DENVER--(BUSINESS WIRE)--August 05, 2026--
Pursuit Attractions and Hospitality, Inc. ("Pursuit") (NYSE: PRSU) today reported record second quarter 2026 results and increased full year guidance to reflect the acquisition of Eagle Wing Tours, incremental contributions from Flyover prior to the recently completed sale, and updated exchange rate assumptions.
"We delivered meaningful financial growth during the second quarter while continuing to execute at a high level operationally and strategically," said David Barry, Pursuit president and chief executive officer. "By delivering exceptional guest experiences and driving disciplined growth across geographies, we achieved a 14% year-over-year increase in second quarter revenue."
Barry continued, "Tabacón is a terrific acquisition and continues to deliver stronger year-over-year results, highlighting the value of investing in experiential assets in iconic destinations. Our recent acquisition of Eagle Wing Tours further strengthens our portfolio and reflects our approach to disciplined capital deployment. With strong advance bookings heading into our peak season, we are confident in our growth outlook for the balance of the year and are increasing our full year guidance to reflect incremental contributions from the Eagle Wing Tours acquisition and from Flyover prior to the recently completed sale of that business."
Key Highlights
-- Delivered 14% revenue growth in record second quarter
-- Tabacón's strong performance reinforces Pursuit's acquisition
strategy; breaking ground on Tabacón's first growth project, the
construction of three new premium villas to meet the continued strong
demand for elevated guest experiences
-- Relentless focus on guest experience continues to drive same-store
growth
-- Expanded into Vancouver Island market with Eagle Wing Tours attraction
acquisition
-- Increased full year Adjusted EBITDA guidance by $5 million
-- Completed disposition of non-core Flyover business, enhancing capacity
for further growth investments
-- Advanced transformational organic growth projects across the portfolio
Second Quarter 2026 Financial Performance
-- Pursuit delivered record second quarter revenue of $133.5 million for
2026, representing an increase of 14.3% year-over-year. This growth
primarily reflected strong contributions from Tabacón (July 2025
acquisition) and continued growth across existing geographies.
-- On a same-store basis, RevPAR grew 10% and effective ticket
prices grew 6% year-over-year, reflecting the strength of
Pursuit's guest experience.
-- The second quarter 2025 experienced near ideal weather
conditions, which enabled exceptionally strong revenue growth and
attraction visitation versus 2024. In contrast, 2026 second
quarter attraction visitation was negatively impacted by a higher
portion of poor weather days, while increased lodging occupancy
reflects continued strong demand for Pursuit's iconic location
experiences.
-- Net income attributable to Pursuit was $15.2 million for the second
quarter 2026, up from $5.6 million in the second quarter 2025.
-- Adjusted net income* was $14.0 million ($0.50 per share) for the second
quarter 2026, up from $10.1 million ($0.36 per share) for the second
quarter 2025. The year-over-year improvement primarily reflects higher
Adjusted EBITDA*.
-- Adjusted EBITDA* was $32.7 million for the second quarter 2026. The
$3.0 million year-over-year improvement from second quarter 2025 Adjusted
EBITDA* was primarily driven by flowthrough of higher revenue.
* Refer to Table Two of this press release for a discussion and reconciliation of this non-GAAP financial measure to its most directly comparable GAAP financial measure.
In addition to the commentary above, further information regarding Pursuit's financial results, trends, and outlook are available in a supplemental earnings presentation, which can be accessed on the "Investors" section of the company's website, and in the financial tables accompanying this press release.
June 30, 2026 Balance Sheet and Liquidity Highlights
-- Total liquidity was $160.9 million at June 30, 2026, comprising cash
and cash equivalents of $36.7 million** and $124.2 million of capacity
available on the company's $300 million revolving credit facility.
-- Total debt was $250.7 million** and Pursuit's net leverage ratio was
1.5x at June 30, 2026, below the company's target range of 2.0x to 3.5x.
-- On a pro forma basis for the sale of Flyover and acquisition of Eagle
Wing Tours, the company's net leverage ratio was approximately 1x and
liquidity was approximately $220 million at June 30, 2026.
-- Pursuit repurchased $7.5 million of common stock during the second
quarter, and $43 million in aggregate at an average price of $35.72 per
share. The company has $57 million remaining under its $100 million share
repurchase authorization.
** Cash and debt amounts shown here are inclusive of Flyover cash and debt balances of $2.8 million and $13.4 million, respectively, which have been classified as held for sale on our balance sheet.
