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Item 1. Business

2025-02-28 compared with 2024-03-06 · 203 added, 122 removed, 465 unchanged (41% of the section changed)

Lindblad has been providing marine expedition adventures and travel experiences globally to its guests since 1979.

Lindblad has been providing marine expedition adventures and active travel experiences globally to its guests since 1979.

Our expedition sailing and land-based adventure travel experiences foster a spirit of exploration and discovery through itineraries that feature up-close encounters with wildlife, nature, history and culture, and promote guest empowerment, human connections and interactivity.

Our mission is to offer life-changing adventures around the world and pioneering innovative ways to allow our guests to connect with exotic and remote places.

Our mission is to offer life-enhancing adventures around the world and pioneering innovative ways to allow our guests to connect with exotic and remote places.

Our brands include Lindblad Expeditions, Natural Habitat, Inc.

(“Natural Habitat”), Off the Beaten Path, LLC (“Off the Beaten Path”), DuVine Cycling + Adventure Company (“DuVine”) and Classic Journeys, LLC (“Classic Journeys”).

(“Natural Habitat”), Off the Beaten Path, LLC (“Off the Beaten Path”), DuVine Cycling + Adventure Company (“DuVine”), Classic Journeys, LLC (“Classic Journeys”), and Thomson Group, consisting of Wineland-Thomson Adventures, LLC (“Thomson Family Adventures”), Thomson Safaris Ltd (“Thomson Safaris”), Nature Discovery Ltd (“Nature Discovery”), and the Ngorongoro Safari Lodge Ltd (“Gibb’s Farm”).

Lindblad Segment

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We choose to visit geographic areas based upon many factors, including weather, marine conditions, migration patterns and various natural phenomena and are continually expanding our travel offerings.

In the northern hemisphere summer months, we primarily visit the High Arctic regions of the world, Alaska, the Canadian Maritimes, Europe, as well as the South Pacific, and in the northern hemisphere winter months, we primarily travel to Antarctica, South America, Costa Rica, Baja California, Panama and the Caribbean.

In the northern hemisphere summer months, we primarily visit the High Arctic regions of the world, Alaska, the Canadian Maritimes, Europe, and in the northern hemisphere winter months, we primarily travel to Antarctica, South America, Costa Rica, Baja California, Panama and the Caribbean.

The Galápagos Islands are a year-round destination offering a diverse variety of marine, land and airborne wildlife.

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aged 50 years or older representing our largest demographic category.

We lead life-changing expeditions helping curious travelers experience the world from a new perspective.

We lead life-enhancing expeditions helping curious travelers experience the world from a new perspective.

The quality of our offerings has enabled us to achieve and maintain premium pricing in the market instead of pursuing the type of discounting offered by most cruise lines that are focused on the broader market.

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This relationship includes co-selling, co-marketing and branding arrangements with National Geographic Partners, LLC (“National Geographic”) whereby our owned vessels carry the National Geographic name and National Geographic sells our expeditions through their internal travel divisions.

In November 2023, Lindblad announced an extended and expanded strategic partnership with National Geographic through 2040.

Under the new agreement, the two companies have extended their industry-defining 20-year relationship for 17 additional years, allowing the brand to reach new worldwide audiences through compelling new market opportunities and long-term, mutually beneficial growth strategies.

In November 2023, this strategic partnership with National Geographic was extended and expanded through 2040.

Under the new agreement, the two companies have extended their industry-defining 20-year relationship, allowing the brand to reach new worldwide audiences through compelling new market opportunities and long-term, mutually beneficial growth strategies.

We collaborate with National Geographic on expedition planning and to enhance the guest experience by having National Geographic experts, including photographers, writers, marine biologists, naturalists, field researchers and film crews, join our expeditions.

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Lindblad Expeditions’ Ships

We operate a fleet of ten owned expedition vessels, along with six seasonal chartered ships, to provide our signature marine-based adventures to over 40 destinations on all seven continents, offering itineraries that last from five to over 30 days.

We operate a fleet of 12 owned expedition vessels, along with seven seasonal chartered ships, to provide our signature marine-based adventures to over 40 destinations on six continents, offering itineraries that last from five to over 30 days.

The small size of our vessels allows them to reach places inaccessible to larger ships.

They are designed with a variety of public areas that offer views for passing landscape and observing wildlife and large dining rooms and lounges that form part of the social hubs of the ships, featuring presentation space for exploration recaps.

Additionally, several of our ships are outfitted with state-of-the-art broadcast centers allowing us to capture and air video and photo content from our ships with real-time distribution across digital channels.

We have extensive experience operating in the Galápagos Islands, Alaska, Antarctica and the Arctic, with the Lindblad family having been among the first to bring non-scientist travelers to these regions.

We currently operate two vessels providing itineraries in the Galápagos Islands throughout the year.

We operate three polar vessels that serve primarily in Antarctica during the northern hemisphere winter, in the Arctic during the northern hemisphere summer and various destinations during the intermediate months.

