed above.
Revenues and expenses from our hotel and transportation operations, which are included in our Tour and
Other segment, are recognized at the time the services are performed.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:4DR1VPDQMHD3N3QW8W95", "period": "2024-12-01T00:00:00/2025-12-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00432": { "value": "Revenue and Expense Recognition
Guest cruise deposits and advance onboard purchases are initially included in customer deposits when
received. Customer deposits are subsequently recognized as cruise revenues, together with revenues from
onboard and other activities, and all associated direct expenses of a voyage are recognized as cruise expenses,
upon completion of voyages with durations of ten nights or less and on a pro rata basis for voyages in
excess of ten nights. The impact of recognizing these shorter duration cruise revenues and expenses on a
completed voyage basis versus on a pro rata basis is not material. Certain of our product offerings are bundled
and we allocate the value of the bundled services and goods between passenger ticket revenues and onboard
and related revenues based upon the estimated standalone selling prices of those goods and services.
Guest cancellation fees, when applicable, are recognized in passenger ticket revenues at the time of
cancellation.
Our sales to guests of air and other transportation to and from airports near the home ports of our ships
are included in passenger ticket revenues, and the related expenses of these services are included in
transportation expenses. The proceeds that we collect from the sales of third-party shore excursions are
included in onboard and related revenues and the related expenses are included in onboard and related
expenses. The amounts collected on behalf of our onboard concessionaires, net of the amounts remitted to
them, are included in onboard and related revenues as concession revenues. All of these amounts are
recognized on a completed voyage or pro rata basis as discussed above.
Revenues and expenses from our hotel and transportation operations, which are included in our Tour and
Other segment, are recognized at the time the services are performed.", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:4DR1VPDQMHD3N3QW8W95", "period": "2024-12-01T00:00:00/2025-12-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00433": { "value": "Customer Deposits
Our payment terms generally require an initial deposit to confirm a reservation, with the balance due prior
to the commencement of the voyage. We also offer our guests the advance purchase of onboard and other
services. Cash received from guests in advance of the cruise is recorded in customer deposits and in other
long-term liabilities on our Consolidated Balance Sheets. These amounts include refundable deposits.NOTE 17 \u2014 Customer Deposits
We had total customer deposits of $2.7 billion and $2.5 billion as of November 30, 2025 and 2024. During
2025 and 2024, we recognized revenues of $2.3 billion and $2.1 billion related to our customer deposits as of
November 30, 2024 and 2023. Our customer deposits balance changes due to the seasonal nature of cash
collections, which typically results from higher ticket prices and occupancy levels during the third quarter, the
recognition of revenue, refunds of customer deposits and foreign currency changes.", "dimensions": { "concept": "ifrs-full:DisclosureOfDepositsFromCustomersExplanatory", "language": "en", "entity": "scheme:4DR1VPDQMHD3N3QW8W95", "period": "2024-12-01T00:00:00/2025-12-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00434": { "value": "Contract Costs
We recognize incremental travel agent commissions and credit and debit card fees incurred as a result of
obtaining the ticket contract as assets when paid prior to the start of a voyage. We record these amounts
within prepaid expenses and related and subsequently recognize these amounts as commissions, transportation
and related at the time of revenue recognition or at the time of voyage cancellation. We had incremental
costs of obtaining contracts with customers recognized as assets of $90 million and $82 million as of
November 30, 2025 and 2024. ", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:4DR1VPDQMHD3N3QW8W95", "period": "2024-12-01T00:00:00/2025-12-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00435": { "value": "Insurance
We maintain insurance under Carnival Corporation & plc\u2019s insurance programs to cover a number of risks
including illness and injury to crew, guest injuries, pollution, other third-party claims in connection with our
cruise activities, damage to hull and machinery for each of our ships, war risks, workers\u2019compensation,
directors\u2019and officers\u2019liability, property damage and general liability for shoreside third-party claims. We
recognize insurance recoverables from third-party insurers for recorded losses at the time the recovery is
virtually certain or upon settlement for amounts in excess of the recorded losses. All of our insurance policies
are subject to coverage limits, exclusions and deductible levels. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInsuranceContracts", "language": "en", "entity": "scheme:4DR1VPDQMHD3N3QW8W95", "period": "2024-12-01T00:00:00/2025-12-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00474": { "value": "Selling and Administrative Expenses
Selling expenses include a broad range of advertising, marketing and promotional expenses. Advertising is
charged to expenses as incurred. Selling expenses totalled $408 million in 2025 and $395 million in 2024.
Administrative expenses represent the costs of our shoreside support, reservations and other administrative
functions, and include salaries and related benefits, professional fees and building occupancy costs, which are
typically expensed as incurred. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:4DR1VPDQMHD3N3QW8W95", "period": "2024-12-01T00:00:00/2025-12-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00475": { "value": "Share-Based Compensation
We recognize compensation expense for, equity settled, share-based compensation awards using the fair
value method. For time-based share awards, we recognize compensation cost ratably using the straight-line
attribution method over the expected vesting period or to the retirement eligibility date, if earlier than the
vesting period. For performance-based share awards, we recognize compensation cost ratably using the
straight-line attribution method over the expected vesting period based on our estimate of performance
conditions. If all or a portion of the performance condition is not expected to be met, the appropriate amount
of previously recognized compensation expense is reversed and future compensation expense is adjusted
accordingly. In addition, performance-based share awards for which the accounting grant date is not
established at the time of the award are remeasured at the end of each reporting period. For market-based
share awards, we recognize compensation cost ratably using the straight-line attribution method over the
expected vesting period. Compensation expense will be recognized, even if the target market-based
conditions are not expected to be met. We account for forfeitures as they occur. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:4DR1VPDQMHD3N3QW8W95", "period": "2024-12-01T00:00:00/2025-12-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00476": { "value": "Share-Based Compensation
We recognize compensation expense for, equity settled, share-based compensation awards using the fair
value method. For time-based share awards, we recognize compensation cost ratably using the straight-line
attribution method over the expected vesting period or to the retirement eligibility date, if earlier than the
vesting period. For performance-based share awards, we recognize compensation cost ratably using the
straight-line attribution method over the expected vesting period based on our estimate of performance
conditions. If all or a portion of the performance condition is not expected to be met, the appropriate amount
of previously recognized compensation expense is reversed and future compensation expense is adjusted
accordingly. In addition, performance-based share awards for which the accounting grant date is not
established at the time of the award are remeasured at the end of each reporting period. For market-based
share awards, we recognize compensation cost ratably using the straight-line attribution method over the
expected vesting period. Compensation expense will be recognized, even if the target market-based
conditions are not expected to be met. We account for forfeitures as they occur. ", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:4DR1VPDQMHD3N3QW8W95", "period": "2024-12-01T00:00:00/2025-12-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00477": { "value": "Earnings Per Share
Basic earnings per share is computed by dividing net income (loss) by the weighted-average number of
shares outstanding during each period. Diluted earnings per share is computed by dividing net income by
the weighted-average number of shares and common stock equivalents outstanding during each period.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:4DR1VPDQMHD3N3QW8W95", "period": "2024-12-01T00:00:00/2025-12-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00478": { "value": "Post-Employment Benefits
The Group operates both defined benefit and defined contribution plans. The net deficit or surplus for each
defined benefit pension plan is calculated based on the present value of the defined benefit obligation at
the balance sheet date less the fair value of the plan assets. The calculation is performed by a qualified external
actuary using the projected unit credit method. The discount rate is the yield at the balance sheet date on
AA credit rated bonds or local equivalents that have maturity dates approximating the terms of the pension
plans\u2019 obligations.
Actuarial gains and losses that arise in calculating the defined benefit pension plans\u2019 obligations are
recognized in the period in which they arise directly in the Group\u2019s comprehensive income (loss).
The operating and financing costs of defined benefit pension plans are recognized in the Statements of
Income (Loss); current service costs are spread systematically over the expected average remaining service
lives of employees and financing costs are recognized in the periods within which they arise. To the extent
that the benefits vest immediately, the expense is recognized immediately.
Defined contribution plan expenses are recognized in the period to which they relate. We contribute to these
plans based on employee contributions, salary levels and length of service. The assets of these plans are
held separately from the Group in independently administered funds. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:4DR1VPDQMHD3N3QW8W95", "period": "2024-12-01T00:00:00/2025-12-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00480": { "value": "Income Taxes
Deferred income taxes are provided using the balance sheet liability method. Deferred income tax assets are
recognized to the extent that it is probable that future taxable income will be available against which the
temporary differences can be utilized. Deferred income taxes are measured at the average tax rates that are
expected to apply in the periods in which the temporary differences are expected to reverse based on tax rates
and laws that have been enacted or substantially enacted by the balance sheet date. Current income taxes
are the taxes payable on the taxable income for the year, applying current rates and any adjustments in respect
of previous years. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:4DR1VPDQMHD3N3QW8W95", "period": "2024-12-01T00:00:00/2025-12-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00479": { "value": "Income Taxes
Deferred income taxes are provided using the balance sheet liability method. Deferred income tax assets are
recognized to the extent that it is probable that future taxable income will be available against which the
temporary differences can be utilized. Deferred income taxes are measured at the average tax rates that are
expected to apply in the periods in which the temporary differences are expected to reverse based on tax rates
and laws that have been enacted or substantially enacted by the balance sheet date. Current income taxes
are the taxes payable on the taxable income for the year, applying current rates and any adjustments in respect
of previous years. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:4DR1VPDQMHD3N3QW8W95", "period": "2024-12-01T00:00:00/2025-12-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00481": { "value": "Income Taxes
Deferred income taxes are provided using the balance sheet liability method. Deferred income tax assets are
recognized to the extent that it is probable that future taxable income will be available against which the
temporary differences can be utilized. Deferred income taxes are measured at the average tax rates that are
expected to apply in the periods in which the temporary differences are expected to reverse based on tax rates
and laws that have been enacted or substantially enacted by the balance sheet date.", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:4DR1VPDQMHD3N3QW8W95", "period": "2024-12-01T00:00:00/2025-12-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00482": { "value": "Current income taxes
are the taxes payable on the taxable income for the year, applying current rates and any adjustments in respect
of previous years.", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:4DR1VPDQMHD3N3QW8W95", "period": "2024-12-01T00:00:00/2025-12-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00483": { "value": "Dividends
When applicable, dividend distributions are recognized in the period in which the dividends are declared
because, under the DLC arrangement, the declaration of a dividend by the Boards of Directors of Carnival
Corporation & plc establishes a liability for Carnival plc. If declared, Carnival plc dividends are declared
in U.S. dollars and holders of Carnival plc American Depositary Shares receive a dividend payable in U.S.
dollars. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:4DR1VPDQMHD3N3QW8W95", "period": "2024-12-01T00:00:00/2025-12-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00484": { "value": "Transactions with Carnival Corporation
Under the terms of the DLC arrangement, Carnival Corporation and Carnival plc are permitted to transfer
assets between the companies, make loans to or investments in each other and otherwise enter into
intercompany transactions. In addition, the cash flows and assets of one company are required to be used
to pay the obligations of the other company, if necessary. Amounts owed between Carnival Corporation and
Carnival plc do not have a stated maturity date, as the two companies operate as a single economic enterprise.
We present cash flows between Carnival Corporation and Carnival plc and their respective subsidiaries
on a net basis as this presentation is most appropriate to reflect the nature of these underlying cash flows
between Carnival Corporation and Carnival plc and their respective subsidiaries, being large amounts, with
a high volume of transactions, and which are unsecured and repayable on demand (of a short-term
nature). These cash flows are presented as either financing activities or investing activities in the Statement
of Cash Flows based on whether they reflect a financing of Carnival plc from Carnival Corporation (balance
is a payable from Carnival plc) or an investing activity from Carnival plc to Carnival Corporation (balance
is a receivable to Carnival plc). ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory", "language": "en", "entity": "scheme:4DR1VPDQMHD3N3QW8W95", "period": "2024-12-01T00:00:00/2025-12-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00319": { "value": "Accounting Estimates and Judgements
The preparation of these financial statements in conformity with IFRS as adopted in the UK requires
management to make judgements and estimates that affect the application of policies and reported and
disclosed amounts in these financial statements. These judgments and estimates are based on management\u2019s
best knowledge of the relevant facts and circumstances, having regard to previous experience, but actual
results may differ materially from the amounts included in the financial statements.
Key judgements and estimates are reviewed on an ongoing basis. Revisions to accounting estimates are
recognized in the period in which the estimate is revised if the revision affects only that period or in the period
of the revision and future periods if the revision affects both current and future periods.
Significant accounting estimates are those with a significant risk of resulting in a material adjustment to the
carrying amounts of assets and liabilities within the next year. In 2025, there were no significant accounting
estimates or critical accounting judgements as defined under IAS 1. Other areas of estimation uncertainty
include the determination of ships useful life and residual values as recognition and measurement are
based on assumptions subject to longer term uncertainties. Refer to Note 10 \u2014 \u201cProperty and Equipment\u201dAccounting Pronouncements
The International Accounting Standards Board (\u201cIASB\u201d) has issued amendments to the standard, IAS 1,
Presentation of Financial Statements
\u2014
Classification of Liabilities as Current or Non-current
, providing a
more general approach to the classification of liabilities based on the contractual agreements in place at the
reporting date. On December 1, 2024, we adopted this guidance. The adoption of this guidance had no
impact on our consolidated financial statements.
The IASB has issued amendments to the standards, IAS 7,
Statement of Cash Flows
and IFRS 7,
Financial
Instruments: Disclosures
\u2014
Supplier Finance Arrangements
. These amendments require that an entity disclose
information about its supplier finance arrangements that enables users of financial statements to assess the
effects of those arrangements on the entity\u2019s liabilities and cash flows and the entity\u2019s exposure to liquidity
risk. On December 1, 2024, we adopted this guidance. The adoption of this guidance had no impact on
our consolidated financial statements.
The IASB has issued amendments to the standard, IAS 21,
The Effects of Changes in Foreign Exchange
Rates
\u2014
Lack of Exchangeability
. These amendments specify how to assess whether a currency is
exchangeable and how to determine the exchange rate when it is not. These amendments require that an
entity disclose information that enables users of its financial statements to evaluate how currencies lacking
exchangeability affect, or are expected to affect, the entity\u2019s financial performance, financial position, and
cash flows. These amendments are required to be adopted by us beginning December 1, 2025. The adoption
of this guidance will not have an impact on our consolidated financial statements.
The IASB has issued amendments to the standards, IFRS 9,
Financial Instruments
and IFRS 7,
Financial
Instruments: Disclosures \u2014 Amendments to the Classification and Measurement of Financial Instruments.
These amendments clarify the recognition and derecognition criteria for financial assets and liabilities, and
the classification of financial assets with environmental, social and corporate governance and similar
features. In addition, the amendments require additional disclosures for financial assets and liabilities with
contractual terms that reference a contingent event and equity instruments classified at fair value through
other comprehensive income. These amendments are required to be adopted by us beginning December 1,
2026. We are currently evaluating the impact of these amendments on our consolidated financial statements.
The IASB has issued amendments to the standards, IFRS 9,
Financial Instruments
and IFRS 7,
Financial
Instruments: Disclosures \u2014 Contracts Referencing Nature-dependent Electricity.
These amendments clarify
certain own-use requirements and hedge accounting requirements for contracts for nature-dependent
renewable electricity. In addition, the amendments require additional disclosures for contracts for nature-
dependent electricity with specified characteristics. These amendments are required to be adopted by us
beginning December 1, 2026. We are currently evaluating the impact of these amendments on our consolidated
financial statements.
The IASB has issued the following standards and amendments that have not been adopted in the UK:
\u2022 IFRS 18,
Presentation and Disclosure in Financial Statements
(effective date January 1, 2027)
\u2022 IFRS 19,
Subsidiaries without Public Accountability: Disclosures
(effective date January 1, 2027)
\u2022 Amendments to IAS 21,
Translation to Hyperinflationary Presentation Currency
(effective date
January 1, 2027)", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:4DR1VPDQMHD3N3QW8W95", "period": "2024-12-01T00:00:00/2025-12-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00247": { "value": "Accounting Estimates and Judgements
The preparation of these financial statements in conformity with IFRS as adopted in the UK requires
management to make judgements and estimates that affect the application of policies and reported and
disclosed amounts in these financial statements. These judgments and estimates are based on management\u2019s
best knowledge of the relevant facts and circumstances, having regard to previous experience, but actual
results may differ materially from the amounts included in the financial statements.
Key judgements and estimates are reviewed on an ongoing basis. Revisions to accounting estimates are
recognized in the period in which the estimate is revised if the revision affects only that period or in the period
of the revision and future periods if the revision affects both current and future periods.
Significant accounting estimates are those with a significant risk of resulting in a material adjustment to the
carrying amounts of assets and liabilities within the next year. In 2025, there were no significant accounting
estimates or critical accounting judgements as defined under IAS 1. Other areas of estimation uncertainty
include the determination of ships useful life and residual values as recognition and measurement are
based on assumptions subject to longer term uncertainties. Refer to Note 10 \u2014 \u201cProperty and Equipment\u201d.
Climate change
In preparing these financial statements, management has considered the expected impacts of climate change
and the steps necessary to achieve Carnival Corporation & plc\u2019s 2030 Climate Action Goals. Management
has considered the expected impacts of climate change on a number of estimates within the financial
statements, including:
\u2022 Estimates related to our future liquidity requirements and viability (refer to Item 5. Going Concern
Confirmation and Viability Statement of the Strategic Report)
\u2022 Estimates related to the useful life and residual value of ships (refer to Note 10 \u2014 \u201cProperty and
Equipment\u201d)
The following specific points were considered:
\u2022 Carnival Corporation & plc\u2019s ongoing newbuild program, which includes deliveries of larger-more
efficient ships over the coming years, has been and will continue to be a factor in management\u2019s
expected ability to achieve Carnival Corporation & plc\u2019s GHG intensity reduction goals
\u2022 Carnival Corporation & plc\u2019s ongoing investment in energy efficiency projects for its existing fleet
\u2022 The current status of recently enacted and various pending environmental regulations which will
materially impact Carnival Corporation & plc\u2019s future cash flows. Refer to XVIII. Governmental and
Other Regulations on pages 15 to 20 of the Strategic Report.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:4DR1VPDQMHD3N3QW8W95", "period": "2024-12-01T00:00:00/2025-12-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00320": { "value": "Climate change
In preparing these financial statements, management has considered the expected impacts of climate change
and the steps necessary to achieve Carnival Corporation & plc\u2019s 2030 Climate Action Goals. Management
has considered the expected impacts of climate change on a number of estimates within the financial
statements, including:
\u2022 Estimates related to our future liquidity requirements and viability (refer to Item 5. Going Concern
Confirmation and Viability Statement of the Strategic Report)
\u2022 Estimates related to the useful life and residual value of ships (refer to Note 10 \u2014 \u201cProperty and
Equipment\u201d)
The following specific points were considered:
\u2022 Carnival Corporation & plc\u2019s ongoing newbuild program, which includes deliveries of larger-more
efficient ships over the coming years, has been and will continue to be a factor in management\u2019s
expected ability to achieve Carnival Corporation & plc\u2019s GHG intensity reduction goals
\u2022 Carnival Corporation & plc\u2019s ongoing investment in energy efficiency projects for its existing fleet
\u2022 The current status of recently enacted and various pending environmental regulations which will
materially impact Carnival Corporation & plc\u2019s future cash flows. Refer to XVIII. Governmental and
Other Regulations on pages 15 to 20 of the Strategic Report.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEnvironmentRelatedExpenseExplanatory", "language": "en", "entity": "scheme:4DR1VPDQMHD3N3QW8W95", "period": "2024-12-01T00:00:00/2025-12-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00252": { "value": "NOTE 3 \u2014 Segment Information
As previously discussed, within the DLC arrangement the most appropriate presentation of Carnival plc\u2019s
results and financial position is by reference to the DLC Financial Statements. The chief operating decision
maker (\u201cCODM\u201d), who is the Chief Executive Officer of Carnival Corporation and Carnival plc, assesses
performance and makes decisions to allocate resources for Carnival Corporation & plc based upon review of
the U.S. GAAP results across all of the segments. The operating segments within each of our reportable
segments have been aggregated based on the similarity of their economic and other qualitative characteristics,
including geographic guest sourcing. Carnival Corporation & plc has four reportable segments comprised
of (1) North America cruise operations (\u201cNorth America\u201d), (2) Europe cruise operations (\u201cEurope\u201d),
(3) Cruise Support and (4) Tour and Other.
The Cruise Support segment includes Carnival Corporation & plc\u2019s portfolio of leading port destinations
and exclusive islands as well as other services, all of which are operated for the benefit of its cruise brands. The
Tour and Other segment represents the hotel and transportation operations of Holland America Princess
Alaska Tours and other operations.
Selected information for the Carnival Corporation & plc segments and the reconciliation to the corresponding
Carnival plc amounts as of and for the years ended November 30 was as follows:
\n \n
Depreciation
Operating
Selling and
and
Operating
Capital
Total
(in millions)
Revenues
expenses
administrative
amortisation
income
expenditures
assets
2025
North America (a)
.....
$
17,604 $
10,538
$
1,965
$
1,818
$
3,284
$
2,367
$
31,400
Europe
............
8,467
5,021
1,042
746
1,658
557
16,030
Cruise Support
.......
309
211
378
200
(481)
647
3,836
Tour and Other
.......
241
177
17
26
22
41
421
Carnival Corporation &
plc \u2013 U.S. GAAP
......
26,622
15,947
3,401
2,790
4,483
3,611
51,687
Carnival Corporation \u2013
U.S. GAAP (b)
......
(16,602)
(9,702)
(2,247)
(2,011)
(2,642)
(2,937)
(34,020)
Carnival plc \u2013 U.S.
GAAP vs IFRS
differences (c)
.......
\u2014
(99)
(12)
31
79
\u2014
(1,102)
Carnival plc \u2013 IFRS
....
$
10,019 $
6,146
$
1,143
$
810
$
1,921
$
675
$
16,566
2024
North America (a)
.....
$
16,802 $
10,555
$
1,952
$
1,664
$
2,631
$
3,943
$
30,892
Europe
............
7,710
4,734
961
676
1,340
270
15,042
Cruise Support
.......
255
156
320
193
(414)
382
2,732
Tour and Other
.......
255
193
19
24
18
32
390
Carnival Corporation &
plc \u2013 U.S. GAAP
......
25,021
15,638
3,252
2,557
3,574
4,626
49,057
Carnival Corporation \u2013
U.S. GAAP (b)
......
(15,609)
(9,323)
(2,140)
(1,878)
(2,268)
(3,571)
(34,637)
Carnival plc \u2013 U.S.
GAAP vs IFRS
differences (c)
.......
\u2014
(387)
(12)
79
321
\u2014
(825)
Carnival plc \u2013 IFRS
....
$
9,413 $
5,928
$
1,100
$
758
$
1,627
$
1,056
$
13,594
(a)
In 2025, we renamed the North America and Australia segment to the North America segment.
(b)
Carnival Corporation consists primarily of cruise brands that do not form part of the Group; however,
these brands are included in Carnival Corporation & plc and thus represent reconciling items.
(c)
The U.S. GAAP vs IFRS accounting differences substantially all relate to differences in the carrying
value of ships and resulting depreciation expense and lease accounting.
Revenue by country, which are based on where our guests are sourced, were as follows:
\n \n
Years Ended November 30,
(in millions)
2025
2024
Germany
................................................
$
3,298
$
3,018
United Kingdom
...........................................
2,536
2,254
Australia
.................................................
1,042
1,156
Other (a)
................................................
