Pursuit Reports 2025 Third Quarter Results

DENVER--( BUSINESS WIRE)--Pursuit Attractions and Hospitality, Inc. (“Pursuit”) (NYSE: PRSU) today reported results for the third quarter 2025 and raised guidance for the full year 2025.

David Barry, Pursuit’s President and Chief Executive Officer, commented, “We delivered record third quarter results with strong revenue growth compared to the prior year across all geographies, including exceptionally strong growth from Jasper's recovery, paired with margin expansion from the strong operating leverage in the business and our continued cost discipline. These record results exceeded our expectations, with particular strength in demand across our Canadian operations and at Sky Lagoon, supported by continued global secular trends towards experiential travel in iconic locations, our differentiated businesses, and our passion for delivering incredible experiences for our guests. Our performance showcases the strength of our guest obsessed, experience driven, hospitality-focused culture. This summer, our talented team welcomed millions of visitors and delivered unforgettable experiences with care, passion and precision. Our deep connection to the guest, iconic locations and perennial demand set Pursuit apart and fuels our momentum as a growth company in the large and growing leisure travel space."

Barry added, "With our exceptional third quarter results, we are raising our full year guidance by $6 million at the mid-point. We now expect full year 2025 adjusted EBITDA to be in the range of $116 million to $122 million. Looking ahead, we believe Pursuit will remain well-positioned relative to consumer demand trends for our differentiated and authentic guest experiences in iconic destinations."

Barry continued, "We are poised to drive sustainable growth and long-term shareholder value. Our proven Refresh, Build, Buy growth strategy continues to deliver extraordinary results and enhance our collection of irreplaceable assets, backed by a strong balance sheet and disciplined execution. With our low net leverage ratio and recently upsized revolver, we have both the financial and operational capacity to invest in one-of-a-kind experiences in the world's most beautiful locations. Our pipeline remains robust, with targeted acquisition opportunities and over $250 million of identified organic growth investments within our existing businesses."

Financial Highlights*

Three months ended September 30,

(in millions, except per share data)

2025

2024

$ Change

% Change

Revenue

241.0

182.3

58.8

32.2

Net Income Attributable to Pursuit

73.9

48.6

25.2

51.9

Income from Continuing Operations

76.7

43.3

33.4

77.2

Income (Loss) from Discontinued Operations

(2.9

)

5.3

(8.2

)

***

Adjusted Net Income**

75.3

50.7

24.6

48.6

Diluted EPS Attributable to Pursuit

2.60

1.65

0.95

57.6

Adjusted EPS**

2.65

1.71

0.94

55.0

Adjusted EBITDA**

117.4

82.9

34.4

41.5

* In December 2024, we completed the sale of our GES business and, as a result, we have accounted for the GES business as a discontinued operation. All amounts and disclosures for all periods presented in this press release and supplemental earnings presentation reflect only the continuing operations unless otherwise noted.

** 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.

*** Change is greater than +/- 100 percent

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

Third Quarter Results

* 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.

Balance Sheet and Liquidity Highlights

REFRESH, BUILD, BUY Growth Strategy

Refresh, Build, Buy is our strategic roadmap for disciplined capital deployment and accelerated growth. It is anchored in two growth levers: 1) organic investments through REFRESHING existing assets and BUILDING new experiences, and 2) inorganic investments through BUYING targeted businesses. We have a robust pipeline across both levers as well as the financial and operational capacity to execute at scale and deliver long-term value creation.

1) REFRESH AND BUILD Organic Growth Investments

REFRESH focuses on elevating existing assets to enhance guest and team member experiences while maximizing returns. BUILD brings new, high-impact experiences to iconic destinations, unlocking new revenue streams and operational efficiencies.

We have identified more than $250 million of Refresh and Build growth investments that we believe we can execute from 2025 to 2030 to fuel continuous long-term growth.

