Q2 2026 Royal Caribbean Group Earnings Call

July 28, 2026

Speaker #2: senses become aware you're present. In focus. That's traveling to me. An urgent need to go and observe.

Speaker #1: 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.

Speaker #1: All participants are in a listen-only mode. After the speaker presentation, there will be a question-and-answer session. To ask a question during this session, you will need to press star, then the number 1, on your telephone.

Speaker #3: 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 CRUISES LTD Blake Vanier, 2nd quarter, 2026, earnings call.

Speaker #3: All participants are in listen-only mode. After the speaker presentation, there will be a question-and-answer session. To ask a question during this session, you will need to press star, then the number 1, on your telephone.

Speaker #1: Mr. Vanyer, the floor I would now like

Speaker #2: 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 Bailey, President and CEO of the Royal Caribbean Brand.

Speaker #3: I would now like to introduce Mr. Blake Vanier. Vice Vanier, the floor is yours.

Speaker #4: 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 Bailey, President and CEO of the ROYAL CARIBBEAN CRUISES LTD. Before we get started, I'd like to note that we will be making forward-looking statements during this call.

Speaker #2: 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.

Speaker #2: 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.

Speaker #4: 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.

Speaker #2: We do not undertake to update any forward-looking statements as circumstances change. Also, we will be discussing certain non-GAAP financial measures which are adjusted as defined and are reconciliation of all non-GAAP items can be found on our investor website and in our earnings release.

Speaker #4: 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.

Speaker #4: Also, we will be discussing certain non-GAAP financial measures which are adjusted as defined and are reconciliation of all non-GAAP items can be found on our investor website and in our earnings release.

Speaker #2: Unless we state otherwise, all metrics are on a constant currency adjusted basis. Jason will begin the call by providing a strategic overview and update on the business.

Speaker #4: Unless we state otherwise, all metrics are on a constant currency adjusted basis. Jason will begin the call by providing a strategic overview and update on the business.

Speaker #2: 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.

Speaker #4: 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.

Speaker #2: With that, I'm pleased to turn the call over to Jason.

Speaker #3: 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 a continued strength in demand for our leading vacation brands.

Speaker #4: With that, I'm pleased to turn the call over to Jason.

Speaker #5: 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 continued strengthened demand for our leading vacation brands.

Speaker #3: 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.

Speaker #5: Revenue in the second quarter grew 6% year over year, earnings grew 8% higher than guidance, and we returned $600 million of capital to investors through dividends and share repurchases.

Speaker #3: Our flywheel is accelerating. Demand for a vacation experience continued 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.

Speaker #5: Our flywheel has accelerated. Demand for vacation experiences continued to strengthen, driven by a healthy, experienced vacation consumer and exceptional execution from the team, which is delivering net promoter scores averaging in the low to mid-70s.

Speaker #3: We see continued commercial momentum, as guests are booking in greater numbers, supported by our industry-leading technology and loyalty platforms. From my perch, it is clear that the differentiated offering across our leading brands are driving strong demand and enabling higher pricing and increasing retention amongst our most valuable guests and encouraging greater onboard and vacation spending.

Speaker #5: We see continued commercial momentum as guests are booking in greater numbers, supported by our industry-leading technology and loyalty platforms. From my perch, it is clear that a differentiated offering across our leading brands is driving strong demand and enabling higher pricing, increasing retention amongst our most valuable guests, and encouraging greater onboard and vacation spending.

Speaker #3: 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 from a vacation of a lifetime to a lifetime of vacations.

Speaker #5: 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 from a vacation of a lifetime to a lifetime of vacations.

Speaker #5: Since our April earnings call, the ongoing conflict in the Middle East has modestly weighed on bookings for some of our deployments in the near term, which primarily impacts the third quarter.

Speaker #3: 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 impacts the third quarter.

Speaker #5: 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.

Speaker #3: 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.

Speaker #5: 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 in absolute revenue and double-digit improvement in earnings per share for 2026.

Speaker #3: 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 in absolute revenue and double-digit improvement in earnings per share for Mexico, one of our many destination projects, let me provide an update before discussing the results.

Speaker #5: Given the interest in Mahahua, 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 induction and has played an important role in helping us fulfill our mission of delivering the best vacation experiences responsibly.

Speaker #3: 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.

Speaker #5: Our commitment to Mexico and the destinations we visit is stronger than ever. This includes the great community of Mahahua, where we continue to maintain 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.

Speaker #3: Our commitment to Mexico and the destinations we visit is stronger than ever. This includes the great community of Mahahua, 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.

Speaker #5: Weakened public comments by the Mexican administration acknowledge the community's support for development. The government is continuing to engage with community stakeholders to better understand their perspectives, and that process will take some time and is expected to affect our previously planned timeline.

Speaker #3: 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.

Speaker #5: 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.

Speaker #3: We remain heavily engaged with key stakeholders to create sustainable tourism that includes lasting environmental, economic, and social benefits for the region, including investment in critical infrastructure to protect the local environment.

Speaker #5: We will provide additional updates on this project as appropriate. With that, let me dive into the second quarter results and updated outlook for the year.

Speaker #5: 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%.

Speaker #3: We will provide additional updates on this project as appropriate. With that, let me dive into the second quarter results and updated outlook for the year.

Speaker #5: Net yield grew up 1.2%, which was 100 basis points higher than our guidance, driven by better-than-expected closing demand including strong onboard revenue primarily for Caribbean products.

Speaker #3: In the second quarter, we delivered 2.4 million incredible vacations at industry-leading guest satisfaction scores. Capacity increased 5% year over year in total revenue grew 6%.

Speaker #5: 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. As a result, adjusted earnings per share was $0.33 higher than our guidance.

Speaker #3: Net yields were up 1.2%, which was 100 basis points higher than our guidance, driven by better-than-expected closing demand including strong onboard revenue, primarily for Caribbean products.

Speaker #3: 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. As a result, adjusted earnings per share was 33 cents higher than our guidance.

Speaker #5: These results reflect the continued appeal of our vacation experiences to diversify portfolio and discipline next year. Naftali will elaborate on our results and outlook in a few minutes.

Speaker #5: 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 leading category where consumers intend to spend more, and they are increasingly seeking vacations as a way to relax, unwind, and escape.

Speaker #3: These results reflect the continued appeal of our vacation experiences, diversified portfolio, and disciplined execution. Naftali will elaborate on our results and outlook in a few minutes.

