嘉年華遊輪 (CCL) 2025 Q4 法說會逐字稿

Greetings and welcome to the Carnival Corporation & plc fourth-quarter 2025 earnings call. (Operator Instructions) As a reminder, this conference is being recorded.

各位來賓，歡迎參加嘉年華集團2025年第四季財報電話會議。（操作說明）提醒各位，本次會議正在錄音。

It is now my pleasure to introduce your host, Beth Roberts, Senior Vice President, Investor Relations. Thank you, Beth. You may begin.

現在，我榮幸地向大家介紹主持人，投資人關係資深副總裁貝絲‧羅伯茲。謝謝你，貝絲。你可以開始了。

Thank you. Good morning, and welcome to our fourth-quarter 2025 earnings conference call. I'm joined today by our CEO, Josh Weinstein; our CFO, David Bernstein; and our Chair, Micky Arison.

謝謝。早安，歡迎參加我們2025年第四季財報電話會議。今天與我一同出席的有我們的執行長喬許溫斯坦、財務長大衛伯恩斯坦和董事長米奇阿里森。

Before we begin, please note that some of our remarks on this call will be forward-looking. Therefore, I will refer you to today's press release and our filings with the SEC for additional information on factors and risks that could cause actual results to differ from our expectations.

在開始之前，請注意，我們在本次電話會議中的一些演講將具有前瞻性。因此，有關可能導致實際結果與預期結果不同的因素和風險的更多信息，請參閱今天的新聞稿和我們向美國證券交易委員會提交的文件。

We will be referencing certain non-GAAP financial measures, including yields, cruise costs without fuel, EBITDA, net income, ROIC and related statistics for all, which are on a net basis or adjusted as defined, unless otherwise stated. A reconciliation to US GAAP is included in our earnings press release and our investor presentation. References to ticket prices yields and cruise costs without fuel are in constant currency unless we note otherwise. Please visit our corporate website where our earnings press release and investor presentation can be found. For further information on our proposed DLC unification and shift in legal incorporation, please visit carnivalcorp.com/unify.

我們將參考某些非公認會計準則財務指標，包括收益率、不含燃油的郵輪成本、EBITDA、淨收入、ROIC 以及所有相關統計數據，除非另有說明，否則這些指標均為淨值或按定義調整後的值。我們的獲利新聞稿和投資者簡報中均包含與美國通用會計準則的調節表。除非另有說明，否則提及的機票價格、不含燃油的郵輪價格均以不變貨幣計價。請造訪我們的公司網站，網站上有我們的獲利新聞稿和投資者簡報。有關我們提出的 DLC 統一和法律公司變更的更多信息，請訪問 carnivalcorp.com/unify。

With that, I'd like to turn the call over to Josh.

接下來，我想把電話交給喬許。

Thanks, Beth. It is definitely gratifying to begin this call by saying we delivered yet another very strong quarter to finish a fantastic year. Not only did we deliver historical fourth-quarter highs for revenues, yields, operating income, and EBITDA, we achieved these record results in each and every quarter of the year and for the full year. 2025 was clearly another step change forward for us. We delivered over $3 billion to the bottom line, a 60% increase over 2024, and an all-time high net income for our company. This was over 30% greater than our initial guidance.

謝謝你，貝絲。非常令人欣慰的是，在本次電話會議伊始，我們又取得了非常強勁的季度業績，為精彩的一年畫上了圓滿的句號。我們不僅在第四季度實現了營收、收益率、營業收入和 EBITDA 的歷史新高，而且在全年的每個季度都取得了這些創紀錄的業績。 2025 年顯然是我們向前邁出的另一個重要里程碑。我們為公司淨利潤貢獻了超過 30 億美元，比 2024 年增長了 60%，並創下了公司有史以來最高的淨收入。這比我們最初的預期高出 30% 以上。

Full-year yields improved more than 5.5% over last year and topped our initial guidance by almost 1.5 points, driven by successful commercial execution across our industry-leading cruise lines, and all while absorbing the heightened volatility we encountered periodically throughout the year. We also brought unit costs in over 1 point better than initial guidance at a 2.6% increase for the year with successful cost management mitigating inflation, higher dry dock expenses, and the inclusion of costs for our amazing new destination, Celebration Key Grand Bahama. This combination pushed operating margins and EBITDA margins up by over 250 basis points year-over-year, leading to the highest operating income per ALBD in almost 20 years and EBITDA per ALBD reaching an all-time high. For all of these incredible achievements, full credit goes to our hard-working and dedicated team, the best in all of travel and leisure for the consistent outperformance throughout the year that resulted in ROIC in excess of 13%, the highest level this company has seen in 19 years.

全年收益率較去年提高了 5.5% 以上，比我們最初的預期高出近 1.5 個百分點，這得益於我們行業領先的郵輪公司成功的商業執行，同時我們也承受了全年不時出現的劇烈波動。我們也使單位成本比最初的預期低了 1 個百分點以上，全年增長 2.6%，這得益於成功的成本管理，緩解了通貨膨脹、更高的干船塢費用以及我們令人驚嘆的新目的地——大巴哈馬島慶典礁的成本。這一組合使營業利潤率和 EBITDA 利潤率同比提高了 250 多個基點，從而使每 ALBD 的營業收入達到近 20 年來的最高水平，每 ALBD 的 EBITDA 也達到歷史最高水平。所有這些令人難以置信的成就，完全歸功於我們勤奮敬業的團隊，他們是旅遊休閒行業中最優秀的團隊，全年持續超額完成任務，使投資回報率超過 13%，這是該公司 19 年來取得的最高水平。

Having said that, we are very well positioned to top 2025's fantastic results in 2026. We are already about 2/3 booked in line with where we were a year ago at this time and at historical high prices for both North America and Europe. And over the last three months, we achieved booking volumes that were at record levels for both 2026 and 2027. At the same time, closing demand remains strong, as demonstrated by the outperformance in our fourth quarter by our onboard revenue per diem significantly outperforming prior year levels and our customer deposits up 7% year over year, hitting an all-time high for year-end.

也就是說，我們完全有能力在 2026 年超越 2025 年的輝煌成績。我們目前的預訂量已達到約三分之二，與一年前同期的情況基本持平，北美和歐洲的預訂價格均處於歷史高點。在過去的三個月裡，我們的預訂量達到了 2026 年和 2027 年的歷史最高水準。同時，成交需求依然強勁，正如我們第四季度的出色表現所證明的那樣，我們的每日船上收入顯著超過了上年同期水平，客戶存款同比增長 7%，創下年末歷史新高。

Our book position and recent performance are all despite Michigan's US consumer sentiment readings dipping quite low for several months throughout 2025, and in fact, last month dropping pretty close to its lowest level in recorded history. It is a true testament to the strength of the product offering across our portfolio of world-class cruise lines and our guests prioritizing their spending with us. In reality, the disconnect between consumer sentiment and actual booking behavior continues to reinforce what we've said for a long time.

儘管密西根州的美國消費者信心指數在 2025 年連續數月大幅下滑，事實上，上個月更是跌至歷史最低水平，但我們目前的投資組合和近期業績仍然保持良好。這充分證明了我們旗下世界一流郵輪產品組合的強大實力，以及我們的客人優先選擇在我們這裡消費。事實上，消費者情緒與實際預訂行為之間的脫節，繼續印證了我們長期以來所說的觀點。

Demand for our cruise lines is proving far more resilient than traditional macro indicators would suggest. We are expecting another year of same-ship yield improvement marking our fourth consecutive year of low or mid-single-digit per diem growth. Normalizing for the accounting changes from the implementation of Carnival Cruise Line's beneficial new loyalty program and late-stage deployment changes necessitated by geopolitical uncertainties in the Arabian Gulf, we are forecasting a 3% yield increase in 2026. And while I think it's obvious, to address the question we've been getting most often, our 2026 guidance fully incorporates the 14% increase in non-Carnival Corporation capacity growth in the Caribbean, taking that to a 27% increase in just two years as well as our 4% growth over that time period.

事實證明，市場對我們郵輪航線的需求比傳統宏觀指標所顯示的要堅挺得多。我們預計同船收益將連續第二年提高，這將是我們連續第四年實現每日平均收益低至個位數成長。考慮到嘉年華郵輪公司實施其有利的新忠誠度計劃所帶來的會計變化，以及阿拉伯灣地緣政治不確定性所導致的後期部署變化，我們預測 2026 年收益率將增長 3%。雖然我認為這很明顯，但為了回答我們最常被問到的問題，我們的 2026 年業績指引完全包含了加勒比地區非嘉年華集團運力增長 14% 的預期，這使得兩年內運力增長達到 27%，再加上我們同期 4% 的增長。

Now even against that backdrop, we continue to drive the business forward, underscoring the advantage of our diversified global portfolio. We are also continuing to successfully mitigate inflation through effective cost management. And again, with no ship deliveries for 2026, we don't have the advantage of offsetting large cost increases with significant capacity growth. On that basis, we've guided to unit cost growth of 3.25%, which includes a partial year of operating costs from our successful new destination developments and the timing of expenses hitting in the first quarter of 2026 rather than Q4 2025. David will provide more color around the costs, but normalized just for these two items, net cruise cost ex-fuel per ALBD are expected to be up about 2.5% for the full year. All told, in 2026, we will bring over $350 million more to the bottom line year-over-year and generate over $7.6 billion of EBITDA.

即便在這樣的背景下，我們依然繼續推動業務向前發展，凸顯了我們多元化全球投資組合的優勢。我們也透過有效的成本管理，持續成功地抑制通貨膨脹。此外，由於 2026 年沒有船舶交付，我們無法透過大幅提高產能來抵銷成本大幅上漲帶來的優勢。基於此，我們預計單位成本成長為 3.25%，其中包括我們成功的新目的地開發專案的部分年度營運成本，以及費用在 2026 年第一季而不是 2025 年第四季到帳的時間。David 將提供更多關於成本的細節，但僅就這兩項而言，預計全年每 ALBD 的淨巡航成本（不含燃油）將上漲約 2.5%。總的來說，到 2026 年，我們將比前一年增加 3.5 億美元的淨利潤，並產生超過 76 億美元的 EBITDA。

With this strong cash flow, no new ship deliveries this year, and the fantastic balance sheet improvements we've made over the last two years, we're about a year ahead of schedule and can now embark on a capital allocation strategy that will return even more value to shareholders. Having reached a better-than-expected investment-grade leverage ratio of 3.4 times at year-end, I am pleased to say we are now formally resuming our dividend at an initial rate of $0.15 per quarter, which we expect to grow responsibly over time. Reinstating the dividend reflects both our confidence in the durability of our cash generation and the structural improvements we've made to our balance sheet.

