# EDGAR Filing Document

**Accession Number:** 0000884887
**File Stem:** 0000884887-26-000017
**Filing Date:** 2026-4
**Character Count:** 310392
**Document Hash:** fd1721b0b91ca8bed80ac00f1a4ea8b1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000884887-26-000017.hdr.sgml**: 20260417

**ACCESSION NUMBER**: 0000884887-26-000017

**CONFORMED SUBMISSION TYPE**: DEF 14A

**PUBLIC DOCUMENT COUNT**: 190

**CONFORMED PERIOD OF REPORT**: 20260528

**FILED AS OF DATE**: 20260417

**DATE AS OF CHANGE**: 20260417

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ROYAL CARIBBEAN CRUISES LTD
- **CENTRAL INDEX KEY:** 0000884887
- **STANDARD INDUSTRIAL CLASSIFICATION:** WATER TRANSPORTATION [4400]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 980081645
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** DEF 14A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-11884
- **FILM NUMBER:** 26872591

**BUSINESS ADDRESS:**
- **STREET 1:** 1050 CARIBBEAN WAY
- **CITY:** MIAMI
- **STATE:** FL
- **ZIP:** 33132
- **BUSINESS PHONE:** 3055396000

**MAIL ADDRESS:**
- **STREET 1:** 1050 CARIBBEAN WAY
- **CITY:** MIAMI
- **STATE:** FL
- **ZIP:** 33132

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** RA HOLDINGS INC
- **DATE OF NAME CHANGE:** 19920424

?xml version='1.0' encoding='ASCII'? rcl-20260417

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

**SCHEDULE 14A** 

**Proxy Statement Pursuant to Section 14(a) of the** 

**Securities Exchange Act of 1934 (Amendment No.)**

---

| | |
|:---|:---|
| ☑ Filed by the Registrant  | ☐ Filed by a party other than the Registrant |

---

CHECK THE APPROPRIATE BOX:

---

| | |
|:---|:---|
| ☐ | Preliminary Proxy Statement |
| ☐ | Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2)) |
| ☑ | Definitive Proxy Statement |
| ☐ | Definitive Additional Materials |
| ☐ | Soliciting Material under §240.14a-12 |

---

**Royal Caribbean Cruises Ltd.**

(Name of Registrant as Specified In Its Charter)

(Name of Person(s) Filing Proxy Statement, if other than the Registrant)

PAYMENT OF FILING FEE (CHECK ALL BOXES THAT APPLY):

---

| | |
|:---|:---|
| ☑ | No fee required |
| ☐ | Fee paid previously with preliminary materials |
| ☐ | Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a-6(i)(1) and 0-11 |

---

![RCI_AN_GoH_Josiah_GrandCayman_Ship_Aerial_194_RET_CMYK.jpg](rcl-20260417_g1.jpg)

![RCG-Left-Just-WHITE-3.gif](rcl-20260417_g2.gif)

**2026**

**Notice of Annual Meeting** 

**and Proxy Statement**

**Who We Are**![](rcl-20260417_g3.gif)

![](rcl-20260417_g4.gif)

![](rcl-20260417_g5.gif)

![](rcl-20260417_g6.gif)

We are a leading global vacation company spanning cruise, exclusive destinations, and land-

based vacation experiences. We operate 69 ships sailing to more than 1,000 destinations

across all seven continents through our three global brands: Royal Caribbean, Celebrity

Cruises, and Silversea, and also through a 50% joint venture interest in TUI Cruises which

operates the Mein Schiff and Hapag-Lloyd brands.

As used in this Proxy Statement, the terms "Royal Caribbean Group," "RCG," the "Company," "we," "our" and "us" refer to

Royal Caribbean Cruises Ltd. and our wholly owned global cruise brands. Our partner brands are unconsolidated investments

and therefore our operating results and other disclosures herein do not include these brands.

![Who We Are - Proxy2025-BrandDisplay.jpg](rcl-20260417_g7.jpg)

---

| | | |
|:---|:---|:---|
| ![Proxy GIF RCG-BL-CAR.gif](rcl-20260417_g8.gif) | *2026 Proxy Statement* | **i** |

---

*[**TABLE OF CONTENTS**](#i83ad025dfa6941c6bd47e7084b9f0b42_22)*<br>

**Letter from the Chairman** 

## and Chief Executive Officer
![](rcl-20260417_g3.gif)

![](rcl-20260417_g4.gif)

![](rcl-20260417_g5.gif)

**Dear fellow shareholders,** 

2025 was an exceptional year for Royal Caribbean Group,

defined by strong demand for our vacation experiences,

disciplined execution, and leading financial performance.

We delivered total revenues of $17.9 billion and Net Income

of $4.3 billion. This performance translated to Earnings Per

Share (EPS) of $15.61, or $15.64 Adjusted EPS, nearly

33% higher than our prior year earnings. We delivered

memorable vacations to a record 9.4 million guests at

record satisfaction scores and achieved load factors of

approximately 110% for the year. These strong results

exceeded our initial expectations for the year and reflect

the strength of our brands, the appeal of our products, and

the power of our connected vacation ecosystem. Our

progress keeps us on the path to achieve our *Perfecta* 

financial targets announced last year, while our ambitions

go well beyond that, as evidenced by the many exciting

initiatives underway at Royal Caribbean Group.

**Strategic Highlights** 

Over the past year, we continued to strengthen every part

of our vacation ecosystem — our brands, ships,

destinations, technology, and loyalty platform — making it

easier for guests to discover, plan, and personalize their

experiences while giving them more reasons to vacation

with us more often. These efforts are translating into

stronger engagement, higher guest satisfaction and repeat

rates, and a durable foundation for long-term growth.

A key driver of this momentum is our continued expansion

into new vacation categories. We announced the launch of

Celebrity River Cruises, an entirely new business line for

Celebrity Cruises that extends the brand into the fast-

growing river cruise market. With an initial order of ten

ships and a commitment to grow the fleet to twenty

vessels by 2031, this platform meaningfully expands our

addressable market and reinforces our strategy to meet

guests across more of their vacation journey.

At the same time, we are investing in the next generation

of innovation across our brands. We announced Royal

Caribbean's new Discovery Class, placing two firm orders

with options for four additional ships. The first is expected

to debut in 2029, followed by the second in 2032,

extending our pipeline of category-defining ships well into

the next decade.

![](rcl-20260417_g6.gif)

![JL-IMG_9520.jpg](rcl-20260417_g9.jpg)

Across our core business, our fleet expansion continues to

play a central role in delivering differentiated experiences

at scale. The launches of *Star of the Seas* and *Celebrity* 

*Xcel* were met with strong guest satisfaction, reinforcing

the appeal of our newest ships. This progress was

complemented by our TUI Cruises joint venture, which

reached an important milestone with the delivery of Mein

Schiff Relax, the first ship in a new class and now the

largest in that fleet. We continue to maintain a robust

growth pipeline, with multiple newbuild ships on order

across our brands—most notably within the Icon, Edge

and Oasis classes—reflecting a disciplined capacity

expansion strategy for the next several years.

Our private destination strategy continues to further

differentiate our offering and support both demand and

pricing. The opening of Royal Beach Club Paradise Island,

our first beach club experience, generated exceptional

guest response. As we scale this portfolio, we expect to

grow from three to eight exclusive destinations by 2028,

including additional Royal Beach Clubs and the opening of

Perfect Day Mexico.

---

| | | |
|:---|:---|:---|
| **ii** | *2026 Proxy Statement* | ![Proxy GIF RCG-BL-CAR.gif](rcl-20260417_g8.gif) |

---

*[**TABLE OF CONTENTS**](#i83ad025dfa6941c6bd47e7084b9f0b42_22)*<br>

We are also advancing our loyalty ecosystem to better

connect our brands and deepen guest relationships. The

introduction of Points Choice marks the next evolution of

our cross-brand loyalty platform, giving members greater

flexibility in how they earn and redeem rewards across our

portfolio. At the same time, we are building a more

seamless and personalized digital ecosystem, thoughtfully

integrating advanced analytics and AI across the guest

journey. From tailored recommendations and a more

intuitive mobile experience to smarter onboarding and

service interactions, these capabilities help us engage

guests in more meaningful ways. We are applying the

same data-driven approach and tools to improve efficiency

from optimizing energy use to marine and supply-chain

operations. We expect these investments to strengthen

the quality of our vacation experiences, deepen guest

satisfaction, and reinforce the operational discipline that

underpins our long-term growth.

Taken together, our strategic initiatives spanning new

business lines, innovative ships, exclusive destinations,

loyalty, and digital capabilities, position us to capture a

greater share of the more than $2 trillion global vacation

market and sustain strong growth in the years ahead.

**Governance** 

We remain committed to strong corporate governance,

effective oversight, and proactive engagement with our

shareholders. Our Board brings diverse expertise and

provides rigorous, independent oversight of strategy, risk,

and capital allocation.

Equally important, our Board and management greatly

value dialogue with our owners. During 2025, in addition to

regular investor updates on our financial results,

management engaged with shareholders across a broad

spectrum of topics, including strategy, governance,

executive compensation, and corporate responsibility. This

dialogue helps ensure our priorities remain aligned with

shareholder interests and best governance practices.

**Shareholder Returns and Financial Stewardship**

Our financial stewardship is grounded in strategic capital

*\*This letter contains non-GAAP measures. A reconciliation of these non-*

*GAAP financial measures to their nearest GAAP comparable financial* 

*measure is included in the Annex.*

allocation while maintaining disciplined growth, a strong

investment-grade balance sheet, and returning capital to

shareholders. In 2025, we:

• Generated total revenues of $17.9 billion, representing

approximately 8.8% growth from 2024;

• Generated $6.5 billion of operating cash flow while

investing for growth and maintaining our assets to the

highest standards;

• Ended the year with solid investment grade balance

sheet and strong liquidity ($7.2 billion as of December

31, 2025); and

• Returned approximately $2 billion to shareholders

through dividends and share repurchases.

These milestones, along with our continued improvement

in cash flows, demonstrate our commitment to financial

strength and position us well for the future.

**Our People and Culture** 

Every great vacation begins with our people. The

dedication, hospitality, and "above and beyond" service

delivered by our crew and shoreside teams are the

foundation of our success and culture. In recognition of

their efforts, Royal Caribbean Group was named to

Fortune's 2026 'World's Most Admired Companies' list and

to Forbes' '2026 Best American Companies' list. We are

proud of these recognitions because they reflect the

culture, strategy, and innovation that our teams bring to life

every day.

Our culture of integrity, teamwork, and creativity is truly a

competitive advantage – helping us attract top talent,

deepen loyalty with guests, and continually push the

boundaries of what's possible in travel.

**Looking Ahead**

As we look ahead, our momentum is strong and our path

ships, advanced technology, an industry-leading vacation

ecosystem, and the best people, we're making it easier to

vacation with Royal Caribbean Group - responsibly and at

scale.

Thank you for your continued support; the best is still ahead.

Sincerely,

![JL-Signature-2025.jpg](rcl-20260417_g10.jpg)

**JASON T. LIBERTY**

**Chairman and Chief Executive Officer**

Royal Caribbean Group

---

| | | |
|:---|:---|:---|
| ![Proxy GIF RCG-BL-CAR.gif](rcl-20260417_g8.gif) | *2026 Proxy Statement* | **iii** |

---

*[**TABLE OF CONTENTS**](#i83ad025dfa6941c6bd47e7084b9f0b42_22)*<br>

**2025 Performance Highlights**

![](rcl-20260417_g3.gif)

![](rcl-20260417_g4.gif)

![](rcl-20260417_g5.gif)

![](rcl-20260417_g6.gif)

**Key 2025 Successes**

**Strong Demand Driving Strong Results\***

![](rcl-20260417_g11.gif)

![](rcl-20260417_g11.gif)

**8.5%** 

Growth in Gross

Margin Yields

vs 2024

**3.7%**

Growth in Net Yields

vs 2024 in Constant

Currency

**$17.9**

**Billion**

Total revenues,

Approx 8.8% Growth

versus 2024

**$4.3**

**Billion**

Net Income

**$4.3**

**Billion**

Adjusted Net Income

**$15.61**

Earnings Per share

(EPS)

**$7**

**Billion**

Adjusted

EBITDA

**110%**

Load Factor

**9.4 Million**

Vacations Delivered

with High Guest

Satisfaction Scores

**$15.64**

Adjusted EPS

**Long-Term Growth**

![](rcl-20260417_g12.gif)

![](rcl-20260417_g12.gif)

![2024-Proxy-P1.jpg](rcl-20260417_g13.jpg)

![2024-Proxy-P3.jpg](rcl-20260417_g14.jpg)

![2024-Proxy-P2.jpg](rcl-20260417_g15.jpg)

**3** new ships launched

Strong pipeline of **10** new ocean ships

to be delivered 2026-2032, including our

partner brands

Expanding portfolio of private destinations

from 3 to 8 by 2028

Launching river cruising in 2027 with

Celebrity River Cruises

Removing friction, enabling a guest-centric

vacation experience

Leveraging data and AI to deepen

relationships with customers

Expanding cross-brand loyalty

**Strong Investment Grade Balance Sheet and Shareholder Returns**

![](rcl-20260417_g16.gif)

![](rcl-20260417_g17.gif)

![2024-Proxy-P4.jpg](rcl-20260417_g18.jpg)

Generated nearly

**$6.5 Billion** 

of operating cash flow

Returned

**$2 Billion** 

to shareholders through dividends and

share repurchases

Ended the year with

leverage well below 3x,

consistent with our goal

of solid investment-

grade credit metrics

**Delivering the Best Vacations Responsibly**

![](rcl-20260417_g19.gif)

![](rcl-20260417_g19.gif)

![](rcl-20260417_g19.gif)

![2024-Proxy-P6.jpg](rcl-20260417_g20.jpg)

![2024-Proxy-P5.jpg](rcl-20260417_g21.jpg)

![2024-Proxy-P7.jpg](rcl-20260417_g22.jpg)

![513388f5-0c70-4235-b075-b533de61bf97.jpg](rcl-20260417_g23.jpg)

By year-end 2025, 50% of

ships in our fleet are shore

power capable, with

additional retrofits underway.

All newbuild deliveries are

shore power ready.

Launched RCG University

(RCGU), a platform that delivers

high-impact training, leadership

development, and continuous

growth opportunities for employees

across all roles

Reinforced strong local

partnerships to support

communities, including in

Jamaica during Hurricane

Melissa through the donation

of emergency supplies and

financial aid

Launched *Celebrity Xcel*, the

cruise industry's first ship

designed and built for

methanol operation

*\*This section contains non-GAAP measures. A reconciliation of these non-GAAP financial measures to their nearest GAAP comparable financial measure is included in the Annex.* 

---

| | |
|:---|:---|
| *2026 Proxy Statement* | **iv** |

---

*[**TABLE OF CONTENTS**](#i83ad025dfa6941c6bd47e7084b9f0b42_22)*<br>

**Notice of Annual Meeting** 

**of Shareholders**

**DATE and TIME**

May 28, 2026

9:00 A.M., ET

**LOCATION**

JW Marriott Marquis Miami

255 Biscayne Blvd. Way

Miami, FL 33131

**RECORD DATE**

Persons holding shares of our

common stock as of the close

of business on April 9, 2026

are entitled to notice of and to

vote at the Annual Meeting or

any adjournment thereof.

![](rcl-20260417_g24.gif)

![](rcl-20260417_g4.gif)

![](rcl-20260417_g5.gif)

![](rcl-20260417_g6.gif)

**Items of Business**

![RCC Time Icon.gif](rcl-20260417_g25.gif)

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| | | | |
|:---|:---|:---|:---|
| **Proposal** | **Proposal** | **Board**<br>**Recommendation**<br>| **Page** |
| **1** | Election of 12 directors to the Board | **FOR** | [6](#i83ad025dfa6941c6bd47e7084b9f0b42_31) |
| **2** | Say-on-pay: advisory vote to approve the compensation of <br>our named executive officers<br>| **FOR** | [32](#i83ad025dfa6941c6bd47e7084b9f0b42_61) |
| **3** | Ratification of the selection of PricewaterhouseCoopers LLP <br>as our independent registered public accounting <br>firm for 2026<br>| **FOR** | [68](#i83ad025dfa6941c6bd47e7084b9f0b42_118) |

---

![RCC Location Icon.gif](rcl-20260417_g26.gif)

Shareholders also will transact such other business as may properly come before the Annual

Meeting and any adjournment thereof.

We will furnish our proxy materials over the Internet as permitted by the rules of the U.S.

Securities and Exchange Commission. As a result, we are sending a Notice of Internet

Availability of Proxy Materials rather than a full paper set of the proxy materials, unless you

previously requested to receive printed copies. The Notice of Internet Availability of Proxy

Materials contains instructions on how to access our proxy materials on the Internet, as well

as instructions on how shareholders may obtain a paper copy of the proxy materials. This

process reduces costs associated with printing and distributing our proxy materials.

Internet voting is available to make it easier for you to vote in advance of the Annual Meeting.

The instructions on the Notice of Internet Availability of Proxy Materials or your proxy card

describe how to use these convenient services.

**All shareholders are cordially invited to attend the Annual Meeting in person. Whether** 

**or not you expect to attend, you are urged to vote as soon as possible by Internet or** 

**mail so that your shares may be voted in accordance with your wishes. Granting a** 

**proxy does not affect your right to revoke it later or to vote your shares in the event** 

**you attend the Annual Meeting.** 

**R. ALEXANDER LAKE**

**Chief Legal Officer and Secretary**

Royal Caribbean Cruises Ltd.

April 17, 2026

**IMPORTANT NOTICE REGARDING THE AVAILABILITY OF PROXY MATERIALS** 

**FOR THE SHAREHOLDER MEETING TO BE HELD ON MAY 28, 2026** 

On or about April 17, 2026, we mailed a Notice of Internet Availability of Proxy Materials containing

instructions on how to access our proxy statement and 2025 Annual Report. These materials are

available online at **proxyvote.com**.

The complete mailing address, including zip code, of our principal executive offices is

1050 Caribbean Way, Miami, Florida 33132 and our telephone number is (305) 539-6000.

References to our website in this proxy statement or the 2025 Annual Report are for the conveniences

of readers, and information available at or through our website is not part of, nor is it incorporated

by reference in, these documents.

![RCC Calendar Icon.gif](rcl-20260417_g27.gif)

**How to Vote**

**BY INTERNET** 

www.proxyvote.com

**BY TELEPHONE** 

1-800-690-6903

**BY MAIL** 

Mark, sign and date your

proxy card and return in the

postage-paid envelope we

have provided.

![RCC Internet Icon.gif](rcl-20260417_g28.gif)

![40.jpg](rcl-20260417_g29.jpg)

![RCC Phone Icon.gif](rcl-20260417_g30.gif)

![RCC Mail Icon.gif](rcl-20260417_g31.gif)

![Proxy GIF RCG-BL-CAR (1).gif](rcl-20260417_g8.gif)

![Proxy GIF RCG-BL-CAR (1).gif](rcl-20260417_g8.gif)

**Table of Contents**![](rcl-20260417_g3.gif)

![](rcl-20260417_g4.gif)

![](rcl-20260417_g5.gif)

![](rcl-20260417_g6.gif)

---

| | |
|:---|:---|
| [Letter from the Chief Executive Officer](#i83ad025dfa6941c6bd47e7084b9f0b42_13) | [i](#i83ad025dfa6941c6bd47e7084b9f0b42_13) |
| [2025 Performance Highlights](#i83ad025dfa6941c6bd47e7084b9f0b42_16) | [iii](#i83ad025dfa6941c6bd47e7084b9f0b42_16) |
| [Notice of Annual Meeting of Shareholders](#i83ad025dfa6941c6bd47e7084b9f0b42_19) | [iv](#i83ad025dfa6941c6bd47e7084b9f0b42_19) |
| [Proxy Summary](#i83ad025dfa6941c6bd47e7084b9f0b42_25) | [1](#i83ad025dfa6941c6bd47e7084b9f0b42_25) |
| [Corporate Governance and Board Matters](#i83ad025dfa6941c6bd47e7084b9f0b42_28) | [6](#i83ad025dfa6941c6bd47e7084b9f0b42_28) |
| **[PROPOSAL 1](#i83ad025dfa6941c6bd47e7084b9f0b42_31)**<br>**[Election of Directors](#i83ad025dfa6941c6bd47e7084b9f0b42_31)**<br>| **[6](#i83ad025dfa6941c6bd47e7084b9f0b42_31)** |
| [Our Director Nominees](#i83ad025dfa6941c6bd47e7084b9f0b42_34) | [6](#i83ad025dfa6941c6bd47e7084b9f0b42_34) |
| [Director Skills and Experience](#i83ad025dfa6941c6bd47e7084b9f0b42_690) | [13](#i83ad025dfa6941c6bd47e7084b9f0b42_690) |
| [Board Selection and Evaluation](#i83ad025dfa6941c6bd47e7084b9f0b42_40) | [14](#i83ad025dfa6941c6bd47e7084b9f0b42_40) |
| [Corporate Governance](#i83ad025dfa6941c6bd47e7084b9f0b42_46) | [17](#i83ad025dfa6941c6bd47e7084b9f0b42_46) |
| [Board Committees](#i83ad025dfa6941c6bd47e7084b9f0b42_49) | [18](#i83ad025dfa6941c6bd47e7084b9f0b42_49) |
| [Other Governance Highlights](#i83ad025dfa6941c6bd47e7084b9f0b42_55) | [24](#i83ad025dfa6941c6bd47e7084b9f0b42_55) |
| Corporate Responsibility[,](#i83ad025dfa6941c6bd47e7084b9f0b42_58)Culture[and Governance Overview](#i83ad025dfa6941c6bd47e7084b9f0b42_58) | [27](#i83ad025dfa6941c6bd47e7084b9f0b42_58) |
| **[PROPOSAL 2](#i83ad025dfa6941c6bd47e7084b9f0b42_61)**<br>**[Advisory Vote to Approve the Compensation of Our Named Executive Officers](#i83ad025dfa6941c6bd47e7084b9f0b42_61)**<br>| **[32](#i83ad025dfa6941c6bd47e7084b9f0b42_61)** |
| [Compensation Discussion and Analysis](#i83ad025dfa6941c6bd47e7084b9f0b42_64) | [33](#i83ad025dfa6941c6bd47e7084b9f0b42_64) |
| [Report of the Talent and Compensation Committee](#i83ad025dfa6941c6bd47e7084b9f0b42_103) | [52](#i83ad025dfa6941c6bd47e7084b9f0b42_103) |
| [Executive Compensation Tables](#i83ad025dfa6941c6bd47e7084b9f0b42_106) | [53](#i83ad025dfa6941c6bd47e7084b9f0b42_106) |
| [CEO Pay Ratio](#i83ad025dfa6941c6bd47e7084b9f0b42_109) | [61](#i83ad025dfa6941c6bd47e7084b9f0b42_109) |
| [Pay Versus Performance](#i83ad025dfa6941c6bd47e7084b9f0b42_112) | [61](#i83ad025dfa6941c6bd47e7084b9f0b42_112) |
| [Director Compensation for 202](#i83ad025dfa6941c6bd47e7084b9f0b42_115)5 | [66](#i83ad025dfa6941c6bd47e7084b9f0b42_115) |
| **[PROPOSAL 3](#i83ad025dfa6941c6bd47e7084b9f0b42_118)**<br>**[Ratification of Principal Independent Registered Public Accounting Firm](#i83ad025dfa6941c6bd47e7084b9f0b42_118)**<br>| **[68](#i83ad025dfa6941c6bd47e7084b9f0b42_118)** |
| [Audit Fees](#i83ad025dfa6941c6bd47e7084b9f0b42_121) | [69](#i83ad025dfa6941c6bd47e7084b9f0b42_121) |
| [Report of the Audit Committee](#i83ad025dfa6941c6bd47e7084b9f0b42_124) | [70](#i83ad025dfa6941c6bd47e7084b9f0b42_124) |
| [Security Ownership of Certain Beneficial Owners and Management](#i83ad025dfa6941c6bd47e7084b9f0b42_127) | [71](#i83ad025dfa6941c6bd47e7084b9f0b42_127) |
| [Security Ownership of Directors and Executive Officers](#i83ad025dfa6941c6bd47e7084b9f0b42_130) | [72](#i83ad025dfa6941c6bd47e7084b9f0b42_130) |
| [Equity Compensation Plan Information](#i83ad025dfa6941c6bd47e7084b9f0b42_133) | [73](#i83ad025dfa6941c6bd47e7084b9f0b42_133) |
| [General Information](#i83ad025dfa6941c6bd47e7084b9f0b42_136) | [74](#i83ad025dfa6941c6bd47e7084b9f0b42_136) |
| Annex - Non-GAAP Financial Metrics and Forward-Looking Statements | [A-1](#i83ad025dfa6941c6bd47e7084b9f0b42_142) |

---

![Deep Blue White Checkmark.gif](rcl-20260417_g32.gif)

![Deep Blue White Checkmark.gif](rcl-20260417_g32.gif)

![Deep Blue White Checkmark.gif](rcl-20260417_g32.gif)

---

| | |
|:---|:---|
| ![Proxy GIF RCG-BL-CAR.gif](rcl-20260417_g8.gif) | *2026 Proxy Statement*<sub>1</sub> |

---

*[**TABLE OF CONTENTS**](#i83ad025dfa6941c6bd47e7084b9f0b42_22)*<br>

**Proxy Summary**![](rcl-20260417_g3.gif)

![](rcl-20260417_g4.gif)

![](rcl-20260417_g5.gif)

![](rcl-20260417_g6.gif)

We look forward to welcoming you to our 2026 Annual Meeting of Shareholders. This important meeting provides the Board of

Directors and management with an opportunity to receive collective feedback from you, our shareholders. We place significant

value on your opinion, and we have strived to highlight in this summary key information for your consideration. We

recommend, however, that you read the entire proxy statement carefully before voting.

**The board recommends a** 

**vote "FOR" each nominee.**![](rcl-20260417_g33.gif)

![Deep Blue Gold Checkmark.gif](rcl-20260417_g34.gif)

**PROPOSAL 1**

**Election of Directors**

**Director Nominees\***

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name and Primary Occupation** | **Name and Primary Occupation** |  |  | **Committee** <br>**Membership** | **Committee** <br>**Membership** | **Committee** <br>**Membership** | **Committee** <br>**Membership** |
| **Name and Primary Occupation** | **Name and Primary Occupation** | **Age** | **Director Since** | | | | |
| **Name and Primary Occupation** | **Name and Primary Occupation** | **Age** | **Director Since** | **AC** | **TCC** | **NGC** | **SESH** |
| ![John F Brock.jpg](rcl-20260417_g35.jpg) | **John F. Brock LEAD INDEPENDENT DIRECTOR**<br>Former Chairman and CEO, Coca-Cola European Partners<br>| 77 | 2014 |  | •  | •  |  |
| ![Richard D Fain.jpg](rcl-20260417_g36.jpg) | **Richard D. Fain INDEPENDENT**<br>Former CEO and Chairman, Royal Caribbean Group<br>| 78 | 1981 |  |  |  | •  |
| ![Stephen R Howe Jr.jpg](rcl-20260417_g37.jpg) | **Stephen R. Howe, Jr. INDEPENDENT**<br>Former U.S. Chairman and Managing Partner, Ernst and Young<br>| 64 | 2018 | •  |  | •  |  |
| ![Michael O Leavitt.jpg](rcl-20260417_g38.jpg) | **Michael O. Leavitt INDEPENDENT**<br>Chairman, Leavitt Equity Partners and Intermountain Health<br>| 75 | 2022 |  |  |  | •  |
| ![Jason T Liberty.jpg](rcl-20260417_g39.jpg) | **Jason T. Liberty** <br>Chairman and CEO, Royal Caribbean Group<br>| 50 | 2021 |  |  |  |  |
| ![Amy McPherson.jpg](rcl-20260417_g40.jpg) | **Amy McPherson INDEPENDENT**<br>Former President and Managing Director, Europe, Marriott<br>| 64 | 2020 |  | •  | •  |  |
| ![Maritza G Montiel.jpg](rcl-20260417_g41.jpg) | **Maritza G. Montiel INDEPENDENT**<br>Former Deputy CEO and Vice Chairman, Deloitte<br>| 74 | 2015 | •  | •  |  |  |
| ![Eyal M Ofer.jpg](rcl-20260417_g42.jpg) | **Eyal M. Ofer INDEPENDENT**<br>Chairman, Ofer Global and Zodiac Group<br>| 75 | 1995 |  |  | •  | •  |
| ![Vagn O Sorensen.jpg](rcl-20260417_g43.jpg) | **Vagn O. Sørensen INDEPENDENT**<br>Former President and CEO, Austrian Airlines Group<br>| 66 | 2011 | •  | •  |  |  |
| ![Donal Thompson.jpg](rcl-20260417_g44.jpg) | **Donald Thompson INDEPENDENT**<br>Former President and CEO, McDonald's Corporation<br>| 63 | 2015 |  | •  |  | •  |
| ![Screenshot 2026-03-05 145159.jpg](rcl-20260417_g45.jpg) | **Christopher Wiernicki INDEPENDENT**<br>Former Chairman and CEO of The American Bureau of Shipping<br>| 67 | 2026 |  |  |  |  |
| ![Arne Alexander Wilhelmsen.jpg](rcl-20260417_g46.jpg) | **Arne Alexander Wilhelmsen INDEPENDENT**<br>Chairman, AWILHELMSEN AS<br>| 60 | 2003 |  |  | •  | •  |

---

**AC** Audit Committee

**NGC** Nominating and Corporate Governance Committee

**SESH** Safety, Environment, Sustainability and Health Committee

**TCC** Talent and Compensation Committee

Chair

Member

![](rcl-20260417_g47.gif)

![](rcl-20260417_g48.gif)

\*Ms. Ann Moore and Ms. Rebecca Yeung are not standing for re-election and their terms on the Board will expire as of the date

of the Annual Meeting.

---

| | | |
|:---|:---|:---|
| **2** | *2026 Proxy Statement* | ![Proxy GIF RCG-BL-CAR.gif](rcl-20260417_g8.gif) |

---

---

| | |
|:---|:---|
| *[PROXY SUMMARY](#i83ad025dfa6941c6bd47e7084b9f0b42_25)* | *[**TABLE OF CONTENTS**](#i83ad025dfa6941c6bd47e7084b9f0b42_22)* |

---

**Current Director Skills and Experience**![958](rcl-20260417_g49.gif)

![](rcl-20260417_g50.gif)

Experience in relevant industries such as hospitality, travel, and leisure results

in a deep understanding of consumer expectations and business strategy

![RCC Industry Icon.gif](rcl-20260417_g51.gif)

**8**/14

**Industry**

![970](rcl-20260417_g52.gif)

![](rcl-20260417_g53.gif)

Experience in the maritime industry provides an understanding of marine

operations, including critical health, safety, and security aspects

![RCC Maritime Icon.gif](rcl-20260417_g54.gif)

**Maritime**

**7**/14

![](rcl-20260417_g53.gif)

Experience serving as public company CEO or other senior leadership role is valuable in

understanding and managing a range of corporate governance, risk management, strategic

planning, finance, operational and management and succession planning matters

![982](rcl-20260417_g55.gif)

**Executive** 

**Leadership**

![RCC Leadership Icon.gif](rcl-20260417_g56.gif)

**14**/14

![994](rcl-20260417_g49.gif)

![](rcl-20260417_g53.gif)

Familiarity with highly regulated industries can provide the Board with insight and

understanding of effective strategies in managing the complex political and regulatory

landscape in which we operate

**Regulated** 

**Business**

![RCC Regulated Business Icon.gif](rcl-20260417_g57.gif)

**8**/14

![1006](rcl-20260417_g58.gif)

![](rcl-20260417_g53.gif)

Helpful to oversee management's interactions with governing authorities to

support desired business objectives

**Government /** 

**Public Policy**

![RCC Government Icon.gif](rcl-20260417_g59.gif)

**9**/14

![1030](rcl-20260417_g60.gif)

Strengthens the Board's oversight in these areas and assures that ethical conduct,

responsible practices, and adherence to corporate governance principles collectively

contribute to long-term value creation

![](rcl-20260417_g53.gif)

**Corporate** 

**Responsibility** 

**and Governance**

![RCC Environment Icon.gif](rcl-20260417_g61.gif)

**12**/14

![1018](rcl-20260417_g52.gif)

![](rcl-20260417_g53.gif)

Valuable in contributing to and overseeing strong financial planning, reliable financial

information, robust controls and financial reporting

**Finance /**

**Accounting**

![RCC Finance Icon.gif](rcl-20260417_g62.gif)

**7**/14

![1042](rcl-20260417_g63.gif)

![](rcl-20260417_g53.gif)

Experience with a global enterprise or with international markets aids the Board in

understanding diverse business environments, economic conditions, and cultures

associated with our global workforce and activities

**Global**

**Enterprise**

![RCC Global Icon.gif](rcl-20260417_g64.gif)

**13**/14

![1054](rcl-20260417_g58.gif)

![](rcl-20260417_g53.gif)

**Technology /** 

**Innovation /** 

**Cybersecurity**

Helps management address innovation and competitiveness in the digital age and

technology risks, including cybersecurity risks

![RCC Tech Icon.gif](rcl-20260417_g65.gif)

**9**/14

![1066](rcl-20260417_g55.gif)

![](rcl-20260417_g53.gif)

Experience in a consumer-facing industry with an understanding of consumer expectations,

experiential marketing, and loyalty programs is valuable as the Company seeks to provide

all cruising guests with memorable vacation experiences and superior customer service

**Risk** 

**Management**

![RCC Risk Icon.gif](rcl-20260417_g66.gif)

**14**/14

![13](rcl-20260417_g67.gif)

![](rcl-20260417_g53.gif)

![RCC Consumer Icon.gif](rcl-20260417_g68.gif)

**Consumer**

**Business**

Enables directors to effectively anticipate and oversee the most significant

risks facing the Company

**10**/14

![](rcl-20260417_g50.gif)

---

| | |
|:---|:---|
| ![Proxy GIF RCG-BL-CAR.gif](rcl-20260417_g8.gif) | *2026 Proxy Statement*<sub>3</sub> |

---

---

| | |
|:---|:---|
| *[**TABLE OF CONTENTS**](#i83ad025dfa6941c6bd47e7084b9f0b42_22)* | *[PROXY SUMMARY](#i83ad025dfa6941c6bd47e7084b9f0b42_25)* |

---

**The board recommends a** 

**vote "FOR" this proposal.**![Deep Blue Gold Checkmark.gif](rcl-20260417_g34.gif)

![](rcl-20260417_g69.gif)

**PROPOSAL 2**

**Advisory Vote to Approve the Compensation** 

**of Our Named Executive Officers**

We place significant focus on the design of our executive compensation programs as we believe their effectiveness is crucial

to our success as a company. We assess our programs regularly and strive to continuously make improvements as well as

incorporate shareholder feedback.

**Executive Compensation Program**

**Align the interests of our**

**executives with the interests**

**of our shareholders**

**Recruit, retain, and**

**motivate an**

**elite management team**

**Reward positive contributions**

**to both short-and long-term**

**corporate performance**

**Principles**

**Implementation**

![](rcl-20260417_g70.gif)

Total direct compensation levels

should be competitive to attract,

motivate and retain the highest

quality executives.

Our Talent and Compensation Committee seeks to establish target total direct

compensation (salary, short-term incentive and long-term incentive) at

appropriate levels relative to our Market Comparison Group, providing our

executives the opportunity to be competitively rewarded for our financial and

operational performance. Total direct compensation opportunity (i.e., maximum

achievable compensation) should increase with position and responsibility.

![](rcl-20260417_g71.gif)

Performance-based and "at-risk"

incentive compensation should

constitute a substantial portion of

total compensation.

We seek to foster a pay-for-performance culture, with a significant portion of

total direct compensation being performance-based and/or "at risk." Executives

with greater responsibilities and the ability to directly impact our strategic and

operational goals and long-term results should bear a greater proportion of the

risk if these goals and results are not achieved. Therefore, the more senior the

executive, the greater the percentage of total compensation in the form of

performance-based and/or "at risk" compensation.

![](rcl-20260417_g71.gif)

Long-term incentive compensation

should align executives' interests

with our shareholders' interests to

further the creation of long-term

shareholder value.

We focus on ensuring that executive compensation includes a high portion of

long-term performance-based equity compensation. Awards of equity-based

compensation encourage executives to focus on our long-term growth and

prospects and incentivize executives to manage our company from the

perspective of owners with a meaningful stake and to encourage them to remain

with us for long and productive careers. Our stock ownership guidelines further

enhance the incentive to create long-term shareholder value. Equity-based

compensation also subjects our executives to market risk, a risk also borne by

our shareholders.

