Slides
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FULL YEAR AND FOURTH QUARTER 2025 EARNINGS PRESENTATION FEBRUARY 25, 2026
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2 DISCLAIMER This presentation contains a number of forward-looking statements. Words, and variations of words, such as “will,” “can,” “may,” “expect,” “would,” “could,” “might,” “intend,” “plan,” “believe,” “estimate,” “anticipate,” “deliver,” “seek,” “aim,” “potential,” “target,” “outlook,” and similar expressions are intended to identify forward-looking statements. Such forward- looking statements include those that address activities, events or developments that Pursuit or its management believes or anticipates may occur in the future, including all statements regarding the company’s expectations concerning the travel industry and the markets in which Pursuit operates; management’s expectations concerning future financial performance, including its 2026 and long-term outlook and the related underlying assumptions; its growth plans and strategies, including with respect to investments, growth capital expenditures and acquisitions; its ability to opportunistically return capital to shareholders through share repurchases; its expectations concerning the Flyover transaction and other statements that are not historical fact. These forward-looking statements are subject to a host of risks and uncertainties, many of which are beyond the company’s control, which could cause actual results to differ materially from those in the forward-looking statements. Important factors that could cause actual results to differ materially from those described in Pursuit’s forward-looking statements include, but are not limited to, the following: ⁄ general economic and geopolitical uncertainty in key global markets and a worsening of global economic conditions; ⁄ the seasonality of our businesses; ⁄ the competitive nature of the industries in which we operate; ⁄ travel industry disruptions; ⁄ changes in consumer tastes and preferences for recreational activities; ⁄ natural disasters, weather conditions, and other catastrophic events; ⁄ accidents and adverse incidents at our hotels and attractions; ⁄ the sufficiency and cost of insurance coverage; ⁄ the impact of our borrowings, including our revolving credit facility, on our operational and financial flexibility; ⁄ risks of new capital projects not being commercially successful; ⁄ our ability to fund capital expenditures, or our ability to deploy capital in line with strategic objectives; ⁄ our ability to successfully integrate and achieve anticipated benefits from acquisitions; ⁄ unknown or contingent liabilities from acquisitions; ⁄ failure to adapt to technological developments or industry trends; ⁄ our inability to realize the strategic, financial and operational benefits from the sale of Flyover; ⁄ potential increases in operating expenses; ⁄ conducting business globally, including the impact of regulatory regimes in geographies where we operate or may expand; ⁄ our exposure to currency exchange rate fluctuations; ⁄ liabilities relating to prior and discontinued operations; ⁄ the importance of key personnel to our business; ⁄ the impact of labor shortages; ⁄ our exposure to cybersecurity attacks and threats, including the impact of fraud; ⁄ compliance with laws governing the storage, collection, handling, and transfer of personal data and our exposure to legal claims and fines for data breaches or improper handling of such data; ⁄ compliance with foreign data privacy laws that apply to our activities; ⁄ our exposure to litigation in the ordinary course of business; ⁄ changes in federal, state, local or foreign tax laws; ⁄ our ability to comply with extensive environmental requirements; ⁄ risks related to ownership of our common stock; and ⁄ other risks and uncertainties included under Part I, Item 1A of our most recent annual report Form 10-K. For a more complete discussion of the risks and uncertainties that may affect our business or financial results, please see Item 1A, “Risk Factors,” of our most recent annual report on Form 10-K filed with the Securities and Exchange Commission (“SEC”), as well as any future reports we may file with the SEC. We disclaim and do not undertake any obligation to update or revise any forward-looking statement in this presentation except as required by applicable law or regulation. This presentation contains estimates, projections and other information concerning the market for our offerings. Information that is based on estimates, forecasts, projections or similar methodologies is inherently subject to uncertainties and actual amounts may differ materially from amounts reflected in this information. Unless otherwise expressly stated, we obtained this market and other data from reports, research surveys, studies and similar data prepared by third parties, industry and general publications, and similar sources believed to be reliable, but the accuracy or completeness of such information is not guaranteed by, and should not be construed as representations made by, us.
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3 NON-GAAP FINANCIAL MEASURES This document includes the presentation of Adjusted EBITDA (or AEBITDA), Adjusted EBITDA Margin (or AEBITDA Margin) and Adjusted Net Income (Loss), which are intended to supplement results presented under accounting principles generally accepted in the United States of America (“GAAP”) and may not be comparable to similarly titled measures presented by other companies.These non-GAAP measure should be considered in addition to, but not as a substitute for, other similar measures reported in accordance with GAAP. The use of these non-GAAP financial measures is limited, compared to the most comparable GAAP measure because they do not consider a variety of items affecting Pursuit’s consolidated financial performance as explained below. Because these non-GAAP measures do not consider all items affecting Pursuit’s consolidated financial performance, a user of Pursuit’s financial information should consider net income attributable to Pursuit as an important measure of financial performance because it provides a more complete measure of the Company’s performance. AEBITDA is defined by management as net income (loss) attributable to Pursuit before income (loss) from discontinued operations, interest expense and interest income, income taxes, depreciation and amortization, restructuring charges, impairment charges, transaction-related costs, start-up costs, FX remeasurement of debt and debt-like items, and the reduction/increase for income/loss attributable to non-redeemable and redeemable non-controlling interests. AEBITDA is considered a useful operating metric, in addition to net income attributable to Pursuit, as potential variations arising from non-recurring transaction-related costs, non-cash amortization and depreciation, and non-operational expenses/income are eliminated, thus resulting in an additional measure considered to be indicative of Pursuit’s consolidated and performance. Management believes that the presentation of AEBITDA provides useful information to investors regarding Pursuit’s results of operations for trending, analyzing and benchmarking the performance and value of Pursuit’s business. AEBITDA Margin is defined by management as AEBITDA (as defined above) divided by revenue. Adjusted Net Income (Loss) is defined by management as net income attributable to Pursuit before income (loss) from discontinued operations, restructuring charges, impairment charges, transaction- related costs, start-up costs, FX remeasurement of debt and debt-like items, legacy pension termination expense, business interruption gain, other non-recurring expenses, and tax matters, as applicable. Adjusted Net Income (Loss) is considered a useful operating metric, in addition to net income attributable to Pursuit, as potential variations arising from non-operational expenses/income are eliminated, thus resulting in an additional measure considered to be indicative of Pursuit’s performance. Please see the slide titled "Non-GAAP Financial Reconciliation" for reconciliations of these non-GAAP financial measures to their most directly comparable GAAP financial measures. Additionally, we calculate the impact of foreign exchange rate variances by converting non-United States Dollar results using comparative period exchange rates and determining the change from prior period reported results. Forward-Looking Non-GAAP Measures The Company has not quantitatively reconciled its guidance for AEBITDA to its most comparable GAAP measure because certain reconciling items that impact this metric, including provision for income taxes, interest expense, restructuring or impairment charges, transaction-related costs, and attraction start-up costs have not occurred, are out of the Company’s control, or cannot be reasonably predicted. Accordingly, reconciliations to the nearest GAAP financial measure are not available without unreasonable effort. Please note that the unavailable reconciling items could significantly impact the Company’s results as reported under GAAP. In December 2024, we completed the sale of our GES business and, as a result, we have accounted for the GES business as a discontinued operation. All amounts and disclosures for all periods presented in this earnings presentation reflect only the continuing operations unless otherwise noted.
