皇家加勒比遊輪 (RCL) 2026 Q2 法說會逐字稿

Good morning. My name is Morgan and I'll be your conference operator today. At this time, I would like to welcome everyone to the Royal Caribbean Group second quarter 2026 earnings call. (Operator Instructions)

早安。我叫 Morgan，今天將擔任本次電話會議的接線員。此刻，我謹代表公司歡迎各位參加皇家加勒比集團 2026 年第二季財報電話會議。(接線員指示)

I would now like to introduce Mr. Blake Vanier, Vice President of Investor Relations. Mr. Vanier, the floor is yours.

接下來我想介紹投資人關係副總裁 Blake Vanier 先生。Vanier 先生，時間交給您。

Good morning, everyone, and thank you for joining us today for our second quarter 2026 earnings call. Joining me here in Miami are Jason Liberty, our Chairman and Chief Executive Officer; Naftali Holtz, our Executive Vice President and Chief Financial Officer; and Michael Bayley, President and CEO of the Royal Caribbean brand.

各位早安，感謝各位今天參加我們 2026 年第二季財報電話會議。今天在邁阿密與我一同出席的有：我們的董事長兼執行長 Jason Liberty；執行副總裁兼財務長 Naftali Holtz；以及皇家加勒比品牌總裁兼執行長 Michael Bayley。

Before we get started, I'd like to note that we will be making forward-looking statements during this call. These statements are based on management's current expectations and are subject to risks and uncertainties. A number of factors could cause actual results to differ materially from our current expectations. Please refer to our earnings release issued this morning as well as our filings with the SEC for a description of these factors. We do not undertake to update any forward-looking statements as circumstances change.

在開始之前，我想提醒各位，我們在本次電話會議中將發表前瞻性陳述。這些陳述係基於管理階層目前的預期，並受風險與不確定性影響。多項因素可能導致實際結果與我們目前的預期出現重大差異。請參閱我們今早發布的財報新聞稿，以及我們向美國證券交易委員會（SEC）提交的文件，以了解這些因素的說明。除非情況改變，我們不承諾更新任何前瞻性陳述。

Also, we will be discussing certain non-GAAP financial measures, which are adjusted as defined, and a reconciliation of all non-GAAP items can be found on our investor website and in our earnings release. Unless we state otherwise, all metrics are on a constant currency adjusted basis.

此外，我們也將討論若干非 GAAP 財務衡量指標（依所定義進行調整），所有非 GAAP 項目的調節表可於我們的投資人網站及財報新聞稿中查閱。除非另有說明，所有指標皆以固定匯率調整後基礎呈列。

Jason will begin the call by providing a strategic overview and update on the business. Naftali will follow with a recap of our second quarter the current booking environment and our outlook for 2026. We will then open the call for your questions.

Jason 將先就策略概覽與業務最新進展開場。接著 Naftali 將回顧我們第二季表現、目前的訂位環境，以及我們對 2026 年的展望。之後我們將開放提問。

With that, I'm pleased to turn the call over to Jason.

那麼，我很高興把電話會議交給 Jason。

Thank you, Blake, and good morning, everyone. This morning, we reported second quarter results that exceeded our expectations, along with an increase in our full year guidance that reflects the continued strength in demand for our leading vacation brands.

謝謝你，Blake，各位早安。今天早上，我們公布的第二季業績優於預期，同時上調全年財測指引，反映市場對我們領先度假品牌的需求持續強勁。

Revenue in the second quarter grew 6% year-over-year. Earnings were 8% higher than guidance, and we returned over $600 million of capital to investors through dividends and share repurchases. Our flywheel is accelerating. Demand for our vacation experiences continue to strengthen, driven by a healthy experience-seeking consumer and exceptional execution from the team which is delivering Net Promoter Scores averaging the low to mid-70s. We see continued commercial momentum as guests are booking in greater numbers, supported by our industry-leading technology and loyalty platforms.

第二季營收年增 6%。獲利較指引高出 8%，我們也透過股利與庫藏股回購向投資人返還超過 6 億美元資本。我們的飛輪正在加速。在追求體驗的消費者保持健康動能，以及團隊卓越執行（帶來平均落在 70 出頭至 70 中段的淨推薦值 NPS）帶動下，對我們度假體驗的需求持續增強。我們看到商業動能持續，旅客以更高的數量進行預訂，並受惠於我們業界領先的科技與會員忠誠平台。

From my perch, it is clear that the differentiated offering across our leading brands are driving strong demand, enabling higher pricing, increasing retenant amongst our most valuable guests and encouraging greater onboard and vacation spending. The further connectivity between our brands through loyalty, data and technology, combined with new destination experiences like Celebrity River are fueling our vision of transitioning the vacation of a lifetime to a lifetime of vacations. Since our April earnings call, the ongoing conflict in the Middle East has modestly weighed on bookings for some of our deployment in the near term, which primarily impact the third quarter.

從我的角度來看，很明顯我們旗下領先品牌的差異化產品正在帶動強勁需求，使我們得以提高定價、提升最有價值旅客的留存率，並鼓勵更高的船上與度假消費。透過會員忠誠、數據與科技，進一步強化品牌間的連結，再加上如 Celebrity River 等全新目的地體驗，正推動我們的願景：從「一生一次的度假」轉變為「一生的度假」。自我們 4 月的財報電話會議以來，中東持續衝突在短期內對我們部分航線部署的訂位造成些許壓力，主要影響第三季。

Although booking trends improved after the initial disruption, the conflict has persisted longer than anticipated, influencing consumer destination preferences and resulting in more modest yield growth for Europe sailings this summer. As a result, we are reaffirming our yield guidance for the year of 1.75% to 2.25% as we grow our capacity 6.6% to deliver approximately double-digit improvement, an absolute revenue and double-digit improvement in earnings per share for 2026.

雖然在最初的干擾後訂位趨勢有所改善，但衝突持續時間超出預期，影響消費者對目的地的偏好，並使今年夏季歐洲航程的收益率成長較為溫和。因此，我們重申全年收益率指引為 1.75% 至 2.25%；同時在運能成長 6.6% 的情況下，預期 2026 年可實現約雙位數的營收絕對額改善，以及每股盈餘的雙位數改善。

Given the interest in Mahahual, Mexico, one of our many destination projects, let me provide an update before discussing the results. Mexico has been a key destination partner since our inception and has played an important role in helping us fulfill our mission of delivering the best vacation experiences responsibly.

鑑於外界對墨西哥 Mahahual（我們眾多目的地專案之一）的關注，在討論業績之前，我先提供最新進展。自我們成立以來，墨西哥一直是重要的目的地合作夥伴，並在協助我們以負責任的方式實現「提供最佳度假體驗」使命上扮演關鍵角色。

Our commitment to Mexico and the destinations we visit is stronger than ever. This includes the great community of Mahahual, where we continue to maintain a constructive dialogue with community leaders and public officials as we work to develop a tourism destination that will create long-term opportunities for the region, for Mexico and for our guests.

我們對墨西哥以及我們造訪的各個目的地之承諾比以往更為堅定。其中也包括 Mahahual 這個優秀的社區；我們持續與社區領袖及公部門官員保持建設性對話，致力於打造一個能為該地區、墨西哥以及我們旅客創造長期機會的觀光目的地。

Recent public comments by the Mexican administration acknowledges the community's support for development. The government is continuing to engage with community stakeholders to better understand their perspectives, a process that will take some time and is expected to affect our previously planned timeline.

墨西哥政府近期的公開評論也承認社區對開發的支持。政府正持續與社區利害關係人互動，以更深入了解其觀點；此一過程需要一些時間，預期將影響我們先前規劃的時程。

We remain heavily engaged with key stakeholders to create sustainable tourism that includes lasting environmental, economic and social benefits for the region, including investments in critical infrastructure to protect the local environment. We will provide additional updates on this project as appropriate.

我們仍與關鍵利害關係人保持高度互動，以打造永續觀光，為該地區帶來長期的環境、經濟與社會效益，其中包括投資關鍵基礎建設以保護當地環境。我們將在適當時機就此專案提供進一步更新。

With that, let me dive into the second quarter results and updated outlook for the year. In the second quarter, we delivered 2.4 million incredible vacations at industry-leading guest satisfaction scores. Capacity increased 5% year-over-year and total revenue grew 6%. Net yields were up 1.2%, which was 100 basis points higher than our guidance, driven by a better than expected close in demand, including strong onward revenue, primarily for Caribbean products. Costs also came in favorably primarily due to timing, and we also benefited from better-than-expected performance from joint ventures and balance sheet management.