![](rcl-20260417_g70.gif)

---

| | | |
|:---|:---|:---|
| **4** | *2026 Proxy Statement* | ![Proxy GIF RCG-BL-CAR.gif](rcl-20260417_g8.gif) |

---

---

| | |
|:---|:---|
| *[PROXY SUMMARY](#i83ad025dfa6941c6bd47e7084b9f0b42_25)* | *[**TABLE OF CONTENTS**](#i83ad025dfa6941c6bd47e7084b9f0b42_22)* |

---

We provide compensation to our executives consisting of three principal elements: base salary, performance-based annual

incentive bonus and long-term equity awards. The objectives and key features of each pay element are described below.

---

| | | | |
|:---|:---|:---|:---|
| **Equity Compensation** | **Equity Compensation** | **Cash Compensation** | **Cash Compensation** |
| **Variable** | **Variable** | **Variable** | **Fixed** |
| **Time-Based Restricted**<br>**Stock Units**<br>| **Performance-Based**<br>**Restricted Shares**<br>| **Performance-Based**<br>**Annual Incentive**<br>| **Base** <br>**Salary**<br>|
| **Pay Elements (rounded)** | **Pay Elements (rounded)** | **Pay Elements (rounded)** | **Pay Elements (rounded)** |
| **Objective** | **Objective** | **Objective** | **Objective** |
| •Multi-year vesting <br>requirements align our <br>executives' interests with <br>our shareholders and <br>incentivize retention of our <br>executive talent<br>| •Structured to align with <br>shareholder interests, <br>reward the achievement <br>of long-term goals and <br>promote stability and <br>corporate loyalty among <br>the executives<br>| •To focus executives on <br>annual financial and <br>operational performance<br>•To reward executives for <br>performance relative to <br>our short-term goals and <br>initiatives<br>| •Provide a base level of <br>income in line with <br>expertise, experience, <br>tenure, performance, <br>potential and scope of <br>responsibility<br>|
| **Key Features** | **Key Features** | **Key Features** | **Key Features** |
| •Vest in equal annual <br>installments over three-year <br>period commencing on <br>the first anniversary date <br>of the grant<br>•Increases, when <br>appropriate, are <br>provided based on market <br>movements, scope of <br>responsibilities, and merit<br>| •Earned only if specified <br>financial performance <br>measures are met<br>•Measures performance <br>over three years, with <br>annual performance <br>segments that have 25%, <br>25% and 50% weighting<br>•PSU Awards granted in <br>2025 will be earned based <br>on Adjusted EPS, ROIC, <br>and carbon intensity <br>•PSU Awards granted in <br>2025 have potential <br>payouts that range from <br>0% to 200% of target<br>| •Earned based on company-<br>wide and/or brand-specific <br>(based on area of <br>responsibility) financial and <br>operational metrics and <br>individual performance <br>against previously <br>established strategic goals, <br>including, but not limited to, <br>Adjusted EPS (corporate), <br>adjusted brand operating <br>income (if applicable), and <br>certain corporate <br>responsibility goals<br>•For our President and <br>CEO, payout is entirely <br>based on corporate <br>performance<br>•For our other NEOs, two-<br>third is determined by <br>corporate and, if applicable, <br>brand performance, and <br>one-third is based on <br>individual performance<br>•Payouts range from 0% <br>to 200% based on <br>achievement of results <br>during the year<br>| •Set annually based on <br>market competitiveness <br>and in-line with <br>performance and <br>contributions to the <br>achievement of <br>Company goals<br>•Increases, when <br>appropriate, are <br>provided based on <br>market movements, <br>scope of responsibilities, <br>and merit<br>|

---

CEO

Other NEOs

CEO

Other NEOs

CEO

Other NEOs

CEO

Other NEOs

![1620](rcl-20260417_g72.gif)

![1649](rcl-20260417_g73.gif)

![1707](rcl-20260417_g74.gif)

![1765](rcl-20260417_g75.gif)

![1591](rcl-20260417_g76.gif)

![1661](rcl-20260417_g77.gif)

![1719](rcl-20260417_g78.gif)

![1777](rcl-20260417_g79.gif)

28%

22%

51%

40%

14%

21%

7%

17%

---

| | |
|:---|:---|
| ![Proxy GIF RCG-BL-CAR.gif](rcl-20260417_g8.gif) | *2026 Proxy Statement*<sub>5</sub> |

---

---

| | |
|:---|:---|
| *[**TABLE OF CONTENTS**](#i83ad025dfa6941c6bd47e7084b9f0b42_22)* | *[PROXY SUMMARY](#i83ad025dfa6941c6bd47e7084b9f0b42_25)* |

---

![](rcl-20260417_g80.gif)

**The board recommends a** 

**vote "FOR" this proposal.**![Deep Blue Gold Checkmark.gif](rcl-20260417_g34.gif)

**PROPOSAL 3**

**Ratification of Principal**

**Independent Registered Public**

**Accounting Firm**

Aggregate fees for professional services rendered by PricewaterhouseCoopers LLP for the fiscal years ended December 31,

2025 and 2024 were:

---

| | | |
|:---|:---|:---|
|  | **2025** <br>**($)**<br>| **2024** <br>**($)**<br>|
| Audit fees<sup>(1)</sup> | 5939545 | 4678355 |
| Audit-related fees<sup>(2)</sup> | 716780 | 800448 |
| Tax fees<sup>(3)</sup> | 47215 | 14580 |
| All other fees<sup>(4)</sup> | 2000 | 3825 |
| **Total** | **6705540** | **5497208** |

---

<sup>(1)</sup> The audit fees for the fiscal years ended December 31, 2025 and 2024 were for professional services rendered for the integrated audits

of the Company's consolidated financial statements and system of internal control over financial reporting, quarterly reviews, statutory

audits required by foreign jurisdictions, consents, issuance of comfort letters, and review of documents filed with the SEC.

<sup>(2)</sup> The audit-related fees for the fiscal years ended December 31, 2025 and 2024 were for the audits of the Company's retirement savings

plan, pre-implementation reviews of processes or systems, and other attest services.

<sup>(3)</sup> Tax fees for the fiscal years ended December 31, 2025 and 2024 were for services performed in connection with international tax

compliance and transfer pricing.

<sup>(4)</sup> All other fees for the fiscal years ended December 31, 2025 and 2024 were for subscription fees for accounting and auditing

research software.

---

| | | |
|:---|:---|:---|
| **6** | *2026 Proxy Statement* | ![Proxy GIF RCG-BL-CAR.gif](rcl-20260417_g8.gif) |

---

*[**TABLE OF CONTENTS**](#i83ad025dfa6941c6bd47e7084b9f0b42_22)*<br>

**Corporate Governance** 

**and Board Matters** 

**The board recommends a** 

**vote "FOR" each nominee.**![](rcl-20260417_g81.gif)

![Deep Blue Gold Checkmark.gif](rcl-20260417_g34.gif)

**]**

**PROPOSAL 1**

**Election of Directors**

Our Board currently has 14 members. Ms. Moore and Ms. Yeung are not standing for re-election and their terms on the Board

will expire as of the date of the Annual Meeting. The Board expresses its sincere appreciation for their dedicated services. Our

Bylaws provide that the Board of Directors shall consist of between ten and fifteen directors. Concurrently with the Annual

Meeting, the Board has set the current size of the Board to 12 directors. On the recommendation of the Nominating and

Corporate Governance Committee, the Board has nominated each of our twelve remaining directors for re-election to hold

office until the next annual meeting of shareholders and until their successors are duly elected and qualified. Each candidate

has consented to being named in this proxy statement and serving as a director, if elected. However, if any nominee is not able

to serve, the Board can either nominate a different person or reduce the size of the Board. If the Board nominates another

individual, the persons named as proxies may vote for that nominee.

![Deep Blue Gold Checkmark.gif](rcl-20260417_g34.gif)

**The Board unanimously recommends that shareholders vote "FOR" the election** 

**of each of the nominees for director named below.**

**Our Director Nominees** 

Our Board is made up of a diverse group of leaders with substantial experience in their respective fields. Our director

nominees hold, and have held, senior positions as leaders of various large and complex businesses and organizations and in

government, demonstrating their ability to develop and execute significant policy and operational objectives at the highest

levels. Our nominees include current and former chief executive officers, chief financial officers, chief operating officers and

other members of senior management of large, global businesses. Through these roles, our nominees have developed

expertise in, among other things, core business strategy, operations, finance, human capital management and leadership

development, compliance, controls and risk management, as well as the skills to respond to rapidly evolving business

environments and to foster innovation and business transformation. Additionally, our nominees' experience serving in

government and on other boards brings valuable knowledge and expertise, including in the areas of public policy, governance,

succession planning, financial reporting and regulatory compliance. Our Board believes that the combination of the various

skills, qualifications and experiences of the director nominees contributes to an effective and well-functioning Board and that,

individually and as a whole, the director nominees possess the necessary qualifications to provide effective oversight and

strategic guidance.

---

| | |
|:---|:---|
| ![Proxy GIF RCG-BL-CAR.gif](rcl-20260417_g8.gif) | *2026 Proxy Statement*<sub>7</sub> |

---

---

| | |
|:---|:---|
| *[**TABLE OF CONTENTS**](#i83ad025dfa6941c6bd47e7084b9f0b42_22)* | *OUR DIRECTOR NOMINEES* |

---

We have included below detailed biographical information for each director nominee, including career highlights, other public

directorships and select professional and community contributions, along with the top qualifications, experience, skills and

expertise we believe each director brings to our Board. Our Board considered all of these attributes when deciding to nominate

these individuals to the Board.

![John F Brock.gif](rcl-20260417_g82.gif)

*John F. Brock*

**BACKGROUND:** 

Mr. Brock retired as Chief Executive Officer of Coca Cola European Partners in December 2016,

having served in that role since the formation of that company in May 2016. Prior to that, Mr. Brock

served as Chairman and Chief Executive Officer of Coca Cola Enterprises Inc. since April 2008 and

as Chief Executive Officer since April 2006. From February 2003 until December 2005, Mr. Brock was

Chief Executive Officer of InBev, S.A., a global brewer, and from March 1999 until December 2002,

he was Chief Operating Officer of Cadbury Schweppes plc, an international beverage and

confectionery company. From April 2007 to December 2007, Mr. Brock served as a director of Dow

Jones & Company, Inc., a publisher and provider of global business and financial news. From 2004 to

2006, he served as a director of the Campbell Soup Company, a global manufacturer and marketer of

branded convenience food products. From 2003 to 2005, he served as a director of Interbrew /

Inbrew, a beer brewing company. He also served as a director of Reed Elsevier, a publisher, from

1997 to 2003. Mr. Brock is a Trustee of the Georgia Tech Foundation and a member of the

Smithsonian National Board. Mr. Brock is a member of the Board of Directors of ApJet, LLC and

thegameHERs, LLC and is Managing Director of Brock Holdings, LLC.

**Lead Independent** 

**Director**

**Age:** 77

**Director Since:**

February 2014

**Committees:**

• Nominating and

Corporate Governance

Committee (Chair)

• Talent and

Compensation

Committee

**Other Public** 

**Company Boards:**

• None

![](rcl-20260417_g83.gif)

**SPECIFIC QUALIFICATIONS, ATTRIBUTES, SKILLS AND EXPERIENCE:** 

Mr. Brock brings senior leadership and strategic and global expertise from his most recent position as

Chairman and Chief Executive Officer of one of the world's largest independent Coca-Cola bottlers.

Prior to his retirement, Mr. Brock demonstrated effective and efficient leadership of a complex,

publicly traded company competing in the highly competitive international beverage industry.

![](rcl-20260417_g3.gif)

![](rcl-20260417_g4.gif)

![](rcl-20260417_g5.gif)

![](rcl-20260417_g6.gif)

![Richard D Fain.gif](rcl-20260417_g84.gif)

*Richard D. Fain*

**BACKGROUND:** 

Mr. Fain served as Chairman and Chief Executive Officer of the Company from 1988 through January

2022 and continued as Chairman until November 2025. He has been a director of the Company since

1981 and continues to serve in that capacity. A recognized industry leader, Mr. Fain has participated

in the shipping industry for over 50 years and has held numerous prominent leadership roles,

including Chairman of the Cruise Lines International Association (CLIA), the largest cruise industry

trade association. He is also the author of a best-selling book on developing a strong corporate

culture based on his experience at the Company.

Mr. Fain currently serves on the University of Miami Board of Trustees and the UHealth Board of

Directors. He previously served as Chairman of the University of Miami Board of Trustees, the Miami

Business Forum,the Greater Miami Convention and Visitors Bureau, the UHealth Board of Directors,

and the United Way of Miami Dade.

**Age:** 78

**Director Since:**

January 1981

**Committees:**

• Safety, Environment,

Sustainability and

Health Committee

**Other Public** 

**Company Boards:**

• None

![](rcl-20260417_g83.gif)

**SPECIFIC QUALIFICATIONS, ATTRIBUTES, SKILLS AND EXPERIENCE:** 

Mr. Fain's breadth of experiences, tenure and leadership provide incomparable insights into the

history, operations, and strategic vision of the Company as well as the evolution and direction of the

cruise industry as a whole. Having served as Chairman & CEO for over 33 years, Mr. Fain helped

grow the Company from a one brand Caribbean centric operation with berthing capacity of

approximately 5,000 to the second largest cruise company in the world with a portfolio of global and

regional brands that operate around the globe.

![](rcl-20260417_g3.gif)

![](rcl-20260417_g4.gif)

![](rcl-20260417_g5.gif)

![](rcl-20260417_g6.gif)

---

| | | |
|:---|:---|:---|
| **8** | *2026 Proxy Statement* | ![Proxy GIF RCG-BL-CAR.gif](rcl-20260417_g8.gif) |

---

---

| | |
|:---|:---|
| *OUR DIRECTOR NOMINEES* | *[**TABLE OF CONTENTS**](#i83ad025dfa6941c6bd47e7084b9f0b42_22)* |

---

![Stephen R Howe Jr.gif](rcl-20260417_g85.gif)

*Stephen R. Howe, Jr.*

**BACKGROUND:** 

Mr. Howe served as U.S. Chairman and Managing Partner and Americas Area Managing Partner of

Ernst & Young ("EY") and was a member of EY's Global Executive Board from 2006 until his

retirement in 2018. In these roles, Mr. Howe directed strategy and operations for EY's businesses of

over 75,000 people delivering professional services across all industry sectors. While leading EY, Mr.

Howe also was responsible for the firm's board governance and regulatory relationships and was

executive sponsor for the firm's focus on diversity and inclusiveness. He was with EY for 37 years.

Mr. Howe is also a member the Board of the Peterson Institute for International Economics and the

Board of Trustees (Chairman) of the Liberty Science Center. Mr. Howe was previously a member of

multiple boards including Colgate University, the Center for Audit Quality and the Financial

Accounting Foundation. He currently serves as a member of the Board of Directors of Lazard Inc.

**Age:** 64

**Director Since:**

December 2018

**Committees:**

• Audit Committee

(Chair)

• Nominating and

Corporate Governance

Committee

**Other Public** 

**Company Boards:**

• Lazard, Inc. (New York

Stock Exchange)

![](rcl-20260417_g83.gif)

**SPECIFIC QUALIFICATIONS, ATTRIBUTES, SKILLS AND EXPERIENCE:** 

Mr. Howe brings to the Board considerable financial and leadership experience through his service

as U.S. Chairman and Managing Partner and Americas Managing Partner of EY. He provides the

board with meaningful insight gained from his strategic and operational experience and from his

extensive board experience at EY, in interactions with EY clients, and as a member of other boards

noted above.

![](rcl-20260417_g3.gif)

![](rcl-20260417_g4.gif)

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![Michael O Leavitt.gif](rcl-20260417_g86.gif)

*Michael O. Leavitt*

**BACKGROUND:** 

Gov. Leavitt has served as Chairman of Leavitt Equity Partners, a private equity fund, from 2009 to

the present. He is also Chairman of Intermountain Health, a nonprofit healthcare system. Previously,

he also served as the Chairman of Leavitt Partners, LLC, a health care consulting firm, from 2009 to

2021. He also served as the United States Secretary of Health and Human Services (2005 to 2009),

the Administrator of the U.S. Environmental Protection Agency (2003 to 2009) and the Governor of

the State of Utah (1993 to 2003).

**Age:** 75

**Director Since:**

February 2022

**Committees:**

• Safety, Environment,

Sustainability and

Health Committee

(Chair)

**Other Public** 

**Company Boards:**

• None

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**SPECIFIC QUALIFICATIONS, ATTRIBUTES, SKILLS AND EXPERIENCE:** 

Gov. Leavitt brings to our Board extensive management and leadership experience, including service

as the Governor of Utah, a large state with a diverse body of constituents, and service in positions

with the U.S. government, where he oversaw and advised on issues of national concern such as

healthcare and environmental protection. These experiences were instrumental to his role as Co-

Chair of the Healthy Sail Panel in developing recommendations for cruise lines to advance their

public health response to COVID-19 and contributes to the Board's oversight of these issues. Further,

his experience at the EPA provides the Board with valuable insight in relation to the Company's

various environmental, social and governance initiatives.

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|:---|:---|
| ![Proxy GIF RCG-BL-CAR.gif](rcl-20260417_g8.gif) | *2026 Proxy Statement*<sub>9</sub> |

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| | |
|:---|:---|
| *[**TABLE OF CONTENTS**](#i83ad025dfa6941c6bd47e7084b9f0b42_22)* | *OUR DIRECTOR NOMINEES* |

---

![Jason T Liberty.gif](rcl-20260417_g87.gif)

*Jason T. Liberty*

**BACKGROUND:** 

Mr. Liberty has served as Chairman and Chief Executive Officer of the Company since November

2025 and prior to that as President and Chief Executive Officer since January 2022. Mr. Liberty has

held several roles since joining the Company in 2005. Most recently, Mr. Liberty served as Executive

Vice President and Chief Financial Officer since 2017 and, prior to that, as Senior Vice President and

Chief Financial Officer since 2013. Before his role as Chief Financial Officer, Mr. Liberty served as

Senior Vice President, Strategy and Finance from 2012 through 2013; as Vice President of Corporate

and Revenue Planning from 2010 through 2012; and as Vice President of Corporate and Strategic

Planning from 2008 to 2010. Before joining Royal Caribbean Group, Mr. Liberty was a Senior

Manager at the international public accounting firm of KPMG LLP. Mr. Liberty previously served on

the board of WNS (Holdings) Ltd., a public company, from February 2020 until October 2025.

**Chairman of the Board**

**Age:** 50

**Director Since:**

November 2021

**Committees:**

• None

**Other Public** 

**Company Boards:**

• None

![](rcl-20260417_g83.gif)

**SPECIFIC QUALIFICATIONS, ATTRIBUTES, SKILLS AND EXPERIENCE:** 

Mr. Liberty has two decades of broad-based, diverse senior management experience at the

Company, including service as Executive Vice President and Chief Financial Officer, where he was

responsible for finance, strategy, shared service operations, legal, and technology matters, among

other areas. His experience and industry knowledge make him a valuable member of our Board.

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![Amy McPherson.gif](rcl-20260417_g88.gif)

*Amy McPherson*

**BACKGROUND:** 

Ms. McPherson served in various positions at Marriott International, Inc. for over 30 years. Most

recently, from 2009 through 2019, she served as President and Managing Director, Europe. Under

her leadership, Marriott launched five new brands in Europe and completed the successful integration

of Starwood Hotels in Europe. Since 2017, Ms. McPherson has served as a non-executive member

of the board of directors of PVH Corporation and is a member of its Audit Committee and Chair of its

Nominating & Governance Committee. In December 2023, Ms. McPherson was appointed as non-

executive member of the board of directors for Merlin Entertainments Ltd and is a member of the

Remuneration and Health, Safety & Security Committees.

**Age:** 64

**Director Since:**

December 2020

**Committees:**

• Talent and

Compensation

Committee

• Nominating and

Corporate Governance

Committee

**Other Public** 

**Company Boards:**

• PVH Corporation

(New York Stock

Exchange)

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**SPECIFIC QUALIFICATIONS, ATTRIBUTES, SKILLS AND EXPERIENCE:** 

Ms. McPherson brings to the board considerable experience in overseeing business operations and

development in Europe, having overseen multiple brands of hotels for Marriott. She has overseen

acquisitions and strategic partnerships and implemented and executed strategies on both a regional

and global basis. In addition, Ms. McPherson has experience managing Marriott's global and field

sales, marketing, loyalty program, revenue management, e-commerce, worldwide reservation sales

and customer care, and sales channel strategy and analysis.

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| **10** | *2026 Proxy Statement* | ![Proxy GIF RCG-BL-CAR.gif](rcl-20260417_g8.gif) |

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|:---|:---|
| *OUR DIRECTOR NOMINEES* | *[**TABLE OF CONTENTS**](#i83ad025dfa6941c6bd47e7084b9f0b42_22)* |

---

![Maritza G Montiel.gif](rcl-20260417_g89.gif)

*Maritza G. Montiel*

**BACKGROUND:** 

Ms. Montiel served as Deputy Chief Executive Officer and Vice Chairman of Deloitte LLP from 2011

through her retirement in May 2014. Prior to these positions, she held numerous senior management

roles at Deloitte, including Managing Partner (Leadership Development and Succession, Deloitte

University) from 2009 to 2011, and Regional Managing Partner from 2001 to 2009. During Ms.

Montiel's tenure at Deloitte, she was the Advisory Partner for many public company registrants in

addition to overseeing Deloitte's risk function. Ms. Montiel is a board member of McCormick &

Company and Versant Media Group Inc., where she chairs the respective audit committees. She also

served as a member of the Board of Directors of Comcast Corporation from June 2018 to June 2024.

**Age:** 74

**Director Since:**

December 2015

**Committees:**

• Audit Committee

• Talent and

Compensation

Committee

**Other Public** 

**Company Boards:**

• McCormick & Company

(New York Stock

Exchange)

• Versant Media Group

Inc. (NASDAQ)

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**SPECIFIC QUALIFICATIONS, ATTRIBUTES, SKILLS AND EXPERIENCE:** 

Leveraging her more than 35 years of advising companies (including providing attestation services for

public companies) across a wide cross section of industries, Ms. Montiel brings to the Board

significant financial and advisory experience. The Board also benefits from her deep and broad

working knowledge of the strategic and governance challenges faced by today's large organizations

and her experience overseeing risk and compliance in her role as Deputy CEO of Deloitte.

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![Eyal M Ofer.gif](rcl-20260417_g90.gif)

*Eyal M. Ofer*

**BACKGROUND:** 

Eyal Ofer has served as a director of the Company since May 1995. He is Chairman of his multi-

generational family group, Ofer Global, leading a private portfolio of international businesses

principally focused on maritime shipping, real estate, energy, technology, banking and large public

investments. These include its shipping division, Zodiac Group, an international shipping enterprise

operating one of the world's largest private diversified fleets, and its real estate arm, Global Holdings

Group, a property holding conglomerate with over 12 million square feet of real estate, specializing in

large-scale office buildings, hotels and luxury residential developments, as well as other investment

and development assets. In 2017, Eyal Ofer launched O.G. Venture Partners, a single LP Venture

Capital fund which has in excess of $2bn AUM. He also leads the group's O.G. Energy division,

which has interests including renewable energy projects focused on wind, solar and forestry, and is a

global leader in the provision of FSO and FPSO units through Omni Offshore Terminals.

**Age:** 75

**Director Since:**

May 1995

**Committees:**

• Safety, Environment,

Sustainability and

Health Committee

• Nominating and

Corporate Governance

Committee

**Other Public** 

**Company Boards:**

• None

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**SPECIFIC QUALIFICATIONS, ATTRIBUTES, SKILLS AND EXPERIENCE:** 

Mr. Ofer brings to the Board over 40 years of significant leadership in the international maritime

industry, including 30 years of service on our Board of Directors. Mr. Ofer also provides considerable

expertise in both real estate and finance matters, having played a leading role throughout his career

in both expanding and diversifying his family's shipping enterprise into sectors including real estate,

cruise lines, hotels, banking and technology.

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| ![Proxy GIF RCG-BL-CAR.gif](rcl-20260417_g8.gif) | *2026 Proxy Statement*<sub>11</sub> |

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|:---|:---|
| *[**TABLE OF CONTENTS**](#i83ad025dfa6941c6bd47e7084b9f0b42_22)* | *OUR DIRECTOR NOMINEES* |

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![Vagn O Sorenson.gif](rcl-20260417_g91.gif)

*Vagn O. Sørensen*

**BACKGROUND:** 

Mr. Sørensen brings to the Board over 20 years of experience in the aviation industry, having served

as the President and Chief Executive Officer of Austrian Airlines Group from 2001 through 2006. Prior

to that, he served in a variety of roles with Scandinavian Airlines Systems, including as Executive

Vice President and Deputy CEO. He currently serves as a board member and chairman for a number

of corporations throughout Europe and Canada, including Air Canada, Parques Reunidos SA, CNH

Industrial and Vakantie Discounter. Mr. Sørensen also previously served on the board of Scandic

Hotels AB, SSP Group and DFDS.

**Age:** 66

**Director Since:**

July 2011

**Committees:**

• Audit Committee

• Talent and

Compensation

Committee (Chair)

**Other Public** 

**Company Boards:**

• Air Canada (Toronto

Stock Exchange)

• CNH Industrial (New

York Stock Exchange

and Milan Stock

Exchange)

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**SPECIFIC QUALIFICATIONS, ATTRIBUTES, SKILLS AND EXPERIENCE:** 

Mr. Sørensen's breadth of experience in the aviation industry and the insurance industry brings useful

insight to the Board, especially with respect to matters impacting the travel industry and risk

management. He also provides significant experience within the shipping industry gained through his

prior service as Deputy Chairman of DFDS A/S, one of the largest short seas operators in Europe.

Through his service on a number of other boards in Europe and Canada, Mr. Sørensen also provides

the Board with diverse perspectives.

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![Donald Thompson.gif](rcl-20260417_g92.gif)

*Donald Thompson*

**BACKGROUND:** 

Mr. Thompson currently serves as Chief Executive Officer of Cleveland Avenue, LLC, a food,

beverage and technology investment company, which he founded in 2015. From 2012 to March 2015,

Mr. Thompson served as President and Chief Executive Officer of McDonald's Corporation.

Previously, Mr. Thompson served as President and Chief Operating Officer of McDonald's

Corporation from 2010 to 2012 and President of McDonald's USA from 2006 to 2010. Prior to joining

McDonald's, Mr. Thompson served six years as an Electrical Engineer for the Northrop Corporation,

where he specialized in power supply design and manufacturing for high technology radar systems.

Mr. Thompson served as director of McDonald's Corporation from 2011 to March 2015, a director of

Exelon Corporation from 2007 to 2013 and a director of Beyond Meat, Inc. from 2015 to May 2021.

He also served as an Advisory Board member of DocuSign, Inc. from 2015 to 2018 and a Trustee of

Purdue University from 2009 to 2022. Mr. Thompson has served as a director of Northern Trust

Corporation since March 2015 and has been a member of the board of directors of Footprint

International HoldCo Inc. since April 2021, and has served as chairman of the board since June 2021.

He also serves on numerous civic and philanthropic boards. He is a member of the Commercial and

Economic Clubs of Chicago, World Business Chicago and the Arthur M. Brazier Foundation. He

serves as a director for Northwestern Memorial HealthCare and a Trustee on the board of the

Cleveland Avenue Foundation for Education. He also serves as Chairman of Amistad Financial

Services Group, a private financial services company, since December 2025.

**Age:** 63

**Director Since:**

May 2015

**Committees:**

• Safety, Environment,

Sustainability and

Health Committee

• Talent and

Compensation

Committee

**Other Public** 

**Company Boards:**

• Northern Trust

Corporation (Nasdaq

Global Select Market)

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**SPECIFIC QUALIFICATIONS, ATTRIBUTES, SKILLS AND EXPERIENCE:** 

Mr. Thompson brings to the Board significant strategic leadership and collaboration skills as well as

valuable global business perspective. His 25-year career at McDonald's, the world's leading global

food service retailer, culminated in him leading the company from 2012 through 2015. In his role as

President & CEO of McDonald's, Mr. Thompson directed strategy and operations for over 30,000

restaurants in over 100 countries, working closely with thousands of independent owner/operators,

corporate staff and restaurant employees around the world.

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| **12** | *2026 Proxy Statement* | ![Proxy GIF RCG-BL-CAR.gif](rcl-20260417_g8.gif) |

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| *OUR DIRECTOR NOMINEES* | *[**TABLE OF CONTENTS**](#i83ad025dfa6941c6bd47e7084b9f0b42_22)* |

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**Age:** 67

**Director Since:**

February 2026

**Committees:**

• None

**Other Public** 

**Company Boards:**

• None

![Chris_Wiernicki_Headshot circle.jpg](rcl-20260417_g93.jpg)

*Christopher Wiernicki*

**BACKGROUND:** 

Mr. Wiernicki served as Chairman and CEO of American Bureau of Shipping (ABS), a

leading maritime classification society, from 2011 through 2025. Prior to that role, he held other senior

positions at ABS, including president and chief operating officer and chief technology officer. Mr.

Wiernicki is a recognized expert in the marine sector, member of the International Maritime Hall of

Fame and recipient of numerous industry, government and academic accolades.

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**SPECIFIC QUALIFICATIONS, ATTRIBUTES, SKILLS AND EXPERIENCE:** 

Mr. Wiernicki brings to the Board vast executive leadership experience in global maritime, technology,

and energy businesses, including his tenure as Chairman and CEO of ABS. His deep expertise in

engineering, safety, risk management, and technology-driven transformation enables him to provide

strong oversight of strategy, innovation, and enterprise risk. As a member of the Marine Board of the

National Academies of Sciences, Engineering, and Medicine, and service through senior advisory

roles on the White House National Infrastructure Advisory Council and the U.S. Marine Transportation

Board, Mr. Wiernicki's background contributes additional perspective to complex operational,

regulatory, and sustainability matters.

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*Arne Alexander Wilhelmsen*

![Arne A Wilhemsen.gif](rcl-20260417_g94.gif)

**BACKGROUND:** 

Mr. Wilhelmsen is Chairman of the board of directors of AWAS Holding AS, the holding company for

the Awilhelmsen group, one of Norway's largest family-owned investments companies. Mr.

Wilhelmsen has been the Chairman of the board of directors since 2008 and was prior to this the

Chief Executive Officer of the Awilhelmsen group from 2005 to 2008. From 1995 to 2005 Mr.

Wilhelmsen held a variety of positions within the Awilhelmsen Group. From 2011 until its merger into

the Awilhelmsen group in 2023, Mr. Wilhelmsen also served as Chairman of the Board of Aweco

Invest AS, a family office with financial investments, philanthropy and social impact activities.

**Age:** 60

**Director Since:**

April 2003

**Committees:**

• Safety, Environment,

Sustainability and

Health Committee

• Nominating and

Corporate Governance

Committee

**Other Public** 

**Company Boards:**

• None

![](rcl-20260417_g83.gif)

**SPECIFIC QUALIFICATIONS, ATTRIBUTES, SKILLS AND EXPERIENCE:** 

As the leader of an investment company with varied interests across a number of business segments,

including cruise, software development for health services, insurance, real estate, retail, offshore

wind, shipping and offshore oil service, Mr. Wilhelmsen brings a diverse knowledge base and

strategic insight to the Board. As the representative of one of the Company's largest shareholders

and one of the Company's original founders, Mr. Wilhelmsen also provides a valuable historical

perspective to the Board.

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|:---|:---|
| ![Proxy GIF RCG-BL-CAR.gif](rcl-20260417_g8.gif) | *2026 Proxy Statement*<sub>13</sub> |

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|:---|:---|
| *[**TABLE OF CONTENTS**](#i83ad025dfa6941c6bd47e7084b9f0b42_22)* | *DIRECTOR SKILLS AND EXPERIENCE* |

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**Director Skills and Experience** 

Our Board periodically reviews the appropriate skills and expertise required of the Board in order to successfully carry out its

responsibilities both in the near term and into the future. This assessment includes business experience and expertise – all in

the context of an assessment of the perceived needs of the Board at that time.

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Skills and Experience** | **Brock** | **Fain** | **Howe, Jr.** | **Leavitt** | **Liberty** | **McPherson** | **Montiel** | **Moore** | **Ofer** | **Sørensen** | **Thompson** | **Wiernicki** | **Wilhelmsen** | **Yeung** |
|  |  | •  |  | •  | •  | •  |  |  | •  | •  |  | •  | •  |  |
|  |  | •  |  | •  | •  |  |  |  | •  | •  |  | •  | •  |  |
|  | •  | •  | •  | •  | •  | •  | •  | •  | •  | •  | •  | •  | •  | •  |
|  | •  | •  | •  |  | •  |  | •  |  |  | •  |  | •  |  | •  |
|  | •  | •  | •  | •  | •  |  | •  |  |  | •  | •  | •  |  |  |
|  | •  | •  | •  | •  | •  |  | •  |  | •  | •  | •  | •  | •  | •  |
|  |  | •  | •  |  | •  |  | •  | •  |  | •  |  |  | •  |  |
|  | •  | •  | •  |  | •  | •  | •  | •  | •  | •  | •  | •  | •  | •  |
|  | •  | •  |  | •  | •  | •  |  |  | •  |  | •  | •  |  | •  |
|  | •  | •  | •  | •  | •  | •  | •  | •  | •  | •  | •  | •  | •  | •  |
| | •  | •  | | | •  | •  | •  | •  | | •  | •  | | •  | •  |

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**Industry**

![RCC Industry Icon.gif](rcl-20260417_g51.gif)

**Maritime**

![RCC Maritime Icon.gif](rcl-20260417_g54.gif)

**Executive**

**Leadership**

![RCC Leadership Icon.gif](rcl-20260417_g56.gif)

**Regulated**

**Business**

![RCC Regulated Business Icon.gif](rcl-20260417_g57.gif)

**Government /**

**Public Policy**

![RCC Government Icon.gif](rcl-20260417_g59.gif)

**Corporate** 

**Responsibility** 

**and Governance**

![RCC Environment Icon.gif](rcl-20260417_g61.gif)

**Finance /**

**Accounting**

![RCC Finance Icon.gif](rcl-20260417_g62.gif)

**Global**

**Enterprise**

![RCC Global Icon.gif](rcl-20260417_g64.gif)

**Technology /**

**Innovation /**

**Cybersecurity**

![RCC Tech Icon.gif](rcl-20260417_g65.gif)

**Risk**

**Management**

![RCC Risk Icon.gif](rcl-20260417_g66.gif)

**Consumer**

**Business**

![RCC Consumer Icon.gif](rcl-20260417_g68.gif)

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| **14** | *2026 Proxy Statement* | ![Proxy GIF RCG-BL-CAR.gif](rcl-20260417_g8.gif) |

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|:---|:---|
| *BOARD SELECTION AND EVALUATION* | *[**TABLE OF CONTENTS**](#i83ad025dfa6941c6bd47e7084b9f0b42_22)* |

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**Board Selection and Evaluation**

**PROCESS FOR IDENTIFYING AND ADDING NEW DIRECTORS**

We believe that our directors should possess the highest personal and professional ethics, integrity and values, demonstrate

the ability to act candidly, show a willingness and ability to evaluate, challenge and stimulate, have demonstrated leadership

ability and a proven record of accomplishment as well as expertise in business, professional, academic, political or community

affairs, and be committed to representing the long-term interests of our shareholders.

**1. Assessment of Potential Candidates**

The Board recognizes the value of diverse backgrounds and endeavors to have a Board composed of individuals

with a wealth of leadership experience, diverse viewpoints, knowledge, skills and business experience in the

substantive areas that impact our business and align with our strategy. The Board is currently composed of fourteen

directors with a variety of attributes that contribute to the Board's collective strength.

The Nominating and Corporate Governance Committee assesses potential candidates based on their history of

achievement, the breadth of their business experiences, whether they bring specific skills or expertise in areas that

the committee has identified as desired and whether they possess personal attributes and experiences that will

contribute to the sound functioning of our Board. In addition, the Board evaluation process described below is an

important determinant for Board refreshment.

![Gold Circle Blue Arrow.jpg](rcl-20260417_g95.jpg)

![](rcl-20260417_g96.gif)

**2. Use of a Third-Party Search Firm**

The Nominating and Corporate Governance Committee often uses a professional search firm to help identify,

evaluate and conduct due diligence on potential director candidates. Using a professional search firm supports the

committee in conducting a broad search and looking at a diverse pool of potential candidates. The Nominating and

Corporate Governance Committee also maintains an ongoing list of potential candidates and considers

recommendations made by members of the Board. The Board appointed Mr. Christopher Wiernicki on February 10,

2026. Mr. Wiernicki was not referred through a third-party search firm or any shareholder but is well-known by members

of the Board and senior officers based on his industry experience and recognized leadership during his tenure as

CEO and Chairman of American Bureau of Shipping, a provider of marine and offshore classification services.

