Pursuit Attractions and Hospitality, Inc. Q4 FY2025 earnings call

• Celebrated four notable achievements: best 2025 results, strategic moves for shareholder value, Vision 2030 long-term financial targets, and guidance for 2026 growth. - Delivered record 2025 results with 4.2 million attraction visitors and 439,000 room nights. - Executed strategic actions like acquiring Tabacon, selling Flyover, and share repurchases. - Introduced Vision 2030 with targets for revenue and adjusted EBITDA growth by 2030. - Highlighted differentiated model with owned forever assets in iconic destinations, vertical integration, and focus on guest experience. - Outlined 2026 outlook with favorable demand set up, early lodging pacing, and updates on Tabacon.

In 2025, revenue reached $452 million, up 23% year-over-year. Adjusted EBITDA surged 52%, and margins expanded to 26%. Attraction ticket revenue was $201 million, up 24% due to higher visitors and effective ticket prices. Visitors increased 12% driven by Jasper recovery, new attractions, etc. Same store constant currency effective ticket pricing grew 9%. Lodging room revenue totaled $105 million, up 28% due to Jasper recovery, new lodging, and improvement in same-store ADR and occupancy. Same store constant currency Revpar grew 7%.

• Expect 2026 adjusted EBITDA range of $123 to $133 million, up ~9% midpoint from 2025, including ~$500k from Flyover sale. Excluding Flyover, revenue and adjusted EBITDA expected to increase double digits with ~$7 - $8 million incremental adjusted EBITDA from Tabacon. - Guidance assumes lower effective tax rate of ~22% to 26% in 2026 and beyond. - Growth capital expected to increase meaningfully to $88 - $93 million in 2026 with $200 million committed project spend and sub seven times blended multiple target.

Q: Expand on M&A contribution to 2030 EBITDA target and confidence.

A: Directionally, majority growth expected from organic side but acquisitions are key component. Challenge with timing of acquisitions, but vision balances four growth levers.

Q: Reconcile 200 million committed project spend multiple gap.

A: Sub seven times multiple appropriate as projects similar to past successful ones.

Q: Clarify mid-single-digit baseline growth.

A: Refers to baseline before growth capital projects, organic growth prior to investment.

Q: 2026 guide details.

A: Flyover sale closing spring, Tavacon contributing ~$7 - $8 million incremental EBITDA, positive secular trends and business indicators supporting growth.

Q: Ticket pricing potential.

A: No specific number, but focus on improving experience and filling white space.

Q: Banff gondola enhancements.

A: Working with Parks Canada to envision improvements, premature for specifics.

Q: 2030 targets and organic growth.

A: Long-term targets assume double-digit organic growth even before acquisition side.

Q: Refresh and build projects contribution.

A: Aerial roadways and other projects are impactful, with minimum 15% IRR threshold.