接下來，我將深入說明第二季業績以及我們對今年的最新展望。第二季，我們以業界領先的旅客滿意度分數，提供了 240 萬人次的精彩假期。運能年增 5%，總營收成長 6%。淨收益率上升 1.2%，較我們指引高出 100 個基點，主要受惠於臨近出發日需求結案表現優於預期，包括強勁的船上收入，主要來自加勒比海產品。成本表現亦優於預期，主要因時點因素；此外，我們也受惠於合資企業表現優於預期以及資產負債表管理。

As a result, adjusted earnings per share were $0.33 higher than our guidance. These results reflect continued appeal of our vacation experiences, diversified portfolio and disciplined execution. Naftali will elaborate on our results and outlook in a few minutes.

因此，調整後每股盈餘較我們指引高出 0.33 美元。這些結果反映我們度假體驗的持續吸引力、多元化的產品組合，以及嚴謹的執行力。Naftali 將在幾分鐘後進一步說明我們的業績與展望。

Turning to the demand environment. As I noted before, we continue to see engaged consumers who prioritize travel and experiences. Travel remains the number one leisure category where consumers intend to spend more, and they are increasingly seeking vacations as a way to relax online and escape.

接著談需求環境。如我先前所提，我們持續看到積極投入的消費者，他們將旅遊與體驗列為優先。旅遊仍是消費者最打算增加支出的休閒類別第一名，而他們也愈來愈把度假視為放鬆身心、遠離線上世界的一種方式。

The ongoing geopolitical situation has affected near-term travel plans for some consumers, primarily preferring closer destinations over international trips through the cost of air travel. Consumers tell us that they are looking closer in due to flexibility and ease, which is reflected in the strong close-in booking volumes we have been seeing.

持續的地緣政治情勢影響部分消費者的短期旅遊計畫，主要是因航空旅行成本而更偏好較近的目的地，而非國際旅行。消費者告訴我們，他們因為彈性與便利性而傾向選擇更近的目的地，這也反映在我們近期看到的強勁臨近出發日訂位量。

Our book position is in line with prior years at record pricing for both 2026 and 2027.

我們的訂位進度與往年一致，且 2026 年與 2027 年的定價皆創新高。

In addition, onboard spending and pre-cruise purchases continue to exceed prior years. These trends are supported by our digital channels and our growing ability to connect guests with the experiences most relevant to them at the right point in their vacation journey.

此外，船上消費與郵輪出發前的預購也持續超越往年。這些趨勢受惠於我們的數位通路，以及我們日益提升的能力：在旅客度假旅程的適當節點，將最相關的體驗與旅客連結起來。

The response to Legend of the Seas and to the Royal Beach Club and Paradise Island and Santorini has been excellent. These new experiences showcase how expanding our fleet and destinations offer even more reasons for guests to vacation with us. Consumers are becoming more deliberate about their spending, yet they still prioritize quality leisure time, which aligns with our differentiated portfolio and the compelling combination of experiences, choices and value we offer.

市場對「海洋傳奇號」（Legend of the Seas）、皇家海灘俱樂部（Royal Beach Club），以及天堂島與聖托里尼的反應都非常熱烈。這些全新體驗展現了我們擴充船隊與目的地，如何為旅客提供更多選擇與理由與我們一同度假。消費者在支出上變得更為審慎，但仍優先重視高品質的休閒時光；這與我們差異化的產品組合，以及我們所提供的體驗、選擇與價值的強大結合相契合。

Now let me provide an updated outlook for 2026. We expect net yield growth of 1.75% to 2.25% for the full year. while the prolonged conflict in the Middle East has modestly impacted Mediterranean sailings, which are heavily weighted to Q3, we continue to expect full year yield growth across our key products, including the Caribbean.

現在讓我提供對 2026 年的最新展望。我們預期全年淨收益率（net yield）成長 1.75% 至 2.25%。儘管中東地區的長期衝突對以第三季為主的地中海航線造成了些許影響，我們仍預期在我們的主要產品（包括加勒比海）上，全年收益率將實現成長。

We also remain committed to expanding margins by continuously identifying efficiencies through prioritizing spend and leveraging technology and AI without compromising the quality of the guest experience. We expect another year of strong earnings growth and cash flow generation.

我們也將持續致力於擴大利潤率，透過優先排序支出並運用科技與 AI 持續找出效率提升的機會，同時不犧牲賓客體驗品質。我們預期將再迎來一年強勁的獲利成長與現金流創造。

Full year adjusted earnings per share is expected to grow 14% and be in the range of $17.73 to $17.87. Our scale, industry-leading margin profile and strong cash flow generation allow us to continue to invest in our future and return capital to shareholders.

全年調整後每股盈餘預期成長 14%，區間為 17.73 美元至 17.87 美元。我們的規模、業界領先的利潤率結構以及強勁的現金流創造能力，使我們得以持續投資未來並回饋資本給股東。

Let me now turn to the progress we are making against the long-term strategic initiatives and how we are bringing our connected vacation platform to life. Across our portfolio, we are strengthening engagement with our guests across the vacation journey, creating more opportunities to serve them across brands, destinations and vacations.

接下來我將談談我們在長期策略性計畫上的進展，以及我們如何讓互聯度假平台落地實現。在我們的產品組合中，我們正強化賓客在整段度假旅程中的互動參與，創造更多機會在不同品牌、目的地與度假產品之間為他們提供服務。

Royal ONE is our new co-branded card that allows guests to earn and redeem rewards across our brands. Since its launch in April, it has been exceeding expectations, driven by higher sign-ups and cardholder spend. We are seeing Royal One cardholders spend more on our vacation experiences than non-cardholders and they are twice as likely to sell multiple times.

Royal ONE 是我們全新的聯名卡，讓賓客可在我們各品牌間累積並兌換獎勵。自 4 月推出以來，受惠於更高的申辦數與持卡人消費，表現持續超出預期。我們看到 Royal One 持卡人在我們的度假體驗上的消費高於非持卡人，而且他們再次購買的可能性是後者的兩倍。

We are seeing similar momentum from Points Choice and status match which has generated over 0.5 million new loyalty enrollments. These loyalty enhancements give guests greater freedom to engage with us across our brands without sacrificing the recognition they have earned. That flexibility is contributing to sustained growth in cross-branded bookings and bringing us closer to our goal of serving guests across the lifetime of vacations.

Points Choice 與會籍等級匹配（status match）也帶來類似動能，已新增超過 50 萬名忠誠計畫會員。這些忠誠度強化措施讓賓客能更自由地在我們各品牌間互動，同時不必犧牲他們已獲得的認可與禮遇。這種彈性正推動跨品牌預訂的持續成長，並讓我們更接近在賓客整個度假生命週期中提供服務的目標。

Technology is helping us make those relationships more relevant at every interaction. More than 90% of our guests now use our app, where monthly active users have increased fivefold since 2019, and more than half of our onboard revenue was purchased before embarkation. That engagement provides a richer understanding of what our guests value and allow us to deliver more personalized recommendations while making the vacation easier to plan and enjoy. These capabilities enable a more personalized itinerary across dining, entertainment and destination experiences.

科技正協助我們在每一次互動中，讓這些關係更具相關性。目前超過 90% 的賓客使用我們的 App；自 2019 年以來，每月活躍用戶已成長五倍，且超過一半的船上收入是在登船前完成購買。這樣的互動讓我們更深入理解賓客重視的價值，並能提供更個人化的推薦，同時讓度假更容易規劃與享受。這些能力使我們能在餐飲、娛樂與目的地體驗上提供更個人化的行程安排。

Real-time recommendations that connect guests with the next experience they are most likely to enjoy and a digital vacation passport that brings together preferences, loyalty recognition and rewards across all three brands.

即時推薦可將賓客連結到他們最可能喜愛的下一個體驗，以及一個數位度假護照，整合三個品牌的偏好設定、忠誠度認可與獎勵。

We are also expanding the experiences that bring guests into the ecosystem. The debut of Legend of the Seas brought the Icon class to Europe for the first time. Equally important, we continue to invest in the ships our guests already know and love through Royal Caribbean's ongoing amplification program. Celebrity Cruises Solstice series revitalization and continued investments to elevate the luxury experience across the Silversea fleet. These enhancements strengthen the guest experience, improved return on existing assets, and create even more reason for guests to vacation with us more often.

我們也在擴展能將賓客帶入生態系的各項體驗。Legend of the Seas 的首航，讓 Icon 級郵輪首次進入歐洲。同樣重要的是，我們持續透過皇家加勒比正在進行的升級強化計畫，投資於賓客已熟悉並喜愛的船舶。名人郵輪（Celebrity Cruises）Solstice 系列的翻新，以及持續投資以提升 Silversea 船隊的奢華體驗。這些提升強化了賓客體驗、改善既有資產的報酬，並創造更多理由讓賓客更頻繁地選擇與我們度假。

Our ships are platforms for experiences that cannot easily be replicated elsewhere. Taken together, our brands, ships, destinations, loyalty programs and digital capabilities are increasingly operating as a connected system.

