Lindblad Expeditions Holdings, Inc. Q4 FY2025 earnings call

• Maximize revenue generation: Relationships with Disney expand reach, onboard expedition sales program rollout leads to more bookings, outbound sales program gains traction, online bookings up 52%, extension revenues up 45%. Hosted travel advisors and journalists in UK, booked half of 2025 revenue in first six weeks. - Optimize financial performance: Realizing benefits from fleet optimization, expect single-digit capacity growth in 2026, built cost innovation pipelines for 2026 and beyond. - Explore and capitalize on accretive growth opportunities: Acquired two Galapagos ships, expanded charter portfolio, completed acquisition of Earth's Watch. Invested $3 million through Lindblad Expeditions National Geographic Fund in 2025, supported 46 scientist, education and storytelling projects.

Full year revenues reached a record 771 million, representing 20% growth year over year. Adjusted EBITDA increased 38% to 126.2 million with margins expanding to 16.4%. Fourth quarter revenues increased 23% to $183.2 million. Lindblad segment delivered 28% revenue growth with 11% increase in net yields to 1,279 per guest night and occupancy rose to 87%. Land experiences segment had 16% revenue growth. Lindblad segment revenues in 2025 were $495.6 million, up 17.1% with occupancy increasing from 78% to 88% and net yield up 14.1% to $1,335. Land experiences segment revenues were $275.4 million, up 24.4% driven by 16% increase in guests and 7% increase in revenue per guest. Fourth quarter Lindblad segment revenues increased 27.8% with 9 percentage point increase in occupancy and 11.2% increase in net yield per available guest night. Land experiences revenues increased 16.1% in fourth quarter.

• 2026 full year revenues expected in range of 800 to 850 million and adjusted EBITDA in range of 140 to 140 million. - Available guest nights expected to increase 4.5% to 5%, net yield per available guest night expected to increase 4% to 5%. - Booking momentum strong, 2026 book revenue already exceeded 2025 revenue. - EBITDA growth expected to be slightly stronger in second half, approximately 10 million lower capital expenditures year over year.

Q: Thoughts on what would get towards high or low end of 2026 guidance range, specifically occupancy and yields.

A: Ended 2025 with 88 occupancy, confident to get to 90% occupancy, yields mid-digits, dependent on booking course and absence of geopolitical events.

Q: Walk through cost cadence for 2026, lapping employee retention tax credits, step up in National Geographic royalties, dry docks.

A: Lapping majority of employee retention tax credits in Q2 2025, step up in National Geographic royalties, dry and wet docks weighted toward Q1 and Q4 2026.

Q: Guidance on 2026 and 2027 bookings, pricing.

A: Strong momentum in 2026 and 2027, maintaining price integrity, 2027 booking curves ahead of 2026.

Q: Plans to expand fleet with new builds.

A: Right time to grow capacity now, adding ships through acquisitions and charters, actively looking at acquisitions or new builds, pipeline for new build approximately four years.

Q: Seasonal cadence of bookings, online bookings drivers, international market lift.

A: Bookings relatively consistent throughout year, online bookings driven by web platform updates and National Geographic partnership, UK market seeing booking momentum with half of 2025 revenue booked in first six weeks of 2026.

Q: Competitive environment around acquiring vessels and land-based experiences.

A: Less about competition, looking for vessels meeting standards, preferred buyer for land experiences due to commitment to responsible exploration.