Pursuit Attractions and Hospitality Q4 Earnings Call Highlights

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• 2025 was part of a disciplined transformation built around the company's Refresh, Build, Buy strategy, focused on growing sightseeing attractions and hospitality experiences in iconic destinations

  80% confidence

• The company expects its effective tax rate to decline to approximately 22% to 26% in 2026 and beyond

  80% confidence

• Excluding Jasper properties and new experiences, revenue rose $29.7 million, or 10%

  80% confidence

• The company is targeting revenue of more than $845 million by 2030 and believes it can sustain a double-digit compound annual growth rate through the period

  80% confidence

• Golden Sky Bridge has increased total revenue per visitor and improved guest experience scores after expansion into a multi-experience adventure park

  80% confidence

• FlyOver contributed a little over $5 million of EBITDA in 2025

  80% confidence

• Major planned investments carry a total commitment of roughly $200 million and are expected to deliver an effective adjusted EBITDA multiple of less than 7x by 2030

  80% confidence

• 2026 would be a pivotal year for executing large-scale, multi-year growth projects

  80% confidence

• Full-year revenue increased 23% year over year to $452.4 million, primarily due to Jasper properties recovery, new experiences, yield optimization, and continued demand

  80% confidence

• Guidance assumes some weather normalization compared with unusually favorable conditions during the prior year's peak summer season

  80% confidence

• Excluding FlyOver from both years, revenue and adjusted EBITDA are expected to increase at a double-digit rate at the midpoint, with margin improvement

  80% confidence

• The year-over-year change in net income was primarily due to the sale of GES in 2024

  80% confidence

• The 2026 guidance includes approximately $0.5 million of adjusted EBITDA from FlyOver, based on the assumption the sale closes in the spring

  80% confidence

• Over the last decade, it completed 16 major Refresh, Build, and Buy projects that contributed approximately $102 million of adjusted EBITDA in 2025, representing an effective multiple of about 6x

  80% confidence

• The outlook includes incremental adjusted EBITDA from Tabacon of approximately $7 million to $8 million relative to the prior year

  80% confidence

• Early lodging pacing in Canada and the U.S. was off to a solid start

  80% confidence

• 2025 represented the company's best results ever

  80% confidence

• Pursuit applies a 15%+ IRR hurdle rate for investments

  80% confidence

• The majority of growth to continue coming from organic initiatives, while acquisitions remain an important component of the longer-term plan

  80% confidence

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