嘉年華遊輪 (CCL) 2026 Q3 法說會逐字稿

Greetings, and welcome to the Carnival Corporation Q3 2026 earnings results. (Operator Instructions)

各位好，歡迎參加嘉年華集團（Carnival Corporation）2026 會計年度第三季（Q3）財報結果電話會議。(接線員指示)

As a reminder, this conference is being recorded. It's now my pleasure to introduce your host, Beth Roberts, Senior Vice President, Investor Relations.

提醒各位，本次電話會議將被錄音。現在我很榮幸介紹今天的主持人：投資人關係資深副總裁 Beth Roberts。

Thank you, Beth. Please go ahead.

謝謝你，Beth。請繼續。

Thank you. Good morning, and welcome to our third quarter 2026 earnings conference call. I'm joined today by our CEO, Josh Weinstein; our CFO, David Bernstein; and remotely, our Chair, Micky Arison. 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.

謝謝。各位早安，歡迎參加我們 2026 年第三季財報電話會議。今天與我一同出席的有執行長 Josh Weinstein、財務長 David Bernstein，以及以遠端方式參與的董事長 Micky Arison。在開始之前，請注意我們在本次電話會議中的部分發言將屬於前瞻性陳述。因此，我將請各位參閱今日新聞稿以及我們向美國證券交易委員會（SEC）提交的文件，以取得更多關於可能導致實際結果與我們預期不同之因素與風險的資訊。

We'll be referencing certain non-GAAP financial measures, including yields, cruise costs without fuel, EBITDA, net income, 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 on constant currency unless we know otherwise. Please visit our corporate website where our earnings press release and investor presentation can be found.

我們將引用若干非 GAAP 財務衡量指標，包括收益率（yields）、不含燃油的郵輪成本、EBITDA、淨利以及相關統計數據；除非另有說明，以上均以淨額基礎或依定義調整後呈列。與美國 GAAP 的調節表已包含於我們的財報新聞稿與投資人簡報中。除非我們另有說明，票價、收益率以及不含燃油的郵輪成本之引用均以固定匯率（constant currency）計算。請造訪我們的公司網站，可取得財報新聞稿與投資人簡報。

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

接下來，我想把電話交給 Josh。

Thanks, Beth, and good morning, everyone. Once again, we closed out another excellent quarter with revenues, yields, and reported net income all reaching new highs, while customer deposits once again set a record. Strong execution delivered approximately $2 billion to the bottom line, exceeding our guidance by $100 million with both revenue and costs contributing to the outperformance.

謝謝，Beth，各位早安。我們再次以另一個非常出色的季度作結，營收、收益率以及公告淨利均創下新高，同時客戶訂金也再度刷新紀錄。強勁的執行力為最終盈餘貢獻約 20 億美元，較我們的指引高出 1 億美元；營收與成本兩端皆對超預期表現有所貢獻。

On the revenue side, yields increased nearly 2.5%, more than 1 point better than expected. The improvement in booking trends we highlighted on our last call continued to build throughout the quarter, with better closets in demand translating into higher revenues. That momentum also enabled us to raise our yield expectations for the fourth quarter.

在營收方面，收益率提升近 2.5%，比預期高出超過 1 個百分點。我們在上次電話會議中提到的訂位趨勢改善，在本季持續增強；需求面更佳的態勢轉化為更高的營收。這股動能也使我們得以上調第四季的收益率預期。

And on the cost side, our teams continued to find opportunities to operate more efficiently. Excluding fuel, unit costs came in 1 point better than guidance for the quarter. And to date, we have improved our full year expectations by more than 1 point, even after absorbing continued pressure from higher than expected inflation.

在成本方面，我們的團隊持續尋找更有效率的營運機會。排除燃油後，本季單位成本比指引好 1 個百分點。截至目前，即使吸收了高於預期的通膨持續帶來的壓力，我們仍已將全年預期改善超過 1 個百分點。

Fuel consumption also came in 3 points better than expected, as our teams continue to find ways to use less, which is better for the environment, better for our bottom line, and ultimately the best way to manage fuel costs.

燃油消耗也比預期好 3 個百分點，因為我們的團隊持續找到降低用量的方法；這對環境更好、對我們的損益更有利，而且最終也是管理燃油成本的最佳方式。

Taken together, we've generated more than $150 million of operational improvement since our June guidance, fully offsetting the impact of higher fuel prices that we now expect. Yes, fuel can be a volatile input cost, with a track record of prices going up and down. But amidst that noise, let's not lose sight of our underlying operational improvement.

綜合而言，自我們 6 月提出指引以來，我們已創造超過 1.5 億美元的營運改善，完全抵銷了我們目前預期較高的燃油價格所帶來的影響。沒錯，燃油是一項波動性很高的投入成本，歷來價格上下起伏。但在這些雜訊之中，我們不應忽略我們底層的營運改善。

What matters most over the long-term is our ability to continually improve the actual performance of the business, generating more demand, managing our booking curve for maximum revenue, operating more efficiently, and ultimately producing more earnings and higher returns. And while it's still early, we are beginning to capture opportunities embedded in our propel targets sooner than expected, leveraging our unmatched scale, sharpening commercial execution, investing where we generate outsized returns, and advancing technology to enhance revenue and control costs.

長期而言，最重要的是我們能否持續提升業務的實際表現：創造更多需求、為了最大化營收而管理訂位曲線（booking curve）、更有效率地營運，並最終帶來更高的獲利與更高的報酬。雖然仍在早期階段，但我們已開始比預期更早掌握「Propel」目標中所蘊含的機會，運用我們無可匹敵的規模優勢、強化商業執行力、在能帶來超額報酬之處加大投資，並推進科技以提升營收與控管成本。

This includes putting AI to work across our commercial systems to help our teams make better decisions and provide more personalized experiences for our guests, automating more of how we operate shoreside and identifying new efficiencies in how we manage our vessels. With 2026 largely on the books, our attention is turning to 2027 and beyond. For full year 2027, we are already half booked with both occupancy and pricing at record levels.

這包括在我們的商業系統中導入 AI，協助團隊做出更好的決策，並為賓客提供更個人化的體驗；同時也將更多岸上營運流程自動化，並在船舶管理方式上辨識新的效率提升空間。隨著 2026 年的訂位大致已完成，我們的注意力正轉向 2027 年及之後。就 2027 全年而言，我們目前已完成一半訂位，且載客率與定價皆處於歷史新高水準。

Bookings taken over our third quarter solidified this position as we saw very healthy increases compared to last year's levels. And while the booking disruption we experienced this spring extended into the first quarter of 2027, Q1 bookings have also rebounded meaningfully over the past three months, reinforcing our view that the impact is temporary. Demand remains broad-based, including very healthy demand for our peak summer European deployments.

第三季所取得的訂位進一步鞏固了這一地位，我們看到相較去年水準有非常健康的增長。此外，雖然我們今年春季經歷的訂位干擾延續到 2027 年第一季，但過去三個月第一季的訂位也已明顯回升，強化了我們對其影響屬暫時性的看法。需求仍呈現廣泛分布，包括我們夏季歐洲旺季部署（European deployments）也維持非常健康的需求。

2028 is also off to an excellent start at higher occupancy and even higher prices year-over-year. And our booking curve is further out than it has ever been at this point in the year. Customer deposits tell a similar story. They reached a third quarter record of approximately $7.6 billion, up about 7% despite flat capacity growth over the next 12 months.

2028 年也以非常出色的態勢開局，載客率更高，且票價年增幅更大。而我們的訂位曲線也比以往任何一年在此時點都更往後延伸。客戶訂金也呈現相同趨勢。第三季客戶訂金創下約 76 億美元的紀錄，成長約 7%，儘管未來 12 個月的運能成長持平。

With demand continuing to grow well ahead of our intentionally measured capacity growth, we have an opportunity to keep managing the booking curve for price. And that is exactly what our strategy is designed to do, drive more earnings and higher returns from our existing asset base with relentless focus and discipline. One of the most visible examples is our destination strategy. Celebration Key recently marked its first anniversary, having welcomed almost 2.5 million guests in its first year alone.

在需求持續遠遠領先於我們刻意採取的審慎運能成長之下，我們有機會持續以價格為導向來管理訂位曲線。而這正是我們策略所要達成的：以不懈的專注與紀律，從既有資產基礎中驅動更高獲利與更高報酬。其中最顯著的例子之一，就是我們的目的地策略。Celebration Key 近期迎來一週年，在第一年就接待了將近 250 萬名賓客。

The guest response has been exceptional. Celebration Key is resonating with our loyal guests, giving them another compelling reason to sail with us again while attracting new-to-cruise guests as well. And we are only just beginning to realize its potential. With the second pier now open, Celebration Key is expected to welcome approximately 3.5 million guests next year, with 31 ships calling, verse 26, this year. Its reach is also expanding beyond Carnival Cruise Line, with Princess joining next month, followed by select calls from AIDA and Costa late next year.

賓客回饋極為出色。Celebration Key 深受我們忠誠賓客的喜愛，為他們提供另一個再次選擇與我們航行的強力理由，同時也吸引首次搭乘郵輪的新客群。而我們才剛開始實現其潛力。隨著第二座碼頭現已啟用，預期 Celebration Key 明年將迎來約 350 萬名賓客，將有 31 艘船靠港，相較今年的 26 艘。其觸及範圍也正擴展至嘉年華郵輪（Carnival Cruise Line）以外的品牌，公主郵輪（Princess）將於下月加入，之後 AIDA 與 Costa 也將在明年稍晚安排部分靠港。

And Celebration Key is just one part of what is becoming an increasingly differentiated destination portfolio. Our recently expanded experiences at RelaxAway, Half Moon Cay, and Isla Tropicale, Roatan have already welcomed approximately 250,000 guests each with very positive guest response. We have made these amazing beach experiences even better and available to millions more guests.

