
	Weighted Average Rate (1)	Maturities Through	As of September 30, 2026		As of December 31, 2025
Fixed rate debt:
Unsecured senior notes	5.53%	2027 - 2038	$	13,040	$	11,197
Unsecured term loans	3.33%	2026 - 2038	8,261		8,024
Total fixed rate debt			21,301		19,221
Variable rate debt:
Unsecured revolving credit facilities (2)	—%	2028 - 2030	—		—
USD unsecured term loan	5.44%	2026 - 2037	1,216		2,328
Euro unsecured term loan	4.16%	2026 - 2042	196		194
Total variable rate debt			1,412		2,522
Finance lease liabilities			159		159
Total debt (3)			22,872		21,902
Less: unamortized debt issuance costs			(517)		(557)
Total debt, net of unamortized debt issuance costs			22,355		21,345
Less—current portion			(2,239)		(3,180)
Long-term portion			$	20,116	$	18,165

(1) Weighted average interest rates are based on outstanding loan balance as of September 30, 2026, and for variable rate debt include either EURIBOR or the applicable Term SOFR plus the applicable margin.

(2) Advances under our unsecured revolving credit facilities accrue interest at Term SOFR plus an interest rate margin of 1.02%. Based on applicable Term SOFR rates, as of September 30, 2026, the interest rate under the unsecured credit facilities was 4.93%. We also pay a facility fee of 0.11% of the total commitments under such facility.

In July 2026, we exercised the accordion feature of our revolving credit facilities to increase the aggregate capacity by $250 million to $6.6 billion. The commitments are split evenly between the two facilities and are scheduled to mature in October 2028 and October 2030. As of September 30, 2026, we had undrawn capacity of $6.6 billion under our unsecured revolving credit facilities.

In February 2026, we issued $1.25 billion of senior notes due in 2033, and $1.25 billion of senior notes due in 2038, for net proceeds of approximately $2.5 billion. Interest accrues on the notes at a fixed rate of 4.750% and 5.250% per annum and is payable semi-annually in arrears, respectively. The net proceeds from the offering were primarily used to refinance the senior notes maturing in 2026 and any remaining net proceeds to repay existing indebtedness. The repayment resulted in an immaterial loss on extinguishment of debt recognized within Interest expense, net of interest capitalized within our consolidated statements of comprehensive income (loss) for the nine months ended September 30, 2026.

In August 2026, we issued $1.25 billion of senior notes due in 2034 for net proceeds of approximately $1.24 billion. Interest accrues on the notes at a fixed rate of 5.550% per annum and is payable semi-annually in arrears. The net proceeds from this notes issuance were used to redeem $1.0 billion of outstanding borrowings under our floating rate term loan facilities, and $250 million of outstanding borrowings of the 5.375% unsecured senior notes due in 2027. The repayment resulted in an immaterial loss on extinguishment of debt recognized within Interest expense, net of interest capitalized within our consolidated statements of comprehensive income (loss) for the quarter and nine months ended September 30, 2026.

In September 2026, we announced an agreement to acquire a 50% interest in Sandals and Beaches Resorts, with the investment expected to close in early 2027. We also entered into a $3 billion 364 day term loan facility with Morgan Stanley Senior Funding Inc. to provide funding certainty, if needed, to be used solely to finance the planned acquisition. We may only

draw on the facility upon closing. Once drawn, the loan will bear interest at SOFR plus an applicable margin ranging from 1.00% to 1.50% based on our senior debt rating and will mature 364 days from the funding date.

In June 2026, we took delivery of Legend of the Seas. To finance the delivery, we borrowed $1.9 billion under the committed financing agreement, resulting in an unsecured term loan which is 95% guaranteed by Finnvera plc. The unsecured loan amortizes semi-annually over 12 years. A portion of the loan bears interest at a fixed rate of 3.41% per annum and the other at a floating rate equal to the applicable Term SOFR plus 1.19%. The floating portion was repaid with part of the proceeds of the August 2026 senior notes issuance as described above.

In October 2026, we entered into a $400 million 5-year senior unsecured term loan facility with Export Development Canada ("EDC") as the sole lender. The facility can be drawn at any time prior to October 23, 2027. Once drawn, the loan will bear interest at SOFR plus an applicable margin ranging from 0.92% to 1.33% based on our senior debt rating and will mature in October 2031.

All of our unsecured ship financing term loans are guaranteed by the export credit agency in the respective country in which the ship is constructed. For the majority of the loans as of September 30, 2026, we pay to the applicable export credit agency, depending on the financing agreement, an average per ship upfront fee ranging from 2.35% to 4.53% of the maximum loan amount in consideration for these guarantees. We amortize the fees that are paid upfront over the life of the loan through Interest expense, net of interest capitalized. We classify these fees within Amortization of debt issuance costs, discounts and premiums in our consolidated statements of cash flows. Prior to the loan being drawn, we present these fees within Other assets in our consolidated balance sheets. Once the loan is drawn, such fees are classified as a discount to the related loan, or contra-liability account, within Current portion of long-term debt or long-term debt.

Our revolving credit facilities, the majority of our term loans, and certain of our credit card processing agreements, contain covenants that require us, among other things, to maintain a fixed charge coverage ratio, and limit our net debt-to-capital ratio. As of September 30, 2026, we were in compliance with our debt covenants and we estimate we will be in compliance for the next twelve months.