<p>嘉年华公司（Carnival Corporation (CCL)）已举行其第四季度财报电话会议。以下是会议的主要亮点。</p>
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<p>嘉年华公司在产能和成本压力下创下历史新高</p>
<p>嘉年华公司的最新财报电话会议描绘了这家邮轮巨头坚定回归增长模式的画面。管理层强调了 2025 年创纪录的财务表现，2026 年和 2027 年异常强劲的预订和定价趋势，以及推动利润大幅上升的严格成本控制。尽管高管们提到来自加勒比地区行业产能上升、地缘政治干扰以及更高的监管和税收成本等挑战，但整体语气依然自信，特别是在 2026 年的前景以及公司强化的资产负债表和恢复的股东回报方面。</p>
<h2>2025 年创纪录的表现设定了新的基准</h2>
<p>嘉年华在近二十年中交出了最强劲的一年，第四季度和 2025 年全年在收入、收益、营业收入和 EBITDA 上均创下历史新高。净收入超过 30 亿美元，比 2024 年增长 60%，超过最初的指导预期 30% 以上。全年收益增长超过 5.5%，比早期预期高出近 1.5 个百分点，而营业和 EBITDA 利润率则扩大了 250 个基点以上。每可用下铺日（ALBD）的营业收入达到了近 20 年来的最高水平，每 ALBD 的 EBITDA 也达到了历史最高。投资资本回报率超过 13%，是 19 年来的最佳结果，突显了更高的定价和改善的船舶利用率如何转化为股东价值。</p>
<h2>2026-2027 年的预订和定价势头依然强劲</h2>
<p>管理层强调了强劲的需求背景，2026 年和 2027 年的预订量均创下历史新高。尽管宏观经济不确定性持续，以及他们所描述的低消费者信心，嘉年华在其北美和欧洲品牌中获得了历史最高的价格。这种前瞻性预订的强劲表现为未来收入提供了更大的可见性，并支持公司在产能上升的情况下继续增长收益。电话会议强调，定价纪律结合更丰富的行程和船上消费，仍然是公司增长故事的核心驱动力。</p>
<h2>成本纪律支撑利润率扩张</h2>
<p>嘉年华的成本表现是另一个关键亮点。2025 年的单位成本增长了 2.6%，比公司最初的指导好出 1 个百分点，显示出严格的运营控制。这一改善帮助放大了更高收益的好处，导致报告的显著利润率增长。管理层将这种成本纪律视为结构性而非暂时性的，指出在整个船队和公司职能中持续的效率举措是维持盈利能力的基础，即使在通胀压力持续的情况下。</p>
<h2>恢复分红信号显示现金生成的信心</h2>
<p>在投资者的一个重要里程碑中，嘉年华宣布每季度恢复 0.15 美元的分红。在多年专注于稳定业务和修复资产负债表后，恢复的分红表明管理层对现金流的持久性和公司改善的财务基础的信心。除了分红，公司还开始回购股票，反映出从单纯的资产负债表防御转向更平衡的资本配置方法，包括直接回报股东。</p>
<h2>新目的地开发推动未来增长</h2>
<p>嘉年华正在大力投资于战略目的地，预计将提升客户体验并支持长期收入增长。关键项目包括在大巴哈马的庆祝岛和在半月湾的 RelaxAway 的开发。这些专有或精心策划的目的地通常带来更高的船上和岸上游览消费，更好地控制客户体验，以及更强的定价能力。管理层将这些项目视为区分嘉年华品牌和在日益竞争的邮轮市场中维持收益增长的重要杠杆。</p>
<h2>去杠杆和再融资增强资产负债表</h2>
<p>电话会议强调了在降低杠杆和改善嘉年华资本结构方面的持续进展。公司已将债务负担从高峰期削减超过 100 亿美元，实现了净债务与调整后 EBITDA 比率为 3.4 倍，符合投资级别指标。这一去杠杆化在强劲的现金生成和有利的再融资活动的支持下，降低了利息支出并增强了财务灵活性。管理层重申其意图继续降低杠杆，使公司能够更好地应对周期性下滑，并可能解锁更低的长期资本成本。</p>
<h2>加勒比地区产能激增对定价施加压力</h2>
<p>一个主要的逆风是加勒比地区行业产能的急剧上升，特别是来自非嘉年华运营商的产能。公司的指导充分考虑了该关键地区非嘉年华产能增长 14% 的影响，这造成了更具竞争力的环境，并使维持价格完整性的努力变得复杂。尽管嘉年华仍然预计收益增长，管理层承认这一产能浪潮抑制了上行空间，并需要谨慎的部署和收入管理策略。投资者被提醒，即使在这种压力下，公司仍然指导 2026 年整体收益更高。</p>
<h2>地缘政治风险对阿拉伯海湾部署施加压力</h2>
<p>阿拉伯湾的地缘政治不确定性迫使公司在最后阶段进行行程和部署的调整，这影响了嘉年华对 2026 年的收益指引。这些变化通常会提高成本并压缩定价机会，因为提前准备时间缩短且需求模式发生变化。管理层将这些干扰视为可控但并非微不足道，尽管更广泛的投资组合仍然受益于更稳定市场的强劲需求，但这为区域表现增添了另一层谨慎。</p>
<h2>未来邮轮运营成本上升</h2>
<p>展望未来，嘉年华预计 2026 年每可用床位的邮轮成本（不包括燃料）将上涨约 3.25%。这一增长主要受到劳动力和供应品的通货膨胀压力的推动，以及为了支持扩大舰队和品牌定位而计划增加的广告和营销支出。管理层认为这项支出是战略性的，旨在增强需求和定价能力，但这仍然对利润率构成压力，必须通过收入增长和持续的效率措施来抵消。</p>
<h2>监管和税收负担将增加</h2>
<p>嘉年华还指出，日益增加的监管和税收成本将成为阻力。与排放配额和环境法规相关的新要求将增加成本基础，而全球税收框架的变化，包括第二支柱，预计将使所得税费用增加相当于每股 0.11 美元。这些因素将在边际上对盈利增长施加压力，强调了持续运营改进和严格资本支出的必要性，以保护回报。</p>
<h2>指引显示 2026 年进一步增长</h2>
<p>尽管面临已识别的挑战，前瞻性指引仍然积极。嘉年华预计 2026 年收益将增长约 3%，即使在吸收加勒比地区非嘉年华运力 14% 的激增以及更高的运营、监管和税收成本的情况下。公司目标是实现净收入同比增长超过 3.5 亿美元，并产生超过 76 亿美元的 EBITDA。管理层重申其目标是将净债务与 EBITDA 的比率降低到 3 倍以下，得益于强劲的现金流、恢复的股息和持续的股票回购。总体而言，指引表明盈利和资产负债表将再迎来一年进展，尽管在外部阻力下，容错空间减少。</p>
