Lindblad Expeditions delivered a record first quarter occupancy of 93 percent even as it grew available guest nights by more than 6 percent, with Chief Executive Officer Natalya Leahy noting disciplined commercial execution and strengthening demand across the company’s global portfolio.

“In a complex macro and geopolitical environment, our team delivered another record quarter,” she said. “We achieved record first quarter occupancy of 93% on a 6% increase in capacity and increased net yield by 7% to a record of $1,631 per available guest night.”

The occupancy figure represented an improvement over the prior year’s 89 percent, making it the highest first quarter occupancy in company history.

Leahy pointed to several commercial levers as drivers of the occupancy performance. Bookings from Disney travel agents rose 67 percent year over year, and the company’s outbound sales program increased 64 percent.

The results came despite what Leahy described as some of the most challenging weather conditions in Antarctica in over a decade, which forced cancellations in the company’s Antarctica Direct flight program, as well as several Egyptian river cruise sailings.

“These cancellations not only impacted revenue from some of our most profitable voyages, but also led to higher land costs as some guests were already in transit or on the ground when disruptions occurred,” she said..

Looking ahead, Leahy expressed confidence in the company’s ability to sustain the occupancy trajectory.

“I would say we are confidently marching to deliver on a goal to stay above 90% both in 2026 and 2027 while driving pricing.”

She added that bookings for 2027 are running meaningfully ahead of where 2026 stood at the same point.