The adventure travel sector is experiencing a renaissance, driven by a confluence of rising disposable incomes, a shift toward experiential spending, and a global appetite for responsible tourism. At the forefront of this transformation is Lindblad Expeditions Holdings, Inc. (LIND), a pioneer in expedition cruising and sustainable travel. With a strategic trifecta of occupancy gains, product innovation, and a transformative partnership with The Walt Disney Company, Lindblad is not only capitalizing on current trends but also redefining the future of travel. For investors, the company’s 2025 guidance and operational execution signal a compelling case for long-term value creation.

Occupancy Gains: The Catalyst for Revenue Growth

Lindblad’s ability to drive occupancy rates is a cornerstone of its financial performance. In 2024, the company’s Lindblad segment achieved an 78% occupancy rate, up from 77% the prior year, while the fourth quarter saw a jump to 78% from 70%. This improvement, coupled with a 7% increase in net yield per available guest night to $1,170, underscores the power of pricing discipline and demand for premium, small-ship expedition travel.

The Land Experiences segment has also shown remarkable momentum, with 2024 tour revenues rising 29% to $221.4 million. The acquisition of Wineland-Thomson Adventures in 2023 has expanded Lindblad’s land-based offerings, providing a diversified revenue stream. Notably, the fourth quarter of 2024 saw a 46% surge in land tour revenues, driven by higher guest numbers and strategic pricing.

These occupancy gains are translating directly into profitability. Adjusted EBITDA for the Lindblad segment increased by $10.9 million to $59.4 million in 2024, while the Land Experiences segment added $9.1 million to reach $31.8 million. The company’s Q2 2025 results were even more striking: a 23% year-over-year revenue increase, with Adjusted EBITDA surging 139%, reflecting the compounding effects of occupancy and pricing.

Product Innovation: Expanding the Adventure Travel Ecosystem

Lindblad’s product portfolio has evolved beyond its core expedition cruises to include innovative offerings that cater to emerging consumer trends. The European river cruise program, launched in 2025, is already achieving strong booking performance, tapping into the growing demand for culturally immersive, low-impact travel.

The company has also pioneered multigenerational and family-friendly travel through initiatives like “Explorers in Training,” a youth-focused program that combines education with adventure. This not only broadens Lindblad’s demographic appeal but also fosters brand loyalty across generations. Meanwhile, the “Women’s Journeys” program and “Chef on Wheels” (a culinary cycling tour) demonstrate Lindblad’s agility in addressing niche markets, such as female travelers and food enthusiasts.

These innovations are not just revenue drivers—they are strategic tools for building a recurring customer base. By creating unique, high-value experiences, Lindblad is positioning itself as a destination for travelers seeking more than a vacation; they are seeking purpose.

Disney Partnership: A Game Changer for Market Expansion

The most transformative development in Lindblad’s 2025 strategy is its partnership with Disney, now part of the expanded National Geographic affiliation under The Walt Disney Company. This collaboration leverages Disney’s global brand equity and distribution network to introduce Lindblad’s offerings to a new audience.

Key to this partnership is the Disney Vacation Club’s points redemption program, which allows members to book Lindblad expeditions using their loyalty points. This has already led to a 45% increase in bookings from Disney’s travel advisors. The partnership also provides Lindblad access to Disney’s sales channels, including its 100,000+ travel advisors, significantly lowering customer acquisition costs.

Financially, the Disney partnership has been a catalyst. In Q2 2025, Lindblad reported a 23% revenue increase, with the Lindblad Expeditions segment up 19% and the land-based segment surging 41%. The company raised its 2025 revenue guidance to $725–$750 million, with Adjusted EBITDA projected at $100–$112 million—a 10% increase from prior forecasts.

Sustainability as a Competitive Advantage

Lindblad’s commitment to sustainability is not merely a marketing tactic—it is a core operational strategy. The company has electrified its vehicle fleet in Peru, a symbolic step toward reducing carbon emissions in key markets. It has also acquired four safari camps in East Africa, enabling vertical integration and enhancing its ability to control environmental impacts.