<p>嘉年华的财报电话会议展示了一家不仅从过去的动荡中恢复过来，而且正在进入一个新的盈利增长阶段的公司。2025 年创纪录的业绩、高价位的强劲预订和持续的去杠杆化正在与行业运力的上升、地缘政治干扰和更高的结构性成本进行平衡。对于投资者来说，关键的收获是嘉年华似乎在 2026 年有良好的定位，恢复的股东回报和强化的资产负债表支撑着管理层的乐观态度，尽管运营环境变得更加复杂。</p>

嘉年华存托凭证

嘉年华邮轮

<p>嘉年华公司第四季度的财报电话会议强调了强劲的复苏势头，2025 年财务表现创下纪录。公司报告了收入、收益和净收入的历史新高，这得益于 2026-2027 年的强劲预订和定价趋势。尽管面临加勒比地区运力增加和地缘政治干扰等挑战，嘉年华强调了成本控制并恢复了股息，显示出对现金生成的信心。对新目的地的战略投资和去杠杆化努力进一步增强了其财务状况，尽管加勒比地区运力的增加带来了定价挑战</p>

<p>Carnival Corporation ((CCL)) has held its Q4 earnings call. Read on for the main highlights of the call.</p>
<div class="lb-trans"><p>嘉年华公司（Carnival Corporation (CCL)）已举行其第四季度财报电话会议。以下是会议的主要亮点。</p>
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<li>通过最新的新闻和分析保持市场领先，使您的投资组合始终处于最大潜力的状态</li>
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</div><p>Carnival Corporation Charts Record Year Amid Capacity and Cost Headwinds</p>
<div class="lb-trans"><p>嘉年华公司在产能和成本压力下创下历史新高</p>
</div><p>Carnival Corporation’s latest earnings call painted a picture of a cruise giant firmly back in growth mode. Management emphasized record financial performance in 2025, exceptionally strong booking and pricing trends into 2026 and 2027, and disciplined cost control that drove margins sharply higher. While executives flagged challenges from rising Caribbean industry capacity, geopolitical disruptions, and higher regulatory and tax costs, the tone remained confident, particularly around 2026 prospects and the company’s strengthened balance sheet and restored shareholder returns.</p>
<div class="lb-trans"><p>嘉年华公司的最新财报电话会议描绘了这家邮轮巨头坚定回归增长模式的画面。管理层强调了 2025 年创纪录的财务表现，2026 年和 2027 年异常强劲的预订和定价趋势，以及推动利润大幅上升的严格成本控制。尽管高管们提到来自加勒比地区行业产能上升、地缘政治干扰以及更高的监管和税收成本等挑战，但整体语气依然自信，特别是在 2026 年的前景以及公司强化的资产负债表和恢复的股东回报方面。</p>
</div><h2>Record 2025 Performance Sets a New Benchmark</h2>
<div class="lb-trans"><h2>2025 年创纪录的表现设定了新的基准</h2>
</div><p>Carnival delivered its strongest year in nearly two decades, with the fourth quarter and full-year 2025 posting historical highs in revenues, yields, operating income, and EBITDA. Net income surpassed $3 billion, a 60% jump from 2024 and more than 30% above initial guidance. Yields for the year rose over 5.5%, nearly 1.5 percentage points ahead of earlier expectations, while operating and EBITDA margins expanded by more than 250 basis points. Operating income per available lower berth day (ALBD) hit its highest level in almost 20 years, and EBITDA per ALBD reached an all-time high. Return on invested capital topped 13%, the best result in 19 years, underscoring how higher pricing and improved ship utilization are flowing through to shareholder value.</p>
