Pursuit Attractions And Hospitality, Inc. · NYSE:PRSU
Pursuit Attractions And Hospitality — Investor Presentation (May 2026)
54 slides from Pursuit Attractions And Hospitality's investor presentation, May 2026
Slide 1: Investor Presentation May 2026
INVESTOR PRESENTATION MAY 2026
Slide 2: Disclaimer
DISCLAIMER This presentation contains a number of forward-looking ⁄ the impact of our borrowings, including our revolving credit For a more complete discussion of the risks and uncertainties statements. Words, and variations of words, such as “will,” facility, on our operational and financial flexib
Slide 3: Non-GAAP Financial Measures
NON-GAAP FINANCIAL MEASURES This document includes the presentation of Adjusted EBITDA (or AEBITDA), Adjusted EBITDA Margin (or AEBITDA Margin) and Adjusted Net Income (Loss), which are intended to supplement results presented under accounting principles generally accepted in the United States of Am
Slide 4: Investment Highlights
INVESTMENT HIGHLIGHTS BEST-IN-CLASS OWNER AND OPERATOR OF ONE-OF-A-KIND EXPERIENTIAL INFRASTRUCTURE DIFFERENTIATED BUSINESS MODEL GENERATING SUSTAINABLE CASH FLOW 10-YEAR PROVEN TRACK RECORD EXECUTING GROWTH STRATEGY AND DRIVING STRONG RETURNS POSITIONED TO GROW ADJUSTED EBITDA >2.3X BY 2030 SUPPORT
Slide 5: Pursuit owns and operates iconic, irreplaceable experiences in the world's most beautiful places
PURSUIT OWNS AND OPERATES ICONIC, IRREPLACEABLE EXPERIENCES IN THE WORLD’S MOST BEAUTIFUL PLACES UNIQUE-IN-THE-WORLD, LONG-TERM EXPERIENTIAL INFRASTRUCTURE THAT CONNECTS GUESTS WITH ICONIC DESTINATIONS ONE-OF-A-KIND WORLD-CLASS EXPERIENCES IN REMARKABLE PLACES ACROSS 4 COUNTRIES 17 SIGHTSEEING CANAD
Slide 6: World-class point-of-interest sightseeing attractions with spectacular views and meaningful visitation
WORLD-CLASS POINT-OF-INTEREST SIGHTSEEING ATTRACTIONS WITH SPECTACULAR VIEWS AND MEANINGFUL VISITATION EXPERIENTIAL INFRASTRUCTURE ATTRACTIONS GUESTS VISIT US TO EXPERIENCE ICONIC PLACES FROM UNFORGETTABLE VIEWPOINTS ⁄ Irreplaceable access to beautiful views in highly constrained locations ⁄ Anchors
Slide 7: Distinctive lodges in supply-constrained, iconic locations with unforgettable experiences
DISTINCTIVE LODGES IN SUPPLY-CONSTRAINED, ICONIC LOCATIONS WITH UNFORGETTABLE EXPERIENCES DESTINATION-ANCHORED LODGING GUESTS STAY WITH US TO EXPLORE AND CONNECT WITH BEAUTIFUL PLACES ⁄ Located in iconic destinations with perennial demand ⁄ Unique supply dynamics in geographies with limited, restric
Slide 8: Pursuit is in a category of one
PURSUIT IS IN A CATEGORY OF ONE WE HAVE UNIQUE IN THE WORLD EXPERIENTIAL INFRASTRUCTURE WE ARE THE MUST-DO SIGHTSEEING ATTRACTIONS AND CONNECTED HOSPITALITY EXPERIENCES LOCATED IN ICONIC, SUPPLY-CONSTRAINED DESTINATIONS WITH PERENNIAL DEMAND We are not a theme park company. We are not a hotel compan
Slide 9: Perennial demand for iconic, supply-constrained destinations that endures beyond consumer cycles
