Overview

• US expedition cruise operator's Q1 revenue rose 16% yr/yr on higher pricing and record occupancy

• Adjusted EBITDA for Q1 rose 16% and beat analyst expectations

• Company repurchased $23 mln in shares and warrants under $35 mln buyback plan

Outlook

• Company expects full-year 2026 tour revenues of $800 mln to $850 mln

• Company sees full-year 2026 adjusted EBITDA of $130 mln to $140 mln

Result Drivers

• RECORD OCCUPANCY - Occupancy rose to 93%, the highest in company history, supporting higher yields and revenue

• ITINERARY CHANGES - Land Experiences segment benefited from itinerary changes in addition to higher pricing

Company press release: ID:nPn9PxYSXa

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q1 EPS		$0.09
Q1 Net Income		$6 mln
Q1 Adjusted EBITDA	Beat	$34.83 mln	$33.20 mln (6 Analysts)

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 5 "strong buy" or "buy", 1 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the hotels, motels & cruise lines peer group is "buy"

• Wall Street's median 12-month price target for Lindblad Expeditions Holdings Inc is $25.00, about 40.1% above its May 4 closing price of $17.84

• The stock recently traded at 172 times the next 12-month earnings vs. a P/E of 198 three months ago

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