LIND · Lindblad Expeditions Holdings, Inc.

Lindblad Expeditions delivered record Q1 2026 results amid a complex macro environment, with total tour revenues surging 16% to $208.0 million, driven by a 16% increase in the Lindblad segment to $152.5 million from higher pricing, record 93% occupancy, and 7% net yield growth to $1,631 per available guest night, plus 14% growth in Land Experiences to $55.5 million from pricing and itinerary optimizations. Adjusted EBITDA expanded 16% to $34.8 million, with Lindblad up 6% to $27.9 million despite higher voyage-related costs, royalties from the National Geographic agreement step-up, and marketing investments, while Land Experiences jumped 88% to $6.9 million. GAAP net income available to stockholders swung to $6.0 million or $0.09 diluted EPS from breakeven, aided by stronger operations and lower interest expense. Balance sheet strengthened with cash and restricted cash at $321.1 million, up from year-end due to $49.5 million operating cash flow from advance bookings, offset by modest capex; total debt steady at $675.0 million with covenant compliance. CEO Natalya Leahy highlighted execution strength and historical occupancy peak. Full-year outlook projects tour revenues of $800-850 million and Adjusted EBITDA $130-140 million. The $35 million repurchase program advanced with $23 million spent on 875k shares and 6 million warrants, $12 million remaining as of April 30 amid 65.6 million shares outstanding.