Lindblad Expeditions Holdings Inc. · NASDAQ:LIND
Lindblad Expeditions — Q4 2025 Earnings Presentation
31 slides from Lindblad Expeditions's earnings presentation, Feb 26, 2026
Slide 1: Investor Presentation February 2026
INVESTOR PRESENTATION FEBRUARY 2026
Slide 2: Disclaimer: Important Notices
DISCLAIMER Important Notices Not an Offer or Sale: This presentation is neither an offer to sell nor a solicitation of an offer to buy any securities of L ind blad Expeditions, LLC (the “Issuer”) or Lindblad Expeditions Holdings, Inc. (“Lindblad Expeditions,” the “Parent” or the “Company”) or any of
Slide 3: Inspiring Exploration and Discovery
COMPANY OVERVIEW INSPIRING EXPLORATION AND DISCOVERY 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 3
Slide 4: Pioneering Adventure Travel for Over 60 Years
COMPANY OVERVIEW PIONEERING ADVENTURE TRAVEL FOR OVER 60 YEARS LARS -ERIC LINDBLAD (1927 -1994) • In 1966, Lars -Eric Lindblad led the first ever nonscientific Antarctica expedition followed by the first nonscientific expeditio n to Galápagos a year later • For over 60 years, the Lindblad name has b
Slide 5: A Leader in Global Expedition Travel
COMPANY OVERVIEW A leader in global expedition travel, offering immersive, educational journeys that span all seven continents Awards $771M $126M $1,335 Net Yield per Available LTM Revenue LTM EBITDA Guest Night 88% 68% 63,000+ Note: As of December 31, 2025. Net Yield per Guest Night, Ship Occupancy
Slide 6: 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 7: 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 8: Unforgettable Journeys to Remarkable Destinations
COMPANY OVERVIEW UNFORGETTABLE JOURNEYS TO REMARKABLE DAY 1: Fly to Buenos Aires or Santiago DESTINATIONS 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, return flight to Buenos
Slide 9: Unique Business Model
COMPANY OVERVIEW UNIQUE BUSINESS MODEL ✓ Expedition Travel Focused Exclusive Partnership with National Geographic and Disney ✓ ✓ Attractive Affluent 55 -70+ yrs Mass Market Mass Market Mass Market Mass Market Target Demo 2025 Industry - $1,335 $210 $274 $299* $545* Leading Net Yields
Slide 10: Investment Highlights
INVESTMENT HIGHLIGHTS 1 Most Experienced Leader in Large, Growing Adventure Tourism Market 2 Attractive, Loyal Customer Base Driving Industry -High Net Yields 3 Exclusive Partnership with National Geographic and Disney 4 Diversified, Growing Adventure Travel Platform 5 Industry Leading Operatin g Me
Slide 11: In the Large, Growing Adventure Tourism Market
INVESTMENT HIGHLIGHTS 1 IN THE LARGE, GROWING ADVENTURE TOURISM MARKET… GLOBAL ADVENTURE TOURISM MARKET SIZE NATURAL TAILWINDS SUPPORTING LINDBLAD • Top three largest group of adventure travel GROWING guests (37%) are aged 50 and over TARGET • First-time cruisers are driving growth with 31% of POPUL
Slide 12: Lindblad Is a Clear Leader in the Sector
INVESTMENT HIGHLIGHTS 1 …LINDBLAD IS A CLEAR LEADER IN THE SECTOR Lindblad is the most experienced maritime and expedition operator with 60 years of expertise. EXPEDITION SHIPS OWNED OR CHARTERED 23(1) 22 expedition ships collectively 11 6 5 4 4 4 3 3 2 Lindblad #2 #3 #4 #5 #6 #7 #8 #9 #10 Sources:
Slide 13: Attractive, Loyal Customer Base Driving Industry-High Net Yields
INVESTMENT HIGHLIGHTS 2 ATTRACTIVE, LOYAL CUSTOMER BASE DRIVING INDUSTRY - HIGH NET YIELDS DEMOGRAPHIC REPEAT CUSTOMER HIGHEST NET YIELD ACROSS PUBLIC PEERS BREAKDOWN DISTRIBUTION (1) 2025 NET YIELD (2) ($ IN ACTUAL) 60 Average Age Guests traveling with 7% children under 18 (1) 32% Repeat Customers