We operate four vessels providing itineraries in the Galápagos Islands throughout the year.

We operate three polar vessels that serve primarily in Antarctica during the northern hemisphere winter, in the Arctic and Europe during the northern hemisphere summer and various destinations during the intermediate months.

We operate four ships in Alaska during the summer months that then primarily travel south along the North American Pacific coastline to Baja California’s Sea of Cortez, Costa Rica and Panama for the winter.

We also operate a blue water ship that primarily sails itineraries in the South Pacific and Asia.

We also operate a blue water ship that sails itineraries in Antarctica, Europe, the Mediterranean Sea, the South Pacific and Asia.

We continue to search for, and evaluate, distinctive locations to present new and exciting expedition itineraries for our guests.

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Primary Areas of Operation

National Geographic Delfina

2007, renovated in 2025

Galápagos Islands

National Geographic Endeavour II

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Arctic, Antarctica, Canada, Europe and Patagonia/South America

National Geographic Gemini

2001, renovated in 2025

Galápagos Islands

National Geographic Islander II

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* Chartered Vessel

For voyages beginning in 2025, we have added an additional charter vessel, the Sun Goddess .

The Sun Goddess is an elegant ship, carrying 60 guests in 30 spacious suites, and providing an intimate and exceptionally comfortable experience on the Nile, the world’s longest river.

Each suite features a separate sitting area and balcony, providing a relaxing environment to observe unique wildlife and 5,000 years of history along the Niles’ banks.

For voyages beginning in 2026, we have added two additional charter vessels, the Delfin III and the Charaidew II .

The Delfin III , sails the Ucayali and Marañón rivers to the confluence of the mighty Amazon River in Peru’s Upper Amazon year-round with style.

The Delfin III is an elegant ship, sustainably furnished, featuring hand-made furniture, art and textiles from the surrounding communities that are supported by our guests.

She carries 42 guests in 21 spacious suites, providing an intimate and exceptionally comfortable experience.

Guests will enjoy sweeping views in expansive public spaces, including an air-conditioned presentation room and lounge, an open-air sun deck with whirlpool hot tub, small exercise room and wellness spa, and a dining room with a 270-degree panorama serving exquisite Amazonian-Peruvian cuisine.

The Charaidew II , is a 17-cabin boutique vessel, with an extra-shallow draught and low profile, sailing the less-traveled areas of the Brahmaputra River, a holy body of water whose banks are home to incredible wildlife as well as small, rarely visited communities, in the Indian state of Assam.

She will take our guests on expedition to wonderful villages and to the wilds of Kaziranga National Park, and through other areas of India, including Agra/Taj Mahal, Bandhavgarh National Park, and Kolkata.

Land Experiences Segment

The Land Experiences segment consists of our primarily land-based adventure brands, providing tours, trips and journeys centered around nature and culture.

The Land Experiences segment consists of our primarily land-based adventure brands, providing tours, trips, safaris and journeys centered around nature and culture.

The majority of these are active, immersive experiences, featuring unique itineraries across the globe and travel in intimate, small groups.

Natural Habitat

Natural Habitat specializes in conservation-oriented adventures, providing life-enhancing forays into the natural world that feature wild habitats and the animals and people who live there.

Natural Habitat’s travel adventures provide unparalleled access to the planet’s most extraordinary wildlife, landscapes and cultures.

Natural Habitat’s unique itineraries include access to private wildlife reserves, remote corners of national parks and distinctive, secluded and remote lodges and camps situated where wildlife viewing is best.

Because of Natural Habitat’s commitment to environmentally friendly travel, including becoming the world’s first carbon-neutral travel company in 2007, and the exceptional quality of its worldwide adventures, World Wildlife Fund (“WWF”) has selected Natural Habitat as their exclusive conservation travel partner.

Through Natural Habitat’s relationship with WWF, their top scientists and staff collaborate with Natural Habitat in planning journeys to the world’s most important nature destinations.

Natural Habitat Adventures specializes in conservation-focused travel, offering transformative experiences that immerse guests in the beauty and wonder of the natural world.

Their journeys highlight wild habitats, incredible wildlife, and the communities that call these places home.

With exclusive access to private wildlife reserves, remote areas of national parks, and uniquely situated lodges and camps, Natural Habitat ensures exceptional opportunities for wildlife viewing in pristine environments.

As the world’s first 100% carbon-offset travel company, Natural Habitat demonstrates a deep commitment to sustainable tourism.

Their dedication to environmental stewardship and exceptional travel experiences has earned them the distinction of being the exclusive conservation travel partner of World Wildlife Fund (“WWF”).

This partnership allows Natural Habitat to promote their unique style of conservation travel to WWF’s substantial list and collaborate with WWF’s top scientists in training the company's guides and field team.

Off the Beaten Path

Off the Beaten Path offers active small-group and private custom journeys around the world with a long-standing focus on offering unique adventures and experiences throughout the United States (“U.S.”) National Parks.