Eagle Wing Tours Acquisition
On July 14, 2026, Pursuit acquired Eagle Wing Tours, a market-leading whale watching and marine wildlife experience in Victoria, British Columbia, for C$23.9 million (inclusive of approximately C$1.5 million of cash acquired), representing an effective Adjusted EBITDA multiple of approximately 6.5x. The acquisition expands the company's presence into Vancouver Island, one of Canada's most iconic and resilient tourism destinations, while adding a differentiated, experience-driven attraction that welcomes approximately 50,000 guests annually. Recognized for its exceptional guest experience, marine wildlife interpretation, and commitment to responsible tourism, Eagle Wing is well positioned to benefit from Pursuit's marketing, commercial, and operational capabilities over time. Additionally, Pursuit expects to unlock incremental growth investments and expanded regional presence to drive long-term value creation.
Flyover Divestiture
On July 31, 2026, Pursuit completed the previously announced sale of its non-core Flyover Attractions business to Brogent Technologies Inc. for $75 million, representing an implied multiple of approximately 14.5x Flyover's 2025 Adjusted EBITDA contribution. This divestiture further sharpens Pursuit's strategic focus on its core portfolio of iconic sightseeing attractions and destination-anchored hospitality in the world's most compelling destinations. The proceeds will be used to reduce revolver debt and reinvest into high-return organic growth projects and strategic acquisitions aligned with Pursuit's core strategy.
2026 Outlook
"We are increasing our full year revenue and Adjusted EBITDA guidance based on incremental contributions from the Eagle Wing Tours acquisition and from Flyover prior to the recently completed sale of that business, partially offset by an unfavorable change in exchange rate assumptions. Outside of these adjustments, our full year outlook for strong underlying business performance remains unchanged, and our continued positive indicators of consumer demand across our experiences and destinations for the upcoming peak summer season give us confidence in our ability to deliver," said Barry.
The company's guidance is below.
(in millions) Full Year 2026 Guidance Full Year 2025 Actual
-------------------- ----------------------------- -------------------------
$485 at the mid-point $452.4
Revenue $460 excluding Flyover $413.8 excluding Flyover
$128 to $138 $121 to $131 $117.1
Adjusted EBITDA* excluding Flyover $111.9 excluding Flyover
$31 to $36 (7% of Revenue at
Maintenance Capex the mid-point) $33.4
Growth Capex $70 to $80 $41.6
Total Capex $103 to $114 $75.0
-------------------- ----------------------------- -------------------------
Adjusted EBITDA guidance of $128 million to $138 million represents an increase of $5 million relative to prior guidance, including approximately $6 million from incremental Flyover contribution prior to the sale of that business, approximately $1 million to $2 million from the Eagle Wing Tours acquisition, and approximately negative $2 million from revised exchange rate assumptions. Relative to 2025, this represents growth of approximately 14% at the mid-point.
Pursuit's guidance is based on certain assumptions, including (1) organic growth from continued guest experience improvements, demand for authentic experiential travel in iconic places, and focus on revenue and cost management, (2) approximately $8 million to $9 million of incremental Adjusted EBITDA from the Tabacón acquisition completed on July 1, 2025, (3) approximately $1 million to $2 million of incremental Adjusted EBITDA from the Eagle Wing Tours acquisition completed on July 14, 2026, (4) approximately $7 million of Adjusted EBITDA contribution from Flyover (sale closed on July 31, 2026), (5) minimal impact from multi-year growth capital expenditures in 2026, and (6) an exchange rate of $0.71 between the Canadian Dollar and the U.S. Dollar for Pursuit's operations in Canada.
*Pursuit has not quantitatively reconciled its guidance for Adjusted EBITDA to the company's most comparable GAAP financial measure because certain reconciling items that impact this metric, including provision for income taxes, interest expense, restructuring or impairment charges, transaction-related costs, and start-up costs have not occurred, are out of the company's control, or cannot be reasonably predicted. Accordingly, reconciliations to the nearest GAAP financial measure are not available without unreasonable effort. Please note that the unavailable reconciling items could significantly impact Pursuit's results as reported under GAAP.
Organic Growth Capital Investments
During 2026, Pursuit expects to invest approximately $70 million to $80 million in organic growth capital expenditures, as it moves forward with major planned investments that have a total commitment of approximately $200 million. These projects are part of the company's Vision 2030 strategy to deploy more than $300 million into high-returning organic growth investments in well-instrumented existing businesses that enhance the guest experience. The company expects to achieve an effective Adjusted EBITDA multiple of less than 7x from these investments by 2030.