PERENNIAL DEMAND FOR ICONIC, SUPPLY-CONSTRAINED DESTINATIONS PURSUIT fourth quarter 2024 HIGHLIGHTS THAT ENDURES BEYOND CONSUMER CYCLES Harnessing destination driven demand through strategic guest engagement during trip planning, not convincing guests to visit BANFF JASPER GLACIER PARK 6% ALASKA 8%
Slide 10: Attractions first, vertically integrated operating model
ATTRACTIONS FIRST, VERTICALLY INTEGRATED OPERATING MODEL THE POWER OF COLLECTIONS BANFF JASPER COLLECTION GUEST JOURNEY OF ONE-OF-A-KIND EXPERIENCES IN ICONIC DESTINATIONS ⁄ Attractions anchor demand and economics, driving visitation and strong ⁄ flow-through as scale builds Vertical integration dee
Slide 11: Differentiated culture and hospitality focus power sustainable growth
DIFFERENTIATED CULTURE AND HOSPITALITY FOCUS PURSUIT fourth quarter 2024 HIGHLIGHTS POWER SUSTAINABLE GROWTH ENGAGED TEAMS THAT TURN GREAT EXPERIENCES INTO SUSTAINABLE GROWTH TEAM MEMBER ENGAGEMENT GUEST SATISFACTION STRONG PROFITABILITY & GROWTH ⁄ Engaged teams consistently ⁄ Hospitality mindset cr
Slide 12: Aligned with the strongest, most durable global travel trends
ALIGNED WITH THE STRONGEST, MOST DURABLE GLOBAL TRAVEL TRENDS TRAVEL TRENDS WHY PURSUIT IS WELL POSITIONED ⁄ Own must-do, once-in-a-lifetime experiences in bucket-list Experiences Over Things destinations ⁄ Portfolio anchored in iconic natural destinations with scenic and Growth in Outdoor and Adven
Slide 13: 2026 lodging booking pace remains strong in Canada and accelerated in the U.S.
2026 LODGING BOOKING PACE1 REMAINS STRONG IN CANADA AND HAS ACCELERATED IN THE U.S. FROM FEBRUARY REPORTING Lodging pacing is a leading indicator of destination demand and the strength in advanced bookings supports our favorable outlook for both our lodging and attractions CANADIAN LODGING US LODGIN
Slide 14: Reaffirmed guidance: strong profitable growth in 2026
PURSUIT fourth REAFFIRMED GUIDANCE quarter 2024 FOR HIGHLIGHTS STRONG PROFITABLE GROWTH IN 2026 EXCLUDING FLYOVER, EXPECT DOUBLE DIGIT GROWTH YOY IN REVENUE AND AEBITDA AT MID-POINT, WITH MARGIN IMPROVEMENT ADJUSTED EBITDA1, 2 KEY YEAR-OVER-YEAR GROWTH DRIVERS ($ in millions) ⁄ Continued strong cons
Slide 15: Pursuit's differentiated model and strategic positioning
PURSUIT’S DIFFERENTIATED MODEL AND STRATEGIC POSITIONING EXPERIENTIAL Irreplaceable experiences that immerse INFRASTRUCTURE guests in extraordinary places DEMAND ANCHORED Perennial guest demand driven by TO DESTINATION destination pull LIMITED SUPPLY Regulated, non-replicable LOCATIONS world-class a
Slide 16: Growth and Value Creation
GROWTH AND VALUE CREATION 16
Slide 17: Multiple levers to drive shareholder value
MULTIPLE LEVERS TO DRIVE SHAREHOLDER VALUE SUPPORTED BY STRONG TRACK RECORD & BALANCE SHEET CONTINUOUSLY ENHANCING ANNUAL PERFORMANCE 1 ACROSS ICONIC EXPERIENCES ⁄ Drive continuous year-over-year growth by leveraging strong perennial demand and maintaining an unwavering focus on the guest experience
Slide 18: Pursuit is a powerful growth engine with a decade of compounding execution
