Pursuit Attractions And Hospitality, Inc. · NYSE:PRSU
Pursuit Attractions And Hospitality — Investor Presentation (March 2026)
55 slides from Pursuit Attractions And Hospitality's investor presentation, March 2026
Slide 1: Investor Presentation March 2026
INVESTOR PRESENTATION MARCH 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) and Adjusted EBITDA Margin (or AEBITDA Margin), which are intended to supplement results presented under accounting principles generally accepted in the United States of America (“GAAP”) and may not b
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 Is in a Category of One, Positioned for Strong Sustainable Growth
PURSUIT IS IN A CATEGORY OF ONE, POSITIONED FOR STRONG SUSTAINABLE GROWTH IRREPLACEABLE POWERFUL EXPERIENCES AT SCALE GROWTH ENGINE QUADRUPLED REVENUE SIGHTSEEING AT 15% CAGR from 2015 to 2025 ATTRACTIONS 2015 20251 DISTINCTIVE LODGES $112M $452M Revenue Revenue INTEGRATED F&B, RETAIL, & TRANSPORTAT
Slide 6: First Year as Standalone Iconic Attractions and Hospitality Company
FIRST YEAR AS STANDALONE ICONIC ATTRACTIONS AND HOSPITALITY COMPANY We have been executing a TRANSFORMATIVE GROWTH journey, having quadrupled the business over the past decade On January 1, 2025, Pursuit launched as a COMPELLING, STAND-ALONE INVESTMENT opportunity with a strong balance sheet and mul
Slide 7: Pursuit Delivered Record Full Year Results in 2025
PURSUIT DELIVERED RECORD FULL YEAR RESULTS IN 2025, FIRST YEAR AS STANDALONE ICONIC ATTRACTIONS AND HOSPITALITY COMPANY SIGNIFICANT REVENUE STRONG TEAM AND GUEST AND AEBITDA GROWTH EXPERIENCES ⁄ Increases in guest scores, while $452M +23% maintaining high team member FY’25 Revenue vs. Prior Year eng
Slide 8: Continued Strategic Progress to Enhance Long-Term Growth Profile
CONTINUED STRATEGIC PROGRESS TO ENHANCE OUR LONG-TERM GROWTH PROFILE AND SHAREHOLDER VALUE JAN 2025 JUL 2025 SEP AND DEC 2025 SPRING 2026 (EST) TRANSFORMATIVE PLATFORM ACQUISITION MINORITY PURCHASES AT SALE OF NON-CORE ASSET PURSUIT LAUNCH IN NEW GEOGRAPHY FAVORABLE VALUATIONS AT PREMIUM VALUATION ⁄
Slide 9: Pursuit Experiences Well-Positioned for Favorable Global Experiential Travel Trends
PURSUIT EXPERIENCES ARE WELL-POSITIONED FOR CONTINUED GROWTH WITH FAVORABLE GLOBAL EXPERIENTIAL TRAVEL TRENDS INTERNATIONAL TOURISM EXPECTED TO GROW 3% TO 4% YOY IN 20261, WITH A 5% INCREASE IN TOTAL GROSS BOOKINGS2 INCREASED TRAVEL, AIRLINE STRONG DEMAND FOR PRIORITIZATION OF PASSENGER COUNTS, AND
Slide 10: Pursuit's Differentiated Model and Strategic Positioning
PURSUIT’S DIFFERENTIATED MODEL AND STRATEGIC POSITIONING EXPERIENTIAL Unique-in-the-world, long-term experiential infrastructure that INFRASTRUCTURE connects guests with iconic destinations; not a tourism bet DEMAND ANCHORED Perennial guest demand driven by destination pull, not consumer TO DESTINAT
Slide 11: 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 Refresh
Slide 12: Multiple Levers to Drive Shareholder Value
MULTIPLE LEVERS TO DRIVE SHAREHOLDER VALUE SUPPORTED BY STRONG TRACK RECORD & BALANCE SHEET ELEVATING PERFORMANCE ACROSS ICONIC EXPERIENCES 1 ⁄ Drive continuous year-over-year growth by leveraging strong perennial demand and maintaining an unwavering focus on the guest experience DRIVING ORGANIC GRO
