LINDBLAD EXPEDITIONS HOLDINGS, INC.

Previous wording

We currently operate a fleet of 12 owned expedition ships and 10 seasonal charter vessels (with several other vessels contracted for future expeditions) under the Lindblad brand. Each expedition ship is fully equipped with state-of-the-art tools for in-depth exploration, and the majority of our expeditions involve travel to remote places, such as voyages to Alaska, the Arctic, Antarctic, the Galápagos Islands, Baja’s Sea of Cortez, the South Pacific, Costa Rica and Panama. We have a longstanding relationship with the National Geographic Society (“National Geographic”) dating back to 2004, which is based on a shared interest in exploration, research, technology and conservation. This relationship, which extends through 2040, includes a co-selling, co-marketing and global branding arrangement whereby our owned vessels carry the National Geographic name, and National Geographic sells our expeditions through its internal travel division. We collaborate with National Geographic on voyage planning to enhance the guest experience by having National Geographic experts, including photographers, writers, marine biologists, naturalists, field researchers and film crews, join our expeditions. Guests have the ability to interact with these experts through lectures, excursions, dining and other experiences throughout their voyage.

Current wording

We currently operate a fleet of 10 owned expedition ships, as theNational Geographic Sea Bird and theNational Geographic Sea Lion completed their final expeditions this October after 16 years of service in our fleet, and 10 seasonal charter vessels (with several other vessels contracted for future expeditions) under the Lindblad brand. Each expedition ship is fully equipped with state-of-the-art tools for in-depth exploration, and the majority of our expeditions involve travel to remote places, such as voyages to Alaska, the Arctic, Antarctic, the Galápagos Islands, Baja’s Sea of Cortez, the South Pacific, Costa Rica and Panama. We have a longstanding relationship with the National Geographic Society (“National Geographic”) dating back to 2004, which is based on a shared interest in exploration, research, technology and conservation. This relationship, which extends through 2040, includes a co-selling, co-marketing and global branding arrangement whereby our owned vessels carry the National Geographic name, and National Geographic sells our expeditions through its internal travel division. We collaborate with National Geographic on voyage planning to enhance the guest experience by having National Geographic experts, including photographers, writers, marine biologists, naturalists, field researchers and film crews, join our expeditions. Guests have the ability to interact with these experts through lectures, excursions, dining and other experiences throughout their voyage.

Previous wording

Off the Beaten Path, LLC (“Off the Beaten Path”) provides small group travel, led by local, experienced guides, with distinct focus on wildlife, hiking national parks and culture. Off the Beaten Path offerings include insider national park experiences in the Rocky Mountains, Desert Southwest, and Alaska, as well as unique trips across Central and South America, Oceania, Europe and Africa.

Current wording

Off the Beaten Path, LLC (“Off the Beaten Path”) provides small-group travel, led by local, experienced guides, with a distinct focus on wildlife, hiking national parks and culture. Off the Beaten Path offerings include insider national park experiences in the Rocky Mountains, Desert Southwest, and Alaska, as well as unique trips across Central and South America, Oceania, Europe and Africa.

Previous wording

We operate two segments consisting of (i) the Lindblad segment, which consists of the operations of our Lindblad brand, and (ii) the Land Experiences segment, consisting of our Natural Habitat, Off the Beaten Path, DuVine, Classic Journeys brands and the Thomson Group.

Current wording

We operate two segments consisting of (i) the Lindblad segment, which consists of the operations of our Lindblad brand, and (ii) the Land Experiences segment, consisting of our Natural Habitat, Off the Beaten Path, DuVine, Classic Journeys brands, the Thomson Group, White Desert and Echo Charlie.