憑藉強勁的現金流、今年沒有新船交付，以及過去兩年我們取得的顯著資產負債表改善，我們比原計劃提前了大約一年，現在可以開始實施資本配置戰略，這將為股東帶來更大的價值。由於年底槓桿率達到了預期的 3.4 倍，達到了投資級水平，我很高興地宣布，我們現在正式恢復派息，初始金額為每季度 0.15 美元，我們預計隨著時間的推移，股息將穩步增長。恢復派息既反映了我們對自身現金流持續性的信心，也反映了我們對資產負債表結構性改善的信心。

Alongside the dividend, we will continue to delever to get below 3 times net debt to EBITDA, while still allowing for opportunistic share repurchases in the future. In fact, we just kick-started that a bit by calling the last of our convertible debt and in the process using some cash to take out 18 million shares. We will also have ample opportunity to deliver even greater shareholder value over time as we continue to reinvest in our future, through our disciplined newbuild program, return-generating vessel enhancement programs like our successful AIDA Evolution project, which will soon expand to several of our other brands, and our ongoing destination development efforts. We see much more pricing opportunity ahead as we transition our destination strategy from what has historically been a utilitarian asset base to a marketable growth driver for years to come.

除了派發股息外，我們將繼續降低槓桿率，使淨債務與 EBITDA 的比率低於 3 倍，同時仍允許未來進行機會性股票回購。事實上，我們剛剛透過贖回最後一筆可轉換債券，並在此過程中利用部分現金購買了 1800 萬股股票，稍微啟動了這一進程。隨著我們繼續投資未來，我們將有充足的機會隨著時間的推移為股東創造更大的價值。這得歸功於我們嚴謹的新造船計劃、能夠產生回報的船舶改進計劃（例如我們成功的 AIDA Evolution 項目，該項目很快就會擴展到我們的其他幾個品牌）以及我們正在進行的目的地開發工作。隨著我們將目的地策略從歷史上以實用性資產為基礎的策略轉型為未來幾年可推動市場成長的策略，我們看到了未來更多的定價機會。

Celebration Key is a real differentiator for us and will be complemented by the expansion at RelaxAway, Half Moon Cay later this year. This will soon be followed by Isla Tropicale of Roatan, as we lean into the rest of our Paradise collection even harder. And as recently announced, we'll also be looking forward to a great guest experience we're developing with our partners in Ensenada, Mexico, showcasing the culture and natural beauty of Baja California, Mexico that will greatly benefit our West Coast deployments and our significant competitive land/sea advantage in the incredibly profitable Alaska trade will continue to serve us well for decades to come.

Celebration Key 對我們來說是一個真正的差異化優勢，今年晚些時候，位於 Half Moon Cay 的 RelaxAway 的擴建將與之形成互補。接下來我們將推出羅阿坦島的熱帶島嶼，我們將更加努力地推廣我們的天堂系列。正如最近宣布的那樣，我們還將期待與我們在墨西哥恩塞納達的合作夥伴共同打造一個絕佳的賓客體驗，展示墨西哥下加利福尼亞州的文化和自然美景，這將極大地有利於我們在西海岸的部署，而我們在利潤豐厚的阿拉斯加貿易中顯著的陸海競爭優勢將在未來幾十年繼續為我們帶來益處。

On top of these important attributes, cruising has clearly become a mainstream vacation alternative. And we have positioned our company with the most diversified portfolio of world-class cruise lines in the industry. And in fact, we hold the number one or two brand in every major market for cruising today. Our well-recognized cruise lines have been honing in on their target markets, sharpening their marketing messages and reaching target consumers in an incredibly efficient manner. Moreover, we are continuously improving upon our yield management tools and techniques to generate the most revenue possible from our asset base.

除了這些重要特點之外，郵輪旅行顯然已經成為一種主流的度假方式。我們已將公司定位為擁有業界最多元化的世界級郵輪航線組合。事實上，在現今各大郵輪市場，我們都佔據著第一或第二的品牌地位。我們知名的郵輪公司一直在精準定位目標市場，不斷完善行銷訊息，以極為有效率的方式觸達目標消費者。此外，我們也正在不斷改進收益管理工具和技術，以從我們的資產基礎中創造盡可能多的收入。

We're also leaning into AI to further improve in areas such as marketing effectiveness and enhanced personalization and to find further efficiency gains across the business. And the good news is the price to experience ratio to land-based alternatives is still at a ridiculous value and provides enormous headroom for many years to come. and that's despite what will be an approximately 20% cumulative yield increase for us since 2023. So while we are not immune to things like the lowest consumer sentiment in years, or capacity spikes in our most concentrated market or geopolitical conflicts around the world, having 2/3 of the business on the books at higher prices underscores the resilience of our business model. Against all of that background noise, we plan to deliver another double-digit earnings growth on top of the 60% increase we achieved in 2025, leaving us well positioned to continue to outperform in the consumer discretionary and travel space yet again.

我們也大力應用人工智慧，進一步提高行銷效率和增強個人化服務等領域，並在整個業務中尋求進一步提高效率。好消息是，與陸基替代方案相比，其性價比仍然非常高，未來多年仍有巨大的成長空間。即便自2023年以來，我們的累計收益率將成長約20%，情況依然如此。因此，儘管我們無法免受多年來最低的消費者信心、最集中市場的產能激增或世界各地的地緣政治衝突等因素的影響，但三分之二的業務以更高的價格完成，這凸顯了我們商業模式的韌性。在所有這些背景噪音中，我們計劃在 2025 年實現 60% 的成長基礎上，再實現兩位數的獲利成長，這將使我們能夠在非必需消費品和旅遊領域再次取得優異成績。

Again, thank you so much to each of our team members, ship and shore, who have delivered such phenomenal results in 2025 and set us up well for another step forward in 2026. At the end of the day, this is about delivering unforgettable happiness to over 13.5 million people around the world by providing them with extraordinary cruise vacations while honoring the integrity of every ocean we sale, place we visit, and life we touch, and that is something we do incredibly well.

再次衷心感謝我們團隊的每一位成員，包括船上和岸上的成員，他們在 2025 年取得瞭如此卓越的成果，為我們在 2026 年邁出下一步奠定了良好的基礎。歸根結底，我們的目標是透過提供非凡的郵輪假期，為全球超過 1350 萬人帶來難忘的幸福，同時尊重我們銷售的每一片海洋、我們到訪的每一處地方以及我們接觸到的每一條生命，而這正是我們做得非常出色的事情。

Thanks also goes out to our travel agent partners who have contributed immensely to this success. Likewise, a heartfelt thanks is owed to our loyal guests, investors, destination partners, and other stakeholders. Suffice it to say, these accomplishments reflect the effort, support, and loyalty we've received from all of you. I continue to be very proud of what we've been able to accomplish together while at the same time, remain incredibly excited about the runway ahead that leads to continued improvement to our business and results for years to come.

也要感謝我們的旅行社合作夥伴，他們為此次成功做出了巨大貢獻。同樣，我們衷心感謝我們的忠實顧客、投資者、目的地合作夥伴和其他利害關係人。毋庸置疑，這些成就體現了我們所有人所付出的努力、支持和忠誠。我為我們共同取得的成就感到非常自豪，同時，我也對未來的發展前景感到無比興奮，相信這將使我們的業務和業績在未來幾年持續改進。

With that, I'll turn the call over to David.

接下來，我將把電話交給大衛。

Thank you, Josh. I'll start today with a summary of our 2025 fourth-quarter results. Next, I will provide a recap of our 2025 deleveraging and refinancing efforts. Then I'll give some color on our 2026 full-year December guidance as well as some key insights into our 2026 first quarter and then finish up with some comments on the recommended simplification of our corporate structure. Turning to the summary of our fourth quarter results.

謝謝你，喬許。今天我先總結我們2025年第四季的業績。接下來，我將概述我們 2025 年的去槓桿化和再融資工作。接下來，我將詳細介紹我們對 2026 年 12 月全年業績的預期，以及我們對 2026 年第一季的一些重要見解，最後就我們建議的簡化公司結構提出一些意見。接下來，我們來總結一下第四季業績。

Net income of $454 million was nearly 2.5 times the prior year and exceeded September guidance by $154 million or $0.11 per share as we outperformed once again. The performance versus September guidance was driven mainly by two things: First, favorability in revenue were $0.03 per share as yields came in up 5.4% compared to the prior year, and that was on top of last year's robust increase of nearly 7%. This was 110 basis points better than September guidance, driven by continued strong close-in demand, which resulted in higher ticket prices and an acceleration of strong onboard spending. The increase in yield was driven by improvements on both sides of the Atlantic.

淨利潤達 4.54 億美元，幾乎是去年的 2.5 倍，比 9 月的預期高出 1.54 億美元，即每股 0.11 美元，我們再次取得了超出預期的業績。與 9 月份的業績預期相比，主要受兩方面因素驅動：首先，每股收入增長 0.03 美元，收益率較上年增長 5.4%，而去年同期收益率已強勁增長近 7%。這比 9 月的預期高出 110 個基點，這主要得益於臨近出發日期的強勁需求，從而推高了機票價格，並加速了機上消費的增長。產量增加是大西洋兩岸經濟狀況改善共同作用的結果。

Second, cruise cost without fuel per available lower-berth day, or ALBD, were only up 0.5% compared to the prior year. This was 2.7 points better than September guidance and was worth $0.04 per share. The favorability was driven by both cost-saving initiatives, which we firmed up during the quarter as well as timing of certain expenses between the years. The balance of the favorability $0.04 per share was a combination of better fuel prices, favorability in fuel consumption and fuel mix, slightly less depreciation than expected favorable net interest expense and a variety of other small factors.

