Lindblad Expeditions Holdings Inc. · NASDAQ:LIND
Lindblad Expeditions — Investor Presentation (August 2026)
32 slides from Lindblad Expeditions's investor presentation, August 2026
Slide 1: Investor Presentation August 2026
INVESTOR P R E S E N T AT I O N AUGUST 2026
Slide 2: Disclaimer
DISCLAIMER Forward-Looking Statements: This presentation contains forward-looking information and statements, within the meaning of applicable securities laws (collectively, “forward-looking statements”), including, but not limited to, statements relating to the Lindblad Expedition Holdings, Inc.’s
Slide 3: Company Overview
LINDBLAD EXPEDITIONS
Slide 4: Inspiring Exploration and Discovery
COMPANY OVERVIEW I N S P I R I N G E X P L O R AT I O N A N D D I S C O V E R Y We see ourselves as far more than a travel company. We are a conduit—to exhilaration. To the feeling you get when you see something wild and unexpected, or rare and beautiful. -SVEN LINDBLAD 4
Slide 5: Pioneering Adventure Travel for Over 60 Years
COMPANY OVERVIEW P I O N E E R I N G A DV E N T U R E T R AV E L F O R O V E R 6 0 Y E A R S LARS-ERIC LINDBLAD (1927-1994) • In 1966, Lars-Eric Lindblad led the first ever nonscientific Antarctica expedition followed by the first nonscientific expedition to Galápagos a year later • For over 60 year
Slide 6: Exclusive Partnership with National Geographic and Disney
COMPANY OVERVIEW EX CLU S I VE P AR TN ER S HI P W I TH N AT I O N A L G E O G R A P H I C A N D D I S N E Y Unparalleled expedition expertise Extended partnership through 2040, building on 2004 origins Exclusive relationship for expedition ships ≤ 295 passengers in the US and Canada Global expansio
Slide 7: Mission Driven Company
COMPANY OVERVIEW Lindblad is driven by the goal of helping people see, MISSION DRIVEN COMPANY feel, discover, and appreciate the natural world, increasing awareness and appreciation for the environment and, in turn, care for the sustainability of our planet. Lindblad Expeditions-National Geographic
Slide 8: The Fleet
COMPANY OVERVIEW THE FLEET OWNED FLEET (12 VESSELS) National Geographic National Geographic National Geographic Explorer National Geographic National Geographic National Geographic Gemini Endurance Resolution Orion Endeavour II 138 guests • 75 cabins 138 guests • 75 cabins 148 guests • 81 cabins 102
Slide 9: Exploring the World's Most Extraordinary Frontiers
COMPANY OVERVIEW Greenland Arctic Northwest Passage Alaska Scandinavia Iceland United Kingdom Canada Pacific Northwest Italy & France Spain & Portugal Mediterranean Japan Baja California Morocco Turkey China Mexico Egypt Caribbean India Costa Rica Belize Thailand Panamá & Colombia Sri Lanka Vietnam,
Slide 10: Unforgettable Journeys to Remarkable Destinations
COMPANY OVERVIEW U N FO R G ETTABLE J O U R N EY S TO R EM AR KAB LE DAY 1: Fly to Buenos Aires or Santiago D E S TI N ATI O N S DAY 2: Fly to Ushuaia and embark ship DAY 3-4: Transit the Drake Passage DAY 5-9: Explore Antarctica DAY 10-11: At Sea, Sail to Ushuaia DAY 13-14: Disembark Ushuaia, retur
Slide 11: Long-Term Value Creation Pillars
COMPANY OVERVIEW L O N G - T E R M V A L U E C R E AT I O N P I L L A R S MAXIMIZE REVENUE C O S T I N N O V AT I O N AC C R E T I V E G R O W T H Maximizing revenue generation Optimizing financial performance Exploring and capitalizing on through higher occupancy, through cost innovations and fixed
Slide 12: A Leader in Global Expedition Travel
COMPANY OVERVIEW A leader in global expedition travel, offering immersive, educational journeys that span all seven continents Awards $831M $139M $1,335 Net Yield per Available LTM Revenue LTM EBITDA Guest Night (1) 88% 68% 63,000+ Ship Occupancy (1) Direct Bookings Mix (1) Annual Guests(1) Note: As
Slide 13: Unique Business Model
COMPANY OVERVIEW UNIQUE BUSINESS MODEL Expedition Travel Focused ü û û û û Exclusive Partnership with National Geographic and Disney ü û û û û ü Attractive Affluent 55-70+ yrs Mass Market Mass Market Mass Market Mass Market Target Demo 2025 Industry- $1,335 $210 $274 $302 $556 Leading Net Yields Tot
Slide 14: Investment Highlights
INVESTMENT HIGHLIGHTS
Slide 15: Investment Highlights
INVESTMENT HIGHLIGHTS 1 Most Experienced Leader in Large, Growing Adventure Tourism Market 2 Attractive, Loyal Customer Base Driving Industry-High Net Yields 3 Exclusive Partnership with National Geographic and Disney 4 Diversified, Growing Adventure Travel Platform 5 Industry Leading Operating Metr
Slide 16: In the Large, Growing Adventure Tourism Market