![Gold Circle Blue Arrow.jpg](rcl-20260417_g95.jpg)

![](rcl-20260417_g96.gif)

**3. Shareholder Nominations**

In addition, the Nominating and Corporate Governance Committee considers all shareholder recommendations for

director candidates and applies the same standards in considering candidates submitted by shareholders as it does

in evaluating all other candidates. Shareholders can recommend candidates by writing to the Nominating and

Corporate Governance Committee in care of the Company's Corporate Secretary, at 1050 Caribbean Way, Miami,

Florida 33132 or via email to corporatesecretary@rccl.com.

Shareholders who wish to submit nominees for election at an annual or special meeting of shareholders should

follow the procedure beginning on page [75](#i83ad025dfa6941c6bd47e7084b9f0b42_139).

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| ![Proxy GIF RCG-BL-CAR.gif](rcl-20260417_g8.gif) | *2026 Proxy Statement* | **15** |

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| *[**TABLE OF CONTENTS**](#i83ad025dfa6941c6bd47e7084b9f0b42_22)* | *BOARD SELECTION AND EVALUATION* |

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**Director Onboarding and Continuing Education** 

We maintain a comprehensive director onboarding program to familiarize all new directors with the Company's business,

including its plans, significant financial, accounting and risk management issues, policies and compliance processes, strategic

priorities and members of senior management. Each director's onboarding is tailored to take into account the individual's prior

experience and background and to ensure the director becomes knowledgeable about the most important issues affecting the

Company and its business. The onboarding process includes a series of meetings with members of senior management and

their staff for briefings.

We also provide directors with membership to the National Association of Corporate Directors (NACD), which provides

directors with access to continuing education, research materials, and publications relating to corporate governance, board

leadership, corporate responsibility matters, and other topical information relevant to their interests. From time to time,

members of management also present to the Board or its committees on new developments in areas relevant to the Company.

**Our Board Evaluation Process** 

The Nominating and Corporate Governance Committee has oversight responsibility for the annual Board and committee

evaluation process and uses feedback from the evaluation to identify director nominees.

**Review of the Format**

![RCC Review of the Format Icon.gif](rcl-20260417_g97.gif)

The Nominating and Corporate Governance Committee periodically reviews the format of the Board and committee

evaluation process to ensure that actionable feedback is solicited on the performance of the Board and the

committees. From time to time, these evaluations may be conducted using a third-party consultant.

![Gold Circle Blue Arrow.jpg](rcl-20260417_g95.jpg)

![](rcl-20260417_g98.gif)

**Discussions with Directors Utilizing Questionnaires**

![RCC Discussions Icon.gif](rcl-20260417_g99.gif)

For the 2025 evaluation process, the Chair of the Nominating and Corporate Governance Committee had one-on-

one discussions with all directors utilizing questionnaires. The questionnaires solicited commentary on various

topics, including Board and committee composition and performance, meeting materials, access to management,

among other matters. Directors were also invited to discuss the performance of other Directors.

![Gold Circle Blue Arrow.jpg](rcl-20260417_g95.jpg)

![](rcl-20260417_g98.gif)

**Use of Results to Guide Board Enhancement**

![RCC Results to Guide Icon.gif](rcl-20260417_g100.gif)

The Chair of the Nominating and Corporate Governance Committee aggregated the feedback received from

individual discussions with directors and presented the findings to the Chair of each Committee as it relates to his

or her respective committee. The data identified any themes or issues that had emerged and included suggestions

for areas of improvement. The Chair of the Nominating and Corporate Governance Committee also presented the

aggregated feedback to the full Board. The Board used these results to review and assess the Board's and each

committee's composition and required skill sets, responsibilities, structure, processes and effectiveness.

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|:---|:---|:---|
| **16** | *2026 Proxy Statement* | ![Proxy GIF RCG-BL-CAR.gif](rcl-20260417_g8.gif) |

---

---

| | |
|:---|:---|
| *EXECUTIVE SUCCESSION PLANNING* | *[**TABLE OF CONTENTS**](#i83ad025dfa6941c6bd47e7084b9f0b42_22)* |

---

**Executive Succession Planning** 

Succession planning and execution is one of the Board's most important responsibilities, and the success of the Company's

recent leadership transitions is a testament to the care and diligence that the Board has devoted to this key topic. The Board's

succession planning activities are strategic, long-term and supported by the Board's committees and external consultants. In

accordance with our Corporate Governance Principles, our Talent and Compensation Committee has primary responsibility for

reviewing our talent development programs and initiatives for senior executives and for periodically reviewing our programs

and practices for overseeing the continuity of capable management. The Nominating and Corporate Governance Committee

has primary responsibility for overseeing a CEO transition.

Consistent with the emphasis on preparedness and succession planning, the Board periodically reviews an emergency CEO

succession plan, which details the actions to be taken by specific individuals in the event the CEO suddenly dies or becomes

incapacitated. The plan is designed to ensure that appropriate steps can be taken to minimize disruption to the Board and the

company's governance.

**Evaluation of Potential Successors**

![RCC Review of the Format Icon.gif](rcl-20260417_g97.gif)

A key responsibility of the Talent and Compensation Committee is the identification and evaluation of potential

successors for the CEO position and other executives. This includes our CFO, Brand Presidents and other

positions that have been identified as integral to our business. Regularly, the Talent and Compensation

Committee, in consultation with the CEO and with the assistance of external consultants, as necessary, reviews

the skills, experiences and attributes that the Committee believes are required and/or desirable for the CEO and

other executives in light of the Company's then current business strategy, prospects and challenges. For each

candidate, the Committee evaluates strengths, contributions, candidate readiness, and areas for development.

![Gold Circle Blue Arrow.jpg](rcl-20260417_g95.jpg)

![](rcl-20260417_g96.gif)

**Recommendations from the CEO**

![RCC Recommendations Icon.gif](rcl-20260417_g101.gif)

The CEO makes available his recommendations and evaluations of potential successors, along with a review of

any development plans recommended for such individuals.

![Gold Circle Blue Arrow.jpg](rcl-20260417_g95.jpg)

![](rcl-20260417_g96.gif)

**CEO Transition Process**

![RCC CEO Icon.gif](rcl-20260417_g102.gif)

In the event of a CEO transition, the Nominating and Corporate Governance Committee, in consultation with the

CEO, provides oversight of the CEO transition process.

![Gold Circle Blue Arrow.jpg](rcl-20260417_g95.jpg)

![](rcl-20260417_g96.gif)

**Ongoing Review by the Board**

![RCC Ongoing Review Icon.gif](rcl-20260417_g103.gif)

The Board routinely engages with the Company's leadership team on matters of talent and culture, including

around the development of the Company's talent pipeline and succession plans for key executive positions.

![](rcl-20260417_g96.gif)

---

| | | |
|:---|:---|:---|
| ![Proxy GIF RCG-BL-CAR.gif](rcl-20260417_g8.gif) | *2026 Proxy Statement* | **17** |

---

---

| | |
|:---|:---|
| *[**TABLE OF CONTENTS**](#i83ad025dfa6941c6bd47e7084b9f0b42_22)* | *CORPORATE GOVERNANCE* |

---

**Corporate Governance**

**BOARD LEADERSHIP STRUCTURE** 

The Board is responsible for the overall performance of the Company through oversight of management and stewardship of

the Company. Consequently, the Board believes that the independent directors should have strong defined leadership roles.

The current leadership structure of the Board consists of:

---

| | |
|:---|:---|
| **Name** | **Title** |
| **Jason T. Liberty** | Chairman of the Board and Chief Executive Officer |
| **John F. Brock** | Lead Independent Director and Chair of Nominating and Corporate Governance Committee |
| **Stephen R. Howe, Jr.** | Chair of Audit Committee |
| **Vagn O. Sørensen** | Chair of Talent and Compensation Committee |
| **Gov. Michael Leavitt** | Chair of Safety, Environment, Sustainability and Health Committee |

---

The Board generally believes that having a unified Chairman and CEO role, combined with an experienced independent Lead

Director, most effectively enables the Board to perform its duties. However, the Board recognizes that its leadership structure

and the combination or separation of the CEO and Chairman roles must be driven by the needs of the Company at any

particular time and, as a result, no static policy exists requiring the combination or separation of leadership roles.

Following Mr. Liberty's appointment as President and CEO in January 2022, Mr. Fain retained leadership of the Board as

Chairman so that the Company and the Board could continue to benefit from his long-tenured leadership and working

relationships with other members of the Board during this period of transition in our Company's senior leadership. Following

Mr. Fain stepping down as Chairman in 2025, the Board determined that it was appropriate to combine once again the roles of

Chairman and CEO. The Board believes that it has benefited from Mr. Liberty's strategic and operational insights and strong

leadership skills, ranging from day-to-day operational execution to long-term strategic direction and risk management. His

combined Chairman and CEO role promotes unified leadership and accountability for the Company and more streamlined

communication between management and the Board, supporting efficient Board oversight of management. As the Board

member most closely connected to the business, Mr. Liberty is best positioned to identify key business issues that require

Board attention and, as Board Chairman, can efficiently direct the Board's focus to such matters.

In making the determination to combine the Chairman and CEO roles, the Board also considered the strength of its

independent governance framework, including a substantial majority of independent directors, fully independent Board

committees, and a robust independent Lead Director role. Our current Lead Director since May 2025 is Mr. Brock. Mr. Brock

succeeded William Kimsey as Lead Director, who had served in that role since 2013. In addition, all Board committees are

composed entirely of independent directors and are chaired by independent directors.

![](rcl-20260417_g104.gif)

The Lead Director's duties include the following;

• Calls meetings of the independent directors.

• Presides at all meetings of the Board at which the Chairman and CEO is not present, including executive sessions

of the independent directors.

• Facilitates communication between the independent directors and our Chairman and CEO

• Provides independent Board leadership.

• Advises on meeting agendas, and other information sent to the board, taking into account requests of other Board

members, as appropriate.

• Engages with our other independent directors to identify matters for discussion at executive sessions of

independent directors and advises our Chairman and CEO of any decisions reached, and suggestions made at

the executive sessions.

![](rcl-20260417_g104.gif)

---

| | | |
|:---|:---|:---|
| **18** | *2026 Proxy Statement* | ![Proxy GIF RCG-BL-CAR.gif](rcl-20260417_g8.gif) |

---

---

| | |
|:---|:---|
| *CORPORATE GOVERNANCE* | *[**TABLE OF CONTENTS**](#i83ad025dfa6941c6bd47e7084b9f0b42_22)* |

---

**INDEPENDENCE** 

Under our corporate governance principles, at least two-thirds of our directors are required to be independent within the

meaning of the NYSE standards of independence for directors. Our Corporate Governance Principles contain guidelines

established by the Board to assist it in determining director independence in accordance with these NYSE standards. The

Board believes that directors who do not meet the NYSE independence standards also make valuable contributions to the

Board and to the Company by reason of their experience and wisdom, and the Board expects that some minority of its Board

will not meet the NYSE independence standards. To be considered independent under the NYSE independence standards,

the Board must determine that a director does not have any direct or indirect material relationship with the Company or any of

its subsidiaries. The Board has established guidelines to assist it in determining director independence in accordance with

those standards, which are included within our Corporate Governance Principles and are available on the corporate

governance section on our website at www.rclinvestor.com. Each director must regularly disclose to the Board whether his or

her relationships satisfy these independence tests. Further, the Board also considers any transactions that occur in the

ordinary course of business between us and entities with which some of our directors are or have been affiliated, including as

set fort in "Certain Relationships and Related Person Transactions — Related Person Transactions."

Based on the foregoing disclosures and other information available to it, the Board has determined that all of the directors are

independent with the exception of Mr. Liberty due to his current service as CEO.

**MEETINGS** 

The Board held 5 meetings during 2025. In 2025, each of our directors attended at least 75% of an aggregate of all meetings

of the Board and of any committees on which he or she served during the period the director was on the Board or committee.

Our independent directors regularly meet in executive session without management directors present. The Lead Director

presides at such meetings. We do not have a formal policy regarding Board member attendance at the annual shareholders

meeting. Three of our Board members were in attendance at our 2025 shareholders meeting in person.

**Board Committees** 

The Board has established four standing committees: the Audit Committee, the Nominating and Corporate Governance

Committee, the Safety, Environment, Sustainability and Health Committee, and the Talent and Compensation Committee.

Each of the standing committees is composed solely of independent directors. Each standing committee has adopted a written

charter, meets periodically throughout the year, reports its actions and recommendations to the Board, receives reports from

senior management, annually evaluates its performance and has the authority to retain outside advisors in its discretion. The

primary responsibilities of each committee are summarized in the charts below and set forth in more detail in each committee's

written charter, which can be found in the corporate governance section on our website at www.rclinvestor.com. In addition to

these committees, the Board, from time to time, authorizes additional Board committees to assist the Board in executing its

responsibilities.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name** | **Name** | **Committee Membership** | **Committee Membership** | **Committee Membership** | **Committee Membership** |
| **Name** | **Name** | | | | |
| **Name** | **Name** | **AC** | **TCC** | **NGC** | **SESH** |
|  | **John F. Brock** |  | •  | •  |  |
|  | **Richard D. Fain** |  |  |  | •  |
|  | **Stephen R. Howe, Jr.** | •  |  | •  |  |
|  | **Michael O. Leavitt** |  |  |  | •  |
|  | **Jason T. Liberty**  |  |  |  |  |
|  | **Amy McPherson** |  | •  | •  |  |
|  | **Maritza G. Montiel** | •  | •  |  |  |
|  | **Ann S. Moore** |  | •  |  |  |
|  | **Eyal M. Ofer** |  |  | •  | •  |
|  | **Vagn O. Sørensen** | •  | •  |  |  |
|  | **Donald Thompson** |  | •  |  | •  |
|  | **Christopher Wiernicki**  |  |  |  |  |
|  | **Arne Alexander Wilhelmsen** |  |  | •  | •  |
|  | **Rebecca Yeung** | •  |  |  |  |

---

**AC** Audit Committee

**NGC** Nominating and Corporate Governance Committee

**SESH** Safety, Environment, Sustainability and Health Committee

**TCC** Talent and Compensation Committee

Chair

Member

![](rcl-20260417_g47.gif)

![](rcl-20260417_g48.gif)

---

| | | |
|:---|:---|:---|
| ![Proxy GIF RCG-BL-CAR.gif](rcl-20260417_g8.gif) | *2026 Proxy Statement* | **19** |

---

---

| | |
|:---|:---|
| *[**TABLE OF CONTENTS**](#i83ad025dfa6941c6bd47e7084b9f0b42_22)* | *CORPORATE GOVERNANCE* |

---

*Audit*

*Committee* 

**Members:**

• Stephen R. Howe Jr.

(Chair)

• Maritza G. Montiel

• Vagn O. Sørensen

• Rebecca Yeung

**8**

Meetings Held

During 2025

**RESPONSIBILITIES:**

• Oversight of:

◦ the quality and integrity of our financial statements

◦ the qualifications and independence of our principal independent auditor

◦ the performance of our internal audit function and principal independent auditor

◦ our compliance with the legal and regulatory requirements in connection with the foregoing

• Review of and discussions with management and the principal independent auditor regarding the

annual audited and quarterly financial statements of the Company and related disclosures

• Discuss with management the guidelines and policies by which management assesses and

manages the Company's exposure to risk, including a discussion of the Company's major

enterprise risk exposures and the steps management has taken to monitor and mitigate such

exposures

• Discuss with management policies regarding the Company's information system and data privacy

controls, and cybersecurity

• Review of the controls and procedures related to the Company's environmental, social and

governance disclosures

• Review reports of the Company's Ethics and Compliance Program

• Preparation of Report of the Audit Committee (page [70](#i83ad025dfa6941c6bd47e7084b9f0b42_124))

![](rcl-20260417_g105.gif)

**INDEPENDENCE AND FINANCIAL EXPERTISE:**

• The Board has determined that each member of the Audit Committee is independent within the

meaning of the NYSE and SEC standards of independence for directors and audit committee

members

• The Board has concluded that Mr. Howe, Ms. Montiel and Mr. Sørensen each qualify as an "audit

committee financial expert" within the meaning of SEC rules

*Nominating* 

*and Corporate* 

*Governance*

*Committee* 

**Members:**

• John F. Brock (Chair)

• Stephen R. Howe, Jr.

• Amy McPherson

• Eyal M. Ofer

• Arne Alexander

Wilhelmsen

**4**

Meetings Held

During 2025

![](rcl-20260417_g3.gif)

![](rcl-20260417_g4.gif)

![](rcl-20260417_g5.gif)

![](rcl-20260417_g6.gif)

**RESPONSIBILITIES:**

• Identification of individuals qualified to become Board members

• Recommendation to the Board of director nominees

• Recommendation to the Board of Corporate Governance Principles

• Recommendation to the Board of Board committee membership, structure and operations structure,

operations and Board reporting

• Oversee corporate governance matters (other than matters delegated by the Board to other Board

Committees)

• Oversee evaluation of Board and management performance

• Oversee any CEO transition

![](rcl-20260417_g105.gif)

**INDEPENDENCE:**

• The Board has determined that each member of the Nominating and Corporate Governance

Committee is independent within the meaning of the NYSE standards of independence for directors

![](rcl-20260417_g3.gif)

![](rcl-20260417_g4.gif)

![](rcl-20260417_g5.gif)

![](rcl-20260417_g6.gif)

---

| | | |
|:---|:---|:---|
| **20** | *2026 Proxy Statement* | ![Proxy GIF RCG-BL-CAR.gif](rcl-20260417_g8.gif) |

---

---

| | |
|:---|:---|
| *CORPORATE GOVERNANCE* | *[**TABLE OF CONTENTS**](#i83ad025dfa6941c6bd47e7084b9f0b42_22)* |

---

*Safety,* 

*Environment,* 

*Sustainability* 

*and Health* 

*Committee* 

**Members:**

• Michael O. Leavitt

(Chair)

• Richard D. Fain

• Eyal M. Ofer

• Donald Thompson

• Arne Alexander

Wilhelmsen

**4**

Meetings Held

During 2025

**RESPONSIBILITIES:**

• Oversight of our management concerning the implementation and monitoring of our safety

(including security), environmental, sustainability and health programs and policies

• Review and monitor our overall strategies, policies and programs that impact the safety,

environment and health of our guests, crew, the communities where we operate and the ports

where our ships call

• Monitor our overall development of strategies, policies and practices in the areas of energy

consumption, greenhouse gas, physical and transition risks related to climate change and other

criteria, pollutant emissions, waste disposal and water use

• Review significant safety, environmental and health incidents

• Review of our programs and policies relative to environmental sustainability and our environmental

sustainability reporting

![](rcl-20260417_g3.gif)

![](rcl-20260417_g4.gif)

![](rcl-20260417_g5.gif)

![](rcl-20260417_g6.gif)

*Talent and* 

*Compensation*

*Committee* 

**Members:**

• Vagn O. Sørensen

(Chair)

• John F. Brock

• Amy McPherson

• Maritza G. Montiel

• Ann S. Moore

• Donald Thompson

**4**

Meetings Held

During 2025

**RESPONSIBILITIES:**

• Approving and evaluating the executive compensation plans, policies and programs of the Company

• Annual determination of CEO compensation levels, taking into account corporate goals and CEO

performance against these goals

• Annual determination of senior executive compensation levels

• Periodic review and recommendations for director compensation

• At least annual review of potential successors for the CEO position and periodic review of emergency

succession planning

• Periodic review of talent development programs and initiatives for senior management, and human

capital management strategies

• Review and approve the creation or revision of any clawback policy

• Oversight of stock ownership guidelines

• Preparation of Report of the Talent and Compensation Committee (page [52](#i83ad025dfa6941c6bd47e7084b9f0b42_103))

![](rcl-20260417_g106.gif)

**INDEPENDENCE:**

• The Board has determined that each member of the Talent and Compensation Committee is

independent within the meaning of the NYSE and SEC standards of independence for directors

and compensation committee members

![](rcl-20260417_g3.gif)

![](rcl-20260417_g4.gif)

![](rcl-20260417_g5.gif)

![](rcl-20260417_g6.gif)

---

| | | |
|:---|:---|:---|
| ![Proxy GIF RCG-BL-CAR.gif](rcl-20260417_g8.gif) | *2026 Proxy Statement* | **21** |

---

---

| | |
|:---|:---|
| *[**TABLE OF CONTENTS**](#i83ad025dfa6941c6bd47e7084b9f0b42_22)* | *CORPORATE GOVERNANCE* |

---

**Board Risk Oversight** 

**Board Oversight**

The Board oversees the Company's risk profile and management's processes for assessing and managing risk, through

both the whole Board and its committees. At least annually, the Board reviews strategic risks and opportunities facing

the Company and its businesses. The Board also holds regular stand-alone reviews on specific risks identified in

management's enterprise risk assessment. Other important categories of risk are assigned to designated Board

committees that report back to the full Board.

![Gold Circle Blue Arrow.jpg](rcl-20260417_g95.jpg)

![](rcl-20260417_g107.gif)

**Committees of the Board**

Committees of the Board consider and review with management at regularly scheduled committee meetings ongoing

financial, strategic, operational, legal and compliance risks inherent in the business activities applicable to each

committee's area of responsibility.

The committee chairs inform the Board of the outcome of these reviews through reports to the Board at the regularly

scheduled Board meetings.

**Audit Committee**

• Reviews the Company's guidelines and policies with respect to risk assessment

• Oversees management of risks relating to financial accounting and compliance matters, including risks associated

with financial reporting, internal controls, the internal audit function, the Company's cybersecurity plans, and the

Ethics and Compliance Program

**Nominating and Corporate Governance Committee**

• Oversees Company's overall corporate governance, including its corporate governance principles, Board and

committee structure and composition, Board's evaluation process, director nominations, and the Board reporting

arrangements of the various committees

**Talent and Compensation Committee**

• Oversees risks that are inherent in the design of the Company's compensation plans, policies and practices

**Safety, Environment, Sustainability and Health Committee**

• Oversees risks related to the Company's programs and policies in the areas of safety, environment, sustainability,

and health

![Gold Circle Blue Arrow.jpg](rcl-20260417_g95.jpg)

![](rcl-20260417_g107.gif)

**Management**

Management annually performs a Company-wide enterprise risk assessment under the supervision of the Audit and

Advisory Services department. This assessment:

• is updated at least once during the course of the year;

• identifies those risks inherent in our business plans and strategies with the greatest potential to impact the

achievement of our business objectives; and

• is used to provide us with a risk-based approach to managing our business.

Management reviews and discusses the risk assessment report and updates thereto with the Audit Committee and

the Board.

![](rcl-20260417_g107.gif)

---

| | | |
|:---|:---|:---|
| **22** | *2026 Proxy Statement* | ![Proxy GIF RCG-BL-CAR.gif](rcl-20260417_g8.gif) |

---

---

| | |
|:---|:---|
| *CORPORATE GOVERNANCE* | *[**TABLE OF CONTENTS**](#i83ad025dfa6941c6bd47e7084b9f0b42_22)* |

---

**Executive Compensation Risk Oversight**

We monitor the risks associated with our compensation programs and individual executive compensation decisions on an

ongoing basis. Each year, management undertakes a review of our various compensation programs to assess the risks arising

from our compensation policies and practices. In 2025, management reviewed each plan and program for risk features and

presented its findings to the Talent and Compensation Committee. The risk assessments included a review of the primary

design features of our compensation plans, the process to determine compensation pools and awards for employees and an

analysis of how those features could directly or indirectly encourage or mitigate risk-taking.

As part of the risk assessments, the Talent and Compensation Committee considered the following factors, among others:

• the Company's annual incentive plan has capped payouts and other appropriate safeguards in place, including minimum

performance thresholds that must be met before funding occurs;

• performance metrics support the Company's business strategy and are reasonable in light of past performance;

• historically a large percentage of executive compensation has been paid in the form of long-term equity awards;

• equity awards vest over a multiple-year cycle, which aligns incentives with appropriate risk-taking;

• senior management is subject to share ownership and clawback policies; and

• no special awards were granted during 2025.

Based on this review, management and the Talent and Compensation Committee believe that the nature of our business, and

the material risks we face, are such that the compensation plans, policies and programs we have put in place are not

reasonably likely to give rise to risks that would have a material adverse effect on our business.

---

| | | |
|:---|:---|:---|
| ![Proxy GIF RCG-BL-CAR.gif](rcl-20260417_g8.gif) | *2026 Proxy Statement* | **23** |

---

---

| | |
|:---|:---|
| *[**TABLE OF CONTENTS**](#i83ad025dfa6941c6bd47e7084b9f0b42_22)* | *OTHER CORPORATE GOVERNANCE HIGHLIGHTS* |

---

**Shareholder Engagement** 

**WHY WE ENGAGE**

We maintain an ongoing, proactive outreach effort with our shareholders. Throughout the year, members of our

Investor Relations team and members of senior management engage with shareholders in order to:

• Provide visibility and transparency into our business, our performance, and our corporate governance,

Corporate Responsibility and compensation practices;

• Discuss with our shareholders the issues that are important to them and share our views; and

• Assess emerging issues that may affect our business, inform our decision-making, enhance our corporate

disclosures, and help shape our future practices.

**SHAREHOLDER ENGAGEMENT PROCESS**

![RCC Summer Icon.gif](rcl-20260417_g108.gif)

![RCC Spring Icon.gif](rcl-20260417_g109.gif)

**Spring**

**Summer**

Engage with shareholders to gather feedback on

compensation and governance practices ahead of the

Annual Meeting of Shareholders.

Review results from the Annual Meeting of Shareholders

and conduct targeted responsive engagements with

shareholders who did not express support for

management proposals.

![RCC Fall Icon.gif](rcl-20260417_g110.gif)

![RCC Winter Icon.gif](rcl-20260417_g111.gif)

**Fall**

**Winter**

Conduct comprehensive engagement with

shareholders to discuss developments in the

Company's business and strategy, corporate

governance matters, executive compensation design,

and business priorities for the upcoming year.

Review shareholder feedback from Fall engagement

and discuss with Board potential changes to executive

compensation or governance practices in light of

feedback received, as well as recommend

enhancements to our public disclosures.

**2025 SHAREHOLDER ENGAGEMENT**

![](rcl-20260417_g112.gif)

![291](rcl-20260417_g113.gif)

![304](rcl-20260417_g114.gif)

**Who we contacted** 

In 2025, we reached out to all of **our** 

**top 25 shareholders**, representing

69% of our outstanding shares of

common stock.

**Who we engaged**

Based on this outreach, we scheduled

and held meetings with 14 of our top

25 investors who held an aggregate

43% of the outstanding shares of our

common stock (or 63% of the common

stock held by our top 25 investors).

**69%**

**43%**

![](rcl-20260417_g115.gif)

**Who is involved in engagement** 

• Members of our Investor Relations team as well as our

• CEO;

• CFO;

• Chief People and Administrative Officer; and

• Relevant subject matter experts from the management

team participated in these meetings as appropriate.

**Topics of engagement**

During our meetings with investors, we discussed:

• Board composition;

• Current business performance; and

• Corporate responsibility reporting.

This engagement outreach was in addition to other meetings and discussions that management and our Investor Relations

team had throughout the year with shareholders through quarterly earnings calls, individual meetings, road shows,

conferences and investor days.

---

| | | |
|:---|:---|:---|
| **24** | *2026 Proxy Statement* | ![Proxy GIF RCG-BL-CAR.gif](rcl-20260417_g8.gif) |

---

---

| | |
|:---|:---|
| *OTHER CORPORATE GOVERNANCE HIGHLIGHTS* | *[**TABLE OF CONTENTS**](#i83ad025dfa6941c6bd47e7084b9f0b42_22)* |

---

**Other Governance Highlights** 

We are committed to maintaining strong governance policies and practices, some of which we highlight below:

**Current Board Composition and** 

**Refreshment** 

✔Mix of newer and longer-tenured

Board members that supports

both fresh perspectives and

institutional knowledge.

✔The members of our Board

represent a range of

backgrounds and experiences

✔On an annual basis, the

Nominating and Corporate

Governance Committee

oversees an evaluation of Board

and Board committees'

performance, which informs

Board skills and refreshment

**Current Board Independence** 

✔All but one of our directors are

independent. Our Corporate

Governance Principles require

two-thirds of our directors to be

independent

✔Lead Independent Director with

robust duties and responsibilities

✔All members of our Board

Committees are independent,

reinforcing strong oversight over

audit, compensation,

governance, risk and corporate

responsibility matters

**Board Responsibilities and** 

**Practices** 

✔All directors attended at least

75% of Board and applicable

Board committee meetings

✔Our independent directors

regularly meet in executive

session without management

present, during which the Lead

Director presides

✔The Board, with the support of

the Nominating and Corporate

Governance Committee and the

Talent and Compensation

Committee, is actively involved

in overseeing CEO succession

planning

**Rights of Shareholders** 

✔Annual election of directors

✔Majority of votes cast

✔Shareholders with at least 50%

of the outstanding shares can

call Special Meetings

✔Annual advisory say-on-pay vote

✔No poison pill

**Compensation Accountability** 

✔Equity ownership guidelines

◦ CEO — 6x salary

◦ Other named executive

officers — 3x salary

◦ Board of Directors —

$500,000

✔Prohibits members of the Board

of Directors and Section 16

officers from hedging or pledging

company securities

✔Equity and annual incentive

plans provide for recoupment in

case of a restatement for

material non-compliance with

financial reporting requirements

**Political Contributions Disclosure** 

✔Maintain a U.S. Political

Contributions and Disclosure

Policy

◦ No independent expenditures

directly in support of or in

opposition to any candidate

◦ Permissible contributions must

be approved by Senior Vice

President, Corporate Affairs

(or U.S. subsidiary's most

senior officer)

✔Policy and annual voluntary

disclosures posted on

RCG's website

---

| | | |
|:---|:---|:---|
| ![Proxy GIF RCG-BL-CAR.gif](rcl-20260417_g8.gif) | *2026 Proxy Statement* | **25** |

---

---

| | |
|:---|:---|
| *[**TABLE OF CONTENTS**](#i83ad025dfa6941c6bd47e7084b9f0b42_22)* | *OTHER CORPORATE GOVERNANCE HIGHLIGHTS* |

---

**Certain Relationships and Related Person Transactions**

**REVIEW AND APPROVAL RELATED PERSON TRANSACTIONS** 

We have a written Related Person Transaction Policy that requires review of all relationships and transactions in which the

Company is a participant and in which a "related person" (including any director, director nominee, executive officer or greater

than 5% beneficial owner of the Company or any immediate family member of the foregoing) has a direct or indirect material

interest. Under this policy, each director, director nominee and executive officer is required to promptly notify the Corporate

Secretary of any such transaction. The Corporate Secretary then presents such transactions to the Audit Committee, which is

responsible for reviewing and determining whether to approve or ratify the transactions. The following types of transactions are

deemed not to create or involve a material interest on the part of the related person and do not require approval or ratification

under the policy, unless the Audit Committee determines that the facts and circumstances of the transaction warrant its review:

• transactions involving the purchase or sale of products or services in the ordinary course of business, not exceeding

$120,000;

• transactions in which the related person's interest derives solely from his or her service as a director of another corporation

or organization that is a party to the transaction;

• transactions in which the related person's interest derives solely from his or her ownership of less than 10% of the equity

interest in another person (other than a general partnership interest) which is a party to the transaction;

• transactions in which the related person's interest derives solely from his or her ownership of a class of equity shares of the

Company and all holders of that class of equity securities received the same benefit on a pro rata basis;

• compensation arrangements of any executive officer, other than an individual who is an immediate family member of a

related person; and

• non-executive director compensation arrangements.

In reviewing transactions submitted to them, the Audit Committee reviews and considers all relevant facts and circumstances

to determine whether the transaction is in, or not inconsistent with, the best interests of the Company and its shareholders,

including, without limitation:

• the commercial reasonableness of the terms;

• the benefit and perceived benefit, or lack thereof, to the Company;

• opportunity costs of alternative transactions;

• the character of the related person's interest; and

• the actual or apparent conflict of interest of the related person.

If after the review described above, the Audit Committee determines not to approve or ratify the transaction, it will be cancelled

or unwound as the Audit Committee considers appropriate and practicable.

**RELATED PERSON TRANSACTIONS** 

The Audit Committee reviewed and approved the following transaction in accordance with our Related Person Transaction Policy:

In June 2025, a company affiliated with Mr. Eyal Ofer, one of our directors, entered into our standard ship charter agreement

to charter one of the Company's vessels. The charter fee of $4,200,000 was determined on an arm's length basis taking into

account, among other things, the net ticket revenue the company would have expected to receive from an unrelated third party.

---

| | | |
|:---|:---|:---|
| **26** | *2026 Proxy Statement* | ![Proxy GIF RCG-BL-CAR.gif](rcl-20260417_g8.gif) |

---

---

| | |
|:---|:---|
| *OTHER CORPORATE GOVERNANCE HIGHLIGHTS* | *[**TABLE OF CONTENTS**](#i83ad025dfa6941c6bd47e7084b9f0b42_22)* |

---

**Delinquent Section 16(a) Reports** 

Section 16(a) of the Securities Exchange Act of 1934 (the "Exchange Act") requires our directors and executive officers and

persons who own more than 10% of the outstanding Common Stock to file reports of ownership and changes in ownership of

Common Stock and other equity securities with the SEC. Based on our review of such reports and written representations from

our directors and officers, we believe that such persons complied on a timely basis with all Section 16(a) filing requirements

during the fiscal year ended December 31, 2025.

**Corporate Governance Principles** 

We have adopted Corporate Governance Principles which, along with our Board committee charters, provide the framework

for the governance of the Company. The Corporate Governance Principles address such matters as director qualifications,

director independence, director compensation, Board committees and committee evaluations. Copies of these principles and

our Board committee charters are posted in the corporate governance section on our website at www.rclinvestor.com.

**Code of Ethics** 

The Board has adopted a Code of Business Conduct and Ethics that applies to all our employees, including our executive

officers, and our directors. A copy of the Code of Business Conduct and Ethics is posted in the corporate governance section

of our website at www.rclinvestor.com and is available in print, without charge, to shareholders upon written request to our

Corporate Secretary at Royal Caribbean Cruises Ltd., 1050 Caribbean Way, Miami, Florida 33132. Any amendments to the

code or any waivers from any provisions of the code granted to executive officers or directors that require disclosure under the

applicable SEC or NYSE rules will be posted on our website at www.rclinvestor.com.

**Trading in Company Securities** 

We have adopted a Securities Trading Policy governing the purchase, sale and other dispositions of our securities by our

directors, officers, and employees. We believe that the Securities Trading Policy is reasonably designed to promote

compliance with insider trading laws, rules and regulations, as well as applicable listing standards. A copy of the Securities

Trading Policy was filed as Exhibit 19 to our Annual Report on Form 10-K for the year ended December 31, 2025.

From time to time, the Company may engage in transactions in its own securities. It is the Company's policy to comply with all

applicable laws, rules and regulations (including appropriate approvals by the Board or appropriate committee, if required)

when engaging in transactions of its securities.

**Compensation Committee Interlocks and Insider Participation** 

During 2025, none of the members of the Talent and Compensation Committee (a) was an officer or employee of the Company

or any of its subsidiaries, (b) was a former officer of the Company or any of its subsidiaries or (c) had any related party

relationships requiring disclosure under Item 404 of SEC Regulation S K. During 2025, no executive officer of the Company

served as a member of the board of directors or on the compensation committee of any other company, one of whose executive

officers or directors serve or served as a member of the Board or the Talent and Compensation Committee of the Company.

**Contacting Members of the Board** 

The Board welcomes questions and comments. Shareholders and interested parties who wish to communicate with non-

management members of the Board can address their communications to the attention of our Corporate Secretary at our

principal address at 1050 Caribbean Way, Miami, Florida 33132 or via email to corporatesecretary@rccl.com. The Corporate

Secretary maintains a record of all such communications and promptly forwards to the Lead Director those communications

that the Corporate Secretary believes require immediate attention. The Lead Director in turn, notifies the Board or the chairs of

the relevant committees of the Board of those matters that he believes are appropriate for further action or discussion.

---

| | | |
|:---|:---|:---|
| ![Proxy GIF RCG-BL-CAR.gif](rcl-20260417_g8.gif) | *2026 Proxy Statement* | **27** |

---

---

| | |
|:---|:---|
| *[**TABLE OF CONTENTS**](#i83ad025dfa6941c6bd47e7084b9f0b42_22)* | *CORPORATE RESPONSIBILITY, CULTURE AND GOVERNANCE OVERVIEW* |

---

**Corporate Responsibility, Culture and Governance Overview** 

**Board Oversight**

Our Board provides oversight and guidance on the Company's performance and management of corporate

responsibility issues, including climate change, environmental stewardship, supply chain risk management, human

rights, culture and corporate responsibility reporting. Each Board Committee is tasked with oversight of certain corporate

responsibility matters that align with their areas of responsibility, as detailed in each Committee's respective charter.

