PRSU — Pursuit Attractions and Hospitality, Inc.

Earnings Call Summary for Pursuit (PRSU) - Q2 2026

1. Key Financial Results and Metrics

• Revenue: Increased by 14% year-over-year to $133.5 million, driven by strong performance at Tabacon and growth across existing geographies.
• Adjusted EBITDA: Rose to $32.7 million, up $3 million from the previous year.
• Adjusted Net Income: Improved to $14 million from $10.1 million year-over-year.
• Attraction Ticket Revenue: Reached $55 million, a 3% increase, despite adverse weather impacting visitation.
• Room Revenue: Increased by 27% to $33 million, with same-store RevPAR growing by 10% (excluding Tabacon).

2. Strategic Updates and Business Highlights

• Acquisitions: Completed the acquisition of Eagle Wing Tours, enhancing the portfolio in Victoria, British Columbia, and sold the non-core Flyover business to focus on core attractions and hospitality.
• Vision 2030: Pursuit aims for a double-digit revenue CAGR through 2030, targeting over $265 million in adjusted EBITDA, more than double 2025 levels.
• Growth Investments: A pipeline of over $300 million in organic growth projects is expected to contribute more than $40 million in incremental adjusted EBITDA by 2030.
• Guest Experience Initiatives: New programs like Rockies Rangers and premium dining experiences are driving incremental visitation and enhancing guest satisfaction.

3. Forward Guidance and Outlook

• 2026 Guidance: Adjusted EBITDA growth is now expected to be 14% year-over-year, with a revised range of $128 million to $138 million, reflecting contributions from Eagle Wing and Flyover prior to its sale.
• Demand Indicators: Positive lodging pacing and strong demand for attractions are anticipated to continue into the peak summer season.

4. Bad News, Challenges, or Points of Concern

• Weather Impact: Adverse weather conditions negatively affected attraction visitation, leading to a decline in EBITDA margins by approximately 90 basis points year-over-year.
• Market Dynamics: Mixed performance in lodging booking pacing, with Canada showing a deceleration while the U.S. market accelerated.
• External Risks: Potential impacts from forest fires and smoke affecting guest activities and visitation patterns were noted, though management remains optimistic about overall performance.

5. Notable Q&A Insights

• Margin Concerns: The decline in margins was attributed to a shift in revenue mix, with lower-margin lodging growth offsetting high-margin attraction revenue.
• Travel Trade Dynamics: The travel trade business remains strong, but there has been a shift in demand timing due to external events like FIFA, impacting bookings.
• Acquisition Pipeline: Management expressed confidence in a robust acquisition pipeline, emphasizing a disciplined approach to selecting iconic and high-potential assets.
• CapEx and Project Timelines: While some projects are in advanced stages, timing and cost contingencies remain a concern, with management committed to keeping stakeholders informed on progress.

Overall, Pursuit demonstrated strong financial performance and strategic growth initiatives while navigating challenges related to weather and market dynamics. The company remains focused on enhancing guest experiences and pursuing disciplined growth through acquisitions and organic investments.