During 2025, we expect to invest approximately $38 million to $43 million in organic growth capital expenditures, including:

2) BUY Acquisition Growth Investments

BUY targets unique, high-quality businesses that complement our platform and offer clear paths to performance improvement. Our active acquisition pipeline spans both existing and new geographies with perennial demand, positioning us for sustained long-term growth.

During 2025, we invested approximately $124 million in acquisitions, including:

2025 Outlook

Based on continued demand for our authentic experiences and stronger than expected results for the third quarter 2025, we are raising our full year 2025 guidance. We now expect full year adjusted EBITDA* of $116 million to $122 million, which represents an increase of $6 million at the midpoint relative to our prior guidance range of $108 million to $118 million. This represents substantial adjusted EBITDA growth of $39 million to $45 million relative to 2024.

Our raised guidance is below.

(in millions)

Full Year 2025 Guidance

Full Year 2024 Actual

Revenue

Up ~24% at the midpoint

vs. 2024

$366.5

Adjusted EBITDA*

$116 to $122

$77.1

Maintenance Capex

$30 to $35

(~7-8% of Revenue)

$36.1

Growth Capex

$38 to $43

$20.2

Total Capex

$71 to $76

$56.2

Our guidance includes approximately $8 million to $10 million of adjusted EBITDA from the three tuck-in acquisitions completed during the 2024 fourth quarter and the Tabacón acquisition completed on July 1, 2025, and reflects a fourth quarter exchange rate assumption of $0.72 between the Canadian Dollar and the U.S. Dollar for our operations in Canada (unchanged from prior guidance range).

*We have not quantitatively reconciled our guidance for adjusted EBITDA to our 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 our 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 our results as reported under GAAP.

Conference Call Details

Management will host a conference call to review third quarter 2025 results on Wednesday, November 5, 2025, 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 our website, where we will also post our earnings press release and an earnings presentation prior to the call.

The live call can also be accessed by dialing (646) 844-6383 or (833) 470-1428 and entering the access code 301890. To avoid wait time and bypass speaking with an operator to join the call, participants can pre-register using the following registration link: https://www.netroadshow.com/events/login/LE9zwo49ewGjYuK56lCxzjOkwHrgpKls0i8. After registering, a calendar invitation will be sent that includes dial-in information as well as unique codes for entry into the live call. We recommend that you register in advance to ensure access for the full call.

A replay of the call will be available on our website shortly after the conference call and, for a limited time, by dialing (929) 458-6194 or (866) 813-9403 and entering the access code 794695.

Additionally, we posted a supplemental earnings presentation, containing our financial results, trends and outlook, on the " Investors" section of our website prior to the conference call. We will refer to this presentation during the call.

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 17 world-class point-of-interest attractions and 29 distinctive lodges, along with integrated restaurants, retail and transportation that enable visitors to discover and connect with stunning national parks and renowned global 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 our 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 our expectations concerning the travel industry and the markets in which we operate; our expectations concerning our future financial performance, including our 2025 outlook and the related underlying assumptions; our growth plans and strategies, including with respect to investments, growth capital expenditures and acquisitions; our 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 our 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 our forward-looking statements include, but are not limited to, the following:

For a more complete discussion of the risks and uncertainties that may affect our business or financial results, please see Item 1A, “Risk Factors,” of our most recent annual report on Form 10-K filed with the Securities and Exchange Commission (“SEC”), as well as any future reports we may file with the SEC. We disclaim and do 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.

PURSUIT ATTRACTIONS AND HOSPITALITY, INC. ("PURSUIT")

TABLE ONE - QUARTERLY RESULTS (UNAUDITED)

Three months ended September 30,

Nine months ended September 30,

(in thousands, except per share data)

2025

2024

$ Change

% Change

2025

2024

$ Change

% Change

Revenue:

Ticket, rooms, transportation, and other services revenue

178,140

132,988

45,152

34.0

295,937

238,022

57,915

24.3

Food and beverage and retail products revenue

62,882

49,269

13,613

27.6

99,407

82,667

16,740

20.2

Total revenue

241,022

182,257

58,765

32.2

395,344

320,689

74,655

23.3

Cost of food and beverage and retail products sold

(19,809

)

