Carnival Corporation & plc

Shareholders of Carnival Corporation Ltd. and Carnival UK Ltd.

Because this record covers two legal persons, it covers two share registers and, until 7 May 2026, two different disclosure regimes. Holdings in Carnival Corporation were not holdings in Carnival plc and the two sets of shares traded on different exchanges. Carnival Corporation’s common stock was subject to the United States regime, so its major holders appear in Schedules 13D and 13G filed with the SEC. Carnival plc’s ordinary shares were subject to the United Kingdom regime, so its major holders appear in TR-1 major-holding notifications made under the FCA Disclosure Guidance and Transparency Rules and announced through the market; because its American Depositary Shares were also listed in New York, some of its holders filed Schedules 13G as well. Presenting one company’s 5% holders as the other’s would misstate the facts, and the figures below are labelled with the register and the regime they come from.

The last disclosure made on the two-register basis is the joint proxy statement filed on 27 February 2026, stated as at 13 January 2026. It sets out both denominators explicitly, which matters because percentages are meaningless without them. For Carnival Corporation the base was 1,236,706,612 shares of common stock and paired trust shares of beneficial interest in the P&O Princess Special Voting Trust. For Carnival plc the base was 217,413,915 ordinary shares issued, less 42,876,272 ordinary shares held by Carnival Corporation and 28,927,231 ordinary shares held in treasury, neither of which carried voting rights, leaving 145,610,412 voting ordinary shares.

On the Carnival Corporation register at that date, and sourced to the United States regime, the disclosed holders above 5% were Vanguard Group with 113,163,718 shares, 9.2%, per a Schedule 13G/A of 13 February 2024; BlackRock, Inc. with 65,117,160 shares, 5.3%, per a Schedule 13G/A of 2 February 2024; and the members of the Arison Group, who filed a joint Schedule 13D. Within that group, MA 1994 B Shares, L.P., MA 1994 B Shares, Inc. and the Nickel 2015-94 B Trust were each shown at the same 80,736,445 shares, 6.5%; KLR, LLC at 83,158,949 shares, 6.7%; and Richard L. Kohan at 94,144,908 shares, 7.6%. Micky Arison was shown at 94,142,908 shares, 7.6% of Carnival Corporation and 6.8% of the combined voting power of the two companies. Because each member of that group may be deemed to own the shares held by the others, these figures overlap and must not be added together. The group’s aggregate interest was stated as approximately 7.6% of the voting power of Carnival Corporation and approximately 6.8% of the combined voting power.

On the Carnival plc register at the same date, the disclosed holders were Norges Bank with 13,742,702 ordinary shares, 9.4%, per a Schedule 13G/A of 10 February 2025; Barclays PLC with 7,534,528 ordinary shares, 5.2%, taken from a TR-1 notification received by Carnival plc on 9 January 2025 and made up of 4,946,819 direct voting rights plus voting rights over 28,189 shares subject to a right of recall, 2,468,126 through contracts for difference, 89,182 through an equity swap and 2,212 through a portfolio swap; and BlackRock, Inc. with 6,871,539 ordinary shares, 4.7%, per a Schedule 13G/A of 29 April 2025. Norges Bank and Barclays PLC held nothing on the Carnival Corporation register, and Vanguard held nothing on the Carnival plc register. BlackRock was the only holder disclosed on both. Readers should note that the plc percentages are calculated on the 145,610,412 voting share base described above and not on the 217,413,915 shares in issue; the same holdings expressed against shares in issue would be materially lower.

Since 7 May 2026 there has been a single register. The most recent post-unification filings are a Schedule 13G filed on 27 July 2026 by BlackRock, Inc. reporting 92,488,135 common shares, 6.8%, as at 30 June 2026, with sole voting power over 86,069,788 of them; and a Schedule 13G filed on 29 April 2026 by Vanguard Capital Management LLC reporting 85,119,940 shares, 6.87%, as at 31 March 2026. Separately, The Vanguard Group, Inc. filed a Schedule 13G/A on 26 March 2026 reducing its reported holding to nil, stating that an internal realignment on 12 January 2026 moved the holdings to affiliates that now report on a disaggregated basis, so the name of the reporting holder changed without the underlying position necessarily changing. The security identifier also changed with the redomiciliation: the BlackRock filing uses CUSIP G2004J103 for the Bermuda company’s common shares, where the earlier Vanguard filing used 143658300 for the Panamanian company’s common stock.

