Pursuit Attractions and Hospitality Q4 Earnings Call Highlights

Core Insights - Pursuit Attractions and Hospitality reported record financial performance in 2025, with adjusted EBITDA rising by $40.1 million to $117.1 million, supported by revenue growth and improved margins [1][6] - The company achieved a full-year revenue increase of 23% year-over-year, reaching $452.4 million, primarily driven by the recovery of Jasper properties and new experiences [2][6] - Pursuit introduced "Vision 2030" financial targets, aiming for over $845 million in revenue and more than $265 million in adjusted EBITDA by 2030, with a significant investment pipeline planned [5][10] Financial Performance - Adjusted net income increased to $33.5 million from $3.7 million a year earlier, while net income attributable to Pursuit was $22.7 million compared to $368.5 million in the prior year, largely due to the sale of GES [1] - The company served 4.2 million attraction visitors and 439,000 room nights during the year, indicating strong demand across its portfolio [3][6] Strategic Actions - Pursuit completed several acquisitions, including Tabacon and full ownership of Glacier Park, and agreed to sell its non-core FlyOver business at a valuation of approximately 15 times 2025 adjusted EBITDA [6][18] - The company returned $14.5 million to shareholders through share repurchases, reflecting a commitment to shareholder value [18] Vision 2030 and Growth Strategy - Management outlined a "Refresh and Build" pipeline of over $300 million planned from 2026 to 2030, aimed at expanding capacity and enhancing guest experiences [12][11] - The growth plan is supported by four levers: improving existing experiences, organic investments, strategic acquisitions, and opportunistic share repurchases [11] 2026 Outlook - For 2026, Pursuit guided adjusted EBITDA to be between $123 million and $133 million, representing about 9% growth at the midpoint compared to 2025 [14] - The guidance includes an expected contribution of approximately $0.5 million from FlyOver, with incremental adjusted EBITDA from Tabacon anticipated to be around $7 million to $8 million [15][14] Demand Indicators - Early lodging pacing in Canada and the U.S. is reported to be strong, with several destination-specific tailwinds expected to support growth, including renewed free admission to Canadian national parks and expanded air service in Anchorage [21]