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- **Record Growth**: 2025 revenue up 23% to $452 million, EBITDA surging 52% to $117.1 million. 2026 EBITDA guidance $123-133 million (+9%).
- **Strategic Acquisitions**: $15x EBITDA sale of FlyOver business; Tabacón adds $7-8 million EBITDA in 2026. Vision 2030 targets $845M revenue and $265M EBITDA by 2030.
- **Growth Drivers**: Organic refresh (Jasper Sky Tram, Banff Gondola) and $300M pipeline of <7x EBITDA projects. 14% CAGR revenue, 19% CAGR EBITDA to 2030.

**【CEO Summary Section】**
- **Record 2025 Results**: Revenue reached $452 million (23% YoY growth), Adjusted EBITDA surged 52% to $117.1 million, and margins expanded to 26%. Growth driven by Jasper recovery, new attractions, and strong demand for experiential travel.
- **Strategic Moves**: Acquired Tabacón in Costa Rica, full ownership of Glacier Park, and minority interest in FlyOver Iceland. Entered agreement to sell FlyOver business at 15x 2025 EBITDA, expected to close in Q2 2026.
- **Vision 2030 Targets**: Target $845 million revenue and $265 million Adjusted EBITDA by 2030, supported by 4 growth levers: elevating performance, organic refresh, strategic acquisitions, and share buybacks. CAGR of 14% for revenue and 19% for EBITDA.

**【CFO Financial Commentary】**
- **2025 Financials**: GAAP Net Income $20.7 million, Adjusted Net Income $33.5 million. Attractions revenue $201 million (24% YoY), Lodging revenue $105 million (28% YoY). Same-store RevPAR growth 7%, ETP growth 9%.
- **2026 Outlook**: Adjusted EBITDA guidance $123-133 million (9% YoY growth). Includes $0.5 million from FlyOver and $7-8 million from Tabacón. Organic growth expected to drive double-digit revenue and EBITDA expansion. Tax rate expected to drop to 22-26%.
- **Growth Capital**: $88-93 million in 2026 for projects like Jasper Sky Tram refresh, Banff Gondola enhancements, and Denali Backcountry reimagining. Pipeline of $300 million projects with <7x EBITDA multiple.

**【Q&A Highlights】**
- **M&A Contribution**: 2030 targets assume ~$100 million EBITDA from acquisitions, balanced with organic growth. Pipeline supports confidence in 15%+ IRR projects.
- **Pricing Strategy**: Ticket prices remain small share of trip costs. Focus on filling white space (e.g., Sunset Festival at Banff Gondola) and seasonal smoothing to drive yield without resistance.
- **Project Risk**: Denali Backcountry reopening tied to road access; projects timed to avoid peak season disruptions. Historical track record of 6x+ EBITDA multiples on growth capital.

Pursuit Attractions and Hospitality, Inc.(PRSU)-20260226-2025 Q4 Earnings call transcript

- **Revenue Record**: Q3 2025 revenue of $241M (+32% YoY) driven by Jasper recovery and new attractions, with adjusted EBITDA up 41.5% to $117.4M.
- **Guidance Raise**: Full-year 2025 EBITDA raised to $116-$122M, reflecting 2026 growth confidence and $250M+ Refresh, Build, Buy pipeline.
- **Strategic Acquisitions**: Tabacon acquisition adds $6.3M Q3 revenue and 10-month EBITDA contribution, with 570-acre expansion potential.
- **Financial Flexibility**: 0.7x net leverage and $274.4M liquidity enable multiyear capital deployment (e.g., $38-$43M 2025 lodging refreshes).
- **Growth Drivers**: 12% same-store revenue growth, 9% ETP increase, and 22% ADR uplift in renovated rooms highlight elevated guest experience demand.

**【CEO Summary Section】**
- **Record Q3 Results**: Revenue reached $241 million, up 32% YoY, driven by Jasper recovery and new attractions. Adjusted EBITDA expanded to 49%, reflecting strong demand and cost control.
- **Guidance Update**: Full-year 2025 adjusted EBITDA raised to $116-$122 million (midpoint +$6M), reflecting confidence in 2026 growth.
- **Strategy Execution**: Refresh, Build, Buy pipeline includes $250M+ inorganic growth opportunities over 6 years, with 2025 investments of $38-$43M in lodging refreshes (e.g., Forest Park Hotel, Grouse Mountain Lodge).
- **Experiential Travel Trend**: 12% same-store revenue growth, 9% ETP increase, and 22% ADR uplift in renovated rooms highlight demand for elevated guest experiences.

**【CFO Financial Commentary】**
- **Financial Strength**: $75.3M adjusted net income (up 69% YoY), $117.4M adjusted EBITDA (up 41.5%), and 0.7x net leverage support aggressive capital allocation.
- **Balance Sheet Flexibility**: $274.4M liquidity, $300M revolver expansion, and Tabacon acquisition (105-room resort with 10-month EBITDA contribution) enhance growth capacity.
- **Acquisition Impact**: Tabacon contributed $6.3M Q3 revenue and $3M EBITDA, with potential to expand into 570 acres of undeveloped terrain.

