Pursuit Attractions and Hospitality (PRSU) Investor presentation summary

Investment highlights

• Operates unique experiential infrastructure in iconic locations across four countries, with a differentiated business model generating sustainable cash flow and a decade-long track record of growth and strong returns.

• Quadrupled revenue at a 15% CAGR from 2015 to 2025, reaching $452M in 2025, with 17 attractions and 29 lodges.

• Experiences are recognized globally, with multiple awards and top rankings for attractions and lodges.

• Launched as a standalone company in 2025, delivering record results and strong strategic progress.

Financial performance and outlook

• Achieved $452M in revenue and $117M in Adjusted EBITDA in 2025, with a 26% margin and significant year-over-year growth.

• Expects double-digit revenue and Adjusted EBITDA growth in 2026, excluding Flyover, with margin improvement and incremental contributions from recent acquisitions.

• Targeting over $845M in revenue and $265M in Adjusted EBITDA by 2030, with more than 2.3x AEBITDA growth and margin expansion to over 30%.

• Maintains a strong balance sheet with $238M liquidity and low net leverage (1.0x at year-end 2025), supporting accelerated growth and share repurchases.

Growth strategy and investments

• Drives growth through organic investments, strategic acquisitions, and opportunistic share repurchases, supported by a robust pipeline and proven track record.

• Plans over $300M in organic growth investments from 2026–2030, with $88–93M in growth capex for 2026 and a focus on high-return projects in high-demand markets.

• Recent acquisitions include luxury assets in Costa Rica and full ownership of Glacier Park, Inc. and Flyover Iceland, with a non-core asset sale (Flyover) at a premium valuation.

• Investment criteria emphasize iconic, supply-constrained locations with perennial demand and attractive margins, targeting a 15%+ IRR.