我們的船舶是承載各種難以在其他地方輕易複製之體驗的平台。綜合而言，我們的品牌、船舶、目的地、忠誠計畫與數位能力，正日益以互聯的系統方式運作。

Each interaction gives us the opportunity to better understand the guest so that we can improve their experience. This creates a strong reason to vacation with us again, supporting greater frequency higher lifetime value and attractive returns. In fact, this year, we have seen repeat guest mix increase year-over-year even as we continue to grow our platform and attract guests who are new to cruise and new to brand.

每一次互動都讓我們有機會更了解賓客，進而改善他們的體驗。這形成賓客再次與我們度假的強力理由，支持更高的出遊頻率、更高的終身價值，以及具吸引力的報酬。事實上，今年即使我們持續擴大平台並吸引首次搭乘郵輪與首次接觸品牌的新客，我們仍看到回流賓客占比年增。

Finally, supporting communities has always been a core part of our strategy. This quarter, we published our annual Community Impact report, highlighting our positive impact in over 85 communities worldwide and reaching over 3 million individuals through investment and partnership.

最後，支持社區一直是我們策略的核心部分。本季我們發布年度《社區影響力報告》，強調我們在全球超過 85 個社區的正面影響，並透過投資與合作夥伴關係觸及超過 300 萬人。

Mahahual exemplifies our commitment. As part of our ongoing investment in the community, we're planning a new community center that will offer a modern accessible gathering space for all residents. Such initiatives create lasting value for local residents and support the region's long-term growth and vitality.

Mahahual 正是我們承諾的體現。作為我們持續投資社區的一部分，我們正規劃一座新的社區中心，為所有居民提供現代化且無障礙的聚會空間。此類計畫為在地居民創造長期價值，並支持該地區的長期成長與活力。

In summary, demand for our brands remains strong, and we expect another year of double-digit earnings growth. We continue to cater greater share of the growing vacation market while investing in our future and returning significant capital to shareholders. While it's still early in our booking and planning cycle, we are encouraged by the elevated booking activity and year-over-year pricing improvements we are seeing for 2027.

總結來說，我們各品牌的需求依然強勁，我們預期將再迎來一年雙位數的獲利成長。我們持續在成長中的度假市場中取得更大份額，同時投資未來並向股東返還可觀資本。雖然目前仍處於預訂與規劃週期的早期階段，但我們對 2027 年所見到的更高預訂活動與年對年價格改善感到鼓舞。

We fully remain committed to delivering the best vacation experiences responsibly, resulting in record-breaking Net Promoter Score. All of this, combined with strong cost and capital discipline, further bolsters our expectations on delivering Perfecta next year.

我們仍完全致力於以負責任的方式提供最佳度假體驗，並因此創下破紀錄的淨推薦值（Net Promoter Score）。上述各項再加上強健的成本與資本紀律，進一步強化我們對明年交付 Perfecta 的預期。

And with that, I will turn the call over to Naftali. Naftali?

接下來，我將把電話會議交給 Naftali。Naftali？

Thank you, Jason, and good morning, everyone. I will start by reviewing second quarter results. Adjusted earnings per share were $4.21, $0.33 higher than the midpoint of our guidance and driven by higher revenue, lower costs and favorability below the line, including joint ventures. We delivered 6% more vacations and achieved a net yield growth of 1.2% compared to last year. The continued expansion of yields and capacity resulted in a total revenue growth of 6% for the quarter.

謝謝你，Jason，各位早安。我將先回顧第二季業績。調整後每股盈餘為 4.21 美元，較我們指引中位數高出 0.33 美元，主要由較高的營收、較低的成本，以及線下項目（below the line）的有利因素所帶動，其中包括合資企業。我們交付的度假量增加 6%，淨收益率較去年成長 1.2%。收益率與運能的持續擴張，使本季總營收成長 6%。

Yields for the quarter were 100 basis points above our guidance, driven by stronger and accelerated closing demand compared to our expectations in April, particularly in the Caribbean. We have seen consumers choosing to book closer to the vacation time, mainly driven by flexibility and ease.

本季收益率較我們指引高出 100 個基點，主要由於相較於我們 4 月的預期，結案需求（closing demand）更強且更快，尤其是在加勒比海。我們看到消費者傾向在更接近出遊時間時才預訂，主要受彈性與便利性驅動。

Net cruise cost per APCD excluding fuel, were up 3.9% year-over-year about 90 basis points better than expected, driven by the timing of the costs shifting to the second half of the year. Adjusted EBITDA was $1.8 billion. EBITDA margin was 38%, and operating cash flow was $1.9 billion. As Jason mentioned, our book position is strong and in line with prior years at record prices for 2026. While still very early, booking trends for 2027 are encouraging and pacing ahead of historical levels, including for itineraries where demand was impacted by geopolitical events this year.

剔除燃油後、以每 APCD 計的淨郵輪成本（net cruise cost per APCD）年增 3.9%，約比預期好 90 個基點，主要因部分成本發生時點延後至下半年。調整後 EBITDA 為 18 億美元。EBITDA 利潤率為 38%，營運現金流為 19 億美元。如 Jason 所提，我們的預訂部位強勁，且在 2026 年創紀錄價格水準下，與過往年度一致。雖然仍非常早期，但 2027 年的預訂趨勢令人鼓舞，進度領先歷史水準，包括今年因地緣政治事件而受影響需求的航線。

Consumers' desire for memorable experiences with our leading brands drive strong demand for our vacation experiences. Our capacity is growing 6.6% this year with the Caribbean representing the same deployment mix compared to last year, while Europe is slightly down.

消費者對難忘體驗的渴望，加上我們領先的品牌，推動對我們度假體驗的強勁需求。我們今年運能成長 6.6%；加勒比海的部署組合與去年相同，而歐洲則略為下降。

We plan deployment to optimize margin and operating income and the mix this year creates slight headwinds to yields, especially in the third quarter. The Caribbean represents 57% of our capacity this year and 44% in the third quarter.

我們規劃航線部署以最佳化利潤率與營業利益，而今年的部署組合對收益率帶來些微逆風，尤其是在第三季。加勒比海今年占我們運能的57%，第三季占44%。

Our competitive position in the region is strong, supported by our industry-leading ships, destinations and experiences. This allows us to deliver incredible vacations and record Net Promoter Scores and grow yields even with elevated industry capacity in the region. Europe will account for 14% of capacity for the year and 28% of capacity in the third quarter.

我們在該區域的競爭地位強勁，並由我們業界領先的船舶、目的地與體驗所支撐。這使我們即使在該區域產業運能偏高的情況下，仍能提供令人驚豔的假期、創下淨推薦值（Net Promoter Score）新高，並推動收益率成長。歐洲全年將占運能的14%，第三季將占28%。

Europe demand is strong. We did, however, experience a modest and near-term impact on 2026 bookings since the last earnings call, primarily due to the prolonged geopolitical activity that is driving our reduced yield outlook for the remainder of the year. Lastly, Alaska is expected to account for 5% of total capacity and 13% in the third quarter.

歐洲需求強勁。不過，自上次財報電話會議以來，我們確實看到2026年訂位出現溫和且短期的影響，主要是因為地緣政治活動延宕，導致我們下修今年剩餘期間的收益率展望。最後，阿拉斯加預計將占總運能的5%，第三季占13%。

Now let me talk about our guidance for 2026. Net yields are expected to grow 1.75% to 2.25%. Together, with capacity growth of 6.6%, total revenue is expected to grow 9% and as we continue to grow both yields and capacity. As I mentioned, our yield guidance compared to April is impacted by prolonged region-specific global events affecting select itineraries.

接下來我談談我們對2026年的指引。淨收益率預期將成長1.75%至2.25%。再加上運能成長6.6%，總營收預期將成長9%，因為我們持續同時提升收益率與運能。如我所提到的，相較於4月，我們的收益率指引受到特定區域的長期全球事件影響，波及部分航程。

For the full year, net cruise costs, excluding fuel, are expected to be approximately flat, consistent with our prior guidance, reflecting ongoing efficiency improvements and prudent cost management without impacting the guest experience.

就全年而言，扣除燃油後的淨郵輪成本預期大致持平，與先前指引一致，反映持續的效率改善與審慎的成本管理，同時不影響賓客體驗。

As I mentioned on the last call, the first half's cost growth is expected to be higher than the second half, driven by timing of dry docks and other year-over-year comparisons. We expect fuel expense to be $1.3 billion for the year, and our consumption for the remainder of 2026 is 58% hedged at significantly below market rates.

如我在上次電話會議提到，上半年成本成長預期將高於下半年，主要受乾塢維修時點與其他年對年比較因素影響。我們預期全年燃油費用為13億美元，而我們對2026年剩餘期間的燃油用量已有58%完成避險，且避險價格顯著低於市價。

Additionally, when prices subsided in June, we opportunistically had more for 2027. Based on current fuel prices, currency exchange rate and interest expense, we expect adjusted earnings per share between $17.73 and $17.87. While our operating assumptions remain largely unchanged, we've benefited from an improved outlook from our joint ventures and expenses below the line.