3,142
2,984
$
10,019
$
9,413
(a)
No other individual country\u2019s revenue exceeded 10% for the years ended November 30, 2025 and 2024
Substantially all of our long-lived assets consist of our ships and move between geographic areas. Segment
information relating to liabilities is not reported to or used by the CODM in order to assess performance and
allocate resources to a segment.", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:4DR1VPDQMHD3N3QW8W95", "period": "2024-12-01T00:00:00/2025-12-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00250": { "value": "NOTE 3 \u2014 Segment Information
As previously discussed, within the DLC arrangement the most appropriate presentation of Carnival plc\u2019s
results and financial position is by reference to the DLC Financial Statements. The chief operating decision
maker (\u201cCODM\u201d), who is the Chief Executive Officer of Carnival Corporation and Carnival plc, assesses
performance and makes decisions to allocate resources for Carnival Corporation & plc based upon review of
the U.S. GAAP results across all of the segments. The operating segments within each of our reportable
segments have been aggregated based on the similarity of their economic and other qualitative characteristics,
including geographic guest sourcing. Carnival Corporation & plc has four reportable segments comprised
of (1) North America cruise operations (\u201cNorth America\u201d), (2) Europe cruise operations (\u201cEurope\u201d),
(3) Cruise Support and (4) Tour and Other.
The Cruise Support segment includes Carnival Corporation & plc\u2019s portfolio of leading port destinations
and exclusive islands as well as other services, all of which are operated for the benefit of its cruise brands. The
Tour and Other segment represents the hotel and transportation operations of Holland America Princess
Alaska Tours and other operations.
Selected information for the Carnival Corporation & plc segments and the reconciliation to the corresponding
Carnival plc amounts as of and for the years ended November 30 was as follows:
\n \n
Depreciation
Operating
Selling and
and
Operating
Capital
Total
(in millions)
Revenues
expenses
administrative
amortisation
income
expenditures
assets
2025
North America (a)
.....
$
17,604 $
10,538
$
1,965
$
1,818
$
3,284
$
2,367
$
31,400
Europe
............
8,467
5,021
1,042
746
1,658
557
16,030
Cruise Support
.......
309
211
378
200
(481)
647
3,836
Tour and Other
.......
241
177
17
26
22
41
421
Carnival Corporation &
plc \u2013 U.S. GAAP
......
26,622
15,947
3,401
2,790
4,483
3,611
51,687
Carnival Corporation \u2013
U.S. GAAP (b)
......
(16,602)
(9,702)
(2,247)
(2,011)
(2,642)
(2,937)
(34,020)
Carnival plc \u2013 U.S.
GAAP vs IFRS
differences (c)
.......
\u2014
(99)
(12)
31
79
\u2014
(1,102)
Carnival plc \u2013 IFRS
....
$
10,019 $
6,146
$
1,143
$
810
$
1,921
$
675
$
16,566
2024
North America (a)
.....
$
16,802 $
10,555
$
1,952
$
1,664
$
2,631
$
3,943
$
30,892
Europe
............
7,710
4,734
961
676
1,340
270
15,042
Cruise Support
.......
255
156
320
193
(414)
382
2,732
Tour and Other
.......
255
193
19
24
18
32
390
Carnival Corporation &
plc \u2013 U.S. GAAP
......
25,021
15,638
3,252
2,557
3,574
4,626
49,057
Carnival Corporation \u2013
U.S. GAAP (b)
......
(15,609)
(9,323)
(2,140)
(1,878)
(2,268)
(3,571)
(34,637)
Carnival plc \u2013 U.S.
GAAP vs IFRS
differences (c)
.......
\u2014
(387)
(12)
79
321
\u2014
(825)
Carnival plc \u2013 IFRS
....
$
9,413 $
5,928
$
1,100
$
758
$
1,627
$
1,056
$
13,594
(a)
In 2025, we renamed the North America and Australia segment to the North America segment.
(b)
Carnival Corporation consists primarily of cruise brands that do not form part of the Group; however,
these brands are included in Carnival Corporation & plc and thus represent reconciling items.
(c)
The U.S. GAAP vs IFRS accounting differences substantially all relate to differences in the carrying
value of ships and resulting depreciation expense and lease accounting.
Revenue by country, which are based on where our guests are sourced, were as follows:
\n \n
Years Ended November 30,
(in millions)
2025
2024
Germany
................................................
$
3,298
$
3,018
United Kingdom
...........................................
2,536
2,254
Australia
.................................................
1,042
1,156
Other (a)
................................................
3,142
2,984
$
10,019
$
9,413
(a)
No other individual country\u2019s revenue exceeded 10% for the years ended November 30, 2025 and 2024
Substantially all of our long-lived assets consist of our ships and move between geographic areas. Segment
information relating to liabilities is not reported to or used by the CODM in order to assess performance and
allocate resources to a segment. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:4DR1VPDQMHD3N3QW8W95", "period": "2024-12-01T00:00:00/2025-12-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00249": { "value": "NOTE 3 \u2014 Segment Information
As previously discussed, within the DLC arrangement the most appropriate presentation of Carnival plc\u2019s
results and financial position is by reference to the DLC Financial Statements. The chief operating decision
maker (\u201cCODM\u201d), who is the Chief Executive Officer of Carnival Corporation and Carnival plc, assesses
performance and makes decisions to allocate resources for Carnival Corporation & plc based upon review of
the U.S. GAAP results across all of the segments. The operating segments within each of our reportable
segments have been aggregated based on the similarity of their economic and other qualitative characteristics,
including geographic guest sourcing. Carnival Corporation & plc has four reportable segments comprised
of (1) North America cruise operations (\u201cNorth America\u201d), (2) Europe cruise operations (\u201cEurope\u201d),
(3) Cruise Support and (4) Tour and Other.
The Cruise Support segment includes Carnival Corporation & plc\u2019s portfolio of leading port destinations
and exclusive islands as well as other services, all of which are operated for the benefit of its cruise brands. The
Tour and Other segment represents the hotel and transportation operations of Holland America Princess
Alaska Tours and other operations.
Selected information for the Carnival Corporation & plc segments and the reconciliation to the corresponding
Carnival plc amounts as of and for the years ended November 30 was as follows:
\n \n
Depreciation
Operating
Selling and
and
Operating
Capital
Total
(in millions)
Revenues
expenses
administrative
amortisation
income
expenditures
assets
2025
North America (a)
.....
$
17,604 $
10,538
$
1,965
$
1,818
$
3,284
$
2,367
$
31,400
Europe
............
8,467
5,021
1,042
746
1,658
557
16,030
Cruise Support
.......
309
211
378
200
(481)
647
3,836
Tour and Other
.......
241
177
17
26
22
41
421
Carnival Corporation &
plc \u2013 U.S. GAAP
......
26,622
15,947
3,401
2,790
4,483
3,611
51,687
Carnival Corporation \u2013
U.S. GAAP (b)
......
(16,602)
(9,702)
(2,247)
(2,011)
(2,642)
(2,937)
(34,020)
Carnival plc \u2013 U.S.
GAAP vs IFRS
differences (c)
.......
\u2014
(99)
(12)
31
79
\u2014
(1,102)
Carnival plc \u2013 IFRS
....
$
10,019 $
6,146
$
1,143
$
810
$
1,921
$
675
$
16,566
2024
North America (a)
.....
$
16,802 $
10,555
$
1,952
$
1,664
$
2,631
$
3,943
$
30,892
Europe
............
7,710
4,734
961
676
1,340
270
15,042
Cruise Support
.......
255
156
320
193
(414)
382
2,732
Tour and Other
.......
255
193
19
24
18
32
390
Carnival Corporation &
plc \u2013 U.S. GAAP
......
25,021
15,638
3,252
2,557
3,574
4,626
49,057
Carnival Corporation \u2013
U.S. GAAP (b)
......
(15,609)
(9,323)
(2,140)
(1,878)
(2,268)
(3,571)
(34,637)
Carnival plc \u2013 U.S.
GAAP vs IFRS
differences (c)
.......
\u2014
(387)
(12)
79
321
\u2014
(825)
Carnival plc \u2013 IFRS
....
$
9,413 $
5,928
$
1,100
$
758
$
1,627
$
1,056
$
13,594
(a)
In 2025, we renamed the North America and Australia segment to the North America segment.
(b)
Carnival Corporation consists primarily of cruise brands that do not form part of the Group; however,
these brands are included in Carnival Corporation & plc and thus represent reconciling items.
(c)
The U.S. GAAP vs IFRS accounting differences substantially all relate to differences in the carrying
value of ships and resulting depreciation expense and lease accounting.
Revenue by country, which are based on where our guests are sourced, were as follows:
\n \n
Years Ended November 30,
(in millions)
2025
2024
Germany
................................................
$
3,298
$
3,018
United Kingdom
...........................................
2,536
2,254
Australia
.................................................
1,042
1,156
Other (a)
................................................
3,142
2,984
$
10,019
$
9,413
(a)
No other individual country\u2019s revenue exceeded 10% for the years ended November 30, 2025 and 2024
Substantially all of our long-lived assets consist of our ships and move between geographic areas. Segment
information relating to liabilities is not reported to or used by the CODM in order to assess performance and
allocate resources to a segment. ", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:4DR1VPDQMHD3N3QW8W95", "period": "2024-12-01T00:00:00/2025-12-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00254": { "value": "NOTE 4 \u2014 Other Income and Expense \n \n
Years Ended November 30,
(in millions)
2025
2024
Realized and unrealized foreign currency exchange gains (losses), net
.......
$
(352)
$
140
Other
...................................................
6
1
Other income (expense), net
...................................
$
(346)
$
142
The fees payable to our Group\u2019s auditor for audit and other services was as follows:
\n \n
Years Ended November 30,
(in millions)
2025
2024
Fees payable to the company\u2019s auditor and their associates for the audit of the
company\u2019s annual accounts
..................................
$
1
$
1
Fees payable to the company\u2019s auditor and their associates for other services
to the group including the audit of the company\u2019s subsidiaries
..........
1
1
Total audit fees
............................................
$
3
$
2
Non-audit service fees paid to the auditors relating to other services was $0.1 million in 2025 and 2024.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:4DR1VPDQMHD3N3QW8W95", "period": "2024-12-01T00:00:00/2025-12-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00253": { "value": "NOTE 4 \u2014 Other Income and Expense \n \n
Years Ended November 30,
(in millions)
2025
2024
Realized and unrealized foreign currency exchange gains (losses), net
.......
$
(352)
$
140
Other
...................................................
6
1
Other income (expense), net
...................................
$
(346)
$
142
The fees payable to our Group\u2019s auditor for audit and other services was as follows:
\n \n
Years Ended November 30,
(in millions)
2025
2024
Fees payable to the company\u2019s auditor and their associates for the audit of the
company\u2019s annual accounts
..................................
$
1
$
1
Fees payable to the company\u2019s auditor and their associates for other services
to the group including the audit of the company\u2019s subsidiaries
..........
1
1
Total audit fees
............................................
$
3
$
2
Non-audit service fees paid to the auditors relating to other services was $0.1 million in 2025 and 2024.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:4DR1VPDQMHD3N3QW8W95", "period": "2024-12-01T00:00:00/2025-12-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00255": { "value": "NOTE 4 \u2014 Other Income and Expense \n \n
Years Ended November 30,
(in millions)
2025
2024
Realized and unrealized foreign currency exchange gains (losses), net
.......
$
(352)
$
140
Other
...................................................
6
1
Other income (expense), net
...................................
$
(346)
$
142
The fees payable to our Group\u2019s auditor for audit and other services was as follows:
\n \n
Years Ended November 30,
(in millions)
2025
2024
Fees payable to the company\u2019s auditor and their associates for the audit of the
company\u2019s annual accounts
..................................
$
1
$
1
Fees payable to the company\u2019s auditor and their associates for other services
to the group including the audit of the company\u2019s subsidiaries
..........
1
1
Total audit fees
............................................
$
3
$
2
Non-audit service fees paid to the auditors relating to other services was $0.1 million in 2025 and 2024.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:4DR1VPDQMHD3N3QW8W95", "period": "2024-12-01T00:00:00/2025-12-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00256": { "value": "NOTE 4 \u2014 Other Income and Expense \n \n
Years Ended November 30,
(in millions)
2025
2024
Realized and unrealized foreign currency exchange gains (losses), net
.......
$
(352)
$
140
Other
...................................................
6
1
Other income (expense), net
...................................
$
(346)
$
142
The fees payable to our Group\u2019s auditor for audit and other services was as follows:
\n \n
Years Ended November 30,
(in millions)
2025
2024
Fees payable to the company\u2019s auditor and their associates for the audit of the
company\u2019s annual accounts
..................................
$
1
$
1
Fees payable to the company\u2019s auditor and their associates for other services
to the group including the audit of the company\u2019s subsidiaries
..........
1
1
Total audit fees
............................................
$
3
$
2
Non-audit service fees paid to the auditors relating to other services was $0.1 million in 2025 and 2024.", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:4DR1VPDQMHD3N3QW8W95", "period": "2024-12-01T00:00:00/2025-12-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00257": { "value": "The fees payable to our Group\u2019s auditor for audit and other services was as follows: \n \n
Years Ended November 30,
(in millions)
2025
2024
Fees payable to the company\u2019s auditor and their associates for the audit of the
company\u2019s annual accounts
..................................
$
1
$
1
Fees payable to the company\u2019s auditor and their associates for other services
to the group including the audit of the company\u2019s subsidiaries
..........
1
1
Total audit fees
............................................
$
3
$
2
Non-audit service fees paid to the auditors relating to other services was $0.1 million in 2025 and 2024.", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:4DR1VPDQMHD3N3QW8W95", "period": "2024-12-01T00:00:00/2025-12-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00259": { "value": "NOTE 5 \u2014 Taxation \n \n
Years Ended November 30,
(in millions)
2025
2024
Current taxes
.............................................
$
(32)
$
(13)
Deferred taxes
.............................................
38
17
Income tax benefit, net
.......................................
$
6
$
4
Deferred income taxes are principally related to (1) differences between the book and tax methods of
calculating depreciation expense in our Holland America Princess Alaska Tours business and other North
America operations and (2) income tax benefit from releasing the valuation allowance against certain deferred
income tax assets for US Federal, Alaska and Italian net operating losses.
The Group had deferred tax assets of $488 million at November 30, 2025 ($366 million at November 30,
2024), related to net operating losses, capital losses, and disallowed interest expense. Principally all of these
deferred tax assets were unrecognized and the majority do not expire.
Total income tax benefit (expense) is reconciled to income taxes calculated at the UK standard tax rate as
follows:
\n \n
Years Ended November 30,
(in millions)
2025
2024
Income before income taxes
...................................
$
1,341
$
1,491
Notional tax expense at UK standard tax rate (25% in 2025 and 2024)
......
(335)
(373)
Effect of Italian and UK tonnage tax
.............................
376
372
Impact of different tax rates in foreign tax jurisdictions
................
(16)
7
Other
...................................................
(19)
(3)
$
6
$
4
A summary of our principal taxes and exemptions in the jurisdictions where our significant operations are
located is as follows:
UK Income Tax
Cunard and P&O Cruises are divisions of Carnival plc and have elected to enter the UK tonnage tax regime
under a rolling eight-year term and, accordingly, reapply every year. Companies to which the tonnage tax
regime applies pay corporation taxes on shipping activities calculated by reference to the net tonnage of
qualifying ships. UK corporation tax is not chargeable under the normal UK tax rules on these brands\u2019
relevant shipping income. Relevant shipping income includes income from the operation of qualifying
ships and from shipping related activities.
For a company to be eligible for the regime, it must be subject to UK corporation tax and, among other
matters, operate qualifying ships that are strategically and commercially managed in the UK. Companies
within the UK tonnage tax regime are also subject to a seafarer training requirement.
Our UK non-shipping activities that do not qualify under the UK tonnage tax regime remain subject to
normal UK corporation tax.
Italian and German Income Tax
In December 2024, the European Commission formally approved the Italian tonnage tax rules for 10 years.
In 2025, AIDA and Costa elected to remain in the Italian tonnage tax regime through 2034. Companies to
which the tonnage tax regime applies pay corporation taxes on shipping activities calculated by reference
to the net tonnage of qualifying ships.
Our non-shipping activities that do not qualify under the Italian tonnage tax regime remain subject to
normal Italian corporation tax.
Substantially all of AIDA\u2019s earnings are exempt from German income taxes by virtue of the Germany/Italy
income tax treaty.
U.S. Income Tax
Our domestic U.S. operations, principally the hotel and transportation business of Holland America
Princess Alaska Tours, are subject to federal and state income taxation in the U.S.
We believe that the U.S. sourced transportation income earned by Carnival plc and its subsidiaries qualifies
for exemption from U.S. federal income tax under applicable bilateral U.S. income tax treaties.
Other
The Organization for Economic Co-operation and Development (\u201cOECD\u201d) issued Model Rules for
implementation of a 15% minimum tax for multinational enterprises. Subject to certain requirements, the
OECD Model Rules provide an exclusion for international shipping income. Carnival plc and its subsidiaries
became subject to these rules beginning in fiscal 2025 and are eligible for the international shipping income
exclusion. As a result, the application of these rules did not have a material impact on our consolidated
financial statements.
We recognize income tax provisions for uncertain tax positions, based solely on their technical merits, and
the most likely outcome to be sustained upon examination by the relevant tax authority. Based on all known
facts and circumstances and current tax law, we have accrued appropriate amounts for our uncertain
income tax position liabilities and related accrued interest within our consolidated balance sheets, with the
majority relating to the allocation of profits between tonnage tax and non-tonnage tax. All interest expense
related to income tax liabilities is included in income tax expense.
In addition to or in place of income taxes, as defined by IAS 12,
Income Taxes
, virtually all jurisdictions
where our ships call impose taxes, fees and other charges based on guest counts, ship tonnage, passenger
capacity or some other measure, and these taxes, fees and other charges are included in commissions,
transportation and related costs and other operating expenses. We have applied the mandatory temporary
exception from the recognition of deferred taxes arising from implementation of the OECD\u2019s Pillar Two
Model Rules in accordance with IAS 12,
Income Taxes
.", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:4DR1VPDQMHD3N3QW8W95", "period": "2024-12-01T00:00:00/2025-12-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00258": { "value": "NOTE 5 \u2014 Taxation \n \n
Years Ended November 30,
(in millions)
2025
2024
Current taxes
.............................................
$
(32)
$
(13)
Deferred taxes
.............................................
38
17
Income tax benefit, net
.......................................
$
6
$
4
Deferred income taxes are principally related to (1) differences between the book and tax methods of
calculating depreciation expense in our Holland America Princess Alaska Tours business and other North
America operations and (2) income tax benefit from releasing the valuation allowance against certain deferred
income tax assets for US Federal, Alaska and Italian net operating losses.
The Group had deferred tax assets of $488 million at November 30, 2025 ($366 million at November 30,
2024), related to net operating losses, capital losses, and disallowed interest expense. Principally all of these
deferred tax assets were unrecognized and the majority do not expire.
Total income tax benefit (expense) is reconciled to income taxes calculated at the UK standard tax rate as
follows:
\n \n
Years Ended November 30,
(in millions)
2025
2024
Income before income taxes
...................................
$
1,341
$
1,491
Notional tax expense at UK standard tax rate (25% in 2025 and 2024)
......
(335)
(373)
Effect of Italian and UK tonnage tax
.............................
376
372
Impact of different tax rates in foreign tax jurisdictions
................
(16)
7
Other
...................................................
(19)
(3)
$
6
$
4
A summary of our principal taxes and exemptions in the jurisdictions where our significant operations are
located is as follows:
UK Income Tax
Cunard and P&O Cruises are divisions of Carnival plc and have elected to enter the UK tonnage tax regime
under a rolling eight-year term and, accordingly, reapply every year. Companies to which the tonnage tax
regime applies pay corporation taxes on shipping activities calculated by reference to the net tonnage of
qualifying ships. UK corporation tax is not chargeable under the normal UK tax rules on these brands\u2019
relevant shipping income. Relevant shipping income includes income from the operation of qualifying
ships and from shipping related activities.
For a company to be eligible for the regime, it must be subject to UK corporation tax and, among other
matters, operate qualifying ships that are strategically and commercially managed in the UK. Companies
within the UK tonnage tax regime are also subject to a seafarer training requirement.
Our UK non-shipping activities that do not qualify under the UK tonnage tax regime remain subject to
normal UK corporation tax.
Italian and German Income Tax
In December 2024, the European Commission formally approved the Italian tonnage tax rules for 10 years.
In 2025, AIDA and Costa elected to remain in the Italian tonnage tax regime through 2034. Companies to
which the tonnage tax regime applies pay corporation taxes on shipping activities calculated by reference
to the net tonnage of qualifying ships.
Our non-shipping activities that do not qualify under the Italian tonnage tax regime remain subject to
normal Italian corporation tax.
Substantially all of AIDA\u2019s earnings are exempt from German income taxes by virtue of the Germany/Italy
income tax treaty.
U.S. Income Tax
Our domestic U.S. operations, principally the hotel and transportation business of Holland America
Princess Alaska Tours, are subject to federal and state income taxation in the U.S.
We believe that the U.S. sourced transportation income earned by Carnival plc and its subsidiaries qualifies
for exemption from U.S. federal income tax under applicable bilateral U.S. income tax treaties.
Other
The Organization for Economic Co-operation and Development (\u201cOECD\u201d) issued Model Rules for
implementation of a 15% minimum tax for multinational enterprises. Subject to certain requirements, the
OECD Model Rules provide an exclusion for international shipping income. Carnival plc and its subsidiaries
became subject to these rules beginning in fiscal 2025 and are eligible for the international shipping income
exclusion. As a result, the application of these rules did not have a material impact on our consolidated
financial statements.
We recognize income tax provisions for uncertain tax positions, based solely on their technical merits, and
the most likely outcome to be sustained upon examination by the relevant tax authority. Based on all known
facts and circumstances and current tax law, we have accrued appropriate amounts for our uncertain
income tax position liabilities and related accrued interest within our consolidated balance sheets, with the
majority relating to the allocation of profits between tonnage tax and non-tonnage tax. All interest expense
related to income tax liabilities is included in income tax expense.
In addition to or in place of income taxes, as defined by IAS 12,
Income Taxes
, virtually all jurisdictions
where our ships call impose taxes, fees and other charges based on guest counts, ship tonnage, passenger
capacity or some other measure, and these taxes, fees and other charges are included in commissions,
transportation and related costs and other operating expenses. We have applied the mandatory temporary
exception from the recognition of deferred taxes arising from implementation of the OECD\u2019s Pillar Two
Model Rules in accordance with IAS 12,
Income Taxes
.", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:4DR1VPDQMHD3N3QW8W95", "period": "2024-12-01T00:00:00/2025-12-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00260": { "value": "UK Income Tax
Cunard and P&O Cruises are divisions of Carnival plc and have elected to enter the UK tonnage tax regime
under a rolling eight-year term and, accordingly, reapply every year. Companies to which the tonnage tax
regime applies pay corporation taxes on shipping activities calculated by reference to the net tonnage of
qualifying ships. UK corporation tax is not chargeable under the normal UK tax rules on these brands\u2019
relevant shipping income. Relevant shipping income includes income from the operation of qualifying
ships and from shipping related activities.
For a company to be eligible for the regime, it must be subject to UK corporation tax and, among other
matters, operate qualifying ships that are strategically and commercially managed in the UK. Companies
within the UK tonnage tax regime are also subject to a seafarer training requirement.
Our UK non-shipping activities that do not qualify under the UK tonnage tax regime remain subject to
normal UK corporation tax.
Italian and German Income Tax
In December 2024, the European Commission formally approved the Italian tonnage tax rules for 10 years.
