Pursuit Attractions And Hospitality, Inc. · NYSE:PRSU
Pursuit Attractions And Hospitality — Q4 2025 Earnings Presentation
40 slides from Pursuit Attractions And Hospitality's earnings presentation, Feb 25, 2026
Slide 1: Full Year and Fourth Quarter 2025 Earnings Presentation
FULL YEAR AND FOURTH QUARTER 2025 EARNINGS PRESENTATION FEBRUARY 25, 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: Business & Financial Highlights
BUSINESS & FINANCIAL HIGHLIGHTS Delivered record full year performance with 23% revenue growth and 1 strong margin expansion Strategic capital allocation executed to enhance shareholder value through 2 targeted Tabacón acquisition, Flyover divestiture1, and stock buybacks Introducing Vision 2030 lon
Slide 5: 2025 Highlights
2025 HIGHLIGHTS 5
Slide 6: 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 +23% ⁄ $452M Increases in guest scores, while maintaining high team member FY’25 Revenue vs. Prior Year eng
Slide 7: First Year as Standalone Iconic Attractions and Hospitality Company
FIRST YEAR AS STANDALONE ICONIC ATTRACTIONS AND HOSPITALITY COMPANY We have been executing a TRANSFORMATIVE GROWTH journey, having quadrupled the business over the past decade On January 1, 2025, Pursuit launched as a COMPELLING, STAND-ALONE INVESTMENT opportunity with a strong balance sheet and mul
Slide 8: Continued Strategic Progress to Enhance Long-Term Growth Profile
CONTINUED STRATEGIC PROGRESS TO ENHANCE OUR LONG-TERM GROWTH PROFILE AND SHAREHOLDER VALUE JAN 2025 JUL 2025 SEP AND DEC 2025 SPRING 2026 (EST) TRANSFORMATIVE PLATFORM ACQUISITION MINORITY PURCHASES AT SALE OF NON-CORE ASSET PURSUIT LAUNCH IN NEW GEOGRAPHY FAVORABLE VALUATIONS AT PREMIUM VALUATION ⁄
Slide 9: Pursuit Full Year Financial Highlights
PURSUIT FULL YEAR fourth 2025quarter FINANCIAL 2024HIGHLIGHTS HIGHLIGHTS Change ($ in millions) FY’25 vs. FY’24 Revenue: ⁄ Total Revenue Ticket Revenue $200.7 $38.3 increased ~23% Room Revenue 105.1 23.2 primarily driven by a Kenai Fjords Tours strong Jasper recovery, Kenai Fjords Food & Beverage 68
Slide 10: Pursuit Full Year Attraction Performance
PURSUIT FULL YEAR fourth 2025quarter ATTRACTION 2024 HIGHLIGHTS PERFORMANCE TICKET REVENUE ATTRACTION ($ in millions) METRICS Visitors (in thousands) ⁄ 24% growth in ticket revenue +24% +12% driven by substantial $201 increase in visitors and ETP 3,757 4,218 Jasper & New $162 54 Attractions1 ⁄ 12% i
Slide 11: Pursuit Full Year Hospitality Performance
PURSUIT FULL YEAR fourth 2025quarter HOSPITALITY 2024 HIGHLIGHTS PERFORMANCE ROOM REVENUE HOSPITALITY ($ in millions) METRICS Same-Store2 RevPAR ⁄ 28% room +28% +7% revenue growth $105 from a strong Jasper $159.79 $171.19 recovery, new lodging, and improvement in Jasper & New $82 Lodging1 same-store
Slide 12: Vision 2030: 5-Year Growth Outlook
VISION 2030: 5-YEAR GROWTH OUTLOOK 12
Slide 13: 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 $452M Revenue Revenue INTEGRATED F&B, RETAIL, & TRANSPORTAT
Slide 14: Pursuit Experiences Well-Positioned for Continued Growth
PURSUIT EXPERIENCES ARE WELL-POSITIONED FOR CONTINUED GROWTH WITH FAVORABLE GLOBAL EXPERIENTIAL TRAVEL TRENDS INTERNATIONAL TOURISM EXPECTED TO GROW 3% TO 4% YOY IN 20261, WITH A 5% INCREASE IN TOTAL GROSS BOOKINGS2 INCREASED TRAVEL, AIRLINE STRONG DEMAND FOR PRIORITIZATION OF PASSENGER COUNTS, AND
Slide 15: Pursuit's Differentiated Model and Strategic Positioning
PURSUIT’S DIFFERENTIATED MODEL AND STRATEGIC POSITIONING EXPERIENTIAL Unique-in-the-world, long-term experiential infrastructure that INFRASTRUCTURE connects guests with iconic destinations; not a tourism bet DEMAND ANCHORED Perennial guest demand driven by destination pull, not consumer TO DESTINAT
Slide 16: Multiple Levers to Drive Shareholder Value
MULTIPLE LEVERS TO DRIVE SHAREHOLDER VALUE SUPPORTED BY STRONG TRACK RECORD & BALANCE SHEET ELEVATING PERFORMANCE ACROSS ICONIC EXPERIENCES STRONG 1 ⁄ Drive continuous year-over-year growth by leveraging strong perennial demand and maintaining an unwavering focus on the guest experience BALANCE SHEE
