Lindblad Expeditions (LIND) Investor presentation summary

Company history and positioning

• Over 60 years of pioneering adventure travel, with first nonscientific expeditions to Antarctica and Galápagos in the 1960s.

• Strategic alliance with National Geographic since 2004, extended through 2040, and expanded partnership with Disney.

• Recognized as the most experienced expedition ecotourism operator, with a diversified platform including land-based brands.

• Operates a fleet of 23 owned or chartered vessels, with additional ships coming in 2027.

• Global reach, offering immersive journeys across all seven continents.

Business model and partnerships

• Exclusive partnership with National Geographic and Disney for expedition ships ≤295 passengers in the US and Canada.

• Joint marketing, cross-selling, and access to Disney and National Geographic marketing resources.

• Focus on affluent, experience-driven travelers aged 55–70+, with high repeat rates and loyalty.

• Asset-light land segment expands demographic reach and product flexibility.

Financial performance and metrics

• $831M LTM revenue and $139M LTM EBITDA as of June 2026.

• Industry-leading net yield per available guest night at $1,335, far above mass-market cruise peers.

• 88% ship occupancy and 68% direct bookings mix in 2025.

• 14% revenue CAGR and 13% adjusted EBITDA CAGR from 2016–2025.

• Over 63,000 annual guests, with 32% repeat customers and high guest satisfaction scores.