Lindblad Expeditions Holdings Inc 2025年度报告

2025 ANNUAL REPORT Dear Shareholders, As I reflect on my first full year as CEO of Lindblad Expeditions, I feel both proud of what we haveaccomplished together and energized by the opportunities ahead. This past year reinforced mydeep belief in the strength of our company—its unique mission, extraordinary product and, mostimportantly, the remarkable people who bring it to life every day. Lindblad has always been guided by a clear North Star: to provide extraordinary experiences inthe world’s most remarkable places that create a profound connection with the natural world.In 2026, as we mark the 60th anniversary of the first non-scientific expedition to Antarctica—thevoyage that led to the creation of our company and expedition travel as we know it today—we arereminded how enduring and relevant that purpose remains and how it continues to guide everydecision we make. Over the past year, I had the opportunity to experience our expeditions firsthand, includingtime aboard theNational Geographic Resolutionin Antarctica. Standing on the bridge of thatextraordinary vessel, witnessing the expertise of our teams, and experiencing the authenticityof our voyages reinforced what makes Lindblad truly different. It is not just where we go—it ishow we explore. It is the depth of knowledge of our team, the intimacy of our ships, and themeaningful connections we create with the places we visit and with one another. This is why ourguests choose us and why they return. 2025 was a landmark year for Lindblad Expeditions. We delivered record guest satisfactionscores—the highest in our history—and achieved record financial performance across all keymetrics, including $771 million in revenue, record yields, and $126.2 million in adjusted EBITDA, withmargins expanding 220 basis points year over year. We also significantly strengthened our balancesheet, reducing net leverage and improving our financial flexibility to support long-term growth. These results reflect not only strong demand for our product, but also the deliberate actions wehave taken to build a more focused, disciplined, and performance-driven organization. In 2025, wemademeaningful progress across all three of our key strategic pillars. We strengthened our ability to generate revenue by becoming more intentional about how wemanage occupancy, pricing, and deployment, while activating multiple commercial levers to drivedemand. This included advancing our dynamic pricing capabilities, enhancing our digital platform,and launching an onboard sales program that is already strengthening guest engagement andrepeat bookings. We also expanded our reach to new audiences and channels, including throughour continued collaboration with National Geographic and The Walt Disney Company. As partof these efforts, we made important progress in international expansion, including buildingmomentum in the UK market, where we are seeing encouraging early results. We also made progress in cost innovation and operational excellence. Through more thoughtfulfleet planning, improved utilization of our assets, and greater cost discipline, we are enhancingefficiency while preserving the integrity of the guest experience. While this work is ongoing, we haveestablished the capabilities and mindset needed to continue delivering improvement over time. In parallel, we advanced our growth agenda. We expanded our fleet in the Galápagos, introducednew charter opportunities in high-demand markets, and strengthened our land-based portfolio.Our land businesses continued to perform well, reflecting the growing demand for immersive,experience-driven travel and reinforcing the breadth of our offering across both expedition andland-based experiences. Our commitment to Responsible Exploration remains at the heart of everything we do. In 2025, weachieved a record $3 million investment in the Lindblad Expeditions-National Geographic Fund—thehighest in its history—supporting conservation, research, and education initiatives around the world.These efforts are not separate from our business; they are integral to the experiences we provide andto the long-term sustainability of the places we explore. Looking ahead, we see significant opportunity. Travelers are increasingly seeking authentic,meaningful experiences, and Lindblad is uniquely positioned to meet that demand. We are entering2026 with strong momentum, supported by a solid foundation, a clear strategy, and a team deeplycommitted to delivering both exceptional guest experiences and strong financial performance. As we move forward, we will remain focused on what matters most: staying true to our North Star,continuing to elevate the guest experience, and building a business that delivers sustainable, long-term value. Thank you for your continued trust and support. With sincere gratitude for your trust, Natalya LeahyChief Executive Officer UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWASHINGTON, D.C. 20549 FORM 10-K (Mark One) (212) 261-9000 (Reg