此外，當6月價格回落時，我們也把握機會為2027年增加避險部位。依據目前燃油價格、匯率與利息費用，我們預期調整後每股盈餘介於17.73至17.87美元。

More importantly, our confidence in the business remains high supported by strong demand, a healthy book position, disciplined cost management and continued execution against our strategic priorities. We expect continued cash flow growth, enabling us to increase margins invest in strategic initiatives, maintain solid investment-grade balance sheet metrics and returning capital to shareholders.

更重要的是，在強勁需求、健康的訂位狀況、嚴謹的成本管理，以及持續落實策略優先事項的支撐下，我們對業務的信心依然很高。我們預期現金流將持續成長，使我們得以提高利潤率、投資策略性計畫、維持穩健的投資等級資產負債表指標，並回饋資本給股東。

Now let me discuss our third quarter guidance. In the third quarter, capacity is expected to be up 8.5% year-over-year, and net yields are expected to be roughly flat. As I mentioned earlier, deployment mix changes and global events have created yield headwinds in the third quarter. Looking ahead, we anticipate yield growth during the fourth quarter to reaccelerate. This growth is expected to be driven by a more favorable year-over-year comparison, deployment mix, the timing of dry dock scheduling compared to last year.

接下來我說明我們第三季的指引。第三季運能預期年增8.5%，淨收益率預期大致持平。如我先前提到，部署組合變化與全球事件在第三季對收益率造成逆風。展望未來，我們預期第四季收益率成長將再度加速。此成長預期將由更有利的年對年比較、部署組合，以及相較去年乾塢排程時點所帶動。

While this provides a two-point benefit to fourth quarter yields, there is a similar headwind to yields in the third quarter. Net cruise costs, excluding fuel, are expected to decrease in the range of 1.1% to 1.6% in constant currency. Taking all this into account, we expect adjusted earnings per share for the quarter to be between $6.26 and $6.36, a double-digit year-over-year growth.

雖然這為第四季收益率帶來2個百分點的助益，但第三季也有類似幅度的收益率逆風。扣除燃油後的淨郵輪成本，按固定匯率計算，預期將下降1.1%至1.6%。綜合以上因素，我們預期本季調整後每股盈餘介於6.26至6.36美元，年對年呈雙位數成長。

Turning to our balance sheet. We ended the quarter with $6.9 billion in liquidity and leverage below 3 times, consistent with our goal of solid investment-grade metrics. In July, we increased through the accordion feature, the revolving credit facility capacity by $250 million to a total capacity of $6.6 billion. We maintained strong access to diverse capital funding that support our robust liquidity and growth aspirations as well as shareholder returns. During the second quarter, we paid $404 million of dividends and repurchased 0.8 million shares.

接著談資產負債表。本季末我們的流動性為69億美元，槓桿倍數低於3倍，符合我們維持穩健投資等級指標的目標。7月，我們透過增額（accordion）機制，將循環信用額度提高2.5億美元，使總額度達66億美元。我們持續具備多元資本資金來源的良好取得能力，支持我們充裕的流動性與成長目標，以及股東報酬。第二季期間，我們支付股利4.04億美元，並回購80萬股。

We have $805 million remaining under our current share repurchase program authorization. In closing, we remain committed and focused on our mission to deliver diversification experiences responsibly as we work to deliver another year of strong results.

在目前的庫藏股回購計畫授權下，我們尚餘8.05億美元可用額度。最後，我們仍將堅守並專注於我們的使命：以負責任的方式提供多元化體驗，同時努力再創一年強勁成果。

With that, I will ask our operator to open the call for a question-and-answer session.

接下來，我請接線員開放問答時段。

(Operator Instructions) Matthew Boss, JPMorgan.

(接線員指示) 摩根大通（JPMorgan）的Matthew Boss。

Congrats on a nice quarter. So Jason, could you speak to the continued strength in onboard spending? I know historically, this has been a key leading cater for the health of your consumer. And can you elaborate on 2027 booking and pricing trends across regions?

恭喜本季表現亮眼。Jason，你能談談船上消費持續強勁的原因嗎？我知道從歷史上看，這一直是衡量消費者健康狀況的重要領先指標。另外，你能否進一步說明2027年在各區域的訂位與定價趨勢？

Sure. Thanks for the question, Matt. I hope all is well. I think on the onboard side, I think there's a combination of things. One, as you pointed out, we're seeing about 180,000 people on any given day spend.

當然可以。謝謝你的提問，Matt。希望你一切都好。我認為在船上消費方面，是多項因素的組合。第一，如你所指出的，我們看到在任何一天大約有18萬人進行消費。

And so seeing elevated spend while they're on the ship is obviously a good sign, more good indicator of the health of the consumer or at least our guests that sale with us. each and every day. I think also what's very beneficial, and we commented is our ability to help our guests identify what they want to do on the ship prior to them getting on.

因此，看到他們在船上期間的消費提高，顯然是個好現象，也更能反映消費者的健康狀況，或至少是我們每天與我們一同航行的賓客的狀況。我也認為另一個非常有利的因素——我們也曾提到——是我們能在賓客登船前，協助他們辨識想在船上做什麼。

So our investments in the technology and then the data to help curate well ahead of time, allows our guests to book what they want to do and also to basically get the first day of their crews back. So they're not spending their time trying to identify what there is to do. The combination of those things has resulted in a very strong trend of onboard revenue continuing to rise.

因此，我們在科技與數據上的投資，能更早地協助策劃與推薦，讓賓客預先預訂他們想做的活動，也基本上把他們郵輪行程的第一天「拿回來」。因此他們不必把時間花在找有哪些事情可以做。這些因素的結合，使船上營收持續上升，呈現非常強勁的趨勢。

I would also comment that when we look at where our guests have spent on an elevated basis, you've seen an increase in in beverage as an example, and shore excursion. So seeking those experiences were higher than we had anticipated or we had seen in previous periods. On obviously, first to start off, we're in July, so it's early. But we have seen very strong demand for 2027. So as we said there at historical, which are very high volumes -- I'm sorry, booking volumes are in a great place.

我也想補充，當我們觀察賓客在哪些項目上出現較高的消費時，例如飲品與岸上觀光行程的支出都有所增加。因此，對這些體驗的需求高於我們原先預期，或高於我們在先前期間所看到的水準。另外，顯然我們現在在7月，所以還算早。但我們已看到2027年的需求非常強勁。因此，如我們所說，訂位量處於歷史高檔——抱歉，我是說訂位量表現非常好。

And of course, we're trying to optimize our yield, not trying to just be better than historical levels just to be better than historical levels. So we feel very good about our book position, and that's all at higher rates. And that's across the portfolio of products that we offer. So we feel good about 2027, which is also why we reaffirmed our view on reaching Perfecta by the end of next year.

當然，我們正努力最佳化收益率，而不是為了超過歷史水準而超過歷史水準。因此我們對訂位狀況感到非常滿意，而且這些訂位都是在更高的價格水準下完成。而且這涵蓋我們所提供的整體產品組合。因此我們對2027年感到樂觀，這也是我們重申在明年年底前達成Perfecta目標的原因。

Steve Wieczynski, Stifel.

Steve Wieczynski，Stifel。

And thanks for all the color so far. So Jason, I want to ask about the Caribbean. From our seat, it's pretty clear. I think we could say that a few of your peers have accelerated promotions in that market. And as we think about whether that is -- whether we think about the fourth quarter and the next year, wondering if you've seen any impact from the uptick in promotions and if that has started to impact your ability to take price in that market?

也感謝你到目前為止提供的所有細節。所以 Jason，我想問一下加勒比海市場。從我們的角度來看，情況相當明顯。我想我們可以說，你們有幾家同業在那個市場加速促銷。當我們思考第四季以及明年時，想請教你是否看到促銷升溫帶來任何影響？以及這是否已開始影響你們在該市場提價的能力？

And if you haven't seen an impact from those promotions, would it be fair to assume that without the European headwinds you guys have encountered this year, you would have been able to raise your yield guidance for the year?

如果你們尚未看到這些促銷帶來的影響，那是否可以合理推論：若不是因為你們今年在歐洲遇到的逆風，你們本來是有能力上調今年的收益率指引？

Sure. Thanks for the question, Steve. I'll start with the latter part. That's absolutely correct. I mean Europe was off to an incredible start at the beginning of the year.

當然。謝謝你的提問，Steve。我先從後半段開始回答。這完全正確。我的意思是，歐洲在年初的開局非常亮眼。

And obviously, the results of geopolitical activity in the region and the impact on fuel et cetera, did curtail to a degree the demand for Europe. Now that's not to say that European yields are down. Our European yields are still very good for this year, but they are less than what we had expected to. And so to the point we would have raised the back half of the year, if not for those activities.

