PRSU · Pursuit Attractions and Hospitality, Inc.

Pursuit Attractions and Hospitality, Inc. delivered record first quarter 2026 results with revenue of $51.6 million, a 37.4% increase year-over-year, primarily fueled by robust demand across its portfolio of iconic experiences and the contribution from the Tabacón acquisition in July 2025. Despite the seasonally weak quarter, the company narrowed its GAAP net loss to $24.9 million from $31.1 million in Q1 2025, driven by higher revenue and reduced transaction costs from the prior GES sale. Non-GAAP adjusted net loss improved slightly to $26.2 million or $(0.94) per share from $26.9 million or $(0.96) per share, while Adjusted EBITDA loss narrowed to $14.9 million from $17.5 million, reflecting strong margin expansion, cost discipline, and Tabacón's outperformance in RevPAR and visitor growth. CEO David Barry highlighted execution of the Vision 2030 strategy, emphasizing guest experience enhancements and low-risk growth investments. The company reaffirmed its full-year 2026 guidance, targeting midpoint revenue of $465 million (including ~$8 million from Flyover pre-sale) and Adjusted EBITDA of $123-133 million, implying ~9-10% growth excluding Flyover. Balance sheet remains solid with $170.3 million liquidity and net leverage of 1.5x, expected to drop below 1x pro forma for the pending $78.4 million Flyover sale closing in May 2026. Proceeds will deleverage the revolver and fund high-return organic projects like Jasper SkyTram and Banff Gondola upgrades. Pursuit also repurchased $25.2 million in shares during Q1 and $40.4 million YTD at $35.40 average, expanding authorization by $50 million to $59.6 million remaining, signaling confidence in valuation and capital return amid sustained experiential travel demand.