Steven Wieczynski

Alex Fuhrman

David Hargreaves

Eric Wold

Eric Des Lauriers

Jackson Gibb

- Lindblad Expeditions reported **Q3 2025 consolidated revenues of $240 million**, an increase of **16.6%** compared to Q3 2024, with Lindblad and Land segments growing **13.4%** and **21.1%** respectively.  **[0001512499_2231676_1]** **[0001512499_2231676_3]** **[0001512499_2231676_4]** 
- Adjusted EBITDA reached a company-record **$57.3 million**, a **25%** increase year over year, with margins expanding **160 basis points** to **23.8%**.  **[0001512499_2231676_1]** **[0001512499_2231676_4]** 
- The company successfully refinanced its debt, issuing **$675 million** in new senior secured notes at **7%**, approximately **75 basis points lower** than the prior blended rate, and ended the quarter with **$290.1 million** in cash.  **[0001512499_2231676_2]** **[0001512499_2231676_4]** 
- Lindblad raised its full-year 2025 guidance, now expecting revenue between **$745-$760 million** (up from $725-$750 million) and EBITDA between **$119-$123 million** (up from $108-$115 million).  **[0001512499_2231676_5]** 
- Operational highlights include **88% occupancy** in the Lindblad segment, a **9% increase in net yields** to **$1,314**, and strong booking momentum for **2026 and 2027**.  **[0001512499_2231676_1]** **[0001512499_2231676_3]** **[0001512499_2231676_5]**

Lindblad Expeditions Reports Record Q3 2025 Adjusted EBITDA and Raises Full-Year Guidance

- Lindblad Expeditions reported strong Q3 2025 results, with **consolidated revenues increasing 16.6% to $240,000,000** and **Adjusted EBITDA rising 25% to $57,300,000**, the highest quarterly EBITDA in company history.  **[0001512499_2231262_1]** **[0001512499_2231262_4]** 
- The company **raised its full-year 2025 guidance**, now projecting revenue between **$745,000,000 and $760,000,000** and Adjusted EBITDA between **$119,000,000 and $123,000,000**.  **[0001512499_2231262_5]** 
- Lindblad successfully **refinanced its debt** by issuing **$675,000,000** in new senior secured notes at **7%**, approximately **75 basis points lower** than the previous rate, while also extending maturities and upsizing its revolving credit facility.  **[0001512499_2231262_2]** **[0001512499_2231262_5]** 
- Booking trends for **2026 and 2027 are significantly ahead of the prior year**, driven by strong demand and strategic capacity expansion, including increased European river cruising voyages.  **[0001512499_2231262_1]** **[0001512499_2231262_3]** **[0001512499_2231262_5]**

Lindblad Expeditions Reports Strong Q3 2025 Results and Raises Full-Year Guidance

- Lindblad Expeditions Holdings, Inc. reported **total revenue** of **$240.2 million** in Q3 2025, marking a **17%** increase from the prior year.  **[1512499_0001437749-25-032880_ex_872401.htm:0]** 
- **Adjusted EBITDA** for Q3 2025 grew **25%** to **$57.3 million**.  **[1512499_0001437749-25-032880_ex_872401.htm:0]** 
- The company recorded a **net loss available to stockholders** of **$49 thousand** in Q3 2025, largely due to **$23.5 million in debt refinancing expenses**.  **[1512499_0001437749-25-032880_ex_872401.htm:0]** 
- Lindblad refinanced its long-term debt, extending maturity to **2030** and setting the interest rate at **7.00%**, which reduced its blended borrowing rate by approximately **75 basis points**.  **[1512499_0001437749-25-032880_ex_872401.htm:0]** **[1512499_0001437749-25-032880_ex_872401.htm:1]** 
- The full-year 2025 outlook projects **tour revenues** between **$745 million and $760 million** and **Adjusted EBITDA** between **$119 million and $123 million**.  **[1512499_0001437749-25-032880_ex_872401.htm:1]**

Lindblad Expeditions Holdings, Inc. Reports Q3 2025 Financial Results

- Lindblad Expeditions Holdings, Inc. reported **total revenue of $240.2 million**, a **17% increase**, and **Adjusted EBITDA of $57.3 million**, a **25% increase**, for the third quarter ended September 30, 2025.  **[1512499_20251104NY14610:0]** 
- The company posted a **net loss available to stockholders of $49 thousand** for Q3 2025, primarily due to **$23.5 million in debt refinancing expenses**.  **[1512499_20251104NY14610:0]** 
- Operational performance improved with **occupancy increasing to 88%** from 82% and the Lindblad segment's net yield per available guest night growing **9% to $1,314**.  **[1512499_20251104NY14610:0]** 
- Lindblad refinanced its long-term debt, securing a **7.00% interest rate** and extending maturity to **2030**, which contributed to an S&P Global credit rating upgrade.  **[1512499_20251104NY14610:0]** **[1512499_20251104NY14610:1]** 
- For the full year 2025, the company projects **tour revenues of $745 million to $760 million** and **Adjusted EBITDA of $119 million to $123 million**.  **[1512499_20251104NY14610:1]**

LINDBLAD EXPEDITIONS HOLDINGS (LIND)