Lindblad Expeditions Q4 2025 Earnings Results & Report

Lindblad Expeditions EPS Results

• Actual EPS: -$0.45
• Consensus EPS: -$0.32
• Beat/Miss: Missed by -$0.13
• One Year Ago EPS: N/A
• EPS Beat Rate: 5 of last 8 quarters

Lindblad Expeditions Revenue Results

• Actual Revenue: $183.18 million
• Expected Revenue: $167.66 million
• Beat/Miss: Beat by +$15.52 million
• YoY Revenue Growth: N/A

Lindblad Expeditions (NASDAQ:LIND) Holdings, Inc. operates expedition cruises and nature-focused travel experiences through Lindblad Expeditions and its land-based travel business, Natural Habitat Adventures. Its trips emphasize wildlife, ecosystems and cultural exploration, with small ships and guided excursions designed to reach destinations that are less accessible to larger vessels.

The company’s itineraries include destinations such as Antarctica, the Arctic, the Galápagos Islands, Alaska and Baja California, as well as other regions around the world. Natural Habitat Adventures offers wildlife-focused land trips, including experiences in natural areas and parks.

Lindblad Expeditions has partnered with the National Geographic Society since 2004, bringing National Geographic photographers, researchers and other experts into its travel and educational programming. The company was founded by expedition travel pioneer Lars-Eric Lindblad, and Sven-Olof Lindblad, his son, has led the business as its chief executive.

Lindblad Expeditions Q4 2025 Earnings Call Transcript

Key Takeaways

• Positive Sentiment: Record 2025 results: Full-year revenue of $771M (+20%), net yield of $1,335 per guest night (company high), and Adjusted EBITDA of $126.2M (+38%) with margin expansion, while net leverage improved from 4.6x to ~3.1x.
• Positive Sentiment: Strong forward bookings and 2026 guidance: Booked revenue for 2026 already exceeds 2025, and the company guides tour revenue of $800M–$850M and Adjusted EBITDA of $130M–$140M with capacity up ~4.5%–5% and net yield +4%–5%.
• Positive Sentiment: Distribution and revenue initiatives gaining traction: Key growth drivers include expanded Disney distribution (agent bookings +35%), onboard sales (~3x bookings vs. 2024), outbound sales +97%, online bookings +52%, extension revenues +45%, and deployment optimization that cut >100 non‑revenue days.
• Negative Sentiment: Cost and one‑time headwinds: Operating expenses rose materially (operating costs +16.5%), sales & marketing up ~31.8%, Q4 EBITDA was only +5.4% due to dry/wet docks and marketing timing, and 2025 included a $23.5M loss on extinguishment of debt contributing to a $34.6M net loss.

Presentation

[Operator]

Hello, and thank you for standing by. My name is Bella, and I will be your conference operator today. At this time, I would like to welcome everyone to Lindblad Expeditions Holdings, Inc. 2025 fourth quarter and full year financial results. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. We do request for today's session that you please limit to two questions. If you would like to ask a question during this time, simply press star, then the number one on your telephone keypad. To withdraw your question, press star one again. I would now like to turn the conference over to Rick Goldberg, Chief Financial Officer. You may begin.

[Rick Goldberg, CFO at Lindblad Expeditions]

Thank you, operator. Good morning, everyone. Thank you for joining us for Lindblad's fourth quarter 2025 earnings call. With me on today's call is Natalya Leahy, our Chief Executive Officer. Natalya will begin with some opening comments. I will follow with details on our 2025 results and 2026 expectations before we open the call for Q&A. As always, you can find our latest earnings release in the investor relations section of our website. Before we get to all of that, I'd like to remind everyone that the company's comments today may include forward-looking statements. Those expectations are subject to risks and uncertainties that may cause actual results and performance to be materially different from these expectations. The company cannot guarantee the accuracy of any forecast or estimates. We undertake no obligation to update any such forward-looking statements.

[Rick Goldberg, CFO at Lindblad Expeditions]

If you would like more information on the risks involved in forward-looking statements, please see the company's SEC filings. Our comments may reference non-GAAP financial measures. A reconciliation of the most directly comparable GAAP financial measures and other associated disclosures are contained in the company's earnings release. With that out of the way, I'll turn the call over to Natalya.