Slide 14: Exclusive Partnership with National Geographic and Disney
INVESTMENT HIGHLIGHTS 3 EXCLUSIVE PARTNERSHIP WITH NATIONAL GEOGRAPHIC AND DISNEY Unparalleled expedition expertise Extended partnership through 2040, building on 2004 origins Exclusive relationship for expedition ships ≤ 295 passengers in the US and Canada Global expansion opportunity unlocked by T
Slide 15: Robust Sales & Marketing Agreement with National Geographic and Disney
INVESTMENT HIGHLIGHTS 3 ROBUST SALES & MARKETING AGREEMENT WITH NATIONAL GEOGRAPHIC AND DISNEY • Ability to market / sell globally , • Ability to market directly to “NGE pathway to global exclusivity sourced” leads and past guests • Ability to market / sell river cruise • Disney brand activations un
Slide 16: 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 de
Slide 17: Creating a Diversified, Growing Adventure Travel Platform
INVESTMENT HIGHLIGHTS 4 …CREATING A DIVERSIFIED, GROWING ADVENTURE TRAVEL PLATFORM Lindblad has assembled a complementary collection of land based travel experiences with the same approach to high quality exp eri ential travel that our customers have come to expect from Lindblad. Focus Nature / Wild
Slide 18: The Lindblad Platform Advantage
INVESTMENT HIGHLIGHTS 4 THE LINDBLAD PLATFORM ADVANTAGE 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 -marketing Hybrid a
Slide 19: Strong Financial and Operational Growth
INVESTMENT HIGHLIGHTS 5 STRONG FINANCIAL AND OPERATIONAL GROWTH GROSS REVENUE OCCUPANCY ($M) (1) ADJUSTED EBITDA (4) NET YIELD / AVAILABLE GUEST NIGHT (4) ($M) (2) (3) MARGIN AVAILABLE GUEST NIGHTS (IN 000S) 17% 19% 18% 20% 12% 14% 16% 182 187 201 222 316 324 329 (1) 2017 includes estimated $12.4M o
Slide 20: High Revenue Visibility, Given Long Booking Window
INVESTMENT HIGHLIGHTS 5 HIGH REVENUE VISIBILITY, GIVEN LONG BOOKING WINDOW % OF LINDBLAD TICKET REVENUE BOOKED AT THE END OF FEBRUARY TO YE AR END LINDBLAD TICKET REVENUE Ticket Revenue Note: Lindblad segment only 20
Slide 21: Rising Guest Satisfaction Affirms Pricing Power and Loyalty
INVESTMENT HIGHLIGHTS 5 RISING GUEST SATISFACTION AFFIRMS PRICING POWER AND LOYALTY 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 8080 50 40 2023 2024 YTD 20 25 2023 2024
Slide 22: Experienced Leadership Team Driving Value Creation
INVESTMENT HIGHLIGHTS 6 EXPERIENCED LEADERSHIP TEAM DRIVING VALUE CREATION 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 KATHI RIDDLE ALEXIS FREEMAN MEGGAN FR
Slide 23: Experienced Board of Directors
INVESTMENT HIGHLIGHTS 6 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 CATHERIN
Slide 24: Mission Driven Company
INVESTMENT HIGHLIGHTS 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 Geogr
Slide 25: 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 Operatin g Me
Slide 26: Appendix
APPENDIX
Slide 27: Reconciliation of Non-GAAP Items
APPENDIX RECONCILIATION OF NON - GAAP ITEMS 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 analyze its performance
Slide 28: Reconciliation of Adjusted EBITDA
APPENDIX RECONCILIATION OF ADJUSTED EBITDA 28
Slide 29: Reconciliation of Adjusted EBITDA (Cont'd)
APPENDIX RECONCILIATION OF ADJUSTED EBITDA ( CONT’D ) 29
Slide 30: Calculation of Net Yield
APPENDIX CALCULATION OF NET YIELD 30
Slide 31: Reconciliation of Net Yield
APPENDIX RECONCILIATION OF NET YIELD 31
Lindblad Expeditions Holdings — Q4 2025 Earnings Presentation on 6ix