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皇家加勒比邮轮Royal Caribbean Cruises(RCL)2025年第四季度及全年财报电话会议纪要「NYSE」(英文版)(23页).pdf

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1、Q42025EARNINGS CALLFORWARD LOOKING STATEMENTS AND NON-GAAP FINANCIAL INFORMATION2Certain statements in this presentation relating to,among other things,our future performance estimates,forecasts and projections constitute forward-looking statements under the Private Securities Litigation Reform Act

2、of 1995.These statements include,but are not limited to:statements regarding revenues,costs and financial results for 2026 and beyond;anticipated timing for launch of new ship deliveries and private destinations;our progress toward achievement of our Perfecta Program;demand for our brands;and expect

3、ations regarding our credit profile.Words such as“anticipate,”“believe,”“could,”“driving,”“estimate,”“expect,”focused on,“goal,”“intend,”“may,”“plan,”“project,”shaping up,position,allows,“seek,”“should,”“will,”“would,”“considering,”and similar expressions are intended to help identify forward-lookin

4、g statements.Forward-looking statements reflect managements current expectations,are based on judgments,are inherently uncertain and are subject to risks,uncertainties and other factors,which could cause our actual results,performance or achievements to differ materially from the future results,perf

5、ormance or achievements expressed or implied in those forward-looking statements.Examples of these risks,uncertainties and other factors include,but are not limited to,the following:the impact of the economic and geopolitical environment,including changing tariffs and the related uncertainty thereof

6、,on key aspects of our business,such as the demand for cruises,passenger spending,and operating costs;changes in operating costs;the unavailability or cost of air service;disease outbreaks and increased concern about the risk of illness on our ships or when travelling to or from our ships,which coul

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1. **前瞻性声明与风险提示**:包含2026年及以后的业绩预测,受经济、地缘政治、疾病爆发、成本变化等多重风险影响,实际结果可能与预期存在重大差异。 2. **2025年业绩表现**: - 调整后EBITDA达70.3亿美元(同比+18%),调整后EPS为15.64美元(同比+33%)。 - 营业现金流65亿美元,净收益率增长3.7%(固定货币),载客率110%。 3. **2026年指引**: - 预期营收和EPS实现同比双位数增长,调整后EPS指引17.70-18.10美元。 - 容量增长6.7%,净收益率增长1.5%-3.5%(固定货币)。 4. **战略目标**:通过“Perfecta Program”计划,目标在2027年前实现调整后EPS年复合增长率20%及ROIC达17%以上。
**业绩增长动力?** **风险挑战有哪些?** **未来目标如何?**
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