![RCC Safety Icon.gif](rcl-20260417_g116.gif)

**Safety, Environment, Sustainability and Health Committee**

Reviews and monitors overall strategies, policies and programs that impact the safety, environment,

sustainability and health of our guests, crew, the communities where we operate and the ports where our

ships call, as well as our overall development of strategies, policies, and practices in the areas of energy

consumption, greenhouse gas, physical and transition risks related to climate change and other criteria,

pollutant emissions, waste disposal and water use.

![](rcl-20260417_g117.gif)

![RCC Talent Icon.gif](rcl-20260417_g118.gif)

**Talent and Compensation Committee**

Oversees the Company's human capital management strategies, including talent development, succession

planning and corporate culture.

![](rcl-20260417_g117.gif)

![RCC Risk Icon.gif](rcl-20260417_g66.gif)

**Audit Committee**

Discusses with management any potential enterprise risks associated with corporate responsibility and the

controls and procedures concerning the Company's corporate responsibility disclosures.

![](rcl-20260417_g117.gif)

![RCC Nominate Icon.gif](rcl-20260417_g119.gif)

**Nominating and Corporate Governance Committee**

Oversees various aspects of corporate governance and reviews and makes recommendations to our Board

concerning Board and committee structure and composition, consistent with the Board's endeavor to be

composed of individuals with varying skills and backgrounds and experience in business and in other areas

that may be relevant to the Company's activities, including those related to corporate responsibility.

![](rcl-20260417_g120.gif)

---

| | | |
|:---|:---|:---|
| **28** | *2026 Proxy Statement* | ![Proxy GIF RCG-BL-CAR.gif](rcl-20260417_g8.gif) |

---

---

| | |
|:---|:---|
| *CORPORATE RESPONSIBILITY, CULTURE AND GOVERNANCE OVERVIEW* | *[**TABLE OF CONTENTS**](#i83ad025dfa6941c6bd47e7084b9f0b42_22)* |

---

**Principles and Corporate Responsibility Framework**

SEA the Future is our commitment to sustain the planet, energize the communities we visit, and accelerate innovation to

improve our planet. It is at the core of our business and is built using five key principles:

![RCC Champion Community Icon.gif](rcl-20260417_g121.gif)

**Champion Communities and the Environment**

We recognize our responsibility to the guests who travel with us, the people who work for us, the communities

and destinations that we visit, and the oceans we traverse.

![](rcl-20260417_g122.gif)

![RCC Maritime Icon.gif](rcl-20260417_g54.gif)

**Promote Health and Safety**

We owe it to our guests to make their trips as relaxing, safe and healthy as possible. We honor their trust

and loyalty by continually raising the bar in health and safety, data privacy and other areas central to our

guests' wellbeing.

![](rcl-20260417_g122.gif)

![RCC Human Rights Icon.gif](rcl-20260417_g123.gif)

**Foster Human Rights and be an Employer of Choice**

We treat our guests, employees, crew, and suppliers with dignity and respect. We act ethically and with

integrity so we all can thrive.

![](rcl-20260417_g122.gif)

![RCC Net Zero Icon.gif](rcl-20260417_g124.gif)

**Advance Net Zero Innovation**

We are committed to reducing emissions across our operations through innovation, collaborative

partnerships, and an accelerated transition to cleaner fuels, smarter technologies, and improved energy

efficiencies.

![](rcl-20260417_g122.gif)

![RCC Government Icon.gif](rcl-20260417_g59.gif)

**Govern Responsibly**

We believe that good governance and transparency are critical to corporate responsibility and help us align

corporate decision-making to our corporate responsibility strategy and performance. We take an integrated

approach to board oversight, risk management and stakeholder engagement and we embed appropriate

policies and practices for ethics, compliance, and data security within our operations.

![](rcl-20260417_g120.gif)

---

| | | |
|:---|:---|:---|
| ![Proxy GIF RCG-BL-CAR.gif](rcl-20260417_g8.gif) | *2026 Proxy Statement* | **29** |

---

---

| | |
|:---|:---|
| *[**TABLE OF CONTENTS**](#i83ad025dfa6941c6bd47e7084b9f0b42_22)* | *CORPORATE RESPONSIBILITY, CULTURE AND GOVERNANCE OVERVIEW* |

---

**Responsible Operations**

Throughout 2025, Royal Caribbean Group's efforts were concentrated on the critical needs of, and issues for, the

cruise industry:

![RCC Environment Icon.gif](rcl-20260417_g61.gif)

**Environmental Stewardship**

Protecting the environment has been a longstanding core value for us. Thriving, healthy and sustainable

oceans are inextricably tied to the health of our business, which is why we set ambitious targets in a variety of

facets of our business to improve our operations including waste and water management, emission reduction,

and sustainable sourcing. Our ISO-certified management systems provide a consistent, enterprise-wide

framework for improving environmental performance, energy efficiency and operational quality. They help us

regularly assess our operations, set measurable goals and adopt new strategies that minimize our

environmental footprint.

![](rcl-20260417_g122.gif)

**Energy Efficiency and Emissions Reductions**

![RCC CO2 Icon.gif](rcl-20260417_g125.gif)

We are committed to reducing the impacts of our operations through meaningful innovation, partnerships, and

action. We have been monitoring emissions and tracking our energy consumption since 2010. In 2021, we

announced our Destination Net Zero strategy which is focused on achieving a net zero cruise ship by 2035

and net zero emissions by 2050. The strategy is built on a four-pronged approach which includes the

modernization of our global brands fleet through the introduction of new energy-efficient and alternatively

fueled vessels, continued investment in energy efficiency programs, development of alternative fuel and

alternative power solutions, and optimized deployment and integration of strategic shore-based supply

chains. Together with our partners, we are imagining and developing solutions to reach our efficiency and

emission reduction goals.

![](rcl-20260417_g122.gif)

![RCC Risk Icon.gif](rcl-20260417_g66.gif)

**Health, Safety, and Wellbeing** 

We have long maintained some of the industry's most rigorous and thoughtful health and safety protocols. We

honor our guests' trust and loyalty by continually raising the bar in health and safety, data privacy and other

areas central to their wellbeing. We continue to implement initiatives to take care of our guests and crew

through innovations in public health, medical care and overall wellness.

![](rcl-20260417_g126.gif)

---

| | | |
|:---|:---|:---|
| **30** | *2026 Proxy Statement* | ![Proxy GIF RCG-BL-CAR.gif](rcl-20260417_g8.gif) |

---

---

| | |
|:---|:---|
| *CORPORATE RESPONSIBILITY, CULTURE AND GOVERNANCE OVERVIEW* | *[**TABLE OF CONTENTS**](#i83ad025dfa6941c6bd47e7084b9f0b42_22)* |

---

**Responsible Tourism**

At its core, tourism depends on the beauty of the environment. Ensuring the destinations we visit are vibrant and

healthy far into the future is critical to the success of our business.

![RCC WWF Logo.jpg](rcl-20260417_g127.jpg)

**A Partnership for our Oceans**

![RCC Oceans Icon.gif](rcl-20260417_g128.gif)

In 2016, we joined forces with World Wildlife Fund to help ensure the long-term health of the

oceans by setting, and achieving, ambitious corporate responsibility targets to lessen the

Company's environmental impact, raise awareness of ocean conservation for our guests and

crew, and support ocean conservation projects around the world.

![](rcl-20260417_g122.gif)

![RCC Explore Icon.gif](rcl-20260417_g129.gif)

**Exploring the World Sustainably**

![RCC GSTC Logo.jpg](rcl-20260417_g130.jpg)

Our approach to every destination we visit is rooted in partnership, working alongside local

communities to protect sensitive environments, celebrate cultural traditions and create

economic opportunities that endure. We partner with GSTC-certified tour operators to offer

excursions that are both engaging and mindful of their impact. These experiences allow

guests to visit destinations while respecting local cultures and natural resources.

![](rcl-20260417_g122.gif)

**Sourcing Sustainably**

![RCC Sourcing Icon.gif](rcl-20260417_g131.gif)

![RCC ASC Logo.jpg](rcl-20260417_g132.jpg)

Our supply chain, through a large and diverse network of suppliers, fuels everything we do.

As a result, we collaborate with partners to support the sustainable sourcing movement and

the improvement of animal welfare throughout the food supply. Most notably we are working

with World Wildlife Fund to source Marine Stewardship Council (MSC) and Aquaculture

Stewardship Council (ASC) seafood and supporting fishery improvement projects that boost

the overall supply of responsibly produced seafood and ensure the livelihoods of artisanal

fishers and their communities. In 2025, we achieved MSC and ASC Chain of Custody

certification for our vessels, ensuring full traceability of the certified seafood we serve.

![](rcl-20260417_g120.gif)

---

| | | |
|:---|:---|:---|
| ![Proxy GIF RCG-BL-CAR.gif](rcl-20260417_g8.gif) | *2026 Proxy Statement* | **31** |

---

---

| | |
|:---|:---|
| *[**TABLE OF CONTENTS**](#i83ad025dfa6941c6bd47e7084b9f0b42_22)* | *CORPORATE RESPONSIBILITY, CULTURE AND GOVERNANCE OVERVIEW* |

---

**Human Capital Management**

Great vacations begin with great employees. Each day, our employees from all around the world go above and beyond

to deliver exceptional vacations to our guests. Our leadership team, with oversight from our Board of Directors, strives

to maintain a work environment that reinforces collaboration, motivation and innovation, and believes that a strong

employee-focused culture is essential to a good business.

![RCC Our People Icon.gif](rcl-20260417_g133.gif)

**Our People Strategy**

We've enhanced our human capital strategy to align with the dynamic needs of our business. In 2025, our

focus was on end-to-end optimization to accelerate progress with smarter decisions, better insights and less

rework. This involved refining data strategies to inform decision-making, enhancing crew management and

mobility, expanding shipboard learning and development, upskilling our leaders and workforce, and using

technology to improve the efficiency and impact of our people processes.

![](rcl-20260417_g122.gif)

![RCC Culture Icon.gif](rcl-20260417_g134.gif)

**Culture**

Our ships sail the seven seas, and we have offices around the world. Our culture reflects our global nature.

It's brought to life through every interaction and shared experience. It flourishes when people feel valued,

empowered to be themselves and supported in reaching their full potential. We have always promoted a

workplace – both on land and at sea – that values the contribution of individual talents, skills and ideas, and

fosters belonging, trust and respect for all.

![](rcl-20260417_g122.gif)

![RCC Engagement Icon.gif](rcl-20260417_g135.gif)

**Employee Engagement and Development**

We seek to attract and retain top global talent by making Royal Caribbean Group an amazing place to work.

We strive to deliver a best-in-class employee experience, ensuring our people feel valued and engaged at

every stage of their journey with us. We measure employee engagement on a semi-annual basis on land and

monthly on our ships. In 2025, we improved our strategy by making it easier for leaders to access and act on

employee feedback, building trust, improving transparency and better supporting teams at every level.

Our employee development programs are designed to support the growth and advancement of our

employees by developing premier learning, mentorship, coaching and planning programs. We are also

focused on succession planning and increasing the readiness of internal talent to take on business-critical

roles. Our Talent and Compensation Committee regularly reviews our succession planning process and

pipeline talent.

![](rcl-20260417_g120.gif)

**Corporate Responsibility Reporting**

We believe in transparency, accountability and continuous improvement. Our reporting reflects our belief that what gets

measured gets better. This is why we have and continue to publish a comprehensive corporate responsibility report

since 2008. To maximize the breadth and depth of our disclosures, we reference the guidelines of the Global Reporting

Initiative and align with the Sustainability Accounting Standards Board (SASB) Industry Standards for Cruise Lines. We

have also reported the details of our climate related performance and governance to the CDP Climate Change (formerly

known as the Carbon Disclosure Project) since 2010 and have been recognized for taking coordinated action on climate

issues. We have also published climate-related disclosures following the recommendations of the Task Force on

Climate Related Financial Disclosures (TCFD). Our corporate website provides detailed information about our

environmental performance goals and corporate responsibility initiatives.

![](rcl-20260417_g120.gif)

---

| | | |
|:---|:---|:---|
| **32** | *2026 Proxy Statement* | ![Proxy GIF RCG-BL-CAR.gif](rcl-20260417_g8.gif) |

---

---

| | |
|:---|:---|
| *PROPOSAL 2* | *[**TABLE OF CONTENTS**](#i83ad025dfa6941c6bd47e7084b9f0b42_22)* |

---

**The board recommends a** 

**vote "FOR" this proposal.**![Deep Blue Gold Checkmark.gif](rcl-20260417_g34.gif)

![](rcl-20260417_g136.gif)

**PROPOSAL 2**

**Advisory Vote to Approve the Compensation** 

**of Our Named Executive Officers**

In accordance with the requirements of Section 14A of the Exchange Act and the related rules of the SEC, our shareholders

have the opportunity to cast an annual advisory vote to approve the compensation of our NEOs.

As described in detail under the heading "Compensation Discussion and Analysis," we adhere to a pay-for-performance

philosophy and, to this end, our executive compensation programs are designed to align the interests of our executives with

the interests of our shareholders, recruit, retain and motivate a talented and high-performing management team and reward

our NEOs for their positive contributions to both short-term and long-term corporate performance. Shareholders are urged to

read the Compensation Discussion and Analysis, which discusses in detail how our compensation policies and procedures

implement our compensation philosophy.

![Deep Blue Gold Checkmark.gif](rcl-20260417_g34.gif)

**The Board unanimously recommends that shareholders vote "FOR" to approve** 

**the compensation of our named Executive Officers.**

---

| | | |
|:---|:---|:---|
| ![Proxy GIF RCG-BL-CAR.gif](rcl-20260417_g8.gif) | *2026 Proxy Statement* | **33** |

---

---

| | |
|:---|:---|
| *[**TABLE OF CONTENTS**](#i83ad025dfa6941c6bd47e7084b9f0b42_22)* | *COMPENSATION DISCUSSION AND ANALYSIS* |

---

**Compensation Discussion and Analysis** 

RCG's executive compensation program is designed to align executive compensation with the long-term interests of our

shareholders. This CD&A provides shareholders with information about our business, 2025 performance, our disciplined

approach to compensation and 2025 compensation decisions for our Named Executive Officers ("NEOs") listed below.

**RCG's 2025 NAMED EXECUTIVE OFFICERS**

![](rcl-20260417_g137.gif)

![](rcl-20260417_g137.gif)

![](rcl-20260417_g137.gif)

![](rcl-20260417_g137.gif)

![Jason T Liberty.gif](rcl-20260417_g87.gif)

![Royal Carribean Executive Officer Photos.gif](rcl-20260417_g138.gif)

![Royal Carribean Executive Officer Photos.gif](rcl-20260417_g139.gif)

![Royal Carribean Executive Officer Photos 2.gif](rcl-20260417_g140.gif)

![Royal Carribean Executive Officer Photos4.gif](rcl-20260417_g141.gif)

**Jason Liberty**

Chairman and Chief

Executive Officer

("CEO")

**Naftali Holtz**

Executive Vice

President, Chief

Financial Officer

("CFO")

**Michael Bayley**

President and Chief

Executive Officer, Royal

Caribbean

**Laura Hodges Bethge**

President, Celebrity

Cruises

**Harri U. Kulovaara**

Executive Vice

President, Maritime

---

| | |
|:---|:---|
| **Table of Contents** |  |
| [RCG's 2025 Performance – Key 2025 Successes](#i83ad025dfa6941c6bd47e7084b9f0b42_67) | [34](#i83ad025dfa6941c6bd47e7084b9f0b42_67) |
| [Compensation Overview](#i83ad025dfa6941c6bd47e7084b9f0b42_70) | [35](#i83ad025dfa6941c6bd47e7084b9f0b42_70) |
| [2025 Compensation Elements](#i83ad025dfa6941c6bd47e7084b9f0b42_73) | [38](#i83ad025dfa6941c6bd47e7084b9f0b42_73) |
| [Base Salary](#i83ad025dfa6941c6bd47e7084b9f0b42_76) | [39](#i83ad025dfa6941c6bd47e7084b9f0b42_76) |
| [Performance-Based Annual Incentive](#i83ad025dfa6941c6bd47e7084b9f0b42_79) | [40](#i83ad025dfa6941c6bd47e7084b9f0b42_79) |
| [Long-Term Equity Incentive Awards](#i83ad025dfa6941c6bd47e7084b9f0b42_82) | [44](#i83ad025dfa6941c6bd47e7084b9f0b42_82) |
| [Other Elements of Compensation](#i83ad025dfa6941c6bd47e7084b9f0b42_85) | [48](#i83ad025dfa6941c6bd47e7084b9f0b42_85) |
| [Compensation Policies and Procedures](#i83ad025dfa6941c6bd47e7084b9f0b42_88) | [49](#i83ad025dfa6941c6bd47e7084b9f0b42_88) |
| [Clawback Policies](#i83ad025dfa6941c6bd47e7084b9f0b42_91) | [51](#i83ad025dfa6941c6bd47e7084b9f0b42_91) |
| [Equity Grant Practices](#i83ad025dfa6941c6bd47e7084b9f0b42_94) | [51](#i83ad025dfa6941c6bd47e7084b9f0b42_94) |
| [Stock Ownership Guidelines](#i83ad025dfa6941c6bd47e7084b9f0b42_97) | [52](#i83ad025dfa6941c6bd47e7084b9f0b42_97) |
| [Prohibition of Pledging/Hedging](#i83ad025dfa6941c6bd47e7084b9f0b42_100) | [52](#i83ad025dfa6941c6bd47e7084b9f0b42_100) |

---

**Table of Contents** 

---

| | | |
|:---|:---|:---|
| **34** | *2026 Proxy Statement* | ![Proxy GIF RCG-BL-CAR.gif](rcl-20260417_g8.gif) |

---

---

| | |
|:---|:---|
| *COMPENSATION DISCUSSION AND ANALYSIS* | *[**TABLE OF CONTENTS**](#i83ad025dfa6941c6bd47e7084b9f0b42_22)* |

---

## 2025 Performance Highlights
![](rcl-20260417_g3.gif)

![](rcl-20260417_g4.gif)

![](rcl-20260417_g5.gif)

![](rcl-20260417_g6.gif)

**Key 2025 Successes**

**Strong Demand Driving Strong Results\***

![](rcl-20260417_g11.gif)

![](rcl-20260417_g11.gif)

**8.5%** 

Growth in Gross

Margin Yields

vs 2024

**3.7%**

Growth in Net Yields

vs 2024 in Constant

Currency

**$17.9**

**Billion**

Total revenues,

Approx 8.8% Growth

versus 2024

**$4.3**

**Billion**

Net Income

**$4.3**

**Billion**

Adjusted Net Income

**$15.61**

Earnings per Share

(EPS)

**$7**

**Billion**

Adjusted

EBITDA

**110%**

Load Factor

**9.4 Million**

Vacations Delivered

with High Guest

Satisfaction Scores

**$15.64**

Adjusted EPS

**Long-Term Growth**

![](rcl-20260417_g12.gif)

![](rcl-20260417_g12.gif)

![2024-Proxy-P1.jpg](rcl-20260417_g13.jpg)

![2024-Proxy-P3.jpg](rcl-20260417_g14.jpg)

![2024-Proxy-P2.jpg](rcl-20260417_g15.jpg)

**3** new ships launched

Strong pipeline of **10** new ocean ships

to be delivered 2026-2032, including our

partner brands

Expanding portfolio of private destinations

from 3 to 8 by 2028

Launching river cruising in 2027 with

Celebrity River Cruises

Removing friction, enabling a guest-centric

vacation experience

Leveraging data and AI to deepen

relationships with customers

Expanding cross-brand loyalty

**Strong Investment Grade Balance Sheet and Shareholder Returns**

![](rcl-20260417_g16.gif)

![](rcl-20260417_g17.gif)

![2024-Proxy-P4.jpg](rcl-20260417_g18.jpg)

Ended the year with

leverage well below 3x,

consistent with our goal

of solid investment-

grade credit metrics

Generated nearly

**$6.5 Billion** 

of operating cash flow

Returned

**$2 Billion** 

to shareholders through dividends and

share repurchases

**Delivering the Best Vacations Responsibly**

![](rcl-20260417_g142.gif)

![](rcl-20260417_g142.gif)

![](rcl-20260417_g142.gif)

![2024-Proxy-P6.jpg](rcl-20260417_g20.jpg)

![2024-Proxy-P7.jpg](rcl-20260417_g22.jpg)

![2024-Proxy-P5.jpg](rcl-20260417_g21.jpg)

![513388f5-0c70-4235-b075-b533de61bf97.jpg](rcl-20260417_g23.jpg)

Launched RCG University

(RCGU), a platform that delivers

high-impact training, leadership

development, and continuous

growth opportunities for

employees across all roles

Reinforced strong local

partnerships to support

communities, including in

Jamaica during Hurricane

Melissa through the donation

of emergency supplies and

financial aid

Launched Celebrity Xcel, the

cruise industry's first ship

designed and built for

methanol operation

By year-end 2025, 50% of

ships in our fleet are shore

power capable, with

additional retrofits underway.

All newbuild deliveries are

shore power ready.

*\*This section contains non-GAAP measures. A reconciliation of these non-GAAP financial measures to their nearest GAAP comparable financial measure* 

*is included in the Annex.*

---

| | | |
|:---|:---|:---|
| ![Proxy GIF RCG-BL-CAR.gif](rcl-20260417_g8.gif) | *2026 Proxy Statement* | **35** |

---

---

| | |
|:---|:---|
| *[**TABLE OF CONTENTS**](#i83ad025dfa6941c6bd47e7084b9f0b42_22)* | *COMPENSATION DISCUSSION AND ANALYSIS* |

---

**Compensation Overview**

**OUR COMPENSATION PHILOSOPHY AND PRINCIPLES**

We adhere to a pay-for-performance philosophy. In line with this philosophy, we have designed our compensation programs to

support three main goals:

**Align the interests of our**

**executives with the interests**

**of our shareholders**

**Recruit, retain, and**

**motivate an**

**elite management team**

**Reward positive contributions**

**to both short-and long-term**

**corporate performance**

**Principles**

**Implementation**

![](rcl-20260417_g143.gif)

Total direct compensation levels

should be competitive to attract,

motivate and retain the highest

quality executives.

Our Talent and Compensation Committee seeks to establish target total direct

compensation (salary, short-term incentive and long-term incentive) at

appropriate levels relative to our Market Comparison Group, providing our

executives the opportunity to be competitively rewarded for our financial and

operational performance. Total direct compensation opportunity (i.e., maximum

achievable compensation) should increase with position and responsibility.

![](rcl-20260417_g144.gif)

Performance-based and "at-risk"

incentive compensation should

constitute a substantial portion of

total compensation.

We seek to foster a pay-for-performance culture, with a significant portion of

total direct compensation being performance-based and/or "at risk." Executives

with greater responsibilities and the ability to directly impact our strategic and

operational goals and long-term results should bear a greater proportion of the

risk if these goals and results are not achieved. Therefore, the more senior the

executive, the greater the percentage of total compensation in the form of

performance-based and/or "at risk" compensation.

![](rcl-20260417_g144.gif)

Long-term incentive compensation

should align executives' interests

with our shareholders' interests to

further the creation of long-term

shareholder value.

We focus on ensuring that executive compensation includes a high portion of

long-term performance-based equity compensation. Awards of equity-based

compensation encourage executives to focus on our long-term growth and

prospects and incentivize executives to manage our company from the

perspective of owners with a meaningful stake and to encourage them to remain

with us for long and productive careers. Our stock ownership guidelines further

enhance the incentive to create long-term shareholder value. Equity-based

compensation also subjects our executives to market risk, a risk also borne by

our shareholders.

![](rcl-20260417_g143.gif)

---

| | | |
|:---|:---|:---|
| **36** | *2026 Proxy Statement* | ![Proxy GIF RCG-BL-CAR.gif](rcl-20260417_g8.gif) |

---

---

| | |
|:---|:---|
| *COMPENSATION DISCUSSION AND ANALYSIS* | *[**TABLE OF CONTENTS**](#i83ad025dfa6941c6bd47e7084b9f0b42_22)* |

---

**EXECUTIVE COMPENSATION PRACTICES**

Our Talent and Compensation Committee seeks to align our compensation practices with strong corporate governance

practices. As reflected below, we believe that robust corporate governance practices are integrated into our 2025 executive

compensation program.

![](rcl-20260417_g145.gif)

**What We Do**

✔Robust stock ownership guidelines - 6x base salary for

CEO and 3x for other NEOs

✔Clawback policy that applies to cash and equity incentive

compensation

✔"Double trigger" change in control provisions in employment

agreements

✔"Double trigger" change in control provision for acceleration

of equity

✔Both short-term and long-term incentive awards tied to

performance metrics designed to deliver long-term growth,

drive shareholder value, and align with our corporate

responsibility commitments

✔Equity plan requires minimum one-year vesting for all

equity awards

✔Independent compensation consultants, report directly to

Talent and Compensation Committee

✔Comprehensive annual assessment of compensation risks

✔Annual advisory say-on-pay vote

**What We Do Not Do**

🗶No extensive perquisites – non-security

related perquisites represented approximately

0.9% of CEO's 2025 Total Compensation

🗶No acceleration of vesting of equity awards in

connection with terminations, absent a change

in control

🗶No pledging or hedging of shares

🗶No tax gross-ups on perquisites or change in

control benefits

🗶No pension or supplemental retirement plan

benefits

🗶Equity plan does not permit liberal share

recycling

🗶No liberal change of control definition in equity

plan or employment agreements

**PAY MIX** 

Our commitment to performance-based compensation is illustrated by the following charts, which show the mix of each

compensation component at target levels for our Chairman and CEO and for our other NEOs for 2025. Approximately 93% of

the President and CEO's target annual total compensation is at risk and approximately 83% of the other NEOs' compensation,

on average, is at risk.

**Chairman and CEO**

**Other NEOs**

![99](rcl-20260417_g146.gif)

![128](rcl-20260417_g147.gif)

---

| | | |
|:---|:---|:---|
| ![Proxy GIF RCG-BL-CAR.gif](rcl-20260417_g8.gif) | *2026 Proxy Statement* | **37** |

---

---

| | |
|:---|:---|
| *[**TABLE OF CONTENTS**](#i83ad025dfa6941c6bd47e7084b9f0b42_22)* | *COMPENSATION DISCUSSION AND ANALYSIS* |

---

**2025 COMPENSATION DECISIONS** 

Our executive compensation program ties a significant portion of our NEOs' compensation to the financial, strategic, and

operational performance of our company. Terms of our 2025 program is summarized below.

**Snapshot of 2025 Executive Compensation Actions**

![](rcl-20260417_g148.gif)

• Adjusted EPS and Adjusted Brand Operating Income continue to account for 65% of

company-wide and brand performance metrics, respectively, reflecting the continued focus on

profitable growth.

• Continued the use of corporate responsibility metrics as part of our corporate and brand KPIs.

These metrics take into account performance with respect to our goals on carbon intensity,

employee engagement, and certain safety, environmental, security and health metrics.

Executive

Bonus Plan

![](rcl-20260417_g149.gif)

Time-Based

Restricted

Stock Units

• These awards vest in equal annual installments over a three-year period commencing on the

first anniversary date of the grant.

![](rcl-20260417_g150.gif)

• Continued the use of Adjusted EPS and ROIC as financial metrics, aligned with the goals of our

new "Perfecta" multi-year financial program aimed at sustaining superior performance with

ambitious financial targets.

• Continued the measurement period for PSU Awards to reflect one-year, two-year and three-year

performance segments, with 50% of total payout tied to performance for the third segment.

Performance targets for all three years are established at the time of grant.

Performance-Based

Restricted Shares

![](rcl-20260417_g151.gif)

**SHAREHOLDER ENGAGEMENT**

We have a long-standing commitment to actively engage with our shareholders throughout the year. We believe it is important

to directly engage with our shareholders as a means of soliciting their views on matters such as corporate governance,

executive compensation and environmental and social initiatives, among other important topics. In 2025, management directly

engaged with shareholders representing approximately 43% of our outstanding shares. During this outreach, shareholders did

not express any concerns about our executive compensation program.

In addition to ongoing conversations and formal annual engagement, we also consider the voting outcome of our say-on-pay

advisory proposals each year. At the 2025 Annual Meeting of Shareholders, approximately 97% of the votes cast by

shareholders supported the advisory vote on executive compensation. We believe the 2025 voting results and input from our

shareholder engagement affirmed our shareholders' support of our overall executive compensation program. In light of the

shareholder support, the Talent and Compensation Committee did not make any significant changes to its approach to

executive compensation.

The Talent and Compensation Committee values the opinions of our shareholders and will continue to consider shareholder

feedback and the outcomes of future say-on-pay advisory votes when designing compensation programs and making

compensation decisions for our NEOs. We currently hold a say-on-pay advisory vote every year.

---

| | | |
|:---|:---|:---|
| **38** | *2026 Proxy Statement* | ![Proxy GIF RCG-BL-CAR.gif](rcl-20260417_g8.gif) |

---

---

| | |
|:---|:---|
| *COMPENSATION DISCUSSION AND ANALYSIS* | *[**TABLE OF CONTENTS**](#i83ad025dfa6941c6bd47e7084b9f0b42_22)* |

---

**2025 Compensation Elements** 

**COMPENSATION ELEMENTS** 

We provide compensation to our executives consisting of three principal elements: base salary, performance-based annual

inactive bonus and long-term equity awards. The objectives and key features of each pay element are described below.

---

| | | | |
|:---|:---|:---|:---|
| **Equity Compensation** | **Equity Compensation** | **Cash Compensation** | **Cash Compensation** |
| **Variable** | **Variable** | **Variable** | **Fixed** |
| **Time-Based Restricted**<br>**Stock Units**<br>| **Performance-Based**<br>**Restricted Shares**<br>| **Performance-Based**<br>**Annual Incentive**<br>| **Base** <br>**Salary**<br>|
| **Pay Elements (rounded)** | **Pay Elements (rounded)** | **Pay Elements (rounded)** | **Pay Elements (rounded)** |
| **Objective** | **Objective** | **Objective** | **Objective** |
| •Multi-year vesting <br>requirements align our <br>executives' interests with <br>our shareholders and <br>incentivize retention of our <br>executive talent<br>| •Structured to align with <br>shareholder interests, <br>reward the achievement <br>of long-term goals and <br>promote stability and <br>corporate loyalty among <br>the executives<br>| •To focus executives on <br>annual financial and <br>operational performance<br>•To reward executives for <br>performance relative to <br>our short-term goals and <br>initiatives<br>| •Provide a base level of <br>income in line with <br>expertise, experience, <br>tenure, performance, <br>potential and scope of <br>responsibility<br>|
| **Key Features** | **Key Features** | **Key Features** | **Key Features** |
| •Vest in equal annual <br>installments over three-year <br>period commencing on <br>the first anniversary date <br>of the grant<br>•Increases, when <br>appropriate, are <br>provided based on market <br>movements, scope of <br>responsibilities, and merit<br>| •Earned only if specified <br>financial performance <br>measures are met<br>•Measures performance <br>over three years, with <br>annual performance <br>segments that have 25%, <br>25% and 50% weighting<br>•PSU Awards granted in <br>2025 will be earned based <br>on Adjusted EPS, ROIC, <br>and carbon intensity<br>•PSU Awards granted in <br>2025 have potential <br>payouts that range from <br>0% to 200% of target<br>| •Earned based on company-<br>wide and/or brand-specific <br>(based on area of <br>responsibility) financial <br>and operational metrics and <br>individual performance <br>against previously <br>established strategic goals, <br>including, but not limited to, <br>Adjusted EPS (corporate), <br>adjusted brand operating <br>income (if applicable), and <br>certain corporate <br>responsibility goals<br>•For our President and <br>CEO, payout is entirely <br>based on corporate <br>performance<br>•For other NEOs, two-third <br>is determined by corporate <br>and, if applicable, brand <br>performance, one-third <br>based on individual <br>performance<br>•Payouts range from 0% to <br>200% based on <br>achievement of results <br>during the year<br>| •Set annually based on <br>market competitiveness <br>and in-line with <br>performance and <br>contributions to the <br>achievement of <br>Company goals<br>•Increases, when <br>appropriate, are <br>provided based on <br>market movements, <br>scope of responsibilities, <br>and merit<br>|

---

CEO

Other NEOs

CEO

Other NEOs

CEO

Other NEOs

CEO

Other NEOs

![30](rcl-20260417_g152.gif)

![59](rcl-20260417_g153.gif)

![117](rcl-20260417_g154.gif)

![175](rcl-20260417_g155.gif)

![1](rcl-20260417_g156.gif)

![71](rcl-20260417_g77.gif)

![129](rcl-20260417_g157.gif)

![187](rcl-20260417_g158.gif)

28%

22%

51%

40%

14%

21%

7%

17%

---

| | | |
|:---|:---|:---|
| ![Proxy GIF RCG-BL-CAR.gif](rcl-20260417_g8.gif) | *2026 Proxy Statement* | **39** |

---

---

| | |
|:---|:---|
| *[**TABLE OF CONTENTS**](#i83ad025dfa6941c6bd47e7084b9f0b42_22)* | *COMPENSATION DISCUSSION AND ANALYSIS* |

---

**BASE SALARY**

**Why we pay base salaries.** During 2025, base salaries represented 7% of target total direct compensation for our CEO and

an average of 17% for our other NEOs. However, base salaries are an important and customary element of pay for attracting

and retaining executives. The Talent and Compensation Committee seeks to pay each NEO a level of base salary that

competitively reflects their scope of responsibility.

The primary considerations used in setting base salary levels include each NEO's:

• scope of responsibilities

• expertise and experience

• tenure with the organization

• competitiveness as measured against the Market Comparison Group as

well as general market data

• performance and potential to further our business objectives

The Talent and Compensation Committee reviews salaries in the early part of each year and, if appropriate, adjusts them to

reflect changes in the above considerations and to respond to market and competitive pressures.

**Our 2025 Base Salary Decisions.** The Talent and Compensation Committee approved base salary increases for all NEOs as

shown below. Base salary increases for Mr. Holtz, and Ms. Hodges Bethge were made to better align their pay with market and

to recognize positive performance and their respective contribution to Company performance.The Talent and Compensation

Committee also approved modest base salary increases for the other NEOs in line with our overall merit increase budget

for employees.

---

| | | | |
|:---|:---|:---|:---|
|  | **Base Salary** | **Base Salary** | **Percent** <br>**Change**<br>**(%)**  |
|  | | | **Percent** <br>**Change**<br>**(%)**  |
| **Name** | **2024 ($) Salary** | **2025 ($) Salary** | **Percent** <br>**Change**<br>**(%)**  |
| **Jason T. Liberty** | 1350000 | 1400000 | 3.7 |
| **Naftali Holtz** | 905000 | 950250 | 5.0 |
| **Michael W. Bayley** | 1123000 | 1157000 | 3.0 |
| **Laura Hodges Bethge** | 803000 | 901000 | 12.2 |
| **Harri U. Kulovaara** | 907000 | 935000 | 3.1 |

---

---

| | | |
|:---|:---|:---|
| **40** | *2026 Proxy Statement* | ![Proxy GIF RCG-BL-CAR.gif](rcl-20260417_g8.gif) |

---

---

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|:---|:---|
| *COMPENSATION DISCUSSION AND ANALYSIS* | *[**TABLE OF CONTENTS**](#i83ad025dfa6941c6bd47e7084b9f0b42_22)* |

---

**PERFORMANCE-BASED ANNUAL INCENTIVE** 

**Why we pay annual performance-based compensation.** We believe that annual incentive programs focus executives on

annual financial and operational performance enabling them to better manage the cyclical nature of our business and to

reward executives for performance relative to our annual goals and initiatives. We pay our annual performance-based

compensation pursuant to our Executive Short-Term Bonus Plan (the "Executive Bonus Plan"). The Executive Bonus Plan is

designed to reward our executives for the achievement of RCG's annual financial and/or strategic goals and to recognize

individual contributions. For 2025, the Executive Bonus Plan represented approximately 14% of the CEO's total target direct

compensation and 21% for the other NEOs.

**How we determine annual target bonus.** Each year, the Talent and Compensation Committee considers the responsibilities

of each executive and the competitiveness of our target bonus opportunity compared to our Market Comparison Group. The

Talent and Compensation Committee then sets the annual Executive Bonus Plan target for each NEO as a percentage of base

salary. For 2025, the Talent and Compensation Committee approved an increase to the Executive Bonus Plan target for Mr.

Holtz and Ms. Hodges Bethge. There were no changes to the target percentages for the other NEOs.