其次，以可用下舖日（ALBD）計算的郵輪成本（不含燃油）與前一年相比僅上漲了0.5%。這比9月的預期高出2.7個百分點，相當於每股0.04美元。這一利多因素既包括我們在本季落實的成本節約措施，也包括某些費用在不同年份之間的支出時間安排。每股收益增加 0.04 美元，是由於燃油價格上漲、燃油消耗和燃油結構有利、折舊略低於預期、淨利息支出有利以及其他各種小因素共同作用的結果。

Next, I will provide a recap of our 2025 deleveraging and refinancing efforts. We have reached a meaningful turning point achieving an investment-grade net debt to adjusted EBITDA ratio of 3.4 times as of the end of the fiscal year 2025. We successfully completed our $19 billion refinancing plan in less than a year. These efforts strengthened our balance sheet by simplifying our capital structure, reducing interest expense and debt, optimizing our future debt maturities and enhancing our financial flexibility. In total, we have reduced our debt by over $10 billion since the peak less than three years ago.

接下來，我將概述我們 2025 年的去槓桿化和再融資工作。我們已經達到了一個重要的轉捩點，截至 2025 財年末，淨負債與調整後 EBITDA 比率達到投資等級的 3.4 倍。我們在不到一年的時間內成功完成了190億美元的再融資計劃。這些努力透過簡化資本結構、減少利息支出和債務、優化未來債務到期日以及增強財務靈活性，加強了我們的資產負債表。自不到三年前的債務高峰以來，我們總共減少了超過 100 億美元的債務。

These efforts and our strong continued operating performance resulted in multiple credit rating upgrades throughout the year, culminating and reaching investment grade with Fitch and being one notch away with a positive outlook from S&P. All of this is expected to result in an over $700 million improvement in net interest expense in 2026 as compared to 2023, which is fully reflected in our guidance.

這些努力以及我們持續強勁的經營業績，使我們在一年內多次獲得信用評級上調，最終達到惠譽的投資級，並且距離標普的正面展望僅一步之遙。預計所有這些因素將使 2026 年的淨利息支出將比 2023 年減少 7 億美元以上，這已在我們的業績指引中得到充分體現。

Now I will provide some color on our 2026 full-year December guidance. On top of the 17% yield growth over the last two years, we are expecting to deliver further yield improvement in 2026 with our guidance forecasting an increase of approximately 2.5%, which is really 3% when normalized for the Carnival Cruise Line loyalty program accounting and the last-minute changes we made to our Arabian Gulf deployment and certain dry dock schedules. The 2.5% yield growth is worth over $0.35 per share when compared to 2025, which is a result of both an increase in ticket prices and higher onboard spending, which has continued to remain strong.

現在我將為我們2026年12月的全年業績預期提供一些細節資訊。在過去兩年 17% 的收益率增長基礎上，我們預計 2026 年收益率將進一步提高，我們的指導預測增長約 2.5%，如果將嘉年華郵輪公司忠誠度計劃的會計核算以及我們對阿拉伯灣部署和某些幹船塢計劃的最後時刻更改進行標準化，實際增長將達到 3%。與 2025 年相比，2.5% 的收益率成長相當於每股收益超過 0.35 美元，這得益於票價上漲和機上消費增加，而機上消費一直保持強勁增長。

Turning to costs. Cruise costs without fuel per ALBD are expected to be up approximately 3.25% costing $0.27 per share for 2026 versus 2025. This is really a normalized rate of 2.5% when factoring in two things. First, operating expenses for full year operations of Celebration Key Grand Bahama and the midyear opening of our new peer at RelaxAway, Half Moon Cay will impact our overall year-over-year cost comparisons by 0.5 point. Second, the sliding of some costs from fourth quarter 2025 to 2026 will impact our overall year-over-year cost comparisons by about 0.3 point.

接下來談談成本。預計 2026 年每 ALBD 的郵輪成本（不含燃油）將比 2025 年上漲約 3.25%，即每股成本增加 0.27 美元。考慮到兩件事，這實際上是一個標準化的比率，為 2.5%。首先，Celebration Key Grand Bahama 全年營運費用以及我們在 RelaxAway 的新同行 Half Moon Cay 年中開業，將使我們的年度成本比較整體上增加 0.5 個百分點。其次，部分成本從 2025 年第四季延後到 2026 年，將使我們的年比成本比較整體下降約 0.3 個百分點。

The three main drivers of our normalized 2.5% cost increase are: First, 3% attributable to inflation and higher advertising expenses; second, about 0.6 point from dry dock expense on our income statement. In 2026, after optimizing our dry dock schedule, we are expecting 604 dry dock days. While the total actual spending for our dry docks in 2026 is expected to be roughly in line with 2025 as a result of the nature of the 2026 work more of the spending is classified as operating expense and less as capital expenditures. And third, cost mitigation of approximately 1.1% from efficiency initiatives and further leveraging our industry-leading scale. Regulatory costs related to emission allowances and higher income taxes driven by Pillar 2 will cost us $0.11 per share.

我們正常化成本成長 2.5% 的主要原因有三點：第一，3% 歸因於通貨膨脹和更高的廣告費用；第二，約 0.6 個百分點來自損益表中的乾船塢費用。2026 年，在優化了我們的乾船塢計畫後，我們預計將有 604 個乾船塢日。雖然預計 2026 年我們幹船塢的實際總支出將與 2025 年大致持平，但由於 2026 年工作的性質，大部分支出被歸類為營運支出，而較少被歸類為資本支出。第三，透過提高效率和進一步利用我們行業領先的規模優勢，降低成本約 1.1%。與排放配額相關的監管成本以及第二支柱帶來的更高所得稅，將使我們每股損失 0.11 美元。

Benefits from net interest expense, fuel consumption and capacity were partially offset by increased depreciation for a net favorable impact of $0.06 per share. The net impact of fuel price and currency is expected to favorably impact 2026 by $0.20 per share, with fuel prices favorable by $0.17 and the change in currency exchange rates adding $0.03.

淨利息支出、燃料消耗和產能帶來的收益被折舊增加部分抵消，每股淨收益為 0.06 美元。預計燃油價格和匯率的淨影響將對 2026 年每股收益產生有利影響，每股收益增加 0.20 美元，其中燃油價格將帶來 0.17 美元的收益，匯率變動將帶來 0.03 美元的收益。

In summary, putting all these factors together, our net income guidance for full year 2026 is over $3.45 billion, an improvement of more than 12% versus 2025 or $0.23 per share. In addition, this will result in $7.6 billion of EBITDA. As we mentioned on the last earnings call, for the longer term, we're targeting a net debt-to-EBITDA ratio under 3 times. While I'm happy to report that even with four dividend payments modeled into our guidance for 2026, we are projecting to get there by the end of the year.

綜上所述，綜合所有這些因素，我們對 2026 年全年淨利潤的預期超過 34.5 億美元，比 2025 年增長超過 12%，即每股增長 0.23 美元。此外，這將帶來 76 億美元的 EBITDA。正如我們在上次財報電話會議上提到的，從長遠來看，我們的目標是將淨債務與 EBITDA 的比率控制在 3 倍以下。我很高興地報告，即使我們在 2026 年的業績指引中模擬了四次分紅，我們預計也能在年底前實現這一目標。

Before I leave our 2026 guidance, I did want to update you on the impact of Carnival Cruise Line's new loyalty program, Carnival Rewards, which will now start in September 2026, impacting results for the fourth quarter. As a reminder, while the program will be cash flow positive from day one, it does impact our yields in 2026. The impact is expected to be 0.2 point in 2026, 0.5 points in 2027, 0.2 point in 2028 and turn positive thereafter.

在結束對 2026 年業績的展望之前，我想向大家匯報一下嘉年華郵輪公司的新忠誠度計劃「嘉年華獎勵計劃」的影響。該計劃將於 2026 年 9 月啟動，這將對第四季度的業績產生影響。需要提醒的是，雖然該計劃從第一天起就會產生正現金流，但它確實會影響我們 2026 年的收益率。預計2026年影響為0.2個百分點，2027年影響為0.5個百分點，2028年影響為0.2個百分點，之後將轉為正值。

Now some key insights into our 2026 first quarter. Yield improvement is approximately 1.6% or 2.4% when normalizing for the last-minute changes to our Arabian Gulf deployment and certain dry docks in the first quarter. First quarter 2026 has a difficult prior year comparison as 2025 was at a record level with a 7.3% increase compared to 2024. In addition, the quarter is being affected by the Caribbean double-digit industry-wide growth along with the first quarter having the largest absolute quarterly capacity in the Caribbean during the year, as well as the impact of volatility in the first half of last year had on our advanced booking curve. Adjusted cruise costs, excluding fuel per ALBD are expected to be up approximately 5.9% compared to the prior year and higher than the full year. This results from the fact that all of the items that are expected to impact the full year will have a greater impact on the first quarter.

現在，讓我們來展望一下2026年第一季的一些關鍵訊息。如果將第一季阿拉伯灣部署的最後時刻變化和某些乾船塢的調整納入考慮，收益率的提高約為 1.6% 或 2.4%。2026 年第一季由於 2025 年創紀錄的增長（比 2024 年增長 7.3%），因此與去年同期相比比較困難。此外，本季也受到加勒比地區兩位數產業整體成長的影響，以及第一季加勒比海地區全年最大季度絕對產能的影響，以及去年上半年市場波動對我們的提前預訂曲線的影響。調整後的郵輪成本（不包括每航次航程的燃油成本）預計將比上年增長約 5.9%，高於全年水準。這是因為所有預計會對全年產生影響的因素，都會對第一季產生更大的影響。

I'll finish up with some comments on the recommended simplification of our corporate structure. We are recommending to our shareholders that we unify the dualistic company or DLC framework into a single company listed solely on the New York Stock Exchange. This aligns with the marketplace. We are aware of 15 dual-listed companies or DLCs created over the last four decades, including our DLC in 2003. A substantial number of those have been unified in recent years for many of the same reasons we are recommending our unification.

