[Form 4] Carnival Corporation Insider Trading Activity

Rhea-AI Filing Summary

Carnival Corp. (CCL) Form 4: Director Sir Jonathon Band reported an open-market sale (code “S”) of 12,500 common shares on 08/05/2025 at an average price of $29.753, for proceeds of roughly $0.37 million. The transaction reduced his direct holding from 76,905.905 to 64,405.905 shares, a decline of about 16%. No derivative positions were disclosed and the Rule 10b5-1 checkbox was not marked, indicating the sale was not executed under a pre-arranged trading plan. While the amount is immaterial relative to Carnival’s ~1.1 billion shares outstanding, it represents a noticeable trimming of the director’s personal stake.

Positive

• Director retains significant exposure with 64,405.905 shares remaining, indicating continued alignment with shareholders.

Negative

• Insider sale of 12,500 shares (~16% of personal stake) may be viewed as a modestly bearish signal.
• No 10b5-1 plan disclosed, leaving the motive open to interpretation and potentially increasing perceived informational asymmetry.

Insights

Financial Analyst

TL;DR — Director sold 12,500 CCL shares (~16% of stake); minor cash-out, limited impact on overall float.

The filing shows a routine insider sale: 12,500 shares at $29.753 for roughly $372k. Post-sale ownership stands at 64.4k shares, so the director maintains exposure. The trade is negligible versus Carnival’s market cap and daily volume, suggesting little immediate price effect. However, insider selling—even modest—can be interpreted by some investors as a tempered outlook or personal liquidity move. Absence of a 10b5-1 plan might amplify that perception, though single transactions often lack predictive power. Overall market impact is minimal; monitor for additional insider activity to confirm any trend.

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

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

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^*

BAND SIR JONATHON

(Last) (First) (Middle)

C/O CARNIVAL CORPORATION

3655 N.W. 87TH AVENUE

(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
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
08/05/2025

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	08/05/2025		S		12,500	D	$29.753	64,405.905	D

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:

	/s/ Sir Jonathon Band	08/05/2025
	** 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

How many Carnival (CCL) shares did Director Sir Jonathon Band sell?

12,500 common shares were sold on 08/05/2025.

At what price were the CCL shares sold?

The shares were sold at an average price of $29.753.

How many CCL shares does the director still own after the transaction?

He now directly owns 64,405.905 shares.

Was the sale made under a Rule 10b5-1 trading plan?

No, the filing did not indicate use of a 10b5-1 plan.

What percentage of the director’s prior holdings was sold?

Approximately 16% of his prior direct stake was sold.