Europe will tie the Caribbean as Carnival Corporation’s largest deployment region in 2027, with each accounting for 34 percent of capacity, according to the company’s third-quarter earnings presentation.

It marks the first time Europe has matched the Caribbean, CEO Josh Weinstein said during the company’s earnings call. In 2026, the Caribbean accounted for 35 percent of capacity and Europe 31 percent.

The shift comes as Carnival leans further into Northern Europe, where Weinstein said guest interest continued to grow in cooler-weather destinations and outdoor activities such as hiking, exploring the Norwegian fjords and seeing the Northern Lights.

“Importantly, we are doing this in the context of relatively flat overall capacity growth, meaning that we are actively shifting our deployment mix toward the opportunities we find most attractive,” Weinstein said.

Responding to an analyst, Weinstein said the move was not new but a growing part of the strategy.

“We actually have more European sailings outside of the Med than in the Med, and we love that position,” he said, adding that Northern Europe also offered longer seasonality, allowing brands to push further into the shoulder seasons.

He described Northern Europe as the “backyard” for the company’s German, U.K. and Italian brands, with itineraries ranging from the Baltic and Sweden to the fjords and Iceland.

Europe’s share peaks in the third quarter of 2027 at 47 percent of capacity, up from 43 percent this year. Weinstein said many guests who held off on European travel during the spring disruption had decided to go next year instead.

The Caribbean remains central to the strategy, he said, pointing to investments in Celebration Key and RelaxAway, Half Moon Cay. But he acknowledged industry capacity growth of roughly 37 percent over three years created pricing pressure.

“Option A would make my life easier,” he said, referring to a scenario with no Caribbean growth.