For the Arison interest after unification, Micky Arison’s Form 4 of 26 August 2026 reports 80,736,445 shares held indirectly through MA 1994 B Shares, L.P. and 13,406,463 shares held indirectly through various trusts, of which the filing states he disclaims beneficial ownership of the shares held by three of them. Against the 1,344,610,129 common shares outstanding at 22 September 2026, that combined reported figure is about 7.0%. No effective ownership percentage is calculated here, because the trust instruments and the interests within them are not published in full.

Ultimate beneficial ownership

No ultimate beneficial owner of Carnival Corporation Ltd. can be verified from an authoritative source, and none is asserted. The company is a widely held company listed on the New York Stock Exchange and no disclosed holder reaches 10% of the common shares. Bermuda maintains a register of beneficial owners under its Companies Act but that register is not open to the public, so there is no Bermudian filing to inspect. The largest single reported interest, the Arison family holdings at about 7.0%, sits below the 25% threshold commonly applied in the European Union and the United Kingdom and below Bermuda’s own 25% reporting threshold, so it does not support a beneficial-ownership conclusion. For Carnival UK Ltd. the Companies House register carries no persons-with-significant-control data; the register records an exemption claimed from 17 October 2018 on the ground that the company had voting shares admitted to trading on a UK regulated market. That listing was cancelled on 7 May 2026, yet as at the date of this review no PSC record has appeared, so the UK register does not currently identify a controlling person for that company either.

What the stored shareholder rows are, and where they are wrong

The shareholder rows held against this record are the first 5 of a 25-row set, carrying a verification date of 4 September 2026, and they should not be read as ownership. Every percentage in them is calculated on an implied denominator of 644,909,718 shares, which is 52.1% of the 1,236,706,612 Carnival Corporation shares outstanding at 13 January 2026 and 48.0% of the 1,344,610,129 shares outstanding at 22 September 2026. The stored rows therefore roughly double every holding: Vanguard is shown at 19.81% for 127,764,837 shares, where that number of shares is 9.50% of the current share count; BlackRock is shown at 12.28% for 79,174,742 shares, where the current Schedule 13G reports 92,488,135 shares at 6.8%. The largest holder is missing altogether, because no Arison Group entity, trust or individual appears anywhere in the set. The holder names are also out of date: the entity named “Vanguard Group Inc” has reported a nil holding since 26 March 2026, and the Vanguard position is now reported by Vanguard Capital Management LLC at 85,119,940 shares. Every row is labelled share type “ORDINARY”, but the listed class of Carnival Corporation Ltd. is common shares of USD 0.01 par value; “ordinary shares” was the Carnival plc class, and that class is no longer listed, so the rows apply one entity’s share terminology to the other entity’s holder list. The money columns are market values derived from a USD 25.32 share price rather than nominal values, and they are not evidence of a registered holding. None of the rows carries a filing reference, a register, or a regime.

Data availability

Major shareholders only, for both entities. Bermuda does not publish a company’s share register and its beneficial-ownership register is closed to the public, so ownership of Carnival Corporation Ltd. is visible only through the United States disclosure regime, which captures holders above 5% and insiders, and never the full shareholder base of a company with more than 1.3 billion shares in issue. For Carnival UK Ltd., Companies House publishes shareholder information in confirmation statements and a PSC register, but the PSC register is presently empty under an exemption claimed while the company was listed, and the information is partial as a result. Nothing here should be read as evidence that either company has no beneficial owners; it reflects what the two registers and the two securities regimes publish.

Sources

Joint definitive proxy statement of Carnival Corporation and Carnival plc, filed 27 February 2026, share ownership as at 13 January 2026: https://www.sec.gov/Archives/edgar/data/815097/000110465926021074/tm2529359-1_def14a.htm (filed 27 February 2026, retrieved 30 September 2026).

