Carnival

Booking visibility is strong: record deposits and a long booking curve, with 2026 cumulative bookings in line with 2025 at historically high prices. Yet exogenous shocks (fuel prices, extreme weather, port/geopolitical disruptions, pandemics) and macro sensitivity make results inherently cyclical.

The business has improved structural resilience post‑refinancing, but we do not view cash flows as comparable to toll‑booth franchises.