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BUSINESS & FINANCIAL HIGHLIGHTS Delivered record full year performance with 23% revenue growth and strong margin expansion Strategic capital allocation executed to enhance shareholder value through targeted Tabacón acquisition, Flyover divestiture1, and stock buybacks 1 2 4 Introducing Vision 2030 long-term financial targets supported by proven strategy and strong balance sheet to drive next phase of accelerated growth Guiding for strong growth in 2026 with continued consumer demand trends for experiential travel in iconic destinations 3 4 1. On January 21, 2026, Pursuit entered into a definitive agreement to sell the Flyover business with an anticipated closing dat e in Spring 2026.
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2025 HIGHLIGHTS 5
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PURSUIT DELIVERED RECORD FULL YEAR RESULTS IN 2025, FIRST YEAR AS STANDALONE ICONIC ATTRACTIONS AND HOSPITALITY COMPANY 6 SIGNIFICANT REVENUE AND AEBITDA GROWTH ⁄ Increases in guest scores, while maintaining high team member engagement ⁄ Return of Jasper National Park visitation STRONG TEAM AND GUEST EXPERIENCES 4.2M FY’25 Attraction Visitors 439K FY’25 Lodging Rooms Sold $117M FY’25 AEBITDA1 +52% vs. Prior Year 26% FY’25 AEBITDA Margin1 +500bps vs. Prior Year $452M FY’25 Revenue +23% vs. Prior Year 1. Refer to Appendix for a discussion and reconciliation of this non -GAAP financial measure to its most directly comparable GAAP financial measure.
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We have been executing a TRANSFORMATIVE GROWTH journey, having quadrupled the business over the past decade On January 1, 2025, Pursuit launched as a COMPELLING, STAND-ALONE INVESTMENT opportunity with a strong balance sheet and multiple levers to drive SHAREHOLDER VALUE 2025 was a year of STRONG GROWTH, EXECUTION and STRATEGIC PROGRESS to drive ongoing success 7 FIRST YEAR AS STANDALONE ICONIC ATTRACTIONS AND HOSPITALITY COMPANY 7
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CONTINUED STRATEGIC PROGRESS TO ENHANCE OUR LONG-TERM GROWTH PROFILE AND SHAREHOLDER VALUE 8 SPRING 2026 (EST) SALE OF NON-CORE ASSET AT PREMIUM VALUATION ⁄ Entered agreement on 1/21/26 to sell non-core Flyover (virtual flight- ride) business for $78.4M 1 ⁄ Represents premium valuation at ~15x multiple of its FY’25 AEBITDA contribution JUL 2025 PLATFORM ACQUISITION IN NEW GEOGRAPHY ⁄ Acquired iconic thermal river attraction-focused luxury assets in high- demand, year-round Costa Rica destination ⁄ Added new counter- seasonal balance ⁄ Clear opportunities to enhance yield experiences, and returns JAN 2025 TRANSFORMATIVE PURSUIT LAUNCH ⁄ Transformed into high- growth, high-return pure-play attractions and hospitality company with sale of GES ⁄ Optimized balance sheet for accelerated growth through opportunistic investments with proven strategy 1. Subject to customary adjustments. 2. Share repurchases from November 10, 2025 to February 25, 2026. SEP AND DEC 2025 MINORITY PURCHASES AT FAVORABLE VALUATIONS ⁄ Acquired full ownership of Glacier Park, Inc. (Sep 2025), and Flyover Iceland (Dec 2025) at attractive valuations ⁄ Simplified capital structure and eliminated $25M of noncontrolling interest liabilities INVESTED $14.5M2 IN OUR OWN SHARES AT COMPELLING VALUATION
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9 PURSUIT fourth quarter 2024 HIGHLIGHTS ($ in millions) FY’25 Change vs. FY’24 Revenue: Ticket Revenue $200.7 $38.3 Room Revenue 105.1 23.2 Food & Beverage 68.4 14.1 Retail Operations 43.4 5.6 Transportation and Other 34.9 4.8 Total Revenue $452.4 $86.0 Net Income Attributable to Pursuit $22.7 $(345.9) Income from Continuing Operations $24.9 $81.9 Adjusted Net Income1 $33.5 $29.8 Adjusted EBITDA1 $117.1 $40.1 Metrics: Attraction Visitors (000’s) 4,218 12% Same-Store Attraction ETP2 $51 9% Same-Store Hospitality RevPAR2 $171 7% Note: Amounts may not add as presented due to rounding. 1. Refer to Appendix for a discussion and reconciliation of this non -GAAP financial measure to its most directly comparable GAAP financial measure. 2. Same-Store metrics generally include only attractions and lodging properties that we operated at full capacity, considering seasonal closures, for the entirety of 2025 and 2024. Lodging properties undergoing renovations involving significant room closures are excluded from same -store results beginning in the quarter in whic h construction commenced and for all comparative periods presented. Accordingly, Apgar Lookout Retreat, Eddie’s Cafe & Mercantile, Forest Park Woodland Wing (renovation exclusion beg inning in Q4’24), Montana House, Flyover Chicago, Grouse Mountain Lodge (renovation exclusion beginning in Q4’25), Hot Springs Pura Vida, the Jasper SkyTram , and Tabacón Thermal Resort & Spa are excluded from same -store metrics. Additionally, attractions and lodging properties that were temporarily closed due to the Jasper wildfires in July 2024 are comparably exclu ded for the latter half of 2025. For experiences located outside the United States, key performance indicator comparisons to the prior year are expressed on a constant U.S. dollar basis. FULL YEAR 2025 FINANCIAL HIGHLIGHTS ⁄ Total Revenue increased ~23% primarily driven by a strong Jasper recovery, new and elevated experiences, and continued momentum in guest demand ⁄ AEBITDA increased ~52% primarily due to higher revenue with strong margin improvement of 500 bps driven by strong operating leverage in the business and continued cost discipline Kenai Fjords Tours Kenai Fjords National Park, Alaska
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10 PURSUIT fourth quarter 2024 HIGHLIGHTS TICKET REVENUE ($ in millions) Note: Amounts may not add as presented due to rounding. 1. New attractions includes Flyover Chicago (opened March 2024), Jasper SkyTram (acquired December 2024), and Tabacón Thermal Resort & Spa and Hot Springs Pura Vida (acquired July 2025). Tabacón ticket revenue and visitors reflect day use visitors and do not include hotel guests who access the thermal river attraction. 2. Same-Store metrics generally include only attractions that we operated at full capacity, considering seasonal closures, for the entirety of 2025 and 2024. Accordingly, Flyover Chicago, Hot Springs Pura Vida, the Jasper SkyTram, and Tabacón Thermal Resort & Spa are excluded from same-store metrics. Additionally, attractions that were temporarily closed due to the Ja sper wildfires in July 2024 are comparably excluded for the latter half of 2025. For experiences located outside the United States, key performance indicator comparisons to the prior year are expressed on a constant U.S. dollar basis. FULL YEAR 2025 ATTRACTION PERFORMANCE ⁄ 24% growth in ticket revenue driven by substantial increase in visitors and ETP ⁄ 12% increase in visitors driven by Jasper recovery, new attractions1, and overall robust demand for our one-of-a-kind sightseeing attractions ⁄ 9% increase in same-store2 ETP enabled by our focus on guest experience, with strong performance from attractions in Banff AB and Golden BC and Sky Lagoon 130 147 32 54$162 $201 FY'24 FY'25 ATTRACTION METRICS 3,757 4,218 FY'24 FY'25 $47.03 $51.06 FY'24 FY'25 Visitors (in thousands) Same-Store2 ETP +24% +9% +12% Jasper & New Attractions1 +69% All Other Attractions +12% Jasper SkyTram Jasper National Park