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **2024 Bonus Target**<br>**(% of base salary)**<br>| **2025 Bonus Target**<br>**(% of base salary)**<br>| **2025 Target**<br>**($)**<br>|
| **Jason T. Liberty** | 200 | 200 | 2800000 |
| **Naftali Holtz** | 120 | 135 | 1282838 |
| **Michael W. Bayley** | 145 | 145 | 1677650 |
| **Laura Hodges Bethge** | 110 | 115 | 1036150 |
| **Harri U. Kulovaara**<sup>(1)</sup> | 100 | 100 | 935000 |

---

<sup>(1)</sup> Based on his unique and focused responsibilities, in addition to his bonus target, Mr. Kulovaara's employment agreement provides that he

is entitled to a bonus of $150,000 for each ship delivered during a fiscal year. During fiscal year 2025, the Company took delivery of three

new ships.

**How we measure annual performance.** For 2025, the Talent and Compensation Committee continued to evaluate annual

performance based on:

(1)company-wide performance as well as brand performance, depending on the NEO's areas of responsibility; and

(2)for NEOs other than the CEO, individual performance against previously established strategic objectives.

Company-wide and brand performance is measured 65% based on financial measures (adjusted earnings per share for

company-wide performance and adjusted brand-specific operating income for brand performance) and 35% based on a

composite of financial, operational, and other key performance indicators ("KPIs"). In setting the goals for each metric, the

Talent and Compensation Committee considered 2024 business results and the 2025 operating plan, which takes into account

our anticipated performance, our growth and profitability objectives as well as the economic climate. The target goal for the

company-wide financial performance metrics (Adjusted EPS, Net Yield, and Net Cruise Costs, excluding fuel) were set at a

level consistent with the Company's public guidance issued in January 2025, which represented challenging performance

goals as compared to actual 2024 results. Actual award payouts are determined following the completion of the program year

by measuring actual performance against each metric target goal.

---

| | | |
|:---|:---|:---|
| ![Proxy GIF RCG-BL-CAR.gif](rcl-20260417_g8.gif) | *2026 Proxy Statement* | **41** |

---

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| | |
|:---|:---|
| *[**TABLE OF CONTENTS**](#i83ad025dfa6941c6bd47e7084b9f0b42_22)* | *COMPENSATION DISCUSSION AND ANALYSIS* |

---

For 2025, the framework of the Executive Bonus Plan was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **2025 Executive Bonus Plan Framework** | **2025 Executive Bonus Plan Framework** | **2025 Executive Bonus Plan Framework** |
| **Name** | **Company- Wide** <br>**Performance**<br>**(%)**<br>| **Brand** <br>**Performance**<br>**(%)**<br>| **Individual** <br>**Performance** <br>**Against Strategic** <br>**Objectives** <br>**(%)**<br>|
| **Jason T. Liberty** | 100 | – | – |
| **Naftali Holtz** | 66.7 | – | 33.3 |
| **Michael W. Bayley**<sup>(1)</sup> | 33.4 | 33.3 | 33.3 |
| **Laura Hodges Bethge**<sup>(2)</sup> | 33.4 | 33.3 | 33.3 |
| **Harri U. Kulovaara** | 66.7 | – | 33.3 |

---

<sup>(1)</sup> Brand performance based on Royal Caribbean

<sup>(2)</sup> Brand performance was based on Celebrity Cruises

**METRICS COMPRISING THE EXECUTIVE BONUS PLAN**

**Company-Wide Performance**

**Brand Performance**

**Individual Performance**

**65%**

Adjusted EPS

**65%**

Adjusted Brand Operating Income

**100%**

Evaluation by Talent and

Compensation Committee of

individual performance for NEOs

other than the CEO (based on

recommendations of the CEO)

**35%**

Financial, Operational

and other KPIs

**6%**Net Yield

**6%**Net Cruise Costs,

excluding fuel

**6%**Net Promoter Score/

Guest Satisfaction

**6%**Safety, Environment,

Security and Health

**6%**Employee Engagement

**5%** Carbon Intensity

**35%**

Financial, Operational

and other KPIs

**6%** Net Yield

**6%** Net Cruise Costs,

excluding fuel

**6%** Net Promoter Score/

Guest Satisfaction

**6%** Safety, Environment,

Security and Health

**6%** Employee Engagement

**5%** Carbon Intensity

---

| | | |
|:---|:---|:---|
| **42** | *2026 Proxy Statement* | ![Proxy GIF RCG-BL-CAR.gif](rcl-20260417_g8.gif) |

---

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|:---|:---|
| *COMPENSATION DISCUSSION AND ANALYSIS* | *[**TABLE OF CONTENTS**](#i83ad025dfa6941c6bd47e7084b9f0b42_22)* |

---

**COMPANY-WIDE FINANCIAL METRIC**

For 2025, the Talent and Compensation Committee continued using Adjusted EPS as a financial metric for evaluating annual

company-wide performance, reflecting our continued focus on delivering profitable growth. For compensation purposes, the

target Adjusted EPS for 2025 was set at $14.50, the mid-point of the earnings guidance we announced in January 2025 and

materially above our actual Adjusted EPS for 2024.

The table below sets forth the targets and the performance results for this company-wide financial metric.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Metric** | **Weighting**<br>**(%)** | **Payout as a % of Target** | **Payout as a % of Target** | **Payout as a % of Target** | **Payout as a % of Target** | **Payout as a % of Target** | **Payout as a % of Target** | **Payout as a % of Target** | **2025**<br>**Actual** <br>**Results**<br>**($)** |
| **Metric** | **Weighting**<br>**(%)** | **Payout as a % of Target** | **Payout as a % of Target** | **Payout as a % of Target** | **Payout as a % of Target** | **Payout as a % of Target** | **Payout as a % of Target** | **Payout as a % of Target** | **2025**<br>**Actual** <br>**Results**<br>**($)** |
| **Metric** | **Weighting**<br>**(%)** | **0%**<br>**($)**<br>| **50%**<br>**($)**<br>| **90%**<br>**($)**<br>| **100%**<br>**($)**<br>| **110%**<br>**($)**<br>| **150%**<br>**($)**<br>| **200%**<br>**($)**<br>| **2025**<br>**Actual** <br>**Results**<br>**($)** |
| Adjusted EPS | 65 | 13.49 | 14.03 | 14.35 | 14.50 | 14.65 | 14.97 | 15.52 | 15.64<br><sup>(1)(2)</sup> |

---

<sup>(1)</sup> Refer to the Annex for more detail regarding the reconciliation to the most directly comparable U.S. GAAP measure.

<sup>(2)</sup> In accordance with the terms of the Executive Bonus Plan, the Talent and Compensation Committee approved certain adjustments to

reported Adjusted EPS. However, these adjustments had no impact on the total payout percentage as the actual results for Adjusted EPS

significantly outperformed expectations without regard to any of the permissible adjustments.

**2025 KPIs for Company and Brand Performance.** In establishing the 2025 Executive Bonus Plan KPIs for both company-

wide and brand performance, the Talent and Compensation Committee focused on selecting metrics that were tied to the

Company's goals in key strategic areas and that would also incentivize strong financial performance across the Company's

brands. The table below sets forth each KPI and how they were measured. The target achievement level for each KPI was set

to require significantly challenging, but attainable, results.

---

| | | |
|:---|:---|:---|
| **KPIs** | **Weight** | **Description** |
| **Financial** | **Financial** | **Financial** |
| Net Yield | 6% | This metric measures Net Yield change versus 2024 fiscal year results, determined on a constant <br>currency basis. Net Yield is an important measure of our pricing performance. <br>Net Yield represents Adjusted Gross Margin per APCD<sup>(1)</sup>, where Gross Margin is adjusted for <br>payroll and related expenses, food, fuel, other operating expenses, and depreciation and <br>amortization expenses. Gross Margin is calculated pursuant to GAAP as total revenues less total <br>cruise operating expenses, and depreciation and amortization. <br>|
| Net Cruise Costs, <br>excluding fuel<br>| 6% | This metric evaluates Net Cruise Costs excluding fuel per APCD change versus 2024 fiscal year <br>results, calculated on a constant currency basis. In measuring our ability to control costs in a <br>manner that positively impacts net income, we believe changes in Net Cruise Costs, excluding <br>fuel, to be among the most relevant indicators of our cost performance. This metric represents <br>gross cruise costs excluding commissions, transportation and other expenses, onboard and other <br>expenses, and fuel expenses. <br>|
| **Non-Financial** | **Non-Financial** | **Non-Financial** |
| Net Promoter Scores <br>(NPS) / Guest Satisfaction<br>| 6% | Third party surveys / net promoter scores, measuring customer satisfaction with their most recent <br>cruise, intent to cruise again with us and willingness to recommend that others cruise with us.<br>|
| Safety, Environment, <br>Security and Health<br>| 6% | Composite score comprised of safety incident frequency and severity, audit and compliance <br>scores, and other safety, security, environment and health measures, which we believe are key to <br>continuing to meet our extremely high safety and security standards and our goal of being a good <br>steward of the environmental resources we manage.<br>|
| Employee Engagement | 6% | Biannual pulse surveys, conducted by outside firm, of shoreside and shipboard employees <br>measuring both employee satisfaction and employee engagement, which is defined as the <br>tendency of employees to exert discretionary effort for our benefit.<br>|
| Carbon Intensity  | 5% | The carbon intensity metric represents Well-to-Wake (upstream + downstream) grams of carbon <br>dioxide equivalent emissions divided by APCDs. This metric tracks our decarbonization efforts <br>across the company. <br>|

---

<sup>(1)</sup> Available Passenger Cruise Days ("APCD") is our measurement of capacity and represents double occupancy per cabin multiplied by the

number of cruise days for the period, which excludes canceled cruise days and cabins not available for sale. We use this measure to

perform capacity and rate analysis to identify our main non-capacity drivers that cause our cruise revenue and expenses to vary.

---

| | | |
|:---|:---|:---|
| ![Proxy GIF RCG-BL-CAR.gif](rcl-20260417_g8.gif) | *2026 Proxy Statement* | **43** |

---

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| | |
|:---|:---|
| *[**TABLE OF CONTENTS**](#i83ad025dfa6941c6bd47e7084b9f0b42_22)* | *COMPENSATION DISCUSSION AND ANALYSIS* |

---

The Talent and Compensation Committee established performance levels for each metric at which executives could earn from

a threshold of 0% up to a maximum of 200%, along with performance measures identified at 90%, 100%, 110%, and 150%.

The Talent and Compensation Committee capped the maximum performance at 200% for both the company-wide and brand

performance metrics and the individual performance metric. Achievement in between these performance levels would be

calculated on a linear basis.

In evaluating the company-wide performance under each the above KPIs:

• With regard to our **Financial KPIs**, the Company outperformed the target on Net Cruise Costs, excluding fuel and Net

Yield,resulting in a payout of 137% and 102% of target, respectively;

• Our **Non-Financial KPIs** outperformed with an average at 170%, driven by particularly strong results in the carbon

intensity (200%), guest satisfaction (176%), and employee engagement (175%) KPIs.

**Individual Performance.** The individual performance component of our Executive Bonus Plan awards is intended to reward

managerial decision-making, behavioral interaction, and overall contribution. As discussed above, individual performance

represented 33.3% of the bonus opportunity for each of our NEOs except for Mr. Liberty, as his bonus was based 100% on

corporate performance. None of the individual goals are material to understanding the Executive Bonus Program or how

annual targets were determined for 2025. The Talent and Compensation Committee approves the final individual achievement

and bonus payout for each of the other NEOs based on the CEO's recommendation.

The Talent and Compensation Committee considered each NEOs achievement of his or her individual goals and the

Company's financial results and operational achievements during the year. In evaluating the performance of each NEO during

2025, the Talent and Compensation Committee considered the following Company achievements, among others:

• 2025 was an outstanding year defined by strong demand for company brands and vacation experiences, disciplined

execution of company strategies, strong balance sheet management and robust financial performance;

• Achieved meaningful net yield growth and improved cost efficiency, contributing to enhanced profitability;

• Rolled out the "Perfecta" multi-year financial program aimed at sustaining superior performance with ambitious financial

targets;

• Expanded shareholder returns and capital structure actions, including through issuance of quarterly dividends and returning

significant capital to investors through the share repurchase program;

• Expanded the Company's fleet and vacation offerings, including the debut of new vessels like *Star of the Seas* and

C*elebrity Xcel,* the announcement of new Discovery class ships, and the launch of Celebrity River Cruises;

• Expanded the Company's exclusive destination portfolio, including opening of the Royal Beach Club Paradise Island and

announcement of Royal Beach Club Santorini, which will help broaden land-based vacation experiences and anchor long-

term guest engagement; and

• Launched initiatives to enhance customer loyalty and global footprint, such as the new Points Choice loyalty program,

which allows earnings and applying points across all three vacation brands.

---

| | | |
|:---|:---|:---|
| **44** | *2026 Proxy Statement* | ![Proxy GIF RCG-BL-CAR.gif](rcl-20260417_g8.gif) |

---

---

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|:---|:---|
| *COMPENSATION DISCUSSION AND ANALYSIS* | *[**TABLE OF CONTENTS**](#i83ad025dfa6941c6bd47e7084b9f0b42_22)* |

---

**2025 EXECUTIVE BONUS PLAN PAYOUTS**

Based on the above KPIs and financial performance results, the following table shows the 2025 Executive Bonus Plan payout

as a percentage of target for each award component and the total payout amount.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Name** | **Payout % per Component** | **Payout % per Component** | **Payout % per Component** | **Total Payout** <br>**(% rounded)** | **2025 Target**<br>**($)** | **Total** <br>**2025 Payout**<br>**($)** |
| **Name** | | | | **Total Payout** <br>**(% rounded)** | **2025 Target**<br>**($)** | **Total** <br>**2025 Payout**<br>**($)** |
| **Name** | **Corporate** | **Brand** | **Individual** | **Total Payout** <br>**(% rounded)** | **2025 Target**<br>**($)** | **Total** <br>**2025 Payout**<br>**($)** |
| **Jason T. Liberty** | 183.2 |  |  | 183.2 | 2800000 | 5129600 |
| **Naftali Holtz** | 183.2 |  | 125 | 163.8 | 1282838 | 2101537 |
| **Michael W. Bayley** | 183.2 | 110.9 | 130 | 141.4 | 1677650 | 2372340 |
| **Laura Hodges Bethge** | 183.2 | 188.5 | 125 | 165.6 | 1036150 | 1715702 |
| **Harri U. Kulovaara** | 183.2 |  | 125 | 163.8 | 935000 | 1531711 |

---

In addition to his award under the Executive Bonus Plan, the Compensation Committee awarded Mr. Kulovaara a special

performance bonus of $450,000 for the delivery of three new ships in 2025: *Star of the Seas*, *Celebrity Xcel, and Mein Schiff* 

*Relax* (through TUI Cruises, our 50% joint venture). This success also contributed to Mr. Kulovaara's individual

performance payout.

**LONG-TERM EQUITY INCENTIVE AWARDS**

**Why we pay equity-based compensation.** Our long-term incentive award program is the most significant element of our

overall compensation program. During 2025, long-term incentive awards represented 79% of our CEO's target total direct

compensation and an average of 62% of target total direct compensation for our other NEOs. The Talent and Compensation

Committee's philosophy is that a majority of an executive's compensation should be based directly upon the value of long-term

incentive compensation in the form of time-based restricted stock units and performance-based restricted stock units so as to

align with shareholder interests, reward the achievement of long-term goals and promote stability and corporate loyalty among

the executives. The Talent and Compensation Committee believes that providing executives with the opportunities to acquire

significant stakes in our growth and prosperity (through grants of equity-based compensation), while maintaining other

components of our compensation program at competitive levels, will incentivize and reward executives for sound business

management, develop a high-performance team environment, foster the accomplishment of short-term and long-term strategic

and operational objectives and compensate executives for improvement in shareholder value, all of which are essential to our

ongoing success.

**How equity-based compensation is determined.** Annually, the Talent and Compensation Committee evaluates the

appropriate form and mix of equity-based compensation that the Company will grant as part of its long-term incentive

compensation and approves the dollar value of long-term equity awards that will be granted to each NEO.

In the beginning of each year, the Talent and Compensation Committee determines the target equity award value ("LTI Value")

to be delivered to each NEO. In determining the appropriate long-term incentive award value, the Talent and Compensation

Committee considers:

• the compensation paid to comparable executives in the Market Comparison Group;

• a review of each of the elements of total direct compensation; and

• the NEO's contribution to the overall results of the Company.

To strike an appropriate balance between performance and retention incentives, we use a combination of time-based restricted

stock units/shares, which we refer to as Time-Based RSUs, and performance-based restricted stock units/shares, which we

refer to as PSUs.

**Time-Based Equity.** To promote retention and align our executive's interests with long-term stock appreciation, the Time-

Based RSUs vest in equal annual installments over three-year period commencing on the first anniversary date of the grant.

As Time-Based RSUs are inherently tied to the performance of our common stock, we consider a vesting schedule based on

continued service appropriate to incentivize retention and performance.

**Performance-Based Equity.** Each PSU is expressed as a target number of PSUs based upon the fair market value of our

common stock on the grant date. Annually, the Talent and Compensation Committee approves (1) the metrics that will be used

for the PSUs, (2) the weighting of each metric, and (3) a threshold, target and maximum performance level. The threshold,

target and maximum performance levels are set based on prior year performance and our long-term growth targets.

---

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|:---|:---|:---|
| ![Proxy GIF RCG-BL-CAR.gif](rcl-20260417_g8.gif) | *2026 Proxy Statement* | **45** |

---

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|:---|:---|
| *[**TABLE OF CONTENTS**](#i83ad025dfa6941c6bd47e7084b9f0b42_22)* | *COMPENSATION DISCUSSION AND ANALYSIS* |

---

**2025 EQUITY AWARDS** 

Ensuring that NEO compensation continues to motivate senior leadership to act consistent with long-term shareholder

interests and fostering the retention of our senior leadership remain key priorities of our executive compensation program.

Coming off another strong performance year, the Talent and Compensation Committee approved increases in LTI Values for all

NEOs. The Committee increased Mr. Liberty's LTI values in recognition of his significant achievements and to improve market

competitiveness of his total compensation. The Committee also increased LTI values for other NEOs in recognition of their

contributions. For Mr. Holtz and Ms. Hodges Bethge, the Committee approved more significant increases to their LTI Values as

part of a multi-year effort to position their total compensation at a more competitive level relative to market benchmarks, while

maintaining a significant portion of pay in performance-based equity. Accordingly, the Talent and Compensation Committee

approved the following target LTI values for each of our NEOs in 2025:

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **2024 LTI Value**<br>**($)**<br>| **2025 LTI Value**<br>**($)**<br>| **Percentage Change**<br>**(%)**<br>|
| **Jason T. Liberty** | 13000000 | 15800000 | 21.5 |
| **Naftali Holtz** | 3100000 | 4000000 | 29.0 |
| **Michael W. Bayley** | 5000000 | 5500000 | 10.0 |
| **Laura Hodges Bethge** | 2000000 | 3200000 | 60.0 |
| **Harri U. Kulovaara** | 1750000 | 1850000 | 5.7 |

---

As discussed above, the Talent and Compensation Committee then allocated the total LTI Value between Time-Based RSUs

and PSUs. For the 2025 compensation program, we provided long-term incentive awards for NEOs allocated as set forth

below, except for Mr. Kulovaara who received 40% RSUs and 60% PSUs. The Talent and Compensation Committee believes

that the use of both Time-Based RSUs and PSUs is consistent with competitive market practice and that the allocation set

forth below effectively and efficiently balances both performance and retention objectives.

![14](rcl-20260417_g159.gif)

---

| | | |
|:---|:---|:---|
| **46** | *2026 Proxy Statement* | ![Proxy GIF RCG-BL-CAR.gif](rcl-20260417_g8.gif) |

---

---

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|:---|:---|
| *COMPENSATION DISCUSSION AND ANALYSIS* | *[**TABLE OF CONTENTS**](#i83ad025dfa6941c6bd47e7084b9f0b42_22)* |

---

**2025-2027 PERFORMANCE-BASED EQUITY AWARDS**

For the PSU Awards granted in 2025 for the period ending December 2027, the Talent and Compensation Committee

determined to keep the design and equity mix consistent with those implemented in fiscal year 2024, Management and the

Talent and Compensation Committee believe Adjusted EPS and ROIC metrics (as described below) continue to be essential to

successful execution of our strategic priorities. The performance ranges for each metric were set at target levels above 2024

results and reflecting year-over-year growth. Further, the Adjusted EPS and ROIC targets were designed to incentive

achievement of our financial goals under the "Perfecta" program that was announced in March 2025.

---

| | | |
|:---|:---|:---|
| **Metric** | **Weight** | **Description** |
| Adjusted Earnings per Share <br>(Adjusted EPS)<br>| 45% | Represents Adjusted EPS as reported by the Company in its Form 10-K for the relevant <br>performance periods.<br>Adjusted EPS is Adjusted Net Income (Loss) as reported by the Company in its Form 10-K <br>for the relevant performance periods divided by weighted average shares outstanding or by <br>diluted weighted average shares outstanding, as applicable. As reported, Adjusted Net <br>Income (Loss) represents net income (loss) less net income attributable to noncontrolling <br>interest and excludes certain items for which we believe adjusting for is meaningful when <br>assessing our operating performance on a comparative basis. <br>|
| Return on Invested Capital <br>(ROIC)<br>| 45% | Represents Adjusted Operating Income (Loss) as reported by the Company in its Form 10-K <br>for the relevant performance periods divided by Invested Capital.<br>Adjusted Operating Income (Loss) represents operating income (loss) including income <br>(loss) from equity investments and income taxes but excluding certain items for which we <br>believe adjusting for is meaningful when assessing our operating performance on a <br>comparative basis.<br>Invested Capital represents the most recent five-quarter average of total debt (i.e., current <br>portion of long-term debt plus long-term debt) plus total shareholders' equity.<br>|
| Carbon Intensity  | 10% | The carbon intensity metric represents Well-to-Wake (upstream + downstream) grams of <br>carbon dioxide equivalent emissions divided by APCDs. This metric tracks our <br>decarbonization efforts across the company.<br>|

---

**DETERMINATION OF EARNED PSUs** 

Performance with regard to the metrics described above will be measured each year during the three-year performance period

and combined at the end of using the following weighing:

---

| | |
|:---|:---|
| **Year** | **Weighting**<br>**(%)**<br>|
| Year 1 - 2025 | 25 |
| Year 2 - 2026 | 25 |
| Year 3 - 2027 | 50 |

---

For the 2025 PSU awards for the performance period ending December 2027, the Talent and Compensation Committee

continued utilizing a maximum payout of 200% that we transitioned to in fiscal year 2024, without any additional payout

opportunity. Although the PSU Awards measure performance across three one-year periods, the targets for all three years are

established up front at the time of grant to ensure a longer-term orientation. In addition, the mix of three annual performance

goals with heavier weight attributed to the final year is intended to keep executives focused on consistent performance and

growth throughout the duration of the three-year performance period. The aggregate payout level for the PSU grants made in

2025 will be determined by our Talent and Compensation Committee in early 2028.

---

| | | |
|:---|:---|:---|
| ![Proxy GIF RCG-BL-CAR.gif](rcl-20260417_g8.gif) | *2026 Proxy Statement* | **47** |

---

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|:---|:---|
| *[**TABLE OF CONTENTS**](#i83ad025dfa6941c6bd47e7084b9f0b42_22)* | *COMPENSATION DISCUSSION AND ANALYSIS* |

---

**PAYOUT UNDER 2023-2025 PERFORMANCE-BASED EQUITY AWARDS** 

The three-year performance period for the PSUs granted in 2023 ended on December 31, 2025, and the Talent and

Compensation Committee assessed our performance in the first quarter of 2026. The number of shares that could be earned

for the PSU Awards ranged from 0% to 300% of the target. This comprises two components: (i) performance during the three-

year period (2023-2025) with a payout range of 0% to 200%; and (ii) an additional opportunity to earn up to 100% of target

depending on whether one or more of the three financial performance metrics for 2025 achieved a payout of 200% as per the

chart below. The additional opportunity was intended to serve as an incentive for management to achieve the financial targets

of the "Trifecta" program announced in November 2022, which management believed were essential to successful execution

of strategic priorities as the Company emerged from the impact of the Covid-19 shut-down. Performance was determined for

each year during the performance period using the weighting set forth in the table below.

---

| | |
|:---|:---|
| **Year** | **Weighting**<br>**(%)**<br>|
| Year 1 - 2023 | 25 |
| Year 2 - 2024 | 25 |
| Year 3 - 2025 | 50 |

---

The following tables summarizes performance of the financial metrics for such PSU Awards for each performance year:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **2023 Financial Performance** <br>**Metrics** <sup>(1)</sup><br>| **Weight**<br>**(%)**<br>| **Threshold** | **Target** | **Maximum** | **Actual** <br>**Results**<br>| **Payout** <br>**(as a % of** <br>**target)** <br>|
| Adj. EBITDA per APCD | 30 | $70.00 | $79.00 | $86.00 | $96.85 | 200.0% |
| Adj. EPS | 30 | $2.00 | $3.30 | $4.60 | $7.13 | 200.0% |
| ROIC | 30 | 6.4% | 8.2% | 9.6% | 12.3% | 200.0% |
| Carbon Intensity Reduction | 10 | 1.5% | 5.0% | 8.5% | 6.8% | 122.0% |
| **Overall payout** |  |  |  |  |  | **192.0%** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **2024 Financial Performance** <br>**Metrics**<sup>(1)</sup><br>| **Weight**<br>**(%)**<br>| **Threshold** | **Target** | **Maximum** | **Actual**<br>**Results**<br>| **Payout** <br>**(as a % of**<br> **target)**<br>|
| Adj. EBITDA per APCD | 30 | $72.00 | $88.00 | $95.00 | $118.13 | 200.0% |
| Adj. EPS | 30 | $3.01 | $5.97 | $7.30 | $11.80 | 200.0% |
| ROIC | 30 | 7.4% | 10.2% | 11.5% | 16.1% | 200.0% |
| Carbon Intensity Reduction | 10 | 3.0% | 6.0% | 9.0% | 10.7% | 200.0% |
| **Overall payout** |  |  |  |  |  | **200.0%** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **2025 Financial Performance** <br>**Metrics** <sup>(1)</sup><br>| **Weight**<br>**(%)**<br>| **Threshold** | **Target** | **Maximum** | **Actual** <br>**Results**<br>| **Payout** <br>**(as a % of** <br>**target)** <br>|
| Adj. EBITDA per APCD | 30 | $75.00 | $93.00 | $103.00 | $131.87 | 200.0% |
| Adj. EPS | 30 | $4.81 | $8.23 | $10.15 | $15.64 | 200.0% |
| ROIC | 30 | 8.0% | 11.2% | 13.0% | 18.0% | 200.0% |
| Carbon Intensity Reduction | 10 | 4.0% | 7.0% | 10.0% | 15.1% | 200.0% |
| **Overall payout** |  |  |  |  |  | **200.0%** |

---

<sup>(1)</sup> Refer to Annex A for definitions of the financial metrics and reconciliations to comparable GAAP measures. In accordance with the terms

of our Equity Incentive Plan, the Talent and Compensation Committee approved certain adjustments to financial metrics for the impact of

increases in fuel prices and interest rates, potential dilution impact from outstanding convertible notes, and proactive refinancing actions,

matters which are outside of the control of any NEO. However, these adjustments had no impact on the total payout percentage as the

actual results for each financial metrics significantly outperformed expectations without regard to any of the permissible adjustments.

---

| | | |
|:---|:---|:---|
| **48** | *2026 Proxy Statement* | ![Proxy GIF RCG-BL-CAR.gif](rcl-20260417_g8.gif) |

---

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|:---|:---|
| *COMPENSATION DISCUSSION AND ANALYSIS* | *[**TABLE OF CONTENTS**](#i83ad025dfa6941c6bd47e7084b9f0b42_22)* |

---

The Talent and Compensation Committee considered the strong financial and operational performance delivered by the

Company during the performance period in evaluating compensation outcomes, including revenue and earnings growth and

successful achievement of the objectives of the *Trifecta* financial program 18 months ahead of schedule by mid-2024. The

Company generated approximately $17.9 billion in total revenues in 2025 and $4.3 billion in net income or $15.61 per share,

while delivering adjusted net income of $4.3 billion or $15.64 per share, representing year-over-year earnings growth of more

than 30%. In light of these results and the significant shareholder value created during the performance period, the Committee

determined that meaningful equity payouts were appropriate to recognize the NEOs' roles in delivering on these financial

commitments while reinforcing alignment between executive compensation and long-term interests of shareholders. As such,

the Committee approved the additional 100% payout opportunity earned for each of the three performance years of the

2023-2025 performance period. The overall payout for 2023-2025 PSUs was 298% of target. The table below sets forth the

final payout amounts for each NEO based on the achievements described above.

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **Target Shares**<br>**(#)**<br>| **Final Payout** <br>**(%)**<br>| **Shares Earned**<br>**(#)**<br>|
| **Jason T. Liberty** | 92512 | 298 | 275686 |
| **Naftali Holtz** | 20272 | 298 | 60411 |
| **Michael W. Bayley** | 56312 | 298 | 167810 |
| **Laura Hodges Bethge** | 10619 | 298 | 31645 |
| **Harri U. Kulovaara** | 14400 | 298 | 42912 |

---

**Other Elements of Compensation** 

In an effort to offer our employees a competitive remuneration package, we provide them with certain retirement, medical and

welfare benefits, including a qualified non-contributory profit-sharing retirement plan. The NEOs are eligible to participate and/

or receive such benefits on a basis commensurate with that of other employees.

Since January 1, 2009, as a result of Section 457A of the U.S. Internal Revenue Code, in lieu of contributions to the Royal

Caribbean Cruises Ltd. Supplemental Executive Retirement Plan (the "SERP"), each NEO receives, on an annual basis, a

lump-sum cash payment of the benefits that would have been accrued under the SERP for services in a given year but for a

change in tax laws. Amounts earned in 2025 in lieu of the SERP benefit are disclosed in the Summary Compensation Table —

All Other Compensation column, as further detailed in the "2025 All Other Compensation Table."

We also offer the NEOs certain perquisites which include: Company paid automobile leases, annual executive physicals, and life

insurance coverage. NEOs also receive free and discounted Company cruises, all of which is provided at no incremental cost.

The Company periodically assesses the security risk profiles of its senior executives, the external security environment, and

appropriate executive protection measures. In 2024, the Company approved Mr. Liberty's use of chartered aircraft for personal

trips up to a predetermined threshold of $100,000 as well as additional security enhancements for Mr. Liberty and Mr. Bayley,

including residential security monitoring and personnel. During 2025, executive security protocols were reassessed based on

evolving best practices and the recommendations from an independent security study, which identified specific threats to Mr.

Liberty, Mr. Bayley, and Ms. Hodges Bethge as a result of the high-profile nature of their respective roles. As such, the Safety,

Environment, Sustainability and Health Committee approved a revision to our travel policy to require Mr. Liberty to use

chartered aircraft for all personal travel unless otherwise impractical, as well as for other senior officers as may be approved

under limited circumstances. It is the Company's policy that the NEOs are responsible for all income taxes related to their

personal use of a Company-provided chartered aircraft, as well as any travel by their companions.The Company tracks any

personal use of chartered aircraft and considers opportunities to reduce aircraft-related costs without compromising safety,

security or business needs. In addition to the use of chartered aircraft for personal travel, the Company also provided security

services for Mr. Liberty during personal travel as well as installation and maintenance of security equipment at his primary

residence and residential security monitoring services. Mr. Bayley and Ms. Hodges Bethge also received residential security

monitoring services. The Safety, Environment, Sustainability and Health Committee believes that the comprehensive security

measures are essential and commensurate with the risk profile for these NEOs as a result of their respective roles and the

threat landscape. Although we do not consider these measures to be a perquisite for our NEOs for the reasons described

above, the costs are reported in the "All Other Compensation" column of the "Summary Compensation Table."

Additional information regarding perquisites and other personal benefits provided to our NEOs in 2025 is given in the

applicable footnotes to the Summary Compensation Table.

---

| | | |
|:---|:---|:---|
| ![Proxy GIF RCG-BL-CAR.gif](rcl-20260417_g8.gif) | *2026 Proxy Statement* | **49** |

---

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|:---|:---|
| *[**TABLE OF CONTENTS**](#i83ad025dfa6941c6bd47e7084b9f0b42_22)* | *COMPENSATION DISCUSSION AND ANALYSIS* |

---

**Compensation Policies and Procedures**

**ROLES AND RESPONSIBILITIES**

**Talent and Compensation Committee**

![RCC Talent Icon.gif](rcl-20260417_g160.gif)

Our executive compensation program is overseen by the Talent and Compensation Committee. As part of their

responsibilities, the Talent and Compensation Committee:

• annually reviews and approves corporate goals and objectives relevant to the CEO's compensation, evaluates the

CEO's performance in light of those goals and objectives and sets the CEO's compensation based on this

evaluation; and

• annually reviews and approves the compensation levels of other executives of the Company based on the

recommendations of the CEO.

The Talent and Compensation Committee may delegate its authority to the Chair subject to such conditions as the Talent

and Compensation Committee deems appropriate and in the best interests of the Corporation. In addition, the Talent and

Compensation Committee may delegate administrative tasks to employees of the Company. Members of the Talent and

Compensation Committee are appointed by our Board based on a variety of factors, including their knowledge and

experience in compensation matters. Talent and Compensation Committee members meet the independence and other

requirements of the NYSE and other applicable laws and regulations.

![Gold Circle Blue Arrow.jpg](rcl-20260417_g95.jpg)

![](rcl-20260417_g161.gif)

**CEO**

![RCC Recommendations Icon.gif](rcl-20260417_g101.gif)

For each NEO other than the CEO, the Talent and Compensation Committee consults with and receives the

recommendation of the CEO, but the Talent and Compensation Committee is ultimately responsible for determining

whether to accept such recommendations. The CEO makes recommendations to Talent and Compensation Committee on

compensation for executive officers, including NEOs, based on holistic assessment of each executive's individual

performance and overall Company financial and strategic goals.

![Gold Circle Blue Arrow.jpg](rcl-20260417_g95.jpg)

![](rcl-20260417_g162.gif)

**Compensation Consultant**

![RCC Compensation Consultant Icon.gif](rcl-20260417_g163.gif)

As provided for in its charter, the Talent and Compensation Committee has sole discretion to retain a compensation

consultant and is directly responsible for the appointment, compensation and oversight for such consultant's work. In

2025, the Talent and Compensation Committee continued to engage Meridian Compensation Partners, LLC ("Meridian")

as its independent compensation consultant to assist with the design and oversight of the Company's executive

compensation pay practices, including the following:

• the composition of our Market Comparison Group;

• assessment of compensation-related risk;

• trends and developments in executive and director compensation design;

• the overall compensation framework, including levels of pay and the mix of compensation elements; and

• regulatory and governance developments affecting executive compensation.

![](rcl-20260417_g164.gif)

Meridian attended meetings of the Talent and Compensation Committee and had direct access to the Talent and

Compensation Committee's members during the period of its engagement in 2025. In addition, Meridian regularly conferred

with our senior management and human resources department to collect, analyze and present data requested by the Talent

and Compensation Committee. Meridian does not perform any other services for the Company other than its consulting

services to the Talent and Compensation Committee. The Talent and Compensation Committee has reviewed the

independence of Meridian in light of SEC rules and NYSE rules and has concluded that Meridian 's work for the Talent and

Compensation Committee during 2025 is independent.

---

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|:---|:---|:---|
| **50** | *2026 Proxy Statement* | ![Proxy GIF RCG-BL-CAR.gif](rcl-20260417_g8.gif) |

---

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|:---|:---|
| *COMPENSATION DISCUSSION AND ANALYSIS* | *[**TABLE OF CONTENTS**](#i83ad025dfa6941c6bd47e7084b9f0b42_22)* |

---

**Market Comparison Group** 

Our Market Comparison Group is an integral component of our annual compensation review — which begins in September

and runs through February — and is used to help guide the Talent and Compensation Committee's decisions regarding

competitive pay levels and design architecture.

**HOW WE CHOOSE OUR MARKET COMPARISON GROUP** 

In making its determinations for fiscal year 2025 compensation, the Talent and Compensation Committee considered publicly

available information of a select group of peer companies to inform the pay levels and program structures for the NEOs. The list

of companies that comprise our Market Comparison Group is reviewed annually in consultation with Meridian, our independent

compensation consultant. The Talent and Compensation Committee evaluated the peer group using the following criteria:

• Availability of public information — company is publicly-traded and compensation data is available in public filings

• Relevant industry group — company is a direct cruise line competitor or falls under adjacent industries such as hospitality,

hotels and motels, leisure time, resorts, casinos and gaming, and airlines industry categories

• Equivalent revenue and market capitalization — company is within approximately 1/3 to three times our revenue and

market capitalization

• Similar business strategy and complexity — company is capital-intensive and consumer-focused

• Global Footprint — company has significant operations outside of the United States, measured as a percentage of

total revenues

• Historical precedent — company included in the prior year's Market Comparison Group

Based on considerations of the factors above, Meridian recommended, and the Talent and Compensation Committee

approved, the following Market Comparison Group to inform 2025 compensation decisions.