The upcoming release of Lindblad’s first ESG report will further solidify its reputation as a leader in responsible tourism. For investors, this aligns with the growing emphasis on ESG criteria in portfolio construction. Moreover, Lindblad’s sustainability efforts are resonating with travelers: 78% of its 2025 guests cited environmental responsibility as a key factor in their booking decision.

The Investment Case: A Strong Foundation for Long-Term Growth

Lindblad’s strategic momentum is underpinned by three pillars:
1. Operational Excellence: Occupancy gains and pricing power are driving revenue growth.
2. Strategic Partnerships: The Disney alliance is unlocking new markets and customer segments.
3. Sustainability Leadership: A robust ESG framework is future-proofing the business against regulatory and consumer risks.

With 2025 guidance reflecting a 9–11% net yield increase and a revenue range of $725–$750 million, Lindblad is positioned to outperform in a sector projected to grow at a 12% CAGR through 2030. The company’s focus on high-margin, small-group travel also insulates it from the volatility of mass-market tourism.

For investors, Lindblad represents a rare combination of thematic growth (sustainable travel) and operational execution. While the stock trades at a premium to traditional travel peers, its EBITDA margins (23% in Q2 2025) and recurring revenue model justify the valuation.

Conclusion: A Compelling Play in the Adventure Travel Revolution

As the world increasingly seeks meaningful, low-impact travel experiences, Lindblad Expeditions is uniquely positioned to lead the charge. Its occupancy gains, product innovation, and Disney partnership are not just driving near-term growth—they are building a durable competitive advantage. For long-term investors, Lindblad offers exposure to a high-growth sector with a clear path to sustainable profitability.

In a market where “travel” is no longer just about destinations but about purpose, Lindblad is the expedition vessel steering toward a golden era of adventure.

Brit-favourite Benidorm has even said to have been hit by the drop in visitors

Spain appears to have been met with a tourist crisis, as travellers have seemingly abandoned the country with beaches allegedly left bare.

Parts of the country have seen the number of holidaymakers flocking abroad drop in recent months, following years of anti-tourism protests led by locals.

In the most recent clip snapped by one traveller, it showed empty chairs lining bars and restaurants in Benidorm, with beaches said to be more quiet than usual for this time of the year.

British expat, Harry Poulton, 24, described Costa Del Sol as “like a ghost town,” with the man taking to TikTok to share his surprise at the scene at the peak of the summer months.

READ MORE: UK tourists in Greece warned of ‘high risk’ to holidays before October

He said: “Benidorm is a ghost town…in July?! I’ve never seen it this quiet. Where is everyone?!”

Harry snapped himself standing by the main strip in the city, describing his shock at how quiet the coast was: “It’s the middle of July, look behind me, it’s dead. I’m on the Benidorm strip, there’s barely any people, this is crazy. I cannot believe it, this is the quietest I’ve ever seen Benidorm,” the Express reported.

A person on holiday at the time commented on Harry’s post to verify his claim that it appears quieter – suggesting there has been a higher influx of families to the holiday hotspot than usual.

They said: “Currently in Benners. Our first trip here and I was expecting carnage. It’s full of families.”

Another added: “In Benny now, it’s packed with families instead of stags and hens.”

The head of the nightlife association, Miguel Pérez-Marsá, told the Majorca Daily Bulletin of the crisis some are going through in Benidorm.

He said: “The tourists we’re interested in are being driven away; they don’t feel welcome and are going to other destinations.”

It has been reported the scenes in the city have become so bad that staff who would usually be busy have been given holiday due to the lack of tourists.

And what’s more, the drop in holidaymakers has also seen excursion sales drop by a huge 20 per cent this summer, Pedro Oliver, president of the College of Tour Guides said.

READ MORE: Hidden gem’ Spanish town an hour from Marbella and has ‘Santorini vibes’

He remarked: “If you generate negative news, which has repercussions in other countries, tourists opt for other destinations when choosing their holidays.

“We are sending the message that we don’t want tourists and that everything is too crowded.”

Anti-tourism and overtourism protests have spiked across Spain in recent years, with locals protesting over numerous reasons, with a few due to the cost of living, and the price of affordable housing.