最後，我想就我們公司結構的簡化建議發表一些看法。我們建議股東將雙重公司或DLC框架合併為一家僅在紐約證券交易所上市的單一公司。這與市場需求相符。我們知道，在過去的四十年裡，總共有 15 家雙重上市公司或雙重上市公司成立，包括我們公司在 2003 年成立的雙重上市公司。近年來，出於與我們建議合併的原因相同的許多原因，其中相當一部分已經合併。

Today, we know of only three other major DLCs remaining. Under our plan, Carnival plc shareholders would receive Carnival Corporation shares on a one-for-one basis and Carnival plc shares and ADSs would be delisted. Carnival plc would become a wholly owned UK subsidiary of Carnival Corporation. This would create a single global share price, streamlined governance and reporting and reduce administrative costs. We believe we will also increase liquidity for stock trades and increased weighting of the stock in major US stock indices.

目前，我們只知道還有三個主要的DLC尚未推出。根據我們的計劃，嘉年華郵輪公司股東將按一對一的比例獲得嘉年華集團的股份，而嘉年華郵輪公司的股票和美國存託憑證將被下市。Carnival plc 將成為 Carnival Corporation 的全資英國子公司。這將形成單一的全球股價，簡化治理和報告流程，並降低管理成本。我們相信，這將提高股票交易的流動性，並提高該股票在美國主要股票指數中的權重。

We intend to hold meetings of our shareholders in April to consider the recommendation. Subject to shareholders approving our recommendation, we intend to complete the unification in the second quarter of 2026.

我們計劃在四月召開股東大會，審議此建議。如果股東批准我們的建議，我們計劃在 2026 年第二季完成合併。

Now operator, let's open the call for questions.

現在操作員，我們開始接受提問。

(Operator Instructions) Robin Farley, UBS.

（操作說明）羅賓法利，瑞銀集團。

Great. That was a lot of information that covered a lot of the initial questions. Maybe just one thing when we think about your guidance. It sounds like if we were just taking up the accounting accrual, it will be closer to sort of 2.8% yield growth for next year. You mentioned that a lot of the beat in Q4 similar to what you said during the year was this acceleration in onboard spend and better close-in demand.

偉大的。這些資訊量很大，涵蓋了許多最初的問題。或許我們只想說，關於您的指導，有一件事需要說明。聽起來，如果我們只考慮會計上的應計項目，那麼明年的收益率成長率將接近 2.8%。您提到，第四季度業績超預期，與您在年中所說的類似，主要原因是船上消費加速增長和臨近入住日期的需求增加。

Would you say that you -- when you're thinking about your guidance for 2026, are you factoring in that those things will continue at that level? Or are you kind of assuming that those would be at the rate that you'd originally thought? In other words, I'm just thinking about whether that acceleration and good close in demand is in your guidance or that would really be upside to your guidance?

您認為在製定 2026 年發展方向時，您是否考慮到這些因素將繼續維持在目前的水平？還是你預設這些速度會跟你原先預想的一樣？換句話說，我只是在想，這種加速成長和良好的收尾需求是否在您的預期之內，或者這是否真的會超出您的預期？

Robin, so I think the fair thing to say, look, this is our guidance based on what we expect to happen at this point in time when we look into 2026, taking into account the business we've got on the books, the momentum we've got and the fact that the world changes on a pretty daily basis. And so we're always going to try to continue the momentum on the onboard side. We're always going to try to make sure that the close-in bookings are going to hopefully beat our expectations. But -- at this point in time, it's truly our best guess. And as we always do around this time of year, you could say that we started early.

羅賓，所以我覺得公平地說，你看，這是我們基於目前對 2026 年的預期而製定的指導方針，考慮到我們已有的業務、我們擁有的發展勢頭以及世界每天都在變化的事實。因此，我們將始終努力保持機載方面的成長動能。我們會盡力確保接近入住日期的預訂量能夠超出預期。但是——就目前而言，這確實是我們最好的猜測。就像我們每年這個時候都會做的那樣，可以說我們很早就開始了。

It always starts early at this point, which I do believe, and it's really something that takes off as we get into the latter part of November. We're still right in the mix of it, as you know. And so we do need some more time to see how it all develops.

我相信，這種情況總是很早就開始了，而且到了 11 月下旬，情況就會真正好轉。正如你所知，我們仍然身處其中。因此，我們還需要一些時間來觀察事態如何發展。

Okay. Great. And then you alluded to the increase in Caribbean capacity and a lot of that really is focused on Q1. Typically, at this point, right, you would be over 80% booked for Q1? Or if you could just kind of remind us where that is?

好的。偉大的。然後您提到了加勒比地區的產能成長，而這很大程度上集中在第一季。通常情況下，到這個時候，第一季的預訂率應該超過 80% 了吧？或是您能不能提醒我們那個地方在哪裡？

I know you mentioned kind of overall for the year and that your overall for the year in line with those record highs. Would you say for Q1 that you're further ahead than typical or sort of in line with typical just when we think about how far past the point of digesting anything in the Caribbean is already -- has already happened?

我知道你提到了全年的整體情況，而且你今年的整體情況與那些歷史最高紀錄相符。您認為第一季的情況是比平常更領先，還是與往常基本上持平？要知道，在加勒比地區，任何事情的消化都已經遠遠落後了——事情已經發生了。

Yes. I mean, for our Q1 sailings, there's not that much left to go. And we are, at least at this point in time, we're a little bit better positioned tiny bit versus last year on the fringes. So not much to say about the first quarter.

是的。我的意思是，就我們第一季的航程而言，剩下的工作已經不多了。至少就目前而言，我們的處境比去年略好一些，只是處於邊緣位置。所以第一季沒什麼好說的。

Brandt Montour, Barclays.

Brandt Montour，巴克萊銀行。

Congratulations on the dividend and the results. So the first question is on the bookings. You guys called out the momentum and it was clear in the release in the commentary. We had heard that there had been some slightly less robust demand, still good, but it's just not quite what some folks have seen last year. So just wondering from a revenue management perspective, as you guys have chosen to take any volume at the expense is slightly less pricing growth this year, if that was a strategy at all for you guys?

恭喜獲得分紅和取得佳績。所以第一個問題是關於預訂的。你們指出了這股勢頭，這一點在新聞稿的評論中也很明顯。我們聽說需求略有下降，雖然仍然不錯，但與去年一些人所看到的相比，還是略遜一籌。所以，從收入管理的角度來看，你們今年選擇以犧牲價格成長為代價來追求銷量，這是否是你們的策略？

Yes. Thank you for the question. We're -- as you said, we -- our revenue managers brand by brand, voyage-by-voyage are doing the right things to maximize ultimately the amount of revenue we have in the bank by the time the ship comes back to port. And so the momentum has been good. We're doing things that we think are going to continue to help support the guidance and support the business, not only for 2026, but for 2027 and even some that we're getting into 2028.

是的。謝謝你的提問。正如您所說，我們——我們的收益經理們正在逐個品牌、逐個航次地做正確的事情，以最終最大限度地提高船舶返回港口時我們銀行帳戶中的收入。因此，發展勢頭一直很好。我們正在做一些我們認為將繼續幫助指導和支持業務的事情，不僅在 2026 年，而且在 2027 年，甚至在我們正在推進的一些 2028 年。

So we feel good about the way our teams are going about managing the curve.

因此，我們對團隊目前應對疫情曲線的方式感到滿意。

Okay. That's great. And then on the Caribbean commentary, we hear about that capacity lift. A lot of it is in the close end market, three- and four-day itineraries. I don't know if you want to comment in terms of your exposure to that market specifically or if you could get in the weeds and kind of help us understand if you have a little bit of different mix versus what you guys see coming into that market for this first quarter specifically?

好的。那太棒了。然後，在加勒比海地區的評論中，我們聽到了有關運力提升的消息。其中許多都屬於短途旅行市場，行程為三到四天。我不知道您是否想就您在該市場的具體投資情況發表評論，或者您能否深入探討一下，幫助我們了解一下，您目前的投資組合與您預計第一季度進入該市場的其他產品相比，是否有一些不同的組合？

I actually don't have it offhand with respect to the first quarter. But clearly, there is -- there's all sorts coming into the Caribbean, right? You've got the seven others, you got the shorts from others. When it comes to us, Carnival has been America's crews line operating in the Caribbean on shorts for, I don't know, five decades. And they'll continue to do that and do that thoughtfully.

我其實沒有第一季的具體數據。但很顯然，確實有各種各樣的人湧入加勒比海地區，對吧？你還有其他七個人，你還有別人送的短褲。就我們而言，嘉年華郵輪一直是美國船員在加勒比海地區駕駛短程郵輪營運的航線，我不知道，可能有五十年了。他們會繼續這樣做，而且會深思熟慮地去做。

We like the portfolio approach we're taking even into the Caribbean because -- when you think about our mix and you look at the first quarter, 20% of our Caribbean capacity is actually from our European brands that have flare programs going into places like Barbados and Dominica, and it works very well for us. So probably in a roundabout way to answer your question, there is short, there is seven nighters, and there's things that are even longer, and we play in all of it.

我們喜歡我們目前在加勒比地區採取的投資組合策略，因為——當你考慮我們的產品組合併查看第一季度時，你會發現我們加勒比地區 20% 的產能實際上來自我們的歐洲品牌，這些品牌擁有火炬燃燒項目，銷往巴巴多斯和多米尼克等地，這對我們來說效果非常好。所以，我可能要繞點彎子來回答你的問題，有短的，有七晚的，還有更長的，我們都參與過。

Matthew Boss, JPMorgan.

馬修‧博斯，摩根大通。

Congrats on another nice quarter. So Josh, could you elaborate on the momentum carrying into '26 that you cited, specifically maybe the cadence of booking volumes that you've seen up through holiday, prices in North America and Europe, which I think you cited at historical highs? And maybe even to say it a different way, have you seen anything irrational at all? And does your guidance for the 3% normalized yields for the year, does that require today's level of momentum to sustain? Did you bake in benefit for Celebration Cay Half Moon?