In 2025, AIDA and Costa elected to remain in the Italian tonnage tax regime through 2034. Companies to
which the tonnage tax regime applies pay corporation taxes on shipping activities calculated by reference
to the net tonnage of qualifying ships.
Our non-shipping activities that do not qualify under the Italian tonnage tax regime remain subject to
normal Italian corporation tax.
Substantially all of AIDA\u2019s earnings are exempt from German income taxes by virtue of the Germany/Italy
income tax treaty.
U.S. Income Tax
Our domestic U.S. operations, principally the hotel and transportation business of Holland America
Princess Alaska Tours, are subject to federal and state income taxation in the U.S.
We believe that the U.S. sourced transportation income earned by Carnival plc and its subsidiaries qualifies
for exemption from U.S. federal income tax under applicable bilateral U.S. income tax treaties.
Other
The Organization for Economic Co-operation and Development (\u201cOECD\u201d) issued Model Rules for
implementation of a 15% minimum tax for multinational enterprises. Subject to certain requirements, the
OECD Model Rules provide an exclusion for international shipping income. Carnival plc and its subsidiaries
became subject to these rules beginning in fiscal 2025 and are eligible for the international shipping income
exclusion. As a result, the application of these rules did not have a material impact on our consolidated
financial statements.
We recognize income tax provisions for uncertain tax positions, based solely on their technical merits, and
the most likely outcome to be sustained upon examination by the relevant tax authority. Based on all known
facts and circumstances and current tax law, we have accrued appropriate amounts for our uncertain
income tax position liabilities and related accrued interest within our consolidated balance sheets, with the
majority relating to the allocation of profits between tonnage tax and non-tonnage tax. All interest expense
related to income tax liabilities is included in income tax expense.
In addition to or in place of income taxes, as defined by IAS 12,
Income Taxes
, virtually all jurisdictions
where our ships call impose taxes, fees and other charges based on guest counts, ship tonnage, passenger
capacity or some other measure, and these taxes, fees and other charges are included in commissions,
transportation and related costs and other operating expenses. We have applied the mandatory temporary
exception from the recognition of deferred taxes arising from implementation of the OECD\u2019s Pillar Two
Model Rules in accordance with IAS 12,
Income Taxes
.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTaxesOtherThanIncomeTaxExplanatory", "language": "en", "entity": "scheme:4DR1VPDQMHD3N3QW8W95", "period": "2024-12-01T00:00:00/2025-12-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00261": { "value": "NOTE 6 \u2014 Earnings Per Share
Years Ended November 30,
(in millions, except per share data)
2025
2024
Net income for basic and diluted earnings per share
...................
$
1,347
$
1,495
Weighted-average shares outstanding
.............................
188
187
Dilutive effect of equity awards
.................................
1
1
Diluted weighted-average shares outstanding
.......................
189
188
Basic earnings per share
......................................
$
7.16
$
7.97
Diluted earnings per share
....................................
$
7.12
$
7.93
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:4DR1VPDQMHD3N3QW8W95", "period": "2024-12-01T00:00:00/2025-12-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00262": { "value": "NOTE 7 \u2014 Cash and Cash Equivalents
November 30,
(in millions)
2025
2024
Cash
...................................................
$
181
$
168
Cash equivalents (a)
.........................................
364
229
$
545
$
397
(a)
Comprised of investments in money market funds.
Substantially all material cash balances are held with financial institutions that are investment A grade rated
or better. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:4DR1VPDQMHD3N3QW8W95", "period": "2024-12-01T00:00:00/2025-12-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00263": { "value": "NOTE 8 \u2014 Trade and Other Receivables
November 30,
(in millions)
2025
2024
Trade
...................................................
$
242
$
210
VAT, income taxes and other
...................................
79
77
$
322
$
287
The ageing of trade receivables was as follows:
November 30,
(in millions)
2025
2024
Current
.................................................
$
217
$
176
1 to 30 days
...............................................
6
19
31 days and thereafter
.......................................
34
30
258
225
Allowance for expected credit losses
..............................
(15)
(16)
$
242
$
210
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:4DR1VPDQMHD3N3QW8W95", "period": "2024-12-01T00:00:00/2025-12-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00264": { "value": "The ageing of trade receivables was as follows:
November 30,
(in millions)
2025
2024
Current
.................................................
$
217
$
176
1 to 30 days
...............................................
6
19
31 days and thereafter
.......................................
34
30
258
225
Allowance for expected credit losses
..............................
(15)
(16)
$
242
$
210
", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:4DR1VPDQMHD3N3QW8W95", "period": "2024-12-01T00:00:00/2025-12-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00265": { "value": "NOTE 9 \u2014 Inventories \n \n
November 30,
(in millions)
2025
2024
Food, beverages and hotel supplies, net
...........................
$
125
$
117
Fuel
....................................................
48
59
Other
...................................................
63
47
$
236
$
223
\n
Substantially all of the expense related to inventories are included within fuel, food and onboard and related
within our Group Statements of Income. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:4DR1VPDQMHD3N3QW8W95", "period": "2024-12-01T00:00:00/2025-12-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00266": { "value": "NOTE 10 \u2014 Property and Equipment \n\n \u00a0 \u00a0 \u00a0 \u00a0\n \n
Other
Ships and
property
ship
and
(in millions)
improvements
equipment
Total
Cost
At November 30, 2023
..............................
$
17,392
$
1,611
$
19,003
Exchange movements
.............................
(497)
(27)
(524)
Additions
.....................................
918
123
1,041
Disposals
.....................................
(1,089)
(75)
(1,164)
At November 30, 2024
..............................
16,724
1,632
18,355
Exchange movements
.............................
1,368
68
1,436
Additions
.....................................
2,957
138
3,095
Disposals
.....................................
(1,281)
(150)
(1,431)
At November 30, 2025
..............................
$
19,768
$
1,687
$
21,455
Accumulated depreciation
At November 30, 2023
..............................
$
(6,525)
$
(999)
$
(7,523)
Exchange movements
.............................
182
12
194
Depreciation
...................................
(522)
(88)
(610)
Disposals
.....................................
370
71
441
Impairment reversals
.............................
260
\u2014
260
At November 30, 2024
..............................
(6,234)
(1,004)
(7,238)
Exchange movements
.............................
(497)
(43)
(540)
Depreciation
...................................
(611)
(88)
(699)
Disposals
.....................................
881
99
980
At November 30, 2025
..............................
$
(6,462)
$
(1,035)
$
(7,497)
Net book value
At November 30, 2024
..............................
$
10,489
$
628
$
11,117
At November 30, 2025
..............................
$
13,307
$
651
$
13,958
\n
At November 30, 2025, the cost of assets under construction, which are included in the above table, totalled
$354 million ($218 million at November 30, 2024).
Capitalized interest amounted to $6 million in 2025 ($9 million in 2024). The interest capitalization rate is
based on the weighted-average interest rates applicable to borrowings within the DLC during each period.
During 2025, the average capitalization rate was 5.5% (6.2% in 2024).
Ship Sales
During 2025, we completed the sale of one Europe segment ship, which represents a passenger-capacity
reduction of 2,700 berths. We will continue to operate the ship under a bareboat charter agreement through
September 2026.
Refer to Note 22 \u2014 \u201cRelated Party Transactions\u201dfor details of ship sales to and purchases from Carnival
Corporation.
Valuation of Ships
We review our ships for impairment whenever events or circumstances indicate that the carrying value of a
ship may not be recoverable. In 2025, we had no impairment charges or reversals. In 2024, as a result of our
decision to sunset the P&O Cruises (Australia) brand and sell two ships to Carnival Corporation, we
recognized a full impairment reversal of $260 million.
Ship Accounting
As of November 30, 2025, we have estimated our ships\u2019useful lives at 30 years and residual values at 15% of
our original ship cost. Our ships\u2019useful life and residual value estimates take into consideration the
estimated weighted-average useful lives of the ships\u2019major component systems, such as hull, superstructure,
main electric, engines and cabins. We also take into consideration the impact of technological changes,
historical useful lives of similarly-built ships, long-term cruise and vacation market conditions and regulatory
changes, including those related to the impact of greenhouse gases and other emissions on the environment.
We determine the residual value of our ships based on our long-term estimates of their resale value at the
end of their useful lives to us but before the end of their physical and economic lives to others, historical resale
values of our and other cruise ships as well as our expectations of the long-term viability of the secondary
cruise ship market. Other areas of estimation uncertainty include the determination of ships useful life and
residual values as recognition and measurement are based on assumptions subject to longer term
uncertainties.
We review estimated useful lives and residual values of our ships for reasonableness at the period end or
whenever events or circumstances indicate a revision is warranted. In December 2025, we completed such
review considering the period over which we expect to operate our ships and our long-term plans. As a result,
we determined our ships\u2019depreciable lives would be extended to 35 years. In connection with the increase
in estimated useful life, we reduced our estimated residual value of each ship to be 5% of our original ship cost
for LNG powered ships and a range of salvage values under $25 million for all other ships, depending on
the class and tonnage of the ship. This revision did not have a material impact on our financial statements and
has been applied prospectively beginning December 1, 2025.
The IMO\u2019s 2023 Strategy on Reduction of GHG Emissions from Ships (\u201cIMO Strategy\u201d) strives to peak
GHG emissions from international shipping as soon as possible and to reach net zero GHG emissions on a
well-to-wake basis by or around 2050. The IMO Strategy includes checkpoints in 2030 and 2040 that seek
reductions in the absolute GHG emissions from international shipping by at least 20% and 70%, respectively,
compared to 2008. It also includes a target of a 40% reduction in CO
2
emissions intensity by 2030 compared
to 2008. We are pursuing our aspiration of net zero emissions from ship operations by 2050 in line with
the IMO\u2019s 2023 Strategy on Reduction of GHG Emissions from Ships. Given the estimated useful life for
our ships, our most recently delivered vessels\u2019 lives will extend beyond this 2050 date. To provide a path to net
zero emissions, alternative low GHG emission fuels will be necessary for the maritime industry; however,
there are significant supply challenges that must be resolved before viability is reached. We are closely
monitoring technology developments which may support our sustainability goals. Our fleet\u2019s engines are
capable of using certain alternative fuels and we have completed tests on the use of marine biofuel blends on
certain ships in our fleet. In addition, and in support of our 2030 Climate Action Goals, we invest in
technologies, including the use of LNG powered cruise ships, the installation of Advanced Air Quality
Systems on board our ships to aid in the reduction of sulfur emissions, the use of shore power, enabling ships
to use shoreside electric power where available while in port and various other efficiency related upgrades
intended to reduce our emissions. It is uncertain how proposed and possible future regulatory changes, as well
as our 2050 net zero emissions aspiration, may impact our ships\u2019useful lives and residual values as the
impact is dependent on future regulatory actions and technological advances. ", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:4DR1VPDQMHD3N3QW8W95", "period": "2024-12-01T00:00:00/2025-12-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00267": { "value": "\n\n \u00a0 \u00a0 \u00a0 \u00a0\n \n
Other
Ships and
property
ship
and
(in millions)
improvements
equipment
Total
Cost
At November 30, 2023
..............................
$
17,392
$
1,611
$
19,003
Exchange movements
.............................
(497)
(27)
(524)
Additions
.....................................
918
123
1,041
Disposals
.....................................
(1,089)
(75)
(1,164)
At November 30, 2024
..............................
16,724
1,632
18,355
Exchange movements
.............................
1,368
68
1,436
Additions
.....................................
2,957
138
3,095
Disposals
.....................................
(1,281)
(150)
(1,431)
At November 30, 2025
..............................
$
19,768
$
1,687
$
21,455
Accumulated depreciation
At November 30, 2023
..............................
$
(6,525)
$
(999)
$
(7,523)
Exchange movements
.............................
182
12
194
Depreciation
...................................
(522)
(88)
(610)
Disposals
.....................................
370
71
441
Impairment reversals
.............................
260
\u2014
260
At November 30, 2024
..............................
(6,234)
(1,004)
(7,238)
Exchange movements
.............................
(497)
(43)
(540)
Depreciation
...................................
(611)
(88)
(699)
Disposals
.....................................
881
99
980
At November 30, 2025
..............................
$
(6,462)
$
(1,035)
$
(7,497)
Net book value
At November 30, 2024
..............................
$
10,489
$
628
$
11,117
At November 30, 2025
..............................
$
13,307
$
651
$
13,958
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:4DR1VPDQMHD3N3QW8W95", "period": "2024-12-01T00:00:00/2025-12-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00268": { "value": "NOTE 11 \u2014 Leases
The balance sheet shows the following amounts:
\n\n\n \u00a0 \u00a0\u00a0\n \n
November 30,
(in millions)
2025
2024
Right-of-use assets (a)
Ships (b)
...............................................
$
2
$
233
Port facilities
............................................
130
144
Real estate
..............................................
118
105
Other
.................................................
21
18
$
271
$
500
Lease liabilities
Current
................................................
$
42
$
131
Non-current
............................................
244
408
$
285
$
539
\n\n
(a)
During 2025 and 2024, we obtained $30 million and $21 million of right-of-use assets in exchange for
\n
new and amended lease liabilities.
\n
(b)
During 2025, we terminated our leases of three ships with related parties. Refer to Note 22 \u2014 \u201cRelated
\n
Party Transactions\u201d for additional details.
\n
The Statements of Income include the following amounts:
\n\n\n \u00a0 \u00a0\u00a0\n \n
Year Ended November 30,
(in millions)
2025
2024
Depreciation charge for right-of-use assets
Ships
.................................................
$
58
$
105
Port facilities
............................................
24
23
Real estate
..............................................
15
14
Other
.................................................
2
2
$
100
$
145
Interest expense
............................................
$
20
$
46
Short-term lease expense (a)
...................................
$
83
$
102
Variable lease expense not included in the measurement of lease liabilities
...
$
65
$
94
\n\n
(a)
Related to ships leased from Carnival Corporation and its subsidiaries
\n
The cash outflow for leases was materially consistent with lease expense recognized during 2025 and 2024.
\n
Refer to Note 25 \u2014 \u201cSupplemental Cash Flow Information\u201dfor additional details.
\n
Refer to Note 24 \u2014 \u201cFair Value Measurements and Derivative Instruments, Hedging Activities and
\nFinancial Risks\u201dfor Maturities of Lease Liabilities. ", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:4DR1VPDQMHD3N3QW8W95", "period": "2024-12-01T00:00:00/2025-12-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00269": { "value": "\n\n \u00a0 \u00a0\u00a0\n \n
November 30,
(in millions)
2025
2024
Right-of-use assets (a)
Ships (b)
...............................................
$
2
$
233
Port facilities
............................................
130
144
Real estate
..............................................
118
105
Other
.................................................
21
18
$
271
$
500
Lease liabilities
Current
................................................
$
42
$
131
Non-current
............................................
244
408
$
285
$
539
\nNOTE 16 \u2014 Accrued Liabilities and Related
November 30,
(in millions)
2025
2024
Compensation and benefits
....................................
$
231
$
281
Taxes
....................................................
93
74
Interest
..................................................
75
69
Port fees
..................................................
48
56
Emission obligations
.........................................
68
34
Other
....................................................
214
207
$
730
$
720
Reconciliation of Liabilities Arising from Financing Activities \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0\u00a0
Financing
\u00a0\u00a0\u00a0
\u00a0\u00a0
Cash
\u00a0\u00a0\u00a0
\u00a0\u00a0
Flows
\u00a0\u00a0\u00a0
\u00a0
November 30,
Receipts/
Exchange
Other
November 30,
(in millions)
2024
(Payments)
Movements
Movements
2025
Debt (a)
...............
$
7,548
$
530 (b)
$
666
$
\u2014
$
8,745
Amount owed to Carnival
\u00a0\u00a0\u00a0\u00a0\u00a0
Corporation group
......
$
\u2014
$
(1,935)
$
74
$
1,861 (c)
$
\u2014
Lease liabilities
..........
$
539
$
(115)
$
10
$
(149) (d)
$
285
\n
(a)
Refer to Note 14 \u2014 \u201cDebt and Interest Expense.\u201d
(b)
Issuances and repayments of long-term debt.
(c)
Includes non-cash settlements for ship sales and ship purchases to Carnival Corporation group
(d)
Includes additions, terminations and remeasurements of lease liabilities. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:4DR1VPDQMHD3N3QW8W95", "period": "2024-12-01T00:00:00/2025-12-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00270": { "value": "NOTE 12 \u2014 Investments in Associates
We have a 45% noncontrolling interest in the White Pass & Yukon Route (\u201cWhite Pass\u201d) that includes port,
\n
railroad and retail operations in Skagway, Alaska. White Pass provided an immaterial amount of services
\n
to Carnival Corporation & plc in 2025 and 2024. As of November 30, 2025, our investment in White Pass was
\n
$64 million, consisting of $32 million in equity and a loan of $32 million. As of November 30, 2024, our
\n
investment in White Pass was $58 million, consisting of $26 million in equity and a loan of $32 million.
\n
In addition, the Group holds other immaterial investments in associates for a total carrying value of $53 million
\n
and $38 million as of November 30, 2025 and November 30, 2024 for a total investments in associates
\nbalance of $116 million and $97 million as of November 30, 2025 and November 30, 2024. ", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:4DR1VPDQMHD3N3QW8W95", "period": "2024-12-01T00:00:00/2025-12-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00271": { "value": "NOTE 12 \u2014 Investments in Associates
We have a 45% noncontrolling interest in the White Pass & Yukon Route (\u201cWhite Pass\u201d) that includes port,
\n
railroad and retail operations in Skagway, Alaska. White Pass provided an immaterial amount of services
\n
to Carnival Corporation & plc in 2025 and 2024. As of November 30, 2025, our investment in White Pass was
\n
$64 million, consisting of $32 million in equity and a loan of $32 million. As of November 30, 2024, our
\n
investment in White Pass was $58 million, consisting of $26 million in equity and a loan of $32 million.
\n
In addition, the Group holds other immaterial investments in associates for a total carrying value of $53 million
\n
and $38 million as of November 30, 2025 and November 30, 2024 for a total investments in associates
\nbalance of $116 million and $97 million as of November 30, 2025 and November 30, 2024. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:4DR1VPDQMHD3N3QW8W95", "period": "2024-12-01T00:00:00/2025-12-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00272": { "value": "NOTE 13 \u2014 Other Assets \n \n
November 30,
(in millions)
2025
2024
Deferred tax assets (a)
.......................................
$
62
$
24
VAT receivables
............................................
49
57
Debt issuance costs (b)
.......................................
48
25
Post-employment benefits
.....................................
5
9
Other long-term assets and other receivables (a)
.....................
112
73
$
276
$
188
(a)
2024 amounts were reclassified to conform to current period presentation.
(b)
Debt issuance costs are for undrawn facilities. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:4DR1VPDQMHD3N3QW8W95", "period": "2024-12-01T00:00:00/2025-12-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00273": { "value": "NOTE 13 \u2014 Other Assets \n \n
November 30,
(in millions)
2025
2024
Deferred tax assets (a)
.......................................
$
62
$
24
VAT receivables
............................................
49
57
Debt issuance costs (b)
.......................................
48
25
Post-employment benefits
.....................................
5
9
Other long-term assets and other receivables (a)
.....................
112
73
$
276
$
188
(a)
2024 amounts were reclassified to conform to current period presentation.
(b)
Debt issuance costs are for undrawn facilities. ", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:4DR1VPDQMHD3N3QW8W95", "period": "2024-12-01T00:00:00/2025-12-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00277": { "value": "NOTE 14 \u2014 Debt and Interest Expense \n \n
November 30,
(in millions)
Maturity
Rate (a)
2025
2024
Unsecured Subsidiary Guaranteed
Notes
EUR Notes (b)
................
Jul 2031
4.13%
$ 1,160 $
\u2014
Loans
EUR floating rate (c)
............
Apr 2025
EURIBOR + 3.25%
\u2014
211
Export Credit Facilities
Fixed rate
....................
Dec 2032
2.69%
406
461
EUR floating rate
..............
Dec 2032 \u2013 Nov 2034 EURIBOR + 0.55 \u2013 0.65%
1,851
1,897
EUR fixed rate
................
Feb 2031 \u2013 Apr 2036
1.05 \u2013 4.00%
4,284
4,347
Total Unsecured Subsidiary
Guaranteed
................
7,701
6,915
Unsecured (No Subsidiary Guarantee)
Notes
EUR Notes
...................
Oct 2029
1.00%
696
633
Loans
EUR floating rate (c)
............
Apr 2029
EURIBOR + 1.95%
348
\u2014
Total Unsecured (No Subsidiary
Guarantee)
................
1,044
633
Total Debt
....................
8,745
7,548
Less: unamortized debt issuance costs
and discounts
................
(360)
(355)
Total Debt, net of unamortized debt
issuance costs and discounts
......
8,385
7,194
Less: current portion of long-term
debt
......................
(768)
(925)
Long-Term Debt, net of unamortized
debt issuance costs and discounts
...
$ 7,617 $ 6,269
(a)
The reference rates for all of our floating rate debt have a 0.00% floor.
(b)
During 2025, we issued $1.2 billion aggregate principal amount of 4.13% senior unsecured euro notes
due 2031.
(c)
During 2025, the euro floating rate loan agreement was amended to increase the principal amount by
$112 million, extend its maturity from April 2025 to April 2029, amend the loan\u2019s margin from 3.25% to
1.95% and remove the subsidiary guarantee.
As of November 30, 2025, the scheduled maturities of our debt are as follows:
\n \n
(in millions)
Principal
Year
Payments
2026
................................................................
$
768
2027
................................................................
768
2028
................................................................
768
2029
................................................................
1,811
2030
................................................................
768
Thereafter
...........................................................
3,863
Total
...............................................................
$
8,745
As of November 30, 2024, the scheduled maturities of our debt are as follows:
\n \n
(in millions)
Principal
Year
Payments
2025
................................................................
$
925
2026
................................................................
703
2027
................................................................
703
2028
................................................................
703
2029
................................................................
1,337
Thereafter
...........................................................
3,176
Total
...............................................................
$
7,548
Refer to Note 25 \u2014 \u201cSupplemental Cash Flow Information\u201dfor movements in Debt.
Export Credit Facility Borrowings
As of November 30, 2025, we had $2.7 billion of undrawn export credit facilities to fund ship deliveries
planned through 2028 ($2.4 billion as of November 30, 2024). As of November 30, 2025, the net book value
of the Carnival plc ships subject to negative pledges was $6.6 billion ($4.0 billion as of November 30,
2024).
Revolving Facility
During 2025, Carnival Corporation and Carnival plc entered into a $4.5 billion unsecured multi-currency
revolving credit facility (\u201cRevolving Facility\u201d). The Revolving Facility replaced the $1.9 billion, \u20ac0.9 billion
and \u00a30.1 billion multi-currency revolving credit facility of Carnival Holdings (Bermuda) II Limited, a
subsidiary of Carnival Corporation. The Revolving Facility contains an accordion feature, allowing up to
$1.0 billion of additional revolving commitments. Carnival Corporation and Carnival plc may borrow or
utilize available amounts under its Revolving Facility through its maturity in June 2030, subject to the
satisfaction of the conditions in the facility.
Borrowings under the Revolving Facility bear interest at a rate of term SOFR, EURIBOR, or daily
compounding SONIA, as applicable, plus a margin based on the credit ratings of Carnival Corporation. In
addition, Carnival Corporation and Carnival plc are required to pay certain fees on the aggregate
commitments under its Revolving Facility.
As of November 30, 2025, Carnival Corporation and Carnival plc had $4.5 billion available for borrowing
under its Revolving Facility.
