Pursuit Attractions and Hospitality Q2 Earnings Call Highlights

Record Q2 performance: Revenue rose 14% year over year to $133.5 million, while adjusted EBITDA increased to $32.7 million and adjusted net income reached $14 million. Growth at Tabacón and in lodging offset weather-related declines in sightseeing visitation. Higher 2026 outlook: Pursuit raised its adjusted EBITDA forecast to $128 million–$138 million, reflecting contributions from the Eagle Wing Tours acquisition and Flyover ownership, despite foreign-exchange headwinds. Expansion and financial flexibility: The Flyover sale and Eagle Wing acquisition left the company with approximately 1.0 times net leverage and $220 million of liquidity. Pursuit also outlined more than $300 million in organic investments through 2030 and reiterated its goal of exceeding $265 million in adjusted EBITDA by 2030.

Pursuit Attractions and Hospitality NYSE: PRSU reported record second-quarter revenue as growth at its Tabacón resort and across existing markets offset weather-related pressure on sightseeing visitation. Revenue rose 14% year over year to $133.5 million in the second quarter of 2026, while adjusted EBITDA increased $3 million to $32.7 million, Chief Financial Officer Bo Heitz said on the company’s earnings call. Adjusted net income totaled $14 million, compared with $10.1 million a year earlier. The company also raised its full-year outlook to reflect contributions from its Eagle Wing Tours acquisition and the longer-than-expected ownership period for its recently sold Flyover business. Pursuit now expects 2026 adjusted EBITDA of $128 million to $138 million, an increase of $5 million from its prior range and representing 14% growth at the midpoint.

Heitz said Tabacón, the Costa Rica thermal-river resort acquired in July 2025, was a primary contributor to quarterly growth. Second-quarter attraction ticket revenue rose 3% to $55 million, driven primarily by Tabacón, while room revenue climbed 27% to $33 million. Same-store, constant-currency revenue per available room, excluding Tabacón, increased 10% from 2025. Pursuit’s first-half same-store effective attraction ticket price rose 6%, while lodging RevPAR increased 9%, according to President and CEO David Barry.

Attractions visitation was affected by a greater number of poor-weather days compared with the near-ideal weather conditions seen in the prior-year quarter. Heitz said the company’s pricing growth helped offset softer visitation. The weather effect also weighed on margins because attractions carry higher margins than lodging, while lodging posted particularly strong growth during the quarter. Barry said smoke from distant wildfires had periodically affected operations, though no fires were near the company’s assets or facilities. On smoky days, he said guests may spend more on dining and retail while delaying sightseeing activity until conditions improve. He said the company does not view smoke as a factor that will alter its full-year expectations. The company received $4.6 million in pre-tax business interruption insurance proceeds during the quarter related to lost profits from the 2024 Jasper wildfire. The amount was excluded from adjusted EBITDA and adjusted net income because of its nonrecurring nature. Total insurance proceeds received since the wildfire have reached approximately $29 million.

Pursuit completed the sale of its non-core Flyover business to Brogent Technologies, a move Barry described as the final step in becoming a pure-play attractions and hospitality company. He said the sale simplifies the business and provides additional financial flexibilit...