Pursuit Reports Record Third Quarter 2026 Results and Reaffirms Full Year Adjusted EBITDA Guidance Midpoint

DENVER--(BUSINESS WIRE)--Pursuit Attractions and Hospitality, Inc. (“Pursuit”) (NYSE: PRSU) today reported record third quarter 2026 results and reaffirmed the midpoint of its prior full year 2026 Adjusted EBITDA guidance range.

“Our record third quarter results reflect exceptional execution from our team during a dynamic peak season,” said David Barry, Pursuit president and chief executive officer. “With our strong results and continued demand for unforgettable experiences in iconic destinations, we are on track to deliver full year growth in line with our prior guidance range, and we remain well positioned to advance our growth pipeline and create long-term shareholder value.”

Key Highlights

• Delivered record third quarter results, supported by Pursuit’s relentless focus on extraordinary guest experiences, disciplined revenue and cost management and investments to scale the business
• Reaffirmed $133 million midpoint guidance for full year 2026 Adjusted EBITDA, representing 14% year-over-year growth, while narrowing the range to $130 million to $136 million
• Enhanced balance sheet strength and strategic focus with sale of non-core Flyover business on July 31, 2026 for approximately $75 million
• Acquired Eagle Wing Tours sightseeing attraction on Vancouver Island on July 14, 2026 for approximately $16 million and advanced transformational organic growth projects across the portfolio in support of Vision 2030 growth targets to drive shareholder value

Third Quarter 2026 Financial Performance

• Pursuit delivered record third quarter revenue of $251.5 million for 2026, representing an increase of 4.4% year-over-year. This growth primarily reflected continued growth across geographies and contribution from Eagle Wing Tours (acquired in July 2026), partially offset by the sale of the Company’s non-core Flyover business (divested in July 2026).
  • Revenue grew 6% year-over-year when adjusting to exclude contributions from the Eagle Wing Tours acquisition and the impact of the divestiture of the Flyover business, driven by strong yield optimization and demand for experiential travel in iconic destinations.
  • On a same-store basis, attraction effective ticket prices and lodging RevPAR both grew 9% year-over-year, reflecting the strength of Pursuit’s guest experience.
• Net income attributable to Pursuit was $82.8 million for the third quarter 2026, up from $73.9 million in the third quarter 2025.
• Adjusted net income* was $85.0 million ($3.03 per share) for the third quarter 2026, up from $75.3 million ($2.65 per share) for the third quarter 2025. The year-over-year improvement primarily reflects higher Adjusted EBITDA* and lower depreciation.
• Adjusted EBITDA* was $125.5 million for the third quarter 2026, up $8.1 million or 7% year-over-year primarily driven by strong flowthrough of higher revenue with margin expansion.

* Refer to Table Two of this press release for a discussion and reconciliation of this non-GAAP financial measure to its most directly comparable GAAP financial measure.

In addition to the commentary above, further information regarding Pursuit's financial results, trends, and outlook is available in a supplemental earnings presentation, which can be accessed on the "Investors" section of the company's website, and in the financial tables accompanying this press release.

September 30, 2026 Balance Sheet and Liquidity Highlights

• Total liquidity was $293.0 million at September 30, 2026, comprising cash and cash equivalents of $64.3 million and $228.7 million of capacity available on the company’s $300 million revolving credit facility.
• Total debt was $134.2 million and Pursuit’s net leverage ratio was 0.6x at September 30, 2026, below the company’s target range of 2.0x to 3.5x.

2026 Outlook

“Based on continued demand for our authentic experiences and strong results year-to-date, we are reaffirming our full year 2026 Adjusted EBITDA midpoint expectation of $133 million and narrowing our guidance range to $130 million to $136 million, from $128 million to $138 million, reinforcing our confidence in our ability to deliver,” said Barry.

Pursuit’s Adjusted EBITDA guidance midpoint of $133 million represents growth of approximately 14% year-over-year.

The company’s guidance is below.

Pursuit’s guidance includes approximately $9 million to $11 million of incremental Adjusted EBITDA from the Tabacón acquisition completed on July 1, 2025 and the Eagle Wing Tours acquisition completed on July 14, 2026, as well as approximately $7 million of Adjusted EBITDA contribution from Flyover (sale closed on July 31, 2026). Additionally, the guidance range reflects a fourth quarter exchange rate assumption of $0.71 between the Canadian Dollar and the U.S. Dollar for Pursuit’s operations in Canada (unchanged from prior guidance).

*Pursuit has not quantitatively reconciled its guidance for Adjusted EBITDA to the company’s most comparable GAAP financial measure because certain reconciling items that impact this metric, including provision for income taxes, interest expense, restructuring or impairment charges, transaction-related costs, and start-up costs have not occurred, are out of the company’s control, or cannot be reasonably predicted. Accordingly, reconciliations to the nearest GAAP financial measure are not available without unreasonable effort. Please note that the unavailable reconciling items could significantly impact Pursuit’s results as reported under GAAP.