Slide 17: Transformational Growth Journey: Revenue Growth
WE ARE ON A TRANSFORMATIONAL GROWTH JOURNEY TO BECOME THE WORLD’S LEADING ICONIC ATTRACTIONS AND HOSPITALITY COMPANY REVENUE GROWTH Excluding Flyover ($ in millions) EXPECT CONTINUED >$845 DOUBLE-DIGIT CAGR We are driving THROUGH 2030 significant growth through enhanced performance of $414 existing
Slide 18: Our Path to Grow AEBITDA More Than 2.3x by 2030
OUR PATH TO GROW AEBITDA MORE THAN 2.3X BY 2030 WITH POWERFUL LEVERS TO GROW AEBITDA GROWTH KEY LEVERS TO GROW SHAREHOLDER VALUE Excluding Flyover ($ in millions) Baseline Growth: Leveraging scale and operational EXPECT TO GROW expertise to grow existing business at targeted AEBITDA MORE THAN mid-si
Slide 19: 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 20: 2026 Outlook
2026 OUTLOOK 20
Slide 21: 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 22: 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 23: 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 24: Pursuit 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 25: Investing in Forever, Iconic Assets That Will Drive Growth
INVESTING IN FOREVER, ICONIC ASSETS THAT WILL DRIVE GROWTH PURSUIT fourth quarter 2024 HIGHLIGHTS INTO THE FUTURE EXPECT TO DRIVE STRONG RETURNS THROUGH ACTIONING SERIES OF LARGE-SCALE MULTI-YEAR GROWTH PROJECTS, SUBJECT TO APPROVALS ~$88M-$93M $200M+ <7x Large portion of returns Est. 2026 Total Inv
Slide 26: Appendix
APPENDIX 26
Slide 27: 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 28: 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 29: 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
Slide 30: 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 31: Leader in Experiential Travel with Quality Guest Experiences
LEADER IN EXPERIENTIAL TRAVEL WITH UNFORGETTABLE, QUALITY GUEST EXPERIENCES THAT CAPTURE GLOBAL RECOGNITION The New York Times spotlights Banff Gondola and Sky Bistro as must-experience highlights in its “36 Hours in Banff…,” placing our offerings at the center of global trip-planning inspiration1 T
Slide 32: Sustainable Yield Growth from Guest-Centric 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 33: Significant Refresh, Build, Buy Pipeline
SIGNIFICANT REFRESH, BUILD, BUY PIPELINE PURSUIT fourth quarter 2024 HIGHLIGHTS TO DRIVE ACCELERATED GROWTH REFRESH AND BUILD BUY SUBSTANTIAL INVESTMENT $300M+ ROBUST ACQUISITION CAPACITY GROWTH INVESTMENTS IN 2026-2030 PIPELINE OF ICONIC IN DEVELOPMENT AND SUBJECT TO PLANNING APPROVAL LOCATION EXPE
Slide 34: 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 35: Proven Track Record of Creating Value Over a Decade
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 ~$578M 2014 BUILD Glaci
Slide 36: Strong Balance Sheet for Accelerated Growth with Low Leverage
STRONG BALANCE SHEET FOR ACCELERATED GROWTH WITH PURSUIT fourth quarter 2024 HIGHLIGHTS LOW LEVERAGE AND SIGNIFICANT REVOLVER CAPACITY FOURTH QUARTER 2025 BALANCE SHEET AND LIQUIDITY HIGHLIGHTS BALANCE SHEET Q3’25 Q4’25 LIQUIDITY Q4’25 ($ in millions) ($ in millions) Cash and Cash Equivalents 33.8 3
Slide 37: Pursuit 2030 Targets and 2026 Outlook
PURSUIT 2030 TARGETS fourthAND quarter 20262024 FINANCIAL HIGHLIGHTS OUTLOOK 2030 ($ in millions) TARGETS2 FY’26 GUIDANCE3 FY’25 ACTUALS $465 at the mid-point $452.4 Revenue >$845 (including $8 from ($413.8 excluding Flyover) Flyover) $117.1 $123 to $133 (including Adjusted EBITDA1 >$265 ($111.9 exc
Slide 38: Supplemental Revenue Disclosures
PURSUIT fourth quarter SUPPLEMENTAL REVENUE 2024 HIGHLIGHTS DISCLOSURES 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 25,952 59,67
Slide 39: Key Performance Indicators
PURSUIT KEY fourth quarter PERFORMANCE 2024 HIGHLIGHTS INDICATORS 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 $ 50.68
Slide 40: 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
Pursuit Attractions and Hospitality — Q4 2025 Earnings Presentation on 6ix