United Parks & Resorts Inc. · NYSE:PRKS
United Parks & Resorts — Q4 2025 Earnings Presentation
20 slides from United Parks & Resorts's earnings presentation, Feb 26, 2026
Slide 1: Q4 2025 Supplemental Materials
Q4 2025 Supplemental Materials
Slide 2: Cautionary Statements
Cautionary Statements This presentation contains “forward-looking statements” within the meaning of U.S. federal securities laws. All statements contained in this presentation other than statements of historical facts are forward-looking statements. You can identify forward-looking statements by the
Slide 3: Statement Regarding Non-GAAP Financial Measures
Statement Regarding Non-GAAP Financial Measures This presentation includes historical results prior to the Company’s initial public offering, including from periods prior to the Company being a standalone entity when it was included as a segment of its parent company at the time. These results inclu
Slide 4: Table of Contents
Table of Contents ⚫ 1 Capital Spend Update 2 ⚫ Strategics Initiatives Update 3 ⚫ Orlando Update ⚫ 4 Future EBITDA Potential ⚫5 Valuation 4
Slide 5: Capital Spend Update
1. Capital Spend Capital Spend Update ⚫ Spent $217M in 2025 − In line with normalized capex range 2025 Capex ($217M) ⚫ Core Capex: ~$175M − Ongoing maintenance spend 2026 Capex (~$225M)1 − New one-of-a-kind rides, attractions, shows and events across our parks ⚫ Expansion / ROI Capex: ~$50M − Identi
Slide 6: 2026 New Attraction and Event Line-Up
1. Capital Spend 2026 New Attraction and Event Line-Up Region Park Description ▪ SeaQuest: Legends of The Deep (All-new first of its kind indoor suspended dark ride) ▪ An exciting update to a popular existing attraction – to be announced ▪ All-new animal presentation – to be announced SeaWorld ▪ All
Slide 7: Strategic Initiatives Update
2. Strategic Initiatives Strategic Initiatives Update Initiative Update ▪ Remain excited about the opportunity to integrate hotels into our portfolio – strongly believe in the combined proposition with our parks 1 Hotels ▪ Very focused on ensuring that the ultimate decision is in the best interest o
Slide 8: Strategic Initiatives Update – Real Estate
2. Strategic Initiatives Strategic Initiatives Update – Real Estate Over ~2,000 acres of owned land with over ~400 acres available for future development Multiple Avenues for Monetization Orlando, FL San Antonio, TX San Diego, CA (418 Owned Acres) (415 Owned Acres) (66 Owned / 190 Leased Acres) ⚫ Re
Slide 9: Orlando Update
3. Orlando Update Orlando Update 1 Epic Universe is a great addition to the Orlando market and benefits the whole market We’re pleased with visitation to our Orlando parks in 2025, despite international headwinds and extremely poor weather 2 during the peak end of year period 3 Our Discovery Cove bo
Slide 10: Drivers of Future Attendance Growth
4. Future Potential Drivers of Future Attendance Growth Drivers of Future Attendance Growth ⚫ Population growth – addressable markets growing in 1 excess of U.S. national average ⚫ Improve marketing effectiveness – grow awareness, 2 increase conversion, optimize media spend ⚫ Create new reasons for
Slide 11: Drivers of Future Per Cap Growth
4. Future Potential Drivers of Future Per Cap Growth Admissions Per Cap In Park Per Cap Targeting 2-3% Illustrative Future growth per year Admissions Per Cap Illustrative Future Targeting 2-3% growth per year In Park Per Cap $41.73 ▪ Take price each year in excess of inflation $36.81 ▪ Take advantag
Slide 12: 2026 Cost Efficiency / Reduction Update
4. Future Potential 2026 Cost Efficiency / Reduction Update ◼ Leverage enhanced scheduling processes to drive labor efficiencies (including reduced overtime), flex labor staffing with attendance and venue volumes and improve the guest experience Labor ◼ Strategic investment to design and deploy comp
Slide 13: United Parks & Resorts Illustrative Adjusted EBITDA
4. Future Potential United Parks & Resorts Illustrative Adjusted EBITDA1 Significant Adjusted EBITDA Opportunity from Optimizing Our Business Illustrative Implied Adjusted EBITDA Return to 2019 Return to 2008 2019 2025 Cost Savings Attendance Peak Attendance Attendance2 22.6M 21.2M 22.6M 25.4M # Gro
Slide 14: United Parks & Resorts Valuation Overview
5. Valuation United Parks & Resorts Valuation Overview ($ and shares in millions, except per share metrics) Current Share Price (2/25/26) $33.77 (x) Diluted Shares Outstanding 51 Equity Value $1,713 (+) Debt (Q4 2025A) $2,248 (-) Cash (Q4 2025A) ($100) Net Debt $2,148 Total Enterprise Value $3,861 M
Slide 15: Trading at a Significant Discount Despite Outperformance
5. Valuation Trading at a Significant Discount Despite Outperformance 2017 – 20257 Adj. EBITDA CAGR 20257 Adj. EBITDA Margin 2026E Adj. EBITDA Multiple 36.4% 16.3x Peer Average: 5.8% Peer Average: 22.0% Peer Average: 11.8x 15.0x 29.0% 12.3x 26.6% 26.8% 25.2% 10.6x 9.0x 7.7x 12.0% 13.9% 6.2x 9.3% 9.8
Slide 16: Implied Future Stock Price
5. Valuation Implied Future Stock Price ($ and shares in millions, except per share metrics) Significant Future Stock Price Opportunity by Achieving… 2024A Adj. EBITDA Illustrative Adj. EBITDA (2019 Attendance) Delta vs. Current: 163% 204% 245% 257% 274% 326% 379% 395% $162 $167 $144 $126 $116 $121
Slide 17: Key Takeaways
Key Takeaways 1 Clear strategy for 2026, anchored by new and enhanced attractions, events and marketing strategies 2 Disciplined capital spend strategy with ~$175M - $225M in normalized annual capex spend Meaningful upside from executing on strategic initiatives (hotels, sponsorships, international
Slide 18: Appendix
Organic Growth Opportunities Appendix
Slide 19: Reconciliation of Non-GAAP Financial Metrics
Reconciliation of Non-GAAP Financial Metrics ($ in millions) 2023 Net income $168 Provision for income taxes 58 Interest expense 134 Depreciation & amortization 174 Equity-based compensation expense 18 Loss on impairment or disposal of assets and certain non-cash expenses 29 Business optimization, d
Slide 20: Reconciliation of Non-GAAP Financial Metrics
Reconciliation of Non-GAAP Financial Metrics ($ in millions) Net Cash Provided by Operating Activities $380 Normalized core capex1 (150) – (175) Interest (Normalized less actual) 2 15 Nonrecurring cash costs3 21 Change in net working capital4 64 Cash taxes4 10 Normalized 2025 Levered Free Cash Flow
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