Previous wording

Adjusted EBITDAis defined by us as, net income (loss) excluding depreciation and amortization, net interest expense, income tax expense or benefit, foreign currency gains or losses and other certain non-operating items. Other non-operating items excluded, include such items as stock-based compensation, reorganization costs, executive severance costs, debt refinancing costs, acquisition-related expenses and other non-recurring charges. We believe Adjusted EBITDA, when considered along with other performance measures, is a useful measure to evaluate operating performance and trends. We believe this measure provides additional insight into underlying operating results by excluding items that may not be indicative of ongoing performance. Adjusted EBITDA is not intended to be a measure of liquidity or financial performance under GAAP and should not be considered in isolation or as a substitute for GAAP measures such as net income or cash flows from operations. Our definition and use of Adjusted EBITDA may not be comparable to similarly titled measures used by other companies.

Current wording

Adjusted EBITDAis defined by us as net income (loss) excluding depreciation and amortization, net interest expense, income tax expense or benefit, foreign currency gains or losses and certain other non-operating items. Other non-operating items excluded include such items as stock-based compensation, reorganization costs, executive severance costs, debt refinancing costs, acquisition-related expenses and other non-recurring charges. We believe Adjusted EBITDA, when considered along with other performance measures, is a useful measure to evaluate operating performance and trends. We believe this measure provides additional insight into underlying operating results by excluding items that may not be indicative of ongoing performance. Adjusted EBITDA is not intended to be a measure of liquidity or financial performance under GAAP and should not be considered in isolation or as a substitute for GAAP measures such as net income or cash flows from operations. Our definition and use of Adjusted EBITDA may not be comparable to similarly titled measures used by other companies.

Previous wording

Guests represents the number of guests who travel with us in a period.

Current wording

Guests represent the number of guests who travel with us in a period.

Previous wording

The U.S. dollar, and Tanzanian and Kenyan shilling are the functional currencies in our foreign operations and re-measurement adjustments and gains or losses resulting from foreign currency transactions are recorded as foreign exchange gains or losses in the condensed consolidated statements of operations.

Current wording

The U.S. dollar is our reporting currency, and the Tanzanian shilling, Kenyan shilling and South African rand are the functional currencies of certain of our foreign operations. Remeasurement adjustments and gains or losses resulting from foreign currency transactions are recorded as foreign exchange gains or losses in the condensed consolidated statements of operations.

Previous wording

Traditionally, our Lindblad brand tour revenues are mildly seasonal, historically larger in the first and third quarters. The seasonality of our operating results fluctuates due to our vessels being taken out of service for scheduled maintenance or drydocking, which is typically during nonpeak demand periods, generally in the second and fourth quarters. Our drydock schedules are subject to cost and timing differences from year-to-year due to the availability of shipyards for certain work, drydock locations based on ship itineraries, operating conditions experienced especially in the polar regions and the applicable regulations of class societies in the maritime industry, which require more extensive reviews periodically. Drydocking impacts operating results by reducing tour revenues and increasing cost of tours. Our Natural Habitat, Off the Beaten Path, DuVine, Classic Journeys brands and Thomson Group are seasonal businesses, with the majority of Natural Habitat’s tour revenue recorded in the third and fourth quarters from its summer season departures and polar bear tours, the majority of Off the Beaten Path and DuVine’s revenues are recorded during the second and third quarters from their spring and summer season departures, and the majority of Thomson Group’s revenues being recorded during the third quarter from the height of their safari season tours, while Classic Journeys’ revenue is somewhat less seasonal with the majority of revenues recorded during their second, third and fourth quarters.

Current wording

Traditionally, our Lindblad brand tour revenues are mildly seasonal, historically larger in the first and third quarters. The seasonality of our operating results fluctuates due to our vessels being taken out of service for scheduled maintenance or drydocking, which is typically during nonpeak demand periods, generally in the second and fourth quarters. Our drydock schedules are subject to cost and timing differences from year-to-year due to the availability of shipyards for certain work, drydock locations based on ship itineraries, operating conditions experienced especially in the polar regions and the applicable regulations of class societies in the maritime industry, which require more extensive reviews periodically. Drydocking impacts operating results by reducing tour revenues and increasing cost of tours. Our Natural Habitat, Off the Beaten Path, DuVine, Classic Journeys, Thomson Group, White Desert and Echo Charlie brands are seasonal businesses. The majority of Natural Habitat’s tour revenues are recorded in the third and fourth quarters from its summer season departures and polar bear tours, and the majority of Off the Beaten Path’s and DuVine’s revenues are recorded in the second and third quarters from their spring and summer season departures. The majority of Thomson Group’s revenues are recorded in the third quarter during the height of its safari season, while Classic Journeys' revenues are somewhat less seasonal, with the majority recorded in the second, third and fourth quarters. The majority of White Desert’s revenue is recorded in the fourth and first quarters, during the Antarctic summer season, and the majority of Echo Charlie’s revenues will be recorded in the third and fourth quarters.

