Carnival Corporation’s Holland America Line division has rolled out over 150 new cultural shore excursions under its “Meet the Maker” and “Community Connections” collections. These offerings span regions from Tasmania’s countryside to Greece’s olive groves and New Zealand’s Bay of Islands, promising hands-on experiences with local artisans, chefs and community hosts. By charging premium excursion prices—typically ranging from $150 to $300 per person—management expects to increase onboard revenue by 5% to 7% in fiscal 2026, building on last year’s $850 million in cruise tour income.

Carnival’s pricing strategy continues to drive strong net yield growth, with forward bookings for fiscal 2026 reflecting average rates up 12% year-over-year on key itineraries. Occupancy levels stand at 104% of theoretical capacity, driven by exclusive destinations such as the newly acquired Celebration Key island retreat. Management projects net yields rising 8% to 10% in the current fiscal year, supporting margin expansion targets of 300 to 350 basis points compared to pre-pandemic levels.

Carnival has reduced net leverage to 3.1x adjusted EBITDA through disciplined debt repayments and free cash flow generation, having retired $2.5 billion of debt since early 2024. The company also plans to unify its dual-listed structure by merging its U.S. and U.K. entities, a move expected to improve index inclusion, increase stock liquidity and lower the cost of capital by an estimated 25 basis points. This simplification is scheduled for completion by mid-2026 and could trigger a valuation re-rating among global investors.