LIND — Lindblad Expeditions Holdings, Inc.

Summary of Lindblad Expeditions Holdings, Inc. Q2 2026 Earnings Call

1. Key Financial Results and Metrics:

• Total Revenue: $199 million, a 19% increase from $168 million in Q2 2025.
• Lindblad Segment Revenue: $129 million, up 16%.
• Land Experiences Segment Revenue: $70 million, up 23%.
• Adjusted EBITDA: $32.5 million, a 31% increase from $24.8 million year-over-year.
• Adjusted EBITDA Margin: Improved to 16.3%, up 150 basis points.
• Occupancy Rate: 91%, the highest in 10 years, up from 86% in Q2 2025.
• Net Yield: Increased 4% to $1,294 per guest night, a record for the second quarter.
• Net Loss: $1.4 million, improved from a loss of $8.3 million in Q2 2025.
• Cash Position: $364.9 million, an increase of $75.2 million from the end of 2025.

2. Strategic Updates and Business Highlights:

• Booking Trends: Strong demand for 2026 and 2027 bookings, with 2028 itineraries showing double the revenue compared to the same period last year.
• Cost Innovation: Initiatives led to reduced fuel consumption despite increased capacity, contributing to improved margins.
• Partnerships: Continued collaboration with National Geographic enhances guest experiences and brand visibility.
• New Initiatives: Successful launches of unique itineraries, including the "Off the Beaten Path, Alaska Grandslam" and women-only journeys, which have sold out quickly.
• International Expansion: Significant growth in bookings from Australia and New Zealand, with a 44% increase post-market engagement trip.

3. Forward Guidance and Outlook:

• Revenue Guidance: Raised to $830 million - $860 million for 2026, up from $800 million - $850 million.
• Net Yield Guidance: Increased to 4.5% - 5.5%, from the previous range of 4% - 5%.
• Adjusted EBITDA Guidance: Maintained at $130 million - $140 million for the year.
• Capacity Expectations: Anticipated to be flat year-over-year in the second half of 2026.

4. Bad News, Challenges, or Points of Concern:

• Fuel Prices: Remain elevated, posing a significant headwind to profitability, with costs increasing 64% year-over-year.
• Operating Costs: Increased operating expenses, particularly in sales and marketing, due to the final royalty rate step-up under the National Geographic agreement.
• Geopolitical Risks: Potential for canceled voyages due to geopolitical uncertainties, which could impact future bookings and operations.

5. Notable Q&A Insights:

• Occupancy Potential: Management believes occupancy could continue to grow, with a target of around 90% being sustainable.
• Fuel Cost Management: The company models scenarios with elevated fuel prices and remains cautious about future cost impacts.
• Capital Allocation: Priorities include organic growth investments, disciplined acquisitions, and potential shareholder returns through debt reduction or stock buybacks.
• Data-Driven Initiatives: The company is in the early stages of a data-driven transformation aimed at identifying further cost efficiencies and operational improvements.

Overall, Lindblad Expeditions reported strong growth in revenue and profitability in Q2 2026, driven by robust demand and strategic initiatives, while facing challenges from elevated fuel costs and geopolitical risks. The company remains optimistic about future bookings and operational efficiency improvements.