CUK

Carnival plc American Depositary Shares represents the London-listed shares of Carnival Corporation & plc, the world's largest cruise company. This is the UK-incorporated entity of the dual-listed company structure, with economic equivalency to Carnival Corporation (CCL). The company operates cruise ships across multiple brands including P&O Cruises UK, Cunard, and others, serving guests globally with cruise vacations. Carnival plc shares provide international investors with exposure to the same cruise business as Carnival Corporation, with both entities operating as a single enterprise. The cruise industry was devastated by COVID-19, with Carnival accumulating massive debt levels exceeding $30 billion through the pandemic period. Headquartered in Southampton, England and Miami, Florida, Carnival operates the largest cruise fleet globally across its various brands. The company has returned to operations post-pandemic but faces high interest costs, debt repayment challenges, and economic sensitivity affecting consumer discretionary spending. Both CCL and CUK shareholders own the same economic interest in the combined enterprise. Carnival continues to work on restoring profitability, reducing debt, refreshing its fleet, and rebuilding its business following industry-devastating pandemic impacts.