---

| | | |
|:---|:---|:---|
| **2025 PEERS** |  |  |
| **American Airlines Group Inc.** | **Domino's Pizza, Inc.** | **MGM Resorts International** |
| **Booking Holdings Inc.** | **Expedia Group, Inc.** | **Norwegian Cruise Line Holdings Ltd.** |
| **Caesars Entertainment, Inc.** | **Hilton Worldwide Holdings Inc.** | **Starbucks Corp.** |
| **Carnival Corp.** | **Hyatt Hotels Corporation** | **United Airlines Holdings, Inc.** |
| **Chipotle Mexican Grill, Inc.**  | **Las Vegas Sands Corp.** | **Wynn Resorts, Ltd.** |
| **Darden Restaurants, Inc.**  | **Marriott International, Inc.** | **Yum! Brands, Inc.** |
| **Delta Air Lines, Inc.** | **McDonald's Corporation** |  |

---

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| | | |
|:---|:---|:---|
| ![Proxy GIF RCG-BL-CAR.gif](rcl-20260417_g8.gif) | *2026 Proxy Statement* | **51** |

---

---

| | |
|:---|:---|
| *[**TABLE OF CONTENTS**](#i83ad025dfa6941c6bd47e7084b9f0b42_22)* | *COMPENSATION DISCUSSION AND ANALYSIS* |

---

**Clawback Policy** 

We seek to recover, to the extent practicable, performance-based compensation from any executive officer and certain other

members of senior management under certain circumstances. The Company has two arrangements to clawback or cancel

awards. The table below summarizes certain key terms of our policies:

**Amended and Restated Incentive Plan and**

**Executive Bonus Plan**

**Royal Caribbean Cruises Ltd. Clawback Policy**<sup>(1)</sup>

![](rcl-20260417_g165.gif)

Clawback

Trigger(s)

(i) If there is a financial restatement due to a material

non-compliance with financial reporting requirements;

or

(ii) with respect to PSU Awards, there is a high

likelihood that an out-of-period adjustment to the

Company's financial statements covering the

performance period would be deemed material

because there is alleged misconduct associated with

the adjustment.

Restatement due to material noncompliance with

financial reporting requirements under the securities laws

as required by the Dodd-Frank Act and corresponding

NYSE listing standards.

The recovery of such compensation applies regardless of

whether an executive officer engaged in misconduct in

connection with the restatement.

![](rcl-20260417_g71.gif)

Compensation

Covered

PSU Awards and cash bonus

PSU Awards and cash bonus

![](rcl-20260417_g71.gif)

Recoupment

Amount

An amount equal to the difference between the amount

actually awarded based on the erroneous financial data

and the amount of compensation that should have been

awarded under the accounting restatement or the

adjusted financial statements, as applicable, as

determined by the Talent and Compensation Committee.

Amount of compensation granted, vested or paid to a

covered person during the performance period that

exceeds the amount of compensation that would

otherwise have been granted, vested or paid to the

person had such amount been determined based on the

applicable restatement.

![](rcl-20260417_g71.gif)

Look-Back Period

For PSU Awards: Two-year period following the end of

the applicable performance period for each award

The three fiscal year period preceding the date in which

the Company concludes or reasonably should have

concluded a restatement is required

![](rcl-20260417_g166.gif)

<sup>(1)</sup> We filed the Clawback Policy as an exhibit to our Annual Report on Form 10-K for the fiscal year ended December 31, 2023.

**Equity Grant Practices** 

**Timing of Equity Awards:** The Talent and Compensation Committee generally grants annual equity awards to NEOs and

other members of management at the first regularly scheduled Talent and Compensation Committee meeting of the calendar

year, usually held in February. Equity awards may be granted outside of the annual grant cycle in connection with events such

as hiring, promotion or extraordinary performance or as part of a special retention effort. We do not currently grant stock

options to our employees. The Talent and Compensation Committee did not take material nonpublic information into account

when determining the timing and terms of equity awards in 2025. Further, the Company has not timed the disclosure of

material nonpublic information to affect the value of executive compensation.

**Vesting Into Retirement Policy:** Certain of our executives may be eligible for accelerated or continued vesting of applicable

long-term equity awards under our "Vesting Into Retirement" policy. In recognition that different motivations and considerations

prevail for officers approaching retirement, awards granted to executives who are at least 62 years of age and who have been

employed by RCG for at least 15 years are generally not subject to forfeiture upon termination of employment after the later of

the first anniversary of the grant date and the first anniversary of the date that the officer meets both the age and service

criteria. In order to maintain an alignment of interest with our shareholders, these awards continue to be subject to restrictions

on transfer that will lift over the vesting schedule for the RSUs and PSUs awards.

---

| | | |
|:---|:---|:---|
| **52** | *2026 Proxy Statement* | ![Proxy GIF RCG-BL-CAR.gif](rcl-20260417_g8.gif) |

---

---

| | |
|:---|:---|
| *COMPENSATION DISCUSSION AND ANALYSIS* | *[**TABLE OF CONTENTS**](#i83ad025dfa6941c6bd47e7084b9f0b42_22)* |

---

**Stock Ownership Guidelines** 

We recognize the importance of aligning our management's interests with those of our shareholders. As a result, the Board, at

the recommendation of the Talent and Compensation Committee, has established stock ownership guidelines for all of our

officers. Under these guidelines, the NEOs are expected to accumulate over a designated period, Company stock having a fair

market value equal to the multiples of their base salaries as shown in the table below.

---

| | |
|:---|:---|
| **Name** | **Stock Ownership**<br>**Amount (base salary**<br>**multiple)** <br>|
| Chief Executive Officer | 6 times |
| All Other NEOs | 3 times |

---

Stock owned outright, unvested time-based restricted stock, and the earned portion of performance-based stock awards count

towards the stock ownership amount. Officers are required to retain 50% of the net after-tax shares received under any equity

awards until they meet the applicable ownership amount. Once an officer's target stock ownership is achieved, or upon

expiration of the applicable accumulation period, an officer will be permitted to sell Company stock only to the extent that,

immediately following such sale, the officer continues to meet the applicable ownership amount. Each NEO is currently in

compliance with the stock ownership guidelines.

**Prohibition of Pledging/Hedging** 

Our Securities Trading Policy prohibits hedging transactions in Company securities by officers, directors and employees,

including through the use of instruments such as prepaid variable forwards, equity swaps, collars and exchange funds, and

from short selling our securities. In addition, it prohibits directors and officers who are subject to Section 16 of the Securities

Exchange Act of 1934 from holding Company securities in a margin account or otherwise pledging Company securities as

collateral for a loan.

**Report of the Talent and Compensation Committee** 

The Talent and Compensation Committee has reviewed and discussed with management the Compensation Discussion and

Analysis and, based on such review and discussion, has recommended to the Board that the Compensation Discussion and

Analysis be included in this proxy statement and incorporated by reference into our Annual Report on Form 10-K for 2025.

**THE TALENT AND COMPENSATION COMMITTEE**

• Vagn O. Sørensen, Chair

• John F. Brock

• Amy McPherson

• Maritza Montiel

• Ann S. Moore

• Donald Thompson

---

| | | |
|:---|:---|:---|
| ![Proxy GIF RCG-BL-CAR.gif](rcl-20260417_g8.gif) | *2026 Proxy Statement* | **53** |

---

---

| | |
|:---|:---|
| *[**TABLE OF CONTENTS**](#i83ad025dfa6941c6bd47e7084b9f0b42_22)* | *EXECUTIVE COMPENSATION TABLES* |

---

**Executive Compensation Tables**

**SUMMARY COMPENSATION TABLE**

The following table presents certain summary information for the fiscal years ended December 31, 2023, 2024 and 2025

concerning compensation earned for services rendered in all capacities by our NEOs.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Name and** <br>**Principal Position**<br>| **Year** | **Salary /** <br>**Fees**<br>**($)**<br>| **Stock** <br>**Awards**<sup>(1)(2)</sup><br>**($)**<br>| **Non-Equity** <br>**Incentive Plan** <br>**Compensation**<sup>(3)</sup><br>**($)**<br>| **All Other** <br>**Compensation**<sup>(4)</sup><br>**($)**<br>| **Total**<br>**($)**<br>|
| **Jason T. Liberty** <br>President and Chief Executive <br>Officer | 2025 | 1396154 | 15800057 | 5129600 | 1653002 | 23978813 |
| **Jason T. Liberty** <br>President and Chief Executive <br>Officer | 2024 | 1342308 | 12999935 | 4911300 | 244278 | 19497820 |
| **Jason T. Liberty** <br>President and Chief Executive <br>Officer | 2023 | 1246986 | 11500037 | 4280000 | 189252 | 17216275 |
| **Naftali Holtz** <br>Chief Financial Officer | 2025 | 946769 | 3999874 | 2101537 | 66028 | 7114208 |
| **Naftali Holtz** <br>Chief Financial Officer | 2024 | 896923 | 3099991 | 1823908 | 57081 | 5877903 |
| **Naftali Holtz** <br>Chief Financial Officer | 2023 | 792466 | 2520003 | 1527680 | 45283 | 4885432 |
| **Michael W. Bayley** <br>President and CEO, Royal <br>Caribbean | 2025 | 1154385 | 5499924 | 2372340 | 407578 | 9434227 |
| **Michael W. Bayley** <br>President and CEO, Royal <br>Caribbean | 2024 | 1120077 | 4999919 | 2733685 | 156373 | 9010054 |
| **Michael W. Bayley** <br>President and CEO, Royal <br>Caribbean | 2023 | 1082890 | 7000026 | 2585374 | 141325 | 10809615 |
| **Laura Hodges Bethge** <br>President, Celebrity Cruises | 2025 | 893462 | 3200054 | 1715702 | 142991 | 5952209 |
| **Laura Hodges Bethge** <br>President, Celebrity Cruises | 2024 | 798923 | 1999943 | 1438181 | 102167 | 4339215 |
| **Laura Hodges Bethge** <br>President, Celebrity Cruises | 2023 | 724104 | 1487832 | 1043750 | 90971 | 3346657 |
| **Harri U. Kulovaara** <br>EVP, Maritime | 2025 | 932846 | 1850164 | 1981711 | 142924 | 4907645 |
| **Harri U. Kulovaara** <br>EVP, Maritime | 2024 | 904923 | 1749966 | 1958180 | 134584 | 4747653 |
| **Harri U. Kulovaara** <br>EVP, Maritime | 2023 | 878222 | 1790040 | 1865040 | 126294 | 4659596 |

---

(1)The amounts in this column reflect the aggregate grant date fair value of awards computed in accordance with FASB ASC Topic 718.

Consequently, the amount reported in this column represents the fair value of the award at the service inception date (i.e., the date the

Talent and Compensation Committee authorized the award) based upon the probable outcome of the performance conditions. See Note

11 of the consolidated financial statements in the Company's Annual Report for the year ended December 31, 2025, regarding

assumptions underlying the valuation of each of these types of awards.

<sup>(2)</sup> Amounts for 2025 include the grant date fair value of both the time-based awards and performance-based annual equity awards granted

to each NEO in February 2025. The values on the service inception date of the performance-based awards granted to the NEOs as part

of the February 2025 annual equity awards (assuming that the highest level of performance conditions will be achieved (i.e., 200%)) are

the following: Mr. Liberty – $20,540,049; Mr. Holtz –$5,199,863; Mr. Bayley – $7,150,004; Ms. Bethge – $4,160,199; and Mr. Kulovaara –

$2,220,094.

(3)Represents amounts earned pursuant to the annual Executive Bonus Plan. We make payments under our annual Executive Bonus Plan

in the first quarter following the fiscal year in which they were earned. In addition to the amounts earned under the Executive Bonus Plan,

Mr. Kulovaara is entitled to receive a bonus of $150,000 per ship delivered during the year. During 2025, RCG took delivery of three ships

and Mr. Kulovaara received a ship delivery bonus of $450,000, in addition to the $1,531,711 he earned under the Executive Bonus Plan

for 2025.

(4)Please see the table below titled "2025 All Other Compensation" for an itemized disclosure of this element of compensation.

---

| | | |
|:---|:---|:---|
| **54** | *2026 Proxy Statement* | ![Proxy GIF RCG-BL-CAR.gif](rcl-20260417_g8.gif) |

---

---

| | |
|:---|:---|
| *EXECUTIVE COMPENSATION TABLES* | *[**TABLE OF CONTENTS**](#i83ad025dfa6941c6bd47e7084b9f0b42_22)* |

---

**2025 ALL OTHER COMPENSATION**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name** | **Company** <br>**Contributions to** <br>**Qualified**<br>**Deferred** <br>**Compensation**<br>**Plans**<sup>(1)</sup><br>**($)**<br>| **Benefit** <br>**Payouts**<sup>(2)</sup><br>**($)**<br>| **Life Insurance** <br>**Policies**<sup>(3)</sup><br>**($)**<br>| **Other** <br>**Perquisites**<sup>(4)</sup><br>**($)**<br>| **Total**<br>**($)**<br>|
| **Jason T. Liberty** | 35000 | 104615 | 4881 | 1508506 | 1653002 |
| **Naftali Holtz** | 15750 | 28740 | 2338 | 19200 | 66028 |
| **Michael W. Bayley** | 35000 | 80438 | 16074 | 276066 | 407578 |
| **Laura Hodges Bethge** | 35000 | 54346 | 2590 | 51055 | 142991 |
| **Harri U. Kulovaara** | 35000 | 58285 | 30439 | 19200 | 142924 |

---

<sup>(1)</sup> Represents Company contributions to the Royal Caribbean Cruises Ltd. Retirement Savings Plan.

<sup>(2)</sup> Represents amounts payable to the NEOs for service in 2025 in lieu of amounts that would have been contributed by the Company to the

Royal Caribbean Cruises Ltd. Supplemental Executive Retirement Plan but for the adoption of Section 457A of the Internal Revenue

Code effective as of January 1, 2009.

<sup>(3)</sup> Represents payments for premiums paid by the Company on life insurance policies for each NEO.

<sup>(4)</sup> Other perquisites and benefits include:

• payments or allowance for auto lease, maintenance and repairs, registration and insurance for each NEO;

• $810,859 for Mr. Liberty's use of chartered aircraft for personal travel as required by the Company's travel policy due to security

reasons. The aggregate represents all costs billed by the third-party charterer for such travel;

• For Mr. Liberty, $629,593 for the total cost incurred by the Company in residential security monitoring and systems installations as

well as the provision of security personnel during personal travel, including their respective travel expenses;

• $48,255 for the cost of the periodic use of a Company car and driver for commuting purposes for Mr. Liberty. The incremental cost

attributable to the personal use of the car was calculated by allocating the cost of the fuel between non-business and business use

based on total mileage travelled. The incremental cost of the driver was determined based on the cost of the driver's salary and

benefits for the proportion of time the driver was used for non-business trips;

• For Mr. Bayley, $256,866 for the total cost of residential security personnel; and

• For Ms. Hodges Bethge, the cost of an annual physical exam and $30,820 for the cost of residential security monitoring and systems

installation.

---

| | | |
|:---|:---|:---|
| ![Proxy GIF RCG-BL-CAR.gif](rcl-20260417_g8.gif) | *2026 Proxy Statement* | **55** |

---

---

| | |
|:---|:---|
| *[**TABLE OF CONTENTS**](#i83ad025dfa6941c6bd47e7084b9f0b42_22)* | *EXECUTIVE COMPENSATION TABLES* |

---

**Grants of Plan Based Awards in 2025** 

The following table provides information about cash (non-equity) and equity incentive compensation awarded to our NEOs in

2025, including (1) the range of possible cash payouts under our annual Executive Bonus Plan; (2) the grant date of equity

awards; (3) the number of time-based and performance-based restricted stock units granted; and (4) the grant date fair value

of the time-based and performance-based equity grants calculated in accordance with FASB ASC Topic 718. The time-based

and performance-based equity awards were granted under the Company's Amended and Restated 2008 Equity Incentive Plan

and are discussed in greater detail in this proxy statement under the caption "Compensation Discussion and Analysis."

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name** | **Estimated Future Payouts Under** <br>**Non-Equity Incentive Plan Awards**<sup>(1)</sup> | **Estimated Future Payouts Under** <br>**Non-Equity Incentive Plan Awards**<sup>(1)</sup> | **Estimated Future Payouts Under** <br>**Non-Equity Incentive Plan Awards**<sup>(1)</sup> | **Grant** <br>**Date** | **Estimated Future** <br>**Payouts Under Equity** <br>**Incentive Plan Awards**<sup>(3)</sup> | **Estimated Future** <br>**Payouts Under Equity** <br>**Incentive Plan Awards**<sup>(3)</sup> | **Estimated Future** <br>**Payouts Under Equity** <br>**Incentive Plan Awards**<sup>(3)</sup> | **All Other** <br>**Stock** <br>**Awards:** <br>**Number of** <br>**Shares of** <br>**Stocks or** <br>**Units**<br>**(#)** | **Grant Date** <br>**Fair Value** <br>**of Stock** <br>**Awards**<sup>(4)</sup><br>**($)** |
| **Name** | | | | **Grant** <br>**Date** | | | | **All Other** <br>**Stock** <br>**Awards:** <br>**Number of** <br>**Shares of** <br>**Stocks or** <br>**Units**<br>**(#)** | **Grant Date** <br>**Fair Value** <br>**of Stock** <br>**Awards**<sup>(4)</sup><br>**($)** |
| **Name** | **Threshold**<br>**($)**<br>| **Target**<br>**($)**<br>| **Maximum**<br>**($)**<br>| **Grant** <br>**Date** | **Threshold**<br>**(#)**<br>| **Target**<br>**(#)**<br>| **Maximum**<br>**(#)**<br>| **All Other** <br>**Stock** <br>**Awards:** <br>**Number of** <br>**Shares of** <br>**Stocks or** <br>**Units**<br>**(#)** | **Grant Date** <br>**Fair Value** <br>**of Stock** <br>**Awards**<sup>(4)</sup><br>**($)** |
| **Jason T.** <br>**Liberty** | 0 | 2800000 | 5600000 |  |  |  |  | – | – |
| **Jason T.** <br>**Liberty** |  |  |  | 2/12/25<br> PSU<sup>(5)</sup> | – | 39908 | 79816 | -- | 10270024 |
| **Jason T.** <br>**Liberty** |  |  |  | 2/12/25<br> RSU<sup>(6)</sup> |  | -- | -- | 21489 | 5530033 |
| **Naftali** <br>**Holtz** | 0 | 1282838 | 2565676 |  |  | -- | -- | -- | -- |
| **Naftali** <br>**Holtz** |  |  |  | 2/12/25<br> PSU<sup>(5)</sup> | – | 10103 | 20206 | -- | 2599931 |
| **Naftali** <br>**Holtz** |  |  |  | 2/12/25<br> RSU<sup>(6)</sup> |  | -- | -- | 5440 | 1399943 |
| **Michael W.** <br>**Bayley** | 0 | 1677650 | 3355300 |  |  | -- | -- | -- | -- |
| **Michael W.** <br>**Bayley** |  |  |  | 2/12/25<br> PSA<sup>(5)</sup> | – | 13892 | 27784 | -- | 3575002 |
| **Michael W.** <br>**Bayley** |  |  |  | 2/12/25<br> RSU<sup>(6)</sup> |  | -- | -- | 7480 | 1924922 |
| **Laura** <br>**Hodges** <br>**Bethge** | 0 | 1036150 | 2072300 |  |  | -- | -- | -- | -- |
| **Laura** <br>**Hodges** <br>**Bethge** |  |  |  | 2/12/25<br> PSU<sup>(5)</sup> | – | 8083 | 16166 | -- | 2080099 |
| **Laura** <br>**Hodges** <br>**Bethge** |  |  |  | 2/12/25<br> RSU<sup>(6)</sup> |  |  |  | 4352 | 1119955 |
| **Harri U.** <br>**Kulovaara** | 0 | 935000 | 1870000 |  |  | -- | -- | -- | -- |
| **Harri U.** <br>**Kulovaara** |  | 450000<br><sup>(2)</sup> |  |  |  | -- | -- | -- | -- |
| **Harri U.** <br>**Kulovaara** |  |  |  | 2/12/25<br> PSA<sup>(5)</sup> | – | 4314 | 8627 | -- | 1110047 |
| **Harri U.** <br>**Kulovaara** |  |  |  | 2/12/25<br> RSU<sup>(6)</sup> |  | -- | -- | 2876 | 740117 |

---

<sup>(1)</sup> These values represent the threshold, target and maximum payouts under the Executive Bonus Plan. As discussed above, payouts under

our Executive Bonus Plan range from 0% to 200% based on the company-wide and, if applicable, brand-specific performance level

achieved and, except in the case of Mr. Liberty, the individual performance level achieved. For additional details on the final payout for

each NEO, refer to "2025 Executive Bonus Plan Payouts" on page [44](#ic38b973aac99430482c629bc7794a06b_8989).

<sup>(2)</sup> In addition to the amounts that may be earned pursuant to the Executive Bonus Plan, Mr. Kulovaara is eligible to receive an incentive

payment equal to $150,000 for each ship delivered during the year. There were three ship deliveries for 2025.

<sup>(3)</sup> These values represent the threshold, target and maximum number of shares that may be earned pursuant to the performance-based

award for the relevant performance period. As discussed above, payout on the performance-based awards range from 0% to 200%

based on the company-wide performance level achieved. For the annual performance-based awards granted in 2025, the PSUs or PSAs

will vest based on the achievement of certain performance metrics as further described in the Compensation Discussion and Analysis,

beginning on page [33](#i83ad025dfa6941c6bd47e7084b9f0b42_64).

<sup>(4)</sup> Grant date fair value is calculated in accordance with FASB ASC Topic 718. With respect to the performance-based share awards, the

amount reported in this column represents the fair value of the award at the service inception date (i.e., the date the Talent and

Compensation Committee authorized the award) based upon the probable outcome of the performance conditions (i.e., target). See Note

11 of the consolidated financial statements in the Company's Annual Report for the year ended December 31, 2025, regarding

assumptions underlying the valuation of each of these types of awards.

<sup>(5)</sup> Represents annual performance-based awards granted on February 11, 2025, which will be earned based on RCG's performance for the

three-year period ending December 31, 2027.

<sup>(6)</sup> Represents the annual time-based RSUs granted on February 11, 2025, which will vest, or for which the transfer restrictions will lapse, in

three equal annual installments.

---

| | | |
|:---|:---|:---|
| **56** | *2026 Proxy Statement* | ![Proxy GIF RCG-BL-CAR.gif](rcl-20260417_g8.gif) |

---

---

| | |
|:---|:---|
| *EXECUTIVE COMPENSATION TABLES* | *[**TABLE OF CONTENTS**](#i83ad025dfa6941c6bd47e7084b9f0b42_22)* |

---

**Outstanding Equity Awards at 2025 Fiscal Year End** 

The following table provides information concerning unvested restricted stock units and performance share awards for each

NEO outstanding as of the end of the fiscal year ended December 31, 2025. Each award is shown separately for each NEO.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **Stock Awards** | **Stock Awards** | **Stock Awards** | **Stock Awards** |
|  |  |  |  | **Equity Incentive Plan Awards** | **Equity Incentive Plan Awards** |
| **Name** | **Equity** <br>**Award** <br>**Grant Date**<br>| **# of** <br>**Shares or** <br>**Units of Stock** <br>**That Have** <br>**Not Vested** <br>**(#)** | **Market value** <br>**of Shares or** <br>**Units of Stock** <br>**That Have** <br>**Not Vested**<sup>(1)</sup> <br>**($)** | **# of** <br>**Unearned** <br>**Shares/Units** <br>**or Other** <br>**Rights** <br>**That Have** <br>**Not Vested** <br>**(#)** | **Market or** <br>**Payout** <br>**Value of** <br>**Unearned** <br>**Shares/Units or** <br>**Other Rights** <br>**that Have** <br>**Not Vested**<sup>(1)</sup> <br>**($)**<br>|
| **Jason T. Liberty** | 2/9/2023 |  |  | 277536<br><sup>(3)</sup> | 77410341 |
|  | 2/8/2024 |  |  | 128992<br><sup>(4)</sup> | 35978449 |
|  | 2/12/2025 |  |  | 79816<br><sup>(5)</sup> | 22262279 |
|  | 2/7/2022 | 8772<br><sup>(2)</sup> | 2446686 |  |  |
|  | 2/9/2023 | 20563<br><sup>(2)</sup> | 5735432 |  |  |
|  | 2/8/2024 | 28666<br><sup>(2)</sup> | 7995521 |  |  |
|  | 2/12/2025 | 21489<br><sup>(2)</sup> | 5993712 |  |  |
|  |  | **79490** | **22171351** | **486344** | **135651068** |
| **Naftali Holtz** | 2/9/2023 |  |  | 60816<br><sup>(3)</sup> | 16962799 |
|  | 2/8/2024 |  |  | 30760<br><sup>(4)</sup> | 8579579 |
|  | 2/12/2025 |  |  | 20206<br><sup>(5)</sup> | 5635858 |
|  | 2/7/2022 | 1754<br><sup>(2)</sup> | 489226 |  |  |
|  | 2/9/2023 | 4505<br><sup>(2)</sup> | 1256535 |  |  |
|  | 2/8/2024 | 6836<br><sup>(2)</sup> | 1906697 |  |  |
|  | 2/12/2025 | 5440<br><sup>(2)</sup> | 1517325 |  |  |
|  |  | **18535** | **5169782** | **111782** | **31178235** |
| **Michael W. Bayley** | 2/9/2023 |  |  | 168936<br><sup>(3)</sup> | 47119629 |
|  | 2/8/2024 |  |  | 49612<br><sup>(4)</sup> | 13837779 |
|  | 2/12/2025 |  |  | 27784<br><sup>(5)</sup> | 7749513 |
|  | 2/12/2025 | 7480<br><sup>(2)</sup> | 2086322 |  |  |
|  |  | **7480** | **2086322** | **246332** | **68706921** |
| **Laura Hodges Bethge** | 2/9/2023 |  |  | 31857<br><sup>(3)</sup> | 8885554 |
|  | 2/8/2024 |  |  | 19844<br><sup>(4)</sup> | 5534888 |
|  | 2/12/2025 |  |  | 16166<br><sup>(5)</sup> | 4509021 |
|  | 2/7/2022 | 1253<br><sup>(2)</sup> | 349487 |  |  |
|  | 2/9/2023 | 2361<br><sup>(2)</sup> | 658530 |  |  |
|  | 6/1/2023 | 680<br><sup>(2)</sup> | 189666 |  |  |
|  | 2/8/2024 | 4410<br><sup>(2)</sup> | 1230037 |  |  |
|  | 2/12/2025 | 4352<br><sup>(2)</sup> | 1213860 |  |  |
|  |  | **13056** | **3641580** | **67867** | **18929464** |

---

---

| | | |
|:---|:---|:---|
| ![Proxy GIF RCG-BL-CAR.gif](rcl-20260417_g8.gif) | *2026 Proxy Statement* | **57** |

---

---

| | |
|:---|:---|
| *[**TABLE OF CONTENTS**](#i83ad025dfa6941c6bd47e7084b9f0b42_22)* | *EXECUTIVE COMPENSATION TABLES* |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **Stock Awards** | **Stock Awards** | **Stock Awards** | **Stock Awards** |
|  |  |  |  | **Equity Incentive Plan Awards** | **Equity Incentive Plan Awards** |
| **Name** | **Equity** <br>**Award** <br>**Grant Date**<br>| **# of** <br>**Shares or** <br>**Units of Stock** <br>**That Have** <br>**Not Vested** <br>**(#)** | **Market value** <br>**of Shares or** <br>**Units of Stock** <br>**That Have** <br>**Not Vested**<sup>(1)</sup> <br>**($)**<br>| **# of** <br>**Unearned** <br>**Shares/Units** <br>**or Other** <br>**Rights** <br>**That Have** <br>**Not Vested** <br>**(#)** | **Market or** <br>**Payout** <br>**Value of** <br>**Unearned** <br>**Shares/Units or** <br>**Other Rights** <br>**that Have** <br>**Not Vested**<sup>(1)</sup> <br>**($)**<br>|
| **Harri U. Kulovaara** | 2/9/2023 |  |  | 43200<br><sup>(3)</sup> | 12049344 |
|  | 2/8/2024 |  |  | 17364<br><sup>(4)</sup> | 4843167 |
|  | 2/12/2025 |  |  | 8627<br><sup>(5)</sup> | 2406243 |
|  | 2/12/2025 | 2876<br><sup>(2)</sup> | 802174 |  |  |
|  |  | **2876** | **802174** | **69191** | **19298754** |

---

<sup>(1)</sup> Calculated based on the closing stock price of $278.92 of the Company's common stock on December 31, 2025.

<sup>(2)</sup> Outstanding time-based RSUs granted in 2023, 2024, 2025 will vest in three equal annual installments commencing on the first

anniversary of the award date. Time-based RSUs awarded to NEOs eligible under the "Vesting into Retirement" policy vest on the later of

the first anniversary of the grant date and the first anniversary of the date the officer meets both the age and service criteria; however,

these awards remain subject to restrictions on transfer that lapse over the same period during which the RSUs otherwise would have

been scheduled to vest.

<sup>(3)</sup> Represents the 2023 PSU Awards for the three-year period ending December 31, 2025, which were earned based on RCG's

performance through December 31, 2025 and that vested on February 10, 2026 when the Talent and Compensation Committee

determined the actual payout level. See Compensation Discussion and Analysis – "Payout under 2023-2025 Performance-Based Equity

Awards" on page 47.

<sup>(4)</sup> Represents the 2024 PSU Awards for the three-year period ending December 31, 2026 that, to the extent earned, will vest on the date in

2027 that the Talent and Compensation Committee sets the actual payout level for purposes of such grant. Reflects the maximum

number of PSUs/PSAs that may be earned. For the 2024 PSU Awards, maximum payout is reflected at 200%.

<sup>(5)</sup> Represents the 2025 PSU Awards for the three-year period ending December 31, 2027 that, to the extent earned, will vest on the date in

2028 that the Talent and Compensation Committee sets the actual payout level for purposes of such grant. Reflects the maximum

number of PSUs/PSAs that may be earned. For the 2025 PSU Awards, maximum payout is reflected at 200%.

---

| | | |
|:---|:---|:---|
| **58** | *2026 Proxy Statement* | ![Proxy GIF RCG-BL-CAR.gif](rcl-20260417_g8.gif) |

---

---

| | |
|:---|:---|
| *EXECUTIVE COMPENSATION TABLES* | *[**TABLE OF CONTENTS**](#i83ad025dfa6941c6bd47e7084b9f0b42_22)* |

---

**Option Exercises and Stock Vested in 2025** 

The following table provides information for the NEOs on stock option exercises and the time-based RSUs and performance-

based awards that vested during 2025, including the number of shares acquired upon exercise or vesting and the value

realized, before payment of any applicable withholding tax and broker commissions.

---

| | | | |
|:---|:---|:---|:---|
|  | **Option Awards** | **Stock Awards**<sup>(1)</sup> | **Stock Awards**<sup>(1)</sup> |
| **Name** | **Number** <br>**of Shares** <br>**Acquired on** <br>**Exercise**<br>**(#)**<br>| **Number** <br>**of Shares** <br>**Acquired on** <br>**Vesting**<sup>(2)</sup><br>**(#)**<br>| **Value** <br>**Realized on** <br>**Vesting**<sup>(3)</sup><br>**($)**<br>|
| **Jason T. Liberty** | – | 119365 | 31040639 |
| **Naftali Holtz** | – | 24758 | 6448044 |
| **Michael W. Bayley** | – | 67665 | 17589985 |
| **Laura Hodges Bethge** | – | 17497 | 4536927 |
| **Harri U. Kulovaara** | – | 21127 | 5498792 |

---

<sup>(1)</sup> These columns reflect RSUs, PSUs, and PSAs previously awarded to the named executive officers that vested during 2025. For those

executives eligible to participate in the "Vesting into Retirement" policy on the grant date, the time-based RSUs and the PSAs vest on the

first anniversary of the grant date; however, the restrictions on transfer or sale of the time-based RSUs only lapse on the anniversary

dates of the grant date during the applicable vesting schedule, while the PSAs are only earned at the same time as the PSUs at the end

of the relevant performance period when the Talent and Compensation Committee approves the payout level. For those that become

eligible to participate in the "Vesting into Retirement" policy between the grant date and the vesting date, the time-based RSUs and the

PSUs vest on the later of (i) the first anniversary of the grant date and (ii) the first anniversary of the date the officer meets both the age

and service criteria; however, these awards remain subject to the same restrictions on transfer and the same criteria for being earned.

<sup>(2)</sup> Of these amounts, shares were withheld by us to cover tax withholding obligations as follows: Mr. Liberty – 46,495 shares; Mr. Holtz –

9,250; Mr. Bayley – 26,147 shares; Ms. Bethge – 6,390 shares, and Mr. Kulovaara – 7,826 shares.

<sup>(3)</sup> Calculated based on the average of the high and low sales price of the Company's common stock on the applicable vesting dates.

---

| | | |
|:---|:---|:---|
| ![Proxy GIF RCG-BL-CAR.gif](rcl-20260417_g8.gif) | *2026 Proxy Statement* | **59** |

---

---

| | |
|:---|:---|
| *[**TABLE OF CONTENTS**](#i83ad025dfa6941c6bd47e7084b9f0b42_22)* | *EXECUTIVE COMPENSATION TABLES* |

---

**Executive Employment Agreements** 

We have employment agreements with each of our current NEOs. These agreements are intended to enhance the retention

and motivation of these key employees and include provisions protecting the Company such as non-competition and non-

solicitation clauses. The material terms of the employment agreements applicable as of December 31, 2025 are summarized

below. Ms. Bethge's agreement is with Celebrity Cruises Inc.

Each NEO is entitled to receive an annual base salary, which may be increased, but not decreased, at any time during the

term at our sole discretion. Each NEO is also eligible to participate in and receive awards, in our discretion, pursuant to any

cash incentive compensation programs and any equity or long-term incentive plans on terms available to similarly situated

executives of the Company.

Each NEO's employment can be terminated by us or by them at any time. For each NEO, if we terminate their employment

without "cause" or if such NEO resigns for "good reason" (as both terms are defined in the applicable employment agreement),

the NEO would be entitled to (i) two times the NEO's then current base salary payable over the two year period following

termination, and (ii) two times the NEO's "target" bonus under the annual Executive Bonus Plan for the year in which the

termination of employment occurs. In addition, the NEOs would be entitled to continued payment of health and medical

benefits for a period of two years (one year for Ms. Hodges Bethge and Mr. Holtz) commencing on the date of termination, or

until such time that he or she commences employment with a new employer, whichever occurs first, and payment of

reasonable professional search fees relating to outplacement. At our sole discretion, the NEOs (except for Ms. Hodges Bethge

and Mr. Holtz) would also be eligible to receive a one-time lump sum termination bonus to be paid two years after the date of

termination in an amount not to exceed 50% of the NEO's base salary as of the date of termination. All of these payments

would be conditioned on the NEO executing a general release of claims for the benefit of the Company.

For NEOs other than Ms. Hodges Bethge and Mr. Holtz, if the NEO's employment is terminated as a result of the NEO's death

or disability, the NEO, or the NEO's legal representative, would be entitled to, (i) payment equal to two times the NEO's base

salary in effect at the time of termination of employment, (ii) payment of two times the NEO's "target" bonus he or she would

have been entitled to receive under the annual Executive Bonus Plan in each year during the two year period commencing on

the date of termination, and (iii) any death or disability benefit, as applicable, provided in accordance with the terms of the

Company's employee benefit plans then in effect. Ms. Hodges Bethge and Mr. Holtz, or their legal representative, would be

entitled to receive payment of compensation equal to the NEO's base salary in effect though the date of termination, payment

of accrued benefits, and any benefits provided in accordance with applicable plans then in effect.

If the NEO's employment is terminated for cause, we have no obligation to provide severance payments.

Any outstanding equity grants held by the NEO at the time of termination would be treated in the manner provided for in each

equity grant. Please see further information regarding treatment of equity grants under the heading "Payment Upon

Termination of Employment."

Each NEO has agreed not to compete with the Company or its affiliates during the term of employment and for two years

following termination of employment and to refrain from (i) employing the Company's or its affiliates' employees during such

period or (ii) soliciting employees, consultants, lenders, suppliers or customers from discontinuing, modifying or reducing the

extent of their relationship with the Company during such period. During the term of the agreements and subsequent thereto,

the NEOs have agreed not to disclose or use any confidential information.