而 Celebration Key 只是我們日益差異化的目的地組合中的一部分。我們近期擴增的 RelaxAway、Half Moon Cay 與 Isla Tropicale（羅阿坦，Roatan）體驗，各自已接待約 25 萬名賓客，且賓客回饋非常正面。我們讓這些令人驚豔的海灘體驗變得更好，並讓數以百萬計的更多賓客都能享受。

We can now pair the idyllic natural beauty of RelaxAway, long one of our highest rated beach experiences, with the high energy experience of Celebration Key, giving our guests two completely different beach experiences on the same itinerary, and further differentiating what only we can offer. In fact, next year, 35% of Carnival Cruise Line's Caribbean capacity will feature itineraries, visiting both of these incredible destinations on the same cruise.

我們現在可以把 RelaxAway 的田園般自然美景——長期以來一直是我們評價最高的海灘體驗之一——與 Celebration Key 的高能量體驗搭配在一起，讓賓客在同一條航程中享有兩種截然不同的海灘體驗，並進一步凸顯只有我們才能提供的差異化。事實上，明年嘉年華郵輪（Carnival Cruise Line）在加勒比海的運能中，將有 35% 的航程會在同一趟郵輪行程中造訪這兩個令人驚嘆的目的地。

And there is more to come as we continue to develop our destination footprint, differentiate the vacation experiences we offer, and make our existing fleet even more valuable. We are applying the same return-focused mindset across the rest of the business. We're finding new ways to deepen guest loyalty and increase lifetime value.

隨著我們持續拓展目的地版圖、差異化我們所提供的度假體驗，並讓既有船隊更具價值，後續還會有更多進展。我們也以同樣以報酬為核心的思維，推動業務其餘部分。我們正在尋找新的方式來深化賓客忠誠度並提升終身價值。

In the year following Carnival Cruise Line's June 2025 announcement of its new loyalty program, co-branded credit card issuances increased 20%, even before the new benefits took effect. And since the program went live September 1, issuances have accelerated significantly, more than tripling from pre-announcement levels. And while the program has only been live for a few weeks, thousands of members have already redeemed tens of millions of points on everything from a drink on board, to a suite on Carnival Celebration.

在嘉年華郵輪於 2025 年 6 月宣布推出全新忠誠計畫後的隔年，即使新福利尚未生效，聯名信用卡發卡量仍增加了 20%。而自該計畫於 9 月 1 日正式上線以來，發卡量顯著加速，較宣布前水準成長逾三倍。此外，儘管該計畫才上線數週，已有數千名會員在各種項目上兌換了數千萬點數，從船上的一杯飲料到 Carnival Celebration 的套房皆可兌換。

Exactly the kind of flexibility and choice the new program was designed to provide. We're also continuing to invest selectively in our fleet. Carnival Festivale enters service in the Caribbean in May in time for the summer season and begins contributing to our results in the second half of the year. Our midlife modernization programs continue to progress with additional vessels planned for AIDA and Holland America next year.

這正是新計畫所設計要提供的彈性與選擇。我們也持續有選擇性地投資於船隊。Carnival Festivale 將於 5 月在加勒比海投入營運，趕上夏季旺季，並於下半年開始對我們的業績作出貢獻。我們的中期現代化改裝計畫持續推進，明年也規劃為 AIDA 與 Holland America 安排更多船舶。

We will also complete a major upgrade of Cunard's flagship Queen Mary 2 as the world's only ocean liner providing regular transatlantic service. It is a one of a kind asset and our investment is designed to ensure it continues to generate attractive returns for decades to come. And we continue to optimize deployment toward markets where we see the greatest opportunity.

我們也將完成對冠達（Cunard）旗艦「瑪麗皇后二號」（Queen Mary 2）的重大升級；它是全球唯一提供定期跨大西洋航線服務的遠洋客輪。這是一項獨一無二的資產，我們的投資旨在確保其在未來數十年持續創造具吸引力的報酬。同時，我們也持續將部署最佳化，聚焦於我們認為機會最大的市場。

Next year, for example, we are leaning even further into our successful Northern European deployments where guest interest continues to grow in cool locations, cooler weather destinations and outdoor activities like hiking, exploring the fjords of Norway and enjoying the Northern lights. Importantly, we are doing this in the context of relatively flat overall capacity growth, meaning that we are actively shifting our deployment mix toward the opportunities we find most attractive.

例如明年，我們將更進一步加碼我們在北歐的成功部署；旅客對涼爽地點、較冷氣候目的地，以及健行、探索挪威峽灣、欣賞北極光等戶外活動的興趣持續升溫。重要的是，我們是在整體運能成長相對持平的背景下進行這些調整，這意味著我們正主動將部署組合轉向我們認為最具吸引力的機會。

As a result, in 2027, Europe will for the first time tie with the Caribbean as our largest deployment region, each representing 34% of our mix. Of course, the Caribbean remains an important part of our strategy and will benefit from the continued expansion of our paradise collection portfolio, even as we diversify our footprint more globally.

因此，到了 2027 年，歐洲將首次與加勒比海並列為我們最大的部署區域，兩者各占我們組合的 34%。當然，加勒比海仍是我們策略的重要一環；即使我們在全球範圍內更為多元化，加勒比海也將受惠於我們「paradise collection」產品組合的持續擴張。

And our diversified footprint is further strengthened by our industry leading presence in Alaska, the ultimate cool location. Our advantage there extends beyond cruising to our integrated land and sea experiences supported by thousands of hotel and lodge rooms, 20 glass domed rail cars and the largest fleet of motor coaches in all of Alaska.

而我們多元化的版圖，也因我們在阿拉斯加（這個終極涼爽目的地）的業界領先布局而進一步強化。我們在當地的優勢不僅限於郵輪，還包括整合式的陸海體驗：由數千間飯店與旅館客房、20 節玻璃穹頂觀景鐵路車廂，以及阿拉斯加規模最大的遊覽巴士車隊所支援。

Together, these assets give our guests unparalleled access to experience the extraordinary natural beauty, culture and wildlife of the great land in ways that are difficult to replicate. Taking a step back, these are all different initiatives across different brands and geographies, but the strategy behind them is consistent, create differentiated demand, improve revenue generation and drive attractive returns on the capital we deploy.

這些資產共同為旅客提供無與倫比的可達性，得以以難以複製的方式體驗這片大地非凡的自然美景、文化與野生動物。退一步來看，這些是在不同品牌與不同地理區域推動的各項舉措，但其背後策略一致：創造差異化需求、提升營收創造能力，並推動我們所部署資本的具吸引力報酬。

And clearly those efforts are showing up in our financial results. Despite the significant fuel price headwind this year, we expect to finish 2026 with even more brands generating mid-teens or higher returns on invested capital than last year. That is meaningful progress and we still see considerable runway ahead with each of our brands on a path toward higher returns. The consistency of our performance is also translating into increasingly durable cashflow, giving us the ability to invest in the business, strengthen the balance sheet and return capital to shareholders at the same time.

而且很明顯，這些努力已反映在我們的財務成果上。儘管今年燃油價格帶來顯著逆風，我們預期 2026 年結束時，能產生投資資本報酬率（ROIC）達到中十位數或更高的品牌數量，將多於去年。這是重要的進展；我們仍看到相當大的成長空間，各品牌皆走在提升報酬率的道路上。我們表現的一致性也正轉化為更具韌性的現金流，使我們能同時投資業務、強化資產負債表，並回饋資本給股東。

And yes, we are doing all three. We continue to invest in the highest return opportunities across our brands and destinations. We continue to reduce debt and strengthen our financial position. And just six months into our share repurchase program, we have already bought back about $1.2 billion of stock alongside our ongoing dividend.

是的，我們三者都在做。我們持續在各品牌與目的地中，投資於報酬率最高的機會。我們持續降低負債並強化財務狀況。而在股票回購計畫啟動僅六個月內，配合我們持續發放的股利，我們已回購約 12 億美元的股票。

That balance is important. Our objective is not simply to grow, it is to grow earnings and returns in a disciplined way while increasing the amount of cash we can return to shareholders over time. And importantly, we have the best team in all of travel and leisure making it happen. None of what we have accomplished or what lies ahead will be possible without the dedication of our more than 160,000 team members both ship and shore.

這種平衡很重要。我們的目標不只是成長，而是在嚴謹紀律下提升獲利與報酬，同時隨時間增加可回饋給股東的現金規模。同樣重要的是，我們擁有旅遊與休閒產業中最優秀的團隊來實現這一切。若沒有我們超過 16 萬名海上與岸上團隊成員的投入與奉獻，我們已完成的一切以及未來的所有計畫都不可能實現。

I want to thank them for everything that they do every day to deliver unforgettable happiness to our guests by providing extraordinary cruise vacations while honoring the integrity of every place we visit, life we touch and ocean we sail. I also want to thank our loyal guests, our investors, our travel agent partners, our destination and shipbuilding partners and all of our stakeholders for their continued support. We have tremendous momentum, an incredible team and significant opportunities still ahead of us.

我要感謝他們每天所做的一切：在尊重我們造訪的每一個地方、觸及的每一段生命，以及航行的每一片海洋之完整性前提下，為賓客提供卓越的郵輪假期，帶來難忘的幸福。我也要感謝我們忠誠的賓客、投資人、旅行社合作夥伴、目的地與造船合作夥伴，以及所有利害關係人持續的支持。我們擁有強勁動能、卓越團隊，且前方仍有重大的機會。

With that, I'll turn the call over to David to walk you through the quarter and our guidance in more detail.

接下來，我把電話交給 David，請他更詳細地帶大家了解本季表現與我們的指引。

Thank you, Josh. I'll begin with our third quarter results, then cover our updated full year guidance and several considerations or 2027 before closing with capital allocation. We delivered record revenues and yields with third quarter net income exceeding our June guidance by over $100 million or $0.08 per share. The outperformance versus June guidance was driven by three factors: revenue was the primary driver for our outperformance, contributing $0.05 per share. Yields increased nearly 2.5% year-over-year on top of almost 5% growth in last year's third quarter.