Select Attraction Growth Investments* Include:
-- Jasper SkyTram (Jasper National Park) - Elevating the arrival-to-summit
guest experience and strengthening must-do position in Jasper National
Park.
-- Banff Gondola (Banff National Park) - Elevating the guest experience at
this iconic Banff attraction, including the recent expansion of its
top-rated Sky Bistro summit dining experience.
-- Denali Backcountry Adventure Relaunch (Denali National Park) -
Reintroducing a premium, high margin wildlife safari experience deep in
Denali National Park when road access reopens in 2027.
-- Banff Jasper Lake Cruise Capacity Expansion (Banff and Jasper National
Parks) -- Addition of a new 56-passenger boat at Maligne Lake with
redeployment of existing 38-passenger boat to Lake Minnewanka to meet
demand at these popular attractions in Jasper and Banff National Parks.
Select Hospitality Growth Investments* to Add Capacity Include:
-- Tabacón Villas (Costa Rica) -- Addition of three premium villas on
existing acreage to meet year-round demand from luxury and multi-family
travelers in the Arenal region.
-- St. Mary WildScapes Cabin Addition (St. Mary, Montana) -- Planned
investments to add 41 new premium cabins and a wellness sauna on a
mountain bluff that pairs iconic views overlooking the renowned Glacier
National Park with thoughtful, place-rooted comfort to meet demand for
elevated stays near the park.
Select Hospitality Growth Investments* to Reposition and Elevate Guest Experience Include:
-- Forest Park Hotel Woodland Wing (Jasper National Park) - Phased
renovation to capture higher-end and year-round demand in Jasper National
Park, with the first phase of rooms completed in 2025 driving a 22% ADR
lift and the final phase of rooms completed in 2026 ahead of the peak
summer season.
-- Grouse Mountain Lodge (Whitefish, Montana) - Phased renovation to
elevate and reposition the property to capture higher-end and year-round
demand near Glacier National Park with the first phase of room
renovations completed ahead of 2026 peak summer season and a new
300-person event center opening August 15 to expand capture of meetings
and wedding business.
-- Lobstick Lodge (Jasper National Park) - Planned investments to improve
and reposition the year-round lodge in Jasper to capitalize on high
market demand from both consumer and tour and travel segments.
-- Pyramid Lake Lodge Upgrades (Jasper National Park) -- Phased
investments to elevate the overall guest experience at this year-round
lakeside property in Jasper National Park, including outdoor hot tubs,
sauna and gathering spaces overlooking Pyramid Lake.
*Subject to approvals.
Conference Call Details
Management will host a conference call to review second quarter 2026 results on Wednesday, August 5, 2026, at 5 p.m. (Eastern Time).
A live audio webcast of the call will be available in listen-only mode through the "Events & Presentations" section of Pursuit's investor website, where the company will also post its earnings press release and a supplemental earnings presentation prior to the call. Management will refer to this presentation during the call.
The live call can also be accessed by dialing (888) 500-3691 or (646) 307-1951 and entering the access code 71058. To avoid wait time and bypass speaking with an operator to join the call, participants can pre-register using the following registration link: https://registrations.events/direct/Q4I71058VIPKaLDJvn2J0t08E. After registering, a calendar invitation will be sent that includes dial-in information as well as unique codes for entry into the live call. The company recommends that you register in advance to ensure access for the full call.
A replay of the webcast will be available on Pursuit's website shortly after the conference call.
About Pursuit
Pursuit Attractions and Hospitality, Inc. (NYSE: PRSU) is an attractions and hospitality company that owns and operates a collection of inspiring and unforgettable experiences in iconic destinations in the United States, Canada, Iceland, and Costa Rica. Pursuit's elevated hospitality experiences include world-class point-of-interest attractions and distinctive lodges, along with integrated restaurants, retail and transportation that enable visitors to discover and connect with stunning national parks and renowned global travel locations.
For more information, visit pursuit.com.