**Payments Upon Termination of Employment** 

The following table represents payments and benefits to which the current NEOs would be entitled upon termination of their

employment in accordance with their employment agreements and our equity plans and agreements. Termination of

employment is assumed to occur, for purposes of this table, on December 31, 2025. Entitlements upon termination of

employment are governed by the NEOs' employment agreements with the Company, which are described under the heading

"Employment Agreements." In addition, the treatment of outstanding equity awards, which are unvested as of the time of

termination, are treated in accordance with the agreement and plan applicable to the particular award, as described below. We

do not provide any cash payments in the event of a change of control absent an employment termination nor do we increase

the amount of cash severance that would be due to a NEO in the event of his or her termination of employment in connection

with a change of control.

---

| | | |
|:---|:---|:---|
| **60** | *2026 Proxy Statement* | ![Proxy GIF RCG-BL-CAR.gif](rcl-20260417_g8.gif) |

---

---

| | |
|:---|:---|
| *EXECUTIVE COMPENSATION TABLES* | *[**TABLE OF CONTENTS**](#i83ad025dfa6941c6bd47e7084b9f0b42_22)* |

---

The table does not include amounts a NEO would be entitled to receive without regard to the circumstances of termination,

such as accrued vested equity awards or accrued retirement benefits (if retirement eligible) and deferred compensation.

Please see the "Outstanding Equity Awards at 2025 Fiscal Year-End" table for more information.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **Termination Type** | **Termination Type** | **Termination Type** |
| **Name** | **Benefit** | **Death or** <br>**Disability**<br>**($)**<br>| **Termination** <br>**w/o Cause or for** <br>**Good Reason**<sup>(2)</sup><br>**($)**<br>| **"Change of** <br>**Control w/** <br>**Termination"**<br>**($)**<br>|
| **Jason T. Liberty** | Severance Payment | 2800000 | 2800000 | 2800000 |
|  | Settlement of Outstanding Annual Bonus Award | 5600000 | 5600000 | 5600000 |
|  | Settlement of Outstanding Equity Awards<sup>(1)</sup> | 77095162 | -- | 137180599 |
|  | Medical and Dental Benefits Continuation | -- | 36678 | 36678 |
|  | Outplacement Services | -- | 25000 | 25000 |
|  | **Total** | **85495162** | **8461678** | **145642277** |
| **Naftali Holtz** | Severance Payment | -- | 1900500 | 1900500 |
|  | Settlement of Outstanding Annual Bonus Award | -- | 2565676 | 2565676 |
|  | Settlement of Outstanding Equity Awards<sup>(1)</sup> | 17931767 | -- | 31272109 |
|  | Medical and Dental Benefits Continuation | -- | 18339 | 18339 |
|  | Outplacement Services | -- | 25000 | 25000 |
|  | **Total** | **17931767** | **4509515** | **35781624** |
| **Michael W. Bayley** | Severance Payment | 2314000 | 2314000 | 2314000 |
|  | Settlement of Outstanding Annual Bonus Award | 3355300 | 3355300 | 3355300 |
|  | Settlement of Outstanding Equity Awards<sup>(1)</sup> | 28586511 | -- | 63144911 |
|  | Medical and Dental Benefits Continuation | -- | 22742 | 22742 |
|  | Outplacement Services | -- | 25000 | 25000 |
|  | **Total** | **34255811** | **5717042** | **68861953** |
| **Laura Hodges Bethge** | Severance Payment | -- | 1802000 | 1802000 |
|  | Settlement of Outstanding Annual Bonus Award | -- | 2072300 | 2072300 |
|  | Settlement of Outstanding Equity Awards<sup>(1)</sup> | 11625386 | -- | 18873574 |
|  | Medical and Dental Benefits Continuation | -- | 13111 | 13111 |
|  | Outplacement Services | -- | 25000 | 25000 |
|  | **Total** | **11625386** | **3912411** | **22785985** |
| **Harri U. Kulovaara** | Severance Payment | 1870000 | 1870000 | 1870000 |
|  | Settlement of Outstanding Annual Bonus Award | 1870000 | 1870000 | 1870000 |
|  | Settlement of Outstanding Equity Awards<sup>(1)</sup> | 8443466 | -- | 17606825 |
|  | Medical and Dental Benefits Continuation | -- | 25940 | 25940 |
|  | Outplacement Services | -- | 25000 | 25000 |
|  | **Total** | **12183466** | **3790940** | **21397765** |

---

<sup>(1)</sup> The cost of Settlement of Outstanding Equity Awards, reflects the following based on the terms of the Plan and the relevant awards

agreements:

a.upon a termination due to death or disability, (i) all unvested time-based RSUs will immediately vest and (ii) all unearned

performance-based awards will be earned at target and, to the extent not yet vested, immediately vest; and

b.upon a termination of the executive's employment by the Company without "cause" or by the executive for "good reason" within

18 months following a "change of control", (i) all unvested time-based RSUs will immediately vest and (ii) all unearned

performance-based awards will be earned based upon the Talent and Compensation Committee's then best estimate of the

shares that have been earned will be awardable at the end of the performance period, and, to the extent not yet vested,

immediately vest. For purposes of the table above, we assumed that the Company would meet target for each of the

performance-based awards.

<sup>(2)</sup> Outstanding equity awards for each of Mr. Bayley and Mr. Kulovaara will continue to vest in accordance with their terms based on having

met the age and service criteria under our Vesting into Retirement Policy.

---

| | | |
|:---|:---|:---|
| ![Proxy GIF RCG-BL-CAR.gif](rcl-20260417_g8.gif) | *2026 Proxy Statement* | **61** |

---

---

| | |
|:---|:---|
| *[**TABLE OF CONTENTS**](#i83ad025dfa6941c6bd47e7084b9f0b42_22)* | *CEO PAY RATIO* |

---

**CEO Pay Ratio** 

In August 2015, pursuant to a mandate of the Dodd Frank Wall Street Reform and Consumer Protection Act, the SEC adopted

a rule requiring annual disclosure of the ratio of the median employee's annual total compensation to the total annual

compensation of the Principal Executive Officer ("PEO"). Due to maritime requirements and the practical implications of

employment on ships with worldwide operations, our shipboard employees receive certain benefits and accommodations that

are not typically provided to shoreside employees including housing and meals while on the ship and medical care for any

injuries or illnesses that occur while in the service of the ship. These benefits and accommodations are free of cost to each

shipboard employee. Additionally, because our shipboard employees are away from home for extended periods of time while

on the ship, they do not work for the entire year. Our shipboard employees also generally reside outside of the U.S., where the

cost of living may be significantly lower than in the United States.

We calculated median gross wages of our global employee population as of December 31, 2025 (excluding shipboard

employees who were not assigned to any sailing during the year and thus did not receive any compensation) to identify our

median employee. We did not annualize the pay for our employees when identifying our median. We determined that this

person was a crew member whose total compensation for 2025, calculated consistent with Item 402(c) of Regulation, was

$19,027. This figure includes shipboard pension and gratuities directly billed to our guests but excludes any cash gratuities

paid directly to the employee by guests. Based upon this methodology and the CEO's total compensation, as set forth in the

Summary Compensation Table, we estimate the ratio of our CEO's pay to the median employee's pay is 1260 to 1.

**Pay Versus Performance** 

As required by Section 953(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act and Item 402(v) of

Regulation S-K, we are providing the following information about the relationship between executive compensation actually

paid and the Company's financial performance.

**TABULAR DISCLOSURE OF COMPENSATION ACTUALLY PAID VERSUS PERFORMANCE**

The following table discloses information on "compensation actually paid" (CAP) to our principal executive officer (PEO) and

(on average) to our other NEOs during the specified years alongside total shareholder return (TSR) and net income metrics, as

well as a Company-selected measure of Adjusted EPS. The Company selected this measure as the most important in linking

compensation actually paid to our NEOs for 2025 to Company performance, as Adjusted EPS was the predominant metric

used in evaluating company-wide performance under our Executive Bonus Plan (65%) and comprised 45% of PSU awards

granted to our NEOs in 2025 for the performance period ending December 2027, as described in more detail in the

"Compensation Discussion and Analysis" beginning on page [33](#i83ad025dfa6941c6bd47e7084b9f0b42_64).

The CAP amounts in the table below reflect a re-valuation of equity awards granted to our Principal Executive Officer(s)

(PEOs) and other NEOs. SEC regulations instruct us to back out the grant date fair value of equity awards that is used in the

Summary Compensation Table and replace it with values for unvested equity awards at each year end and change in fair value

of shares that vested in the year. Accordingly, the CAP is an alternative way of calculating the value for executive equity

awards that uses the stock price at year end for unvested grants and at vest dates for those that vest in the year, instead of the

stock price at grant for only those awards newly granted in the year. For NEOs that have served for more than the current year,

the CAP values are higher because they include values for all prior grants, not just the current year. The Summary

Compensation Table already incorporates the value of the cash incentive paid for each year, so that performance-related

compensation component is unchanged in the CAP amounts in the table.

For 2025, the CAP to our PEO and average CAP to our other NEOs is significantly higher than the amounts shown in the

Summary Compensation Table, primarily due to the significant increase in the price of our common stock after the applicable

equity award grant dates. Accordingly, the value of our equity awards at vest and the value of unvested awards was higher

than the value at grant shown in the Summary Compensation Table. Our stock price increased by 20.9% from year end 2024 to

year end 2025.This stock price increase compares to an increase in the Company's Adjusted EPS results of 32.5% during

2025. In addition, the Company's cumulative shareholder return in 2025 was 22.5%, which significantly outpaced the Dow

Jones U.S. Travel and Leisure Index with 2025 TSR of 7.6%.

---

| | | |
|:---|:---|:---|
| **62** | *2026 Proxy Statement* | ![Proxy GIF RCG-BL-CAR.gif](rcl-20260417_g8.gif) |

---

---

| | |
|:---|:---|
| *PAY VERSUS PERFORMANCE* | *[**TABLE OF CONTENTS**](#i83ad025dfa6941c6bd47e7084b9f0b42_22)* |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  |  |  | **Value of initial fixed** <br>**$100 investment** <br>**based on:** | **Value of initial fixed** <br>**$100 investment** <br>**based on:** |  |  |
| **Fiscal** <br>**Year**<br>| **SCT Total** <br>**Compensation** <br>**for PEO**<sup>(1)</sup><br>**($)**<br>| **Compensation** <br>**Actually Paid** <br>**to PEO**<sup>(2)</sup><br>**($)**<br>| **SCT Total** <br>**Compensation** <br>**for Former** <br>**PEO**<br>**($)**<br>| **Compensation** <br>**Actually Paid to** <br>**Former PEO**<br>**($)**<br>| **Average** <br>**SCT Total** <br>**Compensation** <br>**for Non-PEO** <br>**NEOs**<sup>(3)</sup><br>**($)**<br>| **Average** <br>**Compensation** <br>**Actually Paid** <br>**to Non-PEO** <br>**NEOs**<sup>(2)</sup><br>**($)**<br>| **Company** <br>**TSR**<sup>(4)</sup><br>**($)**<br>| **Peer** <br>**Group** <br>**TSR**<sup>(4)</sup><br>**($)**<br>| **Net** <br>**Income**<br><sup>(5)</sup> <br>**($M)**<br>| **Adjusted** <br>**EPS**<sup>(6)</sup><br>**($)**<br>|
| 2025 | 23978813 | 48985531 | n/a | n/a | 6661884 | 12625740 | 380.05 | 152.06 | 4268 | 15.64 |
| 2024 | 19497820 | 76584558 | n/a | n/a | 5993706 | 20032360 | 310.30 | 141.29 | 2877 | 11.80 |
| 2023 | 17216276 | 44177396 | n/a | n/a | 6694683 | 15584264 | 173.37 | 120.98 | 1697 | 6.77 |
| 2022 | 10764258 | 3846340 | 300006 | (4371814) | 4738954 | 1390884 | 66.18 | 88.90 | (2156) | (6.82) |
| 2021 | – | – | 15812027 | 15310661 | 11154402 | 10506637 | 102.96 | 111.49 | (5261) | (19.19) |

---

<sup>(1)</sup> Reflects total compensation of our current CEO, Mr. Jason Liberty, as calculated in the Summary Compensation Table (SCT).

<sup>(2)</sup> The dollar amounts shown in these columns reflect "compensation actually paid" to the NEOs calculated in accordance with SEC rules.

As required, the dollar amounts include (among other items) unpaid amounts of equity compensation that may be realizable in future

periods, and as such, the dollar amounts shown do not fully represent the actual final amount of compensation earned or actually paid to

either individual during the applicable years. The adjustments made to each officer's total compensation for each year to determine CAP

are shown in the table below. For Mr. Liberty, information is only included with respect to 2022 through 2025, the years in which he served

as CEO.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2024** | **2024** | **2023** | **2023** |
|  | **Current PEO** <br>**($)**<br>| **Other NEOs** <br>**($)**<br>| **Current PEO** <br>**($)**<br>| **Other NEOs** <br>**($)**<br>| **Current PEO** <br>**($)**<br>| **Other NEOs** <br>**($)**<br>|
| Total Reported in Summary Compensation <br>Table (SCT)<br>| 23978813 | 6661884 | 19497820 | 5993706 | 17216276 | 6694683 |
| Deduct Change in Pension Value and NQDC <br>Earnings Reported in SCT<br>| – | – | – | – |  |  |
| Add Pension Service Cost and Impact of <br>Pension Plan Amendments<br>|  | – | – | – | – | – |
| Deduct Value of Stock Awards Reported in <br>SCT<br>| (15800057) | (3447612) | (12999935) | (2988569) | (11500037) | (3329581) |
| Add Year-End Fair Value of Awards Granted <br>in Fiscal Year that are Unvested and <br>Outstanding<br>| 17124851 | 3942534 | 28517206 | 6498566 | 24266273 | 7007819 |
| Add Change in Fair Value of Prior Year <br>Awards that are Outstanding and Unvested<br>| 20759675 | 4663540 | 41497491 | 10535629 | 13323495 | 4686454 |
| Add Change in Fair Value (from Prior Year-<br>End) of Prior Year Awards that Vested in Year<br>| 2922249 | 805394 | 71976 | (6973) | 871390 | 524889 |
| Add Fair Value of Awards Granted in Fiscal <br>Year that Vested in the Same Fiscal Year<br>| – | – |  |  |  |  |
| Deduct Prior Year Fair Value of Prior Year <br>Awards that Failed to Vest this Year<br>| – | – | – | – | – | – |
| Total Adjustments | 25006718 | 5963856 | 57086738 | 14038654 | 26961121 | 8889581 |
| Compensation Actually Paid for Fiscal Year | 48985531 | 12625740 | 76584558 | 20032360 | 44177396 | 15584264 |

---

---

| | | |
|:---|:---|:---|
| ![Proxy GIF RCG-BL-CAR.gif](rcl-20260417_g8.gif) | *2026 Proxy Statement* | **63** |

---

---

| | |
|:---|:---|
| *[**TABLE OF CONTENTS**](#i83ad025dfa6941c6bd47e7084b9f0b42_22)* | *PAY VERSUS PERFORMANCE* |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **2022** | **2022** | **2021** | **2021** |
|  | **Current PEO**<br> **($)**<br>| **Other NEOs** <br>**($)**<br>| **Former PEO** <br>**($)**<br>| **Other NEOs** <br>**($)**<br>|
| Total Reported in Summary Compensation Table (SCT) | 10764258 | 4738954 | 15812027 | 11154402 |
| Deduct Change in Pension Value and NQDC Earnings Reported in SCT | – |  | (156971) | (80359) |
| Add Pension Service Cost and Impact of Pension Plan Amendments |  | – | – | – |
| Deduct Value of Stock Awards Reported in SCT | (7000056) | (2662507) | (11250070) | (8812501) |
| Add Year-End Fair Value of Awards Granted in Fiscal Year that are Unvested <br>and Outstanding<br>| 4336000 | 1649220 | 10198401 | 7988699 |
| Add Change in Fair Value of Prior Year Awards that are Outstanding and <br>Unvested<br>| (4049875) | (2150970) | 292027 | 96223 |
| Add Change in Fair Value (from Prior Year-End) of Prior Year Awards that <br>Vested in Year<br>| (203987) | (183813) | – | – |
| Add Fair Value of Awards Granted in Fiscal Year that Vested in the Same <br>Fiscal Year<br>| – | – | 415247 | 160173 |
| Deduct Prior Year Fair Value of Prior Year Awards that Failed to Vest this Year | – | – | – | – |
| Total Adjustments | (6917918) | (3348070) | (501366) | (647765) |
| Compensation Actually Paid for Fiscal Year | 3846340 | 1390884 | 15310661 | 10506637 |

---

<sup>(3)</sup> Reflects the average total compensation of our non-PEO NEOs, as calculated in the SCT for each of the years shown. Our non-PEO

NEOs included in the table above are the following individuals: for 2025 and 2024: Naftali Holtz, Michael Bayley, Harri U. Kulovaara, and

Laura Hodges Bethge; for for 2023: Naftali Holtz, Michael Bayley, Lisa Lutoff-Perlo, Harri U. Kulovaara, and Laura Hodges Bethge; for

2022: Naftali Holtz, Michael Bayley, Lisa Lutoff-Perlo, and Harri U. Kulovaara; for 2021: Jason Liberty, Michael W. Bayley, Lisa Lutoff-

Perlo and Harri U. Kulovaara;

<sup>(4)</sup> Pursuant to SEC rules, the TSR figures assume an initial investment of $100 on December 31, 2020. As permitted by SEC rules, the peer

group referenced for purpose of the TSR comparison is the group of companies included in the Dow Jones U.S. Travel and Leisure

Index, which is the industry peer group used for purposes of Item 201(e) of Regulation S-K. The separate peer group used by the Talent

and Compensation Committee for purposes of determining compensation paid to our executive officers is described on page 50.

<sup>(5)</sup> Reflects after-tax net income (loss) attributable to shareholders prepared in accordance with GAAP for each of the years shown.

<sup>(6)</sup> Adjusted Earnings (Loss) per Share is a non-GAAP financial measure that represents Adjusted Net Income (Loss) divided by weighted

average shares outstanding or by diluted weighted average shares outstanding, as applicable. Adjusted Net Income (Loss) represents

net income (loss) less net income attributable to noncontrolling interest, excluding certain items for which we believe adjusting for is

meaningful when assessing our performance on a comparative basis. Refer to the Annex of this Proxy Statement.

**TABULAR DISCLOSURE OF MOST IMPORTANT MEASURES LINKING COMPENSATION ACTUALLY PAID DURING** 

**2025 TO COMPANY PERFORMANCE**

As required, we disclose below the most important measures (unranked) used by the Company to link compensation actually

paid to our NEOs for 2025 to Company performance. For further information regarding these performance metrics and their

function in our executive compensation program, please see "Compensation Discussion and Analysis" beginning on page [33](#i83ad025dfa6941c6bd47e7084b9f0b42_64).

---

| |
|:---|
| Adjusted EPS |
| ROIC |
| Adjusted EBITDA |

---

---

| | | |
|:---|:---|:---|
| **64** | *2026 Proxy Statement* | ![Proxy GIF RCG-BL-CAR.gif](rcl-20260417_g8.gif) |

---

---

| | |
|:---|:---|
| *PAY VERSUS PERFORMANCE* | *[**TABLE OF CONTENTS**](#i83ad025dfa6941c6bd47e7084b9f0b42_22)* |

---

**DISCLOSURE OF THE RELATIONSHIP BETWEEN COMPENSATION ACTUALLY PAID AND FINANCIAL** 

**PERFORMANCE MEASURES**

The below graphical illustrations demonstrate the relationship between compensation actually paid to the NEOs over the last

three fiscal years as compared to TSR, Net Income, and Adjusted EPS over the last five fiscal years. Generally, compensation

actually paid (for both the PEO(s) and NEOs) since fiscal 2020 has increased or decreased as each of TSR, Net Income, and

Adjusted EPS has increased or decreased, respectively. However, the compensation in fiscal 2021 for the NEOs does not

align with that trend as Mr. Liberty, Mr. Bayley, and Ms. Lutoff-Perlo received special retention equity grants. Further, the

Company's stock price increased by 78% from year end 2023 to year end 2024, which impacted the compensation actually

paid to all NEOs to a greater degree than other years due to the corresponding change in fair value of the outstanding awards

as of year end 2024. In accordance with Item 402(v) of Regulation S-K, the Company is providing the following descriptions

(shown graphically) of the relationships between information presented in the Pay versus Performance table.

![3364](rcl-20260417_g167.gif)

---

| | | |
|:---|:---|:---|
| ![Proxy GIF RCG-BL-CAR.gif](rcl-20260417_g8.gif) | *2026 Proxy Statement* | **65** |

---

---

| | |
|:---|:---|
| *[**TABLE OF CONTENTS**](#i83ad025dfa6941c6bd47e7084b9f0b42_22)* | *PAY VERSUS PERFORMANCE* |

---

![3366](rcl-20260417_g168.gif)

![3368](rcl-20260417_g169.gif)

---

| | | |
|:---|:---|:---|
| **66** | *2026 Proxy Statement* | ![Proxy GIF RCG-BL-CAR.gif](rcl-20260417_g8.gif) |

---

---

| | |
|:---|:---|
| *[DIRECTOR COMPENSATION FOR 202](#i83ad025dfa6941c6bd47e7084b9f0b42_115)5* | *[**TABLE OF CONTENTS**](#i83ad025dfa6941c6bd47e7084b9f0b42_22)* |

---

**Director Compensation for 2025** 

We pay annual cash retainers of $100,000 to our directors for their service on the Board. We also pay annual cash retainers

for chairing and service on various Board committees. The amount of these retainers in 2025 for a full year of service was

as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Committee Role** | **Audit** <br>**Committee**<br>**($)**<br>| **Talent and** <br>**Compensation** <br>**Committee**<br>**($)**<br>| **Nominating and** <br>**Corporate Governance** <br>**Committee**<br>**($)**<br>| **Safety, Environment,** <br>**Sustainability and** <br>**Health Committee**<br>**($)**<br>|
| Chairman | 35000 | 25000 | 20000 | 20000 |
| Member | 20000 | 12000 | 10000 | 10000 |

---

Directors do not earn fees for each meeting attended; however, they are reimbursed for their travel expenses and,

occasionally, for those of an accompanying guest. Our Lead Director received a further annual cash retainer of $75,000 for

2025, prorated through May 28, 2025 when Mr. John Brock succeeded William Kimsey as Lead Director. In addition, Mr. Fain,

our former Chairman of the Board, received an additional cash retainer of $225,000 prorated through November 3, 2025 when

Mr. Liberty took on the role as Chairman Mr. Liberty does not receive any compensation for his Board service.

In May 2025, each non-employee director received restricted stock units with a fair market value of $220,000 as of the grant

date. These restricted stock units will vest in full after the earlier of (i) one year and (ii) the next annual meeting. Our stock

ownership guidelines require directors to accumulate ownership of at least $500,000 of our common stock (which is five times

their annual cash retainer for Board service), including the value of restricted stock and restricted stock units, within three

years of becoming a director. If the value of their stock holdings falls below this amount, directors cannot sell shares of our

common stock until the value once again exceeds the required amount. In addition, non-employee directors may not be

granted awards with a dollar value, which together with cash compensation paid to such director for such calendar year, would

exceed $750,000.

In order to increase their knowledge and understanding of our business, we encourage our non-employee Board members and

their families to experience our cruises. As a result, we have adopted a Non-Management Director Cruise Policy. Under this

policy, with certain limited exceptions, a Board member is entitled to up to two complimentary staterooms on two cruises per

year for the Board member and any immediate family accompanying the Board member on the cruise. Additional guests

traveling with a Board member will receive a 20% discount off the lowest available fare for up to five staterooms, consistent

with the benefit provided to other Company employees. These benefits are provided at no incremental cost to the Company.

The CEO may grant exceptions to this policy at his discretion but did not do so in 2025.

---

| | | |
|:---|:---|:---|
| ![Proxy GIF RCG-BL-CAR.gif](rcl-20260417_g8.gif) | *2026 Proxy Statement* | **67** |

---

---

| | |
|:---|:---|
| *[**TABLE OF CONTENTS**](#i83ad025dfa6941c6bd47e7084b9f0b42_22)* | *[DIRECTOR COMPENSATION FOR 2025](#i83ad025dfa6941c6bd47e7084b9f0b42_115)* |

---

The table below summarizes the compensation of each person serving as a non-employee director in 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name** | **Fees Earned or** <br>**Paid in Cash**<br>**($)**<br>| **Stock** <br>**Awards**<sup>(1)(2)</sup><br>**($)**<br>| **All Other** <br>**Compensation**<sup>(3)</sup><br>**($)**<br>| **Total**<br>**($)**<br>|
| **John F. Brock**<sup>(4)</sup> | 176300 | 219945 | – | 396244 |
| **Richard D. Fain**<sup>(5)</sup> | 292636 | 219945 | – | 512580 |
| **Stephen R. Howe, Jr.** | 145000 | 219945 | 11260 | 376205 |
| **William L. Kimsey**<sup>(6)</sup> | 83914 |  | – | 83914 |
| **Michael O. Leavitt** | 120000 | 219945 | – | 339945 |
| **Amy McPherson**<sup>(7)</sup> | 117907 | 219945 | – | 337851 |
| **Maritza G. Montiel** | 132000 | 219945 | – | 351945 |
| **Ann S. Moore** | 112000 | 219945 | – | 331945 |
| **Eyal M. Ofer**<sup>(8)</sup> | 90000 | 219945 | – | 309945 |
| **Vagn O. Sørensen** | 145000 | 219945 | – | 364945 |
| **Donald Thompson** | 122000 | 219945 | – | 341945 |
| **Arne Alexander Wilhelmsen** | 120000 | 219945 | – | 339945 |
| **Rebecca Yeung** | 127817 | 219945 | – | 347762 |

---

<sup>(1)</sup> The column titled "Stock Awards" reports the fair value of restricted stock unit awards at their grant date in 2025 calculated in accordance

with the provisions of Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 718. For the

assumptions used in valuing these awards for purposes of computing this expense, please see Note 11 of the consolidated financial

statements in the Company's Annual Report for the year ended December 31, 2025.

<sup>(2)</sup> As of December 31, 2025, each non-employee director listed in the table held 870 unvested RSUs that vest one year following the

grant date.

<sup>(3)</sup> Represents travel expenses related to the attendance of such Director's spouse at a Board meeting where spouses were invited

to attend.

<sup>(4)</sup> Mr. Brock received a prorated cash retainer for his appointment as Lead Director.

<sup>(5)</sup> Mr. Fain received a prorated cash retainer for his membership in the Safety, Environment, Sustainability and Health Committee and for

his role as Chairman for a portion of the year.

<sup>(6)</sup> Mr. Kimsey's term on the Board of Directors ended May 28, 2025 and he received a prorated cash retainer for service during 2025.

<sup>(7)</sup> Ms. McPherson received a prorated cash retainer for her membership in the Nominating and Corporate Governance Committee.

<sup>(8)</sup> Mr. Ofer waived $30,000 of his annual cash retainer corresponding to the fourth quarter of 2025.

---

| | | |
|:---|:---|:---|
| **68** | *2026 Proxy Statement* | ![Proxy GIF RCG-BL-CAR.gif](rcl-20260417_g8.gif) |

---

---

| | |
|:---|:---|
| *[PROPOSAL 3](#i83ad025dfa6941c6bd47e7084b9f0b42_118)* | *[**TABLE OF CONTENTS**](#i83ad025dfa6941c6bd47e7084b9f0b42_22)* |

---

![](rcl-20260417_g170.gif)

**The board recommends a** 

**vote "FOR" this proposal.**![Deep Blue Gold Checkmark.gif](rcl-20260417_g34.gif)

**PROPOSAL 3**

**Ratification of Principal**

**Independent Registered Public**

**Accounting Firm**

The Audit Committee has appointed PricewaterhouseCoopers LLP as our principal independent auditor for the fiscal year

ending December 31, 2026. PricewaterhouseCoopers LLP has served in this capacity since at least 1989. A representative of

PricewaterhouseCoopers LLP is expected to be present at the Annual Meeting to respond to questions from the shareholders

and to make a statement if the representative desires to do so.

Although ratification by the shareholders of the appointment of our principal independent auditor is not required, the Board is

submitting the selection of PricewaterhouseCoopers LLP for ratification because the Board values the views of our

shareholders on the selection and believes doing so is consistent with good corporate governance. If the shareholders do not

approve this proposal, the Audit Committee will re-evaluate its selection, taking into consideration the shareholder vote.

However, the Audit Committee is solely responsible for selecting and terminating our independent registered public accounting

firm and may do so at any time at its discretion.

![Deep Blue Gold Checkmark.gif](rcl-20260417_g34.gif)

**The Board unanimously recommends a vote "FOR" ratification of the selection of PricewaterhouseCoopers LLP** 

**as our principal independent auditor for the 2026 fiscal year.**

---

| | | |
|:---|:---|:---|
| ![Proxy GIF RCG-BL-CAR.gif](rcl-20260417_g8.gif) | *2026 Proxy Statement* | **69** |

---

---

| | |
|:---|:---|
| *[**TABLE OF CONTENTS**](#i83ad025dfa6941c6bd47e7084b9f0b42_22)* | *AUDIT FEES* |

---

**Audit Fees** 

Aggregate fees for professional services rendered by PricewaterhouseCoopers LLP for the fiscal years ended December 31,

2025, and 2024 were:

---

| | | |
|:---|:---|:---|
|  | **2025** <br>**($)**<br>| **2024** <br>**($)**<br>|
| Audit fees<sup>(1)</sup> | 5939545 | 4678355 |
| Audit-related fees<sup>(2)</sup> | 716780 | 800448 |
| Tax fees<sup>(3)</sup> | 47215 | 14580 |
| All other fees<sup>(4)</sup> | 2000 | 3825 |
| **Total** | **6705540** | **5497208** |

---

<sup>(1)</sup> The audit fees for the fiscal years ended December 31, 2025 and 2024 were for professional services rendered for the integrated audits

of the Company's consolidated financial statements and system of internal control over financial reporting, quarterly reviews, statutory

audits required by foreign jurisdictions, consents, issuance of comfort letters, and review of documents filed with the SEC.

<sup>(2)</sup> The audit-related fees for the fiscal years ended December 31, 2025 and 2024 were for the audits of the Company's retirement savings

plan, pre-implementation reviews of processes or systems, and other attest services.

<sup>(3)</sup> Tax fees for the fiscal years ended December 31, 2025 and 2024 were for services performed in connection with international tax

compliance and transfer pricing.

<sup>(4)</sup> All other fees for the fiscal years ended December 31, 2025 and 2024 were for subscription fees for accounting and auditing

research software.

Pursuant to the terms of its charter, the Audit Committee approves all audit and audit related engagement fees and terms and

all non-audit engagements with the principal independent auditor. The Chair of the Audit Committee also has the authority to

approve any non-audit engagements with the independent registered public accounting firm but must report any such

approvals to the Audit Committee at its next meeting. Our Audit Committee was not called upon in the fiscal year ended

December 31, 2025, to approve, after the fact, any non-audit, review or attest services pursuant to the pre-approval waiver

provisions of the auditor independence rules of the SEC and the Audit Committee charter.

Consistent with these policies and procedures, the Audit Committee approved all of the services rendered by

PriceWaterhouseCoopers LLP during fiscal year 2025, as described above. Additionally, the Audit Committee has considered

and determined that the services provided by PricewaterhouseCoopers LLP are compatible with maintaining

PricewaterhouseCoopers LLP's independence.

---

| | | |
|:---|:---|:---|
| **70** | *2026 Proxy Statement* | ![Proxy GIF RCG-BL-CAR.gif](rcl-20260417_g8.gif) |

---

---

| | |
|:---|:---|
| *REPORT OF THE AUDIT COMMITTEE* | *[**TABLE OF CONTENTS**](#i83ad025dfa6941c6bd47e7084b9f0b42_22)* |

---

**Report of the Audit Committee** 

The Audit Committee is composed of four non-management directors, each of whom meets the independence and financial

literacy requirements of the New York Stock Exchange and SEC rules. In addition, three of the members qualify as "audit

committee financial experts" as defined by the SEC.

The Audit Committee operates under a written charter adopted by the Board of Directors, which may be accessed on our

website at www.rclinvestor.com. The Audit Committee reviews and assesses the adequacy of its charter on an annual basis. In

accordance with the charter, the Audit Committee assists the Board of Directors in fulfilling its oversight responsibilities with

respect to the quality and integrity of the Company's financial statements; the qualifications, independence and performance of

the Company's principal independent auditor; the performance of the Company's internal audit function; and the Company's

compliance with legal and regulatory requirements in connection with the foregoing.

It is the responsibility of the Company's management to prepare the Company's financial statements and to develop and

maintain adequate systems of internal control over financial reporting. The internal auditor's responsibility is to review and,

when appropriate, audit the internal control over financial reporting. The Company's principal independent auditor has the

responsibility to express an opinion on the financial statements and internal control over financial reporting based on an audit

conducted in accordance with the standards of the Public Company Accounting Oversight Board (the "PCAOB").

As part of its oversight of the Company's financial statements, the Audit Committee reviews and discusses with both

management and the Company's principal independent auditor all annual and quarterly financial statements prior to their

issuance. During 2025, management advised the Audit Committee that each set of financial statements reviewed had been

prepared in accordance with generally accepted accounting principles, and management reviewed significant accounting and

disclosure issues with the Audit Committee. These reviews included discussion with the principal independent auditor of

matters required to be discussed by the applicable requirements of the PCAOB and the SEC, including the quality of the

Company's accounting principles, the reasonableness of significant judgments and the clarity of disclosures in the financial

statements. The Audit Committee also discussed with the principal independent auditor matters relating to its independence,

including the written disclosures and letter from the principal independent auditor to the Audit Committee required by

applicable PCAOB requirements regarding the independent accountants' communications with the Audit Committee

concerning independence. The Audit Committee has also considered whether the provision of non-audit services is compatible

with maintaining the independence of the principal independent auditor.

The Audit Committee also has reviewed and discussed with management, the internal auditor and the principal independent

auditor the Company's internal controls report and the auditor's attestation of the report.

Based on the review and discussions referred to above, the Audit Committee recommended to the Board of Directors that the

audited financial statements be included in the Company's Annual Report on Form 10-K for the year ended December 31,

2025, for filing with the SEC.

**THE AUDIT COMMITTEE**

• Stephen R. Howe, Jr. Chair

• Maritza G. Montiel

• Vagn O. Sørensen

• Rebecca Yeung

---

| | | |
|:---|:---|:---|
| ![Proxy GIF RCG-BL-CAR.gif](rcl-20260417_g8.gif) | *2026 Proxy Statement* | **71** |

---

---

| | |
|:---|:---|
| *[**TABLE OF CONTENTS**](#i83ad025dfa6941c6bd47e7084b9f0b42_22)* | *SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT* |

---

**Security Ownership of Certain Beneficial Owners and Management**

**PRINCIPAL SHAREHOLDERS** 

This table sets forth information as of April 9, 2026 about persons we know to beneficially own<sup>(1)</sup>more than five percent of our

common stock.

---

| | | |
|:---|:---|:---|
| **Name of Beneficial Owner** | **Shares of** <br>**Common Stock** <br>**(#)** | **Percentage of** <br>**Ownership**<sup>(2)</sup><br>**(%)**<br>|
| Capital International Investors | 37125244<br><sup>(3)</sup> | 13.8% |
| The Vanguard Group | 30066167<br><sup>(4)</sup> | 11.2% |
| Capital Research Global Investors  | 23330212<br><sup>(5)</sup> | 8.7% |
| BlackRock, Inc.  | 20166398<br><sup>(6)</sup> | 7.5% |
| Capital World Investors  | 17769218<br><sup>(7)</sup> | 6.6% |
| AWILHELMSEN AS | 16435910<br><sup>(8)</sup> | 6.1% |

---

<sup>(1)</sup> A person is deemed to be the beneficial owner of securities to which such person has the right to acquire within 60 days from April 1,

2026, including upon the exercise of options, warrants and other convertible securities.

<sup>(2)</sup> Applicable percentage ownership is rounded and based on 268,192,721 shares of common stock outstanding as of April 9, 2026.

<sup>(3)</sup> Represents shares beneficially owned by Capital International Investors, 333 South Hope Street, 55th Floor, Los Angeles, California

90071. Of the total shares owned, the nature of beneficial ownership is as follows: sole voting power over 36,821,112 shares; and sole

dispositive power over 37,125,244 shares. The foregoing information is based on Amendment 5 to Schedule 13G/A filed by Capital

International Investors with the SEC on February 13, 2026.