PURSUIT IS A POWERFUL GROWTH ENGINE WITH A DECADE OF COMPOUNDING EXECUTION TRANSFORMATIONAL EXPANSION ~4X REVENUE AND ~3X GUEST VOLUME from 2015 to 20251 DEMONSTRATED ABILITY REVENUE VISITORS ROOMS SOLD TO MEANINGFULLY SCALE ($ in millions) (in thousands) (in thousands) $452 4,218 2015 20251 439 ~15
Slide 19: Strong balance sheet with substantial investment capacity
STRONG BALANCE SHEET WITH SUBSTANTIAL INVESTMENT CAPACITY FOR ACCELERATED GROWTH AND OPPORTUNISTIC SHARE REPURCHASES ROBUST LIQUIDITY ~$170M ~$78M Continued 3/31/26 Liquidity1 + Flyover proceeds expected early summer2 + Adjusted EBITDA growth LOW NET LEVERAGE <1x 2.0x-3.5x Pro Forma Net Leverage3 at
Slide 20: Disciplined investment strategy
DISCIPLINED INVESTMENT PURSUIT fourth STRATEGY quarter 2024 TO EFFECTIVELY SCALE HIGHLIGHTS AND MAXIMIZE SHAREHOLDER VALUE INVEST IN FOREVER ONE-OF-A-KIND EXPERIENCES INVESTMENT CRITERIA AND UNLOCK SUSTAINABLE LONG-TERM GROWTH 15%+ IRR HURDLE RATE ORGANIC GROWTH STRATEGIC INVESTMENTS Elevating and e
Slide 21: A proven growth playbook: disciplined capital allocation
A PROVEN PURSUIT GROWTH fourth PLAYBOOK: quarter DISCIPLINED CAPITAL ALLOCATION, 2024 HIGHLIGHTS CONSISTENT STRATEGY, AND A CLEAR PATH TO GROWTH 2014-2025 PROVEN TRACK RECORD 2026-2030 CONSISTENT PLAYBOOK ~6X EFFECTIVE AEBITDA MULTIPLE 1 <7X EFFECTIVE AEBITDA MULTIPLE 1 ⁄ $578M Major Organic Growth
Slide 22: Attraction organic growth investments underway
ATTRACTION ORGANIC PURSUIT fourth quarterGROWTH INVESTMENTS UNDERWAY TO DELIVER 2024 HIGHLIGHTS ELEVATED EXPERIENCES, MORE CAPACITY, AND STRONG RETURNS OUR INVESTMENTS IN ICONIC POINT-OF-INTEREST SIGHTSEEING ATTRACTIONS: Create a more Drive incremental demand and Establish our attractions compelling
Slide 23: Lodging organic growth investments underway
LODGING ORGANIC PURSUIT fourth GROWTH quarter 2024 INVESTMENTS HIGHLIGHTS UNDERWAY TO DELIVER ELEVATED EXPERIENCES, MORE CAPACITY, AND STRONG RETURNS OUR INVESTMENTS IN LARGE-SCALE LODGING RENOVATIONS REPOSITION OUR PROPERTIES TO: Deliver an elevated Drive outsized Generate strong returns on guest e
Slide 24: Tabacón: a high-quality acquisition creating value
PURSUIT fourth TABACÓN: quarter 2024STRATEGIC A HIGH-QUALITY HIGHLIGHTS ACQUISITION CREATING VALUE ⁄ Disciplined, Strategic Acquisition: Tabacón exemplifies our focus on high-quality, high-return acquisition opportunities aligned with our experiential infrastructure strategy ⁄ Iconic, Irreplaceable
Slide 25: Compounding growth engine: volume, yield, and flow-through
COMPOUNDING GROWTH ENGINE: LEVERAGING VOLUME, YIELD, AND FLOW-THROUGH TO REINVEST AND SCALE DELIVER EXCEPTIONAL GUEST AND TEAM MEMBER EXPERIENCES WITH DIFFERENTIATED CULTURE STRENGTHEN GROW REVENUE DESTINATION THROUGH CAPTURE AND VOLUME AND GUEST ENGAGEMENT YIELD INCREASES We reinvest across organic
Slide 26: 2030 Vision