而且很明顯，該地區的地緣政治活動結果，以及對燃油等的影響，確實在一定程度上抑制了歐洲需求。但這並不是說歐洲收益率下滑。我們今年的歐洲收益率仍然非常好，但低於我們原先的預期。因此，若不是因為那些事件，我們本來會上調下半年的指引。

I think on the Caribbean side, I know this has been one of the main stories or concerns for the year. I think all -- whether it's cruise competitors or vacation competitors, we're all dealing with a different set of cards. But I think the reality for the Caribbean is while we have -- we've increased our Caribbean capacity for 2026. What we have seen is that demand for differentiated assets which we bring to the table with our ships and with our destinations. You combine that with what we've been able to do across loyalty and other technology-related things has resulted in us getting more reps out of our customers at our higher-margin guests.

我想在加勒比海方面，我知道這一直是今年的主要故事或擔憂之一。我想不論是郵輪同業或度假同業，我們都在面對一副不同的牌。但加勒比海的現實是：雖然我們已提高 2026 年加勒比海的運能。我們看到的是，市場對我們以船舶與目的地所帶來的差異化資產仍有需求。再加上我們在會員忠誠度與其他科技相關事項上的成果，使我們能從客戶端獲得更多回訪，且更多來自高毛利的旅客。

And so I think we're -- that allows us maybe to be a little bit less insulated from what our competitors are doing. But for us, we're in a very good position for the Caribbean for the balance of the year, and we continue to see strong demand only into next year.

因此我認為，這讓我們相較之下可能更不容易受到競爭對手動作的影響。但就我們而言，今年剩餘期間在加勒比海的態勢非常好，而且我們也持續看到強勁需求延續到明年。

Steve, it's Michael. I just got to add on the Caribbean that, of course, we opened the Royal Beach Club earlier in the year, and that's our number one top rated experience in the Bahamas to date in Nassau and it is incredibly popular. It's really a great product, is a new product that we've introduced. You combine that with Perfect Day. We are just shy of 4 million guests going to Perfect Day in 2026 with do Icon class ships and the third one coming in the fourth quarter back from Europe with the Oasis class on the short product itineraries.

Steve，我是 Michael。我必須補充一下加勒比海：當然，我們在今年稍早開幕了 Royal Beach Club，這是我們迄今在巴哈馬拿索（Nassau）評價最高、排名第一的體驗，而且非常受歡迎。這真的是一個很棒的產品，是我們推出的新產品。再加上 Perfect Day。2026 年前往 Perfect Day 的旅客人數將接近 400 萬；Icon 級船舶將投入營運，第三艘也會在第四季從歐洲回來，並搭配 Oasis 級在較短航程的產品行程上運營。

I mean, we really -- to Jason's point, we have a phenomenal brand Royal Caribbean and with the sister brands, and we've got these unbelievable products that really do set Royal Caribbean apart from our competition.

我的意思是——呼應 Jason 的觀點——我們擁有卓越的 Royal Caribbean 品牌以及姊妹品牌，並且有這些令人難以置信的產品，確實讓 Royal Caribbean 與競爭對手區隔開來。

Yes. The last point I'll just add a little bit more into it because I think it's important because I think we're quite deliberate about these things is that when you're delivering, especially in the Caribbean Net Promoter Scores that are in mid-70s, which is unicorn territory. We are incredibly intentional, obviously, about the vacation experience that we're delivering. But while obviously, our costs have been very strong. Our cost management has been very strong.

是的。最後一點我再補充一些，因為我認為這很重要，也因為我們在這些事情上相當有意識：當你所交付的——尤其是在加勒比海——淨推薦值（Net Promoter Score）落在 70 多分的中段，這幾乎是獨角獸等級。我們在提供的度假體驗上，顯然是非常有意圖、非常刻意的。同時，雖然我們的成本表現一直很強勁。我們的成本管理也一直非常強。

We have continued to lean in and invest in the product and the vacation experience. And that is resulting in establishing incredible trust with our guests, which also fuels the repeat rate and experiences our customers value them, but they also want to ensure that they're going to get what they expect. And I think we're seeing that through the Net Promoter Score, which is an indicator of not just they had a great time, but also a great advocacy and they're sharing that with their friends and family, which is driving very strong demand.

我們仍持續加碼並投資於產品與度假體驗。這正在與旅客建立極高的信任，也進一步推動回訪率；旅客重視這些體驗，但他們也希望確保能得到他們所期待的內容。我認為我們從淨推薦值看到了這一點；它不僅代表他們玩得很開心，也代表強烈的口碑推薦，他們會分享給親友，進而帶動非常強勁的需求。

Lizzie Dove, Goldman Sachs.

Lizzie Dove，高盛。

I just wanted to put kind of a finer point on Matt's question on 2027. With 4Q what you've applied at a strong exit rate, you've got two years of comps. Caribbean next year, I think, should be benign. I think Carnival is pulling maybe mid-single-digit capacity out of the system versus maybe the some of the long hail of what we've seen with the Middle East this year. And so I guess all of that -- those puts and takes, how do you think about whether this is setting up to be potentially an above Algo, yes.

我想把 Matt 關於 2027 年的問題再更精準地追問一下。以第四季你們所呈現的強勁退出（exit）水準來看，你們有兩年的比較基期。我認為明年加勒比海應該會相對溫和。我想嘉年華（Carnival）可能會把系統中的運能拉下來約中個位數百分比，相較於今年我們看到的中東因素所帶來的一些長尾影響。所以綜合這些利多與利空，你們如何看待這是否可能在某種程度上形成高於 Algo 的布局，是的。

Well, I don't know, Lizzie, if I would say the comps are easy. I mean we've had substantial yield growth over the past several years. Obviously, we are doing things, whether it's on the product, the experience we're adding great hardware as we've added Legend. We're bringing new destinations online. We're bringing River online.

嗯，Lizzie，我不確定我會說比較基期很容易。我的意思是，過去幾年我們的收益率成長相當可觀。很明顯，我們正在做很多事情，不論是產品、體驗，我們也在加入很棒的硬體，例如我們新增了 Legend。我們正在讓新的目的地上線。我們也在推進 River 上線。

So there's a lot of, I think, great tailwinds going into going into 2027. I think it's too early, obviously, to think through exactly what the yield handle will be for next year. But we continue to believe that we drive tremendous shareholder value with moderate yield growth of strong cost control and being very discerning about how we invest our capital and how we return capital to shareholders. But there are a lot of tailwinds, but it's -- we don't plan for perfection.

所以我認為，進入 2027 年有很多很好的順風因素。但顯然現在要精確推演明年的收益率走勢還太早。不過我們仍相信：透過適度的收益率成長、強勁的成本控管，以及在資本投資與回饋股東方面保持高度審慎，我們能創造巨大的股東價值。確實有很多順風，但我們不會以完美為前提來規劃。

Robin Farley, UBS.

Robin Farley，瑞銀（UBS）。

Just wanted to get a little bit of color around the 2027 commentary. Just -- so the two things looking to clarify. You talked about pacing being up, which sounds like a little bit more of an incremental comment. So I'm wondering if load factor like on the books. Is that and maybe the strategy is not to have it up at this point, but just kind of wondering where low it is compared to this time last year?

我想再多了解一些關於 2027 年評論的細節。有兩點想釐清。你們提到預訂進度（pacing）上升，聽起來像是更偏增量的說法。所以我想問，目前帳上（on the books）的載客率（load factor）如何？也許策略並不是要在這個時間點讓它上升，但我想了解它相較於去年同期大概低多少？

And then also, price on the books for '27 the release sort of talked about record or didn't necessarily imply that price on the books is up for '27 at the moment. But I think something in Jason's opening remarks meant. So if you could just clarify also whether record for 2027 means year-over-year compared to the second last year?

另外，關於 2027 年帳上價格（price on the books），新聞稿似乎談到創紀錄，但不一定暗示目前 2027 年的帳上價格是上升的。但我想 Jason 在開場致詞中有提到一些相關內容。所以也請你們釐清一下：所謂 2027 年的「創紀錄」是指相較於去年第二季的年增表現嗎？

Yes. So Robin, it's Naftali. We feel very good about how it's pacing. It is early, like Jason said, it is July. But we booked very well and at higher prices. So we feel pretty good about next year.

是的。所以 Robin，我是 Naftali。我們對目前的進展節奏感到非常樂觀。如 Jason 所說，現在還早，畢竟才 7 月。但我們的預訂表現非常好，而且價格更高。因此我們對明年相當有信心。

Yes. And Robin, I think the comment on the load factor standpoint, which is at an elevated level on a comparable basis as well. But it's more or less in line where we have been booked on a load factor basis. Now as Naftali said, that's at -- when we used to term record pricing, which means higher pricing than we saw in the previous period. So that's all very positive news.

