Pursuit Attractions' Q2 2025: Unraveling Contradictions in Currency Impact, M&A Strategy, and Recovery Post-Wildfires

Currency impact on financial results, M&A pipeline and strategic acquisitions, domestic and international visitation trends, reopening and recovery of Jasper attractions and hospitality post-wildfires, and group travel recovery and market conditions are the key contradictions discussed in Pursuit Attractions and Hospitality's latest 2025Q2 earnings call.



Strong Financial Performance:
- Pursuit Attractions and Hospitality reported revenue of $116.7 million in Q2 2025, which was up approximately 15% year-over-year.
- The growth was driven by significant increases in both visitors and revenue per visitor, reflecting continued healthy demand for its differentiated and authentic guest experiences.
- This led to a significant increase in adjusted EBITDA, which rose by $9.8 million to $29.7 million, an increase of nearly 50% year-over-year.

Refresh, Build, Buy Strategy:
- The acquisition of Tabacon Thermal Resort & Spa in Costa Rica, which marked a significant investment in Pursuit's growth journey, was seen as a strategic addition to strengthen its global footprint.
- This acquisition brings high-margin attraction-based experiences and expands Pursuit's presence in a sought-after destination, benefiting from strong competitive barriers and geographic diversification.
- The strategy of continuous investment in refreshing, building, and acquiring new experiences continues to drive meaningful returns and position Pursuit for long-term success.

Impact of Exchange Rate Trends and FX Gains:
- Pursuit raised its 2025 full year guidance, expecting adjusted EBITDA of $108 million to $118 million, an increase of $10 million from prior guidance.
- Approximately $7 million of this increase is attributed to revised exchange rate assumptions, highlighting the impact of favorable currency trends on revenue and profitability.

Capacity and Operational Levers:
- Pursuit aims to drive Tabacon's adjusted EBITDA multiple down below 9x within three years without major growth capital expenditures.
- This will be achieved by focusing on operational enhancements, including leveraging the capacity of Tabacon's geothermal river attractions and expanding marketing efforts for the Choyin River Termal attraction.