[Natalya Leahy, CEO at Lindblad Expeditions]

Thank you, Rick. Good morning, everyone. We are very excited to share our progress and results today. As we begin this call, I'd like to start with the words from our founder, Sven Lindblad. We have always had a very distinct North Star. If we can provide people with extraordinary experiences in the world's most charismatic places, they form a connection with the natural world that is truly profound. This year, as we celebrate the 60th anniversary of the very first non-scientific expedition to Antarctica, led by Sven's father, this North Star feels as relevant as ever. It guides us in every decision, every day.

[Natalya Leahy, CEO at Lindblad Expeditions]

Rick and I recently marked our first year in the company, aboard National Geographic Resolution in Antarctica, and standing on the bridge as Captain Martin noted that we were the southernmost passenger ship in the world for days, and later skiing with expedition leader, Stefana, towards a glacier with emperor penguins nearby. It's moments like this that remind us what truly sets Lindblad Expeditions apart: unmatched expertise, intimate ships, and deeply authentic experiences. That commitment is not only philosophical, it drives results. In 2025, we delivered record guest satisfaction scores and record financial performance, while strengthening our operating discipline and accelerating progress across all three strategic pillars. To that end, we've also rounded up our strong leadership team with the recent addition of a new Chief Marketing Officer, Mike Fulkerson, who brings extensive experience across hospitality, luxury, expedition, and cruising sectors.

[Natalya Leahy, CEO at Lindblad Expeditions]

Turning to our results, full-year revenues reached a record $771 million, representing 20% growth year-over-year. We achieved record growth in yields to $1,335 per guest night, the highest in the company's history. Our Adjusted EBITDA increased 38% to another record of $126.2 million, with margins expanding 220 basis points to 16.4%, reflecting our operational discipline and the scalability of our business model. We also strengthened our balance sheet position, improving our net leverage from 4.6x at the end of 2024 to approximately 3.1x by year-end 2025. These full-year achievements were punctuated by our strong fourth quarter results, with revenues increasing 23% to $183.2 million.

[Natalya Leahy, CEO at Lindblad Expeditions]

The Lindblad segment delivered 28% revenue growth, driven by an 11% increase in net yields to $1,279 per guest night, while occupancy rose to 87% from 78% in Q4 2024. Our Land Experiences segment maintained its momentum with 16% revenue growth, underscoring strength across our entire portfolio....Let me walk you through how we achieved these results across our three strategic pillars. Our first pillar focuses on maximizing revenue generation through occupancy, pricing, and deployment optimization. I'm proud to update you on our progress across multiple initiatives in this area. Our relationships with Disney continues to expand our reach through broader distribution to broader audiences, contributing to strong performance across key channels. As an example, bookings from earmarked Disney travel agents increased 35% for the full year.

[Natalya Leahy, CEO at Lindblad Expeditions]

Our onboard expedition sales program rollout resulted in nearly 3x as many bookings in 2025 compared to 2024. Importantly, the percentage of guests booking within 30 days from a voyage has doubled since the launch of the program, leading to expanded booking curves and higher repeat rate. Our outbound sales program gained significant traction, with sales increasing 97% for the full year. We continue to see this as a high potential channel that is in its early stages. Our online bookings increased 52% year-over-year, fueled by strong demand generation through our National Geographic partnership, as well as significant enhancements to our web platform. Our extension revenues increased 45% for the year. We are pleased that we are seeing customers take full advantage of our full range of expedition offerings as they travel with us.

[Natalya Leahy, CEO at Lindblad Expeditions]

I just returned from London, where our team hosted a series of travel advisors and journalists. We are very encouraged by the progress in the UK market and the momentum we've been building. In just the first six weeks of the year, we already booked half of our 2025 revenue. Our second pillar focuses on optimizing financial performance through cost innovation and fixed asset utilization. During the year, we made significant strides in building cost innovation pipelines throughout our organization. A key highlight in our 2026 capacity growth strategy is that we are now realizing the benefits from last year's fleet optimization work. We expect mid-single-digit capacity growth in 2026, driven almost entirely by our dry dock and deployment optimization that reduced non-revenue days by over 100, enabling us to release additional voyages and drive incremental sales.

