INVESTOR PRESENTATION MARCH 2026 DISCLAIMER This presentation 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 ...

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]

Group 1 - Pursuit Attractions and Hospitality, Inc. (NYSE:PRSU) has entered into a definitive agreement to sell its Flyover flying theater attractions business to Brogent Technologies Inc. for approximately $78.4 million, valuing Flyover at roughly 15 times its estimated 2025 adjusted EBITDA contribution [1] - The transaction is expected to close in the spring pending regulatory approvals, with Flyover continuing to operate under Pursuit's management until the closing to ensure operational continuity [1] - The company announced additional strategic actions, including receiving $25 million in deferred proceeds from the prior sale of its GES business and repurchasing $14.5 million of common stock, reflecting a disciplined capital allocation approach [3] Group 2 - Pursuit Attractions and Hospitality, Inc. operates a portfolio of attractions and hospitality assets across Canada, the United States, Iceland, and Costa Rica, focusing on high-quality, destination-driven experiences [4] - The company's strategy aims to enhance long-term shareholder value by monetizing non-core assets at attractive multiples and redeploying capital toward higher-return initiatives [3] - This portfolio rationalization strengthens balance sheet flexibility and aligns the company more closely with its core experiential hospitality strategy [3]

Core Insights - The importance of cash flow generation is emphasized as a critical factor for a company's existence, development, and success, especially amid global economic uncertainty [2][4] - Companies with positive cash flow can meet obligations, reinvest, and return wealth to shareholders, while negative cash flow indicates liquidity issues [4][5] - A focus on companies with increasing cash flow is essential for identifying potential investment opportunities [5][6] Company Analysis - DNOW Inc. (DNOW), Pursuit Attractions and Hospitality, Inc. (PRSU), Riley Exploration Permian, Inc. (REPX), and RF Industries, Ltd. (RFIL) are highlighted as strong picks due to improving cash flow trends [3][8] - DNOW has an expected earnings growth rate of 20.5% for 2026, with a consensus estimate revised upward by 8.7% over the past 30 days, and holds a VGM Score of A [9] - PRSU's earnings per share estimates for 2025 and 2026 have improved by 1.6% and 10.3% respectively over the past 60 days, with a VGM Score of B [10] - REPX's earnings per share estimates for 2025 and 2026 have increased by 5.0% and 14.2% respectively over the past 60 days, also holding a VGM Score of B [11] - RFIL's fiscal 2026 earnings estimate has been revised by 22.9% over the past week, maintaining a VGM Score of B [12] Screening Parameters - Stocks were screened for those with cash flow in the latest quarter at least equal to or greater than the 5-year average cash flow per common share, indicating a positive trend [6] - Additional criteria included a Zacks Rank of 1 (Strong Buy), an average broker rating of 1, a current price of at least $5, and a VGM Score of B or better [7]

Core Viewpoint - Pursuit Attractions and Hospitality, Inc. plans to release its financial results for the quarter ended September 30, 2025, after market close on November 5, 2025, and will host a conference call to discuss these results and provide business updates [1]. Group 1: Financial Results Announcement - The financial results will be released after market close on November 5, 2025 [1]. - A conference call will be held at 5 p.m. Eastern Time on the same day to review the financial results [1]. Group 2: Conference Call Access - A live audio webcast of the call will be available in listen-only mode on the company's website [2]. - Participants can join the call by dialing (646) 844-6383 or (833) 470-1428 and entering the access code 301890 [2]. - Pre-registration is recommended to avoid wait times and ensure access to the full call [2]. Group 3: Replay Information - A replay of the conference call will be available on the company's website shortly after the call [3]. - For a limited time, the replay can also be accessed by dialing (929) 458-6194 or (866) 813-9403 with access code 794695 [3]. Group 4: Company Overview - Pursuit Attractions and Hospitality, Inc. operates a collection of attractions and hospitality experiences in the U.S., Canada, Iceland, and Costa Rica [4]. - The company owns 17 world-class attractions and 29 distinctive lodges, along with integrated restaurants, retail, and transportation services [4]. Group 5: Investor Relations - Pursuit encourages investors to review important information posted on its investor relations website [6].