<sup>(4)</sup> Represents shares beneficially owned by The Vanguard Group, 100 Vanguard Blvd., Malvern, PA 19355. Of the total shares owned, the

nature of beneficial ownership is as follows: shared voting power over 1,524,512 shares; sole dispositive power over 27,626,791 shares;

and shared dispositive power over 2,439,376 shares. The foregoing information is based solely on Amendment 11 to Schedule 13G/A

filed by The Vanguard Group with the SEC on October 30, 2025. On March 27, 2026, Vanguard filed a Schedule 13G/A (Amendment No.

13) reporting that on January 12, 2026, it went through an internal realignment pursuant to which certain subsidiaries or business

divisions of subsidiaries of Vanguard, that formerly had, or were deemed to have, beneficial ownership with Vanguard, will report

beneficial ownership separately (on a disaggregated basis) from Vanguard. Accordingly, Vanguard has stated that it no longer has, or is

deemed to have, beneficial ownership over securities beneficially owned by such subsidiaries and/or business divisions. As of the date of

this proxy statement, RCL has not received any filings from such subsidiaries and/or business divisions reflecting the disaggregated

ownership.

<sup>(5)</sup> Represents shares beneficially owned by Capital Research Global Investors, 333 South Hope Street, 55th Floor, Los Angeles, California

90071. Of the total shares owned, the nature of beneficial ownership is as follows: sole voting power over 23,327,911 shares and sole

dispositive power over 23,330,212 shares. The foregoing information is based on Amendment 4 to Schedule 13G filed by Capital

Research Global Investors with the SEC on May 13, 2025.

<sup>(6)</sup> Represents shares beneficially owned by BlackRock, Inc., 50 Hudson Yards, New York, NY 10001. Of the total shares owned, the nature

of beneficial ownership is as follows: sole voting power over 18,594,819 shares; and sole dispositive power over 20,166,398 shares. The

foregoing information is based solely on Amendment 5 to Schedule 13G/A filed by BlackRock, Inc. with the SEC on October 17, 2025.

<sup>(7)</sup> Represents shares beneficially owned by Capital World Investors, 333 South Hope Street, 55th Floor, Los Angeles, California 90071. Of

the total shares owned, the nature of beneficial ownership is as follows: sole voting power over 13,678,305 shares and sole dispositive

power over 13,802,642 shares. The foregoing information is based on Amendment 1 to Schedule 13G filed by Capital World Investors

with the SEC on May 13, 2025.

<sup>(8)</sup> AWILHELMSEN AS is a Norwegian corporation, the indirect beneficial owners of which are members of the Wilhelmsen family of Norway.

The shares reported in the table include 4,035,259 shares owned by AWilhelmsen Asset Management AS, an affiliate of AWILHELMSEN

AS. AWILHELMSEN AS has the power to vote and dispose of the shares owned by AWilhelmsen Asset Management AS pursuant to an

agreement between the parties. The foregoing information is based on a Form 4 filed by Arne Alexander Wilhelmsen with the SEC on

February 27, 2026.

---

| | | |
|:---|:---|:---|
| **72** | *2026 Proxy Statement* | ![Proxy GIF RCG-BL-CAR.gif](rcl-20260417_g8.gif) |

---

---

| | |
|:---|:---|
| *SECURITY OWNERSHIP OF DIRECTORS AND EXECUTIVE OFFICERS* | *[**TABLE OF CONTENTS**](#i83ad025dfa6941c6bd47e7084b9f0b42_22)* |

---

**Security Ownership of Directors and Executive Officers** 

This table sets forth information as of April 9, 2026 about the number of shares of common stock beneficially owned<sup>(1)</sup>by (i) our

directors; (ii) the named executive officers listed in the "Compensation Discussion and Analysis" above; and (iii) our directors

and executive officers as a group.

The number of shares beneficially owned by each named person or entity is determined under rules of the SEC, and the

information is not necessarily indicative of beneficial ownership for any other purpose.

No shares of common stock held by our directors or named executive officers have been pledged.

---

| | | |
|:---|:---|:---|
| **Name of Beneficial Owner** | **Shares of** <br>**Common Stock** <br>**(#)** | **Percentage of** <br>**Ownership**<sup>(2)</sup><br>**(%)**<br>|
| **Michael W. Bayley** | 52232 | \* |
| **John F. Brock** | 24035 | \* |
| **Richard D. Fain** | 271162<br><sup>(3)</sup> | \* |
| **Naftali Holtz** | 15493 | \* |
| **Laura Hodges Bethge** | 23751 | \* |
| **Stephen R. Howe, Jr.** | 14297 | \* |
| **Harri U. Kulovaara** | 57740 | \* |
| **Michael O. Leavitt** | 8180 | \* |
| **Jason T. Liberty** | 169595 | \* |
| **Amy McPherson** | 10572 | \* |
| **Maritza G. Montiel** | 12849 | \* |
| **Ann S. Moore** | 29003 | \* |
| **Eyal M. Ofer** | 42925 | \* |
| **Vagn O. Sørensen** | 16407 | \* |
| **Donald Thompson** | 39561 | \* |
| **Arne Alexander Wilhelmsen** | 16443779<br><sup>(4)</sup> | 6.13 |
| **Rebecca Yeung** | 4833 | \* |
| **Christopher Wiernicki**  | 444 | \* |
| All directors and executive officers as a group (19 persons) | 17270660 |  |

---

\*Denotes beneficial ownership of less than 1% of the outstanding shares of common stock

<sup>(1)</sup> A person is deemed to be the beneficial owner of securities to which such person has the right to acquire within 60 days from April 1,

2026. For each of the directors except Mr. Wiernicki, the total holdings includes 870 restricted stock units that are scheduled to vest on

May 28, 2026.

<sup>(2)</sup> Applicable percentage ownership is based on 268,192,721 shares of common stock outstanding as of April 9, 2026.

<sup>(3)</sup> Includes 68,176 shares owned by the Fain Family Foundation. This column does not include shares owned by trusts for the benefit of

members of the Fain family in which Mr. Fain does not have any beneficial interest or shares directly or indirectly owned by Mr. Fain's

adult children.

<sup>(4)</sup> Includes 12,400,651 shares beneficially owned by AWILHELMSEN AS and 4,035,259 shares owned by AWilhelmsen Asset Management

AS, an affiliate of AWILHELMSEN AS. AWILHELMSEN AS has the power to vote and dispose of the shares owned by AWilhelmsen Asset

Management AS pursuant to an agreement between the parties. Mr. Wilhelmsen disclaims beneficial ownership of these shares.

---

| | | |
|:---|:---|:---|
| ![Proxy GIF RCG-BL-CAR.gif](rcl-20260417_g8.gif) | *2026 Proxy Statement* | **73** |

---

---

| | |
|:---|:---|
| *[**TABLE OF CONTENTS**](#i83ad025dfa6941c6bd47e7084b9f0b42_22)* | *EQUITY COMPENSATION PLAN INFORMATION* |

---

**Equity Compensation Plan Information** 

The following table summarizes our equity plan information as of December 31, 2025.

---

| | | | |
|:---|:---|:---|:---|
| **Plan Category** | **Column A:** <br>**Number of Securities to** <br>**Be Issued Upon Exercise** <br>**of Outstanding Options,** <br>**Warrants and Rights**<br>**(#)** | **Weighted-Average** <br>**Exercise Price of** <br>**Outstanding Options,** <br>**Warrants and Rights**<br>**($)**<br>| **Number of Securities** <br>**Remaining Available for** <br>**Future Issuance Under** <br>**Equity Compensation Plans** <br>**(Excluding Securities** <br>**Reflected in Column A)**<br>**(#)** |
| Equity compensation plans <br>approved by security holders<br>| 1199027<br><sup>(1)</sup> | – | 8985615<br><sup>(2)</sup> |
| Equity compensation plans <br>not approved by security holders<br>| – | – | – |
| **Total** | **1199027** | **–** | **8985615** |

---

<sup>(1)</sup> Includes unvested or unsettled restricted stock units and unvested performance share units under our 2008 Equity Incentive Plan.

<sup>(2)</sup> Includes 8,047,784 shares available for issuance under our 2008 Equity Incentive Plan, as amended and restated, plus 937,831 shares

remaining available, as well as the number of shares subject to purchase during any current purchase period, under the 1994 Employee

Stock Purchase Plan.

---

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|:---|:---|:---|
| **74** | *2026 Proxy Statement* | ![Proxy GIF RCG-BL-CAR.gif](rcl-20260417_g8.gif) |

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*[**TABLE OF CONTENTS**](#i83ad025dfa6941c6bd47e7084b9f0b42_22)*<br>

**General Information**

![](rcl-20260417_g3.gif)

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**AVAILABILITY OF PROXY MATERIALS** 

Under the rules adopted by the SEC, we are furnishing proxy materials to our shareholders primarily over the Internet. We

believe that this process expedites shareholders' receipt of these materials, lowers the costs of our Annual Meeting and helps

to conserve natural resources. On or about April 17, 2026, we mailed to each of our shareholders (other than those who

previously requested electronic or paper delivery) a Notice of Internet Availability of Proxy Materials containing instructions on

how to access and review the proxy materials, including this proxy statement and our Annual Report on Form 10-K for the year

ended December 31, 2025, on the Internet and how to access a proxy card to vote on the Internet. The Notice of Internet

Availability of Proxy Materials also contains instructions on how to receive a paper copy of the proxy materials. If you received

a Notice of Internet Availability of Proxy Materials by mail, you will not receive a printed copy of the proxy materials unless you

request one. If you received paper copies of our proxy materials, you may also view these materials at www.proxyvote.com.

**WHO MAY VOTE**

Each share of our common stock outstanding as of the close of business on April 9, 2026 (the "Record Date") is entitled to one

vote at the Annual Meeting. At the close of business on the Record Date, 268,192,721 shares of our common stock were

outstanding and entitled to vote. You may vote all of the shares owned by you as of the close of business on the Record Date.

These shares include shares that are (1) held of record directly in your name (in which case, you are a "Record Holder" with

respect to such shares) and (2) held for you as the beneficial owner through a broker, bank or other nominee (in which case,

you are a "Beneficial Holder" with respect to such shares). There are some distinctions between being a Record Holder and a

Beneficial Holder as described herein.

**SHARES HELD OF RECORD**

If your shares are registered directly in your name with our transfer agent, Equiniti Trust Company, LLC, you are considered

the Record Holder with respect to those shares, and the proxy materials were sent directly to you by Royal Caribbean. As the

Record Holder, you have the right to grant your voting proxy directly to us or to vote in person at the Annual Meeting. If you

requested to receive printed proxy materials, we have enclosed or sent a proxy card for you to use. You may also vote on the

Internet as described in the Notice of Internet Availability of Proxy Materials and below under the heading "How to Vote."

**SHARES OWNED BENEFICIALLY**

If your shares are held in a stock brokerage account or by a bank or other nominee, you are considered the Beneficial Holder

of shares held in street name, and the proxy materials were forwarded to you by your broker or other nominee who is

considered, with respect to those shares, the shareholder of record. As the Beneficial Holder, you have the right to direct your

broker or other nominee on how to vote the shares in your account, and you are also invited to attend the Annual Meeting.

**REQUIREMENTS TO ATTEND THE ANNUAL MEETING** 

You are invited to attend the Annual Meeting if you are a Record Holder or Beneficial Holder as of the Record Date. If you are

a Record Holder, you must bring proof of identification, such as a valid driver's license, for admission to the Annual Meeting. If

you are a Beneficial Holder, you will need to provide proof of ownership by bringing either your proxy card provided to you by

your broker or a copy of your brokerage statement showing your share ownership as of the Record Date.

**HOW TO VOTE** 

**Voting in Person** 

Shares held in your name as the Record Holder may be voted in person at the Annual Meeting. Shares for which you are the

Beneficial Holder may be voted in person at the Annual Meeting only if you obtain a legal proxy from the broker or other

nominee that holds your shares giving you the right to vote the shares. Even if you plan to attend the Annual Meeting, we

recommend that you also vote by proxy in advance of the meeting so that your vote will be counted if you later decide not to

attend the meeting.

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| ![Proxy GIF RCG-BL-CAR.gif](rcl-20260417_g8.gif) | *2026 Proxy Statement* | **75** |

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| *[**TABLE OF CONTENTS**](#i83ad025dfa6941c6bd47e7084b9f0b42_22)* | *GENERAL INFORMATION* |

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**Voting Without Attending the Annual Meeting** 

Regardless of how you hold your shares, you may vote your shares without attending the Annual Meeting. You may vote by

granting a proxy or, for shares held as a Beneficial Holder, by submitting voting instructions to your broker or other nominee.

You may also vote using the Internet or by mail as outlined in the Notice of Internet Availability of Proxy Materials or on your

proxy card. Please see the Notice of Internet Availability of Proxy Materials, your proxy card or the information your bank,

broker or other holder of record provided to you for more information on these options. Votes cast by Internet have the same

effect as votes cast by submitting a written proxy card.

**HOW PROXIES WORK**

All properly executed proxies will be voted in accordance with the instructions contained thereon and, if no choice is specified,

the proxies will be voted:

(1)**FOR** the election of the twelve nominees for director named below (Proposal No. 1);

(2)**FOR** the approval of the compensation of our named executive officers (Proposal No. 2); and

(3)**FOR** the ratification of the selection of PricewaterhouseCoopers LLP (Proposal No. 3).

Under New York Stock Exchange ("NYSE") rules, if you are a Beneficial Holder and do not provide specific voting instructions

in a timely fashion to your broker or other nominee that holds your shares, such broker or nominee will not be authorized to

vote your shares on any matters other than Proposal No. 3 regarding the ratification of the auditors. Therefore, failure to

provide your broker or other nominee with specific voting instructions in a timely fashion will result in "broker non-votes" with

respect to Proposals No. 1 and 2.

**MATTERS TO BE PRESENTED**

We are not aware of any matters to be presented for a vote at the Annual Meeting other than those described in this proxy

statement. If any matters not described in this proxy statement are properly presented at the meeting, the proxies will use their

own judgment to determine how to vote your shares. If the meeting is postponed or adjourned, the proxies will vote your

shares on the new meeting date in accordance with your previous instructions unless you have revoked your proxy.

**VOTES NECESSARY TO APPROVE PROPOSALS**

We will hold the Annual Meeting if we have a quorum, which requires the presence, in person or represented by proxy, of

holders of a majority of the outstanding shares of common stock as of the Record Date. If you vote via the Internet or sign and

return your proxy card, your shares will be counted to determine whether we have a quorum, even if you abstain or fail to vote

on any of the proposals listed on the proxy card. If the persons present or represented by proxy at the Annual Meeting

constitute the holders of less than a majority of the outstanding shares of common stock as of the Record Date, we will not

have a quorum and the Annual Meeting may be adjourned to a subsequent date for the purpose of obtaining a quorum.

The affirmative vote of a majority of the votes cast is required to approve each proposal.

Although abstentions and broker non-votes will be counted for purposes of determining whether a quorum is present, they will

not have any effect on the outcome of any proposal.

Prior to the Annual Meeting, we will select one or more inspectors of election for the meeting. Such inspectors shall determine

the number of shares of common stock represented at the Annual Meeting, the existence of a quorum and the validity and

effect of proxies. They shall also receive, count and tabulate ballots and votes and determine the results thereof.

**REVOKING A PROXY**

Any proxy may be revoked by a shareholder at any time prior to the final vote at the Annual Meeting by voting again on a later

date via the Internet (only your latest Internet proxy submitted prior to the Annual Meeting will be counted), by signing and

submitting a later dated proxy or by attending the Annual Meeting and voting in person. However, your attendance at the

Annual Meeting will not automatically revoke your proxy unless you vote again at the Annual Meeting or specifically request

that your prior proxy be revoked by delivering to our Corporate Secretary at 1050 Caribbean Way, Miami, Florida 33132 a

written notice of revocation prior to the Annual Meeting.

**Proposals of Shareholders for Next Year** 

Proposals of shareholders intended to be considered for inclusion in our proxy statement for our 2027 Annual Meeting of

Shareholders must be received by our Corporate Secretary no later than December 18, 2026 at our executive offices: 1050

Caribbean Way, Miami, Florida 33132. Such proposals will need to comply with SEC regulations regarding the inclusion of

shareholder proposals in company sponsored proxy statements. Any proposals for consideration at our next annual meeting of

shareholders, but not included in our proxy statement, must be received by the Corporate Secretary of the Company no later

than January 28, 2027 in accordance with our Bylaws.

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| **76** | *2026 Proxy Statement* | ![Proxy GIF RCG-BL-CAR.gif](rcl-20260417_g8.gif) |

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| *GENERAL INFORMATION* | *[**TABLE OF CONTENTS**](#i83ad025dfa6941c6bd47e7084b9f0b42_22)* |

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In addition, in order for shareholders to give timely notice of nominations for directors for inclusion on a universal proxy card in

connection with the 2027 Annual Meeting, notice must be submitted by the same deadline as disclosed above under the

advance notice provisions of our Bylaws and must include the information in the notice required by our Bylaws and by Rule

14a-19(b)(2) and Rule 14a-19(b)(3) under the Exchange Act.

**Solicitation of Proxies** 

This proxy statement is furnished in connection with the solicitation of proxies by the Company on behalf of the Board. We will

pay the cost of this proxy solicitation. In addition to soliciting proxies by mail, we expect that a number of our employees will

solicit shareholders for the same type of proxy, personally and by telephone or other electronic means. None of these

employees will receive any additional or special compensation for assisting us in soliciting proxies. Okapi Partners has been

retained to assist in soliciting proxies at a fee of approximately $17,000, plus distribution costs and other expenses. We will, on

request, reimburse banks, brokerage firms and other nominees for their expenses in sending proxy materials to their

customers who are beneficial owners of our common stock and obtaining their voting instructions.

**Notice Regarding Delivery of Security Holder Documents** 

Under the SEC rules, delivery of one proxy statement and annual report to two or more investors sharing the same mailing

address is permitted, under certain conditions. This procedure, called "householding," applies to you if all of the following

criteria are met:

(1)You have the same address as other security holders registered on our books;

(2)You have the same last name as the other security holders; and

(3)Your address is a residential address or post office box.

If you meet these criteria, you are eligible for householding and the following terms apply. If you are not eligible, please

disregard this notice.

**FOR REGISTERED SHAREHOLDERS**

Only one proxy statement and annual report will be delivered to the shared mailing address. You will, however, still receive

separate mailings of important and personal information, as well as a separate proxy card.

**What do I need to do to receive just one set of annual disclosure materials?** 

You do not have to do anything. Unless Broadridge is notified otherwise within 60 days of the mailing of this notice, your

consent is implied and only one set of materials will be sent to your household. This consent is considered perpetual, which

means you will continue to receive a single proxy statement/ annual report in the future unless you notify us otherwise.

**What if I want to receive multiple sets of materials?** 

If you would like to receive multiple sets of materials, call or write Broadridge at 800-542-1061 or 51 Mercedes Way,

Edgewood, NY 11717. A separate set of materials will be sent to you promptly.

**What if I consent to have one set of materials mailed now, but change my mind later?** 

Call or write Broadridge to turn off the householding instructions for yourself. You will then be sent a separate proxy statement

and annual report within 30 days of receipt of your instruction.

**The reason I receive multiple sets of materials is that some of the stock belongs to my children. What happens when** 

**they move out and no longer live in my household?**

When there is an address change for one of the members of the household, materials will be sent directly to the shareholder at

his or her new address.

**Annual Report on Form 10-K** 

We will provide without charge to each person solicited by this proxy statement, upon the written request of such person, a

copy of our annual report on Form 10-K, as filed with the SEC, for our most recent fiscal year. Such written requests should be

directed to investor relations, Royal Caribbean Cruises Ltd., 1050 Caribbean Way, Miami, Florida 33132.

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|:---|:---|:---|
| ![Proxy GIF RCG-BL-CAR.gif](rcl-20260417_g8.gif) | *2026 Proxy Statement* | **A-1** |

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*[**TABLE OF CONTENTS**](#i83ad025dfa6941c6bd47e7084b9f0b42_22)*<br>

**Annex**

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**Cautionary Note Regarding Forward-Looking Statements**

Certain statements in this Proxy Statement relating to, among other things, financial results for 2026 and beyond; demand for

Royal Caribbean Cruises Ltd. (the "Company") brands; future strategic initiatives; and corporate responsibility goals constitute

forward-looking statements under the Private Securities Litigation Reform Act of 1995. Words such as "anticipate," "believe,"

"considering," "could," "driving," "estimate," "expect," "goal," "intend," "may," "plan," "project," "seek," "should," "shaping up"

"would" and similar expressions are intended to help identify forward-looking statements.

Forward-looking statements reflect management's current expectations, are based on judgments, are inherently uncertain and

are subject to risks, uncertainties and other factors, which could cause our actual results, performance or achievements to

differ materially from the future results, performance or achievements expressed or implied in those forward-looking

statements. Examples of these risks, uncertainties and other factors include, but are not limited to, the following: the impact of

the economic and geopolitical environment, including changing tariffs and the related uncertainty thereof, on key aspects of

our business, such as the demand for cruises, passenger spending, and operating costs; changes in operating costs; the

unavailability or cost of air service; disease outbreaks and increased concern about the risk of illness on our ships or when

travelling to or from our ships, which could cause a decrease in demand, guest cancellations, and ship redeployments;

incidents or adverse publicity concerning our ships, port facilities, land destinations and/or passengers or the cruise vacation

industry in general; the effects of weather, climate events and/or natural disasters on our business; risks related to our

sustainability activities; the impact of issues at shipyards, including ship delivery delays, ship cancellations or ship construction

cost increases; shipyard unavailability; unavailability of ports of call; vacation industry competition and increase in industry

capacity and overcapacity; inability to manage our cost and capital allocation strategies; the uncertainties of conducting

business globally and expanding into new markets and new ventures, including potential acquisitions; issues with travel

advisers that sell and market our cruises; reliance on third-party service providers; potential unavailability of insurance

coverage; the risks and costs related to cyber security attacks, data breaches, protecting our systems and maintaining data

integrity and security; uncertainties of a foreign legal system as we are not incorporated in the United States; our ability to

obtain sufficient financing or capital to fund our capital expenditures, operations, debt repayments and other financing needs;

our expectation and ability to pay a cash dividend on our common stock in the future; changes to our dividend policy; growing

anti-tourism sentiments and environmental concerns; changes in U.S. or other countries' foreign travel policy; impact of new or

changing legislation and regulations (including environmental regulations) or governmental orders on our business;

fluctuations in foreign currency exchange rates, fuel prices and interest rates; further impairments of our goodwill, long-lived

assets, equity investments and notes receivable; an inability to source our crew or our provisions and supplies from certain

places; our ability to recruit, develop and retain high quality personnel; and pending or threatened litigation, investigations and

enforcement actions.

Forward-looking statements should not be relied upon as predictions of actual results. Undue reliance should not be placed on

the forward-looking statements in this Proxy Statement, which are based on information available to the Company on the date

hereof. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a

result of new information, future events or otherwise.

**SELECTED OPERATIONAL AND FINANCIAL METRICS**

Adjusted EBITDA is a non-GAAP measure that represents EBITDA (as defined below) excluding certain items that we believe

adjusting for is meaningful when assessing our profitability on a comparative basis. For the periods presented, these items

included (i) other (income) expense, (ii) equity investment impairment, (recovery) of losses, and other, (iii) restructuring

charges and other initiative expenses, and (iv) impairment and credit losses, and (v) gain on sale of noncontrolling interest.

Adjusted Earnings per Share ("Adjusted EPS") is a non-GAAP measure that represents Adjusted Net Income attributable to

Royal Caribbean Cruises Ltd. (as defined below) divided by weighted average shares outstanding or by diluted weighted

average shares outstanding, as applicable. We believe that this non-GAAP measure is meaningful when assessing our

performance on a comparative basis.

Adjusted Gross Margin represents Gross Margin, adjusted for payroll and related, food, fuel, other operating, and depreciation

and amortization expenses. Gross Margin is calculated pursuant to GAAP as total revenues less total cruise operating

expenses, and depreciation and amortization.

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| **A-2** | *2026 Proxy Statement* | ![Proxy GIF RCG-BL-CAR.gif](rcl-20260417_g8.gif) |

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| *[ANNEX](#i83ad025dfa6941c6bd47e7084b9f0b42_142)* | *[**TABLE OF CONTENTS**](#i83ad025dfa6941c6bd47e7084b9f0b42_22)* |

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Adjusted Net Income attributable to Royal Caribbean Cruises Ltd. is a non-GAAP measure that represents Net Income

attributable Royal Caribbean Cruises Ltd., excluding certain items that we believe adjusting for is meaningful when assessing

our performance on a comparative basis. For the periods presented, these items included (i) loss on extinguishment of debt

and inducement expense; (ii) restructuring charges and other initiatives expenses; (iii) the amortization of the Silversea

intangible assets resulting from the Silversea acquisition; (iv) gain on sale of noncontrolling interest; (v) equity investment

impairment, (recovery) of losses and other; (vi) litigation loss contingency, which includes the 2024 release of the loss

contingency recorded in 2022 in connection with the Havana Docks litigation; (vii) impairment and credit losses; (viii) tax on

the sale of PortMiami noncontrolling interest; (ix) gain on sale of controlling interest; and (x) Silver Whisper deferred tax

liability release.

Adjusted Operating Income is a Non-GAAP measure that represents operating income including income from equity

investments and provision for income taxes but excluding certain items for which we believe adjusting for is meaningful

when assessing our operating performance on a comparative basis. We use this non-GAAP measure to calculate ROIC (as

defined below).

Available Passenger Cruise Days ("APCD") is our measurement of capacity and represents double occupancy per cabin

multiplied by the number of cruise days for the period, which excludes canceled cruise days and cabins not available for sale.

We use this measure to perform capacity and rate analysis to identify our main non-capacity drivers that cause our cruise

revenue and expenses to vary.

EBITDA is a non-GAAP measure that represents Net Income attributable to Royal Caribbean Cruises Ltd. excluding (i) interest

income; (ii) interest expense, net of interest capitalized; (iii) depreciation and amortization expenses; and (iv) provision for

income taxes. We believe that this non-GAAP measure is meaningful when assessing our operating performance on a

comparative basis.

Gross Margin Yield represent Gross Margin per APCD.

Invested Capital represents the most recent five-quarter average of total debt (i.e., Current portion of long-term debt plus Long-

term debt) plus the most recent five-quarter average of Total shareholders' equity. We use this measure to calculate ROIC (as

defined below).

Net Yields represent Adjusted Gross Margin per APCD. We utilize Adjusted Gross Margin and Net Yields to manage our

business on a day-to-day basis as we believe that they are the most relevant measures of our pricing performance because

they reflect the cruise revenues earned by us net of our most significant variable costs, which are commissions, transportation

and other expenses, and onboard and other expenses.

Occupancy ("Load factor"), in accordance with cruise vacation industry practice, is calculated by dividing Passenger Cruise Days

(as defined below) by APCD. A percentage in excess of 100% indicates that three or more passengers occupied some cabins.

Return on Invested Capital ("ROIC") represents Adjusted Operating Income divided by Invested Capital. We believe ROIC is a

meaningful measure because it quantifies how efficiently we generated operating income relative to the capital we have

invested in the business.

Trifecta refers to the multi-year Adjusted EBITDA per APCD, Adjusted EPS and ROIC goals we publicly announced in

November 2022. We designed these goals to help us better execute and achieve our business goals by clearly articulating

longer-term financial objectives. Under Trifecta, we are targeting Adjusted EBITDA per APCD of at least $100, Adjusted EPS of

at least $10, and ROIC of 13% or higher by the end of 2025. On July 25, 2024, we announced the company achieved all three

of its Trifecta goals 18 months ahead of schedule, on a trailing twelve-month basis

Constant Currency is a significant measure for our revenues and expenses, which are denominated in currencies other than

the U.S. Dollar. Because our reporting currency is the U.S. Dollar, the value of these revenues and expenses in U.S. Dollar will

be affected by changes in currency exchange rates. Although such changes in local currency prices are just one of many

elements impacting our revenues and expenses, it can be an important element. For this reason, we also monitor our

revenues and expenses in "Constant Currency" - i.e., as if the current period's currency exchange rates had remained

constant with the comparable prior period's rates. For the 2025 period presented, we calculate "Constant Currency" by

applying the average for 2024 period exchange rates for each of the corresponding months, so as to calculate what the results

would have been had exchange rates been the same throughout both periods. We do not make predictions about future

exchange rates and use current exchange rates for calculations of future periods. It should be emphasized that the use of

Constant Currency is primarily used by us for comparing short-term changes and/or projections. Over the longer term,

changes in guest sourcing and shifting the amount of purchases between currencies can significantly change the impact of the

purely currency-based fluctuations.

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| ![Proxy GIF RCG-BL-CAR.gif](rcl-20260417_g8.gif) | *2026 Proxy Statement* | **A-3** |

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**Reconciliation of Non-GAAP and GAAP Financial Measures**

In this proxy statement, we have provided certain non-GAAP financial information to aid shareholders in better understanding

our 2025 business performance and executive compensation programs.

We reported Net Income attributable to Royal Caribbean Cruises Ltd., Adjusted Net Income attributable to Royal Caribbean

Cruises Ltd., Earnings per Share and Adjusted Earnings per Share as shown in the following table (in millions, except per

share data):

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| | | |
|:---|:---|:---|
|  | **Year Ended** <br>**December 31** | **Year Ended** <br>**December 31** |
| | **2025** | **2024** |
| **Net Income attributable to Royal Caribbean Cruises Ltd.** | $4268 | $2877 |
| Loss on extinguishment of debt <sup>(1)</sup> | 16 | 463 |
| Litigation loss contingency <sup>(2)</sup> |  | (124) |
| Impairment and credit losses <sup>(3)</sup> |  | 9 |
| Equity investment impairment, recovery of losses and other | (1) | (1) |
| Restructuring charges and other initiatives expense | 8 | 10 |
| Amortization of Silversea Cruises intangible assets resulting from the Silversea acquisition <sup>(4)</sup> | 6 | 6 |
| PortMiami tax on sale of noncontrolling interest <sup>(5)</sup> |  | (3) |
| Gain on sale of noncontrolling interest <sup>(6)</sup> | (11) |  |
| **Adjusted Net Income attributable to Royal Caribbean Cruises Ltd.** | $4286 | $3237 |
| Basic: |  |  |
| Earnings per Share | $15.75 | $11.00 |
| Adjusted Earnings per Share | $15.81 | $12.38 |
| Diluted: |  |  |
| Earnings per Share<sup>(7)</sup> | $15.61 | $10.94 |
| Adjusted Earnings per Share<sup>(8)</sup> | $15.64 | $11.80 |
| Weighted-Average Shares Outstanding: |  |  |
| Basic | 271 | 261 |
| Diluted | 274 | 279 |

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<sup>(1)</sup> For 2025 and 2024, includes $10 million and $119 million, respectively, of inducement expense related to the settlements of our 6.00%

convertible notes due 2025. These amounts are included in Interest expense, net of interest capitalized within our consolidated

statements of comprehensive income (loss).

<sup>(2)</sup> For 2024, represents the release of the loss contingency recorded in 2022, in connection with the Havana Docks litigation inclusive of

related legal fees and costs. These amounts are included in Other income (expense) within our consolidated statements of

comprehensive income (loss).

<sup>(3)</sup> For 2024, primarily represents property and equipment impairment charges related to certain construction in progress assets, which we

determined would no longer be completed. This amount is included in Marketing, selling and administrative expenses within our

consolidated statements of comprehensive income (loss).

<sup>(4)</sup> Represents the amortization of the Silversea intangible assets resulting from the 2018 Silversea acquisition.

<sup>(5)</sup> For 2024, represents adjustments to tax impacts on the 2023 PortMiami sale of noncontrolling interest. These amounts are included in

Other income (expense) in our consolidated statements of comprehensive income (loss).

<sup>(6)</sup> For 2025, represents gain on sale of noncontrolling interest of Floating Docks and Grand Bahama Shipyard. These amounts are included

in Other income within our consolidated statements of comprehensive income (loss).

<sup>(7)</sup> Diluted EPS includes the add-back of $16 million and $175 million of dilutive inducement and interest expense related to our convertible

notes for the years ended December 31, 2025, and 2024, respectively.

<sup>(8)</sup> Adjusted Diluted EPS includes the add-back of dilutive interest expense related to our convertible notes of $6 million and $56 million for

the years ended December 31, 2025, and 2024, respectively.

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| **A-4** | *2026 Proxy Statement* | ![Proxy GIF RCG-BL-CAR.gif](rcl-20260417_g8.gif) |

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| *[ANNEX](#i83ad025dfa6941c6bd47e7084b9f0b42_142)* | *[**TABLE OF CONTENTS**](#i83ad025dfa6941c6bd47e7084b9f0b42_22)* |

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EBITDA and Adjusted EBITDA were calculated as follows for the year ended December 31, 2025 (in millions, except APCD

and per APCD data.):

---

| | |
|:---|:---|
|  | **Year Ended** <br>**December 31, 2025**<br>**($)**<br>|
| **Net Income attributable to Royal Caribbean Cruises Ltd.** | 4268 |
| Interest income | (24) |
| Interest expense, net of interest capitalized | 992 |
| Depreciation and amortization expenses | 1718 |
| Provision for income taxes | 82 |
| **EBITDA** | 7036 |
| Other (income) expense | (17) |
| Equity investment impairment, recovery of losses and other | (1) |
| Restructuring charges and other initiatives expense <sup>(1)</sup> | 8 |
| **Adjusted EBITDA** | 7025 |
| **APCD** | 53325212 |
| **Adjusted EBITDA per APCD** | 131.75 |

---

<sup>(1)</sup> These amounts are included in Marketing, selling and administrative expenses within our consolidated statements of comprehensive

income (loss).

Gross Margin Yields and Net Yields were calculated by dividing Gross Margin and Adjusted Gross Margin by APCD as follows

(in millions, except APCD and Yields):

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| | | | |
|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025**<br>**($)**<br>| **2025 On a Constant** <br>**Currency Basis**<br>**($)**<br>| **2024**<br>**($)**<br>|
| **Total revenues** | 17935 | 17915 | 16484 |
| Less: |  |  |  |
| Cruise operating expenses | 9083 | 9058 | 8652 |
| Depreciation and amortization expenses | 1718 | 1718 | 1600 |
| Gross Margin | 7133 | 7140 | 6231 |
| Add: |  |  |  |
| Payroll and related | 1366 | 1366 | 1301 |
| Food | 1019 | 1019 | 934 |
| Fuel | 1146 | 1146 | 1160 |
| Other operating | 2202 | 2188 | 2098 |
| Depreciation and amortization expenses | 1718 | 1718 | 1600 |
| Adjusted Gross Margin | 14585 | 14577 | 13325 |
| APCD | 53325212 | 53325212 | 50552731 |
| Gross Margin Yields | 133.77 | 133.89 | 123.27 |
| Net Yields | 273.51 | 273.35 | 263.59 |

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| | | |
|:---|:---|:---|
| ![Proxy GIF RCG-BL-CAR.gif](rcl-20260417_g8.gif) | *2026 Proxy Statement* | **A-5** |

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| | |
|:---|:---|
| *[**TABLE OF CONTENTS**](#i83ad025dfa6941c6bd47e7084b9f0b42_22)* | *[ANNEX](#i83ad025dfa6941c6bd47e7084b9f0b42_142)* |

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Adjusted Operating Income and ROIC, were calculated as follows: (in millions, except ROIC.)

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| | |
|:---|:---|
|  | **For the Twelve Months Ended** <br>**December 31, 2025**<br>**($)**<br>|
| **Operating Income** | 4910 |
| Including: |  |
| Equity investment income | 414 |
| Provision for income taxes | (82) |
| Adjustments: |  |
| Equity investment impairment, recovery of losses and other | (1) |
| Restructuring charges and other initiatives expense <sup>(1)</sup> | 8 |
| Amortization of Silversea Cruises intangible assets related to Silversea acquisition <sup>(2)</sup> | 6 |
| **Adjusted Operating Income** | 5254 |
| **Invested Capital** | 29174 |
| **ROIC** | 18.0% |

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<sup>(1)</sup> These amounts are included in Marketing, selling and administrative expenses within our consolidated statements of comprehensive

income (loss).

<sup>(2)</sup> Represents the amortization of the Silversea intangible assets resulting from the 2018 Silversea acquisition.

![RCC Back Cover Digital.jpg](rcl-20260417_g171.jpg)

![Royal Caribbean BrandLogo.gif](rcl-20260417_g172.gif)

![Updated Proxy Card ROYAL CARIBBEAN CRUISES LTD._PRXY_P47540_26(#94956) - PC2_Page_1.jpg](rcl-20260417_g173.jpg)

![Updated Proxy Card ROYAL CARIBBEAN CRUISES LTD._PRXY_P47540_26(#94956) - PC2_Page_2.jpg](rcl-20260417_g174.jpg)

### Attached PDF Documents

**Attachment 1:** `rclcourtesyproxy.pdf`

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