Schedule 13G of BlackRock, Inc. in respect of Carnival Corp Ltd., event date 30 June 2026: https://www.sec.gov/Archives/edgar/data/815097/000201238326002138/primary_doc.xml (filed 27 July 2026, retrieved 30 September 2026).

Schedule 13G of Vanguard Capital Management LLC, event date 31 March 2026: https://www.sec.gov/Archives/edgar/data/815097/000210011926000206/primary_doc.xml (filed 29 April 2026, retrieved 30 September 2026).

Schedule 13G/A of The Vanguard Group, Inc. reporting a nil holding after its 12 January 2026 realignment: https://www.sec.gov/Archives/edgar/data/815097/000010290926000866/primary_doc.xml (filed 26 March 2026, retrieved 30 September 2026).

Form 4 of Micky Meir Arison, transactions of 24 and 25 August 2026: https://www.sec.gov/Archives/edgar/data/815097/000095014226002436/es260824547_4-marison.xml (filed 26 August 2026, retrieved 30 September 2026).

Form 10-Q of Carnival Corporation Ltd. for the quarter ended 31 August 2026, share count as at 22 September 2026: https://www.sec.gov/Archives/edgar/data/815097/000081509726000107/ccl-20260831.htm (filed 29 September 2026, retrieved 30 September 2026).

Companies House persons-with-significant-control page for CARNIVAL UK LTD., company 04039524: https://find-and-update.company-information.service.gov.uk/company/04039524/persons-with-significant-control (retrieved 30 September 2026).

Directors and officers of Carnival Corporation Ltd. and Carnival UK Ltd.

Under the dual listed company arrangement the two companies did not have two separate boards. The joint annual report for the year ended 30 November 2025 states that they operated with a single executive management team and identical Boards of Directors while each retained its separate legal identity, and the Form 8-K reporting the meetings of 17 April 2026 records that each of the eleven nominees was elected to serve as a director of both Carnival Corporation and Carnival plc. The eleven directors elected on 17 April 2026 were Micky Arison, Sir Jonathon Band, Jason Glen Cahilly, Nelda J. Connors, Helen Deeble, Jeffrey J. Gearhart, Katie Lahey, Stuart Subotnick, Laura Weil, Josh Weinstein and Randy Weisenburger, each elected to hold office until the next annual meetings. The combined board therefore existed as a matter of filed record and not by inference.

That single board ended with the unification. Companies House records that on 8 May 2026 ten of the eleven directors ceased to hold office at Carnival plc, now Carnival UK Ltd.: Sir Jonathon Band, Michael Meir Arison, Helen Deeble CBE, Randall John Weisenburger, Kathleen Lahey, Jeffrey James Gearheart, Laura Weil, Stuart Subotnick, Jason Glen Cahilly and Nelda Janine Connors. On the same date Paul Mark Ludlow and Lars Jakob Ljoen were appointed. Carnival UK Ltd. consequently has three directors on the UK register: Joshua Ian Weinstein, appointed 1 August 2022; Lars Jakob Ljoen, appointed 8 May 2026; and Paul Mark Ludlow, appointed 8 May 2026. It also has a company secretary, Doreen Star Furnari, appointed 1 June 2023, who replaced Arnaldo Perez on that date. The register shows 36 officer records in total, of which 32 are recorded as resigned, going back to the company’s incorporation in 2000; the earlier resignations include Sir Thomas John Parker, who ceased to be a director on 21 April 2023. The eleven-member board continues in office at Carnival Corporation Ltd., which as a Bermuda company does not file its directors on a public register.

The executive officers are a separate set of people from the directors, and only two individuals sit in both groups. The Form 10-K for FY2025 designates six executive officers as at 27 January 2026, with titles stated to apply at both companies: Micky Arison as Chair of the Boards of Directors, a director since 1987 and Chair since 1990; Josh Weinstein as Chief Executive Officer since 2022; David Bernstein as Chief Financial Officer since 2007 and Chief Accounting Officer since 2016; Bettina Deynes as Global Chief Human Resources Officer since 2022; Lars Ljoen as Chief Maritime Officer since February 2025; and Enrique Miguez as General Counsel since 2021. Two changes since then are on the record. David Bernstein signed the Form 8-K of 5 August 2026 as Chief Financial Officer and Chief Accounting Officer of Carnival Corporation Ltd., so that appointment is current. Enrique Miguez is named on the registration statement filed on 29 September 2026 as Chief Legal and Administrative Officer, a wider title than the General Counsel role recorded earlier in the year.