2030 VISION: A DISCIPLINED STRATEGY TO COMPOUND GROWTH, EXPAND MARGINS, AND BUILD LONG-TERM SHAREHOLDER VALUE >$845M >$265M >30% 2030 Revenue AEBITDA AEBITDA Margin 2030 Target1 2030 Target1 2030 Target1 BUILT ON A DECADE OF EXECUTION, WE ARE CONFIDENT IN DELIVERING OUR NEXT PHASE OF GROWTH DURABLE
Slide 27: Appendix
APPENDIX MODELING INFORMATION GROWTH INVESTMENT EXAMPLES & CASE STUDIES OTHER COMPANY INFORMATION 27
Slide 28: Modeling Information
MODELING INFORMATION 28
Slide 29: Transformational growth journey: revenue growth
WE ARE ON A TRANSFORMATIONAL GROWTH JOURNEY TO BECOME THE WORLD’S LEADING ICONIC ATTRACTIONS AND HOSPITALITY COMPANY REVENUE GROWTH Excluding Flyover ($ in millions) We are scaling EXPECT CONTINUED >$845 using the same DOUBLE-DIGIT CAGR proven playbook THROUGH 2030 that has delivered double-digit gr
Slide 30: Path to grow AEBITDA more than 2.3x by 2030
OUR PATH TO GROW AEBITDA MORE THAN 2.3X BY 2030, WITH POWERFUL LEVERS TO DRIVE SHAREHOLDER VALUE AEBITDA GROWTH KEY LEVERS TO GROW SHAREHOLDER VALUE Excluding Flyover ($ in millions) EXPECT TO GROW Baseline Growth: Leveraging scale and operational AEBITDA MORE THAN expertise to grow existing busines
Slide 31: Our view to 2030
PURSUIT OUR VIEWfourth quarter 2024 HIGHLIGHTS TO 2030 Revenue: >$845M ⁄ Double-digit revenue CAGR driven by strong demand trends, our focus on guest >15% CAGR from 2025 (excl. Flyover) experience, and growth investments Adjusted EBITDA: >$265M ⁄ >2.3x increase in AEBITDA from 2025 (excluding Flyove
Slide 32: 2026 Financial Outlook
PURSUIT 2026 FINANCIAL fourth quarter OUTLOOK2024 HIGHLIGHTS ($ in millions) FY’26 GUIDANCE2 FY’25 ACTUALS $465 at the mid-point $452.4 Revenue (including $8 from Flyover) ($413.8 excluding Flyover) $123 to $133 (including ~$0.5 $117.1 Adjusted EBITDA1 from Flyover) ($111.9 excluding Flyover) $31 to
Slide 33: Attractions and hospitality experiences in iconic destinations across 4 countries
ATTRACTIONS AND HOSPITALITY EXPERIENCES IN ICONIC DESTINATIONS PURSUIT fourth quarter 2024 HIGHLIGHTS ACROSS 4 COUNTRIES PURSUIT 2025 REVENUE MIX ($452M TOTAL) 57% ATTRACTIONS AND 40% HOSPITALITY 2025 REVENUE BY GEOGRAPHICAL REGIONS 2025 REVENUE BY LINE OF BUSINESS CANADA REVENUE TICKET REVENUE 3% 3
Slide 34: Supplemental revenue disclosures detail
PURSUIT fourth quarter SUPPLEMENTAL REVENUE 2024 HIGHLIGHTS DISCLOSURES DETAIL 2025 2026 Q1 Q2 Q3 Q4 FY Q1 (in thousands) Ticket Revenue $ 18,952 $ 53,200 $ 100,390 $ 28,110 $ 200,653 $ 23,002 Rooms Revenue 7,339 25,952 59,677 12,123 105,091 13,090 Food and Beverage 6,123 17,324 35,868 9,099 68,414
Slide 35: Seasonality
PURSUIT fourth quarter 2024 HIGHLIGHTS SEASONALITY Pursuit experiences peak activity during the summer months. During 2025, 79% of Pursuit’s revenue was earned in the second and third quarters. REVENUE BY QUARTER ($M) $241 $187$182 $164 $117 $78 $88 $101 $57 $24 $33 $37 $38 $52 $34 $42 $46 Q1 Q2 Q3
Slide 36: 2025 Key Performance Indicators
