Pursuit Attractions and Hospitality (PRSU) Q4 2025 earnings summary

Executive summary

• Achieved record 2025 results as a standalone attractions and hospitality company, with revenue up 23% to $452.4M and Adjusted EBITDA up 52% to $117.1M, driven by strong demand, new experiences, and strategic acquisitions.

• Strategic actions included acquiring Tabacón in Costa Rica, selling FlyOver at a premium (~15x 2025 EBITDA for $78.4M, closing spring 2026), and repurchasing $14.5M in shares.

• Launched Vision 2030, targeting revenue over $845M and Adjusted EBITDA above $265M by 2030, with 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, with Adjusted EBITDA of $117.1M and margin expansion 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 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.

• Growth capex for 2026 projected at $88M–$93M, with $200M+ in multi-year projects initiated.

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