[Natalya Leahy, CEO at Lindblad Expeditions]

We've extended this work into our 2027 deployment and beyond, are pleased to see that we expect further efficiencies to be unlocked. Looking ahead, we've also built another strong pipeline of cost innovation initiatives for 2026 and beyond, positioning us to realize continued operational efficiencies over the long term. Our last strategic pillar focuses on exploring and capitalizing on accretive growth opportunities. Last January, we acquired two Galápagos ships, as you know, expanding our presence in the core market, reinforcing our leadership position there. We also expanded charter portfolio, including a new three-year agreement with Greg Mortimer, increasing and modernizing our Alaska capacity through a capital-light approach. Additionally, we completed the small tuck-in acquisition of Earthwatch and the Natural Habitat, adding a respected citizen science brand to our portfolio.

[Natalya Leahy, CEO at Lindblad Expeditions]

As we look ahead, a key focus of 2026 will be on identifying accretive growth opportunities, both across the fleet and by adding to our portfolio of brands. As always, I want to reiterate our purpose, our why. Our commitment to responsible exploration remains central to who we are and a defining differentiator for our company. For us, it's more than a trip, it's a mission. In 2025, we made a record $3 million investment through the Lindblad Expeditions-National Geographic Fund, the largest in its 18-year history, supporting critical conservation, research, and education initiatives worldwide. We supported 36 scientist education and storytelling projects, including hosting visiting scientists on 25 voyages and welcoming 35 teacher fellows. I'm especially proud of our teams, whose grassroots efforts raised over $50,000 to support gray whale research, a powerful reflection of our culture in action.

[Natalya Leahy, CEO at Lindblad Expeditions]

Turning to our outlook for 2026, our booking momentum remains very strong. We had a record wave season, and booked revenue for 2026 has already exceeded revenue for 2025. We're seeing similar positive trends for 2027 bookings, both across land and expedition segments. We are guiding full-year revenues and Adjusted EBITDA in the range of $800 million-$850 million, $130 million-$140 million, respectively. Rick will provide more details on the pacing of our earnings build this year, but we are excited by our momentum and are optimistic about the opportunities ahead of us. In closing, 2025 was a foundational year, laying the groundwork for sustained profitable growth in years ahead. We delivered record revenue, record yields, and record EBITDA, alongside a significantly strengthened balance sheet, clear evidence that our strategy is working.

[Natalya Leahy, CEO at Lindblad Expeditions]

These results reflect our team's discipline, execution, and long-standing commitment to our North Star. Thank you for your continued confidence in Lindblad Expeditions. I'll now turn the call over to Rick for the financial results.

[Rick Goldberg, CFO at Lindblad Expeditions]

Thank you, Natalya. It's been a privilege to partner with you and the entire leadership team at Lindblad Expeditions over the past year, and traveling with you to Antarctica aboard the National Geographic Resolution and to Churchill, Canada, to see the polar bears with Natural Habitat were two personal highlights. 2025 was a record-setting year for Lindblad Expeditions. We achieved the highest guest satisfaction scores in our history, the highest net yield, and the highest EBITDA, a testament to the strength of our brand, our strategy, and our team. Total company revenues for 2025 were $771 million, an increase of $126.3 million or 19.6% versus 2024. Lindblad segment revenues were $495.6 million, an increase of $72.3 million or 17.1% compared to the prior year.

[Rick Goldberg, CFO at Lindblad Expeditions]

Occupancy increased 10 percentage points from 78% to 88%, and Net Yield per Available Guest Night increased 14.1% to $1,335, the highest in company history. Land Experience segment revenues were $275.4 million, an increase of $54 million or 24.4% compared to 2024, driven by a 16% increase in guests and a 7% increase in revenue per guest. Turning now to the cost side of the business, operating expenses before stock-based compensation, transaction-related expenses, depreciation and amortization, interest and taxes increased $91.3 million or 16.5% versus 2024. Specifically, cost of tours increased $55.4 million or 15.3%, driven by operating additional voyages and trips and the inclusion of a full year of the results for Thomson Group.

[Rick Goldberg, CFO at Lindblad Expeditions]

Fuel costs were 4.8% of Lindblad's segment revenue, which was down 150 basis points versus 2024. Sales and marketing costs increased $27.7 million or 31.8%, primarily due to higher royalties and commission expenses and investments in demand generation efforts. General and administrative costs, excluding stock-based compensation and transaction-related expenses, increased $8.2 million or 7.8% versus a year ago, driven by higher personnel costs and the inclusion of a full year of results for Thomson Group, partially offset by $5.3 million of employee retention tax credits. 2025 Adjusted EBITDA was $126.2 million, the highest result in our history, and an increase of $35 million or 38.4% versus the prior year.

