Overview

• Expedition travel provider's Q4 adjusted EBITDA beat analyst expectations

• Company's 2025 revenue grew 20% yr/yr to $771 mln

• Company refinanced long-term debt, extending maturity to 2030

Outlook

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

• Lindblad projects 2026 adjusted EBITDA between $130 mln and $140 mln

Result Drivers

• HIGHER PRICING AND OCCUPANCY - Lindblad segment revenue increased due to higher pricing and occupancy rates, reaching 88% in 2025 compared to 78% a year ago

• INCREASED TOUR REVENUES - Land Experiences segment revenue rose due to more guests and higher pricing

• STRATEGIC REFINANCING - Co refinanced long-term debt with $675 mln of senior secured notes, extending maturity to 2030

Company press release: ID:nPnb7wLDTa

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 4 "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 $18.00, about 13.3% below its February 25 closing price of $20.75

• The stock recently traded at 247 times the next 12-month earnings vs. a P/E of 146 three months ago

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