United Parks & Resorts Inc. Q4 FY2025 earnings call

• CEO Mark Swanson mentioned that fiscal 2025 results did not meet expectations due to uneven consumer environment, negative international tourism trends and volatile weather, but they have moved to address cost management and have plans for 2026 including new rides, shows, attractions, updated events calendar, expanded concert lineup, etc. - In 2025, the company helped 178 animals in need and over 42,000 animals in total. - There are ongoing and upcoming events like Mardi Gras, Seven Seas Food Festival, Food and Wine Festival, and concerts at SeaWorld and Busch Gardens parks. - Priorities are to deliver differentiated guest experiences, operate with discipline and efficiency, and build long - term value for shareholders.

Fourth quarter 2025 total revenue was $373.5 million, a decrease of $10.8 million or 2.8% compared to the fourth quarter of 2024. Fiscal 2025 total revenue was $1.66 billion, a decrease of $62.7 million or 3.6% compared to fiscal 2024. Attendance in the fourth quarter of 2025 decreased by approximately 126,000 guests or 2.6% due to lower international visitation and fewer operating days. However, in - park per capita spending reached a record high. In 2025 and through February 24th, 2026, 6.7 million shares were repurchased, representing approximately 12% of shares outstanding. In 2026, Discovery Cove advanced booking revenue is up high single digits and company - wide group booking revenue is pacing up over 50%. Sponsorship business is viewed as a $30 million plus revenue opportunity in the coming years.

• Expect strong performance in 2026 driven by new attractions, events, and shows. - Discovery Cove advanced booking revenue is up high single digits and group booking revenue is pacing up over 50%. - Sponsorship business has significant upside potential as a $30 million plus revenue opportunity in the coming years. But no specific financial guidance is given in terms of exact revenue or EBITDA figures.

Forward - looking statements are subject to risks and uncertainties such as those identified in the risk factor section of the annual report on Form 10 - K and quarterly reports on Form 10 - Q filed with the SEC, including consumer environment instability, international tourism trends, weather volatility, and potential cost management challenges.

Q: Steve Wycinski asked about 2026 attendance growth, capital deployment and leverage.

A: Mark Swanson said attendance growth is anchored by new attractions and events, leverage is not targeted specifically but worked with board on cash deployment.

Q: James Hardiman asked about cost performance in 2025 and 2026 cost savings.

A: Mark and Jim Forrester mentioned 2025 cost management could be better, 2026 has focus on cost with initiatives to correct and address headwinds like wages, taxes, etc.

Q: Arpine Cocharian asked about cost improvement impact on EBITDA and early demand indicators.

A: Mark and Jim said highly focused on cost improvement, early demand indicators include Discovery Cove bookings, group bookings, VIP tour bookings, etc., with pass sales ramp up ahead.

Q: Thomas Yee asked about macro environment, Orlando impact, and sponsorship business.

A: Mark said macro environment has uneven consumer behavior, Orlando is a good market with differentiated experiences, sponsorship business has a pipeline and potential.

Q: Lizzy Dove asked about Orlando and sponsorship business.

A: Mark said Orlando has good opportunities with new investments, sponsorship business has a pipeline with $15 million plus in 2026 and potential for more in the future