是的。而且 Robin，我想從載客率的角度來看，我們在可比基礎上也處於較高水準。但大致上與我們過去在載客率基礎上的預訂水準一致。如 Naftali 所說，這是在——我們過去所稱的「創紀錄定價」之下，也就是比前一期間看到的價格更高。所以這些都是非常正面的消息。

But I think the -- one of the points I just want to stress again, when we think about load factor or book position is we have built very sophisticated AI-driven models that help us each and every day or really every second of every day, manage about $20 million in growing price points to optimize our yield. And so we're focused on obviously driven as much revenue as we possibly can.

但我認為——我想再次強調的一點是，當我們思考載客率或預訂位置時，我們建立了非常精密、由 AI 驅動的模型，幫助我們每天、甚至可以說每一秒，管理約 2,000 萬美元、且在成長中的各個價格點，以最佳化我們的收益率。因此我們的重點當然是盡可能推動更多營收。

But where we are today, we're at an elevated level slightly, but we're not looking to be -- we're happy with being a couple of points below, a couple of points above as these tools have found themselves to be incredibly predictable and successful helping us generate higher revenue.

但以我們今天的狀況來看，我們的水準略為偏高，但我們並不追求——我們對於低幾個點或高幾個點都能接受，因為這些工具已被證明具有極高的可預測性與成功率，能幫助我們創造更高的營收。

Brandt Montour, Barclays.

Brandt Montour，巴克萊。

Great. So recognizing that the Mexico timeline is a bidding question. The question is, does that affect your target of Western, Eastern Caribbean sort of 50-50 split in '28, '29 time range? And if that is -- if that does have to be changed or what is your capability of sort of managing anchor does there need to be any sort of change to that split?

很好。所以我理解墨西哥的時程屬於投標相關的問題。問題是，這是否會影響你們在 2028、2029 年左右，西加勒比與東加勒比大約 50-50 的目標分配？如果——如果確實需要調整，你們在管理「主力」配置方面的能力如何？是否需要對這個分配做任何調整？

Yes. Brandt, I think, first off, I think the answer is we'll see if there will be any impact to that. I think we're as I said in my commentary, we're not really in a place to comment on the status of that development. But what -- I mean, what I would say is we are generating very strong demand out of home ports like Galveston and Tampa and South Florida for cruising in the Western Caribbean that we believe we'll be able to deliver that with a set of different vacation experience and destination experiences that we think will be highlighted by Mahahual and Cozumel, et cetera.

是的。Brandt，我想首先答案是：我們要再看看是否會對此造成任何影響。如我在評論中所說，我們目前不太適合就該開發案的狀態發表評論。但——我的意思是，我會說，我們在像加爾維斯頓、坦帕以及南佛羅里達等母港，對於前往西加勒比的郵輪行程正產生非常強勁的需求；我們相信能夠透過一系列不同的度假體驗與目的地體驗來交付，而這些體驗我們認為將以 Mahahual、科蘇梅爾（Cozumel）等地為亮點。

So I think that there might be some changes in deployment on the margin. That's not our expectation today, but there might be. But we're not worried about the ability to generate growing yields off of that capacity. .

所以我認為在部署上可能會有些邊際上的調整。這不是我們目前的預期，但確實有可能。不過我們不擔心無法在這些運能上帶來持續成長的收益率。.

James Hardiman, Citigroup.

James Hardiman，花旗集團。

So maybe just walk us through the last few months and what you've seen with respect to demand. Obviously, as of your last call, it seemed like the geopolitical headwinds had begun to dissipate. But then one of your competitors talked about a step back in May and then some improvement in June. Curious if you guys would generally agree with those shape of events and sort of what, if anything you could tell us about July. I think more than anything, people are just sort of looking for the exit rate or the most recent data point at some barometer of where this is all headed.

能否請你們帶我們回顧一下過去幾個月、在需求方面你們看到了什麼？顯然在你們上次電話會議時，看起來地緣政治的逆風已開始消退。但你們的一位競爭對手提到 5 月有些回落，6 月又有所改善。想了解你們是否大致同意這樣的走勢，以及如果可以的話，能否談談 7 月的情況。我想最重要的是，大家在找最新的數據點或退出率，作為判斷接下來走向的指標。

Well, I think the commentary that was made by -- I believe it was Carnival that you're referring to. I think that's generally what we saw as well. Like when we came into our call, we had seen a great rebound in the month of April from some of the geopolitical noise that was happening before that. And then a few weeks after the call, you saw some -- and again, I want to just stress, we're talking about things that are highly on the margin, like -- these are small little changes that can have some small change to our revenue and booking environment. So we saw a little bit of that in May.

我想你提到的那段評論——我相信你指的是嘉年華郵輪（Carnival）。我認為那大致也是我們看到的情況。像我們進入上次電話會議時，我們在 4 月看到從先前一些地緣政治雜音中出現很好的反彈。然後在會議後幾週，你看到一些——我也想強調，我們談的是非常邊際的變化——這些都是很小的變動，但可能會對我們的營收與預訂環境造成一些小幅影響。所以我們在 5 月也看到了一點這樣的情況。

But we saw really -- most of June and certainly in July, a very strong demand environment. We're seeing strong volumes and we're seeing, as we've commented on the pricing here for 2026 and into 2027. So there's some geopolitical noise that's out there. There's always some ebbs and flows that happen in the booking activity. But across our products, we see strong demand from our consumers.

但我們在 6 月的大部分時間、而且在 7 月更是如此，看到非常強勁的需求環境。我們看到強勁的量能，也如我們在此談到的，2026 年以及延伸到 2027 年的定價表現。所以外部確實存在一些地緣政治雜音。預訂活動也總會有一些起伏。但就我們的各項產品而言，我們看到消費者需求強勁。

Sharon Zackfia, William Blair.

Sharon Zackfia，William Blair。

I seem to recall you were working on a project to kind of enhance onboard spending with the app while passengers are on board with some sort of rollout next year. I don't recall if that's still the timeline and maybe if you can refresh our memory on kind of how to make the spending more frictionless once on board and a digital mechanism?

我記得你們正在做一個專案，想透過 App 在乘客登船後提升船上消費，並計畫在明年某個時間推出。我不確定這個時程是否仍然如此；也請你們幫我們回顧一下，如何讓乘客一上船後的消費更無摩擦，以及相關的數位機制？

Yes. Well, we are -- I mean, we're very fortunate that we sit on a mountain range of high-quality data, and we have millions and millions of interactions with our guests. So we're getting better and better identifying what our guests are looking to do and then personalizing that. And so some of that as it relates to inside the app, you'll start to see in early next year. And these tools get smarter and smarter.

是的。嗯，我們——我的意思是，我們非常幸運，因為我們坐擁一座高品質資料的「山脈」，並且與旅客有數以百萬計、再加上數以百萬計的互動。因此我們越來越能辨識旅客想做什麼，並進一步加以個人化。所以其中一部分與 App 內的功能相關，你們會在明年年初開始看到。而這些工具也會變得越來越聰明。

Again, we're doing this in a way that is really to help enhance the guest experience. We're not -- and so it's important that we have the tools tuned in to be able to learn and also to curate or put in front of them what is relevant to them.

再次強調，我們以真正能提升旅客體驗的方式來做這件事。我們不是——因此很重要的是，我們要把工具調校到能夠學習，同時也能策展，或把與他們相關的內容呈現在他們面前。

Maybe to add one thing. Of course, we're focused on across the term. So this is one case that these other pieces that we're working on, we want to simplify the way we explore I understand the options that we offer in making sure that throughout the booking journey is description.

我再補充一點。當然，我們著眼於整個期間的全流程。所以這是一個案例：對於我們正在推進的其他部分，我們希望簡化探索並理解我們所提供選項的方式，並確保在整個預訂旅程中都有清楚的說明。

Conor Cunningham, Melius Research.

Conor Cunningham，Melius Research。

There's been a lot of questions around the '27 bridge, but I was actually hoping to maybe get a little bit more near term. Just the implied fourth quarter obviously steps up from 3Q, and I know there's a lot of moving parts. So I was just hoping that you could kind of give the puts and takes around what you're assuming there. I know you're not explicitly guiding to it. But just from a demand standpoint, comp standpoint product, anything that could be helpful in driving confidence in that ex-rate given it's so important to the 2027 bridge?

大家問了很多關於 2027 年「橋接」的問題，但我其實希望把焦點拉近一點。從隱含的數字來看，第 4 季顯然會比第 3 季走高，我知道其中有很多變動因素。所以我想請你們談談你們在那裡的假設有哪些利多與利空因素。我知道你們沒有明確對此提供指引。但從需求面、可比基期、產品等角度，任何能幫助提升對該退出率信心的資訊都很有幫助，因為它對 2027 年的橋接非常重要。

Sure. So let me give you a couple of the pieces. And of course, we're not guiding to it, but as we say every quarter, and it's hard to compare quarter-over-quarter versus last year, there's so many moving pieces, right? So one, you have the timing of new ships, deployment changes, dry dock days, capacity, the changes and mixes between Caribbean and Europe. So all of those are impacting quarter-over-quarter.