恭喜又一個季度業績出色。喬希，你能詳細說說你​​提到的延續到 2026 年的勢頭嗎？特別是你看到的假期期間的預訂量節奏，以及北美和歐洲的價格，我認為你提到這些價格都達到了歷史高位？換句話說，你有沒有看到任何不合常理的地方？您對今年3%正常化殖利率的預期，是否需要維持目前的成長動能？你是否參與了為慶典礁半月灣舉辦的慈善烘焙活動？

Is there anything in there for lapping up against the tariff volatility from a year ago that you saw in bookings? And did you put anything in at all for stimulus in terms of potential benefit?

是否有任何措施可以應對一年前預訂量中出現的關稅波動？你是否投入了任何刺激因素，以期獲得潛在利益？

Yes. Thanks for the question, Matt. Let me see if I can answer it holistically. So as a starting point, like I said in an earlier call, we are very happy with the momentum that's taken us through the end of the first quarter and into the last few weeks and volume is up nicely. And we're doing that the way that we always do that, which is managing the curve and putting out our product and our experiences to our guests who are looking for value, and that's what we do, and that's what we've done over the last couple of years as our yields have gone up 17%, and we'll continue to do that.

是的。謝謝你的提問，馬特。讓我看看我能否全面地回答這個問題。所以，首先，正如我在之前的電話會議中所說，我們對第一季末以及最近幾週的發展勢頭非常滿意，成交量也穩步上升。我們一直以來都是這樣做的，那就是管理好曲線，把我們的產品和體驗提供給那些尋求價值的客人。這就是我們一直在做的，也是我們在過去幾年裡一直在做的，我們的收益率提高了 17%，我們將繼續這樣做。

With respect to all of the ins and outs of what's been baked in, like I said before, every forecast to some extent, is a guess and it's based on some assumptions. So as far as stimulus specifically, we didn't really bake anything into that. As far as the macroeconomic impacts that we saw this year, yes, that did play into it to some extent. I mean, we know that we're going to lap some of the volatility in the spring. And we also know we didn't have the volatility of the spring on our radar screen this time last year.

至於所有已經納入考慮的方方面面，就像我之前說的那樣，任何預測在某種程度上都是一種猜測，並且是基於一些假設的。所以就具體的刺激措施而言，我們並沒有真正考慮任何相關因素。至於我們今年看到的宏觀經濟影響，是的，這在某種程度上確實產生了影響。我的意思是，我們知道春季的波動性會有所緩解。我們也知道，去年這個時候，我們還沒有預料到春天會出現如此大的波動。

Things do happen all the time, all around the world. And so we just got to be prepared to deliver in light of that. I just keep going back to the well. The one thing I'd reiterate to everybody is the fact that things happen in cycles, things happen differently in different geographies, and the diversity that we've got sets us up very well to be able to withstand volatility. And the fact that we're guiding to a normalized yield increase of 3%, I think, is very good.

世界各地時時刻刻都在發生各種各樣的事情。所以，我們必須做好準備，在這種情況下交付成果。我總是回到那口井邊。我想再次向大家強調的是，事物的發展是週期性的，不同地區的情況也各不相同，而我們所擁有的多樣性使我們能夠很好地抵禦波動。我認為，我們預計正常收益率將成長 3%，這非常好。

And I'd just remind you that if you remember, what we've talked about with respect to the volatility last spring, it was really having an impact on the second half of '25 into the first half of '26, which is what's been built in exactly to our to our forecast. So as always, we're going to try to exceed everything. That's always the goal, but this is our guess at this time. Best guess.

我還要提醒各位，如果您還記得的話，我們之前討論過去年春天的市場波動，它確實對 2025 年下半年到 2026 年上半年產生了影響，而這正是我們預測中已經考慮到的。所以，我們將一如既往地力爭超越所有預期。這始終是我們的目標，但這是我們目前的猜測。最佳猜測。

Great. It's great color. And then, David, just relative to your 3.25 net cruise cost outlook for the full year, what have you embedded if anything, as it relates to cost management? Last two quarters, you've shown really nice results on the cost side. I think you cited hundreds of items that you found to leverage scale as potential offsets the transitory cost headwinds.

偉大的。顏色真好看。那麼，David，相對於你全年 3.25 的淨郵輪成本預期，你在成本管理方面做了哪些調整（如果有的話）？過去兩個季度，你們在成本控制方面取得了非常好的成績。我認為你列舉了數百個可以利用規模優勢來抵銷暫時性成本不利因素的項目。

What have you embedded on the cost management side that could be potential offsets to the cost headwinds that are in your forecast, if anything?

在成本管理方面，您是否採取了任何措施來抵消預測中可能出現的成本逆風？

Yes. So no, as I mentioned in my prepared remarks, we did put in about 1.1% of cost mitigation from efficiencies and other initiatives, sourcing, which leverage our scale, et cetera. So we put in a substantial amount, which offset inflation.

是的。所以，正如我在準備好的演講稿中提到的，我們透過提高效率和其他措施、採購、利用我們的規模等方式，實現了約 1.1% 的成本削減。因此我們投入了大量資金，抵銷了通貨膨脹的影響。

Steven Wieczynski, Stifel.

Steven Wieczynski，Stifel。

Happy holidays to all you guys. So Josh, I want to dig into the Caribbean a little bit more. And I know it's a topic you probably haven't been asked about a lot recently. But if we think about 2026, can you maybe give us some color on what you're seeing right now in terms of demand for your Caribbean products? And maybe that's not the right way to ask it, and maybe a better way to ask that is your ability to take pricing action right now in the Caribbean?

祝大家節日快樂。所以喬希，我想更深入地了解一下加勒比海地區。我知道這大概是最近很少人問過你的話題。但展望 2026 年，您能否簡單介紹一下您目前看到的加勒比海產品需求情況？也許這樣問並不恰當，更好的問法是：您目前在加勒比海地區是否有能力採取定價行動？

And then maybe how you're thinking about pure Caribbean yields in '26 relative to your overall 2.5% yield guidance?

那麼，您如何看待 2026 年純加勒比海地區的收益率與您 2.5% 的整體收益率預期之間的關係呢？

Yes. I mean, just -- I guess I'm going to broken record myself, right? I mean, we're managing the business as we think is appropriate. I'm not going to comment on our competitors on any type of individual basis. I can just tell you our profile is 4% growth over the last 2 years between '25 and 2026.

是的。我的意思是，我好像又要老生常談了，對吧？我的意思是，我們正在以我們認為合適的方式管理業務。我不會對我們的競爭對手進行任何個別評論。我可以告訴大家，我們公司在過去兩年（2025 年至 2026 年）的業績成長率為 4%。

I will tell you that when the industry -- when you back us out is growing as much as it has, it's -- yes, that's just the backdrop, but we feel good about what we've been able to accomplish and how we put it into the forecast. So I'm not sure if you want to try to take it from a different angle, but we feel good about the way we've been tackling our business.

我要告訴你的是，當整個行業——撇開我們自身不談——發展到如今的規模時，是的，這只是背景，但我們對我們所取得的成就以及我們如何將其納入預測感到滿意。所以，我不確定你是否想嘗試從不同的角度來看待這個問題，但我們對我們處理業務的方式感到滿意。

Let me ask it this way then. Caribbean yields will be positive in 2026?

那我換個方式問吧。2026年加勒比海地區的收益率會是正值嗎？

Caribbean yields will absolutely help support the momentum of this business. And we look forward to talking at the end of the year when we find out what happens.

加勒比地區的收益絕對有助於支撐這項業務的發展勢頭。我們期待在年底時再進行討論，屆時我們將了解事情的進展。

Okay. I thought I tried to ask it that way. Okay. Second question is probably going to be a David question. Obviously, we have the first quarter guidance.

好的。我以為我試著那樣問過了。好的。第二個問題很可能是關於大衛的問題。顯然，我們有第一季的業績指引。

Wondering, David, if you could help us think a little bit more about the cadence over the last three quarters in terms of both yields and costs and anything we should think about in terms of timing of both of those metrics as we update our models.

David，我想請你幫我們再仔細思考一下過去三個季度的收益率和成本的節奏，以及在更新模型時，我們應該考慮的這兩個指標的時間安排方面有哪些問題。

Yes. So as far as cost is concerned, the first quarter was, as you saw, higher than the full year. So when you start thinking about the second, third and fourth quarter, I do believe that there will probably be all three quarters less than the full year. However, keep in mind there's a lot of decisions left to be made on particular items and exact spending and advertising, repair and maintenance and other things. So the seasonalization between the quarters, as I've said before, it's a tough thing to forecast.

是的。所以就成本而言，正如你所看到的，第一季的成本高於全年成本。所以，當你開始考慮第二、第三和第四季時，我認為這三個季度可能都會少於全年。但是，請記住，關於具體項目、確切支出、廣告、維修保養以及其他事項，還有很多決定需要做出。所以，正如我之前所說，季度之間的季節性變化很難預測。

Judge us on the full year and not the quarters, but I think it will be probably less than the full year. As far as the revenue is concerned, you saw the first quarter. I mean, the prior year first half has much more difficult comparisons, higher yield increases than the back half. So relatively speaking, I would expect to see on a year-over-year basis, higher yield increases in the back half of this year than the first half.

請以全年業績而非季度業績來評判我們，但我認為實際業績可能會低於全年業績。至於營收方面，你們已經看到了第一季的情況。我的意思是，上年上半年的比較難度更大，收益率增幅也比下半年高很多。因此相對而言，我預計今年下半年的收益率年增幅將高於上半年。

Ben Chaiken, Mizuho Securities.

Ben Chaiken，瑞穗證券。

For '26, on the cost side, it sounds like the 2.5 normalized cost has 0.6 point for dry docks in it with more OpEx versus CapEx, to your point, David. I guess what's the more typical allocation as we think about the future, is it the '25 version of the '26 version, if that makes sense, assuming I understood you properly.

就 2026 年的成本而言，聽起來 2.5 的標準化成本中包含了 0.6 分的乾船塢費用，而且營運支出比資本支出更多，正如你所說，David。我想，當我們展望未來時，更典型的分配方式是 2025 年的版本還是 2026 年的版本呢？如果我理解正確的話。

Yes. It's really difficult to depict here because, remember, we're talking about a very small movement on a large number, maybe 4% or 5% on over $1 billion. So as a result of that, it is very difficult to project what will happen in 2027. This has been going on for a long time. One is -- and it has swung both ways.

