#None #Lindblad Expeditions #Adventure Travel #National Geographic

Lindblad Expeditions Excels in 2025 Financial Results

Lindblad Expeditions Holdings, Inc., a global leader in expedition cruising and adventure travel experiences, has reported its financial results for the fourth quarter and full year ending December 31, 2025. The company achieved its strongest performance in history, highlighted by significant revenue growth and remarkable guest satisfaction rates.

Record Revenues

In 2025, Lindblad's total revenues soared to $771.0 million, marking a 20% increase compared to the previous year. This growth was propelled by a notable $72.3 million growth in the Lindblad segment and a $54.0 million increase in its Land Experiences division, reflecting higher pricing and an increase in guests. Specifically, the Lindblad segment generated $495.6 million in tour revenues, while the Land Experiences segment totaled $275.4 million. The overall growth indicates a robust recovery and demand for travel experiences post-pandemic.

Improved Profitability

Despite a net loss available to stockholders of $34.6 million for 2025, a $1.2 million decrease from 2024's losses, the company saw significant improvements in its operational metrics. Adjusted EBITDA surged to $126.2 million, reflecting a 38% increase year-over-year. This performance underscores the effective management strategies implemented by the Lindblad team amid challenging economic conditions.

Lindblad's CEO, Natalya Leahy, highlighted the milestones achieved during the year, emphasizing record profit margins and the growing strength of the brand. "In 2025, we delivered remarkable guest satisfaction, a record yield of $1,335, and record Adjusted EBITDA, while concurrently strengthening our balance sheet position," Leahy stated in the investor announcement.

Operational Highlights

• - Net Yield per Available Guest Night increased by 14% to $1,335, resulting from enhanced pricing strategies and improved occupancy rates, which reached 88% in 2025.
• - The company successfully refinanced long-term debt, issuing $675.0 million in senior secured notes, extending maturity to 2030 and providing the company with additional liquidity through increased revolving credit.
• - Lindblad converted 62,000 shares of Preferred Stock into 9.0 million shares of Common Stock, enhancing shareholder value and simplifying its capital structure.

Fourth Quarter Performance

For the fourth quarter alone, Lindblad reported a revenue of $183.2 million, up 23% from the previous year. The significant contributions from both Lindblad and Land Experiences segments indicate a sustained interest in adventure travel, bolstered by the company’s continued focus on quality and customer satisfaction. During the quarter, Lindblad's total operating loss was reduced to $5.5 million, a notable improvement reflecting operational efficiencies.

Financial Outlook for 2026

Looking ahead, Lindblad expects tour revenues between $800 million to $850 million for 2026 and anticipates Adjusted EBITDA in the range of $130 million to $140 million. These expectations are anchored in the company’s commitment to expanding its fleet and portfolio of travel experiences and further enhancing its offerings in partnership with National Geographic.

Conclusion

Lindblad Expeditions Holdings, Inc. continues to establish itself as a premier provider of travel adventures, combining unique exploration opportunities with a commitment to sustainability and responsible tourism. With a solid financial foundation and an innovative approach to travel, the company is well-positioned for continued growth in the evolving travel landscape.

For additional details about Lindblad Expeditions and its future prospects, visit their official investor relations page.