[Rick Goldberg, CFO at Lindblad Expeditions]

This was driven by a $20.4 million or 34.3% increase in the Lindblad segment and a $14.6 million or 46% increase in the Land Experiences segment. EBITDA margin improved 220 basis points from 14.2% in 2024 to 16.4% in 2025. Net loss available to stockholders was $34.6 million or $0.63 per diluted share, versus $0.67 per diluted share in 2024, driven by improved operating income, offset by a $23.5 million loss on extinguishment of debt related to our August refinancing and higher depreciation and amortization, primarily from the addition of the National Geographic Gemini and Delfina to our fleet.

[Rick Goldberg, CFO at Lindblad Expeditions]

Looking quickly at the fourth quarter of 2025, revenues increased $34.6 million or 23.4% compared to the same period in 2024. Lindblad segment revenues increased to $25.2 million or 27.8%, driven by a 9 percentage point increase in occupancy to 87% and an 11.2% increase in Net Yield per Available Guest Night. Land Experiences revenues increased $9.3 million or 16.1%. Adjusted EBITDA for the fourth quarter was $14.2 million, an increase of approximately $700,000 or 5.4% from the fourth quarter a year ago. This was driven by a $2.5 million increase in the Land Experiences EBITDA, partially offset by a $1.8 million decline in Lindblad segment EBITDA.

[Rick Goldberg, CFO at Lindblad Expeditions]

As we previously shared, Q4 EBITDA was impacted by an increased number of dry and wet docks and a shift in the timing of our marketing spend to set the stage for wave season. Turning to the balance sheet, we ended the year with total cash of $289.7 million, an increase of $73.6 million versus the end of 2024. The increase reflects $111.6 million in cash from operations, due primarily to the strong results of the business and increased bookings for future travel. We used $67.3 million of cash for investing activities, which includes the acquisition and refurbishment of two Galápagos vessels. For the full year, we generated $63.8 million in free cash flow. On January 20th, we announced the mandatory conversion of our 6% Series A convertible preferred stock.

[Rick Goldberg, CFO at Lindblad Expeditions]

Following the refinancing of our debt in August, this transaction further simplified our capital structure and strengthened our balance sheet by eliminating our interest obligation and removing the risk of needing to repay the preferred stock and cash at maturity. With this conversion behind us, we remain focused on pursuing accretive growth opportunities, including fleet expansion through charters, acquisitions, and potential new builds, as well as continuing to expand our portfolio of world-class land-based experiences. Turning to full year guidance, I'm pleased to share our outlook for 2026. Available guest nights are expected to increase 4.5%-5%, about half of which is driven by optimizing our deployment and minimizing our non-revenue days. We also benefited from the full year contribution of our two new Galápagos vessels and additional charter offerings. This capacity growth will be weighted toward the first half of the year.

[Rick Goldberg, CFO at Lindblad Expeditions]

As Natalya mentioned, booking momentum remains strong. We delivered a record wave season, and booked revenue for 2026 has already surpassed full year 2025 revenue. We are also seeing encouraging trends in 2027, with bookings pacing ahead of 2026 at the same point last year. Net Yield per Available Guest Night is expected to increase 4%-5%. As a result of heavier capacity growth in the first half, mainly outside of our core, most profitable geographies, we anticipate a more modest net yield growth early in the year, with stronger performance in the second half. For 2026, we expect total company tour revenue in a range of $800 million-$850 million.

[Rick Goldberg, CFO at Lindblad Expeditions]

We remain focused on cost innovation, with more than 20 targeted initiatives designed to enhance efficiency while preserving our commitment to a world-class guest experience and responsible exploration. At the same time, effective January 1st, we reached the final step up to the run rate royalty under our National Geographic agreement. Taking these factors together, we expect Adjusted EBITDA in the range of $130 million-$140 million. We expect EBITDA growth to be slightly stronger in the second half, supported by a more favorable deployment mix and the first half impact of lapping the majority of the employee retention tax credits. We also anticipate approximately $10 million lower capital expenditures year-over-year, reflecting our work to optimize capital spend and the one-time impact in 2025 of refurbishing the National Geographic Gemini and Delfina.

