Lindblad Expeditions (LIND) Acquisition presentation summary

Strategic rationale and acquisition overview

• Acquired 60% of White Desert and Echo Charlie for $61 million, plus $6 million in cash on the balance sheet, funded by cash on hand.

• Acquisition creates a new aviation-based platform, complementing established land and sea offerings.

• Combines two leaders in experiential travel, leveraging innovation and global reach.

• White Desert's founder, Patrick Woodhead, joins as Chairman, CEO of Echo Charlie, and Senior Innovation Advisor.

• Approach focuses on partnering with exceptional founders and accelerating growth while preserving unique business qualities.

White Desert and Echo Charlie business highlights

• White Desert operates luxury Antarctic expeditions with three camps and a fourth in development, offering exclusive, expert-led experiences.

• Echo Charlie will deliver White Desert-style aviation expeditions globally, with small group journeys to remote destinations.

• White Desert has exclusive access to the only privately-operated, non-government ice runway in Antarctica.

• Echo Charlie leverages aviation expertise and Lindblad's marketing and destination network for growth.

• Both brands target high net worth travelers seeking immersive, innovative adventure travel.

Financial performance and growth outlook

• White Desert has demonstrated strong growth and profitability, with a 24% CAGR and substantial future runway.

• 2026-2027 season bookings are up 20% versus the prior year.

• Lindblad's land segment revenue grew from ~$50M in 2017 to ~$275M in 2025, reflecting commitment to expansion.

• Acquisition expected to create long-term value through repeat trips, expanded offerings, and enhanced asset utilization.

• Financial guidance includes non-GAAP measures such as Adjusted EBITDA, with reconciliation to net income provided.