是的。這裡很難描述，因為請記住，我們談論的是一個龐大數字上的非常小的變動，可能只是超過 10 億美元的 4% 或 5%。因此，很難預測 2027 年會發生什麼。這種情況已經持續很久了。一是——而且它正反兩方面都有所變化。

I mean, one of the things that I used to -- that I've always said many times is the fact that not every dry dock day is created equal, and this is what I was referring to. Now I'm just getting to a little bit more detail of the split between CapEx and OpEx. But we're really talking about a small movement, and as we plan through 2027, we'll get better visibility into that. But on the margin, it's kind of small. So it's a handful of percent difference between the two pieces.

我的意思是，我過去常說的一件事——我以前也說過很多次——就是並非每次乾船塢維修日都是一樣的，這就是我所指的。現在我要更詳細地講解一下資本支出和營運支出之間的劃分。但我們實際上談論的是一場小規模的運動，隨著我們制定到 2027 年的計劃，我們將對此有更清晰的了解。但從邊緣來看，這其實很小。所以這兩件作品之間的差異只有幾個百分點。

Okay. Got it. And then on the fuel side, there was -- there's some rounding, so it's not like perfect math, but it seems like there was quite a step-up in the emission allowance tax. I could be mistaken, but I think it's around $160 million for you in '26. Is there any way to --

好的。知道了。而在燃料方面，由於存在一些四捨五入，所以計算並不完全精確，但排放配額稅似乎大幅上漲。我可能記錯了，但我認為到 2026 年，你們的收入大約是 1.6 億美元。有什麼辦法嗎？--

The increase was about $0.06 a share or about call it, roughly $80 million. Remember, in '26, we went from -- we went to the full 100% versus '25 where we were -- it was 70% of the emissions allowances. So because of the step up, there was an increase, plus there was a slight increase in the projected cost of the EU allowances as well.

每股漲幅約為 0.06 美元，或者說，大約為 8000 萬美元。請記住，在 2026 年，我們從 2025 年的 70% 排放配額，躍升至 100%。因此，由於這項舉措，歐盟補貼的預計成本有所增加，此外，補貼金額也有所增加。

Totally. No, I got you. I was just think is there a smart way to think about the out years? Like are we -- is clearly -- is that step function over and now it just grows by what you guys do on a --

完全。不，我明白了。我一直在想，有沒有什麼明智的方法可以考慮未來幾年？就像我們現在——很明顯——那個階躍函數已經結束了，現在它只是隨著你們的操作而增長。--

Yes, the step functions over because we're at 100%.

是的，階躍函數已經結束，因為我們達到了 100%。

James Hardiman, Citi.

詹姆斯‧哈迪曼，花旗集團。

So circling back to the Caribbean conversation. As we think about -- obviously, there's some one-timers in the first quarter, the Arabian Gulf deployment changes. But sort of your like-for-like numbers that you've given us, right, 2.4% for Q1 relative to 3% for the year. Is that delta primarily just the outsized mix of the Caribbean in Q1? And then to Steve's question, as we think about the shape of the year, do you ultimately feel better as we move into the year about that Caribbean piece.

所以，讓我們回到加勒比海的話題上來。考慮到——顯然，第一季有一些一次性事件，阿拉伯灣部署的變化。但根據您提供的同類比較數據，第一季為 2.4%，而全年為 3%。這個三角洲主要是第一季加勒比海地區人口比例失衡造成的嗎？然後，對於史蒂夫的問題，當我們思考今年的發展方向時，隨著我們進入新的一年，你最終是否對加勒比海地區的事情感覺好一些了？

I think the Caribbean is a much larger chunk of Q4 as well, but it seems like based on the answer to the previous question that you feel pretty good. The Q4 yields, if anything, are probably going to be better than the full year? So just trying to understand the Caribbean dynamic in the context of all that.

我認為加勒比地區在第四季度也佔了相當大的比例，但根據你對上一個問題的回答來看，你似乎感覺還不錯。第四季收益率很可能比全年收益率更高？所以，我只是想在所有這些因素的背景下理解加勒比地區的動態。

Yes. James, so I think you've heard pieces of this throughout. So first of all, if you look at the first quarter versus the first half versus the second half, the comps are a lot different when it comes to the yields that we're lapping. We have the impact of the volatility in the spring, which is having the outsized impact now, not for the second half of 2026. Overall, we feel good about the business.

是的。詹姆斯，我想你已經聽到了一些零星的內容。首先，如果你看一下第一季、上半年和下半年，你會發現，在收益率方面，比較基數差異很大。我們現在面臨的是春季市場波動所帶來的影響，而這種波動的影響目前最為顯著，但對 2026 年下半年的影響則相對較小。總體而言，我們對公司業務感到滿意。

There are some specific drivers for Q1 that we've talked about. And we'll hopefully continue to, like I said, ride the momentum and keep improving the business.

我們已經討論過一些影響第一季的具體因素。正如我所說，我們希望能夠繼續保持這種勢頭，不斷改善業務。

Got it. And then I guess moving to the other side of the pond. Obviously, as we think about global capacity growth for 2026, it's in a very good spot, right? The issue is that a lot of that capacity is moving from Europe into the Caribbean, I would think that given your relative exposure to some of your peers in Europe that maybe that's a net benefit to you guys? Maybe speak to that dynamic and whether or not you feel like you're sort of uniquely positioned there.

知道了。然後，我想大概就是搬到大西洋的另一邊去了。顯然，當我們展望 2026 年全球產能成長時，情況非常樂觀，對吧？問題在於，許多產能正從歐洲轉移到加勒比海地區，考慮到你們與歐洲同行相比的相對優勢，我認為這對你們來說或許是個淨收益？或許可以談談這種動態，以及你是否覺得自己在這方面有某種獨特的優勢。

Yes. So I'd say, yes, I love it. Keep clearing out of Europe. That will be fine with us. At the end of the day, with our strategy and our approach, when you have P&O Cruises, which is the biggest investment in the UK and AIDA, which is the biggest and the best in Germany. And then we've got cost. It's really servicing the Southern European countries. Our European strategy, we think, is very, very effective over the long term, as we've been saying for a long time. And we also, frankly, see strength in our North American Brands European program.

是的。所以我會說，是的，我非常喜歡它。繼續撤離歐洲。我們沒意見。歸根結底，憑藉我們的策略和方法，我們擁有英國最大的投資項目 P&O Cruises 和德國最大、最好的 AIDA。然後我們還要考慮成本。它主要服務於南歐國家。我們認為，從長遠來看，我們的歐洲策略非常非常有效，正如我們一直以來所說的。坦白說，我們也看到了北美品牌歐洲計畫的優勢。

So we're very happy with, a, where we're sourcing; and b, where we're deploying. And so we'll continue to stick to our strategy.

所以我們對以下兩點都非常滿意：a. 我們的採購地點；b. 我們的部署地點。因此，我們將繼續堅持我們的策略。

Lizzie Dove, Goldman Sachs.

莉齊·多芙，高盛集團。

I wanted to get a higher level and just on the strategy that you've taken, you have fewer ships launching than some of your peers, yet you're seeing, clearly, congrats on a great yield growth. Can you maybe talk more about what you think is driving that same-ship yield growth from here? How much of that is maybe brand improvements and some of the brands that have been lagging, maybe more exposure to new to cruise? Just anything you could share, that would be helpful.

我想提升到更高的水平，而且就你採取的策略而言，雖然你的艦船發射數量比一些同行要少，但你顯然取得了巨大的收益增長，祝賀你。能否再詳細談談您認為目前推動同船收益率成長的因素是什麼？其中有多少可能是品牌改進，以及一些發展落後的品牌，或許能更多地接觸到郵輪新客戶？任何你能分享的資訊都將對我們很有幫助。

Lizzie, so I think it is our brand is getting better and better at their commercial execution up and down that silo, right, is everything from how we do the revenue management and the tools we use and the capabilities that we have. It's the performance marketing. It's the better and clearer brand messaging that's really speaking to why you shouldn't just want to take a vacation with us or cruise with us, but you want to take a cruise with that brand, that's when we know we're doing it right. And that's what we've been focused on. And of course, I always say I talk about this as the lease only because we're really so good at it.

莉齊，所以我認為我們的品牌在商業執行方面越來越好，從上到下，各個環節都做得越來越好，對吧？這包括我們如何進行收入管理、我們使用的工具以及我們擁有的能力等等。這就是效果行銷。更清晰、更優質的品牌訊息真正傳達了這樣一個訊息：你不應該只是想和我們一起度假或乘坐我們的遊輪，而是想選擇這個品牌進行遊輪旅行。那時我們就知道我們做對了。這就是我們一直在關注的重點。當然，我總是說我之所以稱我為租賃，是因為我們在這方面真的非常擅長。

We're always trying to figure out how do we make the experience on board, meet and exceed expectations of our guests. And as you've heard me say, we have a tremendously ridiculous price to experience ratio gap between what we give to our guests and what you can get in land-based alternatives. And that value proposition, I think, is getting clearer and clearer when it comes to how we can market and talk about this.

我們一直在努力思考如何讓船上的體驗達到甚至超越客人的期望。正如我之前所說，我們為客人提供的體驗與陸地上其他體驗之間的性價比差距非常大，簡直荒謬。我認為，在如何進行市場推廣和宣傳方面，這種價值主張正變得越來越清晰。

Now because we don't have capacity growth in the next couple of years to speak of any real size. We don't have the situation where we're trying to figure out how do we get more people on to our ships. We have actually got pretty maximum capacity on our ships. So newcomers are welcome as are our loyal guests who we love, as are folks who have cruised on others and want to try one of ours. And so we're trying to appeal to as broad an audience as we can for the limited space that we have, which is a good recipe for being able to improve our revenue.

