Pursuit Attractions and Hospitality Q4 Earnings Call Highlights
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Record 2025 results: Revenue rose 23% to $452.4M and adjusted EBITDA increased $40.1M to $117.1M, with margin improving 500 bps to 26% while the company served 4.2 million attraction visitors and 439,000 room nights.
Portfolio reshaping and capital actions: Pursuit completed acquisitions (Tabacon, full ownership of Glacier Park), bought out FlyOver minority interests and agreed to sell the non-core FlyOver business at about 15x 2025 adjusted EBITDA, and returned $14.5M to shareholders via repurchases.
Vision 2030 and near-term investment plan: Management targets >$845M revenue and >$265M adjusted EBITDA (30%+ margin) by 2030, backed by a >$300M Refresh/Build pipeline and increased 2026 growth capex of roughly $88M–$93M.
Pursuit Attractions and Hospitality (NYSE:PRSU) executives highlighted record financial performance in 2025, outlined a portfolio reshaping that included acquisitions and an agreed sale of the company’s FlyOver business, and introduced “Vision 2030” financial targets during the company’s fourth-quarter and full-year earnings call.
President and CEO David Barry said 2025 represented the company’s “best results ever,” citing broad-based growth across the portfolio and continued improvements in guest experience scores. Pursuit reported serving 4.2 million attraction visitors and 439,000 room nights during the year.
Chief Financial Officer Bo Heitz said full-year revenue increased 23% year over year to $452.4 million. He attributed the growth primarily to the recovery at the company’s Jasper properties, which were temporarily closed in the second half of 2024 due to wildfire activity, as well as contributions from new experiences, yield optimization, and continued demand across the portfolio. Excluding Jasper properties that were temporarily closed in the prior year and new experiences not operated for all of both periods, Heitz said revenue rose $29.7 million, or 10%.
Adjusted EBITDA rose $40.1 million to $117.1 million, supported by revenue growth, operating leverage, cost discipline, and a 500 basis point improvement in margin to 26%, management said. Net income attributable to Pursuit (including discontinued operations) was $22.7 million compared with $368.5 million in the prior year, with Heitz noting the year-over-year change was primarily due to the sale of GES in 2024. Adjusted net income was $33.5 million, up from $3.7 million a year earlier.
Attractions: ticket revenue of $201.0 million, up 24%, with visitors up 12% on Jasper’s recovery, new attractions, and demand. Same-store constant-currency effective ticket price increased 9% versus 2024, excluding Jasper’s temporary closures and new attractions.
Hospitality: lodging room revenue of $105.0 million, up 28%, driven by Jasper’s recovery, new lodging, and improvement in same-store ADR and occupancy. Same-store constant-currency RevPAR increased 7%, excluding Jasper’s temporary closures and new lodging.
Barry framed 2025 as part of a “disciplined transformation” built around the company’s “Refresh, Build, Buy” strategy, focused on growing sightseeing attractions and hospitality experiences in iconic destinations.
Management reviewed several transactions and capital actions:
In July 2025, Pursuit entered Costa Rica through the acquisition of Tabacon, described as a thermal river attraction and luxury hospitality experience.
In September 2025, the company acquired full ownership of its Glacier Park subsidiary.
In December 2025, Pursuit purchased the minority interest in FlyOver Iceland, which management said helped simplify the capital structure and eliminated $25 million of non-controlling interest liabilities.
In January 2026, Pursuit entered into an agreement to sell its “non-core FlyOver business” at a premium valuation of approximately 15x 2025 adjusted EBITDA, with closing expected in the spring.
The company returned $14.5 million to shareholders through share repurchases.
Pursuit introduced long-term financial targets it expects to achieve by 2030, excluding FlyOver. Barry said the company is targeting revenue of more than $845 million by 2030, and management believes it can sustain a double-digit compound annual growth rate through the period. The company also set an adjusted EBITDA target of more than $265 million by 2030—more than 2.3 times current levels—with an adjusted EBITDA margin of more than 30%.