(16,979

)

(2,830

)

(16.7

(30,965

)

(27,893

)

(3,072

)

(11.0

Operating expenses (exclusive of depreciation and amortization shown separately below) (Note A)

(86,592

)

(68,584

)

(18,008

)

(26.3

(187,582

)

(168,751

)

(18,831

)

(11.2

Selling, general, and administrative expenses (Note B)

(17,445

)

(14,543

)

(2,902

)

(20.0

(50,339

)

(41,080

)

(9,259

)

(22.5

Depreciation and amortization

(12,042

)

(11,277

)

(765

)

(6.8

(34,083

)

(32,222

)

(1,861

)

(5.8

Impairment charges (Note C)

(6,110

)

6,110

(100.0

(6,110

)

6,110

(100.0

Other income (expense) (Note D)

3,455

(255

)

3,710

(2,864

)

(874

)

(1,990

)

Interest expense, net

(2,835

)

(3,461

)

626

18.1

(6,227

)

(10,320

)

4,093

39.7

Income from continuing operations before income taxes

105,754

61,048

44,706

73.2

83,284

33,439

49,845

Income tax expense (Note E)

(17,771

)

(10,507

)

(7,264

)

(69.1

(18,926

)

(11,625

)

(7,301

)

(62.8

Income from continuing operations

87,983

50,541

37,442

74.1

64,358

21,814

42,544

Income (loss) from discontinued operations, net of tax (Note F)

(2,882

)

5,323

(8,205

)

(1,878

)

38,685

(40,563

)

Net income

85,101

55,864

29,237

52.3

62,480

60,499

1,981

3.3

Net income attributable to non-redeemable noncontrolling interest

(11,248

)

(7,178

)

(4,070

)

(56.7

(14,117

)

(8,062

)

(6,055

)

(75.1

Net (income) loss attributable to redeemable noncontrolling interest

(71

)

(100.0

372

(372

)

(100.0

Net income attributable to Pursuit

73,853

48,615

25,238

51.9

48,363

52,809

(4,446

)

(8.4

Amounts Attributable to Pursuit:

Income from continuing operations

76,735

43,292

33,443

77.2

50,241

14,124

36,117

Income (loss) from discontinued operations, net of tax (Note F)

(2,882

)

5,323

(8,205

)

(1,878

)

38,685

(40,563

)

Net income

73,853

48,615

25,238

51.9

48,363

52,809

(4,446

)

(8.4

Income per common share attributable to Pursuit (Note G)

Basic income per common share

2.61

1.68

0.93

55.4

1.71

1.69

0.02

1.2

Diluted income per common share

2.60

1.65

0.95

57.6

1.70

1.67

0.03

1.8

Weighted-average common shares outstanding:

Basic weighted-average outstanding common shares

28,275

21,166

7,109

33.6

28,214

21,107

7,107

33.7

Additional dilutive shares related to share-based compensation

183

449

(266

)

(59.2

186

410

(224

)

(54.6

Diluted weighted-average outstanding common shares

28,458

21,615

6,843

31.7

28,400

21,517

6,883

32.0

** Change is greater than +/- 100 percent

PURSUIT ATTRACTIONS AND HOSPITALITY, INC. ("PURSUIT")

TABLE ONE - NOTES TO QUARTERLY AND FULL YEAR RESULTS (UNAUDITED)

(A) Operating expenses (exclusive of depreciation and amortization) - The increase in operating expenses for the three months ended September 30, 2025 compared to the prior year period was primarily due to increases in variable costs associated with increased transaction volumes and revenue, including increases of $6.1 million in labor expense, $3.8 million in commission and other variable revenue-based fees, $2.0 million in operating supplies and services, and other inflationary cost increases. The increase in operating expenses for the nine months ended September 30, 2025 compared to the prior year period was primarily due to increases in variable costs associated with increased transaction volumes and revenue, including increases of $7.5 million in labor expense, $5.3 million in commission and other variable revenue-based fees, an increase in allocated administrative expenses, and other inflationary cost increases. Additionally, the increases for the nine months ended September 30, 2025 were partially offset by the periodic remeasurement of the Sky Lagoon finance lease obligation, which resulted in an unrealized foreign exchange gain of $5.5 million.