Previous wording

Our consolidated results for the three and six months ended June 30, 2026 and 2025 are set forth below. Percentages that are not meaningful to the change are noted as NM in the table.

Current wording

Our consolidated results for the three and nine months ended September 30, 2026 and 2025 are set forth below. Percentages that are not meaningful to the change are noted as NM in the table.

Previous wording

Comparison of the Three and Six Months Ended June 30, 2026 and 2025 —** Consolidated**

Current wording

Comparison of the Three and Nine Months Ended September 30, 2026 and 2025 —** Consolidated**

Previous wording

Tour revenues for the three months ended June 30, 2026 increased $31.3 million, or 19%, to $199.2 million, compared to$167.9 million for the three months ended June 30, 2025. Of the $31.3 million increase, $28.1 million was due to an 18% increase in guest nights sold at the Lindblad segment and a 13% increase in Land Experiences guests traveled, and $3.2 million of the increase was due to the change in mix of itineraries and trips and pricing.

Current wording

Tour revenues for the three months ended September 30, 2026 increased $29.0 million, or 12%, to $269.2 million, compared to$240.2 million for the three months ended September 30, 2025. Of the $29.0 million increase, $23.7 million was due to an 8% increase in guest nights sold at the Lindblad segment and a 12% increase in Land Experiences guests traveled, and $5.3 million of the increase was due to the change in mix of itineraries, trips and pricing.

Previous wording

Tour revenues for the six months ended June 30, 2026 increased$59.6 million, or 17%, to$407.3 million, compared to $347.7 million for the six months ended June 30, 2025. Of the$59.6 million increase,$45.9 million was due to a 15% increase in guest nights soldat the Lindblad segment and an 8% increase in Land Experiences guests traveled, and$13.7 million of the increase was due to the change in mix of itineraries and trips and pricing.

Current wording

Tour revenues for the nine months ended September 30, 2026 increased$88.6 million, or 15%, to$676.4 million, compared to $587.8 million for the nine months ended September 30, 2025. Of the$88.6 million increase,$69.1 million was due to a 12% increase in guest nights soldat the Lindblad segment and a 10% increase in Land Experiences guests traveled, and$19.5 million of the increase was due to the change in mix of itineraries, trips and pricing.

Previous wording

Total cost of tours for the three months ended June 30, 2026 increased $11.2 million, or 12%, to $102.6 million, compared to $91.4 million for the three months ended June 30, 2025, primarily due to additional voyages and trips, higher fuel cost and increased other operating costs.

Current wording

Total cost of tours for the three months ended September 30, 2026 increased $11.6 million, or 9%, to $135.9 million, compared to $124.4 million for the three months ended September 30, 2025, primarily due to additional voyages and trips, and higher fuel costs driven by increased global fuel prices.

Previous wording

Total cost of tours for the six months ended June 30, 2026 increased $25.1 million, or 14%, to $209.4 million, compared to $184.2 million for the six months ended June 30, 2025, primarily due to additional voyages and trips, and increased operating costs, including additional guest flights over the Drake Passage to Antarctica and higher fuel costs.

Current wording

Total cost of tours for the nine months ended September 30, 2026 increased $36.7 million, or 12%, to $345.3 million, compared to $308.6 million for the nine months ended September 30, 2025, primarily due to additional voyages and trips, and increased operating costs, including additional guest flights over the Drake Passage to Antarctica and higher fuel costs.