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11 PURSUIT fourth quarter 2024 HIGHLIGHTS ROOM REVENUE ($ in millions) Note: Amounts may not add as presented due to rounding. 1. New lodging includes Apgar Lookout Retreat (acquired November 2024), and Tabacón Thermal Resort & Spa (acquired July 2025) . 2. Same-Store metrics generally include only lodging properties that we operated at full capacity, considering seasonal closures, f or the entirety of 2025 and 2024. Lodging properties undergoing renovations involving significant room closures are excluded from same -store results beginning in the quarter in which construct ion commenced and for all comparative periods presented. Accordingly, Apgar Lookout Retreat, Forest Park Woodland Wing (renovation exclusion beginning in Q4’24), Grouse Mountain Lodge (renovation exclusion beginning in Q4’25), and Tabacón Thermal Resort & Spa are excluded from same-store metrics. Additionally, lodging properties that were temporarily closed due to the Jasper wildfires in J uly 2024 are comparably excluded for the latter half of 2025. For experiences located outside the United States, key performance indicator comparisons to the prior year are expressed on a constant U.S. doll ar basis. FULL YEAR 2025 HOSPITALITY PERFORMANCE ⁄ 28% room revenue growth from a strong Jasper recovery, new lodging, and improvement in same-store ADR and occupancy ⁄ All collections delivered growth in room revenue ⁄ Strong perennial demand for our renowned experiential travel destinations HOSPITALITY METRICS Same-Store2 RevPAR Same-Store2 ADR & Occupancy +5% 54 58 27 47 $82 $105 FY'24 FY'25 $159.79 $171.19 FY'24 FY'25 $222.54 $232.59 71.8% 73.6% FY'24 FY'25 Glacier View Lodge Jasper National Park +28% Jasper & New Lodging1 +70% All Other Lodging +7% +7%
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VISION 2030: 5-YEAR GROWTH OUTLOOK 12
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PURSUIT IS IN A CATEGORY OF ONE, POSITIONED FOR STRONG SUSTAINABLE GROWTH IRREPLACEABLE EXPERIENCES AT SCALE SIGHTSEEING ATTRACTIONS DISTINCTIVE LODGES INTEGRATED F&B, RETAIL, & TRANSPORTATION ~4,600 INCREDIBLE TEAM MEMBERS2 ICONIC LOCATIONS IN 4 COUNTRIES $112M Revenue $452M Revenue 2015 20251 4 Attractions 17 Attractions 12 Lodges 29 Lodges 1. Inclusive of Flyover business (2016 acquisition), which contributed $38.6M in revenue across 4 attractions. 2. Inclusive of seasonal team members. Pursuit employs ~2,100 full time team members. These amounts include Flyover team members. POWERFUL GROWTH ENGINE QUADRUPLED REVENUE AT 15% CAGR from 2015 to 2025 13
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14 PURSUIT EXPERIENCES ARE WELL-POSITIONED FOR CONTINUED GROWTH WITH FAVORABLE GLOBAL EXPERIENTIAL TRAVEL TRENDS 14 1. UN Tourism “International Tourist Arrivals Up 4% in 2025 Reflecting Strong Travel Demand Around the World” 2. Phocuswright “Travel Forward: Data, Insight & Trends for 2026” 3. Skyscanner Travel Trends “The Future of Travel & Tourism” 4. Priceline’s 2026 “Where to Next?” Report 5. EMarketer “Global Travel Demand Stays Strong for 2026, but US Outlook Diverges” 6. Skift Research “Tourists Give Up on the United States of America” INCREASED TRAVEL, AIRLINE PASSENGER COUNTS, AND TOURISM SPEND ⁄ 84% of travelers expect to travel the same or more in 2026, with 37% planning to spend more on flights, and 31% to increase their hotel budget3 ⁄ Travelers expect to travel about 15 days for leisure in 2026 and increase their travel budgets by roughly $350 4 ⁄ IATA forecasts 5.2B to travel by air in 2026, a 4.4% increase from 2025’s record breaking passenger counts5 ⁄ Among those reconsidering American trips, 56% said they’d choose Canada 6 STRONG DEMAND FOR WELLNESS, ADVENTURE, AND OUTDOOR TRAVEL ⁄ Skift Research found more than half of global travelers now consider wellness a primary factor in trip planning 7 ⁄ “Room with a mountain view” bookings are up 103% globally YoY, with 71% of travelers considering or planning a mountain escape for summer or fall 2026 8 ⁄ KAYAK reported 37% of travelers want spa or wellness treatments9 PRIORITIZATION OF EXPERIENCES AND AI DRIVEN TRIP PLANNING ⁄ 52% of travelers noted upgraded destination experiences as a top planned splurge during their trips10 ⁄ KAYAK reported 36% of travelers go to a destination for exclusive experiences 9 ⁄ 45% of travelers are likely to book tours and activities in 20263 ⁄ 38% of travelers used AI to research a destination, 33% to create a travel itinerary, and 32% to compare flight or hotel options and pricing 3 7. Skift Research “Teetotaling Travelers Are Just Saying No to Booze” 8. Skyscanner “Altitude Shift” 9. KAYAK “2026 Travel Trends: What the Future Report” 10. Going “2026 State of Travel & Flight Deals” INTERNATIONAL TOURISM EXPECTED TO GROW 3% TO 4% YOY IN 20261, WITH A 5% INCREASE IN TOTAL GROSS BOOKINGS2
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PURSUIT’S DIFFERENTIATED MODEL AND STRATEGIC POSITIONING EXPERIENTIAL INFRASTRUCTURE LIMITED SUPPLY LOCATIONS DEMAND ANCHORED TO DESTINATION CULTURE & GROWTH MINDSET INTEGRATED OPERATING SYSTEM EXPONENTIAL CASH FLOW MODEL Unique-in-the-world, long-term experiential infrastructure that connects guests with iconic destinations; not a tourism bet Perennial guest demand driven by destination pull, not consumer cycles; engaging guests pre-arrival and in-destination Regulated, non-replicable one-of-a-kind locations due to long-dated concessions, permitting, and historical investment Guest-obsessed hospitality, experience design, and growth mindset culture enabling sustainable growth Orchestrated guest journey across authentic, networked experiences; operational complexity creates a competitive moat Sustainable, exponential cash flow generation through powerful levers of volume, yield, and flow-through from guest experience, not cycles 15