Collateral Pool
The secured debt of Carnival Corporation & plc is secured on a first-priority basis, depending on the
instrument, by certain collateral of Carnival Corporation & plc, which includes vessels and certain assets
related to those vessels and material intellectual property. The net book value of Carnival plc\u2019s vessels and
certain assets related to those vessels which form part of the Carnival Corporation & plc collateral pool is
$6.6 billion as of November 30, 2025.
Covenant Compliance
As of November 30, 2025, the most restrictive covenants for Carnival Corporation & plc\u2019s Revolving
Facility, unsecured loans and export credit facilities include the following:
\u2022 Maintain minimum interest coverage (adjusted EBITDA to consolidated net interest charges, as
defined in the agreements) at a ratio of not less than 2.5 to 1.0 for the November 30, 2025 testing date,
and at a ratio of not less than 3.0 to 1.0 for the February 28, 2026 testing date onwards
\u2022 Maintain minimum issued capital and consolidated reserves (as defined in the agreements) of
$5.0 billion
\u2022 Limit its debt to capital (as defined in the agreements) percentage to a percentage not to exceed 65%
\u2022 Maintain minimum liquidity of $1.5 billion
\u2022 Limit the amounts of its secured assets as well as secured and other indebtedness
At November 30, 2025, Carnival Corporation & plc was in compliance with the applicable covenants under
its debt agreements. Generally, if an event of default under any debt agreement occurs, then, pursuant to
cross-default and/or cross-acceleration clauses therein, substantially all of its outstanding debt could become
due, and its debt could be terminated. Any financial covenant amendment may lead to increased costs,
increased interest rates, additional restrictive covenants and other available lender protections that would be
applicable.", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:4DR1VPDQMHD3N3QW8W95", "period": "2024-12-01T00:00:00/2025-12-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00276": { "value": "NOTE 14 \u2014 Debt and Interest Expense \n \n
November 30,
(in millions)
Maturity
Rate (a)
2025
2024
Unsecured Subsidiary Guaranteed
Notes
EUR Notes (b)
................
Jul 2031
4.13%
$ 1,160 $
\u2014
Loans
EUR floating rate (c)
............
Apr 2025
EURIBOR + 3.25%
\u2014
211
Export Credit Facilities
Fixed rate
....................
Dec 2032
2.69%
406
461
EUR floating rate
..............
Dec 2032 \u2013 Nov 2034 EURIBOR + 0.55 \u2013 0.65%
1,851
1,897
EUR fixed rate
................
Feb 2031 \u2013 Apr 2036
1.05 \u2013 4.00%
4,284
4,347
Total Unsecured Subsidiary
Guaranteed
................
7,701
6,915
Unsecured (No Subsidiary Guarantee)
Notes
EUR Notes
...................
Oct 2029
1.00%
696
633
Loans
EUR floating rate (c)
............
Apr 2029
EURIBOR + 1.95%
348
\u2014
Total Unsecured (No Subsidiary
Guarantee)
................
1,044
633
Total Debt
....................
8,745
7,548
Less: unamortized debt issuance costs
and discounts
................
(360)
(355)
Total Debt, net of unamortized debt
issuance costs and discounts
......
8,385
7,194
Less: current portion of long-term
debt
......................
(768)
(925)
Long-Term Debt, net of unamortized
debt issuance costs and discounts
...
$ 7,617 $ 6,269
(a)
The reference rates for all of our floating rate debt have a 0.00% floor.
(b)
During 2025, we issued $1.2 billion aggregate principal amount of 4.13% senior unsecured euro notes
due 2031.
(c)
During 2025, the euro floating rate loan agreement was amended to increase the principal amount by
$112 million, extend its maturity from April 2025 to April 2029, amend the loan\u2019s margin from 3.25% to
1.95% and remove the subsidiary guarantee.
As of November 30, 2025, the scheduled maturities of our debt are as follows:
\n \n
(in millions)
Principal
Year
Payments
2026
................................................................
$
768
2027
................................................................
768
2028
................................................................
768
2029
................................................................
1,811
2030
................................................................
768
Thereafter
...........................................................
3,863
Total
...............................................................
$
8,745
As of November 30, 2024, the scheduled maturities of our debt are as follows:
\n \n
(in millions)
Principal
Year
Payments
2025
................................................................
$
925
2026
................................................................
703
2027
................................................................
703
2028
................................................................
703
2029
................................................................
1,337
Thereafter
...........................................................
3,176
Total
...............................................................
$
7,548
Refer to Note 25 \u2014 \u201cSupplemental Cash Flow Information\u201dfor movements in Debt.
Export Credit Facility Borrowings
As of November 30, 2025, we had $2.7 billion of undrawn export credit facilities to fund ship deliveries
planned through 2028 ($2.4 billion as of November 30, 2024). As of November 30, 2025, the net book value
of the Carnival plc ships subject to negative pledges was $6.6 billion ($4.0 billion as of November 30,
2024).
Revolving Facility
During 2025, Carnival Corporation and Carnival plc entered into a $4.5 billion unsecured multi-currency
revolving credit facility (\u201cRevolving Facility\u201d). The Revolving Facility replaced the $1.9 billion, \u20ac0.9 billion
and \u00a30.1 billion multi-currency revolving credit facility of Carnival Holdings (Bermuda) II Limited, a
subsidiary of Carnival Corporation. The Revolving Facility contains an accordion feature, allowing up to
$1.0 billion of additional revolving commitments. Carnival Corporation and Carnival plc may borrow or
utilize available amounts under its Revolving Facility through its maturity in June 2030, subject to the
satisfaction of the conditions in the facility.
Borrowings under the Revolving Facility bear interest at a rate of term SOFR, EURIBOR, or daily
compounding SONIA, as applicable, plus a margin based on the credit ratings of Carnival Corporation. In
addition, Carnival Corporation and Carnival plc are required to pay certain fees on the aggregate
commitments under its Revolving Facility.
As of November 30, 2025, Carnival Corporation and Carnival plc had $4.5 billion available for borrowing
under its Revolving Facility.
Collateral Pool
The secured debt of Carnival Corporation & plc is secured on a first-priority basis, depending on the
instrument, by certain collateral of Carnival Corporation & plc, which includes vessels and certain assets
related to those vessels and material intellectual property. The net book value of Carnival plc\u2019s vessels and
certain assets related to those vessels which form part of the Carnival Corporation & plc collateral pool is
$6.6 billion as of November 30, 2025.
Covenant Compliance
As of November 30, 2025, the most restrictive covenants for Carnival Corporation & plc\u2019s Revolving
Facility, unsecured loans and export credit facilities include the following:
\u2022 Maintain minimum interest coverage (adjusted EBITDA to consolidated net interest charges, as
defined in the agreements) at a ratio of not less than 2.5 to 1.0 for the November 30, 2025 testing date,
and at a ratio of not less than 3.0 to 1.0 for the February 28, 2026 testing date onwards
\u2022 Maintain minimum issued capital and consolidated reserves (as defined in the agreements) of
$5.0 billion
\u2022 Limit its debt to capital (as defined in the agreements) percentage to a percentage not to exceed 65%
\u2022 Maintain minimum liquidity of $1.5 billion
\u2022 Limit the amounts of its secured assets as well as secured and other indebtedness
At November 30, 2025, Carnival Corporation & plc was in compliance with the applicable covenants under
its debt agreements. Generally, if an event of default under any debt agreement occurs, then, pursuant to
cross-default and/or cross-acceleration clauses therein, substantially all of its outstanding debt could become
due, and its debt could be terminated. Any financial covenant amendment may lead to increased costs,
increased interest rates, additional restrictive covenants and other available lender protections that would be
applicable.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:4DR1VPDQMHD3N3QW8W95", "period": "2024-12-01T00:00:00/2025-12-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00275": { "value": "NOTE 14 \u2014 Debt and Interest Expense \n \n
November 30,
(in millions)
Maturity
Rate (a)
2025
2024
Unsecured Subsidiary Guaranteed
Notes
EUR Notes (b)
................
Jul 2031
4.13%
$ 1,160 $
\u2014
Loans
EUR floating rate (c)
............
Apr 2025
EURIBOR + 3.25%
\u2014
211
Export Credit Facilities
Fixed rate
....................
Dec 2032
2.69%
406
461
EUR floating rate
..............
Dec 2032 \u2013 Nov 2034 EURIBOR + 0.55 \u2013 0.65%
1,851
1,897
EUR fixed rate
................
Feb 2031 \u2013 Apr 2036
1.05 \u2013 4.00%
4,284
4,347
Total Unsecured Subsidiary
Guaranteed
................
7,701
6,915
Unsecured (No Subsidiary Guarantee)
Notes
EUR Notes
...................
Oct 2029
1.00%
696
633
Loans
EUR floating rate (c)
............
Apr 2029
EURIBOR + 1.95%
348
\u2014
Total Unsecured (No Subsidiary
Guarantee)
................
1,044
633
Total Debt
....................
8,745
7,548
Less: unamortized debt issuance costs
and discounts
................
(360)
(355)
Total Debt, net of unamortized debt
issuance costs and discounts
......
8,385
7,194
Less: current portion of long-term
debt
......................
(768)
(925)
Long-Term Debt, net of unamortized
debt issuance costs and discounts
...
$ 7,617 $ 6,269
(a)
The reference rates for all of our floating rate debt have a 0.00% floor.
(b)
During 2025, we issued $1.2 billion aggregate principal amount of 4.13% senior unsecured euro notes
due 2031.
(c)
During 2025, the euro floating rate loan agreement was amended to increase the principal amount by
$112 million, extend its maturity from April 2025 to April 2029, amend the loan\u2019s margin from 3.25% to
1.95% and remove the subsidiary guarantee.
As of November 30, 2025, the scheduled maturities of our debt are as follows:
\n \n
(in millions)
Principal
Year
Payments
2026
................................................................
$
768
2027
................................................................
768
2028
................................................................
768
2029
................................................................
1,811
2030
................................................................
768
Thereafter
...........................................................
3,863
Total
...............................................................
$
8,745
As of November 30, 2024, the scheduled maturities of our debt are as follows:
\n \n
(in millions)
Principal
Year
Payments
2025
................................................................
$
925
2026
................................................................
703
2027
................................................................
703
2028
................................................................
703
2029
................................................................
1,337
Thereafter
...........................................................
3,176
Total
...............................................................
$
7,548
Refer to Note 25 \u2014 \u201cSupplemental Cash Flow Information\u201dfor movements in Debt.
Export Credit Facility Borrowings
As of November 30, 2025, we had $2.7 billion of undrawn export credit facilities to fund ship deliveries
planned through 2028 ($2.4 billion as of November 30, 2024). As of November 30, 2025, the net book value
of the Carnival plc ships subject to negative pledges was $6.6 billion ($4.0 billion as of November 30,
2024).
Revolving Facility
During 2025, Carnival Corporation and Carnival plc entered into a $4.5 billion unsecured multi-currency
revolving credit facility (\u201cRevolving Facility\u201d). The Revolving Facility replaced the $1.9 billion, \u20ac0.9 billion
and \u00a30.1 billion multi-currency revolving credit facility of Carnival Holdings (Bermuda) II Limited, a
subsidiary of Carnival Corporation. The Revolving Facility contains an accordion feature, allowing up to
$1.0 billion of additional revolving commitments. Carnival Corporation and Carnival plc may borrow or
utilize available amounts under its Revolving Facility through its maturity in June 2030, subject to the
satisfaction of the conditions in the facility.
Borrowings under the Revolving Facility bear interest at a rate of term SOFR, EURIBOR, or daily
compounding SONIA, as applicable, plus a margin based on the credit ratings of Carnival Corporation. In
addition, Carnival Corporation and Carnival plc are required to pay certain fees on the aggregate
commitments under its Revolving Facility.
As of November 30, 2025, Carnival Corporation and Carnival plc had $4.5 billion available for borrowing
under its Revolving Facility.
Collateral Pool
The secured debt of Carnival Corporation & plc is secured on a first-priority basis, depending on the
instrument, by certain collateral of Carnival Corporation & plc, which includes vessels and certain assets
related to those vessels and material intellectual property. The net book value of Carnival plc\u2019s vessels and
certain assets related to those vessels which form part of the Carnival Corporation & plc collateral pool is
$6.6 billion as of November 30, 2025.
Covenant Compliance
As of November 30, 2025, the most restrictive covenants for Carnival Corporation & plc\u2019s Revolving
Facility, unsecured loans and export credit facilities include the following:
\u2022 Maintain minimum interest coverage (adjusted EBITDA to consolidated net interest charges, as
defined in the agreements) at a ratio of not less than 2.5 to 1.0 for the November 30, 2025 testing date,
and at a ratio of not less than 3.0 to 1.0 for the February 28, 2026 testing date onwards
\u2022 Maintain minimum issued capital and consolidated reserves (as defined in the agreements) of
$5.0 billion
\u2022 Limit its debt to capital (as defined in the agreements) percentage to a percentage not to exceed 65%
\u2022 Maintain minimum liquidity of $1.5 billion
\u2022 Limit the amounts of its secured assets as well as secured and other indebtedness
At November 30, 2025, Carnival Corporation & plc was in compliance with the applicable covenants under
its debt agreements. Generally, if an event of default under any debt agreement occurs, then, pursuant to
cross-default and/or cross-acceleration clauses therein, substantially all of its outstanding debt could become
due, and its debt could be terminated. Any financial covenant amendment may lead to increased costs,
increased interest rates, additional restrictive covenants and other available lender protections that would be
applicable.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:4DR1VPDQMHD3N3QW8W95", "period": "2024-12-01T00:00:00/2025-12-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00274": { "value": "NOTE 14 \u2014 Debt and Interest Expense \n \n
November 30,
(in millions)
Maturity
Rate (a)
2025
2024
Unsecured Subsidiary Guaranteed
Notes
EUR Notes (b)
................
Jul 2031
4.13%
$ 1,160 $
\u2014
Loans
EUR floating rate (c)
............
Apr 2025
EURIBOR + 3.25%
\u2014
211
Export Credit Facilities
Fixed rate
....................
Dec 2032
2.69%
406
461
EUR floating rate
..............
Dec 2032 \u2013 Nov 2034 EURIBOR + 0.55 \u2013 0.65%
1,851
1,897
EUR fixed rate
................
Feb 2031 \u2013 Apr 2036
1.05 \u2013 4.00%
4,284
4,347
Total Unsecured Subsidiary
Guaranteed
................
7,701
6,915
Unsecured (No Subsidiary Guarantee)
Notes
EUR Notes
...................
Oct 2029
1.00%
696
633
Loans
EUR floating rate (c)
............
Apr 2029
EURIBOR + 1.95%
348
\u2014
Total Unsecured (No Subsidiary
Guarantee)
................
1,044
633
Total Debt
....................
8,745
7,548
Less: unamortized debt issuance costs
and discounts
................
(360)
(355)
Total Debt, net of unamortized debt
issuance costs and discounts
......
8,385
7,194
Less: current portion of long-term
debt
......................
(768)
(925)
Long-Term Debt, net of unamortized
debt issuance costs and discounts
...
$ 7,617 $ 6,269
(a)
The reference rates for all of our floating rate debt have a 0.00% floor.
(b)
During 2025, we issued $1.2 billion aggregate principal amount of 4.13% senior unsecured euro notes
due 2031.
(c)
During 2025, the euro floating rate loan agreement was amended to increase the principal amount by
$112 million, extend its maturity from April 2025 to April 2029, amend the loan\u2019s margin from 3.25% to
1.95% and remove the subsidiary guarantee.
As of November 30, 2025, the scheduled maturities of our debt are as follows:
\n \n
(in millions)
Principal
Year
Payments
2026
................................................................
$
768
2027
................................................................
768
2028
................................................................
768
2029
................................................................
1,811
2030
................................................................
768
Thereafter
...........................................................
3,863
Total
...............................................................
$
8,745
As of November 30, 2024, the scheduled maturities of our debt are as follows:
\n \n
(in millions)
Principal
Year
Payments
2025
................................................................
$
925
2026
................................................................
703
2027
................................................................
703
2028
................................................................
703
2029
................................................................
1,337
Thereafter
...........................................................
3,176
Total
...............................................................
$
7,548
Refer to Note 25 \u2014 \u201cSupplemental Cash Flow Information\u201dfor movements in Debt.
Export Credit Facility Borrowings
As of November 30, 2025, we had $2.7 billion of undrawn export credit facilities to fund ship deliveries
planned through 2028 ($2.4 billion as of November 30, 2024). As of November 30, 2025, the net book value
of the Carnival plc ships subject to negative pledges was $6.6 billion ($4.0 billion as of November 30,
2024).
Revolving Facility
During 2025, Carnival Corporation and Carnival plc entered into a $4.5 billion unsecured multi-currency
revolving credit facility (\u201cRevolving Facility\u201d). The Revolving Facility replaced the $1.9 billion, \u20ac0.9 billion
and \u00a30.1 billion multi-currency revolving credit facility of Carnival Holdings (Bermuda) II Limited, a
subsidiary of Carnival Corporation. The Revolving Facility contains an accordion feature, allowing up to
$1.0 billion of additional revolving commitments. Carnival Corporation and Carnival plc may borrow or
utilize available amounts under its Revolving Facility through its maturity in June 2030, subject to the
satisfaction of the conditions in the facility.
Borrowings under the Revolving Facility bear interest at a rate of term SOFR, EURIBOR, or daily
compounding SONIA, as applicable, plus a margin based on the credit ratings of Carnival Corporation. In
addition, Carnival Corporation and Carnival plc are required to pay certain fees on the aggregate
commitments under its Revolving Facility.
As of November 30, 2025, Carnival Corporation and Carnival plc had $4.5 billion available for borrowing
under its Revolving Facility.
Collateral Pool
The secured debt of Carnival Corporation & plc is secured on a first-priority basis, depending on the
instrument, by certain collateral of Carnival Corporation & plc, which includes vessels and certain assets
related to those vessels and material intellectual property. The net book value of Carnival plc\u2019s vessels and
certain assets related to those vessels which form part of the Carnival Corporation & plc collateral pool is
$6.6 billion as of November 30, 2025.
Covenant Compliance
As of November 30, 2025, the most restrictive covenants for Carnival Corporation & plc\u2019s Revolving
Facility, unsecured loans and export credit facilities include the following:
\u2022 Maintain minimum interest coverage (adjusted EBITDA to consolidated net interest charges, as
defined in the agreements) at a ratio of not less than 2.5 to 1.0 for the November 30, 2025 testing date,
and at a ratio of not less than 3.0 to 1.0 for the February 28, 2026 testing date onwards
\u2022 Maintain minimum issued capital and consolidated reserves (as defined in the agreements) of
$5.0 billion
\u2022 Limit its debt to capital (as defined in the agreements) percentage to a percentage not to exceed 65%
\u2022 Maintain minimum liquidity of $1.5 billion
\u2022 Limit the amounts of its secured assets as well as secured and other indebtedness
At November 30, 2025, Carnival Corporation & plc was in compliance with the applicable covenants under
its debt agreements. Generally, if an event of default under any debt agreement occurs, then, pursuant to
cross-default and/or cross-acceleration clauses therein, substantially all of its outstanding debt could become
due, and its debt could be terminated. Any financial covenant amendment may lead to increased costs,
increased interest rates, additional restrictive covenants and other available lender protections that would be
applicable.", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:4DR1VPDQMHD3N3QW8W95", "period": "2024-12-01T00:00:00/2025-12-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00278": { "value": "Collateral Pool
The secured debt of Carnival Corporation & plc is secured on a first-priority basis, depending on the
instrument, by certain collateral of Carnival Corporation & plc, which includes vessels and certain assets
related to those vessels and material intellectual property. The net book value of Carnival plc\u2019s vessels and
certain assets related to those vessels which form part of the Carnival Corporation & plc collateral pool is
$6.6 billion as of November 30, 2025. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCollateralExplanatory", "language": "en", "entity": "scheme:4DR1VPDQMHD3N3QW8W95", "period": "2024-12-01T00:00:00/2025-12-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00280": { "value": "NOTE 15 \u2014 Ship Commitments
At November 30, 2025, our new ship growth capital commitments are $35 million, $155 million, $86 million,
$173 million and $2.9 billion for the years ending November 30, 2026, 2027, 2028, 2029 and thereafter.NOTE 23 \u2014 Contingencies
Provisions
The Group\u2019s provisions include estimated liabilities for crew, guest and other third-party claims. The
liabilities associated with crew illnesses and crew and guest injury claims, including all legal costs, are
estimated based on the specific merits of the individual claims or actuarially estimated based on historical
claims experience, loss development factors and other assumptions.
The changes in our provisions were as follows:
(in millions)
Claims Reserves
At November 30, 2024
..............................................
$
101
Additional provisions
...............................................
26
Paid losses
.......................................................
(18)
Reversals
........................................................
(8)
Exchange movements
...............................................
6
Changes in the discounted amount
......................................
(1)
At November 30, 2025
..............................................
$
107
November 30,
(in millions)
2025
2024
Provisions
Current
.....................................................
$
26
32
Non-current
.................................................
81
70
$
107
$
101
\n
Litigation
\n
We are routinely involved in legal proceedings, claims, disputes, regulatory matters and governmental
\n
inspections or investigations arising in the ordinary course of or incidental to our business. We have insurance
\n
coverage for certain of these claims and actions, or any settlement of these claims and actions, and
\n
historically the maximum amount of our liability, net of any insurance recoverables, has been limited to our
\n
self-insurance retention levels.
\n
We record provisions in the financial statements for pending litigation when we determine that an unfavorable
\n
outcome is probable and the amount of the loss can be reasonably estimated.
\n
Legal proceedings and government investigations are subject to inherent uncertainties, and unfavorable
\n
rulings or other events could occur. Unfavorable resolutions could involve substantial monetary damages.
\n
In addition, in matters for which conduct remedies are sought, unfavorable resolutions could include an
\n
injunction or other order prohibiting us from selling one or more products at all or in particular ways,
\n
precluding particular business practices or requiring other remedies. An unfavorable outcome might result
\n
in a material adverse impact on our business, results of operations, financial position or liquidity.
\n
As of November 30, 2025, two purported class actions brought against us by former guests in the Federal
\n
Court in Australia and in Italy remain pending, as previously disclosed. These actions include claims based
\n
on a variety of theories, including negligence, gross negligence and failure to warn, physical injuries and severe
\n
emotional distress associated with being exposed to and/or contracting COVID-19 onboard our ships. On
\n
October 24, 2023, the court in the Australian matter held that we were liable for negligence and for breach of
\n
consumer protection warranties as it relates to the lead plaintiff. The court ruled that the lead plaintiff was
\n
not entitled to any pain and suffering or emotional distress damages on the negligence claim and awarded
\n
medical costs. In relation to the consumer protection warranties claim, the court found that distress and
\n
disappointment damages amounted to no more than the refund already provided to guests and therefore
\n
made no further award. Further proceedings will determine the applicability of this ruling to the remaining
\n
class participants. On March 31, 2025, the court in the Italian matter returned a ruling rejecting most of
\n
the plaintiffs\u2019claims and awarding a half-price fare reduction for certain passengers. Plaintiffs have appealed
\n
the ruling. We continue to take actions to defend against the above claims. We believe the ultimate outcome
\n
of these matters will not have a material impact on our consolidated financial statements.
\n
Regulatory or Governmental Inquiries and Investigations
\n
We have been, and may continue to be, impacted by breaches in data security and lapses in data privacy,
\n
which occur from time to time. These can vary in scope and range from inadvertent events to malicious
\n
motivated attacks.
\n
We have historically incurred legal and other costs in connection with cyber incidents that have impacted us.
\n
The penalties and settlements paid in connection with cyber incidents over the last three years were not
\n
material. While past incidents did not have a material adverse effect on our business, results of operations,
\n
financial position or liquidity, no assurances can be given about the future and we may be subject to future
\n
attacks, incidents or litigation that could have such a material adverse effect.