Slide 13: Strong Balance Sheet with Substantial Investment Capacity
STRONG BALANCE SHEET WITH SUBSTANTIAL INVESTMENT CAPACITY FOR ACCELERATED GROWTH AND OPPORTUNISTIC SHARE REPURCHASES ROBUST LIQUIDITY Flyover sale $238M + + Continued proceeds expected Adjusted EBITDA Liquidity1 in Spring 2026 at 12/31/25 ~$78.4M purchase price3 growth LOW NET LEVERAGE 1.0x 2.0x-3.5
Slide 14: Transformational Growth Journey: Revenue Growth to 2030
WE ARE ON A TRANSFORMATIONAL GROWTH JOURNEY TO BECOME THE WORLD’S LEADING ICONIC ATTRACTIONS AND HOSPITALITY COMPANY REVENUE GROWTH Excluding Flyover ($ in millions) EXPECT CONTINUED >$845 DOUBLE-DIGIT CAGR We are driving THROUGH 2030 significant growth through enhanced performance of $414 existing
Slide 15: Path to Grow AEBITDA More Than 2.3x by 2030
OUR PATH TO GROW AEBITDA MORE THAN 2.3X BY 2030, WITH POWERFUL LEVERS TO DRIVE SHAREHOLDER VALUE AEBITDA GROWTH KEY LEVERS TO GROW SHAREHOLDER VALUE Excluding Flyover ($ in millions) EXPECT TO GROW Baseline Growth: Leveraging scale and operational AEBITDA MORE THAN expertise to grow existing busines
Slide 16: Significant Refresh, Build, Buy Pipeline
SIGNIFICANT REFRESH, BUILD, BUY PIPELINE TO DRIVE ACCELERATED GROWTH INTO THE FUTURE REFRESH AND BUILD BUY $300M+ <7X ROBUST ACQUISITION GROWTH INVESTMENTS IN 2026-2030 EST. ADJUSTED PIPELINE OF ICONIC IN DEVELOPMENT AND EBITDA MULTIPLE LOCATION SUBJECT TO APPROVALS1 BY 20301 EXPERIENCES ACTIONING S
Slide 17: Positioned for Strong Profitable Growth in 2026
PURSUIT IS fourth POSITIONED quarter 2024 FOR HIGHLIGHTS STRONG PROFITABLE GROWTH IN 2026 EXCLUDING FLYOVER, EXPECT DOUBLE DIGIT GROWTH YOY IN REVENUE AND AEBITDA AT MID-POINT, WITH MARGIN IMPROVEMENT ADJUSTED EBITDA1, 2 KEY YEAR-OVER-YEAR GROWTH DRIVERS ($ in millions) ⁄ Continued strong consumer d
Slide 18: Why We Will Be Successful
WHY WE WILL BE SUCCESSFUL Strength of secular trends and perennial demand for our iconic locations and experiential infrastructure assets Obsessive focus on team member and guest experience improvement Sustainable organic growth with multiple levers to drive yield and volume increases, and margin ex
Slide 19: Favorable Demand Backdrop Heading into 2026
FAVORABLE DEMAND BACKDROP HEADING INTO 2026 STRONG SECULAR TRENDS FAVORABLE DEMAND FOR PURSUIT EXPERIENCES FOR PURSUIT GEOGRAPHIES Early season pacing Prioritization of unique experiences Power of perennial demand for with broad movement towards iconic destinations is strong, and Pursuit adventure t
Slide 20: 2026 Lodging Booking Pace Ahead of Prior Year
2026 LODGING BOOKING PACE1 AHEAD OF PRIOR YEAR 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 LODGING FY Room Revenue on the Books1 FY Room Revenue on the Books1
Slide 21: Perennial Demand for Iconic, Supply-Constrained Destinations
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 22: Guest-Obsessed Hospitality, Experience Design, and Growth Mindset
OUR FOCUS ON GUEST-OBSESSED HOSPITALITY, EXPERIENCE DESIGN, AND PURSUIT fourth quarter 2024 HIGHLIGHTS GROWTH MINDSET SET US APART, AND MAKES OUR GROWTH SUSTAINABLE Our hospitality philosophy starts with team member satisfaction and engagement, which leads to enhanced guest satisfaction and loyalty,
Slide 23: Sustainable Yield Growth from One-of-a-Kind Experiences