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MULTIPLE LEVERS TO DRIVE SHAREHOLDER VALUE SUPPORTED BY STRONG TRACK RECORD & BALANCE SHEET 16 ELEVATING PERFORMANCE ACROSS ICONIC EXPERIENCES DRIVING ORGANIC GROWTH THROUGH REFRESH & BUILD PROJECTS ACCELERATING EXPANSION THROUGH STRATEGIC ACQUISITIONS DEPLOYING CAPITAL THROUGH OPPORTUNISTIC SHARE REPURCHASES 1 2 3 4 STRONG BALANCE SHEET FOR ACCELERATED GROWTH 2.0x-3.5x Target Net Leverage $238M Liquidity1 1.0x Net Leverage2 1. Reflects December 31, 2025 liquidity (undrawn revolver capacity plus balance sheet cash); does not include anticipated proceeds from sale of Flyover business ($78.4M purchase price, subject to customary adjustments). 2. Calculated as defined for compliance with Pursuit’s 2025 Credit Agreement as of December 31, 2025. ⁄ Acquire complementary businesses supported by a robust pipeline of opportunities that align with our strategy and values ⁄ Enhance the guest experience and create additional capacity through targeted organic investments that generate attractive returns ⁄ Drive continuous year-over-year growth by leveraging strong perennial demand and maintaining an unwavering focus on the guest experience ⁄ Invest in ourselves at compelling valuations, reinforcing our confidence in Pursuit’s long-term outlook
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WE ARE ON A TRANSFORMATIONAL GROWTH JOURNEY TO BECOME THE WORLD’S LEADING ICONIC ATTRACTIONS AND HOSPITALITY COMPANY 2015 2025 2030 Target REVENUE GROWTH Excluding Flyover ($ in millions) 17 1 1. 2025 revenue excludes contribution from Flyover. On January 21, 2026, Pursuit entered into a definitive agreement to sell the Flyover business with an anticipated closing date in Spring 2026. 2. Reflects foreign currency exchange rate and other assumptions noted on slide 37 in the Appendix. 17 >$845 $112 $414 EXPECT CONTINUED DOUBLE-DIGIT CAGR THROUGH 2030 We are driving significant growth through enhanced performance of existing assets and investments in Refresh, Build, Buy strategy
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OUR PATH TO GROW AEBITDA MORE THAN 2.3X BY 2030 WITH POWERFUL LEVERS TO GROW 2025 2030 Target AEBITDA GROWTH Excluding Flyover ($ in millions) >30% Margin 18 27% Margin Organic Growth Strategic Acquisitions 1 Buying Iconic Experiences in New and Existing Locations: Building unique collections of experiences and leveraging economies of scale and scope, supported by strong balance sheet with low net leverage and ample capacity Organic Investment: Investing in Refresh & Build Projects at Existing High-Performing Experiences Organic investment pipeline of $300M+, expected to deliver <7x effective AEBITDA multiple by 2030; accelerated investments in 2026-2027, driving outsized AEBITDA growth in 2028 Baseline Growth: Leveraging scale and operational expertise to grow existing business at targeted mid-single digits from price and volume, supported by perennial demand, relentless guest focus, and strong flow-through to AEBITDA KEY LEVERS TO GROW SHAREHOLDER VALUE 1. 2025 AEBITDA excludes a $5 million contribution from Flyover. On January 21, 2026, Pursuit entered into a definitive agreement to sell the Flyover business with an anticipated closing date in Spring 2026. 2. Reflects foreign currency exchange rate and other assumptions noted on slide 37 in the Appendix. >$265 $112 EXPECT TO GROW AEBITDA MORE THAN 2.3X BY 2030 Share Repurchases Investing efficiently in our own shares at compelling valuations, reinforcing our confidence in our long-term outlook 18 Strategic Acquisitions Organic Growth 2
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19 Strength of secular trends and perennial demand for our iconic locations and experiential infrastructure assets Obsessive focus on team member and guest experience improvement Sustainable organic growth with multiple levers to drive yield and volume increases, and margin expansion Disciplined high-return investment strategy supported by proven track record, strong balance sheet, and robust pipeline WHY WE WILL BE SUCCESSFUL
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2026 OUTLOOK 20
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21Copyright Pursuit — Confidential 21 STRONG SECULAR TRENDS FOR PURSUIT EXPERIENCES Prioritization of unique experiences with broad movement towards adventure travel and increased focus on sustainable tourism 1 Global leisure travel spend is set to triple in value by 2040, growing from $5 trillion today to $15 trillion 2 Demand shift toward authentic and immersive travel & exploration experiences 3 Outdoor and adventure travel demand expected to continue to surge 4 FAVORABLE DEMAND FOR PURSUIT GEOGRAPHIES Power of perennial demand for iconic destinations Expect continued favorable set-up for Canadian travel • FX and geopolitical dynamics • Free admission to Canadian national parks renewed for summer 2026 Tour and travel partner show strong demand for 2026 itineraries Early lodging booking pace for 2026 is ahead of prior years Early season pacing is strong, and Pursuit is well-positioned relative to global consumer demand and strong secular trends. FAVORABLE DEMAND BACKDROP HEADING INTO 2026
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22 CANADIAN LODGING FY Room Revenue on the Books1 (CAD $ in millions) 2026 LODGING BOOKING PACE1 AHEAD OF PRIOR YEAR Lodging pacing is a leading indicator of destination demand and the strength in advanced bookings supports our favorable outlook for both our lodging and attractions 22 1. Room Revenue on the Books data represents full year reservations taken to date as of February 23 , 2024, 2025 and 2026. Reservations data included is preliminary and subject to change based on actual occupancy, room rates, and other customary quarter -end adjustments. 2. Grouse Mountain Lodge has fewer rooms available in 2026 due to the phased large -scale refresh project. US LODGING FY Room Revenue on the Books1 (USD $ in millions) $16 $18 $18 FY'24 FY'25 FY'26 ADR +7% vs. 2025ADR +17% vs. 2025 % of FY Rooms Available Sold 29% 29% 32% $30 $28 $38 FY'24 FY'25 FY'26 US Lodging Up 8% vs. ‘25 excluding room renovations 2 % of FY Rooms Available Sold 32% 32% 33%
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STRONG PERFORMANCE EXPECTED AT TABACÓN A PRIME EXAMPLE OF BUY STRATEGY ⁄ Tabacón acquisition reflects our disciplined focus on high-quality, high-return BUY opportunities ⁄ Iconic, irreplaceable attraction-focused experiences at the base of Costa Rica’s Arenal Volcano with exclusive access to the country’s largest naturally flowing hot springs ⁄ Exceptional local leadership and strong cultural fit, with deep local roots and a growth mindset ⁄ Recent experience improvements: ⁄ New upgraded arrival area for main premium thermal river attraction ⁄ Rebranding of Choyin Rio Termal to Hot Springs Pura Vida attraction ⁄ Early lodging booking pace for 2026 is ahead of prior years ⁄ Clear path to long-term value creation: ⁄ Near-term operational enhancements expected to drive EBITDA multiple below 9x by Year 3 ⁄ Build and Buy growth investment evaluations well underway 23
