SCHEDULE: Arison Family Updates Carnival Corp. Stake Post-Distribution

An amendment to Schedule 13D details the Arison family's updated beneficial ownership in Carnival Corp. following a trust distribution.

Summary

• The Arison family and related entities, as a group (the Reporting Persons), beneficially own an aggregate of 94,144,908 shares of Carnival Corp. common stock, representing approximately 8.06% of the total shares outstanding.
• This Amendment No. 28 to Schedule 13D reflects a distribution of 8,472,297 shares to Nickel 2025-05 Trust No. 2, a trust for the benefit of Micky Arison and his family.
• The shares were distributed from Artsfare 2023-05 Trust No. 2 on November 25, 2025, in connection with the passing of Marilyn B. Arison.
• The ownership percentages are calculated based on 1,167,541,049 shares of Carnival Corp. common stock reported as outstanding on September 22, 2025, in the company's Quarterly Report on Form 10-Q filed on September 29, 2025.
• Micky Arison individually beneficially owns 94,142,908 shares (8.06%), with varying sole and shared voting and dispositive powers across several trusts.
• Richard L. Kohan, as a trustee and sole member of KLR, LLC, beneficially owns 94,144,908 shares (8.06%), primarily through shared dispositive and voting powers over various trusts.

Sentiment

Score: 5

Explanation: The filing is a factual disclosure of beneficial ownership changes due to a trust distribution, with no inherent positive or negative corporate implications for operations or financial performance.

Positives

• Continued significant beneficial ownership by the Arison family, the company's founders, which may indicate long-term commitment and alignment of interests with shareholders.
• Clear disclosure of the beneficial ownership structure, enhancing transparency for investors regarding major stakeholders.

Related Party Transactions

• A distribution of 8,472,297 shares occurred from Artsfare 2023-05 Trust No. 2 to Nickel 2025-05 Trust No. 2, both trusts for the benefit of Micky Arison and his family, following the passing of Marilyn B. Arison. This represents an internal transfer of beneficial ownership within the Arison family's trust structure.

Stakeholder Impact

• Shareholders gain clarity on the beneficial ownership structure of Carnival Corp., particularly regarding the Arison family's significant stake and its distribution among family trusts.

Key Dates

Keywords

Carnival Corp, Beneficial Ownership, Schedule 13D, Arison Family, Cruise Industry, Shareholder Disclosure