Previous wording

General and administrative expenses for the three months ended June 30, 2026 increased$3.1 million, or 10%, to $34.2 million, compared to $31.1 million for the three months ended June 30, 2025. The increase was primarily related to higher personnel costs, in part due to $3.4 million in employee retention tax credits received in the prior year, and strategic growth investments, partially offset by lower stock-based compensation expense.

Current wording

General and administrative expenses for the three months ended September 30, 2026 increased$0.9 million, or 3%, to $35.7 million, compared to $34.8 million for the three months ended September 30, 2025. The increase was primarily related to higher personnel costs, in part due to $1.8 million in employee retention tax credits received in the prior year, and costs associated with the White Desert and Echo Charlie acquisitions, partially offset by lower stock-based compensation expense.

Previous wording

General and administrative expenses for the six months ended June 30, 2026 increased $2.4 million, or 4%, to $66.2 million, compared to$63.8 million for the six months ended June 30, 2025. The increase was primarily related tohigher personnel costs, in part due to $3.4 million in employee retention tax credits received in the prior year, and strategic growth investments, partially offset by lower stock-based compensation expense.

Current wording

General and administrative expenses for the nine months ended September 30, 2026 increased $3.4 million, or 3%, to $102.0 million, compared to$98.6 million for the nine months ended September 30, 2025. The increase was primarily related tohigher personnel costs, in part due to $5.3 million in employee retention tax credits received in the prior year, and strategic growth investments, including the costs associated with the White Desert and Echo Charlie acquisitions, partially offset by lower stock-based compensation expense.

Previous wording

Selling and marketing expenses for the three months ended June 30, 2026 increased $5.6 million, or 21%, to $32.0 million, compared to $26.4 million for the three months ended June 30, 2025, primarily due to increased royalties associated with the final royalty rate step-up under the National Geographic agreement, higher commissions associated with increased revenues and increased marketing spend to support future growth.

Current wording

Selling and marketing expenses for the three months ended September 30, 2026 increased $7.7 million, or 26%, to $37.8 million, compared to $30.1 million for the three months ended September 30, 2025, primarily due to increased royalties associated with the final royalty rate step-up under the National Geographic agreement, higher commissions associated with increased revenues and increased marketing spend to support future growth.

Previous wording

Selling and marketing expenses for the six months ended June 30, 2026 increased $13.3 million, or 24%, to $68.0 million, compared to $54.6 million for the six months ended June 30, 2025, primarily due to increased royalties associated with the final royalty rate step-up under the National Geographic agreement, higher commissions associated with increased revenues and increased marketing spend to support future growth.

Current wording

Selling and marketing expenses for the nine months ended September 30, 2026 increased $21.0 million, or 25%, to $105.7 million, compared to $84.7 million for the nine months ended September 30, 2025, primarily due to increased royalties associated with the final royalty rate step-up under the National Geographic agreement, higher commissions associated with increased revenues and increased marketing spend to support future growth.

Previous wording

Depreciation and amortization expenses for the three months ended June 30, 2026 increased $3.8 million, or 26%, to $18.5 million, compared to $14.7 million for the three months ended June 30, 2025. The increase was primarily related to depreciation of assets placed into service to support our vessel fleet and accelerated depreciation on the National Geographic Sea Bird and National Geographic Sea Lion related to their planned retirement.

Current wording

Depreciation and amortization expenses for the three months ended September 30, 2026 increased $2.0 million, or 14%, to $16.9 million, compared to $14.9 million for the three months ended September 30, 2025. The increase was primarily related to depreciation of assets placed into service to support our vessel fleet and accelerated depreciation on theNational Geographic Sea Bird andNational Geographic Sea Lion related to their retirement in October 2026.

Previous wording

Depreciation and amortization expenses for the six months ended June 30, 2026 increased $6.2 million, or 21%, to $36.2 million, compared to $30.0 million for the six months ended June 30, 2025. The increase was primarily related to depreciation of assets placed into service to support our vessel fleetand accelerated depreciation on the National Geographic Sea Bird and National Geographic Sea Lion related to their planned retirement.