因為未來幾年內，我們的產能成長幾乎不可能達到任何實質規模。我們現在的情況並非是想辦法讓更多的人登上我們的船。實際上，我們船上的載客量已經相當滿了。所以，我們歡迎新朋友，也歡迎我們摯愛的忠實客人，以及乘坐過其他遊輪並想嘗試我們遊輪的人。因此，我們正努力在有限的空間內吸引盡可能多的受眾，這對於提高我們的收入來說是一個很好的方法。

Great. And then I know you get asked this every quarter, but I'll ask it again, especially in the context of contribution to your net yield guidance this year. Celebration Key has been open a number of months now. I think you've had 1 million guests you said go there. I think we all make our own estimates of ticket yield contribution on board.

偉大的。我知道每季都會有人問這個問題，但我還是要再問一遍，尤其是在今年對淨收益率預期做出貢獻的背景下。Celebration Key已經開業好幾個月了。我覺得你已經接待過一百萬位客人了，你說過去那裡看看吧。我認為我們都會根據自己的理解來估算機上機票收益的貢獻。

Anything you can share it just participation rate, spend rate, what you are seeing on uplift and what you're expecting on the go forward and as you kind of develop RelaxAway more?

您能分享的資訊包括參與率、消費率、您看到的提升效果以及您對未來發展和進一步開發 RelaxAway 的預期嗎？

Thanks for asking again. So I'd say we celebrated just yesterday, the 1 millionth guest coming to Celebration Key, which we were ecstatic to be able to celebrate. And it will give you the same answer, which is we're getting the ticket premium that we anticipated. The output from the onboard shore operations is in line and the fuel consumption is too. So it's proceeding pretty much as we had planned.

謝謝你再次提問。所以，我想說我們昨天剛慶祝了第一百萬位客人來到慶典鑰匙島，我們非常高興能夠慶祝這一刻。它會給你同樣的答案，那就是我們得到了預期的票價溢價。船上岸上作業的產出符合預期，燃料消耗量也符合預期。所以事情基本上是按照我們的計劃進行。

We'll continue to learn and adopt over time as we should. And we'll certainly factoring in, as you said, order some lessons learned that could be translatable to Half Moon RelaxAway. But I would say we're trying to make them very distinct and different experiences. And I think our guests are going to be delighted with that, and we can't wait to show them both for much of our capacity on the same itinerary. So we're looking forward to that.

我們會繼續學習，並隨著時間的推移不斷適應變化。正如您所說，我們當然會考慮一些經驗教訓，這些教訓可以應用到 Half Moon RelaxAway 中。但我認為，我們正在努力使它們成為非常獨特和不同的體驗。我認為我們的客人會對此感到非常高興，我們迫不及待地想讓他們體驗我們大部分的接待能力，並走同樣的路線。所以我們很期待。

David Katz, Jeffries.

David Katz，杰弗里斯。

David, could you just help us a bit with fixed versus variable costs within where you're at today? I know we're not going to be able to predict the future necessarily, but we'd love to get a sense for how we might find leverage in the model, should it turn out to be a better year than anticipated.

David，你能否幫我們解釋一下你目前情況下固定成本和變動成本的差異？我知道我們可能無法預測未來，但如果今年的情況比預期好，我們很想了解如何利用這個模型。

So it's a difficult question to answer because we do operate at full capacity and essentially sell every cabin. So once you have that basic premise in the business. What you're basically saying is a ship size, most of your costs are fixed. However, that doesn't mean that you can find better ways and optimize the business by doing things differently, which is whether it's been using AI or other things in order to improve your cost structure. We're doing that shore side as well.

所以這個問題很難回答，因為我們的客流量是滿載的，基本上每個艙等都售罄了。所以一旦你掌握了這項業務的基本前提。你基本上是在說，只要船體夠大，大部分成本都是固定的。但這並不意味著你不能透過改變做事方式來找到更好的方法並優化業務，例如使用人工智慧或其他方法來改善成本結構。我們在岸邊也進行同樣的作業。

Shore side, you find that obviously, somebody could say, your advertising expense is variable. But in the long run, it really isn't. So what we have to do and what we focus on continually is being most efficient with every single dollar we spend and find ways to do more with less.

從岸上看，很明顯，有人可能會說，你的廣告費用是可變的。但從長遠來看，事實並非如此。因此，我們必須做的，也是我們持續關注的，就是如何最有效地利用每一分錢，並找到用更少的錢做更多事情的方法。

Understood. And just my follow-up, one more for you, David. Sorry, Josh. So on the listing, presume that there could be a couple of bucks of cost savings upfront and ongoing, thinking a few million dollars upfront and maybe a few million as an ongoing, every little bit helps. Is that the neighborhood, David?

明白了。大衛，我還有一個問題想問你。對不起，喬希。因此，在列出清單時，假設前期和後續都能節省一些成本，考慮到前期幾百萬美元，後續可能還要節省數百萬美元，積少成多，每一分錢都有幫助。那是附近街區嗎，大衛？

Yes, that's the neighborhood. And so -- and the payback on this is very quick. It's just less than two years. And so we feel very good about the situation, and it also streamlines reporting and simplifies governance and other things for us. So we're -- we feel very good about the decision and we finally got to it.

是的，那就是那個街區。因此——而且這樣做的回報非常快。還不到兩年。因此，我們對這種情況感到非常滿意，這也簡化了我們的報告流程、治理和其他事務。所以，我們對這個決定感到非常滿意，我們終於做出了這個決定。

Jaime Katz, Morningstar.

Jaime Katz，晨星公司。

Nice quarter guys. Can I ask a little bit about consumer demand. I think you guys did a nice job of dissecting demand by geography, but maybe can you talk a little bit about the behavior of consumers between income levels because we've been hearing a lot about this K-shaped demand patterns and how they've differentiated. Are we seeing things like seaborne consumers being more resilient than Carnival consumers or vice versa? Is there any way to parse that out to a better degree for us?

夥計們，這塊地不錯。可以問一下關於消費者需求的問題嗎？我認為你們在按地域分析需求方面做得很好，但是你們能否稍微談談不同收入水平的消費者的行為，因為我們經常聽到關於 K 形需求模式以及它們如何差異化的說法。我們是否觀察到，海運乘客比嘉年華郵輪乘客更具韌性，反之亦然？有沒有辦法幫我們更好地解析它？

Yes, sure. So when you look at the segments, you got contemporary premium and luxury. We're not seeing any meaningful difference across the segments, I would say. And this has been asked before when you think about our US consumer across the big brands that we've got in the US, excluding seaborne, the range of our of our household income is something in the $100,000 to $150,000 range.

當然可以。所以，從細分市場來看，有當代高端和豪華。我認為，我們並沒有看到各個細分市場之間有任何實質差異。這個問題以前有人問過，當我們考慮到美國消費者，包括我們在美國擁有的大品牌（不包括 Seaborne），我們的家庭收入範圍大約在 10 萬美元到 15 萬美元之間。

So it's certainly in the middle class. And now having said that, our guests don't live in a vacuum. They live in the same world as every other consumer does, and they see the headlines. And they're looking, I think, in a lot of cases, to figure out how do they get more value for what they're spending. That's been a pretty constant theme for a long time, and it certainly was in the fall, as you heard, not only us and people in the cruise space talk.

所以它肯定是屬於中產階級。話雖如此，我們的客人也不是生活在真空中的。他們和其他消費者一樣生活在同一個世界裡，他們也看到新聞標題。我認為，在很多情況下，他們都在思考如何花更少的錢獲得更大的價值。長期以來，這一直是一個反覆出現的主題，而且在秋季更是如此，正如你所聽到的，不僅僅是我們和郵輪領域的人都在談論這個問題。

But I think as you hear retailers talk and as we've been getting into the holiday season. Some people are looking to make sure that they are getting the most they can get for the money that they spend. And they're specifically looking to preserve and protect things that are dearly important to them like spending time with their friends and family on holidays. And when you put all of that together, that is a very nice tailwind for what we have to offer because we are an amazing value, we give an amazing experience, and we can help you make your money go further than what the land-based alternatives are. And so we feel good about the positioning.

但我認為，正如你從零售商的談話中了解到的那樣，而且隨著假期季節的臨近，情況也越來越好。有些人希望確保自己花的每一分錢都能得到最大的回報。他們尤其希望保護和傳承對他們來說非常重要的事物，例如在假期與朋友和家人共度時光。把所有這些因素綜合起來，這對我們所提供的產品和服務來說是一個非常有利的順風，因為我們物超所值，提供卓越的體驗，並且可以幫助您比陸地上的替代方案更有效地利用資金。因此，我們對目前的市場定位感到滿意。

I'm happy to always have a gap to land and always be a value and close the gap over time and always have a gap and be a value. I think that's a great thing that we can provide to our guests.

我很高興總是能留有差距去彌補，總是能創造價值，隨著時間的推移縮小差距，總是能留有差距並創造價值。我認為這是我們能為客人提供的非常棒的服務。

Okay. And then I think there was a comment on always sailing full, but can you talk a little bit about how you guys are thinking about managing occupancy in 2026 just relative to the past, given that prices are at an all-time high and maybe the experience improves with fewer people on the ship? So maybe how is the occupancy being optimized in the year ahead?

好的。然後我想有人提到過總是滿載航行的問題，但鑑於價格處於歷史高位，而且船上人數減少可能會改善體驗，您能否談談你們是如何考慮在 2026 年管理入住率的，與過去相比如何？那麼，未來一年的入住率將如何優化呢？

Sure. And I think that's a fair call out. We are not mandating -- I am not mandating to my teams you better say full to the last decimal point going three places over, right? At the end of the day, we want people to maximize revenue. And that's why we could miss an occupancy by a little bit, and we still end up with more revenue than what our forecast was because we're managing and our teams are managing that balance, and I think doing it the right way.

當然。我認為這是個中肯的批評。我們沒有強制要求──我沒有強制要求我的團隊，你們最好說要精確到小數點後最後一位，甚至多說三位，對吧？歸根究底，我們希望人們能實現收益最大化。這就是為什麼即使我們的入住率略有下降，最終我們的收入仍然會超過預期，因為我們和我們的團隊都在努力平衡收支，我認為這是正確的做法。

And so there's always going to be opportunity to figure out on the fringes whether it's worth getting the last few people on board or it's not and keep a little bit more price integrity overall and generate more in the long run. So we give our brands rightly so the leeway to do that, and they have been doing it. And I expect that, that will continue.