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ADJUSTED EBITDA1, 2 ($ in millions) 24 PURSUIT fourth quarter 2024 HIGHLIGHTS 1. Refer to Appendix for a discussion and reconciliation of this non -GAAP financial measure to its most directly comparable GAAP financial measure. 2. Guidance is as of February 25, 2026, and reflects foreign currency exchange rate and other assumptions noted on slide 37 in the Appendix. PURSUIT IS POSITIONED FOR STRONG PROFITABLE GROWTH IN 2026 KEY YEAR-OVER-YEAR GROWTH DRIVERS ⁄ Continued strong consumer demand for authentic experiential travel in iconic places ⁄ Improvements to guest experience and revenue management to optimize price and volume ⁄ Growth in effective ticket prices and ADR ⁄ Higher attraction visitation with strong throughput ⁄ Prudent labor and expense management ⁄ Incremental ~$7-8M of AEBITDA from Tabacón (July 2025 acquisition) ⁄ Flyover AEBITDA contribution was ~$5M in FY’25 and is expected to be ~$0.5M in FY’26 assuming transaction closes in Spring ’26 ⁄ Minimal impact from multi-year growth capex in FY’26 Columbia Icefield Skywalk, Jasper National Park $117 $123-$133 $112 w/o Flyover FY'25 FY'26 Est. Guidance +~9% at mid-point EXCLUDING FLYOVER, EXPECT DOUBLE DIGIT GROWTH YOY IN REVENUE AND AEBITDA AT MID-POINT, WITH MARGIN IMPROVEMENT
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PURSUIT fourth quarter 2024 HIGHLIGHTS INVESTING IN FOREVER, ICONIC ASSETS THAT WILL DRIVE GROWTH INTO THE FUTURE 25 EXPECT TO DRIVE STRONG RETURNS THROUGH ACTIONING SERIES OF LARGE-SCALE MULTI-YEAR GROWTH PROJECTS, SUBJECT TO APPROVALS Lobstick Lodge Refresh Grouse Mountain Lodge Refresh Forest Park Woodland RefreshJasper SkyTram Refresh Banff Gondola Refresh ~$88M-$93M Est. 2026 Growth Capex <7x Est. AEBITDA Multiple by 2030 $200M+ Total Investment from 2026 Initiated Projects Denali Backcountry Adventure Relaunch Large portion of returns expected by 2028
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APPENDIX 26
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COMPOUNDING GROWTH ENGINE: LEVERAGING VOLUME, YIELD, AND FLOW-THROUGH TO REINVEST AND SCALE GROW REVENUE THROUGH VOLUME AND YIELD INCREASES DRIVE HIGH FLOW-THROUGH TO AEBITDA AND CASH FLOW REINVEST IN REFRESH, BUILD, BUY GROWTH INVESTMENTS ENHANCE EXPERIENCES AND EXPAND OFFERINGS STRENGTHEN DESTINATION CAPTURE AND GUEST ENGAGEMENT 27 SUSTAINABLE, EXPONENTIAL CASH FLOW GENERATION FUELS GROWTH We reinvest across Refresh, Build, Buy investments to elevate experiences, expand capacity, and grow the portfolio, accelerating sustainable cycle. DELIVER EXCEPTIONAL GUEST AND TEAM MEMBER EXPERIENCES WITH DIFFERENTIATED CULTURE Our high-margin, scalable model converts demand into expanding cash flow through volume and yield growth with strong operating leverage.
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PURSUIT fourth quarter 2024 HIGHLIGHTS PERENNIAL DEMAND FOR ICONIC, SUPPLY-CONSTRAINED DESTINATIONS THAT ENDURES BEYOND CONSUMER CYCLES 28 Harnessing destination driven demand through strategic guest engagement during trip planning, not convincing guests to visit 1. Annual national park visitation data for FY’25. Sources: Alberta Economic Dashboard; U.S. National Park Service 2. Represents FY’25 guest country of origins for Pursuit lodging and attractions guests through the consumer direct channel. Reg ional guests are within the state or province, and Long -Haul Domestic guests are all other states or provinces within the country. 0 1,000,000 2,000,000 3,000,000 4,000,000 5,000,000 6,000,000 7,000,000 8,000,000 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Banff, Jasper & Waterton National Parks Glacier National Park Denali & Kenai Fjords National Parks 9/11 Recession SARS Recession COVID-19 PARK VISITATION Jasper Wildfire ~7M ~3M ~1M ANNUAL PARK VISITATION1 BANFF JASPER COLLECTION GUEST ORIGIN 2 22% 29%32% 17% Local / Regional Long-Haul Domestic US International 12% 80% 8% Local / Regional Long-Haul Domestic International ALASKA COLLECTION GUEST ORIGIN 2 GLACIER PARK COLLECTION GUEST ORIGIN 2 6% 90% Local / Regional Long-Haul Domestic International
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PURSUIT fourth quarter 2024 HIGHLIGHTS 29 PURSUIT MARKETS ARE WELL-POSITIONED FOR CONTINUED GROWTH WITH FAVORABLE GEOGRAPHY DEMAND TRENDS 29 Anchorage air service growth and expanded Seward cruise ship docking area opening in 2026 Expect continued strong visitation to Seward, Kenai Fjords National Park, and Denali National Park POWER OF PERENNIAL DEMAND FOR ICONIC DESTINATIONS Costa Rica’s tourism market is projected to grow at ~7% CAGR from 2026-20312 Sustained growth expectations underscores a resilient market; expect continued healthy demand for Costa Rica 1. “The best places in the world to travel to in 2026”, National Geographic 2. “Costa Rica Tourism Market Report”, Mordor Intelligence Removal of vehicle reservations for timed entry visitation to Glacier National Park in 2026 Expect continued solid visitation to Glacier National Park Banff Voted Best Place in the World to Travel in 2026 by National Geographic “Stunning alpine jewel achieves what few destinations can: a perfect harmony between cosmopolitan energy and untamed nature”1 Canadian Government renewed free admission to national parks as part of the Canada Strong Pass for summer 2026 Expect continued robust visitation to Banff and Jasper National Park
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PURSUIT fourth quarter 2024 HIGHLIGHTS OUR FOCUS ON GUEST-OBSESSED HOSPITALITY, EXPERIENCE DESIGN, AND GROWTH MINDSET SET US APART, AND MAKES OUR GROWTH SUSTAINABLE Our hospitality philosophy starts with team member satisfaction and engagement, which leads to enhanced guest satisfaction and loyalty, which drives strong profitability and growth 73 Employee Satisfaction & Engagement1 301. Employee satisfaction and engagement is measured by staff’s intent to recommend working for the company. We survey this annua lly and target a score of 70% or greater. Reflects results as of August 2025 survey. 2. Net Promoter Score (NPS) is calculated by subtracting the percentage of customers who responded with a negative review from t he percentage of customers who responded with a positive review. Attractions and Lodging Net Promoter Scores are as of December 2025. Lodging Net Promoter Score currently ranks in the top quartile of the hotel s industry according to NPS benchmarking provided by Delighted.com. 75 Attractions Net Promoter Score2 48 Lodging Net Promoter Score2 Implemented #1 guest experience platform to reveal insights and drive action SKY BISTRO #6 RESTAURANTS IN BANFF BANFF GONDOLA #1 THINGS TO DO IN BANFF SKY LAGOON #1 SPAS & WELLNESS IN KOPAVOGUR TABACÓN THERMAL RESORT & SPA #1 RESORTS IN LA FORTUNA MALIGNE LAKE CRUISE #5 BOAT TOURS & WATER SPORTS IN JASPER TOP 10 TRIPADVISOR RANKINGS FOR OUR ATTRACTIONS, LODGING, & RESTAURANTS TERRA #5 RESTAURANTS IN JASPER GOLDEN SKYBRIDGE #2 THINGS TO DO IN GOLDEN LAKE MINNEWANKA CRUISE #3 BOAT TOURS & WATER SPORTS IN BANFF GLACIER VIEW LODGE #5 HOTELS IN JASPER OPEN TOP TOURING #5 OUTDOOR ACTIVITIES IN BANFF AALTO #4 RESTAURANTS IN JASPER