The Balearic Islands in particular have seen their fair share of demonstrations, with seven bodies, including the environmental protection association GOB, and campaigners Menys Turisme, Més Vida, sent a letter out in the public domain to deter holidaymakers from the Balearic island.

Wilmington wouldn’t be the oft-frequented vacation destination it is without water. A tale of two waterways, the North Carolina city is known for its charming riverfront on the Cape Fear River and also for its three beach communities on the Atlantic Ocean: Carolina Beach, Kure Beach, and Wrightsville Beach. While each beach town has a personality all its own, the laidback island vibes on Wrightsville Beach make it one of our favorite places to spend time—and it also earned it a top spot as our readers’ favorite waterfront town in North Carolina the 2024 South’s Best Awards. Spend time soaking up the sunshine on the sand, try out a new watersport like paddleboarding, or explore the surfer-friendly village where great restaurants meet unique local shops. Here are the best things to do in Wrightsville Beach.

Get Out On The Water

Set Sail

If you didn’t grow up on the water, you may be unfamiliar with sailing. Get acquainted with this style of watercraft with Wrightsville Performance Sailing. The company offers everything from half-day catamaran sails to three-hour private adventure charters to Masonboro Island. If you want to learn how to captain instead of just ride, sign up for an hour-long Hobie sail lesson.

wpsail.com; 330 Causeway Drive, Wrightsville Beach, NC 28480

Develop A Passion For Paddling

Folks in Wrightsville Beach love a workout on the water. The town is home to some of the country’s most prestigious stand-up paddleboarding competitions like the annual Carolina Cup. Get in on the craze with a rental or lesson from Wrightsville SUP. The outfitter also rents kayaks and bikes, so you’ll have your pick of outdoor adventures.

wrightsvillesup.com; 96 West Salisbury St., Wrightsville Beach, NC 28480

Take A Scenic Harbor Cruise

For a more passive activity on Wrightsville’s crystal blue waters, hop aboard a boat for a relaxing cruise on the calm waters. The Wrightsville Beach Sunset Cruise with Soundside gives a gentle tour of the tranquil sea that’s set against the picturesque image of a vibrant sunset.  

soundside-wb.com; 226 South Lumina Ave., Wrightsville Beach, NC 28480

Go Deep Sea Fishing

Anglers can go inshore or deep sea fishing with Captain Robbie Wolfe of Whipsaw Charters, who has spent years taking folks out on the water to enjoy this active ocean sport. On a half-day family fishing trip, you can reel in everything from king mackerel and bluefish to black sea bass, then take home a giant cooler filled with your fresh catch.

wrightsvillebeachfishingtrip.com; 1418 Airlie Road, Wilmington, NC 28403

Learn To Surf

If you’ve ever dreamt of hanging ten, there’s no better place to turn your far-off fantasy into reality than in North Carolina’s first surf town. The talented and patient instructors at WB Surf Camp will have you up on your board and catching waves in no time.   

wbsurfcamp.com; 222 Causeway Drive, Wrightsville Beach, NC 28480

See The Sights

Spend The Day On The Beach

One of the best things about Wrightsville Beach is that there are seemingly endless ways to get to the beach. Rather than one central public access point, there are 44 smaller access points spread out over around 4 miles. Find a public parking spot, load up your beach day essentials, and prepare to soak up all the wonders of the surf, sun, and sand. Pro tip: For the best sunset spot, try Access #43 and #44, which are on the southern end of the island.

Walk Johnnie Mercers Fishing Pier

Extending more than 1,200 feet into the Atlantic Ocean, this iconic fishing pier is a must-see for all Wrightsville Beach visitors. Take a stroll along the state’s oldest concrete fishing pier and stop to cast a line if you’re feeling lucky. The attached tackle shop offers rod rentals if you didn’t bring your own and daily fishing passes are just $8.

johnniemercersfishingpier.com; 23 Eeast Salisbury St., Wrightsville Beach, NC 28480

Walk The Loop

To get a quick overview of the island, walk or bike the 2.5-mile paved pedestrian path that’s known simply as The Loop. With marsh and intracoastal views, you’ll have plenty to look at while you unknowingly get your exercise for the day. Detours along the path include Wrightsville Beach Park, where you’ll find sport courts and a wide, grassy field; the Wrightsville Beach Museum of History; the Wrightsville Beach Arboretum; and the Wrightsville Beach Farmers Market from May through October.

