Pursuit Attractions and Hospitality (PRSU) Q4 2024 earnings summary

Executive summary

• Completed the $535 million sale of GES, transforming into a pure-play attractions and hospitality company, rebranding, and eliminating high-cost debt.

• Proceeds from the GES sale were used to fully retire $318 million Term Loan B, optimize the balance sheet, and enable growth investments.

• Achieved solid operational and financial performance in 2024, with strong growth in core attractions and hospitality segments despite Jasper wildfire disruptions.

• Opened Flyover Chicago, expanded Sky Lagoon, and completed three strategic tuck-in acquisitions, including Jasper SkyTram and properties in Apgar Village.

• Entered 2025 with a strong balance sheet, low leverage, and a $200 million undrawn revolver, positioning for accelerated growth.

Financial highlights

• Full-year 2024 revenue reached $366.5 million, up 5% year-over-year, overcoming a $23 million revenue impact from the Jasper wildfire; excluding Jasper, revenue grew 13.9% in 2H.

• Net income attributable to the company was $368.5 million, primarily due to a $421.9 million pre-tax gain from the GES sale.

• Adjusted EBITDA for 2024 was $77.1 million, down $1.8 million year-over-year, mainly due to wildfire impacts at Jasper.

• Q4 2024 revenue was $45.8 million, up 9% year-over-year (15% excluding Jasper properties); consolidated Q4 adjusted EBITDA was negative $11.2 million.

• Net loss from continuing operations was $57.1 million for the year, impacted by $47.6 million in impairment charges and $3.2 million in restructuring charges.

Outlook and guidance

• 2025 guidance projects low double-digit revenue growth and adjusted EBITDA of $98–$108 million, up $21–$31 million from 2024.

• Growth driven by Jasper recovery, recent acquisitions, strong demand, and improved pricing.

• Maintenance capex projected at $29–$34 million; growth capex at $38–$43 million for 2025.

• Guidance assumes a $0.69 USD/CAD exchange rate, with a $7 million EBITDA headwind from FX translation.

• Anticipate $15 million EBITDA recovery from Jasper and $5–$7 million EBITDA contribution from acquisitions.