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LEADER IN EXPERIENTIAL TRAVEL WITH UNFORGETTABLE, QUALITY GUEST EXPERIENCES THAT CAPTURE GLOBAL RECOGNITION The New York Times spotlights Banff Gondola and Sky Bistro as must-experience highlights in its “36 Hours in Banff…,” placing our offerings at the center of global trip-planning inspiration1 Forbes elevates Kenai Fjords Tours, Seward Windsong Lodge, and Kenai Fjords Wilderness Lodge as top global adventures for solo travelers, affirming the uniqueness of our Alaska experiences3 Condé Nast Traveler endorses Denali Cabins and Denali Backcountry Lodge in its authoritative Denali “Where to Stay…” list, cementing our lodges among the region’s most trusted wilderness stays4 Business Insider names Sky Lagoon the clear standout over competitor in its experiential comparison, delivering a powerful editorial preference 5 MSN includes the Prince of Wales Hotel in its bucket-list “14 Stunning National Park Hotels…” feature, driving extraordinary mainstream visibility6 Travel + Leisure showcases Banff Gondola, Maligne Lake Cruise, Columbia Icefield Adventure, Skywalk, Glacier View Lodge, and Mount Royal Hotel as essential stops on Canada’s most stunning road trips 2 31 Sources: 1. “36 Hours in Banff: Things to Do and See” , The New York Times 2. “Canada’s Most Stunning Summer Road Trip Has a Secret Island, Walkable Glaciers, and Dizzying Adventure”, Travel + Leisure 3. “Where to Find Amazing Tours for Solo Travelers”, Forbes 4. “Where to Stay When Visiting Alaska’s Denali National Park”, Condé Nast Traveler 5. “After Visiting Two of Iceland’s Famous Lagoons, There’s Only One I’d Return To”, Business Insider 6. “14 Stunning National Park Hotels You Need to Put on Your Bucket List ASAP”, MSN
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PURSUIT fourth quarter 2024 HIGHLIGHTS SUSTAINABLE YIELD GROWTH FROM ONE-OF-A-KIND GUEST-CENTRIC EXPERIENCES IN ICONIC DESTINATIONS 32 Our relentless focus on guest experience improvement and revenue maximization in capacity constrained iconic destinations with perennial demand allows us to drive increases in rates and spend per guest HOTEL REVPAR YOY % CHANGE1 8% 5% 2% 0% 10% 9% 9% 7% 2022 2023 2024 2025 STR US Hotels Pursuit Lodges 1. Represents the year-over-year percent change in RevPAR. For 2022, the year- over-year percent change compares to 2019. STR US Hot els metrics comparisons are from CoStar press releases for the U.S. hotel industry. Pursuit metrics comparisons are presented on a same -store basis as reported in that period, including only lodging properties th at Pursuit operated at full capacity and expressed on a constant U.S. dollar basis. 2. Represents the year-over-year percent change in Effective Ticket Price (ETP) adjusted to exclude Flyover. For 2022, the year -over-year percent change compares to 2019. Pursuit metrics comparisons are presented on a same-store basis as reported in that period, including only attractions that Pursuit operated at full capacity and expressed on a constant U.S. dollar basis. Peer Group includes MTN, FUN, and PRKS for their respective fiscal years (as reported as of 2/24/26). ATTRACTION ETP AND ADMISSION PER CAPITA YOY % CHANGE2 25% -3% 3% 1% 10% 6% 14% 9% 2022 2023 2024 2025 Peer Group Pursuit Attractions GUEST EXPERIENCE DRIVES DIFFERENTIATED YIELD GROWTH SUCCESS STORY: GOLDEN SKYBRIDGE ATTRACTION $35 $65 FY'22 FY'25 +86% TOTAL REVENUE PER VISITOR NET PROMOTER SCORE GROWTH +11% FY’25 vs. FY’23 ENHANCED GUEST EXPERIENCE ⁄ Transformed from sightseeing suspension bridges into a scalable, multi-experience adventure park ⁄ Team consistently delivers enhancements that strengthen guest satisfaction and accelerate revenue expansion
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33 PURSUIT fourth quarter 2024 HIGHLIGHTS SIGNIFICANT REFRESH, BUILD, BUY PIPELINE TO DRIVE ACCELERATED GROWTH 33 SUBSTANTIAL INVESTMENT CAPACITY 1.0x Net Leverage2 at 12/31/25 $238M Liquidity1 at 12/31/25 Proceeds from sale of Flyover expected in Spring 2026 ~$78.4M purchase price3 Continued AEBITDA growth BUY ROBUST ACQUISITION PIPELINE OF ICONIC LOCATION EXPERIENCES REFRESH AND BUILD $300M+ GROWTH INVESTMENTS IN 2026-2030 IN DEVELOPMENT AND SUBJECT TO PLANNING APPROVAL Examples of potential future projects presently in the planning stage to drive incremental capacity and yield opportunities in high demand markets Jasper SkyTram Refresh New lift and reimagined terminal building for an elevated experience Banff Gondola Refresh Experiential enhancements across guest journey Lodge Refreshes Improve, maximize, and reposition lodges to meet demand in iconic destinations Buy Tuck-In Experiences in Existing Geographies Acquirer of choice Buy Forever Experiences in New Geographies Attraction first entry with path to build a collection 1. Reflects December 31, 2025 liquidity (undrawn revolver capacity plus balance sheet cash); does not include anticipated procee ds from sale of Flyover business. 2. Calculated as defined for compliance with Pursuit’s 2025 Credit Agreement as of December 31, 2025. 3. Subject to customary adjustments. Denali Backcountry Adventure Relaunch
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PURSUIT fourth quarter 2024 HIGHLIGHTS DISCIPLINED INVESTMENT STRATEGY TO EFFECTIVELY SCALE AND MAXIMIZE SHAREHOLDER VALUE INVESTMENT CRITERIA 15%+ IRR HURDLE RATE Iconic, unforgettable, and inspiring Perennial demand One-of-a-kind locations with limited supply Attractive EBITDA margins High-quality guest experience Countries with strong ease of doing business 34 INVEST IN FOREVER ONE-OF-A-KIND EXPERIENCES AND UNLOCK SUSTAINABLE LONG-TERM GROWTH REFRESH & BUILD WORLD-CLASS EXPERIENCES BUY EXPERIENCES IN NEW & EXISTING ICONIC LOCATIONS