[Rick Goldberg, CFO at Lindblad Expeditions]

After one year at Lindblad Expeditions, Natalya and I are even more confident in the long-term potential of this business and remain firmly committed to executing against the strategic pillars we outlined a year ago. First, maximizing revenue generation through occupancy, pricing, and deployment. Second, optimizing financial performance through cost innovation and fixed asset utilization. Third, exploring and capitalizing on accretive growth opportunities. We would be happy to answer any questions you may have.

[Operator]

At this time, I would like to remind everyone, in order to ask a question, press star, then the number one on your telephone keypad. We do request for today's session that you please limit to two questions only. We will pause for just a moment to compile a Q&A roster. Your first question comes from the line of Steven Wieczynski with Stifel. Please go ahead. Your line is now open.

[Steven Wieczynski, Managing Director and Senior Equity Analyst at Stifel]

Thanks, guys. Good morning. So Natalya or Rick, you know, if we think about your guidance for the year, and Rick, you gave us a lot of good color in terms of, you know, what you're expecting from a yield perspective. You know, just maybe if you could walk us through what you know would get you more towards, you know, whether it's we think about the high end of that range or the low end of that range? Just trying to get a feel for what is embedded in there. If I think just about occupancy, you know, you guys ended 25 right around 87.5%, and I think you guys were still kind of thinking that could get into the low 90s this year.

[Steven Wieczynski, Managing Director and Senior Equity Analyst at Stifel]

It seems like getting to the midpoint of your guidance range, I mean, seems very, you know, very realistic, and that would be even before assuming any kind of, you know, material price increases. Just trying to understand what, you know, what would get you more towards the high end versus the low end?

[Natalya Leahy, CEO at Lindblad Expeditions]

Hey, Steve, good to hear from you. We ended the year with 88% occupancy, and that's been a significant improvement as. We are seeing great momentum. We are very confident to get to historical occupancy levels of 90%, also, as we've been talking about for a while now, I think that we are on track to do that. Yields, of course, will be mid digits, as we talked about in the past. It's very much dependent on the booking curve. We feel strong momentum, and it's always dependent on absence of any geopolitical situation or unexpected events that can impact the demand. Rick, anything else you want to add?

[Rick Goldberg, CFO at Lindblad Expeditions]

Yeah, I think, you know, specifically to your question, Steve, around what would it take for us to hit the high end of our range? I think it really comes down to, you know, one, no major geopolitical disruptions, and secondly, continuing to execute well against our strategic pillars of maximizing revenue growth and cost innovation.

[Steven Wieczynski, Managing Director and Senior Equity Analyst at Stifel]

Okay, gotcha. Thanks for that. Second question, I guess, is, you obviously kind of helped us a lot with the revenue side of the equation. You know, Rick, maybe if you could kind of walk us through how we, you know, how you're thinking about kind of costs for this year. Anything from a, you know, from a cadence standpoint in terms of where costs would hit through the quarters? You know, obviously, I think you said, you know, EBITDA growth would be, you know, higher in the second half of the year. Just maybe, you know, maybe how you guys are what you're targeting from a, you know, from a cost per head perspective as we think about, you know, 2026.

[Rick Goldberg, CFO at Lindblad Expeditions]

I think there are a few major pieces moving around. The first is the employee retention tax credits that we are lapping year-over-year, the majority of which hit in Q2 of 2025. Obviously, we have the step up in National Geographic royalties, as well as the cost innovation initiatives. The other big thing for us always is dry docks and wet docks and where those fall in the year, and we're never trying to optimize necessarily just to hit certain quarters. What we're trying to do is thinking holistically about where is the best place and time for us to take those dry and wet docks in order to maximize revenue and EBITDA for the year. Those dry and wet docks costs will be weighted toward Q1 and Q4 in this year.

[Steven Wieczynski, Managing Director and Senior Equity Analyst at Stifel]

Okay. Gotcha. Thanks, guys. Really appreciate it.

[Rick Goldberg, CFO at Lindblad Expeditions]

Thanks so much, Steve.

[Operator]

Your next question comes from the line of Eric Wold with Texas Capital Securities. Please go ahead.