A third, separate set of officer designations exists in Florida, and it belongs to the foreign-qualified entity rather than to a board. The Florida Division of Corporations record for document 847272 lists, in the annual report filed on 21 January 2026, Micky Arison as Chairman, Josh Weinstein as President, David Bernstein as Chief Financial Officer, Doreen S. Furnari as Secretary, and Lourdes Suarez and Tony West each with a treasurer designation, all at the Miami address. These are Florida annual-report officer entries for a foreign qualification and are not the directors of either company; the overlap of Doreen Furnari as Florida secretary and as company secretary at Companies House is a useful cross-check on identity, not a second appointment.

Recent officer changes

Effective 8 May 2026, Paul Mark Ludlow and Lars Jakob Ljoen were appointed directors of the company now named Carnival UK Ltd., and ten directors ceased to hold office on the same date, filed at Companies House on 15 to 17 May 2026 (source: Companies House filing history for company 04039524).

Effective 1 February 2025, Vice Admiral William R. Burke (Ret.) stepped down as Chief Maritime Officer and Lars Ljoen became an executive officer and assumed that role. The change was announced in the Form 10-K for the year ended 30 November 2024, filed 27 January 2025, which states it expressly in a footnote to the executive-officer table.

Between the Form 10-K filed on 27 January 2026 and the registration statement filed on 29 September 2026, Enrique Miguez’s recorded title changed from General Counsel to Chief Legal and Administrative Officer. He signed the Form 8-K of 20 April 2026 on behalf of both companies as General Counsel, which dates the change to after that filing.

What the stored officer rows are, and where they are wrong

The officer rows held against this record are the first 5 of a 15-row set and they are a scrape of an executive-leadership listing, not officer data from either register. Not one director of either company appears in them, so the block contains no board information at all. The set is also mixed in vintage. Its first row names Vice Admiral William R. Burke as the current Chief Maritime Officer with an active work status; he stepped down from that role on 1 February 2025 and was succeeded by Lars Ljoen, so the row is more than nineteen months out of date and names the wrong holder of a role that is filled. His name has also been split across the record’s forename and surname fields so that the naval rank has become the forename, “Vice”, and the rest of the rank has been absorbed into the surname. The same problem affects the General Counsel row, where a post-nominal qualification has been appended to the surname. Only the Chief Financial Officer row, for David Bernstein, is corroborated by a current filing. The remaining rows name senior employees who are not among the six executive officers that the company itself designates in its Form 10-K, and no external source was found that confirms their present roles. No row carries an appointment date or a resignation date, so nothing in the set can be dated or aged, and every row is given an active status that the record does nothing to support. Two rows carry partial dates of birth, both with the same January month value, which is not reproduced here.

Data availability

Partial, and split between the two entities. For Carnival UK Ltd. the position is full: Companies House publishes current and former directors and secretaries with appointment and resignation dates, nationality and country of residence, and its register discloses the nationality of the three current directors as American and Norwegian for Lars Jakob Ljoen, British for Paul Mark Ludlow and American for Joshua Ian Weinstein, with countries of residence recorded as the United Kingdom, the United Kingdom and the United States respectively. Nationality is not disclosed on that register for the company secretary, Doreen Star Furnari, whose country of residence is recorded as the United Kingdom, so her nationality is treated here as not disclosed. For Carnival Corporation Ltd. the position is current only and indirect: Bermuda does not publish a company’s register of directors, so the eleven-member board is known from SEC filings and not from a registry, and no nationality or residence is officially disclosed for any of those directors, which is why none is stated. Nationality is never inferred here from a name, a residence or a correspondence address. Addresses shown for officers in either source are service or correspondence addresses and are not residential addresses.