Current wording

Depreciation and amortization expenses for the nine months ended September 30, 2026 increased $8.2 million, or 18%, to $53.1 million, compared to $44.9 million for the nine months ended September 30, 2025. The increase was primarily related to depreciation of assets placed into service to support our vessel fleetand accelerated depreciation on theNational Geographic Sea Bird andNational Geographic Sea Lion related to their retirement in October 2026.

Previous wording

Other expense for the three months ended June 30, 2026 was $10.9 million, compared to $10.8 million for the three months ended June 30, 2025, as $1.1 million in lower interest expense on our corporate debt facilities was offset by a loss on foreign exchange.

Current wording

Other expense for the three months ended September 30, 2026 was $11.2 million, compared to $34.0 million for the three months ended September 30, 2025. The decrease was primarily due to the prior year including a $23.5 million expense, net, related to debt extinguishment and other financing expenses, partially offset by a gain on the Torcatt acquisition. Additionally, interest expense on our corporate debt facilities was $1.1 million lower. These decreases were partially offset by a higher loss on foreign exchange.

Previous wording

Selected information for our reportable segments is below. The presentation of non-GAAP financial information should not be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. Percentages that are not meaningful to the change are noted as NM in the table.

Current wording

Selected information for our reportable segments is below. The presentation of non-GAAP financial information should not be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP.

Previous wording

Comparison of the Three and Six Months Ended June 30, 2026 and 2025 at the Lindblad Segment

Current wording

Comparison of the Three and Nine Months Ended September 30, 2026 and 2025 at the Lindblad Segment

Previous wording

Tour revenues for the three months ended June 30, 2026 increased$18.2 million, or 16%, to $129.2 million, compared to $111.0 million for the three months ended June 30, 2025. Of the$18.2 million increase,$19.8 million is related to an 18% increase in guest nights sold, partially offset by a $1.6 million decrease related to a 1% decrease in revenue per guest nights sold as compared to the prior year period. Net yield per available guest night increased 4% to $1,294 from $1,241 in 2025, reflecting a 5-percentage point increase in occupancy to 91% for 2026 compared with the same period in 2025.

Current wording

Tour revenues for the three months ended September 30, 2026 increased$15.8 million, or 11%, to $153.4 million, compared to $137.6 million for the three months ended September 30, 2025. Of the$15.8 million increase,$11.2 million is related to an 8% increase in guest nights sold, and $4.6 million is related to a 3% increase in revenue per guest nights sold as compared to the prior year period. Net yield per available guest night increased 6% to $1,398 from $1,314 in 2025, reflecting a 3-percentage point increase in occupancy to 91% for 2026 compared with the same period in 2025.

Previous wording

Tour revenues for the six months ended June 30, 2026 increased$39.6 million, or 16%, to $281.7 million, compared to $242.2 million for the six months ended June 30, 2025. Of the$39.6 million increase,$36.6 million is related to a 15% increase in guest nights sold and$3.0 million is related to a 1% increase in revenue per guest nights sold as compared to the prior year period. Net yield per available guest night increased 6% to $1,452 from$1,376 in 2025, reflecting higher pricing and a 5-percentage point increase in occupancy to 92% for 2026 compared with the same period in 2025.

Current wording

Tour revenues for the nine months ended September 30, 2026 increased$55.4 million, or 15%, to $435.1 million, compared to $379.7 million for the nine months ended September 30, 2025. Of the$55.4 million increase,$47.5 million is related to a 12% increase in guest nights sold and$7.9 million is related to a 2% increase in revenue per guest nights sold as compared to the prior year period. Net yield per available guest night increased 6% to $1,432 from$1,352 in 2025, reflecting higher pricing and a 4-percentage point increase in occupancy to 92% for 2026 compared with the same period in 2025.

