Pursuit Attractions and Hospitality, Inc. Q3 FY2025 earnings call

Management Statement and Operational Highlights

• Key Achievements: Delivered a record-breaking third quarter with significant year-over-year growth, raised full-year 2025 growth guidance, positioned to benefit from global experiential travel demand, and Refresh, Build, Buy strategy fueling growth.
• Refresh, Build, Buy Strategy: Organic growth through refresh and build investments (over $250 million over 6 years, $38-43 million in 2025) and buy acquisitions of irreplaceable businesses. Examples include renovations at Forest Park Hotel and Grouse Mountain Lodge, and upgrades to Jasper SkyTram, Banff Gondola, etc.
• Tabacon Acquisition: Contributed ~$6.3 million revenue in Q3, profitable 10 months a year, with full-year EBITDA impact expected to be ~$10 million, and potential for operational enhancements and expansion in Costa Rica.

Segment Performance

• Attractions: Attraction ticket revenue reached $100.4 million in the third quarter, a 33% year-over-year increase. Visitors grew 22% year-over-year, with same-store visitors up 4%. Same-store constant currency effective ticket pricing increased 9%, driven by factors like the expansion of Sky Lagoon's premium ritual experience.
• Hospitality: Lodging room revenue totaled $59.7 million, a 42% year-over-year increase. This was driven by a strong recovery in Jasper, new lodging, and improvements in same-store ADR and occupancy. Same-store constant currency RevPAR grew 6%.

Guidance

• Raised full-year 2025 adjusted EBITDA guidance to $116 million to $122 million, up $6 million at the midpoint from prior guidance of $108 million to $118 million. This reflects strength of execution, strong demand, Jasper recovery, and contributions from acquisitions.

Risks

• Weather and natural events (e.g., wildfires, inclement weather) can impact operations and visitation.
• Timing and execution risks associated with large-scale refresh and build projects, including potential disruptions during construction.

Question and Answer

Q: Talk about insurance proceeds in the quarter and FX impact on guidance.

A: Insurance proceeds in Q3 were ~$4.2 million from business interruption related to Jasper wildfire. FX was neutral for the quarter and not a major driver for full-year guidance.

Q: ETP growth and 2026 comps.

A: ETP growth is a mix of price increases, visitor type, and white space filling. Confident in trends supporting continued growth in 2026.

Q: Tabacon EBITDA and revenue contribution in Q3.

A: Tabacon contributed ~$6.3 million revenue in Q3, profitable 10 months a year, with full-year EBITDA impact expected to be ~$10 million.

Q: CapEx for next couple of years and timing of projects.

A: Increased growth CapEx expected, with projects like Jasper SkyTram, Forest Park, and Grouse Mountain Lodge renovations; timing details to be clarified in February 2026.

Q: Weather impact and hotel inventory in Jasper.

A: Weather has minimal impact in 2025, and reopening hotel inventory in Jasper will have a rising tide effect, benefiting the broader market.

Q: Booking pace for 2026 and weather disruptions.

A: Early booking pace for 2026 is ahead of prior years, with positivity from tour and travel partners, but weather disruptions are planned for and managed.