PRSU — Pursuit Attractions and Hospitality, Inc.

Summary of Pursuit's Q1 2026 Earnings Call

1. Key Financial Results and Metrics:

• Revenue: Increased by 37% year-over-year to a record $51.6 million, driven by strong performance at Tabacon and overall demand across the portfolio.
• Net Loss: Seasonal net loss attributable to Pursuit was $24.9 million, an improvement from $31.1 million in the prior year.
• Adjusted EBITDA: Improved by $2.6 million year-over-year to negative $14.9 million, reflecting higher revenue and margin improvements.
• Attraction Ticket Revenue: Reached $23 million, a 22% increase driven by Tabacon's performance and higher ticket prices.
• Lodging Revenue: Increased by 78% to $13 million, with same-store RevPAR growing 6%.

2. Strategic Updates and Business Highlights:

• Pursuit is focused on its Vision 2030 targets, aiming for over $265 million in adjusted EBITDA by 2030, more than double the 2025 figure.
• Continued investment in iconic assets and organic growth projects totaling approximately $300 million planned from 2026 to 2030.
• Share repurchases are ongoing, with $40.4 million repurchased to date, and an additional $50 million authorized.
• Tabacon, acquired in July 2025, is performing well, exceeding expectations with strong guest satisfaction and operational improvements.

3. Forward Guidance and Outlook:

• The company reaffirms its 2026 adjusted EBITDA guidance of $123 million to $133 million, reflecting a 9% increase at the midpoint from 2025.
• Anticipated growth in revenue and adjusted EBITDA, excluding FlyOver, is expected to be in double digits.
• Strong demand indicators for lodging and attractions are noted, with bookings pacing ahead of the previous year.

4. Challenges and Points of Concern:

• Seasonal losses are expected to continue, although they are improving year-over-year.
• Potential impacts from rising fuel costs were discussed, but management does not foresee significant effects on operations or capital expenditures.
• The geopolitical situation, particularly conflicts in the Middle East, was addressed, with management noting no current impact on bookings or travel behavior to their destinations.

5. Notable Q&A Insights:

• Management indicated that historical trends show elevated fuel prices have had marginal effects on visitation, with travelers often opting for local experiences during times of economic uncertainty.
• There is an emphasis on the company's ability to dynamically adjust pricing in response to external factors, which helps mitigate risks associated with rising operational costs.
• Discussions highlighted the competitive internal culture at Pursuit, fostering a focus on high-return growth projects while balancing share buybacks as a strategic investment.

Overall, Pursuit's Q1 2026 results reflect strong growth and operational momentum, with a clear strategy for continued expansion and value creation, despite some external challenges.