SUSTAINABLE YIELD GROWTH FROM ONE-OF-A-KIND GUEST-CENTRIC PURSUIT fourth quarter 2024 HIGHLIGHTS EXPERIENCES IN ICONIC DESTINATIONS Our relentless focus on guest experience improvement and revenue maximization in capacity constrained iconic destinations with perennial demand allows us to drive incre
Slide 24: Disciplined Investment Strategy
DISCIPLINED INVESTMENT PURSUIT fourth STRATEGY quarter 2024 TO EFFECTIVELY SCALE HIGHLIGHTS AND MAXIMIZE SHAREHOLDER VALUE INVESTMENT CRITERIA INVEST IN FOREVER ONE-OF-A-KIND EXPERIENCES AND UNLOCK SUSTAINABLE LONG-TERM GROWTH 15%+ IRR HURDLE RATE REFRESH & BUILD BUY EXPERIENCES WORLD-CLASS IN NEW &
Slide 25: Proven Track Record of Creating Value Through Refresh, Build, Buy
PROVEN TRACK RECORD OF CREATING VALUE OVER A DECADE THROUGH REFRESH, BUILD, BUY GROWTH STRATEGY REFRESH BUILD BUY 16 MAJOR REFRESH, Improving existing Creating new Acquiring one-of-a-kind BUILD, BUY GROWTH experiences experiences experiences INVESTMENTS COMPLETED 2014 - 20251 ~$578M 2014 BUILD Glaci
Slide 26: The Power of Collections of One-of-a-Kind Experiences
THE POWER OF COLLECTIONS PURSUIT fourth quarter 2024 HIGHLIGHTS OF ONE-OF-A-KIND EXPERIENCES IN ICONIC DESTINATIONS Pursuit drives incremental value when entering a new market, building a collection of attractions with vertically integrated hospitality, and leveraging the scale across multiple colle
Slide 27: Appendix
APPENDIX MODELING INFORMATION GROWTH INVESTMENT EXAMPLES & CASE STUDIES OTHER COMPANY INFORMATION 27
Slide 28: Modeling Information
MODELING INFORMATION 28
Slide 29: 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 Refresh, Build, Buy growth investments Adjusted EBITDA: >$265M ⁄ >2.3x increase in AEBITDA from 20
Slide 30: 2026 Financial Outlook
PURSUIT 2026 FINANCIAL fourth quarter OUTLOOK2024 HIGHLIGHTS ($ 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 31: Attractions and Hospitality Experiences 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 MARKETS 2025 REVENUE BY LINE OF BUSINESS BANFF JASPER COLLECTION TICKET REVENUE 3% 8% 8
Slide 32: Supplemental Revenue Disclosures Detail
PURSUIT fourth quarter SUPPLEMENTAL REVENUE 2024 HIGHLIGHTS DISCLOSURES DETAIL 2024 2025 Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY (in thousands) Ticket Revenue $ 17,805 $ 43,707 $ 75,330 $ 25,535 $ 162,377 $ 18,952 $ 53,200 $ 100,390 $ 28,110 $ 200,653 Rooms Revenue 7,604 24,578 42,020 7,719 81,920 7,339 25,95
Slide 33: 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 34: Key Performance Indicators Detail
PURSUIT KEY fourth quarter PERFORMANCE 2024 HIGHLIGHTS INDICATORS DETAIL 2024 2025 Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY As Reported Attractions KPIs (000s): Number of Visitors 452 1,054 1,624 627 3,757 459 1,135 1,981 643 4,218 Effective Ticket Price $ 39.41 $ 41.45 $ 46.37 $ 40.73 $ 43.21 $ 41.25 $ 46.87
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 $34 $42 $46 Q1 Q2 Q3 Q4
Slide 36: Non-GAAP Financial Reconciliation
NON-GAAP FINANCIAL RECONCILIATION ADJUSTED EBITDA (000's) FY'24 FY'25 Revenue 366,488 452,417 Net income attributable to Pursuit 368,544 22,668 Net income attributable to non-redeemable noncontrolling interest 6,557 13,641 Net loss attributable to redeemable noncontrolling interest (1,258) - (Income