<div class="lb-trans"><p>嘉年华在近二十年中交出了最强劲的一年，第四季度和 2025 年全年在收入、收益、营业收入和 EBITDA 上均创下历史新高。净收入超过 30 亿美元，比 2024 年增长 60%，超过最初的指导预期 30% 以上。全年收益增长超过 5.5%，比早期预期高出近 1.5 个百分点，而营业和 EBITDA 利润率则扩大了 250 个基点以上。每可用下铺日（ALBD）的营业收入达到了近 20 年来的最高水平，每 ALBD 的 EBITDA 也达到了历史最高。投资资本回报率超过 13%，是 19 年来的最佳结果，突显了更高的定价和改善的船舶利用率如何转化为股东价值。</p>
</div><h2>Booking and Pricing Momentum Stays Robust into 2026–2027</h2>
<div class="lb-trans"><h2>2026-2027 年的预订和定价势头依然强劲</h2>
</div><p>Management highlighted a powerful demand backdrop, with booking volumes at record levels for both 2026 and 2027. Despite ongoing macroeconomic uncertainty and what they described as low consumer sentiment, Carnival is securing historically high prices across its North American and European brands. This strength in forward bookings provides increased visibility into future revenue and supports the company’s ability to grow yields even as capacity rises. The call underscored that pricing discipline, combined with a richer mix of itineraries and onboard spending, remains a core driver of the company’s growth story.</p>
<div class="lb-trans"><p>管理层强调了强劲的需求背景，2026 年和 2027 年的预订量均创下历史新高。尽管宏观经济不确定性持续，以及他们所描述的低消费者信心，嘉年华在其北美和欧洲品牌中获得了历史最高的价格。这种前瞻性预订的强劲表现为未来收入提供了更大的可见性，并支持公司在产能上升的情况下继续增长收益。电话会议强调，定价纪律结合更丰富的行程和船上消费，仍然是公司增长故事的核心驱动力。</p>
</div><h2>Cost Discipline Underpins Margin Expansion</h2>
<div class="lb-trans"><h2>成本纪律支撑利润率扩张</h2>
</div><p>Carnival’s cost performance was another key highlight. Unit costs for 2025 increased 2.6%, more than 1 percentage point better than the company’s initial guidance, demonstrating tight operational control. This improvement helped magnify the benefit of higher yields, leading to the significant margin gains reported. Management framed this cost discipline as structural rather than temporary, pointing to ongoing efficiency initiatives across the fleet and corporate functions as a foundation for sustaining profitability even as inflationary pressures persist.</p>
<div class="lb-trans"><p>嘉年华的成本表现是另一个关键亮点。2025 年的单位成本增长了 2.6%，比公司最初的指导好出 1 个百分点，显示出严格的运营控制。这一改善帮助放大了更高收益的好处，导致报告的显著利润率增长。管理层将这种成本纪律视为结构性而非暂时性的，指出在整个船队和公司职能中持续的效率举措是维持盈利能力的基础，即使在通胀压力持续的情况下。</p>
</div><h2>Dividend Resumption Signals Confidence in Cash Generation</h2>
<div class="lb-trans"><h2>恢复分红信号显示现金生成的信心</h2>
