Pursuit Attractions and Hospitality (PRSU) Q4 2025 earnings summary

Executive summary

• Achieved record 2025 results with revenue of $452.4M, up 23% year-over-year, and Adjusted EBITDA up 52% to $117.1M, with margin expansion to 25.9%–26%.

• Strategic actions included acquiring Tabacón in Costa Rica, selling FlyOver/Flyover Attractions, repurchasing $14.5M in shares, and launching as a standalone company.

• Introduced Vision 2030 targets, aiming for over $845M revenue and $265M+ Adjusted EBITDA by 2030, with a margin target above 30%.

• Focused on organic growth, disciplined acquisitions, and capital allocation to drive long-term shareholder value.

Financial highlights

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

• Adjusted EBITDA increased by $40.1M to $117.1M, with a 500 basis point margin improvement.

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

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

• Tabacón expected to contribute $7M–$8M incremental EBITDA in 2026.

• Growth capital expenditures projected at $88M–$93M in 2026, with major returns expected from 2028 onward.

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