Forward-Looking Statements
This press release contains a number of forward-looking statements. Words, and variations of words, such as "will," "can," "may," "expect," "would," "could," "might," "intend," "plan," "believe," "estimate," "anticipate," "deliver," "seek," "aim," "potential," "target," "outlook, " and similar expressions are intended to identify forward-looking statements. Such forward-looking statements include those that address activities, events or developments that Pursuit or its management believes or anticipates may occur in the future, including all statements regarding the company's expectations concerning the travel industry and the markets in which Pursuit operates; management's expectations concerning future financial performance, including its 2026 and long-term outlook and the related underlying assumptions; its growth plans and strategies, including with respect to investments, growth capital expenditures and acquisitions; its ability to opportunistically return capital to shareholders through share repurchases; and other statements that are not historical fact. These forward-looking statements are subject to a host of risks and uncertainties, many of which are beyond the company's control, which could cause actual results to differ materially from those in the forward-looking statements. Important factors that could cause actual results to differ materially from those described in Pursuit's forward-looking statements include, but are not limited to, the following:
-- general economic and geopolitical uncertainty in key global markets and
a worsening of global economic conditions;
-- the seasonality of Pursuit's businesses;
-- the competitive nature of the industries in which Pursuit operates;
-- travel industry disruptions;
-- changes in consumer tastes and preferences for recreational
activities;
-- natural disasters, weather conditions, and other catastrophic events;
-- accidents and adverse incidents at Pursuit's hotels and attractions;
-- the sufficiency and cost of insurance coverage;
-- the impact of the company's borrowings, including its revolving credit
facility, on its operational and financial flexibility;
-- risks of new capital projects not being commercially successful;
-- the company's ability to fund capital expenditures, or its ability to
deploy capital in line with its strategic objectives;
-- the company's ability to successfully integrate and achieve anticipated
benefits from acquisitions;
-- unknown or contingent liabilities from acquisitions;
-- failure to adapt to technological developments or industry trends;
-- the company's inability to realize the strategic, financial and
operational benefits from the sale of Flyover;
-- potential increases in operating expenses;
-- conducting business globally, including the impact of regulatory
regimes in geographies where Pursuit operates or may expand;
-- Pursuit's exposure to currency exchange rate fluctuations;
-- liabilities relating to prior and discontinued operations;
-- the importance of key personnel to Pursuit's business;
-- the impact of labor shortages;
-- Pursuit's exposure to cybersecurity attacks and threats, including the
impact of fraud;
-- compliance with laws governing the storage, collection, handling, and
transfer of personal data and the company's exposure to legal claims and
fines for data breaches or improper handling of such data;
-- compliance with foreign data privacy laws that apply to the company's
activities;
-- Pursuit's exposure to litigation in the ordinary course of business;
-- changes in federal, state, local or foreign tax laws;
-- the company's ability to comply with extensive environmental
requirements;
-- risks related to ownership of Pursuit's common stock; and
-- other risks and uncertainties included under Part I, Item 1A of
Pursuit's most recent annual report Form 10-K.
For a more complete discussion of the risks and uncertainties that may affect the company's business or financial results, please see Item 1A, "Risk Factors," of Pursuit's most recent annual report on Form 10-K filed with the Securities and Exchange Commission ("SEC"), as well as any future reports the company may file with the SEC. The company disclaims and does not undertake any obligation to update or revise any forward-looking statement in this press release except as required by applicable law or regulation.
Availability of Information on Pursuit Website
Pursuit routinely uses its investor relations website (investors.pursuit.com) to post presentations to investors and other important information, including information that may be material. Accordingly, Pursuit encourages investors and others interested in Pursuit to review the information it makes public on its investor relations website.