</div><p>In a notable milestone for investors, Carnival announced the resumption of its dividend at $0.15 per quarter. After years focused on stabilizing the business and repairing the balance sheet, the reinstated payout signals management’s conviction in both the durability of cash flows and the company’s improved financial footing. Alongside the dividend, the company has begun repurchasing shares, reflecting a shift from pure balance sheet defense to a more balanced capital allocation approach that includes direct returns to shareholders.</p>
<div class="lb-trans"><p>在投资者的一个重要里程碑中，嘉年华宣布每季度恢复 0.15 美元的分红。在多年专注于稳定业务和修复资产负债表后，恢复的分红表明管理层对现金流的持久性和公司改善的财务基础的信心。除了分红，公司还开始回购股票，反映出从单纯的资产负债表防御转向更平衡的资本配置方法，包括直接回报股东。</p>
</div><h2>New Destination Developments to Drive Future Growth</h2>
<div class="lb-trans"><h2>新目的地开发推动未来增长</h2>
</div><p>Carnival is investing heavily in strategic destinations that are expected to enhance guest experience and support long-term revenue growth. Key projects include developments at Celebration Key in Grand Bahama and RelaxAway at Half Moon Cay. These proprietary or heavily curated destinations typically deliver higher onboard and shore-excursion spending, better control over the guest experience, and more resilient pricing power. Management presented these projects as important levers to differentiate Carnival’s brands and sustain yield growth in an increasingly competitive cruise landscape.</p>
<div class="lb-trans"><p>嘉年华正在大力投资于战略目的地，预计将提升客户体验并支持长期收入增长。关键项目包括在大巴哈马的庆祝岛和在半月湾的 RelaxAway 的开发。这些专有或精心策划的目的地通常带来更高的船上和岸上游览消费，更好地控制客户体验，以及更强的定价能力。管理层将这些项目视为区分嘉年华品牌和在日益竞争的邮轮市场中维持收益增长的重要杠杆。</p>
</div><h2>Deleveraging and Refinancing Strengthen the Balance Sheet</h2>
<div class="lb-trans"><h2>去杠杆和再融资增强资产负债表</h2>
</div><p>The call highlighted continued progress in reducing leverage and improving Carnival’s capital structure. The company has cut its debt load by more than $10 billion from the peak, achieving a net debt to adjusted EBITDA ratio of 3.4x that aligns with investment-grade metrics. This deleveraging, supported by strong cash generation and favorable refinancing activity, lowers interest expense and enhances financial flexibility. Management reiterated its intent to keep pushing leverage lower, positioning the company to better weather cyclical downturns and potentially unlock a lower long-term cost of capital.</p>
<div class="lb-trans"><p>电话会议强调了在降低杠杆和改善嘉年华资本结构方面的持续进展。公司已将债务负担从高峰期削减超过 100 亿美元，实现了净债务与调整后 EBITDA 比率为 3.4 倍，符合投资级别指标。这一去杠杆化在强劲的现金生成和有利的再融资活动的支持下，降低了利息支出并增强了财务灵活性。管理层重申其意图继续降低杠杆，使公司能够更好地应对周期性下滑，并可能解锁更低的长期资本成本。</p>
</div><h2>Caribbean Capacity Surge Puts Pressure on Pricing</h2>
<div class="lb-trans"><h2>加勒比地区产能激增对定价施加压力</h2>