In addition to other U.S.-based adventures such as ranch vacations and fly-fishing expeditions, Off the Beaten Path has extensive international expeditions in Central and South America, Oceania (predominantly New Zealand and Australia), Europe and Africa.

Examples of international expeditions include hiking through the Dolomites, family adventures in Patagonia’s Lake District and experiencing the culture, architecture and village life of Morocco.

All Off the Beaten Path expeditions are defined by a focus on outdoor activity, including wildlife viewing, hiking, rafting, snorkeling, kayaking and snowshoeing, and comprehensive pre-trip materials paired with experienced, friendly local guides.

Off the Beaten Path offers active small-group and private custom journeys around the world with a long-standing focus on localized, authentic travel experiences in superlative geographies.

Off the Beaten Path is widely known for its offerings in United States (“U.S.”) National Parks and has extensive programming in Alaska and beyond U.S.

borders to international locations such as Oceania, Central and South America, Europe and Africa.

Examples of international expeditions include hiking in New Zealand’s South Island, experiencing the culture, architecture, and village life of Morocco, and family adventures in Patagonia’s Lake District.

All Off the Beaten Path expeditions are defined by a focus on hiking and walking, wildlife and nature, and history and culture, anchored by unique lodging reflecting the authentic nature of place and led by deeply experienced, local guides.

DuVine offers luxury cycling and adventure tours around the world, providing immersive cultural and culinary experiences through thoughtfully designed itineraries led by expert local guides.

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Classic Journeys’ tours are highlighted by expert and well-connected local guides who live in the regions being explored, luxury boutique accommodations, and handcrafted itineraries curated through years of local connections and experiences, including walking the tidal flats to Mont-St-Michel, following the footpath between the villages of the Cinque Terre, or wending through the colorful medinas of Fes and Marrakesh.

Thomson Group

Founded on a passion for travel more than 40 years ago, US-based Thomson Group and its Tanzanian affiliates offer a depth of experience and expertise that are rare in the industry.

Leveraging their Tanzania-based ground operations, Thomson Group focuses on providing socially responsible, eco-friendly, immersive Tanzanian safaris, and industry-leading, luxury Kilimanjaro treks.

Most safari and post-Kilimanjaro itineraries benefit from the inclusion of Gibb’s Farm, an award-winning, historic lodge on 80 stunningly verdant acres that abut Ngorongoro Conservation Area.

In addition to handling small-group, private and prestigious affinity trips to Tanzania, Thomson Group is also an experienced family travel provider, having established one of the country’s first exclusively family-focused travel companies, Thomson Family Adventures 25 years ago.

Competitive Strengths

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Our leadership and expertise today are built on the Lindblad family’s decades of experience in expedition adventure travel.

Sven-Olof Lindblad, our Founder and Chief Executive Officer, comes from a rich expedition heritage.

Sven-Olof Lindblad, our Founder and Board Co-Chair, comes from a rich expedition heritage.

The International Association of Antarctica Tour Operators, which was established in 1991, believes that the concept of expedition cruising, coupled with education as a major theme, began when Lars-Eric Lindblad, Sven-Olof Lindblad’s father, led the first traveler’s expedition to Antarctica in 1966.

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Lars-Eric Lindblad has also been recognized by The New York Times , Travel + Leisure Magazine and other publications for his vision and leadership in developing what is today known as expedition travel.

Believing that educated people who saw things with their own eyes would be a

potent force for the preservation of the places they visited, Lars-Eric Lindblad worked to promote conservation and restoration projects worldwide.

Believing that educated people who saw things with their own eyes would be a potent force for the preservation of the places they visited, Lars-Eric Lindblad worked to promote conservation and restoration projects worldwide.

Sven-Olof Lindblad founded Lindblad in 1979, expanding the legacy of his father by providing expanded marine experiences around the world and leading innovation in the expedition adventure travel industry.

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Recognized as a multi-time World’s Best Tour Operator by Travel + Leisure Magazine, Classic Journeys was inducted into the Travel + Leisure Magazine Hall of Fame in 2023 for sustained excellence.

Classic Journeys’ trips feature curated walks, handcrafted itineraries, expert local guides, small groups, enchanting accommodations, eating like and with the locals, and regenerative travel.

Classic Journeys’ trips feature curated walks, ‘only with Classic Journeys’ access and experience, expert local guides, small groups, enchanting accommodations, eating like and with the locals, and regenerative travel.

Thomson Group was founded in 1981 and has been providing exceptional safari experiences, and Kilimanjaro treks and family adventures for more than 40 years.

Known for authentic and engaging travels, the company has grown steadily, earning an industry-wide reputation for quality, garnering awards, including 7-time Travel + Leisure World’s Best, and becoming the trusted Tanzania operator for alumni of the world’s most prestigious universities.

As pioneers with decades of experience in the expedition adventure travel sector, we have established deep expertise and knowledge of operating expedition tours in remote, wild locations.

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Some of the awards we earned during 2024 and 2023 are as follows:

Condé Nast Traveler’s 2025 Gold List:

The Best Cruise Ships in the World – National Geographic Islander II