PURSUIT ATTRACTIONS AND HOSPITALITY, INC. ("PURSUIT")
TABLE ONE - QUARTERLY RESULTS (UNAUDITED)
Three months ended June 30, Six months ended June 30,
------------------------------------------- --------------------------------------------
(in thousands,
except per share
data) 2026 2025 $ Change % Change 2026 2025 $ Change % Change
-------- -------- -------- ---------- --------- -------- -------- ----------
Revenue:
Ticket, rooms,
transportation,
and other
services revenue 102,211 88,063 14,148 16.1% 143,440 117,797 25,643 21.8%
Food, beverage,
and retail
products revenue 31,282 28,680 2,602 9.1% 41,695 36,525 5,170 14.2%
------- ------- ------- ------ -------- ------- ------- ------
Total revenue $133,493 $116,743 $ 16,750 14.3% $ 185,135 $154,322 $ 30,813 20.0%
======= ======= ======= ====== ======== ======= ======= ======
Cost of food,
beverage, and
retail products
sold (9,587) (8,871) (716) (8.1%) (12,575) (11,156) (1,419) (12.7%)
Operating expenses
(exclusive of
depreciation and
amortization
shown separately
below) (Note A) (71,374) (58,669) (12,705) (21.7%) (113,586) (93,575) (20,011) (21.4%)
Selling, general,
and
administrative
expenses (Note
B) (20,788) (19,623) (1,165) (5.9%) (40,001) (40,309) 308 0.8%
Depreciation and
amortization (9,650) (11,073) 1,423 12.9% (19,326) (22,041) 2,715 12.3%
Interest expense,
net (3,172) (1,928) (1,244) (64.5%) (5,827) (3,392) (2,435) (71.8%)
Other income
(expense), net
(Note C) 2,728 (5,962) 8,690 ** 1,894 (6,319) 8,213 **
------- ------- ------- ---------- -------- ------- ------- ----------
Income (loss) from
continuing
operations before
income taxes 21,650 10,617 11,033 ** (4,286) (22,470) 18,184 80.9%
Income tax expense
(Note D) (4,208) (3,021) (1,187) (39.3%) (2,989) (1,155) (1,834) **
------- ------- ------- ------ -------- ------- ------- ----------
Income (loss) from
continuing
operations 17,442 7,596 9,846 ** (7,275) (23,625) 16,350 69.2%
Income (loss) from
discontinued
operations, net
of tax (318) 1,135 (1,453) ** (339) 1,004 (1,343) **
------- ------- ------- ---------- -------- ------- ------- ----------
Net income (loss) 17,124 8,731 8,393 96.1% (7,614) (22,621) 15,007 66.3%
Net income
attributable to
non-redeemable
noncontrolling
interest (1,952) (3,085) 1,133 36.7% (2,152) (2,869) 717 25.0%
------- ------- ------- ------ -------- ------- ------- ------
Net income (loss)
attributable to
Pursuit $ 15,172 $ 5,646 $ 9,526 ** $ (9,766) $(25,490) $ 15,724 61.7%
======= ======= ======= ========== ======== ======= ======= ======
Amounts
Attributable to
Pursuit:
Net income (loss)
from continuing
operations
attributable to
Pursuit $ 15,490 $ 4,511 $ 10,979 ** $ (9,427) $(26,494) $ 17,067 64.4%
Income (loss) from
discontinued
operations, net
of tax (318) 1,135 (1,453) ** (339) 1,004 (1,343) **
------- ------- ------- ---------- -------- ------- ------- ----------
Net income (loss)
attributable to
Pursuit $ 15,172 $ 5,646 $ 9,526 ** $ (9,766) $(25,490) $ 15,724 61.7%
======= ======= ======= ========== ======== ======= ======= ======
Net income (loss)
attributable to
Pursuit per
common share
Basic income
(loss) per common
share $ 0.55 $ 0.20 $ 0.35 ** $ (0.35) $ (0.90) $ 0.55 61.1%
======= ======= ======= ========== ======== ======= ======= ======
Diluted income
(loss) per common
share $ 0.54 $ 0.20 $ 0.34 ** $ (0.35) $ (0.90) $ 0.55 61.1%
======= ======= ======= ========== ======== ======= ======= ======
Basic and diluted
weighted-average
common shares
outstanding (Note
E):
Basic
weighted-average
outstanding
common shares 27,702 28,256 (554) (2.0%) 27,779 28,184 (405) (1.4%)
Additional
dilutive shares
related to
share-based
compensation 276 136 140 ** - - - **
------- ------- ------- ---------- -------- ------- ------- ----------
Diluted
weighted-average
outstanding
common shares 27,978 28,392 (414) (1.5%) 27,779 28,184 (405) (1.4%)
======= ======= ======= ====== ======== ======= ======= ======
** Change is greater than +/- 100 percent
$(A)$ Operating expenses (exclusive of depreciation and amortization) -- The increase in operating expenses for the three months ended June 30, 2026, compared to the prior year period was primarily due to the periodic remeasurement of the Sky Lagoon finance lease obligation, which resulted in an unrealized foreign exchange gain of $3.9 million in the second quarter of 2025 compared to an unrealized foreign exchange loss of $0.5 million in the second quarter of 2026. The increase was also due to incremental expenses from Tabacón of $3.2 million and increases in variable costs associated with increased transaction volumes and revenue, including increases of $2.1 million in operating supplies and services, $1.9 million in labor expense, and other inflationary cost increases.