當然可以。我先給你幾個重點。當然，我們不會就此提供指引，但就像我們每一季都說的，要拿本季和去年同期做比較其實很難，因為變動因素太多了，對吧？第一，你有新船交付時點、部署調整、進塢天數、運能，以及加勒比與歐洲之間的變化與組合。所以這些都會影響季對季的表現。

And this year, it's obviously between deferred and the fourth quarter, it's an opposite impact. So I mentioned in my prepared remarks, around 200 basis points headwind to the third quarter and the same similar, I guess, tailwind to the fourth quarter is how I would describe it.

而今年很明顯，在遞延與第四季之間，影響是相反的。所以我在事先準備的發言中提到，大約有200個基點對第三季形成逆風，而對第四季則有相近、我想可稱為順風的助益。

David Katz, Jefferies.

David Katz，Jefferies。

If we are seeing this the right way our math is right, it appears that average itinerary length is getting just a little bit shorter. And I wanted to just get your perspective on the degree to which that's intentional or strategic in some way and how we should think about the locations of that.

如果我們的理解方向正確、計算也沒錯，看起來平均航程長度正在變得稍微短一些。我想請教你們的看法：這在多大程度上是刻意或某種策略性的安排？以及我們應該如何看待其目的地分布？

Yes. Well, we've -- obviously, there's been investments on our destinations where our guests are seeking to visit places like Perfect Day, the Royal Beach Club, et cetera. And that allows us to offer a more elevated short product. And so the question is why are we doing that? We're doing this because the consumer, especially keep in mind, half of our guests are millennials younger now, their profile for a vacation today as they start -- as their kids start to get older, et cetera, where they start going in and getting married and moving towards that direction, in their current state, they like to take shorter vacations, though (inaudible) more frequently.

是的。嗯，我們——很明顯——在目的地上持續投資，因為旅客希望造訪像 Perfect Day、Royal Beach Club 等地。這讓我們能提供更高端的短天數產品。那為什麼要這麼做？我們這麼做是因為消費者——尤其要記得，我們現在有一半旅客是更年輕的千禧世代——他們目前的度假偏好是：當他們的孩子開始長大等等，或他們開始交往、結婚、朝那個方向發展時，在他們現階段，他們喜歡較短的假期，雖然（聽不清）但頻率更高。

But they tend to spend the same amount of money that they would spend on a short vacation as they went on a long vacation. And so we have developed and curated a series of products, especially in the short cribbing space. That's a little bit shorter than the 7 -- the normal 7 night. And that's generating very high demand it's not always are we doing -- are we delivering a product that they're looking for, but it's also from the onboard side. It's a product that they're great we get away or get -- just general getaways that we're getting.

但他們在短假期上的花費，往往和長假期差不多。因此我們開發並策劃了一系列產品，特別是在短天數郵輪這個領域。它比7——一般標準的7晚——要短一些。而這帶來非常高的需求；不只是我們是否提供了他們想要的產品，從船上體驗的角度也是如此。這是一種很棒的短暫出走或——就是一般的度假小旅行——我們正在看到這類需求。

And that's why you're seeing the investments further investments in more of these Royal Beach clubs, we're putting better assets there. And that's all reeling in higher frequency and new to cruise, which is feeding the future.

這也是為什麼你會看到我們進一步投資更多 Royal Beach Club，我們在那裡配置更好的資產。而這一切都在帶動更高的出遊頻率，以及更多首次搭乘郵輪的旅客，進而為未來提供動能。

And David, just to add, this is Michael. On our short product, which we've been growing year-over-year, and which is proving to be very successful to all of the points that Jason raised, we've never walked away from the Classic 7 night itinerary, which is unbelievably popular.

David，我補充一下，我是 Michael。關於我們的短天數產品，我們年年成長，而且如 Jason 提到的各點一樣，已證明非常成功；但我們從未放棄經典的7晚航線，這個產品的受歡迎程度高得驚人。

So when you think about icon class and then also the new icon class Legend in the Mediterranean coming back into the Caribbean. We've got a huge lineup of products in the classical 7 night, particularly in the Caribbean, which is unbelievably popular for the family. So I think we've seen great success with short product, but we also continue to see great success with the new ships coming online and going straight into the Classic 7-night Caribbean.

所以當你想到 Icon 級，還有新的 Icon 級 Legend 在地中海營運後再回到加勒比。我們在經典7晚產品上有非常龐大的產品陣容，特別是在加勒比，對家庭客來說受歡迎得驚人。因此我認為，我們在短天數產品上取得很大成功，同時也持續看到新船投入營運後，直接進入經典7晚加勒比航線也同樣非常成功。

And just the last thing. If you kind of look at our deployment mix, it's short this year versus last year on a mix basis is not significantly higher than just the capacity growth. So we do have that growth, but then on other products as well.

最後再補充一點。如果你看我們的部署組合，今年相較去年，短天數在組合上的占比提升，並沒有顯著高於單純的運能成長。所以我們確實有那樣的成長，但其他產品也同樣在成長。

Vince Ciepiel, Cleveland Research.

Vince Ciepiel，Cleveland Research。

Great. Thanks for all the color and bookings and unpacking the geopolitical impact. Do you acknowledge that they had some impact here on '26 yield? At this point, 2027 sounds like it's in a really great spot. You noted very strong demand in June and July.

很好。謝謝你們提供關於訂位的各種細節，以及拆解地緣政治影響。你們是否承認這些因素對2026年的收益率（yield）有一些影響？目前看起來，2027年的狀況非常好。你們提到6月和7月的需求非常強勁。

Despite a recent uptick with everything going on in the street recently. So just kind of curious, like do you think cruise bookers are becoming desensitized to the situation. It's kind of becoming old news? Or is it just more of a mix thing where you're booking more Caribbean right now. Just would be curious your take on why you think the recent trend has been so much stronger?

儘管最近街頭上發生的各種事情讓情勢有所升溫。所以我有點好奇：你覺得郵輪預訂者是否對這種情況逐漸麻木了，變得像是老新聞？還是只是組合因素——例如你們現在訂到更多加勒比航線？想請教你認為為什麼近期趨勢會強這麼多？

Well, I think there's a series of things going on. I mean, it's -- first off, I think when we think kind of further out, these geopolitical events have had little to no impact on guests that are thinking six months down the road. They could impact more on what they're trying to do with three to six months. There might be a little bit hesitant longer term within 12 months when they're looking at airfare, right, because their fares typically published within about a 12-month period of time. But that stuff is typically just noise.

我認為有一連串因素同時在發生。首先，我想當我們看得更遠時，這些地緣政治事件對於在規劃六個月之後行程的旅客，幾乎沒有影響或影響很小。它們可能對於三到六個月內的安排影響更大一些。在12個月內的較長期規劃上，當旅客在看機票時可能會稍微猶豫一點，對吧？因為票價通常是在大約12個月的期間內公布。但這些通常都只是雜訊。

And I think we have seen time and time again now that our business is incredibly resilient. Our consumer is resilient. When things are happening around the world, I don't -- I think the term desensitize because I don't -- I don't think people are looking to be desensitized or ignore what's happening.

而且我們一次又一次看到，我們的業務非常有韌性。我們的消費者也很有韌性。當世界各地發生事情時，我不——我覺得用「麻木」這個詞，因為我——我不認為人們是想要麻木或忽視正在發生的事。

But I think that as things get resolved or moved into a different place, or maybe it becomes a little bit more of a new normal. They're then back-end focused on what is critically important to them and building memories and experiences with their friends and family are at the very highest of their priority list.

但我認為，當事情被解決或進入不同階段，或也許變得更像一種新常態時，他們就會回過頭聚焦在對他們而言最重要的事：與親友一起創造回憶與體驗，這在他們的優先順序中是最高的。

And I think that's why we see a very resilient consumer across all of our brands, which are all different segments, obviously, that are out there. It might change a little bit about this year, I might I might said, go to this location versus that location. But again, this stuff is very much on the margin.

我想這也是為什麼我們在所有品牌上都看到非常有韌性的消費者需求；而我們的品牌涵蓋不同的市場區隔，這點很明顯。它可能會讓今年的選擇稍微改變，例如我可能會說，去這個地點而不是那個地點。但同樣地，這些影響都非常邊際。

There's a very high demand for Europe, very high demand for the Caribbean and Alaska on our brands. And I think as long as we're delivering on what we -- what our guests expect us to be doing, they're willing to trust certification with us, which you see in the bookings on a volume and on a rate basis as we look at the build for 2027.

