Carnival outlines plan to exit London Stock Exchange

Carnival Corporation has reaffirmed its commitment to the “vital” UK market after outlining plans to leave the London Stock Exchange in the second quarter of 2026.

Under the proposals to streamline the company’s dual-listed structure, Carnival plc would cease to trade on the LSE and would become a wholly-owned UK subsidiary of New York-listed Carnival Corporation Ltd.

The plan would also see the de-listing from the New York Stock Exchange of American Depository Receipts, which allow US investors to invest in non-US companies.

If the plan goes ahead, Carnival plc shareholders would receive Carnival Corporation shares on a one-for-one basis.

More: Carnival Corporation reports record revenues in ‘truly phenomenal’ 2025

The company said the corporate restructure would “create a single global share price, streamline governance and reporting and reduce administrative costs”.

It said it also expected the move to “increase liquidity and weighting in major US stock indexes” which it believes will “strengthen its ability to deliver long-term shareholder value”.

The plans, which would be subject to approval from shareholders, regulators and the UK courts, also include a proposal to shift Carnival Corporation’s legal incorporation from Panama to Bermuda.

More details are due to be provided to shareholders in February 2026, before shareholder meetings are held in April. The company is aiming to complete the unification and shift of incorporation in the second quarter of the year.

In a fourth-quarter earnings statement on Friday, it said: “There will be no material changes to the company’s business fundamentals, including strategy, underlying assets and operations or to the company’s commitment to the vital UK market.”