Pursuit Attractions & Hospitality, Inc.

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sufficiency and cost of insurance coverage;

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the sufficiency and cost of insurance coverage;

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stock price and trading volumes affected by reports issued by securities industry analysts.

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the impact of reports issued by securities industry analysts on our stock price and trading volume.

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For a more complete discussion of the risks and uncertainties that may affect our business or financial results, refer to Part 1, Item 1A –Risk Factors of our 2024 Form 10-K. We disclaim and do not undertake any obligation to update or revise any forward-looking statement except as required by applicable law or regulation.

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For a more complete discussion of the risks and uncertainties that may affect our business or financial results, see Part 1, Item 1A –Risk Factors of our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on March 17, 2025 (“2024 Form 10-K”). We disclaim and do not undertake any obligation to update or revise any forward-looking statement except as required by applicable law or regulation.

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We are 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 (as of July 1, 2025, in conjunction with our recent acquisition of Tabacón Thermal Resort & Spa (“Tabacón”), as further discussed below). Our 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.

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We are 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. Our 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.

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We determined that the sale of the GES Business met the criteria to be classified as a discontinued operation. Accordingly, we have accounted for the GES Business as a discontinued operation in this Quarterly Report on Form 10-Q. All amounts and disclosures for all periods presented reflect only the continuing operations of the Company unless otherwise noted. Refer to Note 5 –Discontinued Operationsof the Notes to Condensed Consolidated Financial Statements (Part I, Item 1 of this Form 10-Q) for further information.

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We determined that the sale of the GES Business met the criteria to be classified as a discontinued operation. Accordingly, we have accounted for the GES Business as a discontinued operation in this Quarterly Report on Form 10-Q. All amounts and disclosures for all periods presented reflect only the continuing operations of the Company unless otherwise noted. See Note 5 –Discontinued Operations to the Condensed Consolidated Financial Statements (Part I, Item 1 of this Form 10-Q) for additional information.

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On July 1, 2025, we entered into a Share Purchase Agreement with the shareholders of Inversiones Turísticas Arenal, S.A. (“ITA”), pursuant to which we acquired all of the issued and outstanding shares of ITA. ITA is the owner and operator of Tabacón, a five-star eco-luxury resort located in the Arenal region of Costa Rica, which spans 570 acres of rainforest. Tabacón features 105 rooms, an internationally renowned spa, and signature culinary experiences. Refer to Note 22 –Subsequent Events of the Notes to Condensed Consolidated Financial Statements (Part I, Item 1 of this Form 10-Q) for further information. The financial results of Tabacón will be consolidated in our financial statements prospectively from the date of acquisition and, as such, there is no financial impact from Tabacón included in the results of operations for the three and six months ended June 30, 2025.

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On July 1, 2025, we entered into a Share Purchase Agreement with the shareholders of Inversiones Turísticas Arenal, S.A. (“ITA”), pursuant to which we acquired all of the issued and outstanding shares of ITA. ITA is the owner and operator of Tabacón Thermal Resort & Spa (“Tabacón”), an eco-luxury resort spanning 570 acres of rainforest which features two thermal river attractions, located in the Arenal region of Costa Rica. Tabacón features 105 rooms, an internationally renowned spa, and signature culinary experiences. See Note 4 –Acquisitions to the Condensed Consolidated Financial Statements (Part I, Item 1 of this Form 10-Q) for additional information. The financial results of Tabacón are consolidated in our financial statements prospectively from the July 1, 2025 acquisition date.

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Our peak activity historically occurs during the summer months. During 2024, 77% of our revenue was earned in the second and third quarters.

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Peak activity for the majority of our operations historically occurs during the summer months. During 2024, 77% of our revenue was earned in the second and third quarters. However, our recent acquisition of Tabacón represents an operation which we expect will generate revenue more evenly over the course of the calendar year.

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Revenue by line of business does not agree to Note 2 –Revenue and Related Contract Liabilities of the Notes to Condensed Consolidated Financial Statements (Part I, Item 1 of this Form 10-Q) as the amounts in the above table include product revenue from food and beverage and retail operations within each line of business.

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Revenue by line of business does not agree to Note 2 –Revenue and Related Contract Liabilitiesto the Condensed Consolidated Financial Statements (Part I, Item 1 of this Form 10-Q) as the amounts in the above table include product revenue from food and beverage and retail operations within each line of business.

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Attractions revenue increased $11.5 million primarily due to a 7.7% increase in the number of visitors as well as higher revenue per attraction visitor of 11.9%. Additionally, our Jasper SkyTram attraction, which we acquired on December 31, 2024, contributed incremental revenue of $1.7 million during the three months ended June 30, 2025.