謝謝你，Josh。我將先從第三季業績開始，接著說明更新後的全年指引，以及幾項關於 2027 年的考量，最後以資本配置作結。我們第三季創下營收與收益率（yield）新高，淨利較我們 6 月指引高出逾 1 億美元，或每股 0.08 美元。相較 6 月指引的超預期表現來自三項因素：營收是超預期的主要驅動，貢獻每股 0.05 美元。在去年第三季近 5% 成長的基礎上，收益率年增近 2.5%。

Strong close-in demand and robust onboard spending drove yield 1.2 percentage points above June guidance. Second, continued cost discipline drove additional upside. Cruise costs, excluding fuel per ALBD increased only 1.8% and year-over-year, 100 basis points better than June guidance, contributing $0.02 per share. Importantly, nearly all the third quarter cruise cost savings flow through to our full year September guidance. Third, the remaining $0.01 per share of favorability came from further improvements in fuel consumption, where we delivered a nearly 4% year-over-year reduction on top of the over 5% reduction in last year's third quarter as well as the full year 2025.

強勁的臨近出發需求與穩健的船上消費，推動收益率較 6 月指引高出 1.2 個百分點。第二，持續的成本紀律帶來額外上行空間。剔除燃油後的郵輪成本（每 ALBD）年增僅 1.8%，較 6 月指引優於 100 個基點，貢獻每股 0.02 美元。重要的是，第三季幾乎所有的郵輪成本節省都將反映在我們 9 月的全年指引中。第三，其餘每股 0.01 美元的有利差異來自燃油消耗的進一步改善：在去年第三季以及 2025 全年已降低逾 5% 的基礎上，我們今年又達成年減近 4%。

Now turning to our full year September guidance. We expect operational improvement of more than $150 million in net income compared to June guidance driven by improvements in yields cruise costs, excluding fuel per ALBD and fuel consumption, overcoming a $150 million impact from increased fuel prices. Our September guidance forecast yield growth of approximately 2.3%, which is over 0.5 point better than June guidance.

接著談我們 9 月的全年指引。相較 6 月指引，我們預期淨利將因營運改善增加逾 1.5 億美元；改善動能來自收益率、剔除燃油後每 ALBD 的郵輪成本，以及燃油消耗的改善，足以抵銷燃油價格上升帶來的 1.5 億美元影響。我們 9 月指引預估收益率成長約 2.3%，較 6 月指引高出逾 0.5 個百分點。

We flowed through the $0.05 per share yield improvement from the third quarter and an additional $0.03 per share expected yield improvement for the fourth quarter for a total of $0.08 per share for the year. For the fourth quarter, we now expect the year-over-year growth of approximately 1.7% over 3/4 of 1 point above our implied June guidance.

我們已反映第三季每股 0.05 美元的收益率改善，以及預期第四季額外每股 0.03 美元的收益率改善，全年合計每股 0.08 美元。就第四季而言，我們目前預期年增約 1.7%，較我們 6 月指引所隱含的水準高出超過 3/4 個百分點。

On a normalized basis, adjusting for the impact of the new loyalty program accounting for Carnival Cruise Line, our fourth quarter yields are expected to be up approximately 2.3%, consistent with the year-over-year growth we saw in the third quarter. Cruise costs, excluding fuel per ALBD are now expected to be up approximately 2.2% year-over-year, better than June guidance which includes the $0.02 per share cost savings I previously mentioned for the third quarter.

在標準化基礎上，若調整嘉年華郵輪（Carnival Cruise Line）新忠誠計畫會計處理的影響，我們第四季收益率預期約年增 2.3%，與第三季所見的年增幅一致。剔除燃油後的郵輪成本（每 ALBD）目前預期約年增 2.2%，優於 6 月指引；其中包含我先前提到第三季每股 0.02 美元的成本節省。

On a normalized basis, adjusted cruise costs, excluding fuel per ALBD are up approximately 1.1% after reflecting the timing of certain expenses between the years partial year operating expenses from two exclusive destinations and the impact of certain elevated logistics costs as a result of the disruption from the Middle East conflict.

以標準化口徑計算，在反映年度間部分費用入帳時點差異、兩個獨家目的地的部分年度營運費用，以及因中東衝突擾動所導致的部分偏高物流成本影響後，調整後郵輪成本（不含燃油）按每 ALBD 計算約上升 1.1%。

Putting the full year September guidance together, relative to June guidance, improved operating performance adds $0.12 per share $0.08 from yields, $0.02 from cruise costs, excluding fuel and $0.02 from fuel consumption and other items. Share repurchases added $0.01 per share of EPS accretion, while higher fuel prices were an $0.11 per share headwind.

將 9 月的全年指引整體彙總後，相較於 6 月指引，營運表現改善使每股增加 0.12 美元：其中 0.08 美元來自收益率（yields）、0.02 美元來自郵輪成本（不含燃油），以及 0.02 美元來自燃油消耗與其他項目。股票回購使每股 EPS 增厚 0.01 美元，而較高的燃油價格則帶來每股 0.11 美元的不利影響。

However, the 26% reduction in fuel consumption per ALBD since 2019 helps to mitigate the impact of the fuel price increases as we consume less fuel. The lower consumption represents savings of nearly $750 million at September guidance fuel prices.

不過，自 2019 年以來每 ALBD 的燃油消耗降低 26%，由於我們消耗的燃油更少，有助於緩解燃油價格上漲的影響。以 9 月指引的燃油價格計算，較低的消耗代表節省近 7.5 億美元。

As a result, Full year EPS guidance is now $2.24, up $0.02 from our previous guidance. Now a few things for you to consider for 2027. We are forecasting a capacity increase of 0.5% in 2027 compared to 2026. As Josh indicated, we are in a strong position for 2027 with both occupancy and price at record levels. This is weighted to quarters two through four since the effects of the booking disruptions earlier this year, which impacted the second half of 2026 also carried heavily into bookings for the first quarter of 2027.

因此，全年 EPS 指引目前為 2.24 美元，較先前指引上調 0.02 美元。接下來有幾點請各位就 2027 年加以考量。我們預測 2027 年相較 2026 年運能增加 0.5%。如 Josh 所指出，我們在 2027 年處於強勢位置，入住率與價格皆達到歷史新高。由於今年稍早的訂位中斷效應（其影響了 2026 年下半年）也大量延續到 2027 年第一季的訂位，因此上述情況主要集中在第二至第四季。

While booking trends for the first quarter of 2027 have improved meaningfully over the past three months, we still expect the first quarter to reflect residual impacts from that disruption. Of course, the team is working hard to increase demand across the board, including first quarter sailings and this gives us confidence in our ability to continue the momentum of our multiyear yield gains.

雖然 2027 年第一季的訂位趨勢在過去三個月已有顯著改善，但我們仍預期第一季會反映該中斷事件的殘餘影響。當然，團隊正努力全面提升需求，包括第一季航次，這也讓我們對延續多年期收益率提升動能的能力更具信心。

On September 1, we successfully launched Carnival Cruise Line's new loyalty program, Carnival Rewards. Our guests are already enjoying the enhanced benefits of the new program with more flexibility in how they earn and redeem rewards and more ways to get value from their relationship with Carnival. We are very confident in the benefits this program will bring to our guests and to the company over time.

9 月 1 日，我們成功推出嘉年華郵輪（Carnival Cruise Line）的全新忠誠計畫 Carnival Rewards。賓客已開始享受新計畫強化的福利，包括在累積與兌換獎勵方式上更具彈性，以及透過與嘉年華的關係獲得價值的更多途徑。我們對此計畫隨時間為賓客與公司帶來的效益非常有信心。

As I previously indicated, Carnival Rewards is expected to be cash flow positive from launch, although, the timing effect of revenue recognition creates a temporary yield headwind in the fourth quarter 2026 and fiscal year 2027.

如我先前所提，Carnival Rewards 預期自上線起即為正向現金流；然而，收入認列時點的影響，將在 2026 年第四季與 2027 財年造成暫時性的收益率逆風。

Under the accounting treatment we defer a portion of revenue equal to the value of benefits earned. As redemptions build revenue recognized upon redemption will eventually exceed new deferrals. Until 2028, when the impact turns positive, we do expect to have accounting-driven yield headwinds. We previously explained a 0.2 point impact for the full year 2026, all of which is from the 6-point impact in the fourth quarter of 2026. And for full year 2027, there will be an additional 0.4 point impact.

依會計處理方式，我們會遞延一部分收入，其金額等同於已累積福利的價值。隨著兌換量增加，兌換時認列的收入最終將超過新增遞延。在 2028 年影響轉為正向之前，我們確實預期會出現由會計因素驅動的收益率逆風。我們先前說明 2026 全年影響為 0.2 個百分點，且全部來自 2026 年第四季的 0.6 個百分點影響。而 2027 全年將再額外影響 0.4 個百分點。

Now I'll finish with some comments on capital allocation. To date, we have opportunistically repurchased nearly $1.2 billion of stock, representing 45 million shares we are making meaningful progress towards our propel target of distributing cash to our shareholders responsibly combining share repurchases with our expected fiscal year dividend payout, we will be returning nearly $2 billion to shareholders.

最後我以資本配置的幾點說明作結。截至目前，我們把握時機回購近 12 億美元股票，約 4,500 萬股；我們正朝著 Propel 目標（以負責任的方式向股東分配現金）取得實質進展。結合股票回購與我們預期的財年股利發放，我們將向股東回饋近 20 億美元。

Even with that level of capital return, we expect year-over-year improvement in our balance sheet and leverage metrics and our total debt is now below $24 billion, a far cry from our $36 billion peak in 2023. During the quarter, we also used cash on hand to redeem $500 million of 7% notes which were among our highest cost debt instruments.

即便在此等資本回饋水準下，我們仍預期資產負債表與槓桿指標將較去年改善；目前總負債已低於 240 億美元，與 2023 年 360 億美元的高峰相比已大幅下降。本季我們也運用手頭現金贖回 5 億美元、票息 7% 的票據，該等票據屬於我們成本最高的債務工具之一。

Furthermore, during the quarter, S&P upgraded the company's credit rating, making it a second rating agency to assign the company an investment-grade rating following this upgrade, which allowed the collateral to be released, the company does not have any remaining secured debt. Our expected EBITDA of more than $7 billion provides the capacity to invest in the business, improve leverage and return capital to shareholders.