(B) Selling, general, and administrative expenses - The increase in selling, general and administrative expenses for the three and nine months ended September 30, 2025 was primarily due to higher transaction-related costs (primarily related to our transition to a standalone publicly-traded operating company in connection with the sale of the GES Business, as well as expenses associated with our acquisition of Tabacón) of $1.1 million and $9.4 million, respectively, along with an increase in variable compensation accruals associated with higher full-year expected performance targets.

(C) Impairment charges - During the three and nine months ended September 30, 2024, we recorded an asset impairment charge of $5.5 million related to site-specific engineering plans developed for Flyover Canada Toronto, for which our facility lease was terminated in August 2024. Additionally, we recorded an impairment charge of $0.6 million related to intangible assets of the Wilderness Kitchen, which was lost in the Jasper wildfires.

(D) Other income (expense), net - During the three and nine months ended September 30, 2025, we recorded a gain of $4.2 million for business interruption proceeds received related to the Jasper wildfires within other (income) expense, net. Additionally, during the nine months ended September 30, 2025, we recorded a $5.4 million settlement charge associated with the termination of the Giltspur Inc. Employees’ Pension Plan within other (income) expense, net, which was reclassified from Accumulated Other Comprehensive Loss.

(E) Income tax expense - The effective tax rate was 16.8% for the three months ended September 30, 2025 compared to 17.2% for the three months ended September 30, 2024, and 22.7% for the nine months ended September 30, 2025 compared to 34.8% for the nine months ended September 30, 2024. The decrease in the effective rate for the nine months ended September 30, 2025 compared to the prior year period was primarily attributable to a tax benefit of $3.2 million associated with the release of valuation allowances recorded against Canadian net operating losses, as well as the termination of the Giltspur, Inc. Employees’ Pension Plan.

(F) Income (loss) from discontinued operations - On December 31, 2024, we completed the sale of the GES Business. Accordingly, the operating results of the GES Business are included within discontinued operations for the three and nine months ended September 30, 2024.

(G) Income (loss) per common share - Diluted income (loss) per common share is calculated using the more dilutive of the two-class method or if-converted method. The two-class method uses net income (loss) available to common stockholders and assumes conversion of all potential shares other than the participating securities. The if-converted method uses net income (loss) available to common stockholders and assumes conversion of all potential shares including the participating securities. Dilutive potential common shares include outstanding stock options, unvested restricted share units and convertible preferred stock. We apply the two-class method in calculating income (loss) per common share as unvested share-based payment awards that contain nonforfeitable rights to dividends and preferred stock are considered participating securities. Accordingly, such securities are included in the earnings allocation in calculating income (loss) per share. The adjustment to the carrying value of the redeemable noncontrolling interest is reflected in income (loss) per common share.

The components of basic and diluted income (loss) per share are as follows:

Three months ended September 30,

Nine months ended September 30,

(in thousands)

2025

2024

$ Change

% Change

2025

2024

$ Change

% Change

Net income attributable to Pursuit

73,853

48,615

25,238

51.9

48,363

52,809

(4,446

)

(8.4

Convertible preferred stock dividends

(1,950

)

1,950

(100.0

(5,850

)

5,850

(100.0

Undistributed income attributable to Pursuit

73,853

46,665

27,188

58.3

48,363

46,959

1,404

3.0

Less: Allocation to participating securities

(11,187

)

11,187

(100.0

(11,282

)

11,282

(100.0

Net income allocated to Pursuit common shareholders (basic)

73,853

35,478

38,375

48,363

35,677

12,686

35.6

Add: Allocation to participating securities

177

(177

)

(100.0

165

(165

)

(100.0

Net income allocated to Pursuit common shareholders (diluted)