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PROVEN TRACK RECORD OF CREATING VALUE OVER A DECADE THROUGH REFRESH, BUILD, BUY GROWTH STRATEGY 16 MAJOR REFRESH, BUILD, BUY GROWTH INVESTMENTS COMPLETED 2014 - 20251 ~$102M FY’25 AEBITDA Contribution ~$578M Invested ~6x Effective EBITDA Multiple2 35 1. Major projects are defined as growth investments greater than $5 million that had a first full year of EBITDA contribution in 2014 through 2025 and include: Glacier Skywalk, Maligne Lake Cruise, CATC, Banff Gondola Upper Terminal, Flyover Canada Vancouver, Mount Royal Hotel, Mountain Park Lodges, West Glacier RV Park & Cabins, Flyover Iceland, Sky Lagoon, Golden Skybridge, Flyover Las Vegas, Glacier Raft Co., Flyover Chicago, Eddie' s Cafe & Mercantile and Apgar Lookout Retreat, and Jasper SkyTram. Amounts are presented in USD with an exchange rate assumption of $0.73 between the Canadian Dollar and the U.S. Dollar for our operations in Canada. 2. Represents $578M invested divided by $102M FY’25 AEBITDA contribution. REFRESH Improving existing experiences BUILD Creating new experiences BUY Acquiring one-of-a-kind experiences 2014 BUILD Glacier Skywalk 2016 BUY 3 Lodges and 1 Attraction in Alaska 2016 REFRESH Banff Gondola Upper Terminal 2018 REFRESH Mount Royal Hotel 2016 BUY Maligne Lake Cruise 2019 REFRESH Maligne Lake F&B and Retail 2019 BUY 7 Lodges in Jasper NP 2019 BUILD West Glacier RV Park & Cabins 2021 BUY+BUILD Sky Lagoon 2021 BUY+BUILD Golden Skybridge 2022 BUILD Forest Park Alpine Hotel 2022 BUY Glacier Raft Co. 2016 BUY Flyover Canada Vancouver 2019 BUILD Flyover Iceland 2021 BUILD Flyover Las Vegas 2024 BUY Lodging, F&B, and Retail in Glacier NP 2024 BUY Retail in Glacier NP 2024 BUY Jasper SkyTram 2024 BUILD Flyover Chicago 2025 BUY Tabacón Thermal Resort & Spa
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PURSUIT fourth quarter 2024 HIGHLIGHTS STRONG BALANCE SHEET FOR ACCELERATED GROWTH WITH LOW LEVERAGE AND SIGNIFICANT REVOLVER CAPACITY BALANCE SHEET Q3’25 Q4’25 ($ in millions) Cash and Cash Equivalents 33.8 31.1 Finance Lease Obligations 60.5 59.8 Non-Wholly Owned Term Debt 15.5 11.9 Revolver ($300M Total Facility Size) 53.8 87.4 Total Debt 129.8 159.1 Net Debt 96.0 128.0 Pursuit Stockholders’ Equity 607.2 581.8 Non-Controlling Interest 81.6 78.6 Common Shares Outstanding (millions) 28.3 28.0 Net Leverage1 0.7x 1.0x 36 LIQUIDITY Q4’25 ($ in millions) Cash and Cash Equivalents 31.1 Capacity Available on Revolving Credit Facility2 207.0 Liquidity 238.1 FOURTH QUARTER 2025 BALANCE SHEET AND LIQUIDITY HIGHLIGHTS 1. Calculated as defined for compliance with Pursuit’s 2025 Credit Agreement. 2. Capacity available on revolving credit facility is equal to $300M facility size less outstanding balance and letters of credit. ⁄ Includes $25M of deferred cash proceeds received on December 30, 2025, from the 2024 sale of GES business, completing the $535M transaction ⁄ Incremental liquidity expected from sale of Flyover in spring 2026 ($78.4M purchase price, subject to customary adjustments)
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37 PURSUIT fourth quarter 2024 HIGHLIGHTS ($ in millions) 2030 TARGETS2 FY’26 GUIDANCE3 FY’25 ACTUALS Revenue >$845 $465 at the mid-point (including $8 from Flyover) $452.4 ($413.8 excluding Flyover) Adjusted EBITDA1 >$265 $123 to $133 (including ~$0.5 from Flyover) $117.1 ($111.9 excluding Flyover) Maintenance Capex $31 to $36 (7% of Revenue at the mid-point) $33.4 Growth Capex $88 to $93 $41.6 Total Capex $121 to $127 $75.0 1. FORWARD-LOOKING NON-GAAP FINANCIAL MEASURES We have not quantitatively reconciled guidance for adjusted EBITDA to our most comparable GAAP financial measure because certain reconciling items that impact this metric, including provision for income taxes, interest expense, restructuring or impairment charges, transaction-related costs, and start-up costs have not occurred, are out of our control, or cannot be reasonably predicted. Accordingly, reconciliations to the nearest GAAP financial measure are not available without unreasonable effort. Please note that the unavailable reconciling items could significantly impact our results as reported under GAAP. 2030 TARGETS AND 2026 FINANCIAL OUTLOOK Maligne Lake Cruise Jasper National Park, Canada 2. Our 2030 revenue and Adjusted EBITDA targets are based on our current expectations and certain macro assumptions, including (1) operating in a normal environment with stable macroeconomic conditions and consistent consumer demand trends, and (2) an exchange rate of $0.73 between the Canadian Dollar and the U.S. Dollar for our operations in Canada. 3. Our 2026 guidance assumes (1) approximately $7 million to $8 million of incremental Adjusted EBITDA from the Tabacón acquisition completed on July 1, 2025, (2) approximately $0.5 million of Adjusted EBITDA contribution from Flyover assuming the sale closes in Spring 2026, (3) minimal impact from multi-year growth capital expenditures in 2026, and (4) an exchange rate of $0.73 between the Canadian Dollar and the U.S. Dollar for Pursuit’s operations in Canada..
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2024 2025 Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY (in thousands) Ticket Revenue 17,805$ 43,707$ 75,330$ 25,535$ 162,377$ 18,952$ 53,200$ 100,390$ 28,110$ 200,653$ Rooms Revenue 7,604 24,578 42,020 7,719 81,920 7,339 25,952 59,677 12,123 105,091 Food and Beverage 6,522 15,046 26,135 6,637 54,340 6,123 17,324 35,868 9,099 68,414 Retail Operations 1,725 10,105 23,134 2,792 37,757 1,722 11,356 27,014 3,278 43,370 Transportation 1,855 3,338 4,990 1,605 11,788 1,835 3,677 5,544 1,699 12,755 Other 1,720 4,427 10,648 1,511 18,306 1,608 5,234 12,529 2,764 22,134 Total Revenue 37,231$ 101,201$ 182,257$ 45,799$ 366,488$ 37,579$ 116,743$ 241,022$ 57,073$ 452,417$ Markets: Banff Jasper Collection(1) 18,106$ 55,239$ 84,620$ 22,183$ 180,148$ 17,443$ 63,553$ 124,333$ 26,553$ 231,882$ Alaska Collection 613 14,046 29,238 (98) 43,799 715 15,851 31,178 68 47,812 Glacier Park Collection(1) 1,433 13,768 42,488 2,449 60,138 1,495 15,298 47,508 2,429 66,730 Flyover 6,189 8,533 12,426 8,605 35,753 6,912 9,510 13,256 8,883 38,561 Sky Lagoon 10,890 9,615 13,485 12,660 46,650 11,014 12,531 18,399 12,424 54,368 Tabacón - - - - - - - 6,348 6,716 13,064 Total Revenue 37,231$ 101,201$ 182,257$ 45,799$ 366,488$ 37,579$ 116,743$ 241,022$ 57,073$ 452,417$ PURSUIT fourth quarter 2024 HIGHLIGHTS SUPPLEMENTAL REVENUE DISCLOSURES 38 Pyramid Lake Lodge Jasper National Park, Canada 1. The Prince of Wales Hotel, previously reported under the Glacier Park Collection, has been reclassified to the Banff Jasper C ollection. Prior year amounts have been retrospectively adjusted to reflect this change.
