[Form 4] CARNIVAL CORP Insider Trading Activity

Rhea-AI Filing Summary

Carnival Corporation (CCL)November 25, 2025, Nickel 2025-05 Trust No. 2, a trust for the benefit of Micky Arison and his family, received 8,472,297 shares of Carnival Corporation common stock in a distribution from Artsfare 2023-05 Trust No. 2 in connection with the passing of Marilyn B. Arison.

Following this estate-related distribution, the reporting person is shown as indirectly beneficially owning 13,406,463 shares of Carnival Corporation common stock through various trusts and 80,736,445 shares through MA 1994 B Shares, L.P. The reporting person disclaims beneficial ownership of shares held by certain named family trusts.

11/26/2025 - 04:38 PM

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

ARISON MICKY MEIR

(Last) (First) (Middle)

C/O CARNIVAL CORPORATION

3655 NW 87TH AVE

(Street)

MIAMI FL 33178

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
CARNIVAL CORP [ CCL ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chair of the Board

3. Date of Earliest Transaction (Month/Day/Year)
11/25/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	11/25/2025		G		8,472,297	A	(1)	13,406,463	I	By various trusts(2)
Common Stock								80,736,445	I	By MA 1994 B Shares, L.P.

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. On November 25, 2025, Nickel 2025-05 Trust No. 2, a trust for the benefit of Micky Arison and his family, received 8,472,297 shares of Carnival Corporation common stock in a distribution from Artsfare 2023-05 Trust No. 2 in connection with the passing of Marilyn B. Arison.

2. Includes (i) 841,506 shares of Carnival Corporation common stock held by the NA 2017-08 Trust, (ii) 841,506 shares of Carnival Corporation common stock held by the KA 2017-08 Trust, (iii) 739,492 shares of Carnival Corporation common stock held by the 2022 KA Remainder Trust, (iv) 1,169,893 shares of Carnival Corporation common stock held by Nickel KA 2022 Trust #2, (v) 215,826 shares of Carnival Corporation common stock held by Nickel KA 2023 Trust #1, (vi) 509,066 shares of Carnival Corporation common stock held by Nickel KA 2024 Trust #1, (vii) 616,877 shares of Carnival Corporation common stock held by Nickel KA 2025 Trust #1, and 8,472,297 shares of Carnival Corporation common stock held by Nickel 2025-05 Trust #2. The Reporting Person disclaims beneficial ownership of the shares of Carnival Corporation common stock held by the NA 2017-08 Trust, the KA 2017-08 Trust and the 2022 KA Remainder Trust.

	/s/ Richard L. Kohan, attorney-in-fact	11/26/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What insider transaction did Carnival (CCL) report on November 25, 2025?

On November 25, 2025, Nickel 2025-05 Trust No. 2, benefiting Micky Arison and his family, received 8,472,297 shares of Carnival Corporation common stock from Artsfare 2023-05 Trust No. 2.

Who is the reporting person in this Carnival (CCL) Form 4 filing?

The reporting person is the Chair of the Board of Carnival Corporation, who is also a director and officer of the company, reporting indirect ownership through various trusts and a partnership.

How many Carnival (CCL) shares are indirectly owned after the reported transaction?

After the reported transaction, the filing shows 13,406,463 shares of Carnival Corporation common stock indirectly owned through various trusts and 80,736,445 shares indirectly owned through MA 1994 B Shares, L.P.

What triggered the transfer of 8,472,297 Carnival (CCL) shares to Nickel 2025-05 Trust No. 2?

The 8,472,297-share transfer to Nickel 2025-05 Trust No. 2 occurred as a distribution from Artsfare 2023-05 Trust No. 2 in connection with the passing of Marilyn B. Arison.

Which trusts hold Carnival (CCL) shares for the reporting person and family?

Trusts listed include the NA 2017-08 Trust, KA 2017-08 Trust, 2022 KA Remainder Trust, Nickel KA 2022 Trust #2, Nickel KA 2023 Trust #1, Nickel KA 2024 Trust #1, Nickel KA 2025 Trust #1, and Nickel 2025-05 Trust #2.

Does the reporting person claim full beneficial ownership of all listed Carnival (CCL) trust shares?

No. The reporting person disclaims beneficial ownership of shares held by the NA 2017-08 Trust, the KA 2017-08 Trust, and the 2022 KA Remainder Trust.