</div><p>One major headwind is the sharp rise in industry capacity in the Caribbean, particularly from non-Carnival operators. The company’s guidance fully incorporates a 14% increase in non-Carnival capacity growth in this key region, which is creating a more competitive environment and complicating efforts to maintain price integrity. While Carnival still expects yield growth, management acknowledged that this capacity wave tempers upside and requires careful deployment and revenue management strategies. Investors were reminded that even with this pressure, the company is guiding to higher overall yields in 2026.</p>
<div class="lb-trans"><p>一个主要的逆风是加勒比地区行业产能的急剧上升，特别是来自非嘉年华运营商的产能。公司的指导充分考虑了该关键地区非嘉年华产能增长 14% 的影响，这造成了更具竞争力的环境，并使维持价格完整性的努力变得复杂。尽管嘉年华仍然预计收益增长，管理层承认这一产能浪潮抑制了上行空间，并需要谨慎的部署和收入管理策略。投资者被提醒，即使在这种压力下，公司仍然指导 2026 年整体收益更高。</p>
</div><h2>Geopolitical Risks Weigh on Arabian Gulf Deployments</h2>
<div class="lb-trans"><h2>地缘政治风险对阿拉伯海湾部署施加压力</h2>
</div><p>Geopolitical uncertainties in the Arabian Gulf have forced late-stage itinerary and deployment changes, impacting Carnival’s yield guidance for 2026. These changes typically raise costs and compress pricing opportunities due to shorter lead times and altered demand patterns. Management framed these disruptions as manageable but non-trivial, adding another layer of caution around regional performance even as the broader portfolio continues to benefit from strong demand in more stable markets.</p>
<div class="lb-trans"><p>阿拉伯湾的地缘政治不确定性迫使公司在最后阶段进行行程和部署的调整，这影响了嘉年华对 2026 年的收益指引。这些变化通常会提高成本并压缩定价机会，因为提前准备时间缩短且需求模式发生变化。管理层将这些干扰视为可控但并非微不足道，尽管更广泛的投资组合仍然受益于更稳定市场的强劲需求，但这为区域表现增添了另一层谨慎。</p>
</div><h2>Higher Cruise Operating Costs on the Horizon</h2>
<div class="lb-trans"><h2>未来邮轮运营成本上升</h2>
</div><p>Looking ahead, Carnival expects cruise costs excluding fuel per ALBD to rise roughly 3.25% in 2026. The increase is driven mainly by inflationary pressures across labor and supplies, as well as higher planned advertising and marketing spending to support the enlarged fleet and brand positioning. Management contends that this spending is strategic, intended to reinforce demand and pricing power, but it nonetheless represents a drag on margins that must be offset by revenue growth and ongoing efficiency measures.</p>
<div class="lb-trans"><p>展望未来，嘉年华预计 2026 年每可用床位的邮轮成本（不包括燃料）将上涨约 3.25%。这一增长主要受到劳动力和供应品的通货膨胀压力的推动，以及为了支持扩大舰队和品牌定位而计划增加的广告和营销支出。管理层认为这项支出是战略性的，旨在增强需求和定价能力，但这仍然对利润率构成压力，必须通过收入增长和持续的效率措施来抵消。</p>
</div><h2>Regulatory and Tax Burdens Set to Increase</h2>
<div class="lb-trans"><h2>监管和税收负担将增加</h2>