The increase in operating expenses for the six months ended June 30, 2026, compared to the prior year period was primarily due to the periodic remeasurement of the Sky Lagoon finance lease obligation, which resulted in an unrealized foreign exchange gain of $6.1 million in 2025 compared to an unrealized foreign exchange loss of $0.2 million in 2026. The increase was also due to incremental expenses from Tabacón of $4.5 million and increases in variable costs associated with increased transaction volumes and revenue, including increases of $3.4 million in labor expense, $2.3 million in operating supplies and services, and other inflationary cost increases.
The three and six months ended June 30, 2025, include a reclassification of expense of $3.9 million and $7.4 million, respectively, from operating expenses (exclusive of depreciation and amortization) to selling, general, and administrative expenses to comparably conform to the Company's current presentation of costs and expenses.
$(B)$ Selling, general, and administrative expenses -- The three and six months ended June 30, 2025, include a reclassification of expense of $3.9 million and $7.4 million, respectively, from operating expenses (exclusive of depreciation and amortization) to selling, general, and administrative expenses to comparably conform to the Company's current presentation of costs and expenses.
$(CUL3)$ Other income (expense), net - The increases in other income for the three and six months ended June 30, 2026, compared to the prior year periods were primarily due to a $5.4 million settlement charge in the prior year periods associated with the termination of the Giltspur Inc. Employees' Pension Plan, which was reclassified from accumulated other comprehensive loss, and a $4.6 million gain recorded during the three and six months ended June 30, 2026 related to business interruption insurance proceeds received in connection to the 2024 Jasper wildfires. These increases were partially offset by an approximate $3.1 million impairment of the Flyover Attractions Disposal Group (the total assets and liabilities combined with the related accumulated other comprehensive loss of the Flyover Attractions) during the three and six months ended June 30, 2026.
$(D)$ Income tax expense -- The effective tax rate was 19.4% for the three months ended June 30, 2026, compared to 28.5% for the three months ended June 30, 2025, and negative 69.7% for the six months ended June 30, 2026, compared to negative 5.1% for the six months ended June 30, 2025. The decreases in the effective rate for the three and six months ended June 30, 2026, compared to the prior year periods were primarily attributable to improved U.S. operating results and the inclusion of Tabacón's operating results in 2026.
$(E)$ Basic and diluted weighted-average common shares outstanding - For periods with a net loss from continuing operations attributable to Pursuit, weighted-average potential common shares for outstanding share-based compensation awards were excluded from the calculation of diluted weighted-average outstanding common shares because their inclusion would have been anti-dilutive.
PURSUIT ATTRACTIONS AND HOSPITALITY, INC. ("PURSUIT")
TABLE TWO - NON-GAAP FINANCIAL MEASURES (UNAUDITED)
IMPORTANT DISCLOSURES REGARDING NON-GAAP FINANCIAL MEASURES
This document includes the presentation of "Adjusted Net Income (Loss)", "Adjusted EPS", "Adjusted EBITDA", and "Adjusted EBITDA Margin", which are supplemental to results presented under accounting principles generally accepted in the United States of America ("GAAP") and may not be comparable to similarly titled measures presented by other companies. These non-GAAP measures are utilized by management to facilitate period-to-period comparisons and analysis of Pursuit's operating performance and should be considered in addition to, but not as substitutes for, other similar measures reported in accordance with GAAP. The use of these non-GAAP financial measures is limited, compared to the most comparable GAAP measures, because they do not consider a variety of items affecting Pursuit's consolidated financial performance as reconciled below. Because these non-GAAP measures do not consider all items affecting Pursuit's consolidated financial performance, a user of Pursuit's financial information should consider net income (loss) attributable to Pursuit as an important measure of financial performance because it provides a more complete measure of the Company's performance.
Adjusted Net Income (Loss), Adjusted EPS, Adjusted EBITDA, and Adjusted EBITDA Margin are considered useful operating metrics, in addition to net income (loss) attributable to Pursuit, as potential variations arising from non-operational expenses/income are eliminated, thus resulting in additional measures considered to be indicative of Pursuit's performance. Management believes that the presentation of Adjusted Net Income (Loss), Adjusted EPS, Adjusted EBITDA, and Adjusted EBITDA Margin provides useful information to investors regarding Pursuit's results of operations for trending, analyzing, and benchmarking the performance and value of Pursuit's business.
