Company Overview - Lindblad Expeditions Holdings is a leading provider of expedition cruising and adventure travel, focusing on affluent travelers seeking unique, eco-conscious, and educational experiences [1] - The company operates through a diversified portfolio of brands and has a strategic alliance with the National Geographic Society [1] Revenue Generation - Revenue is primarily generated from ticket sales for expedition cruises and adventure tours, with additional income from related travel services and partnerships [2] - The company offers various travel experiences through owned and chartered vessels, as well as land-based experiences under multiple brands [2] Recent Transactions - Sven-Olof Lindblad, the founder and a 10% owner, sold 28,002 shares in an open-market transaction valued at approximately $493,000 [6] - This sale impacted only 0.26% of his direct holdings, which is lower than the recent median of 1.14% per sell transaction [4] - The number of shares sold is significantly below the recent median sell size of 130,641 shares, indicating a reduction in transaction scale compared to prior sales [5] Stock Performance - The company's stock reached a 52-week high of $21.23 on February 20, driven by strong performance, with 2025 revenue reported at $771 million, a 20% increase over 2024 [8] - The forecast for 2026 revenue is between $800 million to $850 million, indicating continued growth [8] - The price-to-sales ratio is at a multi-year high, suggesting it may be a good time for shareholders to sell, while potential buyers might consider waiting for a price drop [9] Insider Trading Context - The recent sale by Sven-Olof Lindblad was part of a Rule 10b5-1 trading plan, which is designed to prevent accusations of insider trading [7] - Post-sale, he retains nearly 11 million shares, indicating no immediate intention to dispose of his holdings [7]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______________to ______________ Commission File Number 001-35898 LINDBLAD EXPEDITIONS HOLDINGS, INC. (Exact Name of Registrant as Specified in Its Charter) Delaware 2 ...

Financial Data and Key Metrics Changes - Full-year revenues reached a record $771 million, representing a 20% growth year-over-year [6] - Adjusted EBITDA increased 38% to a record $126.2 million, with margins expanding 220 basis points to 16.4% [6][18] - Net leverage improved from 4.6x at the end of 2024 to approximately 3.1x by year-end 2025 [6] Business Line Data and Key Metrics Changes - The Lindblad segment delivered 28% revenue growth, driven by an 11% increase in net yields to $1,279 per guest night, while occupancy rose to 87% from 78% in Q4 2024 [7][19] - Land Experiences segment maintained momentum with 16% revenue growth, underscoring strength across the entire portfolio [7] Market Data and Key Metrics Changes - Bookings from earmarked Disney travel agents increased 35% for the full year, contributing to strong performance across key channels [8] - Online bookings increased 52% year-over-year, fueled by strong demand generation through the National Geographic partnership [8] Company Strategy and Development Direction - The company focuses on maximizing revenue generation through occupancy, pricing, and deployment optimization [7] - Cost innovation and fixed asset utilization are key areas for optimizing financial performance [9] - The company is exploring accretive growth opportunities, including acquisitions and fleet expansion [10][11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving historical occupancy levels of 90% and noted strong booking momentum for 2026 and 2027 [12][27] - The company anticipates full-year revenues and Adjusted EBITDA in the range of $800 million-$850 million and $130 million-$140 million, respectively [12][23] Other Important Information - The company made a record $3 million investment through the Lindblad Expeditions-National Geographic Fund, supporting conservation and education initiatives [11] - Total cash at year-end was $289.7 million, reflecting strong operational results and increased bookings for future travel [20] Q&A Session Summary Question: What factors could lead to achieving the high end of the guidance range? - Management indicated that achieving the high end of the range depends on no major geopolitical disruptions and continued execution against strategic pillars [28] Question: How are costs expected to trend throughout the year? - Management noted that costs would be impacted by employee retention tax credits and the timing of dry and wet docks, with a focus on maximizing revenue and EBITDA [30] Question: How is pricing shaping up for 2026 and 2027 bookings? - Management reported strong price integrity and momentum in bookings, with 2027 booking curves ahead of 2026 by months [35] Question: Are there plans for fleet expansion with new builds? - Management confirmed that the right time to grow capacity is now, with ongoing efforts to acquire vessels and expand charters [38] Question: What is the competitive environment for acquiring new vessels and experiences? - Management stated that the focus is on sourcing unique opportunities rather than competing with others, as there are limited vessels available that meet their standards [53]

Lindblad Expeditions (NasdaqCM:LIND) Q4 2025 Earnings call February 26, 2026 09:00 AM ET Company ParticipantsEric Wold - Executive Director in Equity ResearchNatalya Leahy - CEORick Goldberg - CFOConference Call ParticipantsEric Des Lauriers - Senior Research AnalystMike Albanese - Equity Research AnalystSteven Wieczynski - Managing Director and Senior Equity AnalystOperatorHello, and thank you for standing by. My name is Bella, and I will be your conference operator today. At this time, I would like to wel ...

Lindblad Expeditions (NasdaqCM:LIND) Q4 2025 Earnings call February 26, 2026 09:00 AM ET Speaker4Hello, and thank you for standing by. My name is Bella, and I will be your conference operator today. At this time, I would like to welcome everyone to Lindblad Expeditions Holdings, Inc. 2025 fourth quarter and full year financial results. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. We do request for today's sessio ...