73,853

35,655

38,198

48,363

35,842

12,521

34.9

Basic weighted-average outstanding common shares

28,275

21,166

7,109

33.6

28,214

21,107

7,107

33.7

Additional dilutive shares related to share-based compensation

183

449

(266

)

(59.2

186

410

(224

)

(54.6

Diluted weighted-average outstanding common shares

28,458

21,615

6,843

31.7

28,400

21,517

6,883

32.0

** Change is greater than +/- 100 percent

PURSUIT ATTRACTIONS AND HOSPITALITY, INC. ("PURSUIT")

TABLE TWO - NON-GAAP FINANCIAL MEASURES (UNAUDITED)

IMPORTANT DISCLOSURES REGARDING NON-GAAP FINANCIAL MEASURES

This document includes the presentation of "Adjusted Net Income (Loss)", “Adjusted EPS”, "Adjusted EBITDA", and “Adjusted EBITDA Margin”, which are supplemental to results presented under accounting principles generally accepted in the United States of America (“GAAP”) and may not be comparable to similarly titled measures presented by other companies. These non-GAAP measures are utilized by management to facilitate period-to-period comparisons and analysis of Pursuit’s operating performance and should be considered in addition to, but not as substitutes for, other similar measures reported in accordance with GAAP. The use of these non-GAAP financial measures is limited, compared to the most comparable GAAP measures, because they do not consider a variety of items affecting Pursuit’s consolidated financial performance as reconciled below. Because these non-GAAP measures do not consider all items affecting Pursuit’s consolidated financial performance, a user of Pursuit’s financial information should consider net income attributable to Pursuit as an important measure of financial performance because it provides a more complete measure of the Company’s performance.

Adjusted Net Income (Loss), Adjusted EPS, Adjusted EBITDA, and Adjusted EBITDA Margin are considered useful operating metrics, in addition to net income attributable to Pursuit, as potential variations arising from non-operational expenses/income are eliminated, thus resulting in additional measures considered to be indicative of Pursuit’s performance. Management believes that the presentation of Adjusted Net Income (Loss), Adjusted EPS, Adjusted EBITDA, and Adjusted EBITDA Margin provide useful information to investors regarding Pursuit’s results of operations for trending, analyzing and benchmarking the performance and value of Pursuit’s business.

Additionally, we calculate the impact of foreign exchange rate variances by converting non-United States Dollar results using comparative period exchange rates and determining the change from prior period reported results.

Three months ended September 30,

Nine months ended September 30,

(in thousands, except per share data)

2025

2024

$ Change

% Change

2025

2024

$ Change

% Change

Adjusted net income:

Net income attributable to Pursuit

73,853

48,615

25,238

51.9

48,363

52,809

(4,446

)

(8.4

(Income) loss from discontinued operations attributable to Pursuit, net of tax

2,882

(5,323

)

8,205

1,878

(38,685

)

40,563

Income from continuing operations attributable to Pursuit

76,735

43,292

33,443

77.2

50,241

14,124

36,117

Restructuring charges, pre-tax

424

721

720

Impairment charges, pre-tax

6,110

(6,110

)

(100.0

6,110

(6,110

)

(100.0

Transaction-related costs and other non-recurring items, pre-tax (Note A)

(82

)

1,893

(1,975

)

8,929

5,567

3,362

60.4

Remeasurement of finance lease obligation, pre-tax (Note B)

261

(1,113

)

1,374

(5,801

)

(291

)

(5,510

)

Legacy pension termination, pre-tax (Note C)

5,393

Business interruption gain, pre-tax (Note D)

(4,195

)

(4,195

)

(4,195

)

(4,195

)

Tax expense (benefit) on above items

882

(27

)

909

(787

)

(122

)

(665

)

Portion of above amounts attributable to non-controlling interests

1,291

545

746

4,064

143

3,921

Adjusted net income

75,316

50,700

24,616

48.6

58,565

25,532

33,033

Adjusted EPS:

Adjusted net income (as reconciled above)