Three months ended June 30, Six months ended June 30,
------------------------------------------- ---------------------------------------------
(in thousands, except
per share data) 2026 2025 $ Change % Change 2026 2025 $ Change % Change
------- ------- ---------- ---------- -------- -------- ---------- ----------
Adjusted net income
(loss):
Net income (loss)
attributable to
Pursuit $15,172 $ 5,646 $ 9,526 ** $ (9,766) $(25,490) $ 15,724 61.7%
(Income) loss from
discontinued
operations, net of
tax 318 (1,135) 1,453 ** 339 (1,004) 1,343 **
------ ------ ------ ---------- ------- ------- ------ ----------
Net income (loss)
from continuing
operations
attributable to
Pursuit 15,490 4,511 10,979 ** (9,427) (26,494) 17,067 64.4%
Restructuring charges
(recoveries),
pre-tax (15) 259 (274) ** (3) 297 (300) **
Impairment charges,
pre-tax 3,115 - 3,115 ** 3,115 - 3,115 **
Transaction-related
costs and other
non-recurring items,
pre-tax (Note A) 1,238 4,009 (2,771) (69.1%) 1,710 9,011 (7,301) (81.0%)
FX remeasurement
associated with debt
and debt-like
obligations, pre-tax
(Note B) (260) (3,881) 3,621 93.3% (2,849) (6,062) 3,213 53.0%
Legacy pension and
other postretirement
benefit plans
terminations,
pre-tax (Note C) (478) 5,393 (5,871) ** (478) 5,393 (5,871) **
Business interruption
gain, pre-tax (Note
D) (4,566) - (4,566) ** (4,566) - (4,566) **
Tax expense (benefit)
on above items (363) (1,883) 1,520 80.7% 344 (1,700) 2,044 **
Portion of above
amounts attributable
to non-controlling
interests (161) 1,704 (1,865) ** (14) 2,773 (2,787) **
------ ------ ------ ---------- ------- ------- ------ ----------
Adjusted net income
(loss) $14,000 $10,112 $ 3,888 38.4% $(12,168) $(16,782) $ 4,614 27.5%
====== ====== ====== ====== ======= ======= ====== ======
Adjusted EPS:
Diluted adjusted net
income (loss)
attributable to
Pursuit common
shareholders (as
reconciled above) $14,000 $10,112 $ 3,888 38.4% $(12,168) $(16,782) $ 4,614 27.5%
Diluted
weighted-average
outstanding common
shares 27,978 28,392 (414) (1.5%) 27,779 28,184 (405) (1.4%)
------ ------ ------ ------ ------- ------- ------ ------
Adjusted EPS $ 0.50 $ 0.36 $ 0.14 38.9% $ (0.44) $ (0.60) $ 0.16 26.7%
====== ====== ====== ====== ======= ======= ====== ======
** Change is greater than +/- 100 percent
(A) Transaction-related costs and other non-recurring items, pre-tax include amounts related to acquisition, divestiture, and other corporate development activities, including amounts for integration, separation, diligence, feasibility, legal, and other non-recurring items.
(B) FX remeasurement associated with debt and debt-like obligations, pre-tax represents the non-cash foreign exchange gain included within operating expenses related to the periodic remeasurement of the Sky Lagoon and Tabacón debt and debt-like obligations.
(C) The 2025 legacy pension and other postretirement benefit plans terminations, pre tax amount represents a largely non-cash $5.4 million settlement charge associated with the termination of the legacy Giltspur Inc. Employees' Pension Plan, which was reclassified from accumulated other comprehensive loss ("AOCL"), in Q2'25.
(D) The business interruption gain, pre tax amount represents a $4.6 million gain from business interruption insurance proceeds received in Q2'26 related to lost profits in 2024 from the Jasper wildfire.