\n
On March 14, 2022, the U.S. Department of Justice and the U.S. Environmental Protection Agency notified
\n
Carnival Corporation & plc of potential civil penalties and injunctive relief for alleged Clean Water Act
\n
violations by owned and operated vessels covered by the 2013 Vessel General Permit. We are working with
\n
these agencies to reach a resolution of this matter. We believe the ultimate outcome will not have a material
\n
impact on our consolidated financial statements.
Other Contingent Obligations
Some of the debt contracts we enter into include indemnification provisions obligating us to make payments
to the counterparty if certain events occur. These contingencies generally relate to changes in taxes or
changes in laws which increase the lender\u2019s costs. There are no stated or notional amounts included in the
indemnification clauses, and we are not able to estimate the maximum potential amount of future payments,
if any, under these indemnification clauses.
Refer to Note 2 \u2014 \u201cMaterial Accounting Policies\u201dfor additional information on contingencies and
insurance.
Financial Guarantee Contracts
Under deeds of guarantee executed in connection with the DLC arrangement, as well as stand-alone
guarantees executed since that time, each of Carnival Corporation and Carnival plc have effectively cross
guaranteed all indebtedness and certain other monetary obligations of each other. As of November 30, 2025
or 2024 the cross guarantees within the DLC arrangement are not expected to result in any credit loss.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:4DR1VPDQMHD3N3QW8W95", "period": "2024-12-01T00:00:00/2025-12-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00279": { "value": "NOTE 15 \u2014 Ship Commitments
At November 30, 2025, our new ship growth capital commitments are $35 million, $155 million, $86 million,
$173 million and $2.9 billion for the years ending November 30, 2026, 2027, 2028, 2029 and thereafter.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:4DR1VPDQMHD3N3QW8W95", "period": "2024-12-01T00:00:00/2025-12-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00282": { "value": "NOTE 16 \u2014 Accrued Liabilities and Related
November 30,
(in millions)
2025
2024
Compensation and benefits
....................................
$
231
$
281
Taxes
....................................................
93
74
Interest
..................................................
75
69
Port fees
..................................................
48
56
Emission obligations
.........................................
68
34
Other
....................................................
214
207
$
730
$
720
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:4DR1VPDQMHD3N3QW8W95", "period": "2024-12-01T00:00:00/2025-12-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00281": { "value": "NOTE 16 \u2014 Accrued Liabilities and Related
November 30,
(in millions)
2025
2024
Compensation and benefits
....................................
$
231
$
281
Taxes
....................................................
93
74
Interest
..................................................
75
69
Port fees
..................................................
48
56
Emission obligations
.........................................
68
34
Other
....................................................
214
207
$
730
$
720
NOTE 18 \u2014 Other Long-Term Liabilities
November 30,
(in millions)
2025
2024
Customer deposits
..........................................
$
200
$
162
Income tax uncertainty reserve
..................................
28
20
Post-employment benefits
.....................................
24
21
Other long-term liabilities
.....................................
42
47
$
294
$
249
\nRefer to Note 5 \u2014 \u201cTaxation\u201dfor additional details on deferred income taxes. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:4DR1VPDQMHD3N3QW8W95", "period": "2024-12-01T00:00:00/2025-12-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00283": { "value": "NOTE 18 \u2014 Other Long-Term Liabilities
November 30,
(in millions)
2025
2024
Customer deposits
..........................................
$
200
$
162
Income tax uncertainty reserve
..................................
28
20
Post-employment benefits
.....................................
24
21
Other long-term liabilities
.....................................
42
47
$
294
$
249
\nRefer to Note 5 \u2014 \u201cTaxation\u201dfor additional details on deferred income taxes. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:4DR1VPDQMHD3N3QW8W95", "period": "2024-12-01T00:00:00/2025-12-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00287": { "value": "NOTE 19 \u2014 Share Capital and Reserves
Number of
Share
(in millions)
Shares
Capital
At November 30, 2023
........................................
217
$
361
Ordinary shares issued and fully paid
.............................
\u2014
\u2014
At November 30, 2024
........................................
217
361
Ordinary shares issued and fully paid
.............................
\u2014
\u2014
At November 30, 2025
........................................
217
$
361
There were 28.9 million shares held as treasury stock at November 30, 2025 (29.7 million shares were held
as treasury stock at November 30, 2024).
At November 30, 2025 there were 11.3 million ordinary shares at $1.66 each of Carnival plc (11.7 million at
November 30, 2024) authorized for future issuance under its employee equity settled incentive and benefit
plans.
The Group merger reserve arose from the difference between the book value and the fair value of certain
businesses sold to Carnival Corporation during 2004 as part of the DLC corporate restructuring, which was
accounted for as a group reconstruction.
Dividends
In December 2025, the Boards of Directors approved the reinstatement of the company\u2019s quarterly
dividend and declared an initial $0.15 per share dividend with a record date of February 13, 2026 and a
payment date of February 27, 2026.", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:4DR1VPDQMHD3N3QW8W95", "period": "2024-12-01T00:00:00/2025-12-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00286": { "value": "NOTE 19 \u2014 Share Capital and Reserves
Number of
Share
(in millions)
Shares
Capital
At November 30, 2023
........................................
217
$
361
Ordinary shares issued and fully paid
.............................
\u2014
\u2014
At November 30, 2024
........................................
217
361
Ordinary shares issued and fully paid
.............................
\u2014
\u2014
At November 30, 2025
........................................
217
$
361
There were 28.9 million shares held as treasury stock at November 30, 2025 (29.7 million shares were held
as treasury stock at November 30, 2024).
At November 30, 2025 there were 11.3 million ordinary shares at $1.66 each of Carnival plc (11.7 million at
November 30, 2024) authorized for future issuance under its employee equity settled incentive and benefit
plans.
The Group merger reserve arose from the difference between the book value and the fair value of certain
businesses sold to Carnival Corporation during 2004 as part of the DLC corporate restructuring, which was
accounted for as a group reconstruction.
Dividends
In December 2025, the Boards of Directors approved the reinstatement of the company\u2019s quarterly
dividend and declared an initial $0.15 per share dividend with a record date of February 13, 2026 and a
payment date of February 27, 2026.", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:4DR1VPDQMHD3N3QW8W95", "period": "2024-12-01T00:00:00/2025-12-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00285": { "value": "NOTE 19 \u2014 Share Capital and Reserves
Number of
Share
(in millions)
Shares
Capital
At November 30, 2023
........................................
217
$
361
Ordinary shares issued and fully paid
.............................
\u2014
\u2014
At November 30, 2024
........................................
217
361
Ordinary shares issued and fully paid
.............................
\u2014
\u2014
At November 30, 2025
........................................
217
$
361
There were 28.9 million shares held as treasury stock at November 30, 2025 (29.7 million shares were held
as treasury stock at November 30, 2024).
At November 30, 2025 there were 11.3 million ordinary shares at $1.66 each of Carnival plc (11.7 million at
November 30, 2024) authorized for future issuance under its employee equity settled incentive and benefit
plans.
The Group merger reserve arose from the difference between the book value and the fair value of certain
businesses sold to Carnival Corporation during 2004 as part of the DLC corporate restructuring, which was
accounted for as a group reconstruction.
Dividends
In December 2025, the Boards of Directors approved the reinstatement of the company\u2019s quarterly
dividend and declared an initial $0.15 per share dividend with a record date of February 13, 2026 and a
payment date of February 27, 2026.", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:4DR1VPDQMHD3N3QW8W95", "period": "2024-12-01T00:00:00/2025-12-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00284": { "value": "NOTE 19 \u2014 Share Capital and Reserves
Number of
Share
(in millions)
Shares
Capital
At November 30, 2023
........................................
217
$
361
Ordinary shares issued and fully paid
.............................
\u2014
\u2014
At November 30, 2024
........................................
217
361
Ordinary shares issued and fully paid
.............................
\u2014
\u2014
At November 30, 2025
........................................
217
$
361
There were 28.9 million shares held as treasury stock at November 30, 2025 (29.7 million shares were held
as treasury stock at November 30, 2024).
At November 30, 2025 there were 11.3 million ordinary shares at $1.66 each of Carnival plc (11.7 million at
November 30, 2024) authorized for future issuance under its employee equity settled incentive and benefit
plans.
The Group merger reserve arose from the difference between the book value and the fair value of certain
businesses sold to Carnival Corporation during 2004 as part of the DLC corporate restructuring, which was
accounted for as a group reconstruction.
Dividends
In December 2025, the Boards of Directors approved the reinstatement of the company\u2019s quarterly
dividend and declared an initial $0.15 per share dividend with a record date of February 13, 2026 and a
payment date of February 27, 2026.", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:4DR1VPDQMHD3N3QW8W95", "period": "2024-12-01T00:00:00/2025-12-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00288": { "value": "Dividends
In December 2025, the Boards of Directors approved the reinstatement of the company\u2019s quarterly
dividend and declared an initial $0.15 per share dividend with a record date of February 13, 2026 and a
payment date of February 27, 2026.", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:4DR1VPDQMHD3N3QW8W95", "period": "2024-12-01T00:00:00/2025-12-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00289": { "value": "0.15", "decimals": 2, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:4DR1VPDQMHD3N3QW8W95", "period": "2024-12-01T00:00:00/2025-12-01T00:00:00", "unit": "iso4217:USD/xbrli:shares" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00290": { "value": "NOTE 20 \u2014 Post-Employment Benefits
Employee Benefit Plans
The Group is a contributing employer to three defined benefit pension plans: the P&O Princess Cruises
(UK) Pension Scheme (\u201cCompany\u2019s UK Plan\u201d), the multiemployer Merchant Navy Officers Pension Fund
(\u201cMNOPF\u201d) and the multiemployer Merchant Navy Ratings Pension Fund (\u201cMNRPF\u201d). The multiemployer
plans are maintained for the benefit of the employees of the participating employers who make contributions
to the plans. The risks of participating in these multiemployer plans are different from single-employer
plans, including:
\u2022 Contributions made by employers, including us, may be used to provide benefits to employees of
other participating employers
\u2022 If any of the participating employers were to withdraw from the multiemployer plans or fail to make
their required contributions, any unfunded obligations would be the responsibility of the remaining
participating employers
We are contractually obligated to make all required contributions as determined by the plans\u2019trustees. All
of our multiemployer plans are closed to new membership and future benefit accrual.
The defined benefit plans are formally valued triennially by external qualified actuaries as required by the
applicable UK regulations.
The Company\u2019s UK Plan\u2019s assets are managed on behalf of the trustee by independent fund managers. The
Company\u2019s UK Plan is closed to new membership and to future benefit accrual. Based on the most recent
triennial valuation of the Company\u2019s UK Plan at March 31, 2025, it was determined that this plan was 101%
funded.
The MNOPF is a funded defined benefit multiemployer plan in which British officers employed by
companies within the Group have participated and continue to participate. The MNOPF is divided into two
sections, the \u201cOld Section\u201dand the \u201cNew Section\u201d, each of which covers a different group of participants.
The Old Section covers predecessor employers\u2019 officers employed prior to 1978 and is fully funded. In
December 2012, the fund\u2019s trustee completed a buy-in of the Old Section liabilities with a third-party insurer,
whereby the insurer will pay the officers\u2019pension liabilities as they become due. Therefore, we have no
\n
further obligation to fund this Section.
\n
The New Section is accounted for as a defined benefit plan. Based on the most recent triennial valuation of
\n
the New Section at March 31, 2024, it was determined that this plan was 99% funded.
\n
The MNRPF is also a defined benefit multiemployer pension plan available to certain of P&O Cruises
\n
(UK)\u2019s shipboard British personnel. Based on the most recent triennial valuation at March 31, 2023, it was
\n
determined that this plan was 85% funded and the deficits were to be recovered through funding contributions
\n
from participating employers. Our share of the deficit was confirmed as $3 million, which was paid in
\n
2024.
\n
The Group is aware of the UK High Court ruling in June 2023 in the case between Virgin Media Limited
\n
and NTL Pension Trustees II Limited which determined that certain historic amendments to defined pension
\n
scheme rules were void unless accompanied by actuarial confirmation. Subsequently, the UK government
\n
has included provisions in the Pension Schemes Bill to give affected pension schemes the ability to
\n
retrospectively obtain written actuarial confirmation that historic benefit changes met the necessary
\n
standards. The bill is currently progressing through Parliament. The Group is continuing to review the
\n
implications of the ruling and potential legislative changes on the plans. No adjustments have been made to
\n
the Group financial statements at November 30, 2025.
\n
The recorded long-term assets (liabilities) on the Balance Sheets for the Company\u2019s UK Plan, the Group\u2019s
\n
share of the MNOPF New Section and the MNRPF and other post-employment benefit liabilities were as
\n
follows:
\n\n \n
November 30,
(in millions)
2025
2024
Employee benefit plans\u2019 assets (deficits)
..............................
$
3
$
9
Other post-employment benefit liabilities
.............................
(22)
(21)
$
(19)
$
(12)
\n
The employee benefit plans\u2019information provided below relates to the Company\u2019s UK Plan, the Group\u2019s
\n
share of the MNOPF New Section and the MNRPF.
\n
The pension liabilities for accounting purposes were calculated by the Group\u2019s qualified external actuary.
\n
The principal assumptions used were as follows:
\n \n \n
Company\u2019s
UK Plan (%)
MNOPF
New Section (%)
MNRPF (%)
2025
2024
2025
2024
2025
2024
Discount rates
...............
5.5
5.2
5.4
5.2
5.4
5.2
Expected rates of salary increases . .
2.7
2.9
n/a
n/a
n/a
n/a
Pension increases
Deferment
................
2.7
2.9
2.7
2.9
2.7
2.9
Payment
..................
2.6
2.8
2.8
3.1
2.8
3.1
Inflation
...................
3.0
3.3
3.0
3.3
3.0
3.3
\n
Assumptions regarding future mortality experience are set based on the Self-Administered Pension Schemes
\n
tables for the \u201cbase\u201dmortality tables. The weighted-average life expectancy in years of a 65-year old
\n
pensioner on the balance sheet dates was as follows:
\n\n \n
November 30,
2025
2024
Male
.......................................................
21.1
21.0
Female
.....................................................
23.8
23.7
The weighted-average post-retirement life expectancy in years of a 45-year old future pensioner retiring at
\n
age 65 was as follows:
\n\n \n
November 30,
2025
2024
Male
.......................................................
22.4
22.3
Female
.....................................................
25.3
25.1
\n
The amounts recognized in the Balance Sheets for these plans were determined as follows:
\n\n \n
November 30,
(in millions)
2025
2024
Present value of obligations
......................................
$
(376)
$
(381)
Fair value of plans\u2019 assets
.......................................
381
395
Net assets (liabilities) before restriction on assets
.......................
5
14
Restriction on assets
...........................................
(2)
(5)
Net assets (liabilities) recognized in the Balance Sheets
...................
$
3
$
9
\n
The amounts recognized in the Statements of Income for these plans were as follows:
\n\n \n
November 30,
(in millions)
2025
2024
Service cost
.................................................
$
\u2014
$
\u2014
Interest cost on defined benefit obligation
............................
20
19
Interest income on plans\u2019 assets
...................................
(20)
(19)
Administrative expenses
.........................................
4
3
Cost recognized in the Statements of Income
..........................
$
4
$
3
\n
We do not expect to make contributions into the Company\u2019s UK Plan or the MNRPF Plan during 2026.
\n
The weighted average duration of the defined benefit obligation of all employee benefit plans is 11 years.
\n
Estimated future benefit payments to be made during each of the next five fiscal years and in the aggregate
\n
during the succeeding five fiscal years for all employee benefit plans are as follows:
\n\n \n
(in millions)
2026
................................................................
$
26
2027
................................................................
$
26
2028
................................................................
$
27
2029
................................................................
$
27
2030
................................................................
$
28
2031 \u2013 2035
...........................................................
$
149
\n
Analysis of the movements in the Balance Sheet assets (liabilities) for these plans was as follows:
\n\n \n
November 30,
(in millions)
2025
2024
Net assets (liabilities) at December 1,
................................
$
9
$
3
Expenses (see above)
...........................................
(4)
(3)
Amounts recognized in the Statements of Comprehensive Income
...........
(3)
6
Employer contributions
.........................................
\u2014
3
Net assets (liabilities) at November 30,
...............................
$
3
$
9
\n
The cumulative losses recognized in the Statements of Changes in Shareholders\u2019Equity at November 30,
\n
2025 for these plans were $18 million ($16 million at November 30, 2024).
Changes in the present value of defined benefit obligations for these plans were as follows:
\n \n
November 30,
(in millions)
2025
2024
Present value of obligations at December 1,
...........................
$
(381)
$
(382)
Interest cost
.................................................
(20)
(19)
Benefits paid
................................................
28
25
Administrative expenses
.........................................
(4)
(3)
Gain (loss) due to experience
.....................................
\u2014
3
Gain (loss) due to changes in financial assumptions
.....................
15
1
Gain (loss) due to changes in demographic assumptions
..................
4
1
Gain (loss) due to changes in share
.................................
(1)
(7)
Exchange movements
..........................................
(17)
\u2014
Present value of obligations at November 30,
..........................
$
(376)
$
(381)
The defined benefit plans expose the Group to actuarial risks, such as longevity risk, interest rate risk,
inflation risk and market (investment) risk, including currency risk.
The sensitivity of the plans\u2019liabilities to reasonable changes in certain key assumptions were as follows:
\u2022 0.5% reduction in the discount rate results in an increase of $20 million
\u2022 0.5% increase in inflation rate results in an increase of $10 million
\u2022 1 year increase in life expectancy would result in an increase of $12 million
Changes in the fair value of these plans\u2019 assets were as follows:
\n \n
November 30,
(in millions)
2025
2024
Fair value of plans\u2019 assets at December 1,
............................
$
395
$
388
Interest income on plans\u2019 assets
...................................
20
19
Return (loss) on plans\u2019 assets greater than discount rate
...................
(25)
4
Employer contributions
.........................................
\u2014
3
Benefits paid
................................................
(28)
(25)
Gain (loss) due to a change in share
................................
1
7
Exchange movements
..........................................
17
(1)
Fair value of plans\u2019assets at November 30,
...........................
$
381
$
395
The actual gains (losses) on these plans\u2019 assets in 2025 were $(5) million ($23 million in 2024).
These plans\u2019 assets were comprised as follows:
\n \n
November 30,
(in millions, except percentages)
2025
2024
Equities
...................................
$
34
9%
$
33
8%
Corporate bonds
............................
36
9%
36
9%
Liability matching investments
...................
311
82%
326
83%
$
381
100%
$
395
100%
Restriction on assets (a)
.......................
(2)
(5)
$
379
$
390
(a)
These assets are restricted in line with the trustee agreements of the two multiemployer schemes, with
any gain not being a claimable benefit to participating employers.
Defined Contribution Plans
The Group has several defined contribution plans available to its employees. During 2025, the Group
expensed $16 million ($16 million in 2024) for these plans.", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:4DR1VPDQMHD3N3QW8W95", "period": "2024-12-01T00:00:00/2025-12-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00291": { "value": "Defined Contribution Plans
The Group has several defined contribution plans available to its employees. During 2025, the Group
expensed $16 million ($16 million in 2024) for these plans.", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedBenefitPlansExplanatory", "language": "en", "entity": "scheme:4DR1VPDQMHD3N3QW8W95", "period": "2024-12-01T00:00:00/2025-12-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00293": { "value": "NOTE 21 \u2014 Employees and Directors
The average number of our employees, which excludes shipboard employees who are on leave, was as
follows:
\n \n
Years Ended November 30,
2025
2024
Shore employees
..........................................
7,975
7,748
Shipboard employees (a)
.....................................
33,386
35,171
41,361
42,919
(a)
During March 2025, we sunset the P&O Cruises (Australia) brand and folded its operations into
Carnival Cruise Line.
The aggregate payroll and related expenses included in both cruise operating expenses and selling and
administrative expenses were as follows:
\n \n
Years Ended November 30,
(in millions)
2025
2024
Salaries, wages and benefits
...................................
$
1,354
$
1,316
Social security and payroll taxes
...............................
73
80
Post-employment benefits
....................................
27
24
Share-based compensation
...................................
14
10
$
1,469
$
1,430
Carnival Corporation and Carnival plc operate as if they are a single economic enterprise with a single
senior executive management team and identical Boards of Directors (\u201cKey Management\u201d). These individuals
have the responsibility and authority for controlling, directing and planning Carnival Corporation and
Carnival plc\u2019s activities. Except for some share-based compensation and some fees for UK-based services,
the majority of Key Management\u2019s remuneration was borne by other companies within the DLC and is
included in the consolidated financial statements of Carnival Corporation & plc. No recharge is made to the
Group and given our structure, it is not possible to make an accurate apportionment in respect of the
emoluments directly attributable to the Group. Details of the Group\u2019s Directors\u2019remuneration and share-
based compensation are disclosed in the Carnival plc Directors\u2019 Remuneration Report and any relevant
transactions are given in the \u201cRelated Person Transactions\u201d section. Additional disclosures of related party
transactions are discussed in Note 1 \u2014 \u201cGeneral, DLC Arrangement\u201dand Note 22 \u2014 \u201cRelated Party
Transactions.\u201dThe aggregate compensation for our Key Management includes amounts paid by both
Carnival Corporation and Carnival plc and was as follows:
\n \n
Years Ended November 30,
(in millions)
2025
2024
Fees
...................................................
$
1
$
1
Non-equity incentive plan compensation
.........................
11
37
Salaries and benefits
.......................................
5
6
Total short-term employment benefits
...........................
17
44
Share-based compensation
...................................
21
16
$
38
$
60
Equity Plans
We issue our share-based compensation awards, which at November 30, 2025 included time-based share
awards (restricted stock awards and restricted stock units) and performance-based share awards (restricted
stock units) (collectively \u201cequity awards\u201d) under the Carnival plc stock plan. Equity awards are principally
granted to management level employees and members of our Boards of Directors. The plan is administered
by a committee of independent directors (the \u201cCommittee\u201d) that determines which employees are eligible to
participate, the monetary value or number of shares for which equity awards are to be granted and the
amounts that may be exercised or sold within a specified term. We had an aggregate of 2.3 million shares
available for future grant at November 30, 2025. We fulfill our equity award obligations using shares
purchased in the open market or with unissued or treasury shares. Our equity awards generally vest over a
three-year period, subject to earlier vesting under certain conditions.
The Group granted 1,331,366 equity awards at a weighted-average price of \u00a312.38 in 2025 (1,281,333 equity
awards at a weighted-average price of \u00a311.08 in 2024).", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:4DR1VPDQMHD3N3QW8W95", "period": "2024-12-01T00:00:00/2025-12-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00292": { "value": "NOTE 21 \u2014 Employees and Directors
The average number of our employees, which excludes shipboard employees who are on leave, was as
follows:
\n \n
Years Ended November 30,
2025
2024
Shore employees
..........................................
7,975
7,748
Shipboard employees (a)
.....................................
33,386
35,171
41,361
42,919
(a)
During March 2025, we sunset the P&O Cruises (Australia) brand and folded its operations into
Carnival Cruise Line.
The aggregate payroll and related expenses included in both cruise operating expenses and selling and
administrative expenses were as follows:
\n \n
Years Ended November 30,
(in millions)
2025
2024
Salaries, wages and benefits
...................................
$
1,354
$
1,316
Social security and payroll taxes
...............................
73
80
Post-employment benefits
....................................
27
24
Share-based compensation
...................................