Barry said the company’s growth plan is supported by four levers: improving performance across existing experiences, organic “Refresh and Build” investments, strategic acquisitions, and opportunistic share repurchases. He emphasized that Pursuit applies a 15%+ IRR hurdle rate for investments.
Management also described a “Refresh and Build” pipeline of more than $300 million planned from 2026 to 2030, aimed at expanding capacity and unlocking additional yield. Barry pointed to Golden Sky Bridge as an example of expanding an attraction into a broader “multi-experience adventure park,” which management said has increased total revenue per visitor and improved guest experience scores.
During Q&A, executives said they expect the majority of growth to continue coming from organic initiatives, while acquisitions remain an important component of the longer-term plan. They noted that the timing of individual transactions can be difficult to predict and that the company can balance the pace of organic investments depending on the acquisition environment.
For 2026, Pursuit guided to adjusted EBITDA of $123 million to $133 million, representing about 9% growth at the midpoint versus 2025. The guidance includes approximately $0.5 million of adjusted EBITDA from FlyOver, based on the assumption the sale closes in the spring; Heitz said FlyOver contributed “a little over $5 million” of EBITDA in 2025 and noted the first quarter is typically seasonally low for the business.
Excluding FlyOver from both years, management said revenue and adjusted EBITDA are expected to increase at a double-digit rate at the midpoint, with margin improvement. The outlook also includes incremental adjusted EBITDA from Tabacon of approximately $7 million to $8 million relative to the prior year, reflecting the shift to a full-year run rate after the mid-2025 acquisition and anticipated growth at the property.
Management said its guidance assumes some “weather normalization” compared with unusually favorable conditions during the prior year’s peak summer season. The company also expects its effective tax rate to decline to approximately 22% to 26% in 2026 and beyond, which management tied to an expected improvement in U.S. financial results after the FlyOver sale. From a macro perspective, the company assumed a CAD/USD exchange rate of $0.73 per Canadian dollar, similar to the 2025 average.
Heitz said 2026 would be a “pivotal year” for executing large-scale, multi-year growth projects, while noting that many of the biggest projects are not expected to come online in 2026, with a “large portion” of returns anticipated beginning in 2028.
Pursuit expects growth capital expenditures to rise meaningfully to approximately $88 million to $93 million in 2026. Management said major planned investments carry a total commitment of roughly $200 million and are expected to deliver an effective adjusted EBITDA multiple of less than 7x by 2030. The company also noted that, over the last decade, it completed 16 major Refresh, Build, and Buy projects that contributed approximately $102 million of adjusted EBITDA in 2025, representing an effective multiple of about 6x.
Projects highlighted for 2026 included planned work on the Jasper SkyTram, renovations at Forest Park Hotel’s Woodlands Wing, a planned refresh of the Lobstick Lodge, early-stage planning for enhancements at the Banff Gondola, a phased repositioning of Grouse Mountain Lodge in Montana, and a plan to reopen a reimagined Denali Backcountry Adventure in 2027, aligned with the anticipated reopening of road access in Denali National Park.
On demand, management said early lodging pacing in Canada and the U.S. was “off to a solid start,” while noting that travel trade inventory is not fully reflected in early booking data due to release-date practices. Management also cited several destination-specific tailwinds, including renewed free admission to Canadian national parks through the Canada Strong Pass for summer 2026, the expected removal of timed-entry vehicle reservations at Glacier National Park, expanded Anchorage air service and a new Seward cruise ship docking area in 2026, and continued tourism momentum in Costa Rica.
Pursuit Attractions and Hospitality Inc (NYSE: PRSU) is a travel and leisure company focused on delivering immersive experiences at some of North America’s most celebrated destinations. The company’s core operations span scenic attractions such as mountain gondolas and tramways, alpine lodges and wilderness excursions, as well as complementary dining venues that showcase regional flavors. By integrating guided tours, wildlife viewing and seasonal activities, Pursuit aims to create memorable experiences for both individual and group travelers.
In the mountain segment, Pursuit operates marquee attractions including the Banff Gondola and Jasper SkyTram in Canada’s Rocky Mountains, supported by on-site accommodations like Emerald Lake Lodge.