Speaker #5: The ongoing geopolitical situation has affected near-term travel plans for some consumers, primarily preferring closer destinations over international trips due to the cost of air travel.

Speaker #3: 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 on wind and escape.

Speaker #5: Consumers tell us that they are booking closer in due to flexibility and ease, which is reflected in the strong close-in booking volumes we have been seeing.

Speaker #3: The ongoing geopolitical situation has affected near-term travel plans for some consumers, primarily preferring closer destinations over international trips due to the cost of air travel.

Speaker #5: Our book position is in line with prior years at record pricing for both 2026 and 2027, in addition to onboard spending and pre-cruise purchases continue to exceed prior years.

Speaker #3: Consumers tell us that they are booking closer in due to flexibility and ease, which is reflected in the strong close-in booking volumes we have been seeing.

Speaker #5: 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.

Speaker #3: Our booked position is in line with prior years at record pricing for both 2026 and 2027. In addition, onboard spending and pre-cruise purchases continue to exceed prior years.

Speaker #5: The response to legend of the seas and to the world 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.

Speaker #3: 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.

Speaker #5: 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.

Speaker #3: The response to Legend of the Seas and to the Royal Beach Club in 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.

Speaker #5: 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.

Speaker #3: 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.

Speaker #5: We continue to expect full-year yield growth across our key products, including the Caribbean. 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.

Speaker #3: 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.

Speaker #5: We expect another year of strong earnings growth and cash flow generation. Full-year adjusted earnings per share is expected to grow 14% and be in the range of $17.73 to $17.87.

Speaker #3: We continue to expect full-year yield growth across our key products, including the Caribbean. 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.

Speaker #5: 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. Let me now turn to the progress we are making against our long-term strategic initiatives and how we are bringing our Connected Vacation Platform to life.

Speaker #3: We expect another year of strong earnings growth and cash flow generation, full-year adjusted earnings per share is expected to grow 14% and be in the range of $17.73 to $17.87.

Speaker #5: Across our portfolio, we are strengthening engagement with our guests across the vacation journey creating more opportunities to serve them across brands, destinations, and occasions.

Speaker #3: 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. 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.

Speaker #5: ROYAL 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.

Speaker #5: 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. We are seeing similar momentum from points choice and status match which has generated over half a million new loyalty enrollments.

Speaker #3: Across our portfolio, we are strengthening engagement with our guests across the vacation journey creating more opportunities to serve them across brands, destinations, and occasions.

Speaker #5: 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 a lifetime of vacations.

Speaker #3: Role 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.

Speaker #3: 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. We are seeing similar momentum from points choice and status match which has generated over half a million new loyalty enrollments.

Speaker #5: 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.

Speaker #5: And more than half of our onboard revenue was purchased before embarkation. That engagement provides a richer understanding of what our guests value and allows us to deliver more personalized recommendations, while making the vacation easier to plan and enjoy.

Speaker #3: 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 and cross-branded bookings and bringing us closer to our goal of serving guests across a lifetime of vacations.

Speaker #5: These capabilities enable more personalized itineraries across dining, entertainment, and destination experiences. Real-time recommendations connect guests with the next experience they are most likely to enjoy, and a digital vacation passport brings together preferences, loyalty recognition, and rewards across all three brands.

Speaker #3: 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.

Speaker #5: 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.

Speaker #3: And more than half of our onboard revenue was purchased before embarkation. That engagement provides a richer understanding of what our guests value and allows us to deliver more personalized recommendations while making the vacation easier to plan and enjoy.

Speaker #5: 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.

Speaker #3: These capabilities enable a more personalized itinerary across dining, entertainment, and destination experiences. 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.

Speaker #5: These enhancements strengthen the guest experience, improve returns on existing assets, and create even more reasons for guests to vacation with us more often. Our ships are platforms for experiences that cannot easily be replicated elsewhere.

Speaker #5: Taken together, our brands, ships, destinations, loyalty programs, and digital capabilities are increasingly operating as a connected system. Each interaction gives us the opportunity to better understand our guests so that we can improve their experience.

Speaker #3: 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.

Speaker #3: 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 Silver Sea fleet.

Speaker #5: This creates a strong reason to vacation with us again and 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 brands.

Speaker #3: These enhancements strengthen the guest experience improve return on existing assets, and create even more reason for guests to vacation with us more often. Our ships are platforms for experiences that cannot easily be replicated elsewhere.

Speaker #5: 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.

Speaker #3: Taken together, our brands, ships, destinations, loyalty programs, and digital capabilities are increasingly operating as a connected system. Each interaction gives us the opportunity to better understand the guest, so that we can improve their experience.

Speaker #5: Mahalwal 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.

Speaker #3: This creates a strong reason to vacation with us again and 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.

Speaker #5: Such initiatives create lasting value for local residents and support the region's long-term growth and vitality. In summary, demand for our brands remains strong and we expect another year of double-digit earnings growth.

Speaker #5: We continue to capture a greater share of the growing vacation market while investing in our future and returning significant capital to shareholders. While 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.

Speaker #3: 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.

Speaker #5: We remain fully committed to delivering the best vacation experiences responsibly, resulting in a record-breaking Net Promoter Score. All of this, combined with strong cost and capital discipline, further bolsters our expectations for delivering perfection next year.

Speaker #3: Mahawal 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.

Speaker #5: And with that, I will turn the call over to Naftali. Naf?

Speaker #3: Such initiatives create lasting value for local residents and support the region's long-term growth and vitality. In summary, demand for our brands remains strong and we expect another year of double-digit earnings growth.

Speaker #2: Thank you, Jason, and good morning, everyone. I will start by reviewing second quarter results. Adjusted earnings per share were $4.21. 33 cents higher than midpoint of our guidance and driven by higher revenue, lower costs, and favorability below the line.

Speaker #3: We continue to capture a 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.

Speaker #2: Including joint ventures. With delivered 6% more vacations and achieved a net yield growth of 1.2% compared to last year. To continue to expansion, of yields and capacity resulted in a total revenue growth of 6% for the quarter.

Speaker #3: 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.

Speaker #2: 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.

Speaker #2: We have seen consumers choosing to book closer to the vacation time mainly driven by flexibility and ease. Net cruise costs per APCD excluding fuel were up 3.9% year over year about 90 basis points better than expected driven by the timing of a cost shifting the second half of the year.

Speaker #3: And with that, I will turn the call over to Naftali. Naf?

Speaker #2: Thank you, Jason, and good morning, everyone. I will start by reviewing second quarter results. Adjusted earnings per share were $4.21. 33 cents higher than the midpoint of our guidance and driven by higher revenue, lower costs, and favorability below the line.