14
10
$
1,469
$
1,430
Carnival Corporation and Carnival plc operate as if they are a single economic enterprise with a single
senior executive management team and identical Boards of Directors (\u201cKey Management\u201d). These individuals
have the responsibility and authority for controlling, directing and planning Carnival Corporation and
Carnival plc\u2019s activities. Except for some share-based compensation and some fees for UK-based services,
the majority of Key Management\u2019s remuneration was borne by other companies within the DLC and is
included in the consolidated financial statements of Carnival Corporation & plc. No recharge is made to the
Group and given our structure, it is not possible to make an accurate apportionment in respect of the
emoluments directly attributable to the Group. Details of the Group\u2019s Directors\u2019remuneration and share-
based compensation are disclosed in the Carnival plc Directors\u2019 Remuneration Report and any relevant
transactions are given in the \u201cRelated Person Transactions\u201d section. Additional disclosures of related party
transactions are discussed in Note 1 \u2014 \u201cGeneral, DLC Arrangement\u201dand Note 22 \u2014 \u201cRelated Party
Transactions.\u201dThe aggregate compensation for our Key Management includes amounts paid by both
Carnival Corporation and Carnival plc and was as follows:
\n \n
Years Ended November 30,
(in millions)
2025
2024
Fees
...................................................
$
1
$
1
Non-equity incentive plan compensation
.........................
11
37
Salaries and benefits
.......................................
5
6
Total short-term employment benefits
...........................
17
44
Share-based compensation
...................................
21
16
$
38
$
60
Equity Plans
We issue our share-based compensation awards, which at November 30, 2025 included time-based share
awards (restricted stock awards and restricted stock units) and performance-based share awards (restricted
stock units) (collectively \u201cequity awards\u201d) under the Carnival plc stock plan. Equity awards are principally
granted to management level employees and members of our Boards of Directors. The plan is administered
by a committee of independent directors (the \u201cCommittee\u201d) that determines which employees are eligible to
participate, the monetary value or number of shares for which equity awards are to be granted and the
amounts that may be exercised or sold within a specified term. We had an aggregate of 2.3 million shares
available for future grant at November 30, 2025. We fulfill our equity award obligations using shares
purchased in the open market or with unissued or treasury shares. Our equity awards generally vest over a
three-year period, subject to earlier vesting under certain conditions.
The Group granted 1,331,366 equity awards at a weighted-average price of \u00a312.38 in 2025 (1,281,333 equity
awards at a weighted-average price of \u00a311.08 in 2024).", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:4DR1VPDQMHD3N3QW8W95", "period": "2024-12-01T00:00:00/2025-12-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00294": { "value": "NOTE 22 \u2014 Related Party Transactions
During 2025, we sold two ships with a total passenger-capacity of 5,240 berths to Carnival Corporation for
a total of $375 million. These ships were subsequently leased back to us for the remainder of 2025. During
2024, we sold one ship with a passenger-capacity of 4,240 berths to Carnival Corporation for $699 million.
The amounts owed to us from Carnival Corporation and its subsidiaries (\u201cCarnival Corporation group\u201d)
in connection with these non-cash transactions reduced our payable to Carnival Corporation group.
During 2025, we completed the purchase of three ships with a total passenger-capacity of 14,130 berths
from Carnival Corporation group for a total of $2.4 billion. The amounts owed to Carnival Corporation
group in connection with these non-cash transactions increased our payable to Carnival Corporation group.
During 2025 and 2024, Holland America Line and Princess Cruises purchased land tours from us totalling
$150 million and $149 million. In addition, during 2025 and 2024 we sold an immaterial amount of pre- and
post-cruise vacations, shore excursions and transportation services to Carnival Corporation group.
During 2025 and 2024, we had lease-related expenses of $100 million and $205 million, in respect of the
ships leased from Carnival Corporation group.
During 2025 and 2024, we had ship charter and management agreements with Princess Cruises and
Carnival Cruise Line for ships operating in Australia and Asia. The total charter and management expenses,
relating to these agreements were $413 million and $417 million in 2025 and 2024.
Carnival Corporation owned 42.9 million or 19.7% of Carnival plc\u2019s ordinary shares at November 30, 2025.
Carnival Corporation and its subsidiary, Carnival Investments Limited, owned 42.9 million or 19.7% of
Carnival plc\u2019s ordinary shares at November 30, 2024. These ordinary shares are non-voting while they are
owned by Carnival Corporation and its subsidiary.
Within the DLC arrangement, there are instances where we provide services to Carnival Corporation and
also where Carnival Corporation provides services to us. Additional disclosures of related party transactions
are discussed in Note 1 \u2014 \u201cGeneral, DLC Arrangement.\u201d ", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:4DR1VPDQMHD3N3QW8W95", "period": "2024-12-01T00:00:00/2025-12-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00295": { "value": "During 2025, we sold two ships with a total passenger-capacity of 5,240 berths to Carnival Corporation for
a total of $375 million. These ships were subsequently leased back to us for the remainder of 2025. During
2024, we sold one ship with a passenger-capacity of 4,240 berths to Carnival Corporation for $699 million.
The amounts owed to us from Carnival Corporation and its subsidiaries (\u201cCarnival Corporation group\u201d)
in connection with these non-cash transactions reduced our payable to Carnival Corporation group.
During 2025, we completed the purchase of three ships with a total passenger-capacity of 14,130 berths
from Carnival Corporation group for a total of $2.4 billion. The amounts owed to Carnival Corporation
group in connection with these non-cash transactions increased our payable to Carnival Corporation group.
During 2025 and 2024, Holland America Line and Princess Cruises purchased land tours from us totalling
$150 million and $149 million. In addition, during 2025 and 2024 we sold an immaterial amount of pre- and
post-cruise vacations, shore excursions and transportation services to Carnival Corporation group.
During 2025 and 2024, we had lease-related expenses of $100 million and $205 million, in respect of the
ships leased from Carnival Corporation group.
During 2025 and 2024, we had ship charter and management agreements with Princess Cruises and
Carnival Cruise Line for ships operating in Australia and Asia. The total charter and management expenses,
relating to these agreements were $413 million and $417 million in 2025 and 2024.
Carnival Corporation owned 42.9 million or 19.7% of Carnival plc\u2019s ordinary shares at November 30, 2025.
Carnival Corporation and its subsidiary, Carnival Investments Limited, owned 42.9 million or 19.7% of
Carnival plc\u2019s ordinary shares at November 30, 2024. These ordinary shares are non-voting while they are
owned by Carnival Corporation and its subsidiary.
Within the DLC arrangement, there are instances where we provide services to Carnival Corporation and
also where Carnival Corporation provides services to us. Additional disclosures of related party transactions
are discussed in Note 1 \u2014 \u201cGeneral, DLC Arrangement.\u201d ", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:4DR1VPDQMHD3N3QW8W95", "period": "2024-12-01T00:00:00/2025-12-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00296": { "value": "During 2025, we sold two ships with a total passenger-capacity of 5,240 berths to Carnival Corporation for
a total of $375 million. These ships were subsequently leased back to us for the remainder of 2025. During
2024, we sold one ship with a passenger-capacity of 4,240 berths to Carnival Corporation for $699 million.
The amounts owed to us from Carnival Corporation and its subsidiaries (\u201cCarnival Corporation group\u201d)
in connection with these non-cash transactions reduced our payable to Carnival Corporation group.", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:4DR1VPDQMHD3N3QW8W95", "period": "2024-12-01T00:00:00/2025-12-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00297": { "value": "NOTE 23 \u2014 Contingencies
Provisions
The Group\u2019s provisions include estimated liabilities for crew, guest and other third-party claims. The
liabilities associated with crew illnesses and crew and guest injury claims, including all legal costs, are
estimated based on the specific merits of the individual claims or actuarially estimated based on historical
claims experience, loss development factors and other assumptions.
The changes in our provisions were as follows:
(in millions)
Claims Reserves
At November 30, 2024
..............................................
$
101
Additional provisions
...............................................
26
Paid losses
.......................................................
(18)
Reversals
........................................................
(8)
Exchange movements
...............................................
6
Changes in the discounted amount
......................................
(1)
At November 30, 2025
..............................................
$
107
November 30,
(in millions)
2025
2024
Provisions
Current
.....................................................
$
26
32
Non-current
.................................................
81
70
$
107
$
101
\n
Litigation
\n
We are routinely involved in legal proceedings, claims, disputes, regulatory matters and governmental
\n
inspections or investigations arising in the ordinary course of or incidental to our business. We have insurance
\n
coverage for certain of these claims and actions, or any settlement of these claims and actions, and
\n
historically the maximum amount of our liability, net of any insurance recoverables, has been limited to our
\n
self-insurance retention levels.
\n
We record provisions in the financial statements for pending litigation when we determine that an unfavorable
\n
outcome is probable and the amount of the loss can be reasonably estimated.
\n
Legal proceedings and government investigations are subject to inherent uncertainties, and unfavorable
\n
rulings or other events could occur. Unfavorable resolutions could involve substantial monetary damages.
\n
In addition, in matters for which conduct remedies are sought, unfavorable resolutions could include an
\n
injunction or other order prohibiting us from selling one or more products at all or in particular ways,
\n
precluding particular business practices or requiring other remedies. An unfavorable outcome might result
\n
in a material adverse impact on our business, results of operations, financial position or liquidity.
\n
As of November 30, 2025, two purported class actions brought against us by former guests in the Federal
\n
Court in Australia and in Italy remain pending, as previously disclosed. These actions include claims based
\n
on a variety of theories, including negligence, gross negligence and failure to warn, physical injuries and severe
\n
emotional distress associated with being exposed to and/or contracting COVID-19 onboard our ships. On
\n
October 24, 2023, the court in the Australian matter held that we were liable for negligence and for breach of
\n
consumer protection warranties as it relates to the lead plaintiff. The court ruled that the lead plaintiff was
\n
not entitled to any pain and suffering or emotional distress damages on the negligence claim and awarded
\n
medical costs. In relation to the consumer protection warranties claim, the court found that distress and
\n
disappointment damages amounted to no more than the refund already provided to guests and therefore
\n
made no further award. Further proceedings will determine the applicability of this ruling to the remaining
\n
class participants. On March 31, 2025, the court in the Italian matter returned a ruling rejecting most of
\n
the plaintiffs\u2019claims and awarding a half-price fare reduction for certain passengers. Plaintiffs have appealed
\n
the ruling. We continue to take actions to defend against the above claims. We believe the ultimate outcome
\n
of these matters will not have a material impact on our consolidated financial statements.
\n
Regulatory or Governmental Inquiries and Investigations
\n
We have been, and may continue to be, impacted by breaches in data security and lapses in data privacy,
\n
which occur from time to time. These can vary in scope and range from inadvertent events to malicious
\n
motivated attacks.
\n
We have historically incurred legal and other costs in connection with cyber incidents that have impacted us.
\n
The penalties and settlements paid in connection with cyber incidents over the last three years were not
\n
material. While past incidents did not have a material adverse effect on our business, results of operations,
\n
financial position or liquidity, no assurances can be given about the future and we may be subject to future
\n
attacks, incidents or litigation that could have such a material adverse effect.
\n
On March 14, 2022, the U.S. Department of Justice and the U.S. Environmental Protection Agency notified
\n
Carnival Corporation & plc of potential civil penalties and injunctive relief for alleged Clean Water Act
\n
violations by owned and operated vessels covered by the 2013 Vessel General Permit. We are working with
\n
these agencies to reach a resolution of this matter. We believe the ultimate outcome will not have a material
\n
impact on our consolidated financial statements.
Other Contingent Obligations
Some of the debt contracts we enter into include indemnification provisions obligating us to make payments
to the counterparty if certain events occur. These contingencies generally relate to changes in taxes or
changes in laws which increase the lender\u2019s costs. There are no stated or notional amounts included in the
indemnification clauses, and we are not able to estimate the maximum potential amount of future payments,
if any, under these indemnification clauses.
Refer to Note 2 \u2014 \u201cMaterial Accounting Policies\u201dfor additional information on contingencies and
insurance.
Financial Guarantee Contracts
Under deeds of guarantee executed in connection with the DLC arrangement, as well as stand-alone
guarantees executed since that time, each of Carnival Corporation and Carnival plc have effectively cross
guaranteed all indebtedness and certain other monetary obligations of each other. As of November 30, 2025
or 2024 the cross guarantees within the DLC arrangement are not expected to result in any credit loss.", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:4DR1VPDQMHD3N3QW8W95", "period": "2024-12-01T00:00:00/2025-12-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00298": { "value": "Provisions
The Group\u2019s provisions include estimated liabilities for crew, guest and other third-party claims. The
liabilities associated with crew illnesses and crew and guest injury claims, including all legal costs, are
estimated based on the specific merits of the individual claims or actuarially estimated based on historical
claims experience, loss development factors and other assumptions.
The changes in our provisions were as follows:
(in millions)
Claims Reserves
At November 30, 2024
..............................................
$
101
Additional provisions
...............................................
26
Paid losses
.......................................................
(18)
Reversals
........................................................
(8)
Exchange movements
...............................................
6
Changes in the discounted amount
......................................
(1)
At November 30, 2025
..............................................
$
107
November 30,
(in millions)
2025
2024
Provisions
Current
.....................................................
$
26
32
Non-current
.................................................
81
70
$
107
$
101
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:4DR1VPDQMHD3N3QW8W95", "period": "2024-12-01T00:00:00/2025-12-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00301": { "value": "NOTE 24 \u2014 Fair Value Measurements and Derivative Instruments, Hedging Activities and Financial Risks
Classes and Categories of Financial Instruments
The Group has the following classes of financial assets: cash and cash equivalents, trade receivables,
amount owed from Carnival Corporation group and other long-term receivables. The Group has the
following classes of financial liabilities: debt, lease liabilities, amount owed to Carnival Corporation group,
trade payables and accruals. For the carrying amounts, refer to respective notes.
Substantially all financial assets and liabilities are carried at amortized cost, except for investments in
money market funds which are presented at fair value. The fair values of our financial assets and financial
liabilities approximate their book values with exception of debt as described below.
Fair Value Measurements
Fair value is defined as the amount that would be received for selling an asset or paid to transfer a liability
in an orderly transaction between market participants at the measurement date and is measured using inputs
in one of the following three categories:
\u2022 Level 1 measurements are based on unadjusted quoted prices in active markets for identical assets or
liabilities that we have the ability to access. Valuation of these items does not entail a significant
amount of judgement.
\u2022 Level 2 measurements are based on quoted prices for similar assets or liabilities in active markets,
quoted prices for identical or similar assets or liabilities in markets that are not active or market data
other than quoted prices that are observable for the assets or liabilities
\u2022 Level 3 measurements are based on unobservable data that are supported by little or no market
activity and are significant to the fair value of the assets or liabilities
Considerable judgement may be required in interpreting market data used to develop the estimates of fair
value. Accordingly, certain estimates of fair value presented herein are not necessarily indicative of the
amounts that could be realized in a current or future market exchange.
All of the financial assets and liabilities measured at fair value are classified as level 2 using the fair value
hierarchy, except for money market funds, which are classified as level 1.
Financial Instruments that are not Measured at Fair Value
\n \n
November 30, 2025
November 30, 2024
Carrying
Fair
Carrying
Fair
(in millions)
Value
Value
Value
Value
Liabilities
Fixed rate debt (a)
...........................
$
6,546
$
6,215
$
5,440
$ 4,984
Floating rate debt (a)
.........................
2,199
2,173
2,108
2,029
Total
......................................
8,745
8,388
7,548
7,013
Less: unamortized debt issuance costs and discounts . . .
(360)
(355)
Total Debt, net of unamortized debt issuance costs and
discounts
..................................
$
8,385
$
7,194
(a)
The debt amounts above are categorized as Level 2. The fair values of our publicly-traded notes were
based on their unadjusted quoted market prices in markets that are not sufficiently active. The fair values
of our other debt were estimated based on current market interest rates being applied to this debt.
Financial Risks
Carnival Corporation & plc manages its financial risks on a consolidated basis. The Group\u2019s activities
expose it to a variety of financial risks such as fuel price risks, foreign currency exchange rate risk, interest
rate risk, credit risk and liquidity risk.
The annual financial statements should be read in conjunction with the DLC Financial Statements, which
are included in the Carnival plc Annual Report, but do not form part of these Carnival plc financial statements.
Fuel Price Risks
We manage our exposure to fuel price risk by managing our consumption of fuel. Substantially all of our
exposure to market risk for changes in fuel prices relates to the consumption of fuel on our ships. We manage
fuel consumption through fleet optimization, energy efficiency, itinerary efficiency, new technologies and
alternative fuels.
Foreign Currency Exchange Rate Risks
Overall Strategy
We manage our exposure to fluctuations in foreign currency exchange rates through our normal operating
and financing activities, including netting certain exposures to take advantage of any natural offsets and,
when considered appropriate, through the use of derivative and non-derivative financial instruments. Our
primary focus is to monitor our exposure to, and manage, the economic foreign currency exchange risks faced
by our operations and realized if we exchange one currency for another. We consider hedging certain of
our ship commitments and net investments in foreign operations. The financial impacts of our hedging
instruments, when used, generally offset the changes in the underlying exposures being hedged.
Operational Currency Risks
Our operations primarily utilize the U.S. dollar, Euro, Sterling or the Australian dollar as their functional
currencies. Our operations also have revenue and expenses denominated in non-functional currencies.
Movements in foreign currency exchange rates affect our consolidated financial statements.
Investment Currency Risks
We consider our investments in foreign operations to be denominated in stable currencies and of a long-term
nature. We have euro-denominated debt which provides an economic offset for our operations with euro
functional currency. In addition, we have in the past and may in the future utilize derivative financial
instruments, such as cross currency swaps, to manage our exposure to investment currency risks.
The exchange rates for each of our major currencies were as follows:
\n \n
2025 average
2024 average
November 30, 2025
exchange rate
November 30, 2024
exchange rate
USD to 1:
AUD
..................
$
0.65
$
0.64
$
0.65
$
0.66
CAD
..................
$
0.72
$
0.71
$
0.71
$
0.73
EUR
..................
$
1.16
$
1.12
$
1.06
$
1.09
GBP
..................
$
1.32
$
1.31
$
1.27
$
1.28
If the November 30, 2024 currency exchange rates had been used to translate our November 30, 2025
non-U.S. dollar functional currency operations\u2019assets and liabilities (instead of the November 30, 2025 U.S.
dollar exchange rates), our total assets would have been lower by $1.1 billion and our total liabilities would
have been lower by $0.9 billion.
Newbuild Currency Risks
Our shipbuilding contracts are typically denominated in euros. The cost of shipbuilding orders that we may
place in the future that are denominated in a different currency than our cruise brands\u2019 functional currency
will be affected by foreign currency exchange rate fluctuations. These foreign currency exchange rate
fluctuations may affect our decision to order new cruise ships. We have in the past and may in the future
utilize derivative financial instruments, such as foreign currency derivatives, to manage our exposure to
newbuild currency risks. Our decisions to hedge non-functional currency ship commitments for our cruise
brands are made on a case-by-case basis, considering the amount and duration of the exposure, market
volatility, economic trends, our overall expected net cash flows by currency and other offsetting risks.
Interest Rate Risks
We manage our exposure to fluctuations in interest rates through our debt portfolio management and
investment strategies. We evaluate our debt portfolio to determine whether to make periodic adjustments to
the mix of fixed and floating rate debt through the use of interest rate swaps, refinancing of existing debt
and the issuance of new debt. The composition of our debt, after the effect of interest rate swaps, was as
follows:
\n \n
November 30,
2025
2024
Fixed rate
...............................................
5%
6%
EUR fixed rate
...........................................
70%
66%
EUR floating rate
.........................................
25%
28%
The interest rate profiles and maturities of financial assets at November 30, 2025 solely relate to cash and
cash equivalents of $545 million in the year 2026. The interest rate profiles and maturities of financial assets
at November 30, 2024 solely relate to cash and cash equivalents of $397 million in the year 2025.
Refer to Note 14 \u2014 \u201cDebt and Interest Expense\u201d for debt interest rate profiles and maturities at
November 30, 2025 and November 30, 2024.
We have fixed and floating rate debt and, at times, use interest rate swaps to manage our interest rate
exposure in order to achieve a desired proportion of fixed and floating rate debt. Based upon a 100 basis
point change in the market interest rates, our annual interest expense on floating rate debt, will change by
approximately $22 million.
Concentrations of Credit Risk
As part of our ongoing control procedures, we monitor concentrations of credit risk associated with
financial and other institutions with which we conduct significant business. We seek to manage these credit
risk exposures, including counterparty nonperformance primarily associated with our cash and cash
equivalents, investments, notes receivables, reserve funds related to customer deposits (when required),
future financing facilities, contingent obligations, derivative instruments, insurance contracts and new ship
progress payment guarantees, by:
\u2022 Conducting business with well-established financial institutions, insurance companies and export
credit agencies
\u2022 Diversifying our counterparties
\u2022 Having guidelines regarding credit ratings and investment maturities that we follow to help safeguard
liquidity and minimise risk
\u2022 Generally requiring collateral and/or guarantees to support notes receivable on significant asset sales
and new ship progress payments to shipyards
We also monitor the creditworthiness of travel agencies, tour operators and credit and debit card providers
to which we extend credit in the normal course of our business. Our credit exposure also includes contingent
obligations related to cash payments received directly by travel agents and tour operators for cash collected
by them on cruise sales in certain European countries where we are obligated to honor our guests\u2019 cruise
payments made by them to their travel agents and tour operators regardless of whether we have received
these payments.
Concentrations of credit risk associated with trade receivables and other receivables, charter-hire agreements
and contingent obligations are not considered to be material, principally due to the large number of
unrelated accounts, the nature of these contingent obligations and their short maturities. Normally, we have
not required collateral or other security to support normal credit sales and have not experienced significant
credit losses.
Capital Management
Carnival Corporation and Carnival plc operate a DLC arrangement. The two companies operate as a single
economic enterprise. Under deeds of guarantee executed in connection with the DLC arrangement, as
well as stand-alone guarantees executed since that time, each of Carnival Corporation and Carnival plc have
effectively cross guaranteed all indebtedness and certain other monetary obligations of each other.
Under the terms of the DLC arrangement, Carnival Corporation and Carnival plc are permitted to transfer
assets between the companies, make loans to or investments in each other and otherwise enter into
intercompany transactions. In addition, the cash flows and assets of one company are required to be used
to pay the obligations of the other company, if necessary. Accordingly, capital is managed at the Carnival
Corporation & plc level. Within the DLC arrangement the most appropriate presentation of Carnival plc\u2019s
results and financial position is considered to be by reference to the DLC Financial Statements.
The net debt to capital percentage of the Carnival plc Group was calculated as follows:
\u00a0
November 30,
(in millions)
2025
2024
Total debt
..................................................
$
8,385
$
7,194
Cash and cash equivalents
.......................................
(545)
(397)
Net debt
...................................................
7,840
6,797
Shareholders\u2019 equity
...........................................
3,770
2,004
Total capital
.................................................
$
11,610
$
8,800
Net debt to capital percentage
....................................
68%
77%
\n
Liquidity Risks
Typically, Carnival Corporation & plc debt financing agreements allow for either Carnival Corporation or
Carnival plc to draw under the facilities, with the non-borrowing entity as guarantor. Carnival Corporation &
plc had $6.4 billion of liquidity and has an additional $7.8 billion of undrawn export credit facilities to
fund ship deliveries planned through 2033.
The unfunded export credit facilities are subject to the same covenants as disclosed in Note 14 \u2014 \u201cDebt
and Interest Expense.\u201d
The summary of the maturity profiles of the financial liabilities at November 30, 2025 and 2024 were as
follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
(in millions)
2026
2027
2028
2029
2030
Thereafter
Total
November 30, 2025
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Debt including future interest (a) . . .
$
981
$
964
$
951
$
1,970
$
897
$
4,072
$
9,834
Trade payables, accrued liabilities
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
and related
................