因此，總會有機會在邊緣地帶弄清楚是否值得讓最後幾個人加入，從而在整體上保持價格的完整性，並在長期內創造更多收益。所以，我們理所當然地給予我們的品牌一定的自由度，而他們也一直在這樣做。我預計這種情況還會持續下去。

Conor Cunningham, Melius Research.

康納‧坎寧安，梅利烏斯研究公司。

Just on the balance sheet, you've obviously done a tremendous amount of work. I think you're targeting, I think you said sub-3, David. Just -- why is that the right level? And is there a desire to go above and beyond the $2.6 billion, I think, that you have naturally coming due this year in general?

單從資產負債表來看，你們顯然已經做了大量的工作。我覺得你的目標是，我覺得你說的是3分鐘以內，大衛。為什麼說這個水平合適？你們是否希望在今年自然到期的 26 億美元之外，再增加一些收入？

Sure. So overall, if you calculate using our guidance where we'll wind up the year, we will wind up less than 3. We wind up at about 2.8 times. So we are moving in the right direction and feel very good about that. I would say we had said sub-3.

當然。所以總的來說，如果你按照我們的指導方針來計算，我們今年的最終結果將低於 3。最終結果大約是 2.8 倍。所以，我們正朝著正確的方向前進，對此我們感到非常滿意。我想說我們之前說過低於3分。

But overall, we're probably targeting something in the range of 2.75, that should get us around a BBB rating, and we feel that, that is strong at this point in time for a company like ours.

但總的來說，我們的目標可能是 2.75 分左右，這應該能讓我們獲得 BBB 評級，我們認為，對於像我們這樣的公司來說，這在目前階段已經相當不錯了。

Okay. And then I know there's been a lot of talk about the Caribbean, but like the -- it's pretty normal in this industry to have big swings in supply from time to time. I think one -- I mean, not too long ago, I think we were talking about Alaska as having too much supply at one point, but it normalize pretty quickly. So can you just -- and I know you talked a little bit about this, Josh, but just on core pricing versus occupancy, like what the biggest change to me seems to be that Carnival is less willing to discount to fill. So I mean, I know you've talked about maximizing revenue.

好的。我知道最近有很多關於加勒比海地區的討論，但是——在這個行業裡，供應量時不時出現大幅波動是很正常的。我認為一——我的意思是，不久前，我們還在討論阿拉斯加的供應過剩問題，但這種情況很快就恢復正常了。所以你能說一下——我知道你之前也稍微談到過這一點，喬希，但就核心定價與入住率而言，對我來說最大的變化似乎是嘉年華郵輪公司不太願意為了填滿客流而打折。我的意思是，我知道你們談到如何實現收入最大化。

But if you could just talk like holistically, how that's changed versus history, I think, would be helpful just given I think that's a big deal here?

但是，如果您能從整體上談論這件事與歷史相比發生了哪些變化，我認為這會很有幫助，因為我認為這裡非常重要？

Sure. And I think that's a great intro. I mean, first of all, let me just say real clearly, the Caribbean is and it always will be a fantastic market for us. And we have successfully absorbed elevated supply in the Caribbean before and in Europe and Alaska many times over the last many decades, and it comes and it goes and it gets absorbed, and we move along. And I don't feel any different about the long term in light of what this particular instance is because we do that very well.

當然。我覺得這是一個很棒的開場白。首先，我要非常明確地指出，加勒比海地區現在是，未來也永遠是我們一個非常棒的市場。在過去幾十年裡，我們曾多次成功地吸收加勒比海地區、歐洲和阿拉斯加地區的高油氣供應，這些供應來來去去，被我們吸收，然後我們繼續前進。就目前的具體情況而言，我對長遠發展並沒有什麼不同的看法，因為我們在這方面做得很好。

With respect to the philosophy, look, I think it is Fair to say that we are thinking and acting, I think, in a rational basis in a way that we want to maintain price integrity in the market for us. And at the same time, making sure we get folks on board that are happy and spending money not only in the ticket and -- but the onboard. And because we have evolved over the last several years and we'll continue to with bundled pricing and packages, it does change the dynamic about how we can position ourselves in the market and do things and make folks think that and understand that it's a great value. We have been -- like I said before, we've been doing this over the last couple of years, and our yields are up 17%. It's part of the arsenal to put out promotions to make people interested in what we have to offer and get our base of business and hopefully generate as much revenue as we can on as much happy guests as we can.

至於理念方面，我認為可以公平地說，我們的思考和行動都是基於理性，我們希望維持市場價格的完整性。同時，我們也要確保乘客們不僅在機票上，而且在機上消費時都感到滿意和快樂。由於我們在過去幾年中不斷發展，並且我們將繼續透過捆綁定價和套餐來實現這一點，這確實改變了我們在市場上的定位方式，以及我們做事的方式，讓人們認為並理解這非常有價值。就像我之前說的，過去幾年我們一直在這樣做，我們的收益率提高了 17%。這是我們宣傳策略的一部分，目的是讓人們對我們的產品和服務感興趣，從而獲得客戶基礎，並希望盡可能讓顧客滿意，從而創造盡可能多的收入。

So no specific formula to give you, but I think it's fair to say that that's the approach.

所以沒有具體的公式可以給你，但我認為可以公平地說，這就是方法。

Operator, I think we've got time for one more.

接線員，我想我們還有時間再加一個。

Our final question will come from the line of Sharon Zackfia with William Blair.

我們最後一個問題將來自莎倫·扎克菲亞和威廉·布萊爾的對話。

I wanted to ask about marketing because clearly, you had a lot of success with increasing your marketing spend, and I think that was called out at someday you will increase more in '26. Can you talk about where you ended with marketing as a percent of sales in '25, how do you think about that for '26? And then there's a lot of talk about the way to get to consumers kind of changing with maybe SEO and things like that being less effective. I mean how do you think about targeting consumers as the way to get to them, maybe shifting, particularly in the digital landscape?

我想問一下行銷方面的問題，因為很明顯，你們在增加行銷支出方面取得了很大的成功，而且我認為你們在2026年也提到過，總有一天你們會增加更多支出。可以談談2025年行銷費用佔銷售額的百分比嗎？你對2026年的情況有何看法？然後，人們開始熱議，隨著搜尋引擎優化等手段的效果可能下降，接觸消費者的方式也發生了變化。我的意思是，您如何看待以消費者為目標群體來接觸他們的方式，尤其是在數位化領域，這種方式可能會發生轉變？

Yes. Well, so I'll talk about the last part first. You're 100% correct. It is one of the fastest changing areas of our business when it comes to technology use of AI tools, not only by us but by the consumer and how are we marrying all of that up. And so there are lots of things that are already in place because not surprisingly, there are third-party companies that have tools already available that we're taking advantage of to make sure that we're keeping pace with the way that consumers are changing how they go about looking for not just the vacation, but frankly anything now it is.

是的。那我就先講最後一部分吧。你說的完全正確。就人工智慧工具的技術應用而言，這是我們業務中變化最快的領域之一，不僅對我們而言如此，對消費者而言也是如此，以及我們如何將所有這些結合起來。因此，很多事情已經到位，因為毫不奇怪，已經有第三方公司提供了可用的工具，我們正在利用這些工具來確保我們能夠跟上消費者尋找度假方式的步伐，坦白說，現在他們尋找任何東西的方式都在發生變化。

So that is -- I think that's just going to be a common theme as we move ahead over the next several years, and we've got to be -- we have to be nimble, and we have to be really thoughtful about the fact that the world is going to change dramatically, I think, over the next five years, and we just -- we need to make sure we're keeping pace. So that -- so we are reallocating dollars as we talk with our operators about how they need to spend differently to adjust to that. I think it's fair to say, though, there will still be top of funnel things that we are always going to want to do to get into the consideration set. And we're talking about how do we optimize once you get below that to make sure that we're being put the right way in front of the right guest or potential guests to close the booking.

所以，我認為這將是我們未來幾年前進的一個共同主題，我們必須靈活應變，並且要認真思考這樣一個事實：世界將在未來五年內發生巨大變化，我們只需要確保我們跟上時代的步伐。所以，我們正在重新分配資金，同時與我們的營運商討論他們需要如何改變支出方式以適應這種情況。不過，我認為可以公平地說，我們仍然需要做一些漏斗頂端的事情，才能進入客戶的考慮範圍。我們正在討論的是，當預訂量低於某個閾值時，我們如何進行最佳化，以確保我們能夠以正確的方式將資訊推送給合適的客人或潛在客人，從而促成​​預訂。

As far as how we're seeing the advertising, it's not like it's spiking dramatically over -- as a percentage of revenue. We're just trying to do what we think is, is the right thing for our brands and our business. It's about 3.5%, give or take. That's -- it's a metric we look at, but it's not the metric that end the discussion about how much people should be spending on advertising because as you can probably appreciate, there's a lot behind it as we develop and change those plans real time. Thank you very much.

就我們看到的廣告情況而言，它並沒有像人們預期的那樣大幅飆升——以收入百分比計算。我們只是想做我們認為對我們的品牌和業務正確的事情。大概是3.5%左右。這是一個我們會關注的指標，但它並不能終結關於人們應該在廣告上花費多少的討論，因為正如你可能已經意識到的，在我們實時製定和改變這些計劃的過程中，背後有很多因素。非常感謝。

So for everybody, I would just say thank you. Happy holidays, and thank you again for all the support that we have had as a corporation and for all of our guests and all of our trade partners, thank you very much for everything you do for us and for the team, well-deserved break next week.

所以，對於大家，我只想說聲謝謝。節日快樂！再次感謝各位對我們公司、所有賓客和所有貿易夥伴的支持，非常感謝你們為我們和團隊所做的一切，下週好好休息吧！

So thanks very much, and happy holidays.

非常感謝，祝您節日快樂。

Thank you. This concludes today's conference call. You may disconnect your lines at this time. Thank you for your participation.

謝謝。今天的電話會議到此結束。您可以在此時斷開線路。感謝您的參與。