Organic Growth Capital Investments

During 2026, Pursuit expects to invest approximately $70 million to $80 million in organic growth capital expenditures, as it moves forward with major planned investments that have a total commitment of approximately $200 million. These projects are part of the company’s Vision 2030 strategy to deploy more than $300 million into high-returning organic growth investments in well-instrumented existing businesses that enhance the guest experience. Pursuit expects to achieve an effective Adjusted EBITDA multiple of less than 7x from these investments by 2030.

Investments that improve the guest experience at lodging properties support both higher occupancy and room rates and leverage Pursuit’s vertically integrated operating model where lodging guests are helpfully connected and have the opportunity to package their stay with Pursuit's attractions and other ancillary services.

Select Organic Growth Investments* Underway and Expected to be Completed for the 2027 Season Include:

• Denali Backcountry Adventure Attraction Relaunch (Alaska) – Reintroducing a premium, high margin wildlife safari experience deep into Denali when park road access reopens in 2027.
• Forest Park Hotel Woodland Wing (Jasper National Park) – Phased renovation to capture higher-end and year-round demand in Jasper, with the first phase of rooms completed in 2025 driving a 22% ADR lift and the final phase of rooms completed in 2026 ahead of the peak summer season. Full hotel transformation, including dining and reception spaces, is expected by the end of 2026.
• Hotel Whitefish, The Next Chapter of Grouse Mountain Lodge (Whitefish, Montana) – Phased renovation to elevate and reposition the property to capture higher-end and year-round demand near Glacier National Park with the first phase of room renovations completed ahead of 2026 peak summer season and a new 300-person event center opened in August to expand capture of meetings and wedding business. Full hotel transformation, including dining and guest spaces, is expected ahead of the 2027 peak season.
• Tabacón Villas Addition (Costa Rica) – Addition of 3 premium villas on existing acreage to meet year-round demand from affluent and multi-family travelers to the Arenal region will be completed in 2027.
• St. Mary Wildscape Cabin Addition (St. Mary, Montana) – Addition of 41 premium cabins on a mountain bluff that pairs iconic views overlooking the renowned Glacier National Park with thoughtful, place-rooted comfort to meet demand for elevated stays near the park in 2027.
• Prince of Wales Hotel Room Refresh (Waterton, Alberta) – Updating guest rooms and corridors ahead of the 100^th anniversary of this iconic landmark property in 2027.

Select Organic Growth Investments* In Progress and Expected to be Complete Beyond 2027 Include:

• Jasper SkyTram (Jasper National Park) – Elevating the arrival-to-summit guest experience and strengthening must-do position in Jasper.
• Banff Gondola (Banff National Park) – Elevating the guest experience at this iconic Banff attraction, including the recent expansion of its top-rated Sky Bistro summit dining experience.
• Banff Jasper Lake Cruise Capacity Expansion (Banff and Jasper National Parks) – Addition of a new 56-passenger boat at Maligne Lake with redeployment of existing 38-passenger boat to Lake Minnewanka to meet demand at these popular attractions in Jasper and Banff by 2028.
• Lobstick Lodge (Jasper National Park) – Planned investments to improve and reposition the year-round lodge in Jasper to capitalize on high market demand from both consumer and tour and travel segments.
• Pyramid Lake Lodge Upgrades (Jasper National Park) – Phased investments to elevate the overall guest experience at this year-round lakeside property in Jasper, including outdoor hot tubs, sauna and gathering spaces overlooking Pyramid Lake.
• Tabacón Private Outdoor Terraces (Costa Rica) – Extending the year-round room experience into nature with the addition of 77 new private outdoor terraces to enhance the premium offering and support strong ADR growth.

*Subject to approvals.

Glacier View Tram Proposal – Incremental to Vision 2030 and Subject to Approval

On October 1, 2026, Pursuit submitted a proposal to the U.S. Forest Service to develop and operate the Glacier View Tram, a proposed year-round sightseeing attraction near Glacier National Park. If approved, the tram would expand the company's portfolio of iconic attractions in one of North America's most resilient tourism destinations, while adding a differentiated, accessible experience offering spectacular views of Glacier National Park and the surrounding Flathead Valley. Located along the primary route to Glacier National Park, which serves approximately 3 million visitors annually, the proposed attraction would feature two 100-passenger cabins ascending more than 3,000 vertical feet in approximately six minutes and build upon Pursuit's established Glacier Park Collection, which includes more than 600 lodge rooms and over 60 years of operating experience in the region. The proposed project is subject to federal review and permitting.

Conference Call Details

Management will host a conference call to review third quarter 2026 results on Wednesday, November 4, 2026, at 5 p.m. (Eastern Time).

A live audio webcast of the call will be available in listen-only mode through the "Events & Presentations" section of Pursuit’s investor website, where the company will also post its earnings press release and a supplemental earnings presentation prior to the call. Management will refer to this presentation during the call.