887
\u2014
\u2014
\u2014
\u2014
\u2014
887
Lease liabilities
...............
54
57
55
49
25
104
344
Provisions and other long-term
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
liabilities
..................
\u2014
64
28
21
17
39
169
At November 30, 2025
..........
$ 1,922
$ 1,085
$ 1,034
$
2,040
$
939
$
4,215
$ 11,234
(in millions)
2025
2026
2027
2028
2029
Thereafter
Total
November 30, 2024
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Debt including future interest (a) . . .
$ 1,100
$
840
$
823
$
809
$ 1,428
$
3,383
$
8,383
Trade payables, accrued liabilities
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
and related
................
808
\u2014
\u2014
\u2014
\u2014
\u2014
808
Lease liabilities
...............
167
127
126
86
37
114
658
Provisions and other long-term
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
liabilities
..................
\u2014
35
29
31
24
36
154
At November 30, 2024
..........
$ 2,076
$ 1,002
$
978
$
926
$ 1,489
$
3,533
$ 10,004
\n
(a)
Refer to Note 14 \u2014 \u201cDebt and Interest Expense.\u201d
Under the terms of the DLC arrangement, Carnival Corporation and Carnival plc are permitted to transfer
assets between the companies, make loans to or investments in each other and otherwise enter into
intercompany transactions. In addition, the cash flows and assets of one company are required to be used
to pay the obligations of the other company, if necessary. Amounts owed between Carnival Corporation and
Carnival plc do not have a stated maturity date, as the two companies operate as a single economic enterprise
and are therefore not included in the above table. Refer to Note 1 \u2014 \u201cGeneral, DLC Arrangement\u201dfor
additional information.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsDesignatedAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:4DR1VPDQMHD3N3QW8W95", "period": "2024-12-01T00:00:00/2025-12-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00300": { "value": "NOTE 24 \u2014 Fair Value Measurements and Derivative Instruments, Hedging Activities and Financial Risks
Classes and Categories of Financial Instruments
The Group has the following classes of financial assets: cash and cash equivalents, trade receivables,
amount owed from Carnival Corporation group and other long-term receivables. The Group has the
following classes of financial liabilities: debt, lease liabilities, amount owed to Carnival Corporation group,
trade payables and accruals. For the carrying amounts, refer to respective notes.
Substantially all financial assets and liabilities are carried at amortized cost, except for investments in
money market funds which are presented at fair value. The fair values of our financial assets and financial
liabilities approximate their book values with exception of debt as described below.
Fair Value Measurements
Fair value is defined as the amount that would be received for selling an asset or paid to transfer a liability
in an orderly transaction between market participants at the measurement date and is measured using inputs
in one of the following three categories:
\u2022 Level 1 measurements are based on unadjusted quoted prices in active markets for identical assets or
liabilities that we have the ability to access. Valuation of these items does not entail a significant
amount of judgement.
\u2022 Level 2 measurements are based on quoted prices for similar assets or liabilities in active markets,
quoted prices for identical or similar assets or liabilities in markets that are not active or market data
other than quoted prices that are observable for the assets or liabilities
\u2022 Level 3 measurements are based on unobservable data that are supported by little or no market
activity and are significant to the fair value of the assets or liabilities
Considerable judgement may be required in interpreting market data used to develop the estimates of fair
value. Accordingly, certain estimates of fair value presented herein are not necessarily indicative of the
amounts that could be realized in a current or future market exchange.
All of the financial assets and liabilities measured at fair value are classified as level 2 using the fair value
hierarchy, except for money market funds, which are classified as level 1.
Financial Instruments that are not Measured at Fair Value
\n \n
November 30, 2025
November 30, 2024
Carrying
Fair
Carrying
Fair
(in millions)
Value
Value
Value
Value
Liabilities
Fixed rate debt (a)
...........................
$
6,546
$
6,215
$
5,440
$ 4,984
Floating rate debt (a)
.........................
2,199
2,173
2,108
2,029
Total
......................................
8,745
8,388
7,548
7,013
Less: unamortized debt issuance costs and discounts . . .
(360)
(355)
Total Debt, net of unamortized debt issuance costs and
discounts
..................................
$
8,385
$
7,194
(a)
The debt amounts above are categorized as Level 2. The fair values of our publicly-traded notes were
based on their unadjusted quoted market prices in markets that are not sufficiently active. The fair values
of our other debt were estimated based on current market interest rates being applied to this debt.
Financial Risks
Carnival Corporation & plc manages its financial risks on a consolidated basis. The Group\u2019s activities
expose it to a variety of financial risks such as fuel price risks, foreign currency exchange rate risk, interest
rate risk, credit risk and liquidity risk.
The annual financial statements should be read in conjunction with the DLC Financial Statements, which
are included in the Carnival plc Annual Report, but do not form part of these Carnival plc financial statements.
Fuel Price Risks
We manage our exposure to fuel price risk by managing our consumption of fuel. Substantially all of our
exposure to market risk for changes in fuel prices relates to the consumption of fuel on our ships. We manage
fuel consumption through fleet optimization, energy efficiency, itinerary efficiency, new technologies and
alternative fuels.
Foreign Currency Exchange Rate Risks
Overall Strategy
We manage our exposure to fluctuations in foreign currency exchange rates through our normal operating
and financing activities, including netting certain exposures to take advantage of any natural offsets and,
when considered appropriate, through the use of derivative and non-derivative financial instruments. Our
primary focus is to monitor our exposure to, and manage, the economic foreign currency exchange risks faced
by our operations and realized if we exchange one currency for another. We consider hedging certain of
our ship commitments and net investments in foreign operations. The financial impacts of our hedging
instruments, when used, generally offset the changes in the underlying exposures being hedged.
Operational Currency Risks
Our operations primarily utilize the U.S. dollar, Euro, Sterling or the Australian dollar as their functional
currencies. Our operations also have revenue and expenses denominated in non-functional currencies.
Movements in foreign currency exchange rates affect our consolidated financial statements.
Investment Currency Risks
We consider our investments in foreign operations to be denominated in stable currencies and of a long-term
nature. We have euro-denominated debt which provides an economic offset for our operations with euro
functional currency. In addition, we have in the past and may in the future utilize derivative financial
instruments, such as cross currency swaps, to manage our exposure to investment currency risks.
The exchange rates for each of our major currencies were as follows:
\n \n
2025 average
2024 average
November 30, 2025
exchange rate
November 30, 2024
exchange rate
USD to 1:
AUD
..................
$
0.65
$
0.64
$
0.65
$
0.66
CAD
..................
$
0.72
$
0.71
$
0.71
$
0.73
EUR
..................
$
1.16
$
1.12
$
1.06
$
1.09
GBP
..................
$
1.32
$
1.31
$
1.27
$
1.28
If the November 30, 2024 currency exchange rates had been used to translate our November 30, 2025
non-U.S. dollar functional currency operations\u2019assets and liabilities (instead of the November 30, 2025 U.S.
dollar exchange rates), our total assets would have been lower by $1.1 billion and our total liabilities would
have been lower by $0.9 billion.
Newbuild Currency Risks
Our shipbuilding contracts are typically denominated in euros. The cost of shipbuilding orders that we may
place in the future that are denominated in a different currency than our cruise brands\u2019 functional currency
will be affected by foreign currency exchange rate fluctuations. These foreign currency exchange rate
fluctuations may affect our decision to order new cruise ships. We have in the past and may in the future
utilize derivative financial instruments, such as foreign currency derivatives, to manage our exposure to
newbuild currency risks. Our decisions to hedge non-functional currency ship commitments for our cruise
brands are made on a case-by-case basis, considering the amount and duration of the exposure, market
volatility, economic trends, our overall expected net cash flows by currency and other offsetting risks.
Interest Rate Risks
We manage our exposure to fluctuations in interest rates through our debt portfolio management and
investment strategies. We evaluate our debt portfolio to determine whether to make periodic adjustments to
the mix of fixed and floating rate debt through the use of interest rate swaps, refinancing of existing debt
and the issuance of new debt. The composition of our debt, after the effect of interest rate swaps, was as
follows:
\n \n
November 30,
2025
2024
Fixed rate
...............................................
5%
6%
EUR fixed rate
...........................................
70%
66%
EUR floating rate
.........................................
25%
28%
The interest rate profiles and maturities of financial assets at November 30, 2025 solely relate to cash and
cash equivalents of $545 million in the year 2026. The interest rate profiles and maturities of financial assets
at November 30, 2024 solely relate to cash and cash equivalents of $397 million in the year 2025.
Refer to Note 14 \u2014 \u201cDebt and Interest Expense\u201d for debt interest rate profiles and maturities at
November 30, 2025 and November 30, 2024.
We have fixed and floating rate debt and, at times, use interest rate swaps to manage our interest rate
exposure in order to achieve a desired proportion of fixed and floating rate debt. Based upon a 100 basis
point change in the market interest rates, our annual interest expense on floating rate debt, will change by
approximately $22 million.
Concentrations of Credit Risk
As part of our ongoing control procedures, we monitor concentrations of credit risk associated with
financial and other institutions with which we conduct significant business. We seek to manage these credit
risk exposures, including counterparty nonperformance primarily associated with our cash and cash
equivalents, investments, notes receivables, reserve funds related to customer deposits (when required),
future financing facilities, contingent obligations, derivative instruments, insurance contracts and new ship
progress payment guarantees, by:
\u2022 Conducting business with well-established financial institutions, insurance companies and export
credit agencies
\u2022 Diversifying our counterparties
\u2022 Having guidelines regarding credit ratings and investment maturities that we follow to help safeguard
liquidity and minimise risk
\u2022 Generally requiring collateral and/or guarantees to support notes receivable on significant asset sales
and new ship progress payments to shipyards
We also monitor the creditworthiness of travel agencies, tour operators and credit and debit card providers
to which we extend credit in the normal course of our business. Our credit exposure also includes contingent
obligations related to cash payments received directly by travel agents and tour operators for cash collected
by them on cruise sales in certain European countries where we are obligated to honor our guests\u2019 cruise
payments made by them to their travel agents and tour operators regardless of whether we have received
these payments.
Concentrations of credit risk associated with trade receivables and other receivables, charter-hire agreements
and contingent obligations are not considered to be material, principally due to the large number of
unrelated accounts, the nature of these contingent obligations and their short maturities. Normally, we have
not required collateral or other security to support normal credit sales and have not experienced significant
credit losses.
Capital Management
Carnival Corporation and Carnival plc operate a DLC arrangement. The two companies operate as a single
economic enterprise. Under deeds of guarantee executed in connection with the DLC arrangement, as
well as stand-alone guarantees executed since that time, each of Carnival Corporation and Carnival plc have
effectively cross guaranteed all indebtedness and certain other monetary obligations of each other.
Under the terms of the DLC arrangement, Carnival Corporation and Carnival plc are permitted to transfer
assets between the companies, make loans to or investments in each other and otherwise enter into
intercompany transactions. In addition, the cash flows and assets of one company are required to be used
to pay the obligations of the other company, if necessary. Accordingly, capital is managed at the Carnival
Corporation & plc level. Within the DLC arrangement the most appropriate presentation of Carnival plc\u2019s
results and financial position is considered to be by reference to the DLC Financial Statements.
The net debt to capital percentage of the Carnival plc Group was calculated as follows:
\u00a0
November 30,
(in millions)
2025
2024
Total debt
..................................................
$
8,385
$
7,194
Cash and cash equivalents
.......................................
(545)
(397)
Net debt
...................................................
7,840
6,797
Shareholders\u2019 equity
...........................................
3,770
2,004
Total capital
.................................................
$
11,610
$
8,800
Net debt to capital percentage
....................................
68%
77%
\n
Liquidity Risks
Typically, Carnival Corporation & plc debt financing agreements allow for either Carnival Corporation or
Carnival plc to draw under the facilities, with the non-borrowing entity as guarantor. Carnival Corporation &
plc had $6.4 billion of liquidity and has an additional $7.8 billion of undrawn export credit facilities to
fund ship deliveries planned through 2033.
The unfunded export credit facilities are subject to the same covenants as disclosed in Note 14 \u2014 \u201cDebt
and Interest Expense.\u201d
The summary of the maturity profiles of the financial liabilities at November 30, 2025 and 2024 were as
follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
(in millions)
2026
2027
2028
2029
2030
Thereafter
Total
November 30, 2025
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Debt including future interest (a) . . .
$
981
$
964
$
951
$
1,970
$
897
$
4,072
$
9,834
Trade payables, accrued liabilities
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
and related
................
887
\u2014
\u2014
\u2014
\u2014
\u2014
887
Lease liabilities
...............
54
57
55
49
25
104
344
Provisions and other long-term
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
liabilities
..................
\u2014
64
28
21
17
39
169
At November 30, 2025
..........
$ 1,922
$ 1,085
$ 1,034
$
2,040
$
939
$
4,215
$ 11,234
(in millions)
2025
2026
2027
2028
2029
Thereafter
Total
November 30, 2024
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Debt including future interest (a) . . .
$ 1,100
$
840
$
823
$
809
$ 1,428
$
3,383
$
8,383
Trade payables, accrued liabilities
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
and related
................
808
\u2014
\u2014
\u2014
\u2014
\u2014
808
Lease liabilities
...............
167
127
126
86
37
114
658
Provisions and other long-term
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
liabilities
..................
\u2014
35
29
31
24
36
154
At November 30, 2024
..........
$ 2,076
$ 1,002
$
978
$
926
$ 1,489
$
3,533
$ 10,004
\n
(a)
Refer to Note 14 \u2014 \u201cDebt and Interest Expense.\u201d
Under the terms of the DLC arrangement, Carnival Corporation and Carnival plc are permitted to transfer
assets between the companies, make loans to or investments in each other and otherwise enter into
intercompany transactions. In addition, the cash flows and assets of one company are required to be used
to pay the obligations of the other company, if necessary. Amounts owed between Carnival Corporation and
Carnival plc do not have a stated maturity date, as the two companies operate as a single economic enterprise
and are therefore not included in the above table. Refer to Note 1 \u2014 \u201cGeneral, DLC Arrangement\u201dfor
additional information.", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:4DR1VPDQMHD3N3QW8W95", "period": "2024-12-01T00:00:00/2025-12-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00299": { "value": "NOTE 24 \u2014 Fair Value Measurements and Derivative Instruments, Hedging Activities and Financial Risks
Classes and Categories of Financial Instruments
The Group has the following classes of financial assets: cash and cash equivalents, trade receivables,
amount owed from Carnival Corporation group and other long-term receivables. The Group has the
following classes of financial liabilities: debt, lease liabilities, amount owed to Carnival Corporation group,
trade payables and accruals. For the carrying amounts, refer to respective notes.
Substantially all financial assets and liabilities are carried at amortized cost, except for investments in
money market funds which are presented at fair value. The fair values of our financial assets and financial
liabilities approximate their book values with exception of debt as described below.
Fair Value Measurements
Fair value is defined as the amount that would be received for selling an asset or paid to transfer a liability
in an orderly transaction between market participants at the measurement date and is measured using inputs
in one of the following three categories:
\u2022 Level 1 measurements are based on unadjusted quoted prices in active markets for identical assets or
liabilities that we have the ability to access. Valuation of these items does not entail a significant
amount of judgement.
\u2022 Level 2 measurements are based on quoted prices for similar assets or liabilities in active markets,
quoted prices for identical or similar assets or liabilities in markets that are not active or market data
other than quoted prices that are observable for the assets or liabilities
\u2022 Level 3 measurements are based on unobservable data that are supported by little or no market
activity and are significant to the fair value of the assets or liabilities
Considerable judgement may be required in interpreting market data used to develop the estimates of fair
value. Accordingly, certain estimates of fair value presented herein are not necessarily indicative of the
amounts that could be realized in a current or future market exchange.
All of the financial assets and liabilities measured at fair value are classified as level 2 using the fair value
hierarchy, except for money market funds, which are classified as level 1.
Financial Instruments that are not Measured at Fair Value
\n \n
November 30, 2025
November 30, 2024
Carrying
Fair
Carrying
Fair
(in millions)
Value
Value
Value
Value
Liabilities
Fixed rate debt (a)
...........................
$
6,546
$
6,215
$
5,440
$ 4,984
Floating rate debt (a)
.........................
2,199
2,173
2,108
2,029
Total
......................................
8,745
8,388
7,548
7,013
Less: unamortized debt issuance costs and discounts . . .
(360)
(355)
Total Debt, net of unamortized debt issuance costs and
discounts
..................................
$
8,385
$
7,194
(a)
The debt amounts above are categorized as Level 2. The fair values of our publicly-traded notes were
based on their unadjusted quoted market prices in markets that are not sufficiently active. The fair values
of our other debt were estimated based on current market interest rates being applied to this debt.", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:4DR1VPDQMHD3N3QW8W95", "period": "2024-12-01T00:00:00/2025-12-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00302": { "value": "Fair Value Measurements
Fair value is defined as the amount that would be received for selling an asset or paid to transfer a liability
in an orderly transaction between market participants at the measurement date and is measured using inputs
in one of the following three categories:
\u2022 Level 1 measurements are based on unadjusted quoted prices in active markets for identical assets or
liabilities that we have the ability to access. Valuation of these items does not entail a significant
amount of judgement.
\u2022 Level 2 measurements are based on quoted prices for similar assets or liabilities in active markets,
quoted prices for identical or similar assets or liabilities in markets that are not active or market data
other than quoted prices that are observable for the assets or liabilities
\u2022 Level 3 measurements are based on unobservable data that are supported by little or no market
activity and are significant to the fair value of the assets or liabilities
Considerable judgement may be required in interpreting market data used to develop the estimates of fair
value. Accordingly, certain estimates of fair value presented herein are not necessarily indicative of the
amounts that could be realized in a current or future market exchange.
All of the financial assets and liabilities measured at fair value are classified as level 2 using the fair value
hierarchy, except for money market funds, which are classified as level 1.
Financial Instruments that are not Measured at Fair Value
\n \n
November 30, 2025
November 30, 2024
Carrying
Fair
Carrying
Fair
(in millions)
Value
Value
Value
Value
Liabilities
Fixed rate debt (a)
...........................
$
6,546
$
6,215
$
5,440
$ 4,984
Floating rate debt (a)
.........................
2,199
2,173
2,108
2,029
Total
......................................
8,745
8,388
7,548
7,013
Less: unamortized debt issuance costs and discounts . . .
(360)
(355)
Total Debt, net of unamortized debt issuance costs and
discounts
..................................
$
8,385
$
7,194
(a)
The debt amounts above are categorized as Level 2. The fair values of our publicly-traded notes were
based on their unadjusted quoted market prices in markets that are not sufficiently active. The fair values
of our other debt were estimated based on current market interest rates being applied to this debt.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:4DR1VPDQMHD3N3QW8W95", "period": "2024-12-01T00:00:00/2025-12-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00303": { "value": "Financial Instruments that are not Measured at Fair Value \n \n
November 30, 2025
November 30, 2024
Carrying
Fair
Carrying
Fair
(in millions)
Value
Value
Value
Value
Liabilities
Fixed rate debt (a)
...........................
$
6,546
$
6,215
$
5,440
$ 4,984
Floating rate debt (a)
.........................
2,199
2,173
2,108
2,029
Total
......................................
8,745
8,388
7,548
7,013
Less: unamortized debt issuance costs and discounts . . .
(360)
(355)
Total Debt, net of unamortized debt issuance costs and
discounts
..................................
$
8,385
$
7,194
(a)
The debt amounts above are categorized as Level 2. The fair values of our publicly-traded notes were
based on their unadjusted quoted market prices in markets that are not sufficiently active. The fair values
of our other debt were estimated based on current market interest rates being applied to this debt.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:4DR1VPDQMHD3N3QW8W95", "period": "2024-12-01T00:00:00/2025-12-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00304": { "value": "Financial Instruments that are not Measured at Fair Value \n \n
November 30, 2025
November 30, 2024
Carrying
Fair
Carrying
Fair
(in millions)
Value
Value
Value
Value
Liabilities
Fixed rate debt (a)
...........................
$
6,546
$
6,215
$
5,440
$ 4,984
Floating rate debt (a)
.........................
2,199
2,173
2,108
2,029
Total
......................................
8,745
8,388
7,548
7,013
Less: unamortized debt issuance costs and discounts . . .
(360)
(355)
Total Debt, net of unamortized debt issuance costs and
discounts
..................................
$
8,385
$
7,194
(a)
The debt amounts above are categorized as Level 2. The fair values of our publicly-traded notes were
based on their unadjusted quoted market prices in markets that are not sufficiently active. The fair values
of our other debt were estimated based on current market interest rates being applied to this debt.", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:4DR1VPDQMHD3N3QW8W95", "period": "2024-12-01T00:00:00/2025-12-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00305": { "value": "Financial Instruments that are not Measured at Fair Value \n \n
November 30, 2025
November 30, 2024
Carrying
Fair
Carrying
Fair
(in millions)
Value
Value
Value
Value
Liabilities
Fixed rate debt (a)
...........................
$
6,546
$
6,215
$
5,440
$ 4,984
Floating rate debt (a)
.........................
2,199
2,173
2,108
2,029
Total
......................................
8,745
8,388
7,548
7,013
Less: unamortized debt issuance costs and discounts . . .
(360)
(355)
Total Debt, net of unamortized debt issuance costs and
discounts
..................................
$
8,385
$
7,194
(a)
The debt amounts above are categorized as Level 2. The fair values of our publicly-traded notes were
based on their unadjusted quoted market prices in markets that are not sufficiently active. The fair values
of our other debt were estimated based on current market interest rates being applied to this debt.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:4DR1VPDQMHD3N3QW8W95", "period": "2024-12-01T00:00:00/2025-12-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00306": { "value": "Financial Risks
Carnival Corporation & plc manages its financial risks on a consolidated basis. The Group\u2019s activities
expose it to a variety of financial risks such as fuel price risks, foreign currency exchange rate risk, interest
rate risk, credit risk and liquidity risk.
The annual financial statements should be read in conjunction with the DLC Financial Statements, which
are included in the Carnival plc Annual Report, but do not form part of these Carnival plc financial statements.
Fuel Price Risks
We manage our exposure to fuel price risk by managing our consumption of fuel. Substantially all of our
exposure to market risk for changes in fuel prices relates to the consumption of fuel on our ships. We manage
fuel consumption through fleet optimization, energy efficiency, itinerary efficiency, new technologies and
alternative fuels.
Foreign Currency Exchange Rate Risks
Overall Strategy
We manage our exposure to fluctuations in foreign currency exchange rates through our normal operating
and financing activities, including netting certain exposures to take advantage of any natural offsets and,
when considered appropriate, through the use of derivative and non-derivative financial instruments. Our
primary focus is to monitor our exposure to, and manage, the economic foreign currency exchange risks faced
by our operations and realized if we exchange one currency for another. We consider hedging certain of
our ship commitments and net investments in foreign operations. The financial impacts of our hedging
instruments, when used, generally offset the changes in the underlying exposures being hedged.
Operational Currency Risks
Our operations primarily utilize the U.S. dollar, Euro, Sterling or the Australian dollar as their functional
currencies. Our operations also have revenue and expenses denominated in non-functional currencies.
Movements in foreign currency exchange rates affect our consolidated financial statements.
Investment Currency Risks
We consider our investments in foreign operations to be denominated in stable currencies and of a long-term
nature. We have euro-denominated debt which provides an economic offset for our operations with euro
functional currency. In addition, we have in the past and may in the future utilize derivative financial
instruments, such as cross currency swaps, to manage our exposure to investment currency risks.
The exchange rates for each of our major currencies were as follows:
\n \n
2025 average
2024 average
November 30, 2025
exchange rate
November 30, 2024
exchange rate
USD to 1:
AUD
..................