Speaker #2: Adjusted EBITDA was 1.8 billion. EBITDA margin was 38% and operating cash flow was 1.9 billion dollars. As Jason mentioned, our booked position is strong and in line with prior years at a record prices for 2026.

Speaker #2: Including joint ventures. With 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.

Speaker #2: While still very early, booking trends for 2027 are encouraging and pacing ahead of historical levels. Including our itineraries where demand was impacted by geopolitical events this year.

Speaker #2: 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.

Speaker #2: Consumers' desire for memorable experiences with our leading brands drives 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.

Speaker #2: We have seen consumers choosing to book closer to the vacation time mainly driven by flexibility and ease. 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 a costs shifting to the second half of the year.

Speaker #2: 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.

Speaker #2: 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 to grow yields even with elevated industry capacity in the region.

Speaker #2: 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.

Speaker #2: Europe will account for 14% of capacity for the year and 28% of capacity in the third quarter. Europe demand is strong with this; however, we experienced a modest and near-term impact on 2026 bookings since the last earnings call.

Speaker #2: 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.

Speaker #2: We plan deployment to optimize margin and operating income in 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.

Speaker #2: 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% as we continue to grow both yields and capacity.

Speaker #2: 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.

Speaker #2: As I mentioned, our yield guidance compared to April is impacted by prolonged, region-specific global events affecting select itineraries. 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.

Speaker #2: Europe will account for 14% of capacity for the year and 28% of capacity in the third quarter. Europe demand is strong. We did, however, experience a modest and near-term impact on 2026 bookings since the last earnings call.

Speaker #2: As I mentioned on the last call, the first half cost growth is expected to be higher than the second half driven by timing of dry docks and other year-over-year comparisons.

Speaker #2: 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.

Speaker #2: 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.

Speaker #2: Additionally, when prices subsided in June, we opportunistically hedged more for 2027. Based on current fuel prices, currency exchange rates, and interest expense, we expect adjusted earnings per share between $17.73 and $17.87.

Speaker #2: 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% as we continue to grow both yields and capacity.

Speaker #2: While our operating assumptions remain largely unchanged, we benefited from an improved outlook from our joint ventures and expenses below the line. More importantly, our confidence in the business remains high.

Speaker #2: As I mentioned, our yield guidance compared to April is impacted by prolonged region-specific global events affecting select itineraries. For the full year, net cruise cost 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.

Speaker #2: Supported by strong demand, a healthy booked 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 return capital to shareholders.

Speaker #2: 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.

Speaker #2: 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.

Speaker #2: We expect fuel expense to be 1.3 billion dollars for the year and our consumption for the remainder of 2026 is 58% hedged at significantly below market rates.

Speaker #2: As I mentioned earlier, deployment exchanges and global events have created yield headwinds in the third quarter. Looking ahead, we anticipate yield growth during the fourth quarter to re-accelerate.

Speaker #2: Additionally, when prices subsided in June, we opportunistically hedged 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.

Speaker #2: This growth is expected to be driven by a more favorable year-over-year comparison, deployment mix, and the timing of dry dock scheduling compared to last year.

Speaker #2: While this provides 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.

Speaker #2: While our operating assumptions remain largely unchanged, we've benefited from an improved outlook from our joint ventures and expenses below the line. More importantly, our confidence in the business remains high.

Speaker #2: 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. Returning to our balance sheet.

Speaker #2: We ended the quarter with 6.9 billion dollars in liquidity and leverage below three 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 dollars to a total capacity of 6.6 billion dollars.

Speaker #2: 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.

Speaker #2: We maintained strong access to diverse capital funding sources 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.

Speaker #2: As I mentioned earlier, deployment makes changes and global events have created yield headwinds in the third quarter. Looking ahead, we anticipate yield growth during the fourth quarter to re-accelerate.

Speaker #2: We have $805 million remaining under our current share repurchase program authorization. In closing, we remain committed and focused on our mission to deliver the best vacation experiences responsibly, as we work to deliver another year of strong results.

Speaker #2: This growth is expected to be driven by a more favorable year-over-year comparison deployment mix and the timing of dry dock scheduling compared to last year.

Speaker #2: 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.

Speaker #2: With that, I will ask our operator to open the call for a question-and-answer session.

Speaker #1: Thank you. We will now begin the question and answer session. If you would like to ask a question, please press star, then the number one on your telephone keypad to raise your hand and join the queue.

Speaker #2: 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. Earning to our balance sheet.

Speaker #1: If you would like to withdraw your question, simply press star-one again. Your first question comes from Matthew Voss at JP Morgan. Your line is open.

Speaker #2: We ended the quarter with 6.9 billion dollars in liquidity and leverage below three 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 dollars to a total capacity of 6.6 billion dollars.

Speaker #2: Thanks, and congratulations on a nice quarter.

Speaker #3: Thank you.

Speaker #2: So Jason, could you speak to the continued strength in onboard spending? I know historically this has been a key lead indicator for the health of your consumer.

Speaker #2: And can you elaborate on 2027 booking and pricing trends across regions?

Speaker #3: Sure. Thanks for the question, Matt. I hope all is well. I think on onboard side, there's a combination of things. One, as you pointed out, we're seeing about 180,000 people on a given day spend.

Speaker #2: We maintained strong access to diverse capital funding sources that support our robust liquidity and growth aspirations. As well as shareholder returns. During the second quarter, we paid $404 million dollars of dividends and repurchased 0.8 million shares.

Speaker #3: And so seeing elevated spend while we're on the ship is obviously a good sign or a good indicator of the health of the consumer or at least our guests with us each and every day.

Speaker #2: We have 805 million dollars remaining under our current share repurchase program authorization. In closing, we remain committed and focused on our mission to deliver the best vacation experiences responsibly as we've worked to deliver another year of strong results.

Speaker #3: I think also it’s very beneficial, and commented, is our ability to help our guests identify what they want to do on the ship prior to them getting on.

Speaker #3: So our investments in the technology and in the data to help curate well ahead of time allow our guests to book what they want to do and also to basically get the first day of the cruise back, so they're not spending their time trying to identify what there is to do.

Speaker #2: With that, I will ask our operator to open the call for a question and answer session.

Speaker #1: Thank you. We will now begin the question and answer session. If you would like to ask a question, please press star then the number one on your telephone keypad to raise your hand and join the queue.