**【Q&A Highlights】**
- **Insurance Proceeds**: $4.2M Q3 business interruption recovery treated as nonrecurring, not included in adjusted EBITDA guidance.
- **FX Impact**: Neutral for 2025, with minimal sensitivity to remaining quarters.
- **ETP Growth**: 9% same-store increase driven by price optimization (e.g., Sky Lagoon premium ritual expansion) and mix shifts, with confidence in 2026 demand despite higher comps.
- **Capital Allocation**: 2026+ focus on Jasper SkyTram, Banff Gondola, and Apgar Village projects, with phased construction to minimize seasonal disruption.
- **Integration Success**: Tabacon team benchmarking global Pursuit assets (e.g., Sky Lagoon visit) and testing luxury villa concepts on 570-acre property.

Pursuit Attractions and Hospitality, Inc. (PRSU) Q3 2025 Earnings Call Transcript

- **Revenue Growth**: Q2 2025 revenue up 15% YoY to $116.7 million, driven by 22% attractions ticket revenue growth and 6% lodging revenue increase.
- **Strategic Acquisitions**: $46 million Tabacon acquisition in Costa Rica adds high-margin attractions and seasonal diversification, with plans to deploy $3 million in annual EBITDA by 2028.
- **Guidance Raise**: Full-year 2025 adjusted EBITDA raised to $108-118 million, reflecting $7 million FX benefit and $3 million Tabacon contribution.
- **Share Buyback**: $50 million buyback authorization signals confidence in undervalued shares, with Refresh, Build, Buy investments remaining core focus.
- **Jasper Recovery**: Canadian lodging properties pacing 25% ahead of 2024 levels, supporting strong EBITDA growth and long-term margin expansion.

**【CEO Summary Section】**
- **Q2 2025 Results**: Revenue grew 15% YoY to $116.7 million, with double-digit increases in income from continuing operations and adjusted EBITDA. Strong demand for attractions and lodging drove growth, with visitor numbers and revenue per visitor up significantly.
- **Strategy Execution**: The Refresh, Build, Buy strategy delivered $460 million in returns over the past decade. Recent investments include the $46 million Tabacon Thermal Resort & Spa acquisition in Costa Rica, which offers high-margin attractions and seasonal diversification.
- **Guidance Update**: Full-year 2025 adjusted EBITDA raised to $108-118 million (up $10 million), driven by $7 million from FX and $3 million from Tabacon. Jasper recovery and organic growth projects (e.g., Montana lodge renovation) are key growth drivers.

**【CFO Financial Commentary】**
- **Attractions Performance**: Ticket revenue rose 22% YoY to $53.2 million, with 11% growth in same-store effective ticket prices. Banff Gondola and Sky Lagoon saw standout performance, fueled by premium experiences.
- **Lodging Results**: Room revenue increased 6% YoY to $26 million, with RevPAR up 9% on strong demand. Jasper properties rebounded post-wildfire, pacing 25% ahead of 2024 levels.
- **Financial Health**: Adjusted net income of $10.1 million (vs. $0.2 million in 2024), reflecting 50% EBITDA growth. Legacy pension termination charge of $5.4 million impacted net income.

**【Q&A Highlights】**
- **Share Buyback Program**: $50 million authorization reflects undervaluation and confidence in long-term growth. Buybacks will be opportunistic, with Refresh, Build, Buy investments remaining top priority.
- **Costa Rica Expansion**: Tabacon's 570-acre terrain offers potential for new attractions and acquisitions. Targeting EBITDA multiple below 9x within 3 years through operational enhancements and capital deployment.
- **Group Travel Recovery**: Tour and travel business is near pre-pandemic levels, driven by strong Canadian demand and diversification across 80+ countries. Jasper recovery and global airlift growth support growth.
- **M&A Pipeline**: Robust pipeline of $200 million+ organic projects (e.g., Jasper SkyTram refresh) and acquisition targets in iconic destinations. Focus on accretive, high-margin opportunities with strong barriers to entry.

Pursuit Attractions and Hospitality, Inc. (PRSU) Q2 2025 Earnings Call Transcript

- **Q1 Revenue Growth**: $37.6M (+1% YoY, +4% ex-FX), driven by ticket sales and new acquisitions.
- **Strategic Investments**: $38-43M in 2025 for Refresh & Build projects, including Forest Park Hotel renovations.
- **Full-Year Outlook**: Double-digit revenue and EBITDA growth ($98-108M), supported by Jasper recovery.
- **Risks**: Flyover Vegas underperformance, $7M FX headwind, and CAD weakness sensitivity.

**【CEO Summary Section】**
- Q1 2025 revenue of $37.6 million, up 1% YoY (4% ex-FX), driven by ticket revenue growth and new acquisitions.
- Acquisitions of Eddie's Cafe, Avgar Lookout Retreat, and Jasper Sky Tram integrated smoothly, contributing to operational synergies.
- Refresh & Build strategy: $38-43M investments in 2025, including Woodland Wing renovations at Forest Park Hotel (50% rooms offline in Q1, full completion in 2026).
- Full-year guidance reaffirmed: double-digit growth in revenue and adjusted EBITDA ($98-108M), supported by Jasper recovery and new assets.
- Travel trade bookings at 45% of total, with strong demand from U.S., Europe, and Asia.