$
0.65
$
0.64
$
0.65
$
0.66
CAD
..................
$
0.72
$
0.71
$
0.71
$
0.73
EUR
..................
$
1.16
$
1.12
$
1.06
$
1.09
GBP
..................
$
1.32
$
1.31
$
1.27
$
1.28
If the November 30, 2024 currency exchange rates had been used to translate our November 30, 2025
non-U.S. dollar functional currency operations\u2019assets and liabilities (instead of the November 30, 2025 U.S.
dollar exchange rates), our total assets would have been lower by $1.1 billion and our total liabilities would
have been lower by $0.9 billion.
Newbuild Currency Risks
Our shipbuilding contracts are typically denominated in euros. The cost of shipbuilding orders that we may
place in the future that are denominated in a different currency than our cruise brands\u2019 functional currency
will be affected by foreign currency exchange rate fluctuations. These foreign currency exchange rate
fluctuations may affect our decision to order new cruise ships. We have in the past and may in the future
utilize derivative financial instruments, such as foreign currency derivatives, to manage our exposure to
newbuild currency risks. Our decisions to hedge non-functional currency ship commitments for our cruise
brands are made on a case-by-case basis, considering the amount and duration of the exposure, market
volatility, economic trends, our overall expected net cash flows by currency and other offsetting risks.
Interest Rate Risks
We manage our exposure to fluctuations in interest rates through our debt portfolio management and
investment strategies. We evaluate our debt portfolio to determine whether to make periodic adjustments to
the mix of fixed and floating rate debt through the use of interest rate swaps, refinancing of existing debt
and the issuance of new debt. The composition of our debt, after the effect of interest rate swaps, was as
follows:
\n \n
November 30,
2025
2024
Fixed rate
...............................................
5%
6%
EUR fixed rate
...........................................
70%
66%
EUR floating rate
.........................................
25%
28%
The interest rate profiles and maturities of financial assets at November 30, 2025 solely relate to cash and
cash equivalents of $545 million in the year 2026. The interest rate profiles and maturities of financial assets
at November 30, 2024 solely relate to cash and cash equivalents of $397 million in the year 2025.
Refer to Note 14 \u2014 \u201cDebt and Interest Expense\u201d for debt interest rate profiles and maturities at
November 30, 2025 and November 30, 2024.
We have fixed and floating rate debt and, at times, use interest rate swaps to manage our interest rate
exposure in order to achieve a desired proportion of fixed and floating rate debt. Based upon a 100 basis
point change in the market interest rates, our annual interest expense on floating rate debt, will change by
approximately $22 million.
Concentrations of Credit Risk
As part of our ongoing control procedures, we monitor concentrations of credit risk associated with
financial and other institutions with which we conduct significant business. We seek to manage these credit
risk exposures, including counterparty nonperformance primarily associated with our cash and cash
equivalents, investments, notes receivables, reserve funds related to customer deposits (when required),
future financing facilities, contingent obligations, derivative instruments, insurance contracts and new ship
progress payment guarantees, by:
\u2022 Conducting business with well-established financial institutions, insurance companies and export
credit agencies
\u2022 Diversifying our counterparties
\u2022 Having guidelines regarding credit ratings and investment maturities that we follow to help safeguard
liquidity and minimise risk
\u2022 Generally requiring collateral and/or guarantees to support notes receivable on significant asset sales
and new ship progress payments to shipyards
We also monitor the creditworthiness of travel agencies, tour operators and credit and debit card providers
to which we extend credit in the normal course of our business. Our credit exposure also includes contingent
obligations related to cash payments received directly by travel agents and tour operators for cash collected
by them on cruise sales in certain European countries where we are obligated to honor our guests\u2019 cruise
payments made by them to their travel agents and tour operators regardless of whether we have received
these payments.
Concentrations of credit risk associated with trade receivables and other receivables, charter-hire agreements
and contingent obligations are not considered to be material, principally due to the large number of
unrelated accounts, the nature of these contingent obligations and their short maturities. Normally, we have
not required collateral or other security to support normal credit sales and have not experienced significant
credit losses.
Capital Management
Carnival Corporation and Carnival plc operate a DLC arrangement. The two companies operate as a single
economic enterprise. Under deeds of guarantee executed in connection with the DLC arrangement, as
well as stand-alone guarantees executed since that time, each of Carnival Corporation and Carnival plc have
effectively cross guaranteed all indebtedness and certain other monetary obligations of each other.
Under the terms of the DLC arrangement, Carnival Corporation and Carnival plc are permitted to transfer
assets between the companies, make loans to or investments in each other and otherwise enter into
intercompany transactions. In addition, the cash flows and assets of one company are required to be used
to pay the obligations of the other company, if necessary. Accordingly, capital is managed at the Carnival
Corporation & plc level. Within the DLC arrangement the most appropriate presentation of Carnival plc\u2019s
results and financial position is considered to be by reference to the DLC Financial Statements.
The net debt to capital percentage of the Carnival plc Group was calculated as follows:
\u00a0
November 30,
(in millions)
2025
2024
Total debt
..................................................
$
8,385
$
7,194
Cash and cash equivalents
.......................................
(545)
(397)
Net debt
...................................................
7,840
6,797
Shareholders\u2019 equity
...........................................
3,770
2,004
Total capital
.................................................
$
11,610
$
8,800
Net debt to capital percentage
....................................
68%
77%
\n
Liquidity Risks
Typically, Carnival Corporation & plc debt financing agreements allow for either Carnival Corporation or
Carnival plc to draw under the facilities, with the non-borrowing entity as guarantor. Carnival Corporation &
plc had $6.4 billion of liquidity and has an additional $7.8 billion of undrawn export credit facilities to
fund ship deliveries planned through 2033.
The unfunded export credit facilities are subject to the same covenants as disclosed in Note 14 \u2014 \u201cDebt
and Interest Expense.\u201d
The summary of the maturity profiles of the financial liabilities at November 30, 2025 and 2024 were as
follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
(in millions)
2026
2027
2028
2029
2030
Thereafter
Total
November 30, 2025
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Debt including future interest (a) . . .
$
981
$
964
$
951
$
1,970
$
897
$
4,072
$
9,834
Trade payables, accrued liabilities
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
and related
................
887
\u2014
\u2014
\u2014
\u2014
\u2014
887
Lease liabilities
...............
54
57
55
49
25
104
344
Provisions and other long-term
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
liabilities
..................
\u2014
64
28
21
17
39
169
At November 30, 2025
..........
$ 1,922
$ 1,085
$ 1,034
$
2,040
$
939
$
4,215
$ 11,234
(in millions)
2025
2026
2027
2028
2029
Thereafter
Total
November 30, 2024
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Debt including future interest (a) . . .
$ 1,100
$
840
$
823
$
809
$ 1,428
$
3,383
$
8,383
Trade payables, accrued liabilities
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
and related
................
808
\u2014
\u2014
\u2014
\u2014
\u2014
808
Lease liabilities
...............
167
127
126
86
37
114
658
Provisions and other long-term
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
liabilities
..................
\u2014
35
29
31
24
36
154
At November 30, 2024
..........
$ 2,076
$ 1,002
$
978
$
926
$ 1,489
$
3,533
$ 10,004
\n
(a)
Refer to Note 14 \u2014 \u201cDebt and Interest Expense.\u201d
Under the terms of the DLC arrangement, Carnival Corporation and Carnival plc are permitted to transfer
assets between the companies, make loans to or investments in each other and otherwise enter into
intercompany transactions. In addition, the cash flows and assets of one company are required to be used
to pay the obligations of the other company, if necessary. Amounts owed between Carnival Corporation and
Carnival plc do not have a stated maturity date, as the two companies operate as a single economic enterprise
and are therefore not included in the above table. Refer to Note 1 \u2014 \u201cGeneral, DLC Arrangement\u201dfor
additional information.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:4DR1VPDQMHD3N3QW8W95", "period": "2024-12-01T00:00:00/2025-12-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00307": { "value": "Fuel Price Risks
We manage our exposure to fuel price risk by managing our consumption of fuel. Substantially all of our
exposure to market risk for changes in fuel prices relates to the consumption of fuel on our ships. We manage
fuel consumption through fleet optimization, energy efficiency, itinerary efficiency, new technologies and
alternative fuels.", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:4DR1VPDQMHD3N3QW8W95", "period": "2024-12-01T00:00:00/2025-12-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00308": { "value": "Foreign Currency Exchange Rate Risks
Overall Strategy
We manage our exposure to fluctuations in foreign currency exchange rates through our normal operating
and financing activities, including netting certain exposures to take advantage of any natural offsets and,
when considered appropriate, through the use of derivative and non-derivative financial instruments. Our
primary focus is to monitor our exposure to, and manage, the economic foreign currency exchange risks faced
by our operations and realized if we exchange one currency for another. We consider hedging certain of
our ship commitments and net investments in foreign operations. The financial impacts of our hedging
instruments, when used, generally offset the changes in the underlying exposures being hedged.
Operational Currency Risks
Our operations primarily utilize the U.S. dollar, Euro, Sterling or the Australian dollar as their functional
currencies. Our operations also have revenue and expenses denominated in non-functional currencies.
Movements in foreign currency exchange rates affect our consolidated financial statements.
Investment Currency Risks
We consider our investments in foreign operations to be denominated in stable currencies and of a long-term
nature. We have euro-denominated debt which provides an economic offset for our operations with euro
functional currency. In addition, we have in the past and may in the future utilize derivative financial
instruments, such as cross currency swaps, to manage our exposure to investment currency risks.
The exchange rates for each of our major currencies were as follows:
\n \n
2025 average
2024 average
November 30, 2025
exchange rate
November 30, 2024
exchange rate
USD to 1:
AUD
..................
$
0.65
$
0.64
$
0.65
$
0.66
CAD
..................
$
0.72
$
0.71
$
0.71
$
0.73
EUR
..................
$
1.16
$
1.12
$
1.06
$
1.09
GBP
..................
$
1.32
$
1.31
$
1.27
$
1.28
If the November 30, 2024 currency exchange rates had been used to translate our November 30, 2025
non-U.S. dollar functional currency operations\u2019assets and liabilities (instead of the November 30, 2025 U.S.
dollar exchange rates), our total assets would have been lower by $1.1 billion and our total liabilities would
have been lower by $0.9 billion.
Newbuild Currency Risks
Our shipbuilding contracts are typically denominated in euros. The cost of shipbuilding orders that we may
place in the future that are denominated in a different currency than our cruise brands\u2019 functional currency
will be affected by foreign currency exchange rate fluctuations. These foreign currency exchange rate
fluctuations may affect our decision to order new cruise ships. We have in the past and may in the future
utilize derivative financial instruments, such as foreign currency derivatives, to manage our exposure to
newbuild currency risks. Our decisions to hedge non-functional currency ship commitments for our cruise
brands are made on a case-by-case basis, considering the amount and duration of the exposure, market
volatility, economic trends, our overall expected net cash flows by currency and other offsetting risks.
Interest Rate Risks
We manage our exposure to fluctuations in interest rates through our debt portfolio management and
investment strategies. We evaluate our debt portfolio to determine whether to make periodic adjustments to
the mix of fixed and floating rate debt through the use of interest rate swaps, refinancing of existing debt
and the issuance of new debt. The composition of our debt, after the effect of interest rate swaps, was as
follows:
\n \n
November 30,
2025
2024
Fixed rate
...............................................
5%
6%
EUR fixed rate
...........................................
70%
66%
EUR floating rate
.........................................
25%
28%
The interest rate profiles and maturities of financial assets at November 30, 2025 solely relate to cash and
cash equivalents of $545 million in the year 2026. The interest rate profiles and maturities of financial assets
at November 30, 2024 solely relate to cash and cash equivalents of $397 million in the year 2025.
Refer to Note 14 \u2014 \u201cDebt and Interest Expense\u201d for debt interest rate profiles and maturities at
November 30, 2025 and November 30, 2024.
We have fixed and floating rate debt and, at times, use interest rate swaps to manage our interest rate
exposure in order to achieve a desired proportion of fixed and floating rate debt. Based upon a 100 basis
point change in the market interest rates, our annual interest expense on floating rate debt, will change by
approximately $22 million.
Concentrations of Credit Risk
As part of our ongoing control procedures, we monitor concentrations of credit risk associated with
financial and other institutions with which we conduct significant business. We seek to manage these credit
risk exposures, including counterparty nonperformance primarily associated with our cash and cash
equivalents, investments, notes receivables, reserve funds related to customer deposits (when required),
future financing facilities, contingent obligations, derivative instruments, insurance contracts and new ship
progress payment guarantees, by:
\u2022 Conducting business with well-established financial institutions, insurance companies and export
credit agencies
\u2022 Diversifying our counterparties
\u2022 Having guidelines regarding credit ratings and investment maturities that we follow to help safeguard
liquidity and minimise risk
\u2022 Generally requiring collateral and/or guarantees to support notes receivable on significant asset sales
and new ship progress payments to shipyards
We also monitor the creditworthiness of travel agencies, tour operators and credit and debit card providers
to which we extend credit in the normal course of our business. Our credit exposure also includes contingent
obligations related to cash payments received directly by travel agents and tour operators for cash collected
by them on cruise sales in certain European countries where we are obligated to honor our guests\u2019 cruise
payments made by them to their travel agents and tour operators regardless of whether we have received
these payments.
Concentrations of credit risk associated with trade receivables and other receivables, charter-hire agreements
and contingent obligations are not considered to be material, principally due to the large number of
unrelated accounts, the nature of these contingent obligations and their short maturities. Normally, we have
not required collateral or other security to support normal credit sales and have not experienced significant
credit losses.", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:4DR1VPDQMHD3N3QW8W95", "period": "2024-12-01T00:00:00/2025-12-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00309": { "value": "Concentrations of Credit Risk
As part of our ongoing control procedures, we monitor concentrations of credit risk associated with
financial and other institutions with which we conduct significant business. We seek to manage these credit
risk exposures, including counterparty nonperformance primarily associated with our cash and cash
equivalents, investments, notes receivables, reserve funds related to customer deposits (when required),
future financing facilities, contingent obligations, derivative instruments, insurance contracts and new ship
progress payment guarantees, by:
\u2022 Conducting business with well-established financial institutions, insurance companies and export
credit agencies
\u2022 Diversifying our counterparties
\u2022 Having guidelines regarding credit ratings and investment maturities that we follow to help safeguard
liquidity and minimise risk
\u2022 Generally requiring collateral and/or guarantees to support notes receivable on significant asset sales
and new ship progress payments to shipyards
We also monitor the creditworthiness of travel agencies, tour operators and credit and debit card providers
to which we extend credit in the normal course of our business. Our credit exposure also includes contingent
obligations related to cash payments received directly by travel agents and tour operators for cash collected
by them on cruise sales in certain European countries where we are obligated to honor our guests\u2019 cruise
payments made by them to their travel agents and tour operators regardless of whether we have received
these payments.
Concentrations of credit risk associated with trade receivables and other receivables, charter-hire agreements
and contingent obligations are not considered to be material, principally due to the large number of
unrelated accounts, the nature of these contingent obligations and their short maturities. Normally, we have
not required collateral or other security to support normal credit sales and have not experienced significant
credit losses.", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:4DR1VPDQMHD3N3QW8W95", "period": "2024-12-01T00:00:00/2025-12-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00310": { "value": "Capital Management
Carnival Corporation and Carnival plc operate a DLC arrangement. The two companies operate as a single
economic enterprise. Under deeds of guarantee executed in connection with the DLC arrangement, as
well as stand-alone guarantees executed since that time, each of Carnival Corporation and Carnival plc have
effectively cross guaranteed all indebtedness and certain other monetary obligations of each other.
Under the terms of the DLC arrangement, Carnival Corporation and Carnival plc are permitted to transfer
assets between the companies, make loans to or investments in each other and otherwise enter into
intercompany transactions. In addition, the cash flows and assets of one company are required to be used
to pay the obligations of the other company, if necessary. Accordingly, capital is managed at the Carnival
Corporation & plc level. Within the DLC arrangement the most appropriate presentation of Carnival plc\u2019s
results and financial position is considered to be by reference to the DLC Financial Statements.
The net debt to capital percentage of the Carnival plc Group was calculated as follows:
\u00a0
November 30,
(in millions)
2025
2024
Total debt
..................................................
$
8,385
$
7,194
Cash and cash equivalents
.......................................
(545)
(397)
Net debt
...................................................
7,840
6,797
Shareholders\u2019 equity
...........................................
3,770
2,004
Total capital
.................................................
$
11,610
$
8,800
Net debt to capital percentage
....................................
68%
77%
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:4DR1VPDQMHD3N3QW8W95", "period": "2024-12-01T00:00:00/2025-12-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00311": { "value": "Liquidity Risks
Typically, Carnival Corporation & plc debt financing agreements allow for either Carnival Corporation or
Carnival plc to draw under the facilities, with the non-borrowing entity as guarantor. Carnival Corporation &
plc had $6.4 billion of liquidity and has an additional $7.8 billion of undrawn export credit facilities to
fund ship deliveries planned through 2033.
The unfunded export credit facilities are subject to the same covenants as disclosed in Note 14 \u2014 \u201cDebt
and Interest Expense.\u201d
The summary of the maturity profiles of the financial liabilities at November 30, 2025 and 2024 were as
follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
(in millions)
2026
2027
2028
2029
2030
Thereafter
Total
November 30, 2025
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Debt including future interest (a) . . .
$
981
$
964
$
951
$
1,970
$
897
$
4,072
$
9,834
Trade payables, accrued liabilities
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
and related
................
887
\u2014
\u2014
\u2014
\u2014
\u2014
887
Lease liabilities
...............
54
57
55
49
25
104
344
Provisions and other long-term
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
liabilities
..................
\u2014
64
28
21
17
39
169
At November 30, 2025
..........
$ 1,922
$ 1,085
$ 1,034
$
2,040
$
939
$
4,215
$ 11,234
(in millions)
2025
2026
2027
2028
2029
Thereafter
Total
November 30, 2024
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Debt including future interest (a) . . .
$ 1,100
$
840
$
823
$
809
$ 1,428
$
3,383
$
8,383
Trade payables, accrued liabilities
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
and related
................
808
\u2014
\u2014
\u2014
\u2014
\u2014
808
Lease liabilities
...............
167
127
126
86
37
114
658
Provisions and other long-term
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
liabilities
..................
\u2014
35
29
31
24
36
154
At November 30, 2024
..........
$ 2,076
$ 1,002
$
978
$
926
$ 1,489
$
3,533
$ 10,004
\n
(a)
Refer to Note 14 \u2014 \u201cDebt and Interest Expense.\u201d
Under the terms of the DLC arrangement, Carnival Corporation and Carnival plc are permitted to transfer
assets between the companies, make loans to or investments in each other and otherwise enter into
intercompany transactions. In addition, the cash flows and assets of one company are required to be used
to pay the obligations of the other company, if necessary. Amounts owed between Carnival Corporation and
Carnival plc do not have a stated maturity date, as the two companies operate as a single economic enterprise
and are therefore not included in the above table. Refer to Note 1 \u2014 \u201cGeneral, DLC Arrangement\u201dfor
additional information.", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:4DR1VPDQMHD3N3QW8W95", "period": "2024-12-01T00:00:00/2025-12-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00312": { "value": "NOTE 25 \u2014 Supplemental Cash Flow Information
Reconciliation of Liabilities Arising from Financing Activities
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0\u00a0
Financing
\u00a0\u00a0\u00a0
\u00a0\u00a0
Cash
\u00a0\u00a0\u00a0
\u00a0\u00a0
Flows
\u00a0\u00a0\u00a0
\u00a0
November 30,
Receipts/
Exchange
Other
November 30,
(in millions)
2024
(Payments)
Movements
Movements
2025
Debt (a)
...............
$
7,548
$
530 (b)
$
666
$
\u2014
$
8,745
Amount owed to Carnival
\u00a0\u00a0\u00a0\u00a0\u00a0
Corporation group
......
$
\u2014
$
(1,935)
$
74
$
1,861 (c)
$
\u2014
Lease liabilities
..........
$
539
$
(115)
$
10
$
(149) (d)
$
285
\n
(a)
Refer to Note 14 \u2014 \u201cDebt and Interest Expense.\u201d
(b)
Issuances and repayments of long-term debt.
(c)
Includes non-cash settlements for ship sales and ship purchases to Carnival Corporation group
(d)
Includes additions, terminations and remeasurements of lease liabilities.
\n \n
Financing
Cash
Flows
November 30,
Receipts/
Exchange
Other
November 30,
(in millions)
2023
(Payments)
Movements
Movements
2024
Debt (a)
..............
$
7,396
431 (b) $
(279)
$
\u2014
$
7,548
Amount owed to Carnival
Corporation group
.....
$
2,659
$
(1,908)
$
(52)
$
(699) (c) $
\u2014
Lease liabilities
.........
$
652
$
(136)
$
(3)
$
25 (d) $
539
(a)
Refer to Note 14 \u2014 \u201cDebt and Interest Expense.\u201d
(b)
Issuances and repayments of long-term debt.
(c)
Includes non-cash settlement for ship sale to Carnival Corporation.
(d)
Includes additions, terminations and remeasurements of lease liabilities.
Non-cash purchases of property and equipment included in accrued liabilities and other was $143 million
in 2025.
In 2025, emission allowances and obligations of $36 million were surrendered and derecognized based on
the first-in, first out method, and were non-cash activities.", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:4DR1VPDQMHD3N3QW8W95", "period": "2024-12-01T00:00:00/2025-12-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00313": { "value": "Reconciliation of Liabilities Arising from Financing Activities \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0\u00a0
Financing
\u00a0\u00a0\u00a0
\u00a0\u00a0
Cash
\u00a0\u00a0\u00a0
\u00a0\u00a0
Flows
\u00a0\u00a0\u00a0
\u00a0
November 30,
Receipts/
Exchange
Other
November 30,
(in millions)
2024
(Payments)
Movements
Movements
2025
Debt (a)
...............
$
7,548
$
530 (b)
$
666
$
\u2014
$
8,745
Amount owed to Carnival
\u00a0\u00a0\u00a0\u00a0\u00a0
Corporation group
......
$
\u2014
$
(1,935)
$
74
$
1,861 (c)
$
\u2014
Lease liabilities
..........
$
539
$
(115)
$
10
$
(149) (d)
$
285
\n
(a)
Refer to Note 14 \u2014 \u201cDebt and Interest Expense.\u201d
(b)
Issuances and repayments of long-term debt.
(c)
Includes non-cash settlements for ship sales and ship purchases to Carnival Corporation group
(d)
Includes additions, terminations and remeasurements of lease liabilities. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingCostsExplanatory", "language": "en", "entity": "scheme:4DR1VPDQMHD3N3QW8W95", "period": "2024-12-01T00:00:00/2025-12-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00228": { "value": "plc", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:4DR1VPDQMHD3N3QW8W95", "period": "2024-12-01T00:00:00/2025-12-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00220": { "value": "England and Wales ", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:4DR1VPDQMHD3N3QW8W95", "period": "2024-12-01T00:00:00/2025-12-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00223": { "value": "England and Wales ", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:4DR1VPDQMHD3N3QW8W95", "period": "2024-12-01T00:00:00/2025-12-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00227": { "value": "England and Wales ", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:4DR1VPDQMHD3N3QW8W95", "period": "2024-12-01T00:00:00/2025-12-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00221": { "value": "Carnival House, 100 Harbour Parade, Southampton, Hampshire, SO15 1ST, UK", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:4DR1VPDQMHD3N3QW8W95", "period": "2024-12-01T00:00:00/2025-12-01T00:00:00" } } } }