此外，本季標普（S&P）上調公司信用評等，成為繼另一家評等機構之後，第二家給予公司投資等級評等的機構；在此次上調後，相關擔保品得以解除，公司已不再有任何剩餘的擔保債務。我們預期 EBITDA 超過 70 億美元，提供投資業務、改善槓桿並向股東回饋資本的能力。

Operator, we're now ready to open the call for questions.

接線員，我們現在準備開放提問。

(Operator Instructions)

(接線員指示)

Robin Farley, UBS.

Robin Farley，瑞銀（UBS）。

Great, thank you. Just wanted to ask about something a little bit away from the results today, although my follow-up. I do have a question about the release. Just looking at the market, there's a transaction with an inclusive Caribbean resort chain that one would assume others in the industry may be considered or looked at. I don't know if you have any thoughts you can share maybe it's not about that specific portfolio, but just your thoughts about synergies or would something like that make sense for Carnival or just any view on that. And then I have a follow-up on the release.

很好，謝謝。我想問一個今天結果之外、稍微離題的問題，雖然等下我會追問新聞稿的內容。我確實有一個關於新聞稿的問題。就市場來看，有一筆與加勒比海全包式度假村連鎖相關的交易，外界可能會推測產業內其他公司也可能會考慮或評估。我不確定你們是否能分享一些想法，也許不是針對那個特定資產組合，而是你們對協同效應的看法，或是那樣的交易對嘉年華是否有意義，或你們對此有任何觀點。然後我還有一個關於新聞稿的追問。

Robin, well, first question, not even about us. All right. So I'll just talk about us, I won't talk about somebody else's transaction. I'd say I probably sound a little bit like a broken record here, but we are just laser-focused on improving our cruise business. We are very proudly a cruise company, and everything we do is to enhance the cruise experience for our guests.

Robin，嗯，第一個問題甚至不是關於我們的。好吧。那我就只談我們，不評論別人的交易。我想我可能聽起來有點像老調重彈，但我們就是高度聚焦在改善我們的郵輪業務。我們非常自豪自己是一家郵輪公司，我們所做的一切都是為了提升賓客的郵輪體驗。

And so we -- our portfolio of brands, we feel we're in a great position given the momentum we've got and the things that we've got to come. to be able to improve the business on the assets that we've got. Now clearly, I'm not saying we don't have land-based assets in our portfolio, we do, but they're really ancillary to the cruise experience, things like Celebration Key, RelaxAway, Half Moon Cay and our unmatched position in Alaska. Those are all really bolt-ons to make the cruise product even better and they are high returning. We're focused on the returns. We're focused on the cruise business. So there you go.

因此，就我們的品牌組合而言，憑藉目前的動能以及接下來要推出的各項計畫，我們認為我們有很好的位置，能在既有資產上把業務做得更好。當然，我不是說我們的組合裡沒有陸上資產；我們確實有，但它們主要是作為郵輪體驗的輔助，例如 Celebration Key、RelaxAway、Half Moon Cay，以及我們在阿拉斯加無可匹敵的布局。這些都是用來讓郵輪產品更出色的加值項目，而且回報率很高。我們聚焦在回報。我們聚焦在郵輪業務。所以就是這樣。

Okay, great. And just for my follow-up, just the booking outlook in the release. I'm just curious if you can help clarify you talked about '27 price and load being at record levels. It didn't say higher, and that may be fine that may be part of the yield management strategy. But then in talking about '28, it does say higher occupancy and price.

好的，很好。那我追問一下新聞稿裡的訂位展望。我想請你協助釐清：你提到 2027 年的價格與載客率（load）在歷史新高水準。文字並沒有說「更高」，這也許沒問題，可能是收益管理策略的一部分。但在談到 2028 年時，文字則寫到更高的入住率與價格。

So I'm just wondering if I'm interpreting that right about 2027 that it's maybe at the same levels of --

所以我想確認我是否解讀正確：關於 2027 年，是否可能是與……相同水準的--

No, no, 2027 is higher. I'm sorry, we're dancing on the pin. So sorry, '27 occupancy and price is higher.

不，不，2027 年是更高。抱歉，我們在字眼上鑽牛角尖了。所以抱歉，2027 年的入住率與價格是更高的。

Okay, great. Thank you very much.

好的，很棒。非常感謝。

James Hardiman, Citi.

James Hardiman，花旗。

Hey, good morning. Thanks for taking my questions and congrats on a really strong and maybe even surprisingly strong quarter here. I guess my first question, I mean, it sounds like the last three months of bookings were really good for you guys, which is particularly noteworthy given the fact that the macro and the geopolitical headlines but really gotten any better.

嗨，早安。謝謝讓我提問，也恭喜你們這一季表現非常強勁，甚至可能是出乎意料地強勁。我想我的第一個問題是，聽起來你們過去三個月的預訂表現非常好；在宏觀環境與地緣政治的新聞標題其實並沒有真正好轉的情況下，這點尤其值得注意。

And I don't think airfare prices have gotten dramatically better. So maybe help us connect those two dots. I mean do we think that some of this is specific to your business model where a lot of your customers are maybe closer to departure ports and so airfare doesn't matter as much or European customers care less.

而且我不認為機票價格有明顯改善。所以也許請幫我們把這兩點串起來。我的意思是，我們是否認為其中一部分是你們商業模式的特性：你們很多客戶可能離出發港口更近，因此機票影響沒那麼大，或是歐洲客戶比較不在意？

We've talked about that sort of distinction in the past. Europeans to European destinations and maybe Americans to your key destinations? Or do we think there's just fatigue with all of these headlines and people are saying, I'm going to go on my vacation hell or high water, and we're now beginning to see that.

我們過去談過這種差異。例如歐洲人去歐洲目的地，以及美國人去你們的主要目的地？或者我們是否認為大家只是對這些新聞標題感到疲乏，人們會說，不管怎樣我都要去度假，而我們現在開始看到這種情況？

Yes. No. I think all of those are pretty fair points, to be honest with you. I mean taking a step back, June was an inflection point in the booking momentum, and it was positive year-over-year, and then we saw a nice acceleration in both July and August. I think to some extent, there is a normalization of what the world is storing at people.

是。不是。老實說，我覺得你提到的這些點都相當合理。退一步看，6月是預訂動能的轉折點，年對年轉為正成長，然後我們在7月與8月都看到不錯的加速。我想在某種程度上，大家對這個世界不斷丟給人們的事情，正在回到一種「常態化」。

There is a growing change in the mentality of Americans, which is just catching up to Europeans, as we've talked about before, the vacations are sacrosanct. And they will take them in good times and in bad. If you have a job, you get a break and you need that vacation.

美國人的心態正在出現越來越多的轉變，逐漸追上我們之前談過的歐洲人：度假是神聖不可侵犯的。不論景氣好壞，他們都會去度假。只要你有工作，你就會有休息時間，而你需要那個假期。

And so we are an amazing value for people if the consumer confidence isn't great, if there is pressure from things like price of gasoline, if there's other inflation, if there's concerns about fill in the blank because that's all we hear about nowadays. And we're a great value. We give a great experience and we make it convenient for people. So we really do feel like our strategy is working. It can work in great times, and it can work in times that aren't so great, and that's what you're seeing now.

所以如果消費者信心不佳、如果汽油價格等因素帶來壓力、如果還有其他通膨、如果對「隨便你填空」的事情感到擔憂——因為現在我們聽到的都是這些——我們對人們而言就是超值的選擇。而我們確實很超值。我們提供很棒的體驗，也讓人們覺得方便。因此我們真的覺得我們的策略正在奏效。它在景氣很好的時候能奏效，在景氣不那麼好的時候也能奏效，而你現在看到的就是這一點。

Got it. And then Josh, in your prepared remarks, you talked about the fact that Europe for the first time, will tie the Caribbean for the largest deployment region. It sounds like there's a bigger narrative there. I feel like I've been saying for a decade that eventually the pendulum might shift back towards Europe and at least for you guys, that's happening.

了解。接著，Josh，你在事先準備的發言中提到，歐洲將首次與加勒比海並列為最大的部署區域。聽起來背後有更大的敘事。我覺得我講了十年：鐘擺終究可能會往歐洲擺回去；至少對你們而言，這正在發生。

So maybe speak to what you're seeing on both sides of the Atlantic, are you concerned about what's going on with respect to Caribbean capacity into 2027?

所以能否談談你們在大西洋兩岸看到的情況？你們是否擔心到2027年加勒比海運力的狀況？

Well, I'll answer Europe question and then a Caribbean question. The Euro question is, this isn't new for us. This has been a growing piece of the business and the strategy, particularly in Northern Europe, as I mentioned in my prepared remarks, which is just amazing destinations for both North Americans and Europeans. And so our brands have a great foothold there. We actually have more European sailings outside in the Med, and we love that position.

好，我先回答歐洲的問題，再回答加勒比海的問題。歐洲這題對我們來說並不新。這一直是業務與策略中逐步成長的一部分，特別是在北歐；如我在事先準備的發言中提到，那裡對北美與歐洲旅客而言都是令人驚豔的目的地。因此我們的品牌在那裡有很好的立足點。實際上，除了地中海之外，我們在歐洲還有更多航次，我們很喜歡這樣的布局。

It's also longer seasonality. We can push into the shoulders more because that's what guests are looking for, which fits well. With respect to the Caribbean, I said this in different ways, I'll say give me two options. Option number one is no growth in the Caribbean. Option number two is, if you look at 2027, something like 37% growth over a three-year period.

