LIND — Lindblad Expeditions Holdings, Inc.

Summary of Lindblad Expeditions Holdings, Inc. Q4 2025 Earnings Call

1. Key Financial Results and Metrics

• Full Year 2025 Revenues: $771 million, a 20% increase year-over-year.
• Adjusted EBITDA: $126.2 million, up 38% from 2024, with margins expanding to 16.4%.
• Net Loss: $34.6 million or $0.63 per diluted share, slightly improved from $0.67 in 2024, impacted by a $23.5 million loss on debt extinguishment.
• Q4 2025 Revenues: $183.2 million, a 23% increase year-over-year.
• Occupancy Rate: Increased to 87% in Q4 from 78% in Q4 2024.
• Net Yield per Guest Night: Rose to $1,335, the highest in company history.

2. Strategic Updates and Business Highlights

• Guest Satisfaction: Achieved record satisfaction scores.
• Leadership Changes: Appointment of a new Chief Marketing Officer, Mike Fulkerson.
• Revenue Growth Drivers:
  • Expanded partnerships with Disney, leading to a 35% increase in bookings from Disney travel agents.
  • Enhanced online booking platform resulted in a 52% increase in online bookings.
  • Successful rollout of onboard sales programs and outbound sales initiatives.
• Conservation Commitment: Invested a record $3 million in conservation and education initiatives through the Lindblad Expeditions-National Geographic Fund.

3. Forward Guidance and Outlook

• 2026 Revenue Guidance: Expected to be between $800 million and $850 million.
• Adjusted EBITDA Guidance: Projected in the range of $130 million to $140 million.
• Booking Momentum: Strong bookings for 2026 already exceed total revenue for 2025, with positive trends for 2027 as well.
• Capacity Growth: Anticipated mid-single digit growth in available guest nights, driven by fleet optimization and new charters.

4. Challenges and Points of Concern

• Net Loss: Despite strong revenue growth, the company reported a net loss, primarily due to debt-related costs and increased depreciation.
• Cost Increases: Operating expenses rose 16.5%, driven by higher costs associated with additional voyages and marketing investments.
• Geopolitical Risks: Future performance may be affected by geopolitical events that could impact demand.
• Competition for Acquisitions: Limited availability of vessels that meet Lindblad's standards may pose challenges for future fleet expansion.

5. Notable Q&A Insights

• Occupancy and Yield: Management expressed confidence in achieving historical occupancy levels of 90% and mid-single digit yield growth, contingent on the absence of major disruptions.
• Cost Management: Costs are expected to be higher in the first half of 2026 due to dry docks and the step-up in National Geographic royalties, but overall EBITDA growth is anticipated to be stronger in the second half.
• Booking Trends: Bookings are consistent throughout the year, with a notable expansion in the booking curve for both 2026 and 2027.
• Fleet Expansion: While actively exploring newbuilds and acquisitions, the timeline for new vessels is approximately four years from order to delivery.

This summary captures the essential financial metrics, strategic initiatives, and outlook for Lindblad Expeditions, while also addressing potential challenges and insights from the Q&A session.