[Eric Wold, Executive Director in Equity Research at Texas Capital Securities]

Thanks. Good morning, both of you. Appreciate taking the time. Two questions. I guess first, kind of as you think about the guidance for 2026, you kind of gave great color on bookings or kind of how much has been booked relative to 2025 at this point. Can you give a sense of how pricing is looking within kind of the 2026 bookings? Similarly, as you kind of, you know, talked about 2027, you know, any kind of embedded price increases or how pricing is shaping up in 2027 versus 2026 as well?

[Natalya Leahy, CEO at Lindblad Expeditions]

Yeah. Eric, great question. I mean, we continue to see, as we mentioned, we continue to see momentum both in 2026 and 2027 across both segments, land and expedition. If you look at the market in general, we very much maintain strong price integrity across all our products. Our demand all-time highs for core destinations like Galápagos, Antarctica, Alaska, we are very much expanding the booking curves. If any message to the guests, we say book earlier, our 2027 booking curves is ahead of 2026 by literally months. That allows us to drive price elasticity and maintain pricing momentum on both years.

[Eric Wold, Executive Director in Equity Research at Texas Capital Securities]

Perfect. Follow-up question, I guess, second question: any plans to expand, you know, the fleet with new builds at this point? I think as you get closer to pre-pandemic, you know, post above 90% occupancy, you know, on a larger fleet than you had pre-pandemic and kind of get more visibility to that, obviously, you're seeing strength in the 2027 or 2026. You know, when does it become the right time to start thinking about, you know, ordering a new ship? And what does the backlog look like? If you were to place an order today for a ship that you would want, what is the timeframe for delivery?

[Natalya Leahy, CEO at Lindblad Expeditions]

Yeah, I mean, the right time to grow capacity for us is now. That's the short answer. By the way, we've been doing it. This in 2025, as you know, we added two more ships in Galápagos, as we talked about. We also have been growing capacities through additional charters. For example, 2027, Alaska capacities is increased by 12% by both optimizing our deployment, but also adding Greg Mortimer, because we see strong demand this year. As you know, we added European River charters, we expanded our charters in Asia. We continue to do that now, in addition to optimizing our deployment and reducing non-revenue days. We are looking at acquisitions of the ships on new builds, actively.

[Natalya Leahy, CEO at Lindblad Expeditions]

There is nothing to announce yet, but, pipeline, if we were to go new build route, is approximately four years.

[Eric Wold, Executive Director in Equity Research at Texas Capital Securities]

Perfect. Thank you for your time.

[Operator]

Questions comes from the line of Mike Albanese with StoneX. Please go ahead.

[Mike Albanese, Equity Research Analyst at StoneX]

Hey, good morning, guys. Thanks for taking my questions. Just a couple of quick ones. First, regarding bookings, you know, you provided nice color there. I'm just trying to get a sense of seasonal cadence. You know, is booking activity usually pretty stacked here in Q1? I guess I'm trying to get a sense on, you know, whether we can kind of expect that momentum to continue to build throughout the year, or does it generally kind of tail off as the year goes?

[Natalya Leahy, CEO at Lindblad Expeditions]

Yeah. Well, the risk we did just complete the record wave.

[Mike Albanese, Equity Research Analyst at StoneX]

Mm-hmm

[Natalya Leahy, CEO at Lindblad Expeditions]

Where there are a lot of bookings done, and that's just coming to completion. I think this, we had to extend it by one week or so. Generally, our business sees like bookings throughout the year at a pretty consistent level because. We operate in destinations like Galápagos year-round, so we're completing the wave now, but people are still booking for the summer vacation and start really planning next winter and spring. There is not a significant booking seasonality in the business. There is obviously seasonality in revenue stream, as you know, you know.

[Natalya Leahy, CEO at Lindblad Expeditions]

Q3, Q4 are generally very accretive because of Antarctica and Alaska season. Bookings are relatively consistent throughout the year. We do see an expanded booking curve, which is a great thing for us to see, and we've been intentionally driving it. 27 bookings ahead of 26 bookings ahead of 25, and that allows us to drive pricing, LCCDM, and booking momentum.