而且那裡的季節性更長。我們可以把航季更多地延伸到淡旺季交界的「肩季」，因為旅客正是在找這樣的安排，這也很契合。至於加勒比海，我用不同方式講過，我再用兩個選項來說。選項一：加勒比海不成長。選項二：如果看2027年，三年期間成長大約37%。

I'm going to go with option A. Option A would make my life easier -- people's lives easier. But it's not taking away from the fact that the Caribbean is an amazing part of our portfolio. And we are absolutely committed to it forever. And hence, the investments that we've made in our Paradise collection, Carnival Cruise has been the leader in the Caribbean all year sailing forever, and we expect that to continue.

我會選A選項。A選項會讓我的日子更好過——也讓大家更好過。但這不代表加勒比海不是我們投資組合中非常精彩的一部分。而且我們絕對會永遠投入其中。因此，我們才會在 Paradise collection 上做出這些投資；Carnival Cruise 一直以來都是加勒比海全年航行的領導者，我們也預期這點會持續。

Did it face pressure when there's that kind of capacity coming at one time? Yes, it does. And we've seen it before, and we get through it. We just got through the third quarter of this year yields up I'd say far nicely. We're looking at the full year, up almost 3% on a normalized basis, including our Caribbean portfolio against the backdrop of a pretty volatile world. So I'd say all of that is fitting together really nicely.

當那種規模的運力在同一時間湧入時，會不會面臨壓力？會的。我們以前也見過，而且我們能挺過去。我們剛走過今年第三季，收益率我會說提升得相當不錯。我們看全年，在常態化基礎上幾乎成長3%，其中也包含我們的加勒比海產品組合；而這是在一個相當動盪的世界背景之下。所以我會說，這些因素整體配合得非常好。

Brandt Montour, Barclays.

Brandt Montour，巴克萊。

Good morning, everybody. So back to 2027, I was just curious, Josh, if you want to kind of paint a picture on how the customer -- how your booking customer feels about booking that far out? And specifically related -- relating this year kind of 6 months into Iran looking at one year out versus one year ago, six months into tariffs looking out to '26. Have you seen any differences there? And then which brands or which cohorts are you seeing that differential?

各位早安。回到2027年，我只是好奇，Josh，你是否願意描繪一下客戶——也就是你們的預訂客戶——對於提前那麼久預訂的感受？並且特別把今年的情況做個對照——今年大約在伊朗事件後6個月、往後看一年，對比一年前在關稅議題發酵6個月時、往後看2026年的情況。你有看到任何差異嗎？另外，你在哪些品牌或哪些客群（cohorts）看到這種差異？

Yes. I will get into specific brands and customer bases of the brands. But what I would say is every crisis is different. And certainly, this crisis was different from last year. We thought we'd have a great opportunity to lap the volatility from last year.

有。我會談到各個品牌與其客群的具體情況。但我想說的是，每一次危機都不一樣。而且這次的危機確實和去年不同。我們原本以為會有很好的機會，去「跨過」去年那種波動所造成的比較基期。

But obviously, what happened in the spring was a much longer burn for the consumer and for just the macroeconomic backdrop. And so we did have a lot of different patterns that were coming through in the second quarter, some of which spilled over into the third quarter. And as we've been going through, it's been getting better certainly.

但顯然，春季發生的事情，對消費者以及整體宏觀經濟背景而言，是一個更長時間的消耗。因此我們在第二季確實看到許多不同的型態，其中一些延續到了第三季。而隨著我們一路走來，情況當然是在改善。

But the impact it had on the long-haul life, the exotic cruises, the things that we talked about that are going to have an impact in the first quarter, they're not insurmountable. But it certainly was more of a challenge than when we were thinking about last year at the same time and what it meant. At the same time, we really saw almost a double down on Europe for next year, particularly in the third quarter, which is the biggest part of the European deployment. So there were certainly a large cohort of people in the spring into the early summer that said, right, we're not going this year, but we are going next year. And so that bodes very well for 2027.

但它對長程航線、異國航程、以及我們談過會在第一季造成影響的那些產品所帶來的衝擊，並非無法克服。但它確實比我們在同一時間點回頭看去年、並思考其意涵時，來得更具挑戰。同時，我們也看到大家幾乎是對明年的歐洲行程「加碼」，特別是在第三季——那是歐洲部署占比最大的季度。所以在春季到初夏期間，確實有一大群人說：好，我們今年不去，但我們明年會去。因此，這對2027年是非常好的訊號。

So the flavors are always going to be different. It's our job to figure that out, and the teams pivot really well adjust their booking strategies, voyage-by-voyage deployment by deployment. And like we said, we do believe that coming out of all of that, we'll still be able to experience solid deals next year.

所以風味總是會不一樣。我們的工作就是把這些差異釐清，而團隊也能因應每一航次、每一次部署，靈活調整訂位策略。而且如同我們所說，我們確實相信，走過這一切之後，明年我們仍然能夠看到不錯的優惠。

That's great. And then just a quick follow-up, maybe not so quick. But I think everybody on this call knows how to look through your release and see the core operating KPIs and how well you're doing. Obviously, EPS takes into account fuel and that's much more volatile.

很好。接著再快速追問一下，可能也不算太快。但我想在這通電話上的每個人都知道如何看你們的新聞稿，並檢視核心營運KPI以及你們表現得多好。顯然，EPS會把燃油因素納入，而燃油的波動性要大得多。

So I'll just sort of ask the quarterly kind of question here, but it's six months into this conflict and fuel kind of doing what it's doing, any change or update to the philosophy longer term or the conversation internally thinking about potentially looking at hedging at some point in the future?

所以我就以季度常見的問題來問一下：這場衝突已經進入第六個月，燃油也如其所是地波動；在更長期的理念或內部討論上，對於未來某個時間點可能考慮進行避險（hedging），是否有任何改變或更新？

Yes. Thanks for getting it out of the way, Brandt. So only one fuels up, right? That's the only time people ask. It's a very fair question to ask because it does have the ability to reduce volatility in any given year. As we've looked at our business, we've looked at this financially as well, we do believe that, that's a short-term band-aid that sometimes pays off, sometimes it doesn't.

是的。謝謝你把這個問題先問出來，Brandt。所以只有在燃油上漲的時候，對吧？也只有那時候大家才會問。這確實是個很合理的問題，因為它確實有能力在任何特定年度降低波動。我們在檢視自身業務、也從財務角度評估後，確實認為那是一種短期的止痛貼，有時候會奏效，有時候不會。

But the reduction in the volatility to us isn't worth paying banks or counterparties to effectuate those types of trades. And that's why we have been maniacally focused on our consumption rates. And you heard some statistics from David in his prepared remarks, but the fact that our consumption rate is down 26% since 2019 13% than just three years ago. That is where our focus is, and that's where we're going to actually save the money because fuel for the medium term, at least, is always going to be an input cost.

但對我們而言，降低波動所帶來的好處，不值得為了執行這類交易而付費給銀行或交易對手。這也是為什麼我們一直極度專注在燃油消耗率上。你也聽到David在事先準備的發言中提到一些數據：自2019年以來，我們的消耗率下降了26%，相較僅三年前也下降了13%。這才是我們的重點，也是我們真正能省下成本的地方，因為至少在中期，燃油永遠都會是一項投入成本。

And the best way you can combat the input cost is to use less of it. And so our teams have done an absolutely remarkable job of continuing to innovate both on itineraries and the technology to really make that happen. And I couldn't be prouder of that work. It is also good for the planet, and it's tremendous for our bottom line.

而對抗投入成本最好的方式，就是用得更少。因此，我們的團隊在航線規劃與技術創新兩方面都持續推進，確實做得非常出色，讓這件事得以實現。我對這些成果感到無比自豪。這對地球也有益，對我們的獲利底線更是極大的助益。

Matthew Boss, JPMorgan.

Matthew Boss，摩根大通。

It's Amanda Douglas on for Matt. So Josh, relative to the normalized yield growth of 2.7% expected for this year, could you speak to puts and takes to consider as we look ahead to '27 including if you see any constraints to bookings apart from the first quarter dynamics that you cited and tailwinds to consider from your destination portfolio and modernization initiatives.

我是代替Matt出席的Amanda Douglas。Josh，針對今年預期的常態化收益率（normalized yield）成長2.7%，能否談談我們展望到2027年時需要考量的利多與利空因素（puts and takes），包括除了你提到的第一季動態之外，是否還看到任何訂位方面的限制，以及你們的目的地組合與現代化計畫可能帶來的順風因素。

Thanks for the question, Amanda. We talked about the first quarter because it does just out for us a little bit because of the knock-on impact of the spring volatility. I don't actually think that there's too much to talk about. I mean, clearly, we love our deployment strategy. We think the combination of our European base, the Alaska portfolio that we've got, including the land side to help.

謝謝你的問題，Amanda。我們之所以談到第一季，是因為對我們來說它確實有點突出，主要是春季波動的連鎖影響。我其實不覺得還有太多需要特別說明的。我的意思是，很明顯地，我們很喜歡我們的部署策略。我們認為，我們在歐洲的基礎、我們擁有的阿拉斯加產品組合（包括陸上行程的配套）這些組合在一起會有所幫助。

And then obviously, the Caribbean is going to remain important. And all of those have got to do their part to help us on the yield growth. And so we'll certainly talk more in December about how we think about 2027 and some of the ins and outs. But overall, we feel very good about the trajectory.

然後當然，加勒比海仍然會很重要。而這些都必須各自發揮作用，來協助我們推動收益率成長。因此，我們在12月會再更深入談談我們如何看待2027年，以及其中的一些進出因素。但整體而言，我們對這個走勢感到非常樂觀。

And just as a follow-up, could you also speak to the strength of onboard spending trends that you're seeing real time? Or any signs of pause or change in the consumers' behavior relative to three months ago?

再追問一下，你也能談談你們即時看到的船上消費（onboard spending）趨勢有多強嗎？或是相較三個月前，消費者行為是否有任何暫停或改變的跡象？

Yes. No, if anything, on board has just accelerated. So we see continued strength from the consumer. And always with asterisk because of the way we do packages and bundles and things of that nature. You always should look at the total revenue because of how things might fall between ticket and onboard. But overall, just to reiterate, no, we haven't seen the slow down beyond board trajectory has been really quite strong.