PURSUIT 2025 KEY fourth quarter 2024 PERFORMANCE HIGHLIGHTS INDICATORS ATTRACTIONS (000’s) HOSPITALITY (000’s) 2025 KEY PERFORMANCE INDICATORS 2025 KEY PERFORMANCE INDICATORS As Reported Same-Store1 As Reported Same-Store1 Visitors 4,218 3,072 Room Nights Available 594 409 Effective Ticket Price $47
Slide 37: Key Performance Indicators Detail
PURSUIT KEY PERFORMANCE [d_Category.Code] fourth quarter 2024 HIGHLIGHTS INDICATORS DETAIL [d_Scenario.Code] [Period.PeriodId] Base Currency [Period.PeriodEnd] As Reported KPI Table for Appendix 2025 2026 Q1 Q2 Q3 Q4 FY Q1 As Reported Attractions KPIs: Number of Visitors 459 1,135 1,981 643 4,218 48
Slide 38: Non-GAAP Financial Reconciliation
NON-GAAP FINANCIAL RECONCILIATION ADJUSTED EBITDA (000's) FY'25 Revenue 452,417 Net income (loss) attributable to Pursuit 22,668 Net income (loss) attributable to non-redeemable noncontrolling interest 13,641 (Income) loss from discontinued operations, net of tax 2,208 Interest expense, net 8,823 In
Slide 39: Growth Investment Examples & Case Studies
GROWTH INVESTMENT EXAMPLES & CASE STUDIES 39
Slide 40: Experience Pursuit organic growth investments and acquisitions
PURSUIT fourth EXPERIENCE quarter 2024 HIGHLIGHTS PURSUIT We invite you to experience some of our inspiring organic and acquisition growth investments in person or through the video links below: ORGANIC GROWTH INVESTMENTS ACQUISITIONS BANFF GONDOLA SKY LAGOON TABACÓN GLACIER VIEW LODGE GLACIER VIEW
Slide 41: Organic growth investment success story: Banff Gondola
IMPROVING ONE-OF-A-KIND EXISTING EXPERIENCES ORGANIC GROWTH INVESTMENT SUCCESS STORY: BANFF GONDOLA BANFF GONDOLA UPPER TERMINAL Description Scenic ride to the summit of Sulphur Mountain with breathtaking views +12% Revenue CAGR Location Banff National Park Organic Growth Project ⁄ Increased capacit
Slide 42: Organic growth investment success story: Mount Royal Hotel
ELEVATING AUTHENTIC EXISTING EXPERIENCES ORGANIC GROWTH INVESTMENT SUCCESS STORY: MOUNT ROYAL HOTEL MOUNT ROYAL HOTEL Description 133-room year-round lodge located in +9% the heart of iconic Banff Avenue Room Revenue Location Banff National Park CAGR +120% Organic Growth ⁄ Reimagined and repositione
Slide 43: Organic growth investment success story: Columbia Icefield Skywalk
CREATING NEW UNFORGETTABLE EXPERIENCES ORGANIC GROWTH INVESTMENT SUCCESS STORY: COLUMBIA ICEFIELD SKYWALK COLUMBIA ICEFIELD SKYWALK Description 1,312-foot guided interpretive walkway with a 98-foot glass- floored observation area overlooking the Sunwapta Valley Location Jasper National Park Opening
Slide 44: Acquisition and organic growth success story: Maligne Lake Cruise
ACQUIRING IRREPLACEABLE EXPERIENCES & ENHANCING ACQUSITION & ORGANIC GROWTH INVESTMENT SUCCESS STORY: MALIGNE LAKE CRUISE MALIGNE LAKE CRUISE Description Interpretive boat tours, marina, F&B and retail services, historic chalet complex, +9% Revenue CAGR and boat house with rentals Location Acquisiti
Slide 45: Acquisition success story: Alaska Collection