Previous wording

Operating income was $3.9 million for the three months ended June 30, 2026, an increase of $5.9 million compared to a loss of $2.1 million for the three months ended June 30, 2025, primarily due to increased tour revenues during the period, partially offset by higher operating expenses. Operating expenses were impacted by (i) higher cost of tours associated with additional voyages and increased fuel costs; (ii) higher sales and marketing costs primarily due to increased royalties associated with the final royalty rate step-up under the National Geographic agreement and increased marketing spend to support future growth; and (iii) increased general and administrative costs primarily due to higher personnel costs, employee retention tax credits received in the prior year and strategic growth investments, partially offset by decreased stock-based compensation expense.

Current wording

Operating income increased $4.5 million for the three months ended September 30, 2026, to $17.8 million compared to $13.2 million for the three months ended September 30, 2025, primarily due to increased tour revenues during the period, partially offset by higher operating expenses. Operating expenses were impacted by (i) higher cost of tours associated with additional voyages and increased fuel costs; (ii) higher selling and marketing costs primarily due to increased royalties associated with the final royalty rate step-up under the National Geographic agreement and increased marketing spend to support future growth; and (iii) increased depreciation and amortization expense related toassets placed into service to support our vessel fleet and accelerated depreciation on theNational Geographic Sea Bird andNational Geographic Sea Lion related to their October 2026 retirement; partially offset by decreased general and administrative costs primarily due to lower stock-based compensation, partially offset by higher personnel costs, in part due to employee retention tax credits received in the prior year, and costs associated with the White Desert and Echo Charlie acquisitions.

Previous wording

Operating income was$14.4 million for the six months ended June 30, 2026, an increase of $8.1 million compared to $6.3 million for the six months ended June 30, 2025, primarily due to increased tour revenues during the period, partially offset by higher operating expenses. Operating expenses were impacted by (i) higher cost of tours associated with additional voyages, the additional guest charter flights over the Drake Passage for certain Antarctica expeditions and higher fuel costs; (ii) higher sales and marketing costs primarily due to increased royalties associated with the final royalty rate step-up under the National Geographic agreement and increased marketing spend to support future growth; and (iii) increased general and administrative costs primarily due to higher personnel costs, employee retention tax credits received in the prior year, and strategic growth investments, partially offset by decreased stock-based compensation expense.

Current wording

Operating income increased $12.6 million for the nine months ended September 30, 2026, to $32.2 million compared to $19.6 million for the nine months ended September 30, 2025, primarily due to increased tour revenues, partially offset by higher operating expenses. Operating expenses were impacted by (i) higher cost of tours associated with additional voyages, additional guest charter flights over the Drake Passage for certain Antarctica expeditions and higher fuel costs; (ii) higher selling and marketing costs primarily due to increased royalties associated with the final royalty rate step-up under the National Geographic agreement and increased marketing spend to support future growth; and (iii) increased depreciation and amortization expense related toassets placed into service to support our vessel fleet and accelerated depreciation on theNational Geographic Sea Bird andNational Geographic Sea Lion related to their October 2026 retirement; partially offset by decreased general and administrative costs primarily due to lower stock-based compensation, partially offset by higher personnel costs, in part due to employee retention tax credits received in the prior year, and costs associated with the White Desert and Echo Charlie acquisitions.

Previous wording

Comparison of Three and Six Months Ended June 30, 2026 and** 2025** at the Land Experiences Segment

Current wording

Comparison of Three and Nine Months Ended September 30, 2026 and** 2025** at the Land Experiences Segment

Previous wording

Tour revenues for the three months ended June 30, 2026 increased$13.1 million, or 23%, to $70.0 million compared to$56.9 million for the three months ended June 30, 2025. Of the $13.1 million increase,$8.3 million is related to a 13% increase in the number of guests traveled and$4.8 million is related to an 8% increase in revenue per guest as compared to the prior year period due to changes in itineraries, destinations and pricing.