Speaker #3: The combination of those things has resulted in a very strong trend of onboard revenue continuing to rise. I would also comment that, when we look at where our guests have spent on an elevated basis, you’ve seen an increase in spend in beverage, as an example, and shore excursions.

Speaker #1: If you would like to withdraw your question, simply press star one again. Your first question comes from Matthew Voss with JP Morgan. Your line is open.

Speaker #3: So seeking those experiences were higher than we had anticipated or we had seen in previous periods. On 2027, obviously first to start off, we're in July, so it's early.

Speaker #2: Thanks and congrats on a nice quarter.

Speaker #3: Thank you.

Speaker #2: So Jason, could you speak to the continued strength in onboard spending? I know historically this has been a key lead indicator for the health of your consumer.

Speaker #3: But we have seen very strong demand for 2027. So, as we said, they are at historical—which are very, very high—volumes. So our booking volumes are in a great place.

Speaker #2: And can you elaborate on 2027 booking and pricing trends across regions?

Speaker #3: 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.

Speaker #3: And of course, we're trying to optimize our yield—not just trying to be better than historical levels for the sake of it.

Speaker #3: 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.

Speaker #3: And so seeing elevated spend while they're on the ship is obviously a good sign or a good indicator of the health of the consumer or at least our guests that sail with us each and every day.

Speaker #3: So we feel good about 2027, which is also why we reaffirmed our view on reaching Perfecta by the end of next year.

Speaker #3: 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.

Speaker #1: Your next question comes from Steve Wysinski with Stiefel. Your line is open.

Speaker #3: 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 cruise back so they're not spending their time trying to identify what there is to do.

Speaker #4: Hey guys, good morning, and thanks for all the color so far. So Jason, I want to ask about the Caribbean. From our seat, it's pretty clear.

Speaker #4: 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 in the next year, wondering if you've seen the impact from the uptick in promotions and if that has started to impact your ability to take place in that market.

Speaker #3: The combination of those things has resulted in a very strong trend of onboard revenue continuing to rise. I would also comment that when we look at where our guests have spent on an elevated basis, you've seen an increase in spend in beverage as an example and shore excursions.

Speaker #4: 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?

Speaker #3: So seeking those experiences were higher than we had anticipated or we had seen in previous periods. On 2027, our obviously first to start off, we're in July, so it's early.

Speaker #3: 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.

Speaker #3: And, obviously, the results of geopolitical activity in the region and the impact on fuel, etc., did curtail, to a degree, the demand for Europe.

Speaker #3: But we have seen very strong demand for 2027. So as we said there at historical, which are very, very high volumes, so our booking volumes are in a great place.

Speaker #3: Now, that's not to say that European yields are down. European yields are still very good for this year, but they are less than what we had expected, too.

Speaker #3: 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.

Speaker #3: And so to the point, we would have raised the back half of the year, if not for those activities. I think on the Caribbean side, I know this has been one of the main stories or concerns for the year.

Speaker #3: 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.

Speaker #3: So we feel good about 2027, which is also why we reaffirmed our view on reaching perfecta by the end of next year.

Speaker #3: 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 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.

Speaker #1: Your next question comes from Steve Wysinski with Stiefel. Your line is open.

Speaker #3: Yeah, hey guys, good morning. And thanks for all the colors so far. So Jason, I want to ask about the Caribbean. From our seat, it's pretty clear.

Speaker #3: You combine that with what we've been able to do across loyalty and other technology-related things, and it has resulted in us getting more reps out of our customers that are higher-margin guests.

Speaker #3: 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.

Speaker #3: And so I think 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.

Speaker #3: And we continue to see strong demand going into next year.

Speaker #3: 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?

Speaker #4: 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.

Speaker #3: You would have been able to raise your yield guidance for the year?

Speaker #2: Sure. Well, 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.

Speaker #4: And Nassau, and it is incredibly popular. It's really a great product and a new product that we've introduced. You combine that with Perfect Day, where just shy of 4 million guests are going to Perfect Day.

Speaker #2: And obviously, the results of geopolitical activity in the region and the impact on fuel etc., did curtail to a degree. The demand for Europe.

Speaker #4: 2026, with two Icon Class ships and a third one coming in the fourth quarter. Back from Europe with the Oasis Class on the short product itineraries.

Speaker #4: We really so Jason's point, we have a phenomenal brand with Royal Caribbean and with the sister brands and we've got these unbelievable products that really do set Royal Caribbean apart from our competition.

Speaker #2: Now, that's not to say that European yields are down. European yields are still very good for this year, but they are less than what we had expected to.

Speaker #2: And so to the point, we would have raised the back half of the year if not for those activities. I think on the Caribbean side, I know this has been one of the main stories or concerns for the year.

Speaker #3: 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 the mid-70s, which is unicorn territory, we are incredibly intentional obviously about the vacation experience that we're delivering.

Speaker #2: 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.

Speaker #3: But while obviously our costs have been very strong, our cost management has been very strong. We have continued to lean in and invest in the product and in the vacation experience.

Speaker #3: And that has resulted in establishing incredible trust with our guests, which also fuels the repeat rate. Our customers value experiences, but they also want to ensure that they're going to get what they expect.

Speaker #2: 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 that are higher margin guests.

Speaker #3: And I think we're seeing that through the net promoter score, which is a great 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.

Speaker #2: 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.

Speaker #1: Your next question comes from Lizzie Dove with Goldman Sachs. Your line is open.

Speaker #2: And we continue to see strong demand going into next year.

Speaker #5: Hey, good morning. Thanks for taking the question. I just wanted to put kind of a final point on Matt's question on 2027. With Q4, what you've implied is a strong exit rate.

Speaker #3: Steve, it's my call. I've 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.

Speaker #5: You've got two years of easier costs. Caribbean next year I think should be more benign. I think Carnival is pulling maybe mid-single digit capacity out of the system.

Speaker #3: And it is incredibly popular. It's really a great product, a new product that we've introduced. You combine that with perfect day where just shy of four million guests going to perfect day and 2026 with two icon class ships and the third one coming in the fourth quarter, back from Europe, with the Oasis class on the short product itineraries.

Speaker #5: Versus maybe there’s some of a long tail from what we’ve seen with the Middle East this year. And so, I guess, given all of those puts and takes, how do you think about whether this is adding up to be potentially an above-algo year?

Speaker #3: 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.

Speaker #3: I mean, we really so Jason's point, we have a phenomenal brand with Royal Caribbean and with the sister brands and we've got these unbelievable products that really do set Royal Caribbean apart from our competition.