Core Insights - Lindblad Expeditions Holdings, Inc. reported its strongest adjusted EBITDA performance in company history for the year 2025, with adjusted EBITDA reaching $126.2 million, a 38% increase from the previous year [1][2] Financial Performance - Total revenues for 2025 increased by 20% to $771.0 million, driven by a $72.3 million increase in the Lindblad segment and a $54.0 million increase in the Land Experiences segment [1][2] - The net yield per available guest night rose by 14% to $1,335, with occupancy rates improving to 88% from 78% in the previous year [1][2] - The net loss available to stockholders decreased to $34.6 million, down from $35.8 million in 2024, reflecting improved operating results despite a $23.5 million loss on extinguishment of debt [1][2] Segment Performance - Lindblad segment tour revenues increased by 17% to $495.6 million, attributed to a 2% rise in available guest nights and higher pricing [1][2] - Land Experiences segment tour revenues grew by 24% to $275.4 million, primarily due to an increase in guests traveled and higher pricing [1][2] - Adjusted EBITDA for the Lindblad segment was $79.8 million, a 34% increase, while the Land Experiences segment saw an adjusted EBITDA of $46.5 million, a 46% increase [1][2] Fourth Quarter Results - Fourth quarter tour revenues reached $183.2 million, a 23% increase compared to the same period in 2024, with the Lindblad segment contributing $115.9 million and the Land Experiences segment contributing $67.2 million [1][2] - The net loss available to stockholders for the fourth quarter was $24.8 million, an improvement from $26.2 million in the same quarter of 2024 [1][2] - Adjusted EBITDA for the fourth quarter was $14.2 million, a 15% increase from the previous year, driven by a $2.5 million increase in the Land Experiences segment [1][2] Balance Sheet and Liquidity - As of December 31, 2025, the company had cash and cash equivalents of $289.7 million, up from $216.1 million a year earlier, primarily due to increased bookings and cash from financing activities [2][3] - The total debt position was $675.0 million, with compliance to all applicable debt covenants [2][3] Future Outlook - The company expects adjusted EBITDA for 2026 to be between $130 million and $140 million, with tour revenues projected to be between $800 million and $850 million [2][3] - A stock repurchase plan of $35.0 million is currently in place, with $12.0 million remaining as of February 23, 2026 [2][3]

Exhibit 99.1 Lindblad Expeditions Holdings, Inc. Reports 2025 Fourth Quarter and Full Year Financial Results 2025 Delivered the Strongest Adjusted EBITDA Performance in Company History Highlights: NEW YORK, February 26, 2026 – Lindblad Expeditions Holdings, Inc. (NASDAQ: LIND; the "Company" or "Lindblad"), a global provider of expedition cruises and adventure travel experiences, today reported financial results for the fourth quarter and full year ended December 31, 2025. Tour Revenues Full year tour revenu ...

Core Insights - The company reported its strongest adjusted EBITDA performance in history, achieving $126.2 million in 2025 [1] - Total revenues increased by 20% to $771.0 million, indicating robust growth [1] - The net loss available to stockholders decreased by $1.2 million to $34.6 million, despite a $23.5 million loss on extinguishment of debt [1] Financial Performance - Adjusted EBITDA increased by 38% to $126.2 million, reflecting operational efficiency and profitability [1] - Net yield per available guest night rose by 14% to $1,335, showcasing improved pricing power and guest experience [1] - Occupancy rate stood at 88%, indicating strong demand for the company's services [1] Debt Management - The company refinanced long-term debt with $675.0 million of 7.00% senior secured notes, extending the debt maturity to 2030 [1] - The amount available under the revolving credit facility was increased to $60.0 million, enhancing liquidity [1] Stock Conversion - On February 3, 2026, all outstanding preferred stock was converted into 9.0 million shares of common stock, potentially improving equity structure [1]

Core Insights - Generative AI is viewed as a transformative technology by Amazon's CEO Andy Jassy, indicating its potential to significantly enhance customer experiences across the company [1] - Elon Musk predicts that humanoid robots could create a market worth $250 trillion by 2040, representing a substantial shift in the global economy driven by AI innovation [2][3] - Major firms like PwC and McKinsey acknowledge the multi-trillion-dollar potential of AI, suggesting a broad consensus on its economic impact [3] Company and Industry Analysis - A breakthrough in AI technology is believed to be redefining work, learning, and creativity, leading to increased interest from hedge funds and top investors [4] - There is speculation about an under-owned company that may play a crucial role in the AI revolution, with its technology being described as a concern for competitors [4][6] - Prominent figures in technology and investment, including Bill Gates and Warren Buffett, recognize AI as a significant technological advancement with the potential for substantial social benefits [8]

Industry Overview - Cruise stocks are regaining investor attention as the industry enters 2026 with record-breaking demand, firm pricing, and rising onboard spending, with North American passenger volumes projected to reach 21.7 million [2] - Prominent cruise operators are reporting occupancy levels above 100%, enhancing operating leverage, supporting strong yields, and driving margin expansion [2] - The industry is investing in new ships and private destinations to modernize fleets and stimulate long-term demand, with sustainability becoming a central theme as new vessels increasingly use alternative fuels like LNG [3] Financial Performance - Beyond ticket revenue, cruise lines benefit from high-margin onboard spending, which has accelerated profitability and enabled companies to reduce debt accumulated between 2020 and 2022 [3] - Record bookings, firm pricing, rising onboard spending, and steady balance sheet repair suggest the industry is operating from a position of strength, with improving profitability indicating attractive upside potential for investors [4] Company Highlights - Pursuit Attractions and Hospitality, Inc. (NYSE:PRSU) is focusing on iconic attractions and hospitality assets, having entered into a definitive agreement to sell its Flyover flying theater attractions business for approximately $78.4 million, which is expected to close in spring pending regulatory approvals [9][10] - Lindblad Expeditions Holdings, Inc. (NASDAQ:LIND) has seen a constructive outlook with a raised full-year guidance for net yields, revenue, and EBITDA, with consolidated revenue advancing 16.6% and net yields climbing 9% to $1,314, marking the strongest third-quarter performance in the company's history [12][13]