Pursuit Attractions and Hospitality (PRSU) Q4 2025 earnings summary

Executive summary

• Achieved record 2025 results as a standalone attractions and hospitality company, with revenue of $452.4M, up 23% year-over-year, and Adjusted EBITDA up 52% to $117.1M, with margin expansion to 26%.

• Strategic actions included acquiring Tabacón in Costa Rica, selling FlyOver/Flyover Attractions for $78.4M at ~15x 2025 Adjusted EBITDA, and repurchasing $14.5M in shares.

• Launched Vision 2030, targeting revenue over $845M and Adjusted EBITDA above $265M by 2030, supported by a strong balance sheet and proven growth strategy.

• Completed sale of GES business and retired high-cost debt, simplifying capital structure.

Financial highlights

• Revenue reached $452.4M in 2025, up 23% year-over-year, driven by Jasper recovery, new experiences, and strong demand.

• Adjusted EBITDA was $117.1M (+52% vs. prior year), with margin expanding to 25.9%.

• Net income attributable to continuing operations was $22.7M–$24.9M; adjusted net income was $33.5M, up from $3.7M.

• Attraction ticket revenue rose 24% to $201M; lodging room revenue grew 28% to $105M.

• Total liquidity at year-end was $238M, with net leverage at 1.0x.

Outlook and guidance

• 2026 Adjusted EBITDA guidance: $123M–$133M, up ~9% at midpoint, with double-digit revenue and EBITDA growth excluding FlyOver.

• 2026 revenue guidance is $465M at midpoint, including ~$8M from FlyOver.

• Growth capex for 2026 projected at $88M–$93M; maintenance capex at $31M–$36M.

• Vision 2030 targets: revenue >$845M, Adjusted EBITDA >$265M, margin >30%.