Speaker #3: Obviously, we are doing things, whether it's on the product, the experience, adding great hardware now as we've added Legend. We're bringing new destinations online.

Speaker #3: We're bringing River online, so there's a lot of great tailwinds going into 2027. I think it's too early, obviously, to think through exactly what the yield handle will be for next year.

Speaker #2: Yeah, the last part, 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 the mid-70s, which is unicorn territory, we are incredibly intentional, obviously, about the vacation experience that we're delivering.

Speaker #3: But we continue to believe that we drive tremendous shareholder value with modern yield growth, strong cost control, and by being very discerning about how we invest our capital and how we return capital to shareholders.

Speaker #2: But while obviously our costs have been very strong, our cost management has been very strong, we have continued to lean in and invest in the product and in the vacation experience.

Speaker #3: There are a lot of tailwinds, but we don't plan for perfection.

Speaker #1: Your next question comes from Robin Barley with UBS. Your line is open.

Speaker #2: And that has resulting in establishing incredible trust with our guests, which also fuels the repeat rate. And experiences are our customers value them, but they also want to ensure that they're going to get what they expect.

Speaker #2: Great, thanks very much. Just wanted to get a little bit of color around the 2027 commentary. There are just sort of two things I’m looking to clarify.

Speaker #2: You talk 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 up, and maybe the strategy is not to have it up at this point. Just kind of wondering where load is compared to this time last year.

Speaker #2: And I think we're seeing that through the net promoter score, which is a great 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.

Speaker #2: And then also, price on books for 2027—the release sort of talked about record, or didn't necessarily imply that price on the book is up for 2027 at the moment, but I think something in Jason's opening remarks mentioned it.

Speaker #1: Your next question comes from Lizzy Dove with Goldman Sachs. Your line is open.

Speaker #4: Hey, good morning. Thanks for taking the question. I just wanted to put kind of a finer point on Matt's question on it's a strong exit rate.

Speaker #2: So if you could just clarify also whether 'record for 2027' means year-over-year compared to the same time last year. Thanks.

Speaker #4: You've got two years of easier comps. Caribbean next year, I think, should be more benign. I think carnival is pulling maybe mid-single digit capacity out of the system.

Speaker #3: Yeah. So Robin, it's not. We feel very good about how it's pacing. It is early. Like Jason said, it is July. We booked very well and at high prices.

Speaker #4: Versus maybe there's some of a long tail 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 year?

Speaker #3: So we feel pretty good about next year.

Speaker #4: Yeah. 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 with where we have been booked on a load factor basis.

Speaker #2: Well, I don't know, Lizzy, if I would say the comps are easy. I mean, we've had substantial yield growth over the past several years.

Speaker #2: 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.

Speaker #4: Now, that has not said that's at the night. We use the term record pricing, which means higher pricing than we saw in the previous period.

Speaker #2: So there's a lot of, I think, great tailwinds going into 2027. I think it's too early, obviously, to think through exactly what the yield handle will be for next year.

Speaker #4: So that's all very positive news. But I think to 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 and growing price points to optimize our yield.

Speaker #2: But we continue to believe that we drive tremendous shareholder value with moderate yield growth, strong cost control, and being very discerning about how we invest our capital and how we return capital to shareholders.

Speaker #4: And so we're focused on, obviously, driving as much revenue as we possibly can. 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.

Speaker #2: But there are a lot of tailwinds, but we don't plan for perfection.

Speaker #1: Your next question comes from Robin Barley with UBS. Your line is open.

Speaker #4: As these tools have proven to be incredibly predictable and successful in helping us generate higher revenue.

Speaker #5: Great. Thanks very much. Just wanted to get a little bit of color around the 2027 commentary. Just sort of the two things looking to clarify.

Speaker #1: Your next question comes from Brant Montour with Barclays. Your line's open.

Speaker #6: Great. Thanks for taking my question. So recognizing that the Mexico timeline is a bit in question, the question is, does that affect your target of Western, Eastern Caribbean sort of 50/50 split in 28, 29 time range?

Speaker #5: You talk 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 up and maybe the strategy is not to have it up at this point, but just kind of wondering where load is compared to this time last year.

Speaker #5: 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 mentioned so if you could just clarify also whether record for 2027 means year-over-year compared to the same time last year.

Speaker #6: And if that is—if that does have to be changed, what is your capability of sort of managing in each case? Or does there need to be any sort of change to that split?

Speaker #4: Yeah. 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.

Speaker #5: Thanks.

Speaker #2: Yeah, so Robin, it's enough. 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.

Speaker #4: But I mean, what I would say is we are generating very strong demand out of ports like Galveston and Tampa and South Florida. For cruising in the Western Caribbean, 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 Manawal and Cozumel, etc.

Speaker #3: Yeah, 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.

Speaker #4: 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.

Speaker #3: Now, as Knopf said, that's at when we use the term record pricing, which means higher pricing than we saw in the previous period. So that's all very positive news.

Speaker #3: But I think 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.

Speaker #1: Your next question comes from James Hardeman with Citigroup. Your line is open.

Speaker #7: Hi, good morning. 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 headwind had begun to dissipate.

Speaker #3: And so we're focused on obviously driving as much revenue as we possibly can. 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.

Speaker #7: But then one of your competitors talked about a step back in May and then some improvement in June. I'm curious if you guys would generally agree with that shape of events, and what, if anything, you could tell us about July?

Speaker #7: I think, more than anything, people are just sort of looking for the exit rate or the most recent data point as some barometer of where this is all headed.

Speaker #3: As these tools have found themselves to be incredibly predictable and successful in helping us generate higher revenue.

Speaker #4: 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.

Speaker #1: Your next question comes from Brant Montour with Barclays. Your line is open.

Speaker #4: When we came to our call, we had seen a great rebound in the month of April from some of the geopolitical noise that was happening before that.

Speaker #6: Great. Thanks for taking my question. So recognizing that the Mexico timeline is a bit in question, the question is, does that affect your target of Western, Eastern, Caribbean sort of 50/50 split in 28, 29 time range?

Speaker #4: And then a few weeks after the call, you saw some I want to just stress, we're talking about things that are highly on the margin.

Speaker #4: These are small changes that can have some impact on our revenue and booking environment. We saw a little bit of that in May, but we saw really most of June and certainly in July a very strong demand environment.

Speaker #6: And if that is, if that does have to be changed or what is your capability of sort of managing any shifts? Or does there need to be any sort of change to that split?

