# Royal Caribbean Group (RCL) - Recent Events ## Filings that contain financial statements Each earnings press release below (Exhibit 99.1 to a Form 8-K) carries a consolidated statement of comprehensive income, a consolidated balance sheet and a consolidated statement of cash flows, plus non-GAAP reconciliations. - Form 8-K filed 2026-10-27, accession 0000884887-26-000042: third quarter 2026 (three and nine months ended September 30, 2026), with the September 30, 2026 balance sheet. - Form 8-K filed 2026-07-28, accession 0000884887-26-000036: second quarter 2026 (three and six months ended June 30, 2026). - Form 8-K filed 2026-04-30, accession 0000884887-26-000024: first quarter 2026 (three months ended March 31, 2026). - Form 8-K filed 2026-01-29, accession 0000884887-26-000003: fourth quarter and full year 2025 (year ended December 31, 2025). - Form 8-K filed 2025-10-28, accession 0000884887-25-000146: third quarter 2025 (prior-year comparison period). ## Acquisition: 50% of Sandals and Beaches Resorts (signed, not closed) - 2026-09-23 (Form 8-K, accession 0001104659-26-109755): the company announced it entered into definitive agreements to acquire a 50% equity interest in the business comprising the Sandals and Beaches Resorts for a base purchase price of approximately $3.0 billion in cash. The press release describes a forward EBITDA multiple of approximately 10x and a joint venture governed by a board under shared leadership of Adam Stewart and Jason Liberty. The company has secured committed debt financing from Morgan Stanley. Closing is expected in early 2027, subject to customary approvals and closing conditions, and the deal is expected to be accretive to earnings next year. - 2026-10-27 (earnings release, accession 0000884887-26-000042): the release says the investment is expected to close in early 2027, to be accounted for under the equity method with results reported on a one-quarter lag. The Sandals and Beaches portfolio is described as 18 resorts across the Caribbean, three resorts under development and over 1,000 acres of undeveloped land. As of the filing, the transaction is pending. ## Earnings and guidance - 2026-10-27, third quarter 2026 (accession 0000884887-26-000042): earnings per share $6.45 and Adjusted EPS $6.57; total revenue $5.6 billion (up 9%); Adjusted EBITDA $2.5 billion; load factor 112%. Net Yields rose 0.9% as reported (0.6% in Constant Currency). Full year 2026 Adjusted EPS guidance raised to $17.85 to $17.95 (from $17.73 to $17.87), with higher fuel costs and currency partly offsetting the stronger quarter. Management said 2027 bookings are pacing ahead of historical levels at higher rates and that it remains on track for its Perfecta goal of 20% Adjusted EPS CAGR from 2024 through 2027. - 2026-07-28, second quarter 2026 (accession 0000884887-26-000036): EPS $4.20, Adjusted EPS $4.21, revenue $4.8 billion (up 6%). Full year Adjusted EPS guidance raised to $17.73 to $17.87 (from $17.10 to $17.50 given in April). The release noted a modest near-term booking impact on select itineraries from prolonged geopolitical activity. Share repurchases of $199 million and dividends of $404 million in the quarter; $805 million remained under the repurchase authorization. - 2026-04-30, first quarter 2026 (accession 0000884887-26-000024): EPS $3.48, Adjusted EPS $3.60, revenue $4.5 billion (up 11%). Full year Adjusted EPS guidance was updated to $17.10 to $17.50 (from $17.70 to $18.10 in January), reflecting higher than anticipated fuel costs (full-year fuel expense expected at about $1.3 billion at then-current at-the-pump prices, net of hedging) and an impact on TUI Cruises' Middle Eastern itineraries from geopolitical events, partly offset by lower non-fuel costs and the benefit of recent share repurchases. The release separately cited geopolitical developments affecting Mediterranean and West Coast of Mexico itineraries as the driver of its Net Yields guidance (2.3% to 3.3% as reported). First-quarter repurchases were $836 million and dividends $270 million. - 2026-01-29, fourth quarter and full year 2025 (accession 0000884887-26-000003): 2025 EPS $15.61, Adjusted EPS $15.64, revenue $17.9 billion, Adjusted EBITDA $7.0 billion. Initial 2026 Adjusted EPS guidance of $17.70 to $18.10. The company repurchased $504 million of shares in the fourth quarter and had $1.8 billion remaining under its authorization. ## Debt and capital actions - 2026-10 (reported in accession 0000884887-26-000042): the company entered a $400 million delayed-draw term loan with Export Development Canada and increased its revolving credit facility by $50 million, for total capacity of $6.65 billion. Liquidity at September 30, 2026 was $7.4 billion. Scheduled debt maturities at that date were $0.6 billion for 2026, $2.4 billion for 2027, $3.2 billion for 2028, $1.1 billion for 2029 and $1.1 billion for 2030. - 2026-08-20 (Form 8-K, accession 0001104659-26-099245): completed the $1.25 billion offering of 5.550% Senior Notes due 2034 (priced under an underwriting agreement dated August 6, 2026; accession 0001104659-26-092371). Net proceeds of about $1.24 billion were intended to repay part of its floating rate term loan facilities and other debt. - 2026-02-27 (Form 8-K, accession 0001104659-26-021624): completed the offering of $1.25 billion of 4.750% Senior Notes due 2033 and $1.25 billion of 5.250% Senior Notes due 2038, with net proceeds of about $2.471 billion to refinance senior notes maturing in 2026 and repay other debt, which may include term loans. The underwriting agreement was dated February 12, 2026 (accession 0001104659-26-014730). - 2025-10-01 (Form 8-K, accession 0001104659-25-095642): completed the $1.5 billion offering of 5.375% Senior Notes due 2036, with net proceeds of about $1.484 billion to finance the delivery of Celebrity Xcel and repay existing debt. ## Regulatory - 2026-05-20 (Form 8-K, accession 0001104659-26-064412): in response to public statements by the head of Mexico's environment secretariat (SEMARNAT) on May 19, 2026 that it would deny approval of the company's initial application for environmental permits for the Perfect Day Mexico project, the company said it would re-engage stakeholders and remains committed to the project. The filing does not state a final decision or any financial effect. ## Board and governance - 2026-07-16 (Form 8-K filed 2026-07-20, accession 0001104659-26-085080): Tara Bunch, formerly of Airbnb, appointed a director. - 2026-02-10 (Form 8-K filed 2026-02-17, accession 0001104659-26-015899): Christopher Wiernicki, former Chairman and CEO of the American Bureau of Shipping, appointed a director. - 2026-05-28 (Form 8-K, accession 0000884887-26-000030): at the annual meeting, all thirteen director nominees were elected, executive compensation was approved on an advisory basis, and PricewaterhouseCoopers LLP was ratified as auditor for 2026.