Lindblad Expeditions (LIND) investor relations material

Executive summary

• Total revenue for Q2 2026 rose 19% year-over-year to $199.2 million, driven by both Lindblad and Land Experiences segments, with increased guest nights and higher pricing.

• Adjusted EBITDA increased 31% to $32.5 million, with margin improvement and expansion despite higher fuel costs.

• Net loss available to stockholders improved by $8.3 million to $1.4 million, or $0.02 per diluted share, compared to Q2 2025; operating income rose 171% to $12.0 million.

• Occupancy reached 91%, the highest Q2 rate in a decade, and net yield per guest night hit a record $1,294.

• Strong booking momentum continues for 2026–2028, with 2028 bookings doubling those of 2027 at launch.

Financial highlights

• Lindblad segment revenue grew 16% to $129.2 million; Land Experiences segment rose 23% to $70.0 million.

• Operating income for Q2 2026 was $12.0 million, up from $4.4 million in Q2 2025.

• Gross margin improved 290 basis points to 48.5%.

• Free cash flow for the first half of 2026 was $93.6 million, nearly doubling year-over-year.

• Cash and cash equivalents plus restricted cash totaled $364.9 million as of June 30, 2026, up from $289.7 million at year-end 2025.

Outlook and guidance

• Raised 2026 revenue guidance to $830–$860 million, with net yield guidance increased to 4.5%–5.5% year-over-year.

• Full-year adjusted EBITDA guidance maintained at $130–$140 million, reflecting elevated fuel costs.

• 2027 bookings pacing ahead of 2026; 2028 launch generated double the bookings of 2027 launch period.

• Management expects continued growth, supported by strong advance bookings and expanded capacity.

• Cash on hand and available credit are expected to be sufficient to fund operations and capital needs for at least the next 12 months.