Speaker #3: Yeah, Brand, 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.

Speaker #4: We're seeing strong volumes and we're seeing, as we commented on the pricing, here now for 2026 and into 2027. So there's some geopolitical noise that's out there.

Speaker #4: There are always some ebbs and flows that happen, and then the booking activity. But across our products, we see strong demand from our consumers.

Speaker #3: But I mean, what I would say is we are generating very strong demand out of home ports like Galveston, and Tampa, and South Florida.

Speaker #1: Your next question comes from Sharon Zakia with Wing Blair. Your line is open.

Speaker #3: For cruising in the Western Caribbean, that we believe will be able to deliver that with a set of different vacation experience and destination experiences that we think will be highlighted by Manawal and Cozumel, etc.

Speaker #2: Question. I seem to recall you were working on a project to kind of enhance onboard spending with the app while passengers are onboard. With some sort of rollout next year.

Speaker #3: 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.

Speaker #2: I don't recall if that's still the timeline. And maybe, if you can, refresh our memory on how to make the spending more frictionless once onboard, in a digital mechanism.

Speaker #4: Yeah. 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.

Speaker #1: Your next question comes from James Hardeman with Citigroup. Your line is open.

Speaker #4: So we're getting better and better at identifying what our guests are looking to do and then personalizing that. And so some of that is released inside the app.

Speaker #7: Hi, good morning. So maybe just walk us through the last few months and what you've demand. Obviously, as of your last call, it seemed like the geopolitical headwind had begun to dissipate.

Speaker #4: You'll start to see this in early next year, and these tools will get smarter and smarter. Again, we're doing this in a way that is really to help enhance the guest experience.

Speaker #7: 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?

Speaker #4: 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.

Speaker #6: Just maybe to add one thing, of course, we're focused on across the journey. So this is one piece and the other pieces that we're working on.

Speaker #7: I think more than anything, people are just sort of looking for the exit rate or the most recent data point as some barometer of where this has all headed.

Speaker #6: We want to simplify the way people explore. And understand the options that we offer and making sure that through other booking journey,

Speaker #7: Thanks.

Speaker #3: Yeah. 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.

Speaker #3: 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.

Speaker #1: Your next question comes from Connor Cunningham with Melius Research. Your line is open.

Speaker #8: Hi, everyone. Thank you. There have been a lot of questions around the 27th bridge, but I was actually hoping to make it a little bit more near-term.

Speaker #3: 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.

Speaker #8: Just the applied fourth quarter obviously steps up from Q3, and I know there's been 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.

Speaker #3: 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, but we saw really most of June and certainly in July a very strong demand environment.

Speaker #8: 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 expiration limit.

Speaker #8: So important to the 2027 bridge. Thank you.

Speaker #1: 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 it's hard to compare quarter over quarter versus last year.

Speaker #3: We're seeing strong volumes. And we're seeing, as we've commented on the pricing, here now for 2026 and into 2027. So there's some geopolitical noise that's out there.

Speaker #1: There are so many moving pieces, right? So, one, we have the timing of new ships, deployment changes, dry dock days, capacity changes, and mixes between the Caribbean and Europe.

Speaker #3: There's always some ebbs and flows that happen. And the booking activity but across our products, we see strong demand from our consumers.

Speaker #1: So all of those are impacting quarter over quarter. And this year, it's obviously between the third 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.

Speaker #1: Your next question comes from Sharon Blair. Your line's open.

Speaker #1: And the same, similar, I guess, tailwind to the fourth quarter is how I would describe it. Your next question comes from David Katz with Jefferies.

Speaker #5: Question. I seem to recall you were working on a project to kind of enhance onboard spending with the app while passengers are onboard with some sort of rollout next year.

Speaker #5: 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 onboard in a digital mechanism.

Speaker #1: Your line is open.

Speaker #9: Hi. Good morning, everybody. Thanks for taking the question. If we're seeing this the right way or our math is right, it appears that average itinerary length is getting just a little bit shorter.

Speaker #3: Yeah. 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.

Speaker #9: 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 implications of that.

Speaker #3: So we're getting better and better. At identifying what our guests are looking to do and then personalizing that. And so some of that is released to inside the app.

Speaker #4: Yeah. Well, obviously there's been investments in our destinations where our guests are seeking to visit—places like Perfect Day and the World Beach Club, etc.

Speaker #3: You'll start to see in early next year and these tools get smarter and smarter. Again, we're doing this in a way that is really to help enhance the guest experience.

Speaker #4: And that allows us to offer a more elevated short product. And so the question is, why are we doing that? We're doing that because the consumer—especially, keep in mind, half of our guests are millennials or younger now.

Speaker #3: 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.

Speaker #4: Their profile for vacation today, as their kids start to get older, etc., they start going and getting married and moving towards that direction.

Speaker #7: Just maybe to add one thing and of course, we're focused on across the journey. So this is one piece and there's other pieces that we're working on.

Speaker #7: We want to simplify the way people explore everything. And understand the options that we offer and making sure that through all the booking journey, it's frictionless.

Speaker #4: In their current state, they like to take shorter vacations, and they like to do them more frequently. They tend to spend the same amount of money on a short vacation as they would on a long vacation.

Speaker #4: And so we have developed and curated a series of products and especially in the short Caribbean space. It's a little bit shorter than the normal seven-night.

Speaker #1: Your next question comes from Connor Cunningham with Melius Research. Your line is open.

Speaker #8: Hi, everyone. Thank you. 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.

Speaker #4: And that's generating very high demand. It's always our are we delivering a product they're looking for, but it's also from the onboard side it's a product that they're great weekend getaways, great just general getaways.

Speaker #8: Just the implied fourth quarter, obviously steps up from 3Q and I know there's been 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.

Speaker #4: We're getting, and that's why you're seeing the investments—further investments—in more of these World Beach Clubs. We're putting better assets there, and that's all reeling in higher frequency and new-to-cruise.

Speaker #8: 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 extra rate given it.

Speaker #8: So important to the 2027 bridge. Thank you.

Speaker #4: Which is feeding the future.

Speaker #1: 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?

Speaker #9: And David, just to add—it's 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 seven-night itinerary, which is unbelievably popular.

Speaker #1: So one, you have the timing of new ships, deployment changes, dry dock days, capacity changes and mixes between Caribbean and Europe. So all of those are impacting quarter over quarter.

Speaker #9: 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 seven-night, particularly in the Caribbean, which is unbelievably popular for the families.