ENTERING A NEW MARKET AND BUILDING A COLLECTION PURSUIT fourth quarter 2024 HIGHLIGHTS ACQUISITION SUCCESS STORY: ALASKA COLLECTION Pursuit has the hospitality experience and core capabilities to create vertically integrated collections in new geographies that enhance value and drive meaningful grow
Slide 46: Other Company Information
OTHER COMPANY INFORMATION 46
Slide 47: Our Core Values
OUR MISSION To connect guests and staff to iconic places through unforgettable, inspiring experiences OUR PURPOSE Joy, Amplified OUR VISION To be the world’s leading provider of attraction and hospitality experiences OUR CORE VALUES SAFETY HONOR BRING ANTICIPATE FIRST PLACE YOUR BEST
Slide 48: Our Promise
OUR PROMISE ICONIC UNFORGETTABLE INSPIRING Places people Vivid moments that leave Experiences that become dream of visiting a lasting impression stories worth sharing 48
Slide 49: Iconic point of interest sightseeing attractions with spectacular views
ICONIC POINT OF INTEREST SIGHTSEEING ATTRACTIONS PURSUIT fourth quarter 2024 HIGHLIGHTS WITH SPECTACULAR VIEWS AND MEANINGFUL VISITATION Our attractions are “must do” experiences in remarkable places with robust demand and can be enjoyed by visitors of all ages and abilities 17 WORLD-CLASS ATTRACTIO
Slide 50: Distinctive lodges in capacity constrained iconic locations
DISTINCTIVE LODGES IN CAPACITY CONSTRAINED ICONIC LOCATIONS PURSUIT fourth quarter 2024 HIGHLIGHTS WITH UNFORGETTABLE EXPERIENCES Our lodges benefit from the strong perennial demand for our experiential travel destinations, our continued focus on providing great guest experiences, and seasonal compr
Slide 51: Integrated food & beverage, retail, and transportation within collections
INTEGRATED FOOD & BEVERAGE, RETAIL, AND TRANSPORTATION PURSUIT fourth quarter 2024 HIGHLIGHTS WITHIN COLLECTIONS OF EXPERIENCES 59 DINING 54 RETAIL 5 SIGHTSEEING TOURS AND EXPERIENCES STORES TRANSPORTATION OFFERINGS 51
Slide 52: Distinctive lodging in renowned global travel locations
DISTINCTIVE LODGING PURSUIT fourth quarter 2024 HIGHLIGHTS IN RENOWNED GLOBAL TRAVEL LOCATIONS 29 LODGES WITH 2,472 ROOMS IN ICONIC DESTINATIONS WITH OCCUPANCY COMPRESSION AND BARRIERS TO ENTRY BANFF | JASPER | WATERTON GLACIER DENALI | KENAI FJORDS Elk + Avenue Hotel 164 rooms Glacier Park Lodge* 1
Slide 53: Strategically manage lodging room inventory in markets with finite bed base
STRATEGICALLY MANAGE LODGING ROOM INVENTORY PURSUIT fourth quarter 2024 HIGHLIGHTS IN MARKETS WITH FINITE BED BASE TO MAXIMIZE REVENUE We have a proven track record of closely managing lodging room inventory through sales channels to maximize both capacity and rate FY’25 LODGING REVENUE ONLINE TRAVE
Slide 54: Leader in experiential travel with global recognition
LEADER IN EXPERIENTIAL TRAVEL WITH UNFORGETTABLE, QUALITY GUEST EXPERIENCES THAT CAPTURE GLOBAL RECOGNITION 2026 USA TODAY The New York Times spotlights Banff Gondola and Sky Bistro as 10Best Readers’ must-experience highlights in its “36 Hours in Banff…,” placing our Choice Awards offerings at the
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