是的。沒有，若有的話，船上消費反而是加速成長。所以我們看到消費者需求持續強勁。當然要加註星號，因為我們的套裝、組合等做法會影響呈現方式。由於票價收入與船上收入之間可能會有分配上的移動，你應該看總收入（total revenue）。但整體而言，再重申一次，沒有，我們沒有看到放緩；船上收入的走勢其實相當強勁。

Trey Bowers, Wells Fargo.

Trey Bowers，富國銀行。

Hey, guys. Thanks so much for the question. I'll start with kind of a macro question and pivot a little bit from yields for a second. Now that you guys are investment grade, any thoughts as we think longer term? I know maximizing ROIC investments is the priority. But with the balance sheet in such good shape, is there any thought around just trying to expand kind of the capacity growth slightly.

嗨，各位。非常感謝讓我提問。我先從一個偏宏觀的問題開始，先暫時從收益率的話題轉開一下。現在你們已經是投資級（investment grade），從更長期來看有什麼想法嗎？我知道優先事項是最大化ROIC投資。但在資產負債表狀況這麼好的情況下，是否有考慮把運能成長稍微提高一些？

Yes. I mean, look, our capacity growth is pretty fixed for the next half decade. So that's where we are. if there were opportunities that came around that are one-off unique things, I'd always look at it, that's part of the job, but I think that's where we are. Is there more opportunity as we get further into the 2030s for more ships?

是的。我的意思是，你看，我們未來半個十年的運能成長基本上是相當固定的。所以目前就是這樣。如果出現一些一次性、獨特的機會，我一向都會評估，這是工作的一部分，但我認為我們目前就是這個狀態。到了2030年代更後期，是否會有更多船舶的機會？

Yes. I still think it will fit within our one to two ships a year construct. And if we were ever going to deviate from that, certainly be something that we share with our stakeholders.

是的。我仍然認為會符合我們每年新增一到兩艘船的框架。如果我們曾經要偏離這個框架，那肯定會與我們的利害關係人分享。

Great. And then as a follow-up, just as you guys mentioned again, the Q1 cadence. Is -- the exit rate we saw coming out of Q3 and Q4 on kind of a like-for-like yield basis, the right way to think about Q1? Or is it just given the dynamics of the timing of the wave season, is that expected to be a bit of a downtick from where we exit the year.

很好。接著追問一下，既然你們又提到第一季的節奏。我們在第三季與第四季結束時看到的退出速度（exit rate），以同口徑（like-for-like）的收益率基礎來看，是否是思考第一季的正確方式？或者只是因為旺季（wave season）時點的動態影響，預期會比年底退出時的水準略為下滑？

Yes. Sorry, we're not going to -- we're starting to deviate into the guidance for 2027, which we're not going to do. I'd just note that we feel good overall about 2027 particularly as you get away from Q1 into the latter part of the year. I'm not foreshadowing anything about Q1 other than it's got a little bit of a different profile. And so we'll talk more about that in December.

是的。抱歉，我們不會——我們開始偏離到2027年的財測指引（guidance）了，而這不是我們要做的。我只想指出，我們對2027年整體感覺良好，特別是當你從第一季往後、進入年內後段時。我並不是在暗示第一季會怎樣，只是它的輪廓確實有點不同。所以我們會在12月再多談一些。

Appreciate it. I had to try. Thanks, guys.

了解。我得試試看。謝謝各位。

Yes, good try. Good try.

是的，試得不錯。試得不錯。

Xian Siew, BNP Paribas.

Xian Siew，法國巴黎銀行。

Hi, guys. Thanks for the question. Maybe following up a little bit on Caribbean. If we look at the capacity deployment mix, it seems like Caribbean capacity might be slightly down next year. But at the same time, you have kind of that growing private destination attendance guest mix. So I guess maybe those two combined, I would think, bode well for pricing. But any thoughts on how we should think about that, puts and take on Caribbean.

嗨，各位。謝謝這個問題。也許我想再追問一下加勒比海。如果我們看運力部署的組合，似乎明年加勒比海的運力可能會小幅下降。但同時，你們的私人目的地到訪人次／旅客組合又在成長。所以我想這兩者加在一起，我會認為對定價是有利的。但你們對我們應該如何看待這件事有什麼想法嗎？加勒比海有哪些利多與利空？

Yes. I think you got to deconstruct it a little bit. I mean, some of the decrease in our capacity is Princess is moving out and setting a shift to Japan which is going to be great for us. But Princess is generally a premium brand. So when you pull a premium brand out, that has a different impact than others in the deployment region.

是的。我認為你得把它稍微拆解來看。我的意思是，我們運力下降的一部分原因是 Princess 會移出，並轉向日本，這對我們會很棒。但 Princess 一般來說是偏高端的品牌。所以當你把一個高端品牌從某個部署區域抽走時，它帶來的影響會和其他品牌不同。

But -- so there's little changes here and there. But generally speaking, for the Caribbean, we're pretty consistent in the actual underlying core capacity. And we are going to be able to flex both Celebration Key and RelaxAway because both now have their full marine infrastructure built out, which means we can maximize the marine side of those assets, which is why the throughput is going to be up nicely year-over-year for those two destinations.

不過——所以這裡那裡會有一些小變動。但整體而言，就加勒比海來說，我們在實際的底層核心運力上相當一致。而且我們將能夠在 Celebration Key 和 RelaxAway 兩個目的地之間做彈性調度，因為兩者現在都已完成完整的海事基礎設施建置，這代表我們可以把這些資產的海上端效益最大化，這也是為什麼這兩個目的地的吞吐量將在年對年基礎上有不錯的提升。

And then we talked a little bit about pricing for '27 how bookings have been ahead. But maybe on the cost side, you've done a really good job of controlling costs. Anything we should think about in terms of costs into next year? Anything different than maybe your algo or kind of the success you've been having this year?

另外我們也稍微談到 2027 年的定價，預訂量一直領先。但也許從成本端來看，你們在控管成本方面做得非常好。對於明年的成本，有沒有什麼我們需要留意的？有沒有什麼會不同於你們的既有做法，或是你們今年所取得的成效？

There's nothing in particular that's notable for 2027. As you can see in '26, we've been working hard to reduce costs and to find ways to save money through sourcing and other means. And our operating companies have been working hard to find efficiencies in the business as well. and we'll continue to step that up and to do more in 2027. But there's nothing in particular to meaningful to drive the costs one way or the other.

就 2027 年而言，沒有什麼特別值得一提的。如你在 2026 年看到的，我們一直努力降低成本，並透過採購與其他方式尋找節省成本的機會。我們的各營運公司也一直努力在業務中找出效率提升點，而且我們會在 2027 年持續加大力道、做得更多。但沒有任何特別重大的因素會讓成本明顯往某個方向變動。

Patrick Scholes, Truist Securities.

Truist Securities 的 Patrick Scholes。

Good morning, everyone. Could you give us a little bit more color on the 7% onboard and other revenue growth in the quarter. Specifically, within that growth, how much did you see from last year's open celebration key and how much was more from the actual onboard itself. And how would we -- within your 4Q net yield guide, how much would you attribute from celebration Key and how much from the core, ex-Celebration Key.

各位早安。能否請你們就本季「船上及其他收入」成長 7% 提供更多細節？具體來說，在這個成長裡，有多少來自去年開放的 Celebration Key，又有多少是來自實際的船上消費本身？另外，在你們第四季（4Q）的淨收益率（net yield）指引中，你們會把多少歸因於 Celebration Key，又有多少來自核心業務（不含 Celebration Key）？

So the third quarter onboard revenue was really broad-based across all categories. And it was also across all brands on both sides of the Atlantic. So as Josh talked about before, we are not seeing any slowdown in the strength of the consumer I think our bundled packages are helping to contribute to the onboard revenue. We're seeing more than 50% of our revenues prebook. So we're getting the benefit of the second wallet meaningfully on board.

第三季的船上收入其實是各品類全面性的成長。而且也涵蓋所有品牌，橫跨大西洋兩岸。所以如 Josh 先前提到的，我們沒有看到消費者力道有任何放緩；我認為我們的綑綁式套裝方案也在推動船上收入。我們看到超過 50% 的收入是事先預訂（prebook）的。因此我們在船上也能明顯受惠於「第二個錢包」（second wallet）的消費。

And so as a result, as Josh said before, on boards have been very strong. And as far as the fourth quarter is concerned, I mean, we give guidance in total in yields judge mentioned to judge us on the total because of all the packages and things we offer breaking down the 2 components isn't as meaningful as it used to be. And we gave you our yield guidance for the fourth quarter, and it's as strong as the third. So we're looking forward to that.

因此，如 Josh 先前所說，船上表現一直非常強勁。至於第四季，我的意思是，我們在收益率上提供的是總體指引；Josh 也提到，希望大家以總體來評估我們，因為我們提供的各種套裝與方案很多，把兩個組成部分拆開來看，已不像過去那麼有意義。我們已給出第四季的收益率指引，而且強度與第三季一樣。所以我們很期待。

Steve Wieczynski, Stifel

Stifel 的 Steve Wieczynski

Hey, guys. Good morning. Josh, so as we think about the propel targets, that would indicate you guys are targeting about, say, about $350 a share in earnings as we go out to 2029. 2026, we kind of know now is going to be, what, $220 a share in earnings. So that's implying about 20% earnings growth a year through 2029. I mean you mentioned in the past, you guys don't forecast for the world to be perfect. But with oil prices, or clean pricing potential headwinds and other.

嗨，各位。早安。Josh，當我們思考 propel 的目標時，這表示你們的目標大概是到 2029 年每股盈餘約 3.50 美元。2026 年我們現在大概知道會是每股盈餘 2.20 美元左右。所以這暗示到 2029 年每年大約 20% 的盈餘成長。我的意思是，你過去提過，你們不會假設世界會完美無缺。但在油價、或清潔定價（clean pricing）可能的逆風，以及其他因素之下。

I mean, as we sit here today, is that 20% earnings growth still pretty realistic in your view? And I mean, look, I assume so giving you signed off on these targets, but just want to get your kind of high-level thoughts around that.