Sources

Form 8-K of Carnival Corporation and Carnival plc, Item 5.07, reporting the results of the annual meetings, court meeting and special meetings held on 17 April 2026, including the election of all eleven directors to both boards: https://www.sec.gov/Archives/edgar/data/815097/000081509726000043/ccl-20260417.htm (filed 20 April 2026, retrieved 30 September 2026).

Form 10-K for the year ended 30 November 2025, executive officer table as at 27 January 2026 and description of the dual listed company arrangement: https://www.sec.gov/Archives/edgar/data/815097/000081509726000007/ccl-20251130.htm (filed 27 January 2026, retrieved 30 September 2026).

Form 10-K for the year ended 30 November 2024, recording that Vice Admiral William R. Burke (Ret.) would step down and Lars Ljoen would assume the Chief Maritime Officer role effective 1 February 2025: https://www.sec.gov/Archives/edgar/data/815097/000081509725000007/ccl-20241130.htm (filed 27 January 2025, retrieved 30 September 2026).

Companies House officers list for CARNIVAL UK LTD., company 04039524: https://find-and-update.company-information.service.gov.uk/company/04039524/officers (retrieved 30 September 2026).

Companies House filing history for company 04039524, showing the director terminations and appointments effective 8 May 2026 and the re-registration and change of name of 21 May 2026: https://find-and-update.company-information.service.gov.uk/company/04039524/filing-history (retrieved 30 September 2026).

Form 8-K of 5 August 2026 signed by David Bernstein as Chief Financial Officer and Chief Accounting Officer of Carnival Corporation Ltd.: https://www.sec.gov/Archives/edgar/data/815097/000095014226002267/eh260815320_8k.htm (filed 5 August 2026, retrieved 30 September 2026).

Registration statement on Form S-3ASR naming Enrique Miguez as Chief Legal and Administrative Officer: https://www.sec.gov/Archives/edgar/data/815097/000110465926111934/tm2626109-1_s3asr.htm (filed 29 September 2026, retrieved 30 September 2026).

Florida Department of State, Division of Corporations quarterly bulk file cordata.zip, snapshot dated 10 July 2026, record 847272 for CARNIVAL CORPORATION, retrieved 30 September 2026 from sftp.floridados.gov:/Public/doc/Quarterly/Cor/cordata.zip .

Group structure of Carnival Corporation Ltd. and Carnival UK Ltd.

Neither entity in this record is a standalone company, and the corporate-linkage field held against it contains no rows at all. The relationship between the two named entities changed materially on 7 May 2026. Before that date they were not parent and subsidiary: under the dual listed company arrangement each was a separate ultimate holding company of its own group, combined with the other by contract rather than by shareholding, with an Equalization and Governance Agreement dated 17 April 2003 setting the equalization ratio at one to one, and with deeds of guarantee under which each company effectively cross-guaranteed the indebtedness and certain other monetary obligations of the other. Since 7 May 2026 the structure is a conventional one. The Form 8-K reporting completion states that Carnival plc became a subsidiary of Carnival Corporation through a court-approved scheme of arrangement, while Carnival Corporation simultaneously redomiciled from Panama to Bermuda and was renamed Carnival Corporation Ltd. The Equalization Agreement terminated with effect from the scheme becoming effective, as approved at the meetings of 17 April 2026.

The verified relationship between the two is therefore as follows. Carnival Corporation Ltd., Bermuda, Bermuda Registrar of Companies number 202605772, is the ultimate parent. Carnival UK Ltd., England and Wales, Companies House number 04039524, formerly Carnival plc, is a subsidiary of it with effect from 7 May 2026 and is described in the Form 8-K as a wholly owned UK subsidiary; the precise ownership percentage is not separately disclosed on either register, so it is reported here as stated in that filing rather than as a registry figure. Carnival UK Ltd. remains a guarantor entity of the group’s registered debt: the registration statement filed on 29 September 2026 lists it as the sole additional registrant alongside Carnival Corporation Ltd., with its England and Wales incorporation, its IRS employer identification number 98-0357772 and its Southampton address. Companies House records that after the unification the company released a large number of registered charges, with mortgage-satisfaction filings on 15, 17 and 21 July 2026 and 4 August 2026.

