Lindblad reports record 2025 adjusted EBITDA $126.2M, up 38%; guides FY2026 EBITDA $130-140M

LINDBLAD EXPEDITIONS HOLDINGS, INC.

2025-FY EPS reported -$0.63 revenue$771,019,000

Full year 2025 total revenues $771.0M (+20% YoY); net loss $34.6M improved from $35.8M.
Adjusted EBITDA $126.2M (+38%); net yield per available guest night up 14% to $1,335; occupancy 88%.
Q4 2025 revenues $183.2M (+23%); adjusted EBITDA $14.2M (+5%).
Refinanced $675M senior secured notes at 7.00%, maturing 2030; converted all preferred stock to 9M common shares.
FY2026 guidance: revenues $800-850M, adjusted EBITDA $130-140M; $12M remaining in stock repurchase plan.

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