INVESTMENT HIGHLIGHTS 1 I N T H E L A R G E , G R O W I N G A DV E N T U R E T O U R I S M M A R K E T … GLOBAL ADVENTURE TOURISM MARKET SIZE NATURAL TAILWINDS SUPPORTING LINDBLAD 9 .4% • Top three largest group of adventure travel OF A GR GROWING guests (37%) are aged 50 and over 0 C – 20 3 TARGET
Slide 17: Lindblad Is a Clear Leader in the Sector
INVESTMENT HIGHLIGHTS 1 …LINDBLAD IS A CLEAR LEADER IN THE SECTOR Lindblad is the most experienced maritime and expedition operator with 60 years of expertise. EXPEDITION SHIPS OWNED OR CHARTERED 21 expedition ships collectively 23(1) 11 5 5 4 4 4 3 3 2 Lindblad #2 #3 #4 #5 #6 #7 #8 #9 #10 Sources:
Slide 18: Attractive, Loyal Customer Base Driving Industry-High Net Yields
INVESTMENT HIGHLIGHTS 2 AT T R AC T I V E , LO Y A L C U S T O M E R B A S E D R I V I N G I N D U S T R Y - H I G H N E T Y I E L D S DEMOGRAPHIC REPEAT CUSTOMER H I G H E S T N E T Y I E L D AC R O S S P U B L I C P E E R S BREAKDOWN DISTRIBUTION(1) 2025 NET YIELD(2) ($ IN ACTUAL) $1,335 60 Averag
Slide 19: Robust Sales & Marketing Agreement with National Geographic and Disney
INVESTMENT HIGHLIGHTS 3 R O B U S T S A L E S & M A R K E T I N G AG R E E M E N T W I T H N AT I O N A L G E O G R A P H I C A N D D I S N E Y • Ability to market / sell globally, • Ability to market directly to “NGE pathway to global exclusivity sourced” leads and past guests • Ability to market /
Slide 20: Land Segment Expands Lindblad's Product Offering
INVESTMENT HIGHLIGHTS 4 LAND SEGMENT EXPANDS LINDBLAD’S PRODUCT OFFERING… • Leading land-based adventure travel brands that provide tours, trips, safaris, and journeys centered around nature and culture • Asset-light operating model provides flexibility with limited capital commitment • Expands demo
Slide 21: Creating a Diversified, Growing Adventure Travel Platform
INVESTMENT HIGHLIGHTS 4 … C R E AT I N G A D I V E R S I F I E D , G R O W I N G A DV E N T U R E T R AV E L P L AT F O R M Lindblad has assembled a complementary collection of land based travel experiences with the same approach to high quality experiential travel that our customers have come to ex
Slide 22: The Lindblad Platform Advantage
INVESTMENT HIGHLIGHTS 4 T H E L I N D B L A D P L AT F O R M A DV A N T AG E Internal cross-selling and lead generation More guest data & insights Increased customer lifetime value Deeper relationships across all sales & distribution channels Opportunities for product expansion, new partnerships, co
Slide 23: Strong Financial and Operational Growth
INVESTMENT HIGHLIGHTS 5 S T R O N G F I N A N C I A L A N D O P E R AT I O N A L G R O W T H GROSS REVENUE OCCUPANCY ($M) 14% 1 6 -20 25 CAGR: 92% 20 90% 91% 91% 87% 88% $831 $771 $645 $570 77% 78% $310 $343 $242 $279 (1) 2016 2017 2018 2019 2023 2024 2025 LTM 2Q26 2016 2017 2018 2019 2023 2024 2025
Slide 24: Rising Guest NPS Affirms Pricing Power and Loyalty
INVESTMENT HIGHLIGHTS 5 R I S I N G G U E S T S AT I S FAC T I O N A F F I R M S P R I C I N G P O W E R A N D L O Y A LT Y Sustained delivery of exceptional and growing year-over-year Net Promoter Scores— with highest-ever NPS and Guest Satisfaction scores in 2025. ANNUAL NPS PERFORMANCE SCORE 80 8
Slide 25: Experienced Leadership Team Driving Value Creation
INVESTMENT HIGHLIGHTS 6 E X P E R I E N C E D L E A D E R S H I P T E A M D R I V I N G V A L U E C R E AT I O N EXECUTIVE LEADERSHIP TEAM NATALYA LEAHY RICK GOLDBERG TREY BYUS KEITH TAYLOR CHIEF EXECUTIVE CHIEF FINANCIAL CHIEF EXPEDITION CHIEF MARITIME OFFICER OFFICER OFFICER OFFICER MIKE FULKERSON
Slide 26: Appendix
APPENDIX
Slide 27: Experienced Board of Directors
APPENDIX EXPERIENCED BOARD OF DIRECTORS BOARD OF DIRECTORS SVEN-OLOF MARK EIN DYSON DRYDEN ELLIOTT BISNOW LINDBLAD FOUNDER AND CHAIRMAN OF FOUNDER OF CEO OF VENTUREHOUSE CDS LOGISTICS SUMMIT SERIES FOUNDER Co-Chair Co-Chair Vice-Chair JOHN FAHEY PAM KAUFMAN ANNETTE REAVIS CATHERINE FMR. CEO OF NATIO
Slide 28: Reconciliation of Non-GAAP Items
APPENDIX R E C O N C I L I AT I O N O F N O N - G A A P I T E M S Description of Non-GAAP Financial Measures The Company uses a variety of operational and financial metrics, including non-GAAP financial measures such as Adjusted EBITDA, Occupancy, Net Yields and Net Cruise Costs, to enable it to ana
Slide 29: Reconciliation of Adjusted EBITDA
APPENDIX R E C O N C I L I AT I O N O F A D J U S T E D E B I T DA 29
Slide 30: Reconciliation of Adjusted EBITDA (Cont'd)
APPENDIX R E C O N C I L I AT I O N O F A D J U S T E D E B I T DA ( C O N T ’ D ) 30
Slide 31: Reconciliation of Net Yield
APPENDIX R E C O N C I L I AT I O N O F N E T Y I E L D 31
Slide 32: Reconciliation of Net Yield (Cont'd)
APPENDIX R E C O N C I L I AT I O N O F N E T Y I E L D ( C O N T ’ D ) 32
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