ROYAL CARIBBEAN CRUISES Business Summary

Royal Caribbean Group (RCL) operates as a leading global cruise vacation company, generating revenue through two primary streams: passenger ticket sales and high-margin onboard revenue, which includes expenditures on shore excursions, specialty dining, casinos, and beverage packages. The company manages a diverse portfolio through three wholly-owned brands—Royal Caribbean International, Celebrity Cruises, and Silversea Cruises—alongside a 50% stake in a joint venture operating TUI Cruises and Hapag-Lloyd Cruises. This multi-brand strategy allows RCL to target segments ranging from contemporary and premium to ultra-luxury and expedition cruising. Its primary competitors include Carnival Corporation & plc, Norwegian Cruise Line Holdings, and MSC Cruises. Within this landscape, RCL distinguishes itself as the industry’s innovation leader, consistently commanding higher yields and maintaining the largest market capitalization among publicly traded cruise operators by leveraging its "Icon" and "Oasis" class mega-ships to drive premium pricing. Founded in 1969 by Ed Stephan and a consortium of Norwegian shipping firms led by Arne Wilhelmsen, the company is currently led by Chairman and CEO Jason Liberty, who previously served as the Group’s CFO and has been instrumental in the "Perfecta" financial program. The executive leadership team includes Naftali Holtz as Chief Financial Officer and Martha Poulter as Senior Vice President and Chief Information Officer, who oversees the company’s digital transformation and IT infrastructure. Key brand leadership is provided by Michael Bayley (President and CEO of Royal Caribbean International), Laura Hodges Bethge (President of Celebrity Cruises), and Bert Hernandez (President of Silversea). The board is chaired by Liberty and includes industry veterans like Chairman Emeritus Richard D. Fain and recent February 2026 appointee Christopher J. Wiernicki. Notable institutional backing comes from major asset managers including The Vanguard Group, BlackRock, and State Street Corporation, which collectively hold a significant portion of the company’s equity as it targets a 20% earnings CAGR through 2027.