Global Hotels & Leisure — Cruise: Still onboard (Q3 preview / October price tracker)

Mainstream ocean cruise pricing softened in October, with RCL pricing down 8.3%. This looks predominantly a comparison effect rather than a sign of weakening demand, as October 2025 was exceptionally strong, with double-digit pricing growth. On a two-year stack, October implies only a modest slowdown from September. Elsewhere, river demand remains resilient, with the 3Q27 booking curve for the Rhine and Danube progressing well and at similar pricing to last month. Luxury ocean continues to be a standout, with Viking Ocean pricing pacing higher. RCL and NCLH are due to report Q3 results shortly. Following CCL's Q3 update, which highlighted healthy close-in and onboard spending, we expect both to beat Q3 expectations and maintain or improve Q4 guidance. We also see potential for constructive commentary from RCL on 2027, while NCLH is likely to strike a more cautious tone. Viking is scheduled to report later in November;