PURSUIT ATTRACTIONS AND HOSPITALITY, INC. ("PURSUIT")
TABLE TWO - NON-GAAP FINANCIAL MEASURES CONTINUED (UNAUDITED)
Three months ended June 30, Six months ended June 30,
--------------------------------------------------- ---------------------------------------------------
($ in thousands) 2026 2025 $ Change % Change 2026 2025 $ Change % Change
-------- -------- ---------- ---------- -------- -------- ---------- ----------
Revenue $133,493 $116,743 $ 16,750 14.3% $185,135 $154,322 $ 30,813 20.0%
Net income (loss)
attributable to
Pursuit $ 15,172 $ 5,646 $ 9,526 ** $ (9,766) $(25,490) $ 15,724 61.7%
Net income
attributable to
non-redeemable
noncontrolling
interest 1,952 3,085 (1,133) (36.7%) 2,152 2,869 (717) (25.0%)
(Income) loss from
discontinued
operations, net of
tax 318 (1,135) 1,453 ** 339 (1,004) 1,343 **
Interest expense, net 3,172 1,928 1,244 64.5% 5,827 3,392 2,435 71.8%
Income tax expense 4,208 3,021 1,187 39.3% 2,989 1,155 1,834 **
Depreciation and
amortization 9,650 11,073 (1,423) (12.9%) 19,326 22,041 (2,715) (12.3%)
Other (income)
expense, net (A) (2,728) 5,962 (8,690) ** (1,894) 6,319 (8,213) **
Transaction-related
costs and other
non-recurring items
(B) 1,238 4,009 (2,771) (69.1%) 1,710 9,011 (7,301) (81.0%)
FX remeasurement
associated with debt
and debt-like
obligations (C) (260) (3,881) 3,621 93.3% (2,849) (6,062) 3,213 53.0%
------- ------- ------ ------ ------- ------- ------ ------
Adjusted EBITDA $ 32,722 $ 29,708 $ 3,014 10.1% $ 17,834 $ 12,231 $ 5,603 45.8%
======= ======= ====== ====== ======= ======= ====== ======
Adjusted EBITDA
attributable to
noncontrolling
interest (4,096) (4,396) 300 6.8% (5,699) (5,346) (353) (6.6%)
------- ------- ------ ------ ------- ------- ------ ------
Adjusted EBITDA
attributable to
Pursuit $ 28,626 $ 25,312 $ 3,314 13.1% $ 12,135 $ 6,885 $ 5,250 76.3%
======= ======= ====== ====== ======= ======= ====== ======
Adjusted EBITDA
Margin 24.5% 25.4% -0.9 pts 9.6% 7.9% 1.7 pts
** Change is greater than +/- 100 percent
2025
--------------------------------------------------------------------
($ in thousands) Q1 Q2 Q3 Q4 FY
------------ ------------ ------------ ------------ ------------
Revenue $ 37,579 $116,743 $241,022 $ 57,073 $452,417
Net income (loss)
attributable to
Pursuit $(31,136) $ 5,646 $ 73,853 $(25,695) $ 22,668
Net income (loss)
attributable to
noncontrolling
interest (216) 3,085 11,248 (476) 13,641
(Income) loss from
discontinued
operations, net of
tax 131 (1,135) 2,882 330 2,208
Interest expense, net 1,464 1,928 2,835 2,596 8,823
Income tax expense
(benefit) (1,866) 3,021 17,771 (2,424) 16,502
Depreciation and
amortization 10,968 11,073 12,042 11,987 46,070
Other (income)
expense, net (A) 357 5,962 (3,455) (1,202) 1,662
Transaction-related
costs and other
non-recurring items
(B) 5,002 4,009 (82) 1,551 10,480
FX remeasurement
associated with debt
and debt-like
obligations (C) (2,181) (3,881) 261 892 (4,909)
------- ------- ------- ------- -------
Adjusted EBITDA $(17,477) $ 29,708 $117,355 $(12,441) $117,145
======= ======= ======= ======= =======
Adjusted EBITDA
Margin (46.5%) 25.4% 48.7% (21.8%) 25.9%
(A) 2026 includes a $4.6 million gain from business interruption insurance proceeds received in Q2'26 related to lost profits in 2024 from the Jasper wildfire and a $3.1 million impairment charge on the Company's held for sale disposal group for the Flyover attractions recorded in Q2'26. 2025 includes a largely non-cash $5.4 million settlement charge associated with the termination of the legacy Giltspur Inc. Employees' Pension Plan, which was reclassified from AOCL, in Q2'25 and a $4.2 million gain from business interruption insurance proceeds received in Q3'25 related to lost profits in 2024 from the Jasper wildfire.
(B) Transaction-related costs and other non-recurring items, pre-tax include amounts related to acquisition, divestiture, and other corporate development activities, including amounts for integration, separation, diligence, feasibility, legal, and other non-recurring items.
(C) Represents the non-cash foreign exchange (gain)/loss included within operating expenses related to the periodic remeasurement of the Sky Lagoon and Tabacón debt and debt-like obligations.
View source version on businesswire.com: https://www.businesswire.com/news/home/20260805065462/en/
CONTACT: Carrie Long or Michelle Porhola
Investor Relations Contacts
IR@pursuit.com
(602) 207-2681
Jessica Harcombe Fleming
Media Contact
Communications@pursuit.com
(403) 498-8420