75,316

50,700

24,616

48.6

58,565

25,532

33,033

Convertible preferred stock dividends

(1,950

)

1,950

(100.0

(5,850

)

5,850

(100.0

Undistributed adjusted net income attributable to Pursuit

75,316

48,750

26,566

54.5

58,565

19,682

38,883

Add: Allocation to participating securities (Note E)

(11,687

)

11,687

(100.0

(4,728

)

4,728

(100.0

Diluted adjusted net income allocated to Pursuit common shareholders

75,316

37,063

38,253

58,565

14,954

43,611

Diluted weighted-average outstanding common shares

28,458

21,615

6,843

31.7

28,400

21,517

6,883

32.0

Adjusted EPS

2.65

1.71

0.94

55.0

2.06

0.69

1.37

** Change is greater than +/- 100 percent

(A) Transaction-related costs and other non-recurring expenses include:

Three months ended September 30,

Nine months ended September 30,

(in thousands)

2025

2024

2025

2024

Transaction-related costs 1

1,102

656

9,376

718

Start-up costs 2

207

2,167

SG&A costs previously allocated to GES 3

1,013

2,527

Other non-recurring items 4

(1,184

)

(447

)

155

Transaction-related and other non-recurring items, pre-tax

(82

)

1,893

8,929

5,567

1 Transaction-related costs represent expenses related to acquisition, divestiture, and other corporate development activities, including costs for integration, separation (sale of GES), diligence, feasibility, legal, and other costs.

2 Start-up costs include expenses primarily related to the development of our new Flyover attraction in Chicago and trailing expenses related to the Flyover Toronto lease exit.

3 Represents net expenses previously allocated to/from GES that do not qualify for discontinued operations treatment.

4 Includes certain non-recurring wildfire and insurance-related items and non-capitalizable fees and expenses related to our shelf registration in 2024.

(B) Remeasurement of finance lease obligation attributable to Pursuit represents the non-cash foreign exchange loss/(gain) included within operating expenses related to the periodic remeasurement of the Sky Lagoon finance lease obligation that is attributed to Pursuit’s 51% interest in Sky Lagoon.

(C) The legacy pension termination represents a largely non-cash $5.4 million settlement charge associated with the termination of the legacy Giltspur Inc. Employees’ Pension Plan, which was reclassified from AOCL, in Q2'25.

(D) The business interruption gain represents a $4.2 million gain from business interruption insurance proceeds received in Q3’25 related to lost profits in 2024 from the Jasper wildfire.

(E) Preferred stock and unvested share-based payment awards that contain nonforfeitable rights to dividends are considered participating securities. Accordingly, such securities are included in the earnings allocation in calculating adjusted net income (loss) per common share unless the effect of such inclusion is anti-dilutive to total undistributed income attributable to Pursuit.

PURSUIT ATTRACTIONS AND HOSPITALITY, INC. ("PURSUIT")

TABLE TWO - NON-GAAP FINANCIAL MEASURES CONTINUED (UNAUDITED)

Three months ended September 30,

Nine months ended September 30,

($ in thousands)

2025

2024

$ Change

% Change

2025

2024

$ Change

% Change

Revenue

241,022

182,257

58,765

32.2

395,344

320,689

74,655

23.3

Net income attributable to Pursuit

73,853

48,615

25,238

51.9

48,363

52,809

(4,446

)

(8.4

Net income attributable to non-redeemable noncontrolling interest

11,248

7,178

4,070

56.7

14,117

8,062

6,055

75.1

Net income (loss) attributable to redeemable noncontrolling interest

(71

)

(100.0

(372

)

372

(100.0

(Income) loss from discontinued operations, net of tax

2,882

(5,323

)

8,205

1,878

(38,685

)

40,563

Interest expense, net

2,835

3,461

(626

)

(18.1

6,227

10,320

(4,093

)

(39.7

Income tax expense

17,771

10,507

7,264

69.1

18,926

11,625

7,301

62.8

Depreciation and amortization

12,042

11,277

765

6.8

34,083

32,222

1,861

5.8

Impairment charges

6,110

(6,110

)

