Turning to our third pillar, accretive growth. We recently launched our partnership with Earthwatch, expanding into the citizen science travel segment and reinforcing our commitment to conservation and education. At the same time, we continue to evaluate opportunities across fleet and portfolio expansion.

May 5, 2026 / CEO / receipt, needs a key / Natalia Leahy, CEO | earnings call 2026-05-05 | transcript e611547c-b9e0-4db1-bfb5-6ae6ab56a74f | chars 7702-8008 | segment 7

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. Our onboard expedition sales program rollout resulted in nearly three times 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 course 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.

Feb 26, 2026 / CEO / receipt, needs a key / Natalia Leahy, CEO | earnings call 2026-02-26 | transcript 1be50457-c8cd-4ef4-bb4e-1a47f1ed4fe4 | chars 4990-6290 | segment 5

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.

Feb 26, 2026 / CEO / receipt, needs a key / Natalia Leahy, CEO | earnings call 2026-02-26 | transcript 1be50457-c8cd-4ef4-bb4e-1a47f1ed4fe4 | chars 6291-6480 | segment 6

International expansion continues to be a focus for us, and I just returned from the UK, where we hosted a brand introduction event on board the National Geographic Endurance, one of the most advanced and luxurious purpose-built expedition ships in the world. The UK represents a very attractive market for us given its fast-growing adventure travel segment and large addressable market.

May 6, 2025 / CEO / receipt, needs a key / Natalia Leahy, CEO | earnings call 2025-05-06 | transcript 7e630610-f9c0-461e-9d26-0cdf8d6a70e3 | chars 5848-6235 | segment 5

While we are not immune to economic volatility, we believe our company is well positioned because we offer experiential travel that appeals to a demographic with high disposable income.

May 6, 2025 / CEO / receipt, needs a key / Natalia Leahy, CEO | earnings call 2025-05-06 | transcript 7e630610-f9c0-461e-9d26-0cdf8d6a70e3 | chars 3554-3739 | segment 3

First and foremost, we are amplifying our brand story. We recently launched our new co-branded campaign with National Geographic, Reframe Travel, showcasing how lean blood enables guests to experience the world through a unique, authentic lens. How you see it matters. And this is why guests choose LeanBlood Expeditions. And this complaint captures our difference so well. It is launched across multiple channels and early engagements are very promising.

Feb 27, 2025 / CEO / receipt, needs a key / Natalia Leahy, CEO | earnings call 2025-02-27 | transcript 88f5951f-b21a-4ac7-9c73-dfdb787868bc | chars 8686-9141 | segment 9

Second, we will focus on reaching new audiences and reaching them through new sales channels. For this, we developed a robust plan with our National Geographic partners. It spans from integrating booking tools with the Disney National Geographic platform to joining Disney's earmarked travel advisor program, which will significantly increase our exposure to new top-tier travel agencies. In addition, we will target Disney audiences through direct mail, reaching new guest prospects.

Feb 27, 2025 / CEO / receipt, needs a key / Natalia Leahy, CEO | earnings call 2025-02-27 | transcript 88f5951f-b21a-4ac7-9c73-dfdb787868bc | chars 9142-9626 | segment 9