Below the parent, the most reliable published inventory is Exhibit 21 to the joint annual report for the year ended 30 November 2025, headed “Subsidiaries of Carnival Corporation and Carnival plc”. It lists 110 subsidiaries across 34 jurisdictions of incorporation or organisation, counting United States states separately. The largest concentrations are Bermuda with 15 entities, The Bahamas with 10, Delaware with 8, the United Kingdom with 7, and 5 each in Spain, Honduras, the Netherlands and Curacao, with 4 each in Florida, Germany, Italy, Mexico and Panama and the remainder spread across Alaska, Argentina, Brazil, the British Virgin Islands, California, Canada, China, Belize, the Dominican Republic, Finland, French Polynesia, Hong Kong, India, Japan, the Philippines, Portugal, the Republic of Korea, Switzerland, Texas, Turks and Caicos and Washington. Because this exhibit was filed for the dual listed period, it lists the subsidiaries of both registrants and does not itself list Carnival plc, which was a registrant rather than a subsidiary at that date.

The cruise brands and the legal entities must be kept apart, and the brand names are not a guide to the corporate structure. The enterprise markets under eight brands, AIDA Cruises, Carnival Cruise Line, Costa Cruises, Cunard, Holland America Line, P&O Cruises, Princess Cruises and Seabourn, but Exhibit 21 contains no entity called “Carnival Cruise Line”, no entity called “AIDA Cruises”, no entity called “Cunard” and no entity called “P&O Cruises”. Some brands do correspond to named companies on the list, for example Costa Crociere S.p.A. in Italy, Princess Cruise Lines, Ltd. in Bermuda, Seabourn Cruise Line Limited in Bermuda and Holland America Line Limited in Bermuda together with Holland America Line Inc. in Washington and Holland America Line – USA Inc. in Delaware. Others do not appear as legal entities at all, and no operating relationship between a brand and a particular company is asserted here because the filings reviewed do not map them.

Ship ownership follows the same rule. Ships are typically held by individual subsidiary companies rather than by the brand or by the parent, and the Form 10-Q for the quarter ended 31 August 2026 identifies Sun Princess Limited and Sun Princess II Limited, both Bermuda companies on the Exhibit 21 list, as the borrowers of USD 1.7 billion of export credit facilities that do not guarantee the group’s other debt. Three further Bermuda entities on the list, CCL NB 6371 Limited, CCL NB 6372 Limited and CCL NB 6373 Limited, carry newbuild-style naming. Separately, the fleet is registered under the flags of The Bahamas, Bermuda, Italy, the Netherlands, Panama and the United Kingdom. A flag state is a vessel registry and says nothing about where the owning company is incorporated; a ship flagged in Italy may be owned by a Bermuda company, and neither fact establishes a corporate relationship.

Two registrations attached to Carnival Corporation Ltd. are establishments of the same legal person and not separate companies, and should not be added to a subsidiary count. Companies House registers it as an overseas company under number FC043037, recording Bermuda as its country of incorporation, Bermuda registration number 202605772, the legal form “Exempted Company Limited By Shares”, a UK establishment first opened on 1 December 2025, business described as operating cruise ships, and a previous name of CARNIVAL CORPORATION held from 22 January 2026 to 9 July 2026. In Florida it is qualified as a foreign profit corporation under document number 847272. Both are branch or qualification registrations of the Bermuda company itself.

Two name collisions to avoid

Exhibit 21 lists a United Kingdom subsidiary named “Carnival (UK) Limited”. That is a different legal person from Carnival UK Ltd., company 04039524, the renamed former Carnival plc, and the two must not be merged on the strength of near-identical names; the registration number of the subsidiary was not established from a primary source and is therefore not stated. Second, the Florida register contains a separate record, document number P93000047208, for a company also named CARNIVAL CORPORATION with filing type DOMP, a Florida domestic profit corporation, status I for inactive, filed on 6 July 1993 at the same Miami street address, with a registered agent unconnected to the entities described here. It is not the company in this record and no relationship between the two is evidenced by the shared name or address.