Current wording

Tour revenues for the three months ended September 30, 2026 increased$13.2 million, or 13%, to $115.8 million compared to$102.6 million for the three months ended September 30, 2025. Of the $13.2 million increase,$12.4 million is related to a 12% increase in the number of guests traveled and$0.8 million is related to a 1% increase in revenue per guest as compared to the prior year period due to changesin itineraries, destinations and pricing.

Previous wording

Tour revenues for the six months ended June 30, 2026 increased$20.0 million, or 19%, to $125.5 million compared to$105.5 million for the six months ended June 30, 2025. Of the $20.0 million increase, $10.7 million is related to a 10% increase in revenue per guest as compared to the prior year period due to changes in itineraries, destinations and pricing and $9.3 million of the increase was due to an 8% increase in the number of guests traveled.

Current wording

Tour revenues for the nine months ended September 30, 2026 increased$33.2 million, or 16%, to $241.3 million compared to$208.1 million for the nine months ended September 30, 2025. Of the $33.2 million increase, $21.6 million is related to a 10% increase in the number of guests traveled and $11.6 million of the increase was due to a 6% increase in revenue per guest as compared to the prior year period due to changes in itineraries, destinations and pricing.

Previous wording

Operating income for the six months ended June 30, 2026 was $13.2 million compared to$8.7 million for the six months ended June 30, 2025, as the increase in tour revenue was partially offset by higher operating and personnel costs, in part due to employee retention tax credits received in the prior year, and higher marketing spend to drive future growth.

Current wording

Operating income was $25.0 million for the three months ended September 30, 2026, an increase of $2.3 million comparedto$22.7 million for the three months ended September 30, 2025, as the increase in tour revenue was partially offset by higher operating and personnel costs and higher marketing spend to drive future growth.

Previous wording

Operating income for the three months ended June 30, 2026 was$8.1 million comparedto$6.5 million for the three months ended June 30, 2025, as the increase in tour revenue was partially offset by higher operating and personnel costs, in part due to employee retention tax credits received in the prior year, and higher marketing spend to drive future growth.

Current wording

Operating income was $38.1 million for the nine months ended September 30, 2026, an increase of $6.7 million comparedto$31.4 million for the nine months ended September 30, 2025, as the increase in tour revenue was partially offset by higher operating and personnel costs, in part due to employee retention tax credits received in the prior year, and higher marketing spend to drive future growth.

Previous wording

As of June 30, 2026, we had $318.9 million in unrestricted cash and cash equivalents and $46.0 million in restricted cash primarily related to deposits on future travel originating from U.S. ports and credit card reserves.

Current wording

As of September 30, 2026, we had $274.9 million in unrestricted cash and cash equivalents and $33.2 million in restricted cash primarily related to deposits on future travel originating from U.S. ports and credit card reserves.

Previous wording

As of June 30, 2026, we had $675.0 million in long-term debt obligations, including the current portion of long-term debt. We believe that our cash on hand and expected future operating cash inflows as well as availability under our Revolving Credit Facility will be sufficient to fund operations, debt service requirements and necessary capital expenditures for at least the next 12 months.

Current wording

As of September 30, 2026, we had $675.0 million in long-term debt obligations, including the current portion of long-term debt, and no borrowings under our senior secured revolving credit facility (the “Revolving Credit Facility”). As of September 30, 2026, we had a $4.7 million letter of credit issued against our Revolving Credit Facility. We believe that our cash on hand and expected future operating cash inflows as well as availability under our Revolving Credit Facility will be sufficient to fund operations, debt service requirements and necessary capital expenditures for at least the next 12 months.

Previous wording

Sources and Uses of Cash for the Six Months Ended June 30, 2026 and 2025

Current wording

Sources and Uses of Cash for the Nine Months Ended September 30, 2026 and 2025

Previous wording

Net cash provided by operating activities was $108.5 million for the six months ended June 30, 2026 comp ared to$77.6 million for the same period in 2025. The $30.9 million increase is primarily due to higher guest deposits for future bookings and improved operating results.

Current wording

Net cash provided by operating activities was $111.3 million for the nine months ended September 30, 2026 comp ared to$97.1 million for the same period in 2025. The $14.2 million increase is primarily due to improved operating results and timing of payments for future tour expenses.