(100.0

6,110

(6,110

)

(100.0

Other (income) expense, net (A)

(3,455

)

255

(3,710

)

2,864

874

1,990

Start-up costs (B)

207

(207

)

(100.0

2,167

(2,167

)

(100.0

Transaction-related costs (C)

1,102

656

446

68.0

9,376

718

8,658

SG&A costs previously allocated to GES (D)

1,013

(1,013

)

(100.0

2,527

(2,527

)

(100.0

Other non-recurring items (E)

(1,184

)

(1,201

)

(447

)

155

(602

)

Remeasurement of finance lease obligation (F)

261

(1,113

)

1,374

(5,801

)

(291

)

(5,510

)

Adjusted EBITDA

117,355

82,931

34,424

41.5

129,586

88,241

41,345

46.9

Adjusted EBITDA attributable to noncontrolling interest

(15,750

)

(9,518

)

(6,232

)

(65.5

(21,096

)

(14,562

)

(6,534

)

(44.9

Adjusted EBITDA attributable to Pursuit

101,605

73,413

28,192

38.4

108,490

73,679

34,811

47.2

Adjusted EBITDA Margin

48.7

45.5

3.2

32.8

27.5

5.3

2024

($ in thousands)

Revenue

37,231

101,201

182,257

45,799

366,488

Net income (loss) attributable to Pursuit

(25,117

)

29,311

48,615

315,735

368,544

Net income (loss) attributable to non-redeemable noncontrolling interest

(923

)

1,807

7,178

(1,505

)

6,557

Net income (loss) attributable to redeemable noncontrolling interest

(203

)

(240

)

(886

)

(1,258

)

Income from discontinued operations, net of tax

(3,620

)

(29,742

)

(5,323

)

(386,918

)

(425,603

)

Interest expense, net

2,922

3,937

3,461

3,862

14,182

Income tax expense (benefit)

(1,654

)

2,772

10,507

(5,300

)

6,325

Depreciation and amortization

9,763

11,182

11,277

10,738

42,960

Restructuring charges

3,156

3,157

Impairment charges

6,110

41,462

47,572

Other expense, net (A)

310

308

255

916

Start-up costs (B)

1,940

207

2,266

Transaction-related costs (C)

654

2,159

2,875

Integration costs

)

SG&A costs previously allocated to GES (D)

892

622

1,013

1,049

3,576

Other non-recurring expenses (E)

3,966

4,121

Remeasurement of finance lease obligation (F)

1,004

(182

)

(1,113

)

1,167

876

Adjusted EBITDA

(14,604

)

19,914

82,931

(11,175

)

77,066

Adjusted EBITDA Margin

(39.2 %)

19.7 %

45.5 %

(24.4 %)

21.0 %

** Change is greater than +/- 100 percent

(A) Includes a largely non-cash $5.4 million settlement charge associated with the termination of the legacy Giltspur Inc. Employees’ Pension Plan, which was reclassified from AOCL, in Q2'25 and a $4.2 million gain from business interruption insurance proceeds received in Q3’25 related to lost profits in 2024 from the Jasper wildfire.

(B) Start-up costs include expenses primarily related to the development of our new Flyover attraction in Chicago and trailing expenses related to the Flyover Toronto lease exit.

(C) Transaction-related costs represent expenses related to acquisition, divestiture, and other corporate development activities, including costs for integration, separation (sale of GES), diligence, feasibility, legal, and other costs.

(D) Represents net expenses previously allocated to/from GES that do not qualify for discontinued operations treatment.

(E) Includes a charitable pledge to support Jasper's recovery in Q4'24, certain non-recurring wildfire and insurance-related items , and non-capitalizable fees and expenses related to our shelf registration in 2024.

(F) Remeasurement of finance lease obligation represents the non-cash foreign exchange loss/(gain) included within operating expenses related to the periodic remeasurement of the Sky Lagoon finance lease obligation.