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Attractions revenue increased $31.7 million during the three months ended September 30, 2025 primarily due to a 21.9% increase in the number of visitors, which was impacted by the Jasper wildfires in the prior year, as well as higher revenue per attraction visitor of 8.7%. Additionally, our Jasper SkyTram attraction, which we acquired on December 31, 2024, and Tabacón, which we acquired in July 2025, contributed combined incremental revenue of $4.3 million during the three months ended September 30, 2025. Attractions revenue increased $44.2 million during the nine months ended September 30, 2025 primarily due to a 14.2% increase in the number of visitors, which was impacted by the Jasper wildfires in the prior year, as well as higher revenue per attraction visitor of 9.5%. Additionally, the Jasper SkyTram attraction, Tabacón, and our Flyover Chicago attraction, which opened on March 1, 2024, contributed combined incremental revenue of $7.3 million during the nine months ended September 30, 2025.

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Hospitality revenue increased $3.9 million primarily due to a 9.0% increase in Revenue per Available Room (“RevPAR”) driven by revenue management efforts and increased guest demand, partially offset by a decrease in available room nights of 3.1% due to ongoing renovations work at the Forest Park Woodland Wing.

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Hospitality revenue increased $26.7 million during the three months ended September 30, 2025 primarily due to a 35.0% increase in Revenue per Available Room (“RevPAR”) and an increase in available room nights of 5.2%, both primarily due to the impact of the Jasper wildfires in the prior year, revenue management efforts and overall increased guest demand. Hospitality revenue increased $30.2 million during the nine months ended September 30, 2025 primarily due to a 26.0% increase in RevPAR driven by revenue management efforts and increased guest demand, partially offset by a decrease in available room nights of 0.6% due to ongoing renovations work at the Forest Park Woodland Wing. Additionally, Tabacón contributed incremental revenue of $5.6 million during the three and nine months ended September 30, 2025.

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The following table provides our key performance indicators:

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The following tables provide our key performance indicators:

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Same-Store metrics include only attractions and lodging properties that we operated at full capacity, considering seasonal closures, for the entirety of the 2025 and 2024 periods presented. Apgar Lookout Retreat, Forest Park Hotel Woodland Wing, Flyover Chicago, and the Jasper SkyTram are excluded from same-store metrics. For experiences located outside the United States, key performance indicator comparisons to the prior year are expressed on a constant U.S. dollar basis.

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Same-Store metrics generally include only attractions and lodging properties that we operated at full capacity, considering seasonal closures, for the entirety of the 2025 and 2024 periods presented. Accordingly, Tabacón, Apgar Lookout Retreat, Eddie’s Cafe & Mercantile, Montana House, Flyover Chicago, and the Jasper SkyTram are excluded from same-store metrics. Additionally, attractions and lodging properties that were temporarily closed due to the Jasper wildfires in July 2024 are comparably excluded for the three months ended September 30, 2025. Forest Park Hotel Woodland Wing is excluded from the comparable same-store figures in the table above for the first six months of each year due to the refresh of that property in 2025. For experiences located outside the United States, key performance indicator comparisons to the prior year are expressed on a constant U.S. dollar basis.

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During the three months ended June 30, 2025, attractions ticket revenue on a same-store basis increased $7.2 million, driven by a 5.2% increase in visitors and an 11.2% increase in effective ticket price. During the six months ended June 30, 2025, attractions ticket revenue on a same-store basis increased $7.6 million, driven by a 1.8% increase in visitors and a 11.0% increase in effective ticket price. These increases were primarily driven by the expansion of the Sky Lagoon experience, which included the addition of a larger ritual area and the debut of Skjól, a seven step ritual that opened in August 2024.

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Attractions. During the three months ended September 30, 2025, attractions ticket revenue on a same-store basis increased $7.6 million, driven by an 8.7% increase in effective ticket price and a 3.8% increase in visitors. During the nine months ended September 30, 2025, attractions ticket revenue on a same-store basis increased $15.2 million, driven by a 9.9% increase in effective ticket price and a 2.7% increase in visitors. These increases were primarily driven by continued momentum in guest demand enabled by our focus on guest experience, including particularly strong growth at our attractions in Banff, Alberta and Golden, British Columbia, along with the expansion of the Sky Lagoon experience, which included the addition of a larger ritual area and the debut of Skjól, a seven step ritual which opened in August 2024.

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Rooms revenue on a same-store basis for the three months ended June 30, 2025 increased $2.2 million on an 8.9% increase in RevPAR. Rooms revenue on a same-store basis for the six months ended June 30, 2025 increased $2.6 million on a 9.3% increase in RevPAR.

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Hospitality. Rooms revenue on a same-store basis for the three months ended September 30, 2025 increased $2.3 million on a 6.3% increase in RevPAR. Rooms revenue on a same-store basis for the nine months ended September 30, 2025 increased $4.8 million on a 7.9% increase in RevPAR. The increases in RevPAR for the three and nine months ended September 30, 2025 were primarily due to increases in ADR, particularly at our lodges in Banff, Alberta and Glacier Park, Montana.