Recent structural changes

7 May 2026, completion of the unification of the dual listed company structure: Carnival plc became a subsidiary of Carnival Corporation by a scheme of arrangement under the law of England and Wales, the Equalization Agreement terminated, and Carnival plc’s London Stock Exchange listing and its New York Stock Exchange American Depositary Share listing were cancelled (source: Form 8-K of 7 May 2026).

7 May 2026, redomiciliation: the parent migrated its jurisdiction of incorporation from the Republic of Panama to Bermuda and was renamed Carnival Corporation Ltd., adopting a Memorandum of Continuance and Bermuda bye-laws approved at the meetings of 17 April 2026 (source: Form 8-K of 7 May 2026 and Form 8-K of 20 April 2026).

21 May 2026, internal reorganisation of the subsidiary: the former Carnival plc was re-registered from a public limited company to a private company and renamed, first to Carnival Ltd. and then, the same day, to Carnival UK Ltd. (source: Companies House filing history for company 04039524, entries CERT10, RR02, RES02, MAR, CONNOT and CERTNM).

Data availability

Partial. The parent-subsidiary relationship between the two named entities is fully verified from SEC filings and the Companies House register, and a named subsidiary inventory is available from Exhibit 21, but that inventory carries no ownership percentages, no registration numbers and no indication of which subsidiaries are direct and which indirect, so the internal shape of the group below the first tier cannot be reconstructed from public sources. Bermuda does not publish shareholdings in a Bermuda company, and Exhibit 21 is a point-in-time list as at 30 November 2025 that will not reflect entity formations, disposals or dissolutions since that date. Nothing here should be read as evidence that the structure is complete.

Sources

Form 8-K reporting completion of the dual listed company unification and the redomiciliation to Bermuda: https://www.sec.gov/Archives/edgar/data/815097/000110465926057200/tm2613680d1_8k.htm (filed 7 May 2026, retrieved 30 September 2026).

Exhibit 21, Subsidiaries of Carnival Corporation and Carnival plc, to the Form 10-K for the year ended 30 November 2025: https://www.sec.gov/Archives/edgar/data/815097/000081509726000007/exhibit21202510-k.htm (filed 27 January 2026, retrieved 30 September 2026).

Form 10-K for the year ended 30 November 2025, describing the Equalization and Governance Agreement of 17 April 2003, the deeds of guarantee and the flag states: https://www.sec.gov/Archives/edgar/data/815097/000081509726000007/ccl-20251130.htm (filed 27 January 2026, retrieved 30 September 2026).

Form 8-K of 20 April 2026 recording approval of the scheme of arrangement, the termination of the Equalization Agreement, the Memorandum of Continuance and the Carnival Corporation Ltd. bye-laws: https://www.sec.gov/Archives/edgar/data/815097/000081509726000043/ccl-20260417.htm (retrieved 30 September 2026).

Form 10-Q for the quarter ended 31 August 2026, identifying the Sun Princess Limited and Sun Princess II Limited export credit facilities: https://www.sec.gov/Archives/edgar/data/815097/000081509726000107/ccl-20260831.htm (filed 29 September 2026, retrieved 30 September 2026).

Registration statement on Form S-3ASR listing Carnival UK Ltd. as additional registrant: https://www.sec.gov/Archives/edgar/data/815097/000110465926111934/tm2626109-1_s3asr.htm (filed 29 September 2026, retrieved 30 September 2026).

Companies House overseas company record for CARNIVAL CORPORATION LTD., FC043037: https://find-and-update.company-information.service.gov.uk/company/FC043037 (retrieved 30 September 2026).

Companies House record and filing history for CARNIVAL UK LTD., company 04039524: https://find-and-update.company-information.service.gov.uk/company/04039524/filing-history (retrieved 30 September 2026).

Florida Department of State, Division of Corporations quarterly bulk file cordata.zip, snapshot dated 10 July 2026, records 847272 and P93000047208, retrieved 30 September 2026 from sftp.floridados.gov:/Public/doc/Quarterly/Cor/cordata.zip .