Pursuit Attractions and Hospitality, Inc. Q1 FY2026 earnings call

• Delivered record first quarter results with 37% revenue growth and margin improvements. - Tabacón had $10 million revenue in the quarter, with strong demand and operational adjustments. - Demand indicators positive for 2026, confident in double-digit revenue and adjusted EBITDA growth. - Progressing towards Vision 2030 targets, investing in iconic assets and share repurchases. - Portfolio includes 17 sightseeing attractions and 29 lodges across multiple countries. - Experience-driven operating model with attractions anchoring demand, integrated with lodging, etc. - Culture focused on guest obsession, leading to strong guest satisfaction and reviews. - Strategy to grow through improving performance, organic growth projects, strategic acquisitions, and share repurchases. - Organic growth investments in attractions and lodging, with projected adjusted EBITDA contributions.

First quarter revenue grew 37% to $51.6 million. Attraction ticket revenue in Q1 reached $23 million, a 22% year-over-year increase driven by strong performance at Tabacón and increases in same-store effective ticket prices. Lodging room revenue totaled $13 million in Q1, a 78% year-over-year increase driven by strong performance at Tabacón and improvement in same-store constant currency ADR. Same-store constant currency REVPAR (excluding Tabacón) grew 6% in lodging. Revenue on the books for Canadian and U.S. lodging properties is pacing ahead of the same time last year, with travel trade partners holding inventory with strict release dates.

• Unchanged adjusted EBITDA guidance range of $123 to $133 million, an increase of ~9% at midpoint from 2025 when excluding flyover. - Expect revenue and adjusted EBITDA to increase double digits at midpoint from 2025 with margin improvement when excluding flyover. - Pending flyover sale expected to close in May. - Anticipate investing $70 million to $80 million in growth capital expenditures in 2026, with shift in cash outlay timing. - Expected lower effective tax rate in 2026 and beyond of ~22% to 26% due to pending flyover sale.

Q: Drilled into demand side, specifically impact of Middle East conflict and fuel prices on visitation and project costs.

A: Conflict in Gulf not affecting booking patterns, fuel costs have marginal effect on business, dynamic pricing helps flex.

Q: Piggyback on last question about fuel prices historically impacting visitation.

A: Elevated fuel prices in global crisis have marginal effect, business seeing strong booking pace.

Q: Share buybacks and trade-off between buybacks and growth capex.

A: Share repurchase part of growth levers, can pursue all levers simultaneously with sub one times net leverage post flyover sale.

Q: ADRs in Canadian Rockies, impact of hotel investment.

A: Move to value, guests willing to pay for improved experiences, directional ADR growth.

Q: Bottlenecks at Jasper Sky Tram.

A: Old lift infrastructure constrained, improving lift infrastructure, experience design, capacity and quality improvements.