[Form 4] Carnival PLC Insider Trading Activity

Rhea-AI Filing Summary

Carnival plc (CUK) – Form 4 filing: Director Sir Jonathon Band sold 12,500 Trust Shares (paired with Carnival Corporation common stock) on 05 Aug 2025 at an average price of $29.753, generating proceeds of roughly $0.37 million. After the sale, Band directly owns 64,405.905 Trust Shares. No derivative securities were traded.

The Trust Shares represent a beneficial interest in Carnival plc’s special voting share created under the dual-listed-company (DLC) structure with Carnival Corporation. The transaction was coded “S” (open-market sale) and there is no indication this was executed under a Rule 10b5-1 trading plan.

Positive

• None.

Negative

• Director sold 12,500 shares outside a disclosed 10b5-1 plan, which can be interpreted as a mild negative sentiment signal.

Insights

Securities Analyst

TL;DR: Modest insider sale; unlikely to be materially impactful.

The $372 k sale equals 16.3 % of Band’s prior position but is immaterial versus Carnival’s ~1.3 bn shares outstanding. Insider selling—especially outside a 10b5-1 plan—can signal waning confidence, yet single transactions of this size by non-executive directors rarely move valuation. No accompanying fundamentals, earnings, or guidance changes are disclosed. Market impact should be negligible unless part of a broader insider-selling trend.

Corporate Governance Expert

TL;DR: Routine disposition; governance risk minimal.

The DLC structure pairs Trust Shares with Carnival Corporation stock, so economic exposure remains transparent. Band remains a significant holder (>64 k shares) and continues to qualify as an independent director. Absence of 10b5-1 notation merits monitoring for pattern selling, but current transaction volume does not suggest governance concerns.

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 PLC [ CUK ]

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
Trust Shares (beneficial Interest in Special Voting Share)(1)	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:

1. Represents trust shares (the "Trust Shares") of beneficial interests in P&O Princess Voting Trust (the "Trust"). In connection with the dual listed company transaction between Carnival plc (f/k/a P&O Princess Cruises plc) and Carnival Corporation (the "DLC Transaction"), Carnival plc issued one special voting share to the Trust and, following a series of transactions, the Trust Shares were distributed to holders of common stock of Carnival Corporation (the "Carnival Corporation Common Stock"). Since completion of the DLC Transaction on April 17, 2003, if Carnival Corporation issues Carnival Corporation Common Stock to a person, the Trust will issue an equivalent number of Trust Shares to such person. The Trust Shares are paired with shares of Carnival Corporation Common Stock and are represented by the same stock certificate. The Trust Shares represent a beneficial interest in the Carnival plc special voting share.

	/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 (CUK) shares did Sir Jonathon Band sell?

He sold 12,500 Trust Shares, equivalent to paired Carnival Corporation common shares.

At what price were the shares sold?

The average sale price was $29.753 per share.

What is Sir Jonathon Band’s remaining shareholding after the sale?

He directly owns 64,405.905 Trust Shares following the transaction.

Was a Rule 10b5-1 trading plan used?

The Form 4 does not indicate that the sale was executed under a 10b5-1 plan.

Does this filing involve derivative securities?

No derivative securities were acquired or disposed of in this filing.