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PURSUIT fourth quarter 2024 HIGHLIGHTS KEY PERFORMANCE INDICATORS 39 39 Columbia Icefield Skywalk Jasper National Park, Canada 1. Same-Store metrics generally include only attractions and lodging properties that we operated at full capacity, considering seasonal closures, for the entirety of 2025 and 2024. Lodging properties undergoing renovations involving significant room closures are excluded from same -store results beginning in the quarter in which construction commenced and for all comparative periods presented. Accordingly, Apgar Lookout Retreat, Eddie’s Cafe & Mercantile, Forest Park Woodland Wing (renovation exclu sion beginning in Q4’24), Montana House, Flyover Chicago, Grouse Mountain Lodge (renovation exclusion beginning in Q4’25), Hot Springs Pura Vida, the Jasper SkyTram, and Tabacón Thermal Resort & Spa are excluded from same -store metrics. Additionally, attractions and lodging properties that were temporarily closed due to the Jasper wildfires in July 2024 are compa rably excluded for the latter half of 2025. For experiences located outside the United States, key performance indicator comparisons to the prior year are expressed on a constant U.S. dollar ba sis. 2024 2025 Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY As Reported Attractions KPIs (000s): Number of Visitors 452 1,054 1,624 627 3,757 459 1,135 1,981 643 4,218 Effective Ticket Price 39.41$ 41.45$ 46.37$ 40.73$ 43.21$ 41.25$ 46.87$ 50.68$ 43.71$ 47.57$ Ticket Revenue 17,805$ 43,707$ 75,330$ 25,535$ 162,377$ 18,952$ 53,200$ 100,390$ 28,110$ 200,653$ Revenue per Attraction Visitor 50.86$ 53.51$ 59.85$ 50.68$ 55.46$ 52.22$ 59.88$ 65.08$ 57.02$ 61.06$ Attractions Revenue 22,980$ 56,421$ 97,222$ 31,774$ 208,397$ 23,992$ 67,968$ 128,900$ 36,672$ 257,533$ Same-Store1 Attractions KPIs (000s): Number of Visitors 416 953 1,152 509 3,030 391 1,002 1,196 483 3,072 Effective Ticket Price 40.28$ 44.35$ 52.01$ 46.24$ 47.03$ 44.11$ 49.31$ 56.51$ 46.78$ 51.06$ Ticket Revenue 16,761$ 42,256$ 59,936$ 23,533$ 142,486$ 17,237$ 49,427$ 67,579$ 22,609$ 156,852$ Revenue per Attraction Visitor 52.09$ 57.65$ 66.82$ 58.27$ 60.48$ 56.83$ 63.49$ 72.89$ 61.76$ 66.04$ Attractions Revenue 21,678$ 54,928$ 77,000$ 29,658$ 183,264$ 22,209$ 63,640$ 87,169$ 29,851$ 202,870$ As Reported Hospitality KPIs (000s): Rooms Nights Available 117 164 202 112 596 109 159 213 114 594 Occupancy % 57.7% 69.3% 70.4% 50.3% 63.8% 59.3% 73.5% 90.4% 57.6% 73.9% Rooms Sold 68 114 142 56 380 65 117 192 65 439 ADR 112.40$ 216.10$ 295.42$ 137.19$ 215.65$ 113.38$ 221.80$ 310.32$ 185.43$ 239.41$ Rooms Revenue 7,604$ 24,578$ 42,020$ 7,719$ 81,920$ 7,339$ 25,952$ 59,677$ 12,123$ 105,091$ RevPAR 64.82$ 149.66$ 207.85$ 68.95$ 137.53$ 67.26$ 163.11$ 280.56$ 106.78$ 176.92$ Hospitality Revenue 11,580$ 40,547$ 79,059$ 11,884$ 143,071$ 11,194$ 44,485$ 105,739$ 18,932$ 180,350$ Same-Store1 Hospitality KPIs (000s): Rooms Nights Available 103 150 125 28 408 102 151 126 30 409 Occupancy % 58.2% 69.0% 87.1% 68.8% 71.8% 59.2% 73.1% 88.5% 62.4% 73.6% Rooms Sold 60 104 109 20 293 60 110 112 19 301 ADR 107.00$ 218.38$ 303.77$ 148.07$ 222.54$ 114.10$ 224.67$ 318.02$ 152.80$ 232.59$ Rooms Revenue 6,439$ 22,669$ 33,196$ 2,889$ 65,193$ 6,862$ 24,821$ 35,470$ 2,863$ 70,016$ RevPAR 62.22$ 150.73$ 264.65$ 101.88$ 159.79$ 67.56$ 164.15$ 281.32$ 95.34$ 171.19$ Hospitality Revenue 9,737$ 37,936$ 69,074$ 5,532$ 122,278$ 10,343$ 41,621$ 73,171$ 5,501$ 130,635$
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40 NON-GAAP FINANCIAL RECONCILIATION 40 Glacier Raft Co. West Glacier, Montana Note: In December 2024, we completed the sale of our GES business and, as a result, we have accounted for the GES business as a discontinued operation. All amounts and disclosures for all periods presented in this earnings presentation reflect only the continuing operations unless otherwise noted. (A) Includes a largely non-cash $5.4 million settlement charge associated with the termination of the legacy Giltspur Inc. Employees’ Pension Plan, which was reclassified from AOCL, in Q2'25 and a $4.2 million gain from business interruption insurance proceeds received in Q3’25 related to lost profits in 2024 from the Jasper wildfire. (B) Start-up costs include expenses primarily related to the development of our new Flyover attraction in Chicago and trailing expenses related to the Flyover Toronto lease exit. (C) Transaction-related costs represent expenses related to acquisition, divestiture, and other corporate development activities, including costs for integration, separation (sale of GES), diligence, feasibility, legal, and other costs. (D) Represents net expenses previously allocated to/from GES that do not qualify for discontinued operations treatment. (E) Includes a charitable pledge to support Jasper's recovery in Q4'24, certain non-recurring wildfire and insurance-related items , and non-capitalizable fees and expenses related to our shelf registration in 2024. (F) Remeasurement of finance lease obligation represents the non-cash foreign exchange loss/(gain) included within operating expenses related to the periodic remeasurement of the Sky Lagoon finance lease obligation. ADJUSTED EBITDA (000's) FY'24 FY'25 Revenue 366,488 452,417 Net income attributable to Pursuit 368,544 22,668 Net income attributable to non-redeemable noncontrolling interest 6,557 13,641 Net loss attributable to redeemable noncontrolling interest (1,258) - (Income) loss from discontinued operations, net of tax (425,603) 2,208 Interest expense, net 14,182 8,823 Income tax expense (benefit) 6,325 16,502 Depreciation and amortization 42,960 46,070 Restructuring charges 3,157 749 Impairment charges 47,572 - Other expense, net (A) 916 913 Start-up costs (B) 2,266 - Transaction-related costs (C) 2,875 10,764 SG&A costs previously allocated to GES (D) 3,576 - Other non-recurring items (E) 4,121 (284) FX remeasurement associated with debt and debt-like obligations, pre-tax (F) 876 (4,909) Adjusted EBITDA 77,066 117,145 Adjusted EBITDA margin 21.0% 25.9% ADJUSTED NET INCOME (000's) FY'24 FY'25 Net income attributable to Pursuit 368,544 22,668 (Income) loss from discontinued operations attributable to Pursuit, net of tax (425,603) 2,208 Income (loss) from continuing operations attributable to Pursuit (57,059) 24,876 Restructuring charges, pre-tax 3,157 749 Impairment charges, pre-tax 47,572 - Transaction-related costs and other non-recurring items, pre-tax 14,467 10,480 FX remeasurement associated with debt and debt-like obligations, pre-tax (F) 876 (4,909) Legacy pension termination, pre-tax (A) - 3,931 Business interruption gain, pre-tax (A) - (4,195) Tax benefit on above items (4,035) (875) Portion of above amounts attributable to non-controlling interests (1,251) 3,469 Adjusted net income 3,727 33,526