ROYAL CARIBBEAN CRUISES LTD (RCL) Risk Factors

Recent key developments

Concrete developments — dated events, named agreements and instruments, legal proceedings — that ROYAL CARIBBEAN CRUISES LTD surfaced in its latest filing.

• As of December 31, 2025, 47 new ships with approximately 113,000 berths were on order for delivery through 2029 in the cruise industry, including twelve ships scheduled for delivery to our Global and Partner Brands.December 31, 2025
• As of December 31, 2025, we had approximately $1.6 billion of indebtedness that bears interest at variable rates, net of our interest rate swap agreements, representing 7.4% of total indebtedness.December 31, 2025
• Approximately 87% of shipboard employees were covered by collective bargaining agreements as of December 31, 2025.December 31, 2025
• Investments in port and terminal facilities and private destination projects in jurisdictions such as Mexico and the Bahamas.
• The European Union has enacted parts of a series of significant carbon reforms under its Fit for 55 package designed to meet its 2030 emission goals, which would require us, among other things, to purchase emission allowances, increase the use of low carbon fuel onboard our vessels as well as connectivity to shore power.
• Various state, regional and foreign government or regulatory agencies have enacted, or may enact, environmental regulations or policies, such as requiring the use of low sulfur fuels (e.g., IMO Sulfur Limit) or the carbon intensity indicator regulation ("CII").
• Substantially all ships will be within U.K. tonnage tax from 2026.2026
• NGOs, community groups, or other stakeholders may bring claims related to environmental impact, cultural heritage, or land use, resulting in litigation, administrative proceedings, reputational harm, or additional compliance costs.