Filed by Carnival
Corporation
Pursuant to Rule 425 under the Securities Act of 1933,
as amended
and deemed
filed
pursuant to Rule 14a-12 under the Securities Exchange
Act of 1934, as amended
Commission File
No.: 001-9610
The following is an excerpt relating to the proposed unification and
redomiciliation transactions taken from the transcript of Carnival Corporation and Carnival plc’s joint earnings conference call
held on December 19, 2025.
David Bernstein: I’ll finish up with some comments on the recommended
Simplification of our Corporate Structure:
| · | We are recommending to our shareholders that we unify the dual-listed company or DLC framework into a single company listed solely
on the New York Stock Exchange. |
| · | This aligns with the marketplace. We are aware of 15 Dual Listed Companies or DLC’s created over the last four decades, including
our DLC in 2003. A substantial number of those have been unified in recent years for many of the same reasons we are recommending our
unification. Today, we know of only three other major DLC’s remaining. |
| · | Under our plan, Carnival plc shareholders would receive Carnival Corporation shares on a one-for-one basis, and Carnival plc shares
and ADS’s would be de-listed. |
| · | Carnival plc would become a wholly owned UK subsidiary of Carnival Corporation. |
| · | This would create a single global share price, streamline governance & reporting and reduce administrative costs. We believe it
will also increase liquidity for stock trades and increase weighting of the stock in major U.S. stock indexes. |
| · | We intend to hold meetings of our shareholders in April to consider the recommendation. Subject to shareholders approving our recommendation,
we intend to complete the unification in the second quarter of 2026. |
Question: On the listing, presumed that
there could be a couple of bucks of cost savings upfront and ongoing, thinking a few million dollars upfront and maybe a few million
as an ongoing, every little bit helps. Is that the neighborhood?
Answer: Yes, that’s the neighborhood. And the payback on
this is very quick. It’s just less than two years. And so we feel very good about the situation, and it also streamlines reporting
and simplifies governance and other things for us. So we feel very good about the decision, and we finally got to it.
Important Information for Investors and Stockholders
In connection with the proposed unification and
redomiciliation transactions, Carnival Corporation plans to file with the Securities and Exchange Commission (“SEC”) a Registration
Statement on Form S-4, containing a Proxy Statement/Prospectus relating to the proposed transactions (collectively, the “Proxy Statement”),
and Carnival plc plans to file the Proxy Statement with the SEC. Investors and securityholders of Carnival Corporation and Carnival plc
are urged to read the Registration Statement, the Proxy Statement and any other relevant documents filed with the SEC when they are available,
because they contain, or will contain, important information about Carnival Corporation and Carnival plc, the proposed transactions and
related matters. The final Proxy Statement will be mailed to shareholders of Carnival Corporation and Carnival plc. Investors and securityholders
of Carnival Corporation and Carnival plc will be able to obtain copies of the Registration Statement and the Proxy Statement, when they
become available, as well as other filings with the SEC that will be incorporated by reference into such documents, containing information
about Carnival Corporation and Carnival plc, without charge, at the SEC’s website (http://www.sec.gov). The release, publication
or distribution of this communication in certain jurisdictions may be restricted by law and therefore persons in such jurisdictions into
which this communication is released, published or distributed should inform themselves about and observe such restrictions. Any failure
to comply with any such restrictions may constitute a violation of the securities laws of any such jurisdiction.
No Offer or Solicitation
This communication does not constitute an offer
to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval, nor shall there be any sale of
securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under
the securities laws of any such jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements
of Section 10 of the Securities Act of 1933, as amended. This communication shall not constitute or form the basis of, and should not
be relied on in connection with, any contract or investment decision in relation to the securities of Carnival Corporation or Carnival
plc or any other entity.
Participants in the Solicitation
Carnival Corporation, Carnival plc and their respective
directors and executive officers and other members of management and employees may be deemed to be participants in the solicitation of
proxies from Carnival Corporation’s and Carnival plc’s shareholders in respect of the proposed transactions under the rules
of the SEC. Information regarding Carnival Corporation’s and Carnival plc’s directors and executive officers is available
in Carnival Corporation’s and Carnival plc’s joint Annual Report on Form 10-K for the year ended November 30, 2024 and Carnival
Corporation’s and Carnival plc’s joint proxy statement, dated February 28, 2025, for its 2025 annual meeting of stockholders,
which can be obtained free of charge through the website maintained by the SEC at http://www.sec.gov. Any changes in the holdings of Carnival
Corporation’s securities by Carnival Corporation’s directors or executive officers or Carnival plc’s securities by Carnival
plc’s directors or executive officers from the amounts described in Carnival Corporation’s and Carnival plc’s 2025 joint
proxy statement have been reflected in Statements of Change in Ownership on Form 4 filed with the SEC subsequent to the filing date of
Carnival Corporation’s and Carnival plc’s 2025 joint proxy statement and are available at the SEC’s website at www.sec.gov.
Additional information regarding the interests of such participants will be included in the Registration Statement, the Proxy Statement
and other relevant materials to be filed with the SEC when they become available.
Cautionary
Statement Regarding Forward-Looking Information
This communication contains statements herein
regarding the proposed unification and redomiciliation transactions, future financial and operating results, benefits of the transactions
and any other statements about future expectations that constitute forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All
statements in this communication, other than statements of historical fact, are forward-looking statements that may be identified by
the use of words “anticipate,” “believe,” “could,” “estimate,” “expect,”
“intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,”
“target,” “will,” “would” and, in each case, their negative or other various or comparable terminology.
Such forward-looking statements are based upon current beliefs, expectations and discussions related to the proposed unification and
redomiciliation transactions and are subject to significant risks and uncertainties that could cause actual results to differ materially
from the results expressed in such statements. There are a number of important factors that could cause actual results or events to differ
materially from those indicated by such forward looking statements, including: the ability to obtain governmental and court approvals
of the transactions on the proposed terms and schedule, the failure of Carnival Corporation and Carnival plc shareholders to approve
the transactions, the effects of industry, market, economic, political or regulatory conditions outside of the parties’ control
and the parties’ ability to achieve the benefits from the proposed transactions. Additional factors that may affect future results
are contained in Carnival Corporation’s and Carnival plc’s filings with the SEC, including Carnival Corporation’s and
Carnival plc’s most recent joint Annual Report on Form 10-K, as it may be updated from time to time by quarterly reports on Form
10-Q and current reports on Form 8-K, all of which are available at the SEC’s website http://www.sec.gov. The information set forth
herein speaks only as of the date hereof, and, except to the extent legally required, any intention or obligation to update any forward-looking
statements as a result of developments occurring after the date hereof is hereby disclaimed.