我的意思是，以我們今天坐在這裡的角度來看，你認為這 20% 的盈餘成長仍然相當可行嗎？而且，我的意思是，既然你們已經核准並對這些目標簽字，我想答案應該是肯定的，但還是想聽聽你在高層次上的看法。

Yeah. No, fair question. Obviously, from a -- let's start with the operational. And operationally, we are doing -- I would think this is a pretty good year against the backdrop that we were given. And so yields up almost 3% on a normalized basis in a year where there is the biggest geopolitical crisis we've seen in decades. That's a pretty good sign that the demand is robust, and our brands are doing a really good job.

是的。不，這是個合理的問題。很顯然，從——先從營運面談起。就營運而言，我認為在我們所面對的背景條件下，今年我們做得——算是相當不錯的一年。因此，在我們所見數十年來最大的地緣政治危機之下，收益率在常態化基礎上仍成長了將近 3%。這是需求韌性很強的良好訊號，也顯示我們的品牌做得非常好。

Fuel prices, we do not know. You're right. We don't know what's going to happen in the future. They're going to go up. They're going to go down. I do know we can control consumption well and continue to drive that down, which is part of how we're going to improve the earnings profile. And our teams, we got to shoot high, right?

燃油價格，我們不知道。你說得對。我們不知道未來會發生什麼。它會上升。它會下降。但我知道的是，我們可以把燃油消耗控制得很好，並持續把它降下來，這也是我們改善獲利結構的一部分。而我們的團隊——我們得把目標訂高，對吧？

And we got to think about the different types of things that we can do, not only on the demand generation side, but being innovative on the cost side. especially when our capacity is moderate growth, as you know, to be smarter and more efficient in everything we do. And I think our teams are absolutely capable of figuring those things out.

而且我們得去思考各種不同類型的事情，不僅是在需求創造端，也要在成本端持續創新。尤其在你也知道我們的運力是溫和成長的情況下，我們必須在所做的一切上更聰明、更有效率。我認為我們的團隊絕對有能力把這些事情想出來並做到。

Some of the trajectory that we've got is, frankly, us, I think, getting a little bit ahead on the collaborative nature of the things that we can do internally to really leverage our scale on a fuller basis, taking advantage of technologies that are out there now and are continuing to evolve. So I'm not pretending it's not going to be hard work, but it's hard work that I think we're all excited to take on, and we've got pretty good road maps to get there. Now if fuel will cooperate, that'll make it a hell of a lot easier but clearly, we can't count on that.

我們目前的一些成長軌跡，坦白說，我認為是因為我們在內部協作方面做得更超前一些，能更全面地運用我們的規模優勢，並善用現在已存在且仍在持續演進的各種技術。所以我不是在假裝這不會是辛苦的工作，但我認為這是我們都很期待承擔的辛苦工作，而且我們也有相當不錯的路線圖可以達成。當然，如果燃油價格能配合，那會容易非常多，但顯然我們不能指望這一點。

Understood. Okay. Josh, here's a question I don't think you're going to answer them, but I'm going to try it anyway.

了解。好的。Josh，接下來這個問題我覺得你應該不會回答，但我還是想試試看。

Thank you for the preface. Thank you.

感謝您的開場白。謝謝。

I know you can basically just say no comment after I ask this. Look, I know you don't want to give guidance at this point for next year. But if we go back and we think about kind of how you started your guidance ranges for I think over the last two years, you kind of started those in a, what we call, kind of a negative yield cost spread.

我知道我問完之後，您基本上可以直接說無可奉告。聽著，我知道您此刻不想對明年的展望提供指引。但如果我們回頭想想，過去我想大概兩年您一開始給出的指引區間，您是從我們所謂的「收益率－成本利差為負」的狀態起步。

David gave us a little bit of help in terms of cost for '27. But as we think about next year, should we be thinking about the way you kind of start '27 and that negative yield cost spread as you sit here today. Again, I don't think you're going to answer that, but I'm going to try.

David 在 2027 年的成本方面給了我們一些幫助。但當我們思考明年時，我們是否應該把您今天所處的位置，視為類似您在 2027 年起步時那種收益率－成本利差為負的狀態。再次強調，我不認為您會回答，但我還是想試試。

I won't answer it. Nice try. I won't answer it. I would say, I fully expect it to fit into the algorithm that we provided for our Propel targets. So but let's see how we go.

我不會回答。你試得不錯。我不會回答。我會說，我完全預期它會符合我們為 Propel 目標所提供的演算法。所以，就讓我們看看進展如何。

Okay. Appreciate it.

好的。感謝。

Ben Chaiken, Mizuho Securities.

Ben Chaiken，瑞穗證券。

Hey, thanks for taking the question. I guess, Josh, I want to touch on European deployment comments. You gave us some interesting commentary about the size of the market relative to the Caribbean. And I could be mistaken, but it also sounds like there's a shift in itinerary as well. leveraging cooler weather experiences versus beach, which I think is new. Maybe you could expand on what you're seeing and the opportunity and then kind of a modeling follow-up.

嗨，謝謝讓我提問。Josh，我想談談您對歐洲部署的評論。您對市場規模相較加勒比海的大小，給了一些很有意思的看法。而且我可能理解有誤，但聽起來行程也有些轉變：更多利用較涼爽的天氣體驗，而不是海灘，我覺得這是新的。也許您可以多談談您看到的情況與機會，然後再做一個模型上的追問。

Sure. Yes, talking about deployment here. And I don't think it's new. I think that Europe, particularly Northern Europe is on the wish list of many North Americans. And frankly, with our European brands, it's the backyard for Germany for the UK for -- even for Italy, which has a very strong presence for Northern Europe.

當然。是的，這裡談的是部署。而我不認為這是新的。我認為歐洲，特別是北歐，一直在許多北美旅客的願望清單上。坦白說，對我們的歐洲品牌而言，這就是德國、英國的後院——甚至對義大利也是如此，因為北歐在那裡也有非常強的存在感。

And Northern Europe is it could be Baltic states, it could be Sweden, it could be the fires. It could be actually getting all the way to Iceland and back. I mean there's just a lot of opportunity for things that are on people's list. And one of the things that we have noticed is that if people are looking for a beach vacation, we can satisfy them very well.

而北歐可以是波羅的海國家，也可以是瑞典，也可能是峽灣。甚至可以一路到冰島再返回。我的意思是，人們清單上的項目有很多機會可以實現。而我們注意到的一點是，如果人們想要海灘度假，我們可以用加勒比海的產品很好地滿足他們。

with what we do in the Caribbean. But there's a contingent that is looking particularly in the summer to explore Europe and they can do it with us, all around that European territory. We do believe that Northern Europe has been more beneficial for us over the past couple of years, probably, and we expect that to continue. And it's not really a change. I guess probably we're emphasizing it a little bit more, particularly because there was a lot of questions about Europe because of the disruption in the spring.

透過我們在加勒比海的布局。但也有一群人，特別是在夏季，想要探索歐洲，而他們可以跟著我們在整個歐洲區域周遊。我們確實相信，過去幾年北歐對我們更有利，並且我們預期這種情況會延續。這其實不算改變。我想我們可能只是更強調一些，特別是因為春季的干擾讓大家對歐洲有很多疑問。

So it is something, though, that we feel very committed to for pretty much all of our brands even Carnival when they're going over for refits and they have to get to Europe. That's a great itinerary for them while they're there.

所以這確實是我們非常投入的一件事，幾乎涵蓋我們所有品牌——甚至 Carnival 當他們去歐洲做翻新（refits），而且必須前往歐洲時，他們在那裡期間也能安排很棒的航線行程。

Okay. And then maybe on another shot on goal regarding costs next year. If I'm not mistake or maybe I can frame it this way. If I'm not mistaken, I think had a few different onetime costs in it. There was some logistics moving crew around. I think you had kind of some Celebration Key overflow from FY25. Is it fair to say that this year had something in the range of, I don't know, 130 to 150 basis points of one-timers in the number.

好的。然後再試著問一次關於明年成本的問題。如果我沒弄錯，或者我換個方式問。如果我沒記錯，我想今年包含了幾項一次性成本。有一些是後勤方面、把船員調動的成本。我想還有一些來自 FY25 的 Celebration Key 溢出影響。這樣說是否合理：今年的數字裡大概有 130 到 150 個基點的一次性因素？

Yes, a little over 1 point. But keep in mind that this Celebration Key operated in the full year. Half Moon Cay had a half year of operation. And so we're also in a situation, but we're talking just a couple of tenths of a point. Next year, we will have five evolution ships in dry dock compared to two this year.

是的，略高於 1 個百分點。但請記住，Celebration Key 是全年營運。Half Moon Cay 則是只有半年的營運。因此我們也處在一種情況——但我們談的只是幾個十分之一個百分點。明年我們將有 5 艘 Evolution 船舶進乾塢，相較於今年的 2 艘。

But overall, that may shift some of the costs around but we are very confident in next year in our cost structure given everything we're doing to control costs, find sourcing savings and buying efficiencies in our business. that will see control costs in 2027.

但整體而言，這可能會讓部分成本在項目間移動；不過，考量到我們為控管成本所做的一切——尋找採購節省與採買效率——我們對明年的成本結構非常有信心，這些措施將使我們在 2027 年能夠控管成本。

Conor Cunningham, Melius Research.

Conor Cunningham，Melius Research。

Hi, everyone. Thank you. I was hoping you could just level set a little bit about what a normal normalized CapEx profile looks like for the company for now. I mean, again, new builds are pretty limited. So just on the non-new build side, what that could potentially look like. I realize that a lot of it's like high return on investment, but just any building blocks there would be super helpful.