Previous wording

Net cash used in investing activities was $14.9 million for the six months ended June 30, 2026 compared to$44.7 million used during the same period in 2025. 2026 included capital expenditures on our vessels, while 2025 included capital expenditures on our vessels and the acquisition of Torcatt Enterprises Limitada.

Current wording

Net cash used in investing activities was $73.4 million for the nine months ended September 30, 2026 compared to$54.1 million used during the same period in 2025. 2026 included cash paid for the acquisition of White Desert and Echo Charlie and capital expenditures on our vessels, while 2025 included capital expenditures on our vessels, the acquisition of Torcatt Enterprises Limitada and the refurbishment of those vessels.

Previous wording

Net cash used in financing activities was $18.5 million for the six months ended June 30, 2026 compared to$1.4 million for the same period in 2025. 2026 included $19.8 million for the additional 5% ownership of Natural Habitat and the additional 9.9% ownership of Classic Journeys related to the put of the redeemable noncontrolling interests and $4.6 million related to income tax withholdings for stock-based compensation, partially offset by $6.6 million for proceeds on the exercise of options, while 2025 included income tax withholdings for stock-based compensation*.*

Current wording

Net cash used in financing activities was $19.4 million for the nine months ended September 30, 2026 compared to net cash provided by financing activities of$31.3 million for the same period in 2025. 2026 included $19.8 million for the additional 5.0% ownership of Natural Habitat and the additional 9.9% ownership of Classic Journeys related to the put of the redeemable noncontrolling interests and $5.4 million related to income tax withholdings for stock-based compensation, partially offset by $6.6 million for proceeds on the exercise of options, while 2025 primarily included the issuance of $675.0 million of 7.00% senior secured notes, which were used mainly to repay our prior senior secured notes, and cash received from the exercise of options.

Previous wording

We have a senior secured revolving credit facility (the “Revolving Credit Facility”) in an aggregate amount of $60.0 million, maturing August 2030. As of June 30, 2026, we had no borrowings under the Revolving Credit Facility. Refer to Note 5 in the Notes to Condensed Consolidated Financial Statements for a further description of the Revolving Credit Facility.

Current wording

We have a Revolving Credit Facility in an aggregate amount of $60.0 million, maturing August 2030. As of September 30, 2026, we had a $4.7 million letter of credit issued against our Revolving Credit Facility and no borrowings under the Revolving Credit Facility. Refer to Note 5 in the Notes to Condensed Consolidated Financial Statements for a further description of the Revolving Credit Facility.

Previous wording

We generally rely on a combination of cash flows provided by operations and the incurrence of additional debt to fund obligations. A vast majority of guest ticket receipts are collected in advance of the applicable expedition date. These advance passenger receipts remain a current liability until the expedition date, and the cash generated from these advance receipts is used interchangeably with cash on hand from other cash from operations. The cash received as advance receipts can be used to fund operating expenses for the applicable future expeditions or otherwise, pay down debt, make long-term investments or any other use of cash. Traditionally we run a working capital deficit due primarily to a large balance of unearned passenger revenues. As of June 30, 2026, we had a working capital deficit of$82.1 million, and as of December 31, 2025, we had a working capital deficit of$93.7 million.

Current wording

We generally rely on a combination of cash flows provided by operations and the incurrence of additional debt to fund obligations. The vast majority of guest ticket receipts are collected in advance of the applicable expedition date. These advance passenger receipts remain a current liability until the expedition date, and the cash generated from these advance receipts is used interchangeably with cash on hand from other cash from operations. The cash received as advance receipts can be used to fund operating expenses for the applicable future expeditions or otherwise, pay down debt, make long-term investments or any other use of cash. Traditionally we run a working capital deficit due primarily to a large balance of unearned passenger revenues. As of September 30, 2026, we had a working capital deficit of$124.9 million, and as of December 31, 2025 we had a working capital deficit of$93.7 million.