Speaker #1: And this year, it's obviously between the third 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.

Speaker #9: 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 seven-night Caribbean.

Speaker #1: And the same similar I guess tailwind to the fourth quarter. Is how I would describe it. Your next question comes from David Katz with Jefferies.

Speaker #1: And just the last thing, to kind of look at our deployment, it's short this year versus last year. On a mixed basis, not significantly higher than just the capacity growth.

Speaker #1: So, we do have that growth, but then other products as well. Your next question comes from Vince Siepel with Cleveland Research. Your line is open.

Speaker #1: Your line is open.

Speaker #9: Hi. Good morning, everybody. Thanks for taking my question. If we're seeing this the right way or our math is right, it appears that average itinerary length is getting just a little bit shorter.

Speaker #8: Great. Thanks for all the color on bookings and unpacking the geopolitical impact. You had acknowledged that it had some impact here on 26th yield.

Speaker #8: At this point, 2027 sounds like a really great spot. Very strong demand in June and July, despite a recent uptick with everything going on in the Strait recently.

Speaker #9: 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 implications of that.

Speaker #8: So just kind of curious, do you think cruise bidders are becoming desensitized to the situation? It's becoming old news or is it just more of a mixed thing where you book a more Caribbean right now just would be curious your take on why you think the recent trend has been so much stronger?

Speaker #3: Yeah. Well, we've obviously there's been investments on our destinations where you are guests are seeking to visit places like Perfect Day and the Royal Beach Club, etc.

Speaker #4: Well, I think there's a series of things going on. I mean, first off, I think when we think kind of further out, these geopolitical events have had little to no impact on us or thinking six months down the road.

Speaker #3: And that allows us to offer a more elevated short product. And so the question is, why are we doing that? We're doing that is because the consumer, especially keep in mind half of our guests are millennials or younger now.

Speaker #4: They could impact more on what they're trying to do with three to six months. They might be a little bit hesitant longer term within 12 months when they're looking at airfare, right?

Speaker #3: Their profile for a vacation today as they start as their kids start to get older, etc. Or they start going in and getting married and moving towards that direction.

Speaker #4: Because airfare is typically published within about 12 month period of time. But that stuff is typically just noise. And I think we have seen time and time again now that our business is incredibly resilient.

Speaker #3: And their current state, they like to take shorter vacations. They like to do them more frequently. But they tend to spend the same amount of money that they would spend on a short vacation as they would on a long vacation.

Speaker #4: Our consumer is resilient. When things are happening around the world, I don't—I think the term 'desensitized,' because I don't think people are looking to be desensitized or ignore what's happening.

Speaker #3: And so we have developed and curated a series of products and especially in the short Caribbean space that's a little bit shorter than the normal seven-night.

Speaker #4: But I think that as things get resolved or move into a different place, or maybe it becomes a little bit more of a new normal, they're then back and focused on what is critically important to them.

Speaker #3: And that's generating very high demand. It's not only is there are we delivering a product that they're looking for, but it's also for the onboard side it's a product that they're great weekend getaways or great just general getaways that we're getting.

Speaker #4: And building memories and experiences with their friends and family are at the very highest of their priority list. And I think that's why we see a very resilient consumer across all of our brands, which are all different segments, obviously.

Speaker #3: And that's why you're seeing the investments further investments and more of these the 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.

Speaker #4: They're out there. It might change a little bit about this year; might instead go to this location versus that location. But again, this stuff is very much on the margin.

Speaker #4: 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 their vacation with us, which you see in bookings on volume and on a rate basis.

Speaker #9: And David, just to add, as 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 seven-night itinerary, which is unbelievably populous.

Speaker #4: As we look at the build for 2027.

Speaker #1: Your next question comes from Trey Bowers with Wells Fargo. Your line is open.

Speaker #6: Hey guys, thanks for the question. I actually wanted to pivot next to a kind of bigger picture question. When one of your big competitors in river talks about that business, they talk about how important it is to drive the ocean business.

Speaker #6: 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?

Speaker #9: 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 seven-night Caribbean.

Speaker #6: Thanks so much.

Speaker #4: Sure. Well, first, I think when we think about river for Celebrity, obviously we have high ambitions there. We have this incredible database, or set of customers, that trust their vacation experience with us and have been seeking an elevated experience on river.

Speaker #1: 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.

Speaker #1: So we do have that growth, but then other products as well. Your next question comes from Vince Siepel with Cleveland Research. Your line is open.

Speaker #4: And especially for our Celebrity customers, we're effectively miniaturizing an Edge-class ship and putting it in a river. And that look and feel of the ship and the experience is what they're looking for.

Speaker #8: Great. Thanks for all the color on bookings and unpacking the geopolitical impact. You acknowledge that it had some impact here on 26 yield. At this point, 2027 sounds like it's in a really great spot.

Speaker #4: And now, when you go deeper and you elevate that on land, where our goal is for our guests to be able to walk away with a story in these different locations, that drives a lot of just organic demand for us.

Speaker #8: You noted very strong demand in June and July. Despite a recent uptick with everything going on in the strait recently. So just kind of curious, do you think cruise bookers are becoming desensitized to the situation?

Speaker #4: And with that, we're seeing pricing that is higher than what we see in the competitive set for river. Now, over time, we expect that all this will be great tailwinds to our yields.

Speaker #8: It's kind of becoming old news or is it just more of a mixed 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.

Speaker #4: For our celebrity brand and for our other brands, again, as we get more and more reps in our ecosystem, and our goal of this lifetime of vacations, we're seeing that, having it in the early stages, we're seeing that today.

Speaker #3: Well, I think there's a series of things going on. I mean, 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.

Speaker #4: We're seeing more repeat those repeat guests spend 20 to 25 percent more and now for us to be able to offer them more another vacation experience that is typically not substituted in additional vacation.

Speaker #3: They could impact more on what they're trying to do three to six months. There might be a little bit hesitant longer term within 12 months when they're looking at airfare, right?

Speaker #4: We feel very encouraged by the level of demand that we're seeing.

Speaker #3: Because airfare is typically published within about 12-month period of time. But that stuff is typically just noise. And I think we have seen time and time again now that our business is incredibly resilient.

Speaker #8: We also see a lot of interest from the Royal Caribbean guests for Celebrity River, which is really great news. It's been very positive, the response to this new product.

Speaker #3: Our consumer is resilient. When things are happening around the world, I don't I think the term desensitized because I don't I think I don't think people are looking to be desensitized or ignore what's happening.