在我們的品牌上，歐洲需求非常高、加勒比與阿拉斯加的需求也非常高。而我認為，只要我們持續交付——交付我們的旅客期待我們做到的事情——他們就願意把信任託付給我們；這也反映在我們觀察2027年預訂累積（build）時，不論是量或價格（rate）都能看得出來。

Trey Bowers, Wells Fargo.

Trey Bowers，Wells Fargo。

I actually wanted to pivot next kind of a bigger picture question. When one of your big competitors and River talks about that business, they talk about how important it is to drive the ocean business. And as you guys get closer to launching in Europe, just curious, longer term, how you think the introduction of Celebrity River might impact the long-term pricing dynamics of the celebrity Ocean brand.

我其實想接著轉到一個更宏觀的問題。當你們的一個大型競爭對手談到河輪業務時，他們會談到河輪對推動海洋郵輪業務有多重要。而隨著你們愈來愈接近在歐洲推出（業務），我想請教，長期來看，你們認為 Celebrity River 的導入可能會如何影響 Celebrity Ocean 品牌的長期定價動態？

Sure. Well, first, I think when we think about River for Celebrity, obviously, we have high, high ambitions there. We have this incredible database or a set of customers that trust their vacation experience with us and have been seeking an elevated experience on River.

當然。嗯，首先，我認為當我們談到 Celebrity 的河輪產品時，很明顯，我們在那方面有非常、非常高的企圖心。我們擁有這個令人驚豔的資料庫，或是一群把他們的度假體驗託付給我們、並一直在河輪上尋求更高端體驗的客戶。

And especially for our celebrity customers, we're effectively miniaturizing an edge class ship and putting it on River and that look and feel of the shipping experience is what they're looking for. And now when you go deeper and elevate that on land, where our guests -- our goal is for our guests to be able to walk away with a story on these different locations. That drives a lot of just organic demand for us. And with that, we're seeing pricing that is higher than what we see in the competitive set for River.

特別是對我們的 Celebrity 客戶而言，我們等於是把一艘 Edge 級郵輪縮小化後放到河上，而那種航運／航行體驗的外觀與感受正是他們所追求的。而當你進一步把這種提升延伸到岸上時，我們的賓客——我們的目標是讓賓客能在這些不同地點帶著一段故事離開。這為我們帶來大量的自然需求。同時，我們也看到其定價高於河輪競品組合的水準。

Now over time, we expect that our -- that all this will be great tailwinds to our yields for our Celebrity brand and for our other brands again, as we get more and more reps in our ecosystem and this -- and our goal of this lifetime of vacations. And we're seeing that -- and I think it's in the early stages, we're seeing that today, right? We're seeing more repeat those repeat guests spend 20% to 25% more.

隨著時間推移，我們預期——這一切都將成為推動我們 Celebrity 品牌以及其他品牌收益率的強勁順風，因為我們在生態系中累積越來越多的互動次數，並朝著「一生的度假」這個目標前進。我們也正在看到——我認為還在早期階段——我們今天就已經看到了，對吧？我們看到更多回頭客，而這些回頭客的消費高出 20% 到 25%。

And now for us to be able to offer them more -- another vacation experience that is typically not a substitute. It's an additional vacation we feel very encouraged by that level of demand that we're seeing.

而現在我們能夠為他們提供更多——另一種通常不是替代品的度假體驗。這是一個額外的度假選擇；我們對目前看到的這種需求水準感到非常振奮。

We also see a lot of interest from the Royal Caribbean gas for Celebrity River, which is really great news. I mean it's been very positive response to this new product.

我們也看到許多來自皇家加勒比賓客對 Celebrity 河輪的興趣，這真的是很好的消息。我的意思是，市場對這個新產品的反應非常正面。

Jamie Rollo, Morgan Stanley.

Jamie Rollo，摩根士丹利。

Could you please talk a little bit about where you are on maximizing per DMs rather than pricing to fill? And should we expect load factor to soften a little in Q3 given the slowdown you noted? And also might we expect booked load factors to soften over the next 6, 12 months, if we continue to see this demand shift to later booking.

能否請你談談，你們在最大化每個 DM 的表現、而不是以「降價把艙位填滿」的策略方面，目前進展到哪一步？另外，鑑於你提到的需求放緩，我們是否應預期第三季的載客率會稍微走弱？以及如果我們持續看到需求轉向更晚才預訂，未來 6 到 12 個月的已預訂載客率是否也可能走弱？

Sure. Well, I think first on the pricing side, Jamie, we everyday price integrity is very top of mind for us. And we're in a generally an unfortunate position where our guests appreciate the vacation experience offering and they -- and they're willing to consider moderate price increases that we have been putting out there. There are times like we have talked about geopolitically that there are things that are -- that could be in play that we might not take the sample of load factor while maintaining price integrity. But for the most part, when we look at -- on our book load factor basis, and we've seen this very much over the past, call it, two to four weeks or three to four weeks is we see really high demand going out.

當然。Jamie，我想先談定價面：我們每天都把價格紀律（price integrity）放在首要位置。而我們整體上處於一個相對有利的位置：賓客欣賞我們提供的度假體驗，而且他們願意接受我們所推出的適度漲價。當然也有一些時點——就像我們談到的地緣政治——可能會有一些變數，使得我們在維持價格紀律的同時，不一定會去追求同樣的載客率水準。但大多數情況下，當我們以已預訂載客率來看——而且在過去大概兩到四週、或三到四週我們非常明顯地看到——就是外溢的需求非常強。

So our load factor position, we're managing that, to its optimal level, putting us in a position to be able to raise prices into the future.

因此，我們正在把載客率位置管理在最優水準，讓我們能夠在未來持續提高價格。

Xian Siew, BNP Paribas.

Xian Siew，法國巴黎銀行。

You talked about strength in close-in bookings in the quarter. And I was just wondering is there anything you could point to in terms of what you're doing to help drive the close-in demand? I know you mentioned people are maybe just waiting closer to, but anything you're doing in particular to try and stay in front of that consumer. And then in terms of close-in bookings, is there anything we should think about in terms of maybe repeat guests versus new to cruise or is it kind of a similar mix as overall?

你提到本季臨近出發日的預訂（close-in bookings）表現強勁。我想請問，有沒有什麼你們正在做的事情，可以指出來是如何推動這種臨近需求？我知道你提到人們可能只是等到更接近才下訂，但你們是否有特別做些什麼來持續觸及並領先消費者？另外，就臨近預訂而言，我們應該如何看待回頭客與首次郵輪旅客的組合？還是說大致上與整體組合相近？

Yes. Well, I'll just start off on the latter. I mean, there's definitely been an increase in the repeat crew. So we're getting more reps of our guests. And I think that helps in short and long term.

是的。我先從後者開始。確實，回頭客的比例有所增加。所以我們與賓客的互動次數更多了。我認為這在短期與長期都會有所幫助。

demand for our business. One of the commented in our remarks, because obviously, we're talking with our guests all the time. We have seen -- I mean, really, for the past three or four years, close-in demand coming in higher than we had expected it to as we have made it a lot easier to book closer than in the past.

對我們業務的需求。我在發言中也提到過，因為很明顯我們一直都在和賓客溝通。我們看到——我的意思是，過去三、四年來，臨近需求的進來量都高於我們原先的預期，因為我們讓「比過去更接近出發日才預訂」變得容易得多。

And our guests appreciate flexibility and optionality. And the flexibility is important because they're -- maybe they haven't decided whether they're going to go away in two weeks or six weeks or whatever it might be.

而我們的賓客重視彈性與選擇性。彈性很重要，因為他們——可能還沒決定是兩週後出遊、六週後出遊，或不管是什麼時間。

And the ability for them to capture that from time to time because they're also dealing with very limited inventory is something that we continue to see elevate. So we like -- I mean -- and also the closing demand, if you followed our business 10 years ago and before, we would typically have to discount for close-in demand. And today, for closing demand, we're able to increase our pricing. So we're happy to harvest that.

而他們能夠不時把握到這些機會——同時他們也面臨非常有限的庫存——這種能力我們持續看到在提升。所以我們喜歡——我的意思是——另外，如果你追蹤我們 10 年前甚至更早的業務，臨近需求通常需要靠折扣來刺激。而今天，對於臨近需求，我們反而能夠提高定價。所以我們很樂於把這部分價值收割下來。

That concludes our Q&A session. I will now turn the conference back over to Naftali Holtz, EVP, COO, for any closing remarks.

問答環節到此結束。我現在把會議交回給執行副總裁兼營運長 Naftali Holtz，請他做結語。

Thank you all for your participation and interest. Blake will be available for any follow-ups. Wish you all a great day.

感謝各位的參與與關注。Blake 將可協助任何後續追問。祝各位有美好的一天。

Ladies and gentlemen, this concludes today's call. Thank you for your participation. You may now disconnect.

各位女士、先生，今天的電話會議到此結束。感謝各位的參與。您現在可以掛線。