各位好。謝謝。我希望您能幫忙把目前公司的正常化資本支出（CapEx）輪廓稍微校準一下。我的意思是，新造船相當有限。所以就非新造船的部分，可能會是什麼樣子。我知道其中很多是高投資報酬率的項目，但如果能提供一些拆解的基礎構成會非常有幫助。

Yes. Well, like the P&L, we're not giving guidance for CapEx for 2027 yet. But we have said this before, our non-new build CapEx for 2026 is $2.4 billion. And we do expect to see a little bit of a step-up in that number as we go forward because of the -- I mentioned the 5 evolution ships next year. versus two this year. So we are expecting to see a step-up in the amount. But we'll give more guidance in December on that as well.

是的。嗯，和損益表一樣，我們目前還不提供 2027 年的資本支出指引。但我們之前說過，2026 年我們的非新造船資本支出是 24 億美元。而我們確實預期，隨著未來推進，這個數字會小幅上升，因為——我提到明年有 5 艘 Evolution 船舶，相較於今年的 2 艘。所以我們預期金額會有所上調。不過我們也會在 12 月提供更多相關指引。

But that is a structural -- like we should expect that to be like a structural higher thing through the end of the decade as you have last new build, correct?

但這是一種結構性的——也就是說，隨著您有最後一艘新造船，我們應該預期到本十年末這會是結構性偏高的水準，對嗎？

It's obviously very early to give multiple year guidance. But we do expect to see somewhat higher than the $2.4 billion a year for the next few years.

顯然現在要給出多年期指引還為時過早。但我們確實預期，未來幾年會略高於每年 24 億美元。

Okay. Super helpful. And then maybe a silly question, but I'm just trying to understand the commentary around the shift in European and whatnot. But I would think that European cruises are just a natural higher ADR versus other areas in some aspects. So as -- is there just a mix benefit in the commentary that you're talking about from a booked position into '27 and '28 or is it -- are you talking about it on a like-for-like basis if the itinerary deployments were the same overall? I realize that's a level of nuance, but yes.

好的。非常有幫助。然後也許是個有點傻的問題，但我只是想理解您對歐洲轉變等等的評論。但我會認為，歐洲航線在某些方面自然會有較高的 ADR（平均每日房價/平均日收入）相較其他地區。所以就——您所談到的，是在 2027、2028 年已預訂部位所帶來的組合（mix）效益嗎？還是——如果整體航線部署相同，您是在同口徑（like-for-like）的基礎上談這件事？我知道這很細微，但對。

It's a difficult question to answer because you've got different shift -- I mean, different times of the year, we get very different yields in different places. But overall, what we're always trying to do is optimize our revenue as well as our profit or operating income. And so we have shifted ships around in order to do that.

這個問題很難回答，因為你會看到不同的變動——我的意思是，一年中不同時間，我們在不同地區會有非常不同的收益率。但整體而言，我們一直在做的是同時最佳化營收以及利潤或營業利益。因此我們會為了達成這個目標而調整船舶配置。

Yes, I'd say that the two guiding principles we have when we're making our deployment decisions is one, where ultimately do these guests want to go and what's the most accretive for the business. And so we trust -- I'd say, trust us, we're doing it for the right reasons for both guest satisfaction and the bottom line for the company.

是的，我會說我們在做部署決策時有兩個指導原則：第一，最終這些旅客想去哪裡；第二，對公司業務而言什麼最具增益（最能提升價值）。因此我們相信——我想說，也請相信我們——我們這麼做是出於正確的理由，同時兼顧旅客滿意度與公司的獲利底線。

I would hope so. But thank you. Thanks again.

我希望如此。不過謝謝你。再次感謝。

Lizzie Dove, Goldman Sachs.

Lizzie Dove，高盛。

Hey, thanks for taking the question and congrats on great results. I wanted to ask about your private destination strategy. I think in the presentation, it looks like your celebration key visits will be up about 30% next year. RelaxAway and Isla Tropicale, almost 50%. And so I know you've already made a lot of great investments there already a great offering in amenities, but is there a desire over the longer term to kind of do more and expand further with any of those destinations?

嗨，謝謝讓我提問，也恭喜你們交出很棒的成績。我想問一下你們的私人目的地策略。我想在簡報裡看起來，你們明年 Celebration Key 的到訪次數將增加約 30%。RelaxAway 和 Isla Tropicale 幾乎增加 50%。所以我知道你們已經在那裡做了很多很棒的投資，設施配套也已經很完善，但從更長期來看，是否有意願在這些目的地上做更多、進一步擴建？

I think there might be some little things we can do here and there for Isla Tropicale, might be some more improvements we can make over time for RelaxAway. But that's -- we feel very comfortable about those positions.

我想我們可能可以在 Isla Tropicale 這裡那裡做一些小事情；對於 RelaxAway，隨著時間推進也許還能再做一些改善。但就目前而言——我們對這些布局感到非常安心。

Celebration Key, we are certainly maxed out in the current build that we've got on the land side and we have the ability to build more, and we've talked about that pretty theoretical way with you all before. I do hope expect that we'll be able to talk about what's Phase 2 for Celebration Key to be able to be able to provide even more to even more guests over time, but it's premature to talk about that.

至於 Celebration Key，我們目前在陸上端的既有建設已經確實達到滿載；我們也有能力再擴建，而且之前也以相當理論性的方式跟各位談過。我確實希望、也預期我們未來能談談 Celebration Key 的第二期（Phase 2）是什麼，讓我們能隨時間推進為更多旅客提供更多內容，但現在談這個還太早。

Got it. Okay. And then, I guess, kind of maybe final shot on goal at this, but I was going back to look at your PROPEL guidance back on what you talked about on the Q1 call. And something I found interesting then was, obviously, you said yield growth would outpace cost growth. But made a comment that as you drive operational efficiencies and realize scale benefits and whatnot, that there'll be decelerating cost growth throughout the period.

了解。好。然後我想，算是最後再試一次，但我回去看了你們在第一季電話會議上談到的 PROPEL 指引。我當時覺得有趣的一點是，顯然你們說收益率（yield）成長會快於成本成長。但你們也提到，隨著推動營運效率、實現規模效益等等，整個期間的成本成長會逐步放緩。

Now I know that's through 2029. But could you maybe just talk about that and when you kind of gave that guidance at the time for decelerating cost growth, if there's kind of a turning point for that or just how to think about some of those savings. I appreciate that you've already kind of outperformed on costs, but yes.

我知道那是到 2029 年為止。但你能否談談當時你們給出「成本成長放緩」這個指引時，是不是有某個轉折點，或是該如何理解其中一些節省的來源？我也理解你們在成本面已經算是超預期表現，但還是想請教。

Yes. I mean I was going to start with, well, we're already pulling some of that forward, right? And I think the team is doing a really good job of not sticking to the algorithm for the sake of the algorithm, but really trying to do what we can and so pulling some of that forward.

是的。我的意思是，我會先說，我們其實已經把其中一部分提前實現了，對吧？我認為團隊做得非常好，並不是為了遵循公式而遵循公式，而是真的在想辦法能做什麼就做什麼，因此把部分成果提前拉進來。

So we'll talk more about specific cost guidance when we get into 2027 but from a trajectory standpoint and what we think we can achieve for PROPEL, that still holds. We'll talk about specifics in any particular year when we give guidance and we're not there yet.

所以等我們進入 2027 年時，會再更具體談成本指引；但就趨勢以及我們認為 PROPEL 能達成的目標而言，這個方向仍然成立。我們會在提供某一特定年度指引時再談當年的細節，而我們現在還沒到那一步。

Operator, I think we have time for one more call.

接線員，我想我們還有時間再接最後一通電話。

Certainly. Our final question today is coming from Assia Georgieva, Infinity Research.

當然。我們今天最後一個問題來自 Infinity Research 的 Assia Georgieva。

Good morning. Thank you for taking my call and congratulations on a great quarter. I understand that there might be still some issues with Q1 because of the summer events and because winter quarters can be sloppier, I would like to call them. But it does seem that '27 might be an above, how should I put it, historical track of about 2% yield improvement. Is that fair to say? I know in the press release, you were saying it will be a record year, but even a 10 basis point yield improvement will technically be a record deal.

早安。謝謝接聽我的來電，也恭喜你們這一季表現很出色。我理解第一季可能仍會有一些問題，因為有夏季活動的影響，而且冬季季度可能會比較「凌亂」，我會這麼形容。但看起來 2027 年的收益率（yield）改善可能會高於歷史上大約 2% 的軌跡，我這樣說公平嗎？我知道你們在新聞稿裡說會是創紀錄的一年，但即便只有 10 個基點的收益率改善，技術上也會是創紀錄。

So I just wondered relative to the 2% historical benchmark, is that what you're thinking at this point? Or could we be higher because of that Europe shift in demand?

所以我想問，相對於 2% 這個歷史基準，你們目前的想法是這樣嗎？或者因為歐洲需求轉移，我們可能會更高？

Thank you for the question. I appreciate you giving it one last shot for the team on trying to get us to give more guidance, but we're not going to. And so we'll talk more about 2027 in 3 months when we get on the call.

謝謝你的問題。我也感謝你最後再替團隊試一次、想讓我們提供更多指引，但我們不會。我們會在三個月後的電話會議上再多談 2027 年。

Thank you, Josh. I appreciate that. I had to try.

謝謝你，Josh。我理解。我得試試看。

Yes, yes. Well done, well done. Well, thank you, everybody, for participating, and we will talk to you again in three months. And before we get off, I'd just like to shout out again to the team for doing a remarkable job against a very complicated backdrop. So thank you very much for a job well done.

是的，是的。做得好，做得好。那麼，謝謝各位的參與，我們三個月後再與各位通話。在結束之前，我也想再次向團隊致意：在非常複雜的背景之下，大家做得非常出色。所以非常感謝大家，辛苦了，做得很好。

Take care.

保重。

Thank you. That does conclude today's teleconference. You may disconnect your lines at this time, and have a wonderful day. We thank you for your participation today.

謝謝。今天的電話會議到此結束。您現在可以掛斷電話線，祝您有美好的一天。感謝您今天的參與。