The live call can also be accessed by dialing (833) 461-5787 and entering the access code 242 289 230. To avoid wait time and bypass speaking with an operator to join the call, participants can pre-register using the following registration link: https://events.q4inc.com/analyst/242289230?pwd=cMDIz1t5. After registering, a calendar invitation will be sent that includes dial-in information as well as unique codes for entry into the live call. The company recommends that you register in advance to ensure access for the full call.

A replay of the call will be available on Pursuit’s website shortly after the conference call and, for a limited time, by dialing (833) 309-1852 and entering the access code 242 289 230.

About Pursuit

Pursuit Attractions and Hospitality, Inc. (NYSE: PRSU) is an attractions and hospitality company that owns and operates a collection of inspiring and unforgettable experiences in iconic destinations in the United States, Canada, Iceland, and Costa Rica. Pursuit’s elevated hospitality experiences include world-class point-of-interest attractions and distinctive lodges, along with integrated restaurants, retail and transportation that enable visitors to discover and connect with renowned travel locations.

For more information, visit pursuit.com.

Forward-Looking Statements

This press release contains a number of forward-looking statements. Words, and variations of words, such as “will,” “can,” “may,” “expect,” “would,” “could,” “might,” “intend,” “plan,” “believe,” “estimate,” “anticipate,” “deliver,” “seek,” “aim,” “potential,” “target,” “outlook,” and similar expressions are intended to identify forward-looking statements. Such forward-looking statements include those that address activities, events or developments that Pursuit or its management believes or anticipates may occur in the future, including all statements regarding the company’s expectations concerning the travel industry and the markets in which Pursuit operates; management’s expectations concerning future financial performance, including its 2026 and long-term outlook and the related underlying assumptions; its growth plans and strategies, including with respect to investments, growth capital expenditures and acquisitions; its ability to opportunistically return capital to shareholders through share repurchases; and other statements that are not historical fact. These forward-looking statements are subject to a host of risks and uncertainties, many of which are beyond the company’s control, which could cause actual results to differ materially from those in the forward-looking statements. Important factors that could cause actual results to differ materially from those described in Pursuit’s forward-looking statements include, but are not limited to, the following:

• general economic and geopolitical uncertainty in key global markets and a worsening of global economic conditions;
• the seasonality of Pursuit’s businesses;
• the competitive nature of the industries in which Pursuit operates;
• travel industry disruptions;
• changes in consumer tastes and preferences for recreational activities;
• natural disasters, weather conditions, and other catastrophic events;
• accidents and adverse incidents at Pursuit’s hotels and attractions;
• the sufficiency and cost of insurance coverage;
• the impact of the company’s borrowings, including its revolving credit facility, on its operational and financial flexibility;
• risks of new capital projects not being commercially successful;
• the company’s ability to fund capital expenditures, or its ability to deploy capital in line with its strategic objectives;
• the company’s ability to successfully integrate and achieve anticipated benefits from acquisitions;
• unknown or contingent liabilities from acquisitions;
• failure to adapt to technological developments or industry trends;
• the company’s inability to realize the strategic, financial and operational benefits from the sale of Flyover;
• potential increases in operating expenses;
• conducting business globally, including the impact of regulatory regimes in geographies where Pursuit operates or may expand;
• Pursuit’s exposure to currency exchange rate fluctuations;
• liabilities relating to prior and discontinued operations;
• the importance of key personnel to Pursuit’s business;
• the impact of labor shortages;
• Pursuit’s exposure to cybersecurity attacks and threats, including the impact of fraud;
• compliance with laws governing the storage, collection, handling, and transfer of personal data and the company’s exposure to legal claims and fines for data breaches or improper handling of such data;
• compliance with foreign data privacy laws that apply to the company’s activities;
• Pursuit’s exposure to litigation in the ordinary course of business;
• changes in federal, state, local or foreign tax laws;
• the company’s ability to comply with extensive environmental requirements;
• risks related to ownership of Pursuit’s common stock; and
• other risks and uncertainties included under Part I, Item 1A of Pursuit’s most recent annual report Form 10-K.

For a more complete discussion of the risks and uncertainties that may affect the company’s business or financial results, please see Item 1A, “Risk Factors,” of Pursuit’s most recent annual report on Form 10-K filed with the Securities and Exchange Commission (“SEC”), as well as any future reports the company may file with the SEC. The company disclaims and does not undertake any obligation to update or revise any forward-looking statement in this press release except as required by applicable law or regulation.

Availability of Information on Pursuit Website

Pursuit routinely uses its investor relations website (investors.pursuit.com) to post presentations to investors and other important information, including information that may be material. Accordingly, Pursuit encourages investors and others interested in Pursuit to review the information it makes public on its investor relations website.

Carrie Long or Michelle Porhola
Investor Relations Contacts
IR@pursuit.com
(602) 207-2681

Jessica Harcombe Fleming
Media Contact
Communications@pursuit.com
(403) 498-8420