Speaker #1: Your next question comes from Jamie Rollo with Morgan Stanley. Your line is open.

Speaker #6: Great. Thanks for taking my question. Could you please talk a little bit about where you are on maximizing per diem rather than pricing to fill?

Speaker #3: 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 and focused on what is critically important to them.

Speaker #6: 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 to 12 months if it continues to see this demand shift to later booking?

Speaker #3: And building memories and experiences with their friends and family are at the very highest of their priority list. 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.

Speaker #6: Thank you.

Speaker #4: Sure. Well, I think first on the pricing side, Jamie, we every day 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 we're offering and they're willing to consider moderate price increases that we have been putting out there.

Speaker #3: It might change a little bit about this year. I might instead go to this location versus that location. But again, this stuff is very much on the margin.

Speaker #3: There is 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 their vacation with us, which you see in the bookings on a volume and on a rate basis.

Speaker #4: There are times, like we talked about geopolitically, that there are things that could be in play where we might not take that same level of load factor while maintaining price integrity.

Speaker #4: But for the most part, when we look at our book load factor basis and we've seen this very much so over the past call it two to four weeks or two to four weeks, is we see really high demand going out.

Speaker #3: As we look at the build for 2027.

Speaker #1: Your next question comes from Trey Bowers with Wells Fargo. Your line is open.

Speaker #4: 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.

Speaker #5: Hey guys, thanks for the question. I actually wanted to to pivot next kind of a bigger picture question. When one of your big competitors in river talks about that business, they talk about how important it is to drive the ocean business.

Speaker #1: Your next question comes from Zan Su with BNP Paribas. Your line is open.

Speaker #5: 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?

Speaker #7: Hi guys. Thanks for the question. You talked about strength and 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?

Speaker #7: I know you mentioned maybe they're just waiting closer to, but is there anything you're doing in particular to try and stay in front of that consumer?

Speaker #5: Thanks so much.

Speaker #3: Sure. Well, first, I think when we think about river for celebrity and obviously we have high ambitions there. We have this incredible database or set of customers that trust their vacation experience with us and have been seeking an elevated experience on river.

Speaker #7: 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?

Speaker #7: Thank you.

Speaker #4: Yeah. Well, I'll just start off on the latter. I mean, there's definitely been an increase in repeat cruisers, so we're getting more reps out of our guests.

Speaker #4: And I think that helps ensure long-term demand for our business. One of the things we commented on in our remarks, because obviously we're talking with our guests all the time, is that we have seen—really for the past three or four years—close-in demand coming in higher than we had expected it to.

Speaker #3: 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 ship and the experience is what they're looking for.

Speaker #3: And now when you go deeper and you elevate that on land, where our guests or our goal is for our guests to be able to walk away with a story in these different locations, that drives a lot of just organic demand for us.

Speaker #4: As we have made it a lot easier to book closer in than in the past. And our guests appreciate flexibility. And optionality and the flexibility is important because maybe they haven't decided whether they're going to go away in two weeks or six weeks or whatever it might be.

Speaker #3: And with that, we're seeing pricing that is higher than what we see in the competitive set for river. Now, over time, we expect that our that all this will be great tailwinds to our yields.

Speaker #4: 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.

Speaker #3: 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.

Speaker #4: So I mean, and also the close-in demand if you followed our business 10 years ago, and before, we would typically have to discount for close-in demand.

Speaker #3: And we're seeing that and I think it's in the early stages. We're seeing that today. We're seeing more repeat those repeat guests spend 20 to 25% more and now for us to be able to offer them more another vacation experience that is typically not a substitute.

Speaker #4: And today, for close-in demand, we’re able to increase our pricing, so we’re happy to harvest that.

Speaker #1: That concludes our Q&A session. I will now turn the conference back over to Naftali Holtz, EVP and CFO, for any closing remarks.

Speaker #3: It's an additional vacation. We feel very encouraged by that level of demand that we're seeing.

Speaker #6: Thank you all for your participation and interest. Mike will be available for any follow-up. We wish you all a great day.

Speaker #8: We also see a lot of interest from the role Caribbean guests for celebrity river, which is really great news. I mean, it's been very positive.

Speaker #8: The response to this new product.

Speaker #1: Your next question comes from Jamie Rollo with Morgan Stanley. Your line is open.

Speaker #5: Great. Thanks for taking my question. Could you please talk a little bit about where you are on maximizing per DMs rather than pricing to fill?

Speaker #5: 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?

Speaker #5: Thank you.

Speaker #3: Sure. Well, I think first on the pricing side, Jamie, we every day 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 we're offering and they're willing to consider moderate price increases.

Speaker #3: That we have been putting out there. There are times like we've talked about geopolitically that there are things that could be in play that we might not take that same level of load factor while maintaining price integrity.

Speaker #3: But for the most part, when we look at our book load factor basis and we've seen this very much so over the past call it 2 to 4 weeks or 3 to 4 weeks, is we see really high demand going out.

Speaker #3: So our load factor position, we're managing that to its optimal level on putting us in a position to be able to raise prices into the future.

Speaker #1: Your next question comes from Zan Su with BNP Paribas. Your line is open.

Speaker #6: Hi guys. Thanks for the question. You talked about strength and 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?

Speaker #6: I know you mentioned or maybe you're just waiting closer to, but anything you're doing in particular to try and stay in front of that consumer?

Speaker #6: 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?

Speaker #6: Thank you.

Speaker #3: Yeah. Well, I'll just start off on the latter. I mean, there's definitely been an increase in the repeat cruise. So we're getting more reps out of our guests.

Speaker #3: And I think that's that helps in short and long term. Demand for our business. One of the things we commented in our remarks, because obviously we're talking with our guests all the time, we have seen I mean, really for the past 3 or 4 years, close-in demand coming in higher than we had expected it to.

Speaker #3: As we have made it a lot easier to book closer in than in the past. 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 2 weeks or 6 weeks or whatever it might be.

Speaker #3: 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.

Speaker #3: So we like I mean, and also the close-in demand if you followed our business 10 years ago, and before, we would typically have to discount for close-in demand.

Speaker #3: And today, for close-in demand, we're able to increase our pricing so we're happy to harvest that.

Speaker #1: That concludes our Q&A session. I will now turn the conference back over to Naftali Holtz, EVP CFO, for any closing remarks.

Speaker #2: Thank you all for your participation and interest. Blake will be available for any follow-ups. We wish you all a great day.

Q2 2026 Royal Caribbean Group Earnings Call

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