</div><p>Carnival also flagged rising regulatory and tax costs as a headwind. New requirements related to emission allowances and environmental regulations will add to the cost base, while changes in global tax frameworks, including Pillar 2, are expected to increase income tax expense by the equivalent of $0.11 per share. These factors will pressure earnings growth at the margin, underscoring the need for continued operational improvements and disciplined capital spending to protect returns.</p>
<div class="lb-trans"><p>嘉年华还指出，日益增加的监管和税收成本将成为阻力。与排放配额和环境法规相关的新要求将增加成本基础，而全球税收框架的变化，包括第二支柱，预计将使所得税费用增加相当于每股 0.11 美元。这些因素将在边际上对盈利增长施加压力，强调了持续运营改进和严格资本支出的必要性，以保护回报。</p>
</div><h2>Guidance Points to Further Growth in 2026</h2>
<div class="lb-trans"><h2>指引显示 2026 年进一步增长</h2>
</div><p>Forward-looking guidance remains constructive despite the identified challenges. Carnival is forecasting a roughly 3% increase in yields in 2026, even while absorbing the 14% jump in non-Carnival capacity in the Caribbean and higher operating, regulatory, and tax costs. The company aims to grow net income by more than $350 million year-on-year and generate over $7.6 billion in EBITDA. Management reiterated its intention to drive net debt to EBITDA below 3x, supported by robust cash flow, the reinstated dividend, and ongoing share repurchases. Overall, guidance suggests another year of earnings and balance sheet progress, though with less margin for error given the external headwinds.</p>
<div class="lb-trans"><p>尽管面临已识别的挑战，前瞻性指引仍然积极。嘉年华预计 2026 年收益将增长约 3%，即使在吸收加勒比地区非嘉年华运力 14% 的激增以及更高的运营、监管和税收成本的情况下。公司目标是实现净收入同比增长超过 3.5 亿美元，并产生超过 76 亿美元的 EBITDA。管理层重申其目标是将净债务与 EBITDA 的比率降低到 3 倍以下，得益于强劲的现金流、恢复的股息和持续的股票回购。总体而言，指引表明盈利和资产负债表将再迎来一年进展，尽管在外部阻力下，容错空间减少。</p>
</div><p>Carnival’s earnings call showcased a company that has not only recovered from past turbulence but is now pushing into a new phase of profitable growth. Record 2025 results, strong bookings at higher prices, and continued deleveraging are being balanced against rising industry capacity, geopolitical disruptions, and higher structural costs. For investors, the key takeaway is that Carnival appears well-positioned to deliver further improvements in 2026, with restored shareholder returns and a strengthened balance sheet underpinning management’s optimistic tone, even as the operating environment grows more complex.</p>
<div class="lb-trans"><p>嘉年华的财报电话会议展示了一家不仅从过去的动荡中恢复过来，而且正在进入一个新的盈利增长阶段的公司。2025 年创纪录的业绩、高价位的强劲预订和持续的去杠杆化正在与行业运力的上升、地缘政治干扰和更高的结构性成本进行平衡。对于投资者来说，关键的收获是嘉年华似乎在 2026 年有良好的定位，恢复的股东回报和强化的资产负债表支撑着管理层的乐观态度，尽管运营环境变得更加复杂。</p>
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嘉年华公司显示出强劲的复苏后盈利动能