[Mike Albanese, Equity Research Analyst at StoneX]

Awesome. That's great context. Thank you. Nice job. Secondly, just wanted to touch on some of the momentum you're seeing, in online bookings here. You obviously have a few initiatives, you know, marketing, expansion of the National Geographic relationship. Could you just talk about kind of the key drivers to the 50% plus growth? Second to that is, you know, the initiative you have to, basically grow international bookings, and you just came back from the U.K. I mean, are we seeing a lift from that yet in these numbers, or is that still kind of, you know, yet to come?

[Natalya Leahy, CEO at Lindblad Expeditions]

There are two good questions. The web platform is obviously a very, very accretive platform for us, so we're very pleased with the progress there. I think it's like Rick mentioned, it's driven by two major initiatives. One is we actually did a number of updates of our web platform. We completely changed our platform, but we also enhanced our search engine capabilities there, the booking capabilities, the way the web platform flows and allows higher lead generation. Of course, our partnership with National Geographic Disney is driving more leads to our website. Those are the two major drivers of increased web platform bookings. Question on international markets, we launched our brand in U.K. market last May. We are very committed to that market, and we're finally seeing a very real booking momentum.

[Natalya Leahy, CEO at Lindblad Expeditions]

As I mentioned, in the first six weeks of this year, we already booked almost half of total 2025 annual revenue. We will continue to be committed to that market, and we also plan to expand our efforts in Australia.

[Mike Albanese, Equity Research Analyst at StoneX]

Awesome. Thanks for the time, guys.

[Natalya Leahy, CEO at Lindblad Expeditions]

All right. Well, before you go to the next question, I did want to clarify, I think, question from Eric before on the new build. If we were to grow a new build pipeline, I mentioned it's a four years pipeline, approximately. Just a reminder, in this industry, as you know, you start publishing destinations around three years ahead, and so you start selling cycle about three, two and a half years ahead of actually delivering the ship, which drives an increased deposits before you pay for the new build. I think it's just an important clarification I thought to share. Bella, back to you.

[Operator]

Thank you. Your last question comes from the line of Eric Des Lauriers with Craig-Hallum. Please go ahead.

[Eric Des Lauriers, Senior Research Analyst at Craig-Hallum]

Great. Thanks for taking my question. Congrats on a very strong year. As you look to add capacity, you know, you just provided some nice color on new builds. In terms of, you know, acquiring vessels or signing charter partnerships, acquiring new land-based experiences, can you kind of talk about the competitive environment around those right now? Are you seeing, you know, the number or quality of bidders either increase or decrease? Just, you know, any kind of commentary on the overall competitive landscape when it comes to acquiring new vessels and experiences.

[Rick Goldberg, CFO at Lindblad Expeditions]

I mean, I think that when it comes to acquiring new vessels and experiences, it's less about competition and just what's available in the marketplace. You know, we're constantly looking for opportunities to acquire vessels that meet our standards for our guest experiences. But the reality is, you know, there aren't a lot of vessels that meet those criteria, and certainly not available in the marketplace today. Similarly, in terms of Land Experiences, I think that for many of these founder-led businesses, we are the preferred buyer, given our commitment, in terms of what we believe in, responsible exploration, as well as how we've worked so effectively with the founders who have come on board as part of the broader Lindblad family over the course of the last decade.

[Rick Goldberg, CFO at Lindblad Expeditions]

You know, it's really about sourcing opportunities that are unique to us, more so than competing with other folks who are out there who are trying to buy similar businesses.

[Eric Des Lauriers, Senior Research Analyst at Craig-Hallum]

That's helpful. Thanks for taking my question. Congrats again.

[Operator]

That concludes our Q&A session. I will now turn the call back over to Rick Goldberg, Chief Financial Officer, for closing remarks.

[Rick Goldberg, CFO at Lindblad Expeditions]

Just want to thank everyone for your continued support and interest in Lindblad Expeditions, and to our team on a really strong 2025, and we remain very excited about the year ahead. Thanks so much, everyone. Bye.

[Operator]

Ladies and gentlemen, that concludes today's call. Thank you all for joining. You may now disconnect. Everyone, have a great day.

Participants

Executives

• Natalya Leahy, CEO
• Rick Goldberg, CFO

Analysts

• Eric Des Lauriers, Senior Research Analyst at Craig-Hallum
• Eric Wold, Executive Director in Equity Research at Texas Capital Securities
• Mike Albanese, Equity Research Analyst at StoneX
• Steven Wieczynski, Managing Director and Senior Equity Analyst at Stifel