**【CFO Financial Commentary】**
- Q1 2025 adjusted EBITDA: -$17.5M (seasonal loss), vs -$14.6M in Q1 2024, due to inflation and new business costs.
- Net loss: $31.1M (vs $25.1M YoY), driven by FX headwinds ($1.3M) and lower EBITDA.
- 2025 FX sensitivity: $0.69 CAD/USD rate assumed, $7M EBITDA headwind vs 2024 rates.
- Strong balance sheet: $212M liquidity, net debt $78.9M, <1x leverage.

**【Q&A Key Highlights】**
- Flyover Vegas: Underperforming, but team focused on driving visitation amid challenging market.
- M&A pipeline: Robust, with opportunities in current geographies and new iconic locations.
- Jasper recovery: Strong booking pace (+8% ex-renovation rooms), supporting full-year EBITDA growth.
- FX risk: Sensitivity to CAD weakness, but 2025 guidance includes $7M headwind at $0.69 rate.

Pursuit Attractions and Hospitality, Inc. (PRSU) Q1 2025 Earnings Call Transcript

- **2025 Growth Target**: Double-digit revenue & EBITDA growth, driven by Jasper recovery ($15M+ EBITDA tailwind) and $200M+ pipeline of high-return projects.
- **Strategic Acquisitions**: 2024 tuck-in buys (Jasper SkyTram, Apgar properties) to add $5M-$7M EBITDA in 2025, with long-term upside via platform integration.
- **Currency Dynamics**: $7M EBITDA headwind from weaker CAD, but weaker CAD may boost international demand for Canadian Rockies.
- **Balance Sheet Strength**: $250M liquidity (undrawn $200M revolver + $49.7M cash), 0% net leverage, and flexibility to pursue transformative M&A at 2.5x-3.5x leverage.

**【CEO Opening Remarks】**
- Completed sale of GES for $535M, transitioning to a pure-play attractions & hospitality company with $410M net cash proceeds.
- 2024 highlights: opened FlyOver Chicago, expanded Sky Lagoon, completed 3 tuck-in acquisitions, and achieved 14% CAGR since 2015.
- 2025 outlook: double-digit revenue & EBITDA growth driven by Jasper recovery, Refresh/Build/Buy strategy, and $200M+ pipeline of high-return projects.

**【CFO Financial Overview】**
- 2024 full-year revenue: $366.5M (+5% YoY), adjusted EBITDA: $77.1M.
- 2024 key metrics: 
  - Attractions ticket revenue +13% YoY ($162M), Sky Lagoon expansion drove 30% ticket revenue growth post-expansion.
  - Hospitality room revenue (-$4M YoY, excluding Jasper impacts), same-store RevPAR +9% YoY.
- 2025 guidance: EBITDA $98M-$108M (+$21M-$31M YoY), driven by Jasper recovery ($15M+ EBITDA tailwind) and new acquisitions (+$5M-$7M EBITDA contribution).

**【Q&A Key Takeaways】**
- **Capital Allocation**: 2025 CapEx ~$40M (balanced between Refresh/Build and M&A pipeline). Long-term leverage target 2.5x-3.5x for transformative acquisitions.
- **Currency Impact**: 2025 CAD/USD rate of 0.69 expected to create $7M EBITDA headwind, but weaker CAD may boost international demand for Canadian Rockies.
- **Travel Trade Demand**: Tour operators booking ahead for 2026, with strong interest from China, Japan, and India. Jasper recovery pacing ahead of expectations.
- **Apgar Strategy**: Contiguous ownership of Eddie's, Montana House, and Apgar Cabin Village creates platform for multi-year refresh to elevate guest experience and pricing power.

Actual											-0.42	-2.59	-0.81	-2.11	-1.92	-1.89	0.58	-1.19	-1.42	0.74	1.48	-1.33	-1.15	0.36	1.49	-0.79	-1.29	0.97	1.65	10.81	-1.11	0.2	2.6	-0.91
Forecast											-0.3667	-1.295	-1.405	-1.885	-2.01	-0.77	1.315	-0.6167	-1.19	0.07	2.14	-1.2167	-1.3467	0.295	1.425	-0.76	-1.015	0.7367	1.7875	-1.42	-0.82	0.2575	2.51	-0.805
Surprise	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-14.54%	-100.00%	+42.35%	-11.94%	+4.48%	-145.45%	-55.89%	-92.96%	-19.33%	+957.14%	-30.84%	-9.31%	+14.61%	+22.03%	+4.56%	-3.95%	-27.09%	+31.67%	-7.69%	+861.27%	-35.37%	-22.33%	+3.59%	-13.04%

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PRSU

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PRSU Q4 2025 Earnings

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