Slide 37: Growth Investment Examples & Case Studies
GROWTH INVESTMENT EXAMPLES & CASE STUDIES 37
Slide 38: Experience Pursuit
PURSUIT fourth EXPERIENCE quarter 2024 HIGHLIGHTS PURSUIT We invite you to experience some of our inspiring Refresh, Build, Buy growth investments in person or through the video links below: REFRESH BUILD BUY BANFF GONDOLA SKY LAGOON TABACÓN GLACIER VIEW LODGE GLACIER VIEW LODGE GOLDEN SKYBRIDGE MAL
Slide 39: Refresh Success Story: Banff Gondola
IMPROVING ONE-OF-A-KIND EXISTING EXPERIENCES REFRESH 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 Refresh Project ⁄ Increased capacity for guests with 25% mor
Slide 40: Refresh Success Story: Mount Royal Hotel
ELEVATING AUTHENTIC EXISTING EXPERIENCES REFRESH 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% Refresh Project ⁄ Reimagined and repositioned to elevate gues
Slide 41: Build Success Story: Columbia Icefield Skywalk
CREATING NEW UNFORGETTABLE EXPERIENCES BUILD 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 Date May 2014 FY’25
Slide 42: Buy & Refresh Success Story: Maligne Lake Cruise
ACQUIRING IRREPLACEABLE EXPERIENCES & ENHANCING BUY & REFRESH 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 Acquisition Date Maligne Lake, Jas
Slide 43: Buy Success Story: Alaska Collection
ENTERING A NEW MARKET AND BUILDING A COLLECTION PURSUIT fourth quarter 2024 HIGHLIGHTS BUY 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 growth WINNI
Slide 44: Strong Performance Expected at Tabacón
STRONG PERFORMANCE EXPECTED AT TABACÓN A PRIME EXAMPLE OF BUY STRATEGY ⁄ Tabacón acquisition reflects our disciplined focus on high-quality, high-return BUY opportunities ⁄ Iconic, irreplaceable attraction-focused experiences at the base of Costa Rica’s Arenal Volcano with exclusive access to the co
Slide 45: Other Company Information
OTHER COMPANY INFORMATION 45
Slide 46: 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 47: 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 47
Slide 48: Iconic Point of Interest Sightseeing Attractions
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 49: 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 50: 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 51: Integrated Food & Beverage, Retail, and Transportation
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: The Guest Journey Through Our Collection of Experiences
THE GUEST JOURNEY THROUGH OUR COLLECTION OF EXPERIENCES OUR GUEST OUR MARKETING BANFF JASPER COLLECTION STRATEGY GUEST JOURNEY ANYONE THAT ENJOYS A BEAUTIFUL VIEW SURF PERENNIAL DEMAND Our experiences appeal to Surf perennial destination demand and position our experiences as anyone that is visiting
Slide 53: Strategically Manage Lodging Room Inventory
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
Slide 55: Pursuit Markets Well-Positioned for Continued Growth
PURSUIT MARKETS ARE WELL-POSITIONED FOR CONTINUED GROWTH WITH PURSUIT fourth quarter 2024 HIGHLIGHTS FAVORABLE GEOGRAPHY DEMAND TRENDS POWER OF PERENNIAL DEMAND FOR ICONIC DESTINATIONS Canadian Banff Voted Best Removal of Anchorage air Costa Rica’s Government Place in the World vehicle service growt
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