Unlock The Mystery Surrounding A Lone Mailbox

Sticking out like a sore thumb along gently swaying sea oats and majestic sand dunes, the Wrightsville Beach Mailbox is a legendary character in this part of North Carolina. Head to Beach Access #2, then walk north along the shore until you reach a point just past Shell Island Resort. It’s here that the mysterious mailbox resides. Peek inside to discover notes and letters from fellow travelers, and add your own story for others to read.

Explore The Town

Visit The Wrightsville Beach Museum of History

Any time you visit a new destination, it’s good to have context about the corner of the world that you’re exploring. At the Wrightsville Beach Museum of History, you can learn about the island town’s more-than-100-year history. The historic Bordeaux Cottage gives a chronological account of the town’s history, complete with artifacts. In the neighboring Myers Cottage, you’ll find a deeper dive into several subjects relating to the town’s history.

wbmuseumofhistory.com; 303 W Salisbury St, Wrightsville Beach, NC 28480

Take a Self-Guided Historic Tour

Take a stroll through the historic Wrightsville Beach town square to get a glimpse into what the Wrightsville Beach of yesteryear looked like. You can follow the online map to see several historic homes and landmarks. On select weekends the Museum of History even installs exhibit signs along the Loop, giving additional information about each of the structures.

google.com/maps

Go Shopping

When you need a break from the beach, head inland to peruse the many local shops and boutiques that makeup Wrightsville Beach’s sunny town. Try spots like South End Surf Shop, Holly Aiken, and Lighthouse Beer and Wine for a little something for everyone.

southendsurf.com; 708 South Lumina Ave., Wrightsville Beach, NC 28480
hollyaiken.com
lighthousebeerandwine.com; 220 Causeway Drive, Wrightsville Beach, NC 28480

Hear Live Music At The Palm Room

If you’re looking for evening entertainment, one place in Wrightsville Beach has been a beloved standby since 1955. The historic Palm Room Bar is the universal gathering place for anyone seeking ice-cold beer, a cocktail, or live music performances spanning all types of genres. Open until 2 a.m. every day, there’s always a party at the Palm Room.

palmroomwb.com, 11 E Salisbury St., Wrightsville Beach, NC 28480

Where To Eat

Grab Breakfast At A Local Spot

Start your day with a hearty meal in the form of artisan toasts, breakfast bowls, and more at Drift.

driftcoffee.kitchen; Multiple locations

Have A Delicious Meal At A Seafood Restaurant

Farm- and sea-to-table dining is the name of the game in Wrightsville Beach. For fresh seafood with a gorgeous view of the ocean from which it came, head to Bluewater Waterfront Grill or Oceanic for dishes like the classic North Carolina-Style Calabash Platter that’s jam-packed with lightly fried flounder, shrimp, and oysters.

bluewaterdining.com; 4 Marina St., Wrightsville Beach, NC 28480
oceanicrestaurant.com; 703 South Lumina Ave., Wrightsville Beach, NC 28480

Indulge In Mexican Cuisine

If you’re not in the mood for seafood, head to Tower 7 for Baja-inspired Mexican cuisine or Zeke’s Beans & Bowls for acai or poke bowls.

zekes.net/wrightsvillebeach; 534 Causeway Drive, Wrightsville Beach, NC 28480
tower7.com; 4 North Lumina Ave., Wrightsville Beach, NC 28480

Treat Yourself To Custard At Kohl’s

It wouldn’t be a beach town without an ice cream shop. In Wrightsville Beach, the place to go when you’re craving a cold, sweet treat is Kohl’s Frozen Custard & Kitchen. You can get a classic vanilla or chocolate cone, but you’ll also find creative homemade flavors like Huggy Bear with graham crackers and caramel and Death by Chocolate with brownies, chocolate syrup, and chocolate flakes.  

kohlscustard.com; 92 South Lumina Ave., Wrightsville Beach, NC 28480