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Operating expenses (exclusive of depreciation and amortization) -The increase in operating expenses for the three months ended June 30, 2025 compared to the prior year period was primarily due to increases in variable costs associated with increased transaction volumes and revenues, including royalty and concession fees, labor expense, and cost of goods, as well as other inflationary cost increases, including an increase in allocated administrative expenses, $1.0 million of increased repairs and maintenance expense, and a $0.7 million increase in professional services. These increases were partially offset by the periodic remeasurement of the Sky Lagoon finance lease obligation, which resulted in an unrealized foreign exchange gain of $3.9 million in the second quarter of 2025 as compared to an unrealized gain of $0.2 million in the second quarter of 2024.

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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.

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Selling, general, and administrative expenses -The increase in selling, general and administrative expenses is primarily due to higher transaction-related costs of $3.4 million during the three months ended June 30, 2025 and $8.3 million during the six months ended June 30, 2025 (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), offset in part by a decrease in corporate overhead costs.

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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.

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Other expense, net -The increase in other expense, net is primarily due to a $5.4 million settlement charge associated with the termination of the Giltspur Inc. Employees’ Pension Plan, which was reclassified from AOCL.

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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.

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Income tax expense–The effective tax rate was 28.5% for the three months ended June 30, 2025 compared to 70.9% for the three months ended June 30, 2024, and a negative 5.1% for the six months ended June 30, 2025 compared to a negative 4.0% for the six months ended June 30, 2024. The decrease in the effective rate for the three months ended June 30, 2025 compared to the prior year period was primarily attributable to a tax benefit recorded during the three and six months ended June 30, 2025 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.

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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.

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Income from discontinued operations, net of tax – 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 2024.

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(Loss) income from discontinued operations, net of tax – 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.

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We believe that our existing sources of liquidity will be sufficient to fund operations and projected capital outlays for at least the next 12 months and the longer term.

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We believe that our existing sources of liquidity will be sufficient to fund operations and projected capital outlays for at least the next 12 months.

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When assessing our current sources of liquidity, we include the following:

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Our current sources of liquidity consisted of the following:

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As of June 30, 2025, we held $21.2 million of our cash and cash equivalents outside of the United States.

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As of September 30, 2025, we held $32.0 million of our cash and cash equivalents outside of the United States.

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As of June 30, 2025, the available capacity of our 2025 Revolving Credit Facility (as defined below) was $200 million less $10.5 million of outstanding borrowings and $5.6 million in outstanding letters of credit.

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As of September 30, 2025, the available capacity of our 2025 Revolving Credit Facility (as defined below) was the $300 million total facility size less $53.8 million of outstanding borrowings and $5.6 million in outstanding letters of credit.

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On January 3, 2025, Pursuit entered into the 2025 Credit Agreement (the “2025 Credit Agreement”) with Bank of America, N.A., as administrative agent, and the other lenders named in the agreement. The 2025 Credit Agreement provides for the $200 million revolving credit facility (the “2025 Revolving Credit Facility”), available in U.S. dollars, Canadian dollars, Euros and Pounds sterling, with a maturity of January 3, 2030. Proceeds from the 2025 Revolving Credit Facility will provide us with additional funds for operations, growth initiatives, acquisitions, and other general corporate purposes. Refer to Note 12 –Debt and Finance Lease Obligations of the Notes to Condensed Consolidated Financial Statements (Part I, Item 1 of this Form 10-Q) for further information.

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On January 3, 2025, Pursuit, as a borrower, and Brewster Inc., an Alberta corporation and a co-borrower, entered into a credit agreement with Bank of America, N.A., as administrative agent, and the other lenders named in the agreement (as amended, the “2025 Credit Agreement”). The 2025 Credit Agreement initially provided for a $200 million revolving credit facility (the “2025 Revolving Credit Facility”) available in U.S. dollars, Canadian dollars, Euros and Pound sterling, with a maturity date of January 3, 2030.

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On July 1, 2025, we entered into a Share Purchase Agreement with the shareholders of ITA, pursuant to which we acquired all of the issued and outstanding shares of ITA for an aggregate purchase price of $111.0 million. We funded the purchase price primarily with borrowings under the 2025 Revolving Credit Facility of $105.0 million. Refer to Note 12 –Debt and Finance Lease Obligations and Note 22 –Subsequent Events of the Notes to Condensed Consolidated Financial Statements (Part I, Item 1 of this Form 10-Q) for further information.

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On July 1, 2025, we entered into a Share Purchase Agreement with the shareholders of ITA, pursuant to which we acquired all of the issued and outstanding shares of ITA for an aggregate purchase price of $108.3 million, which is net of customary post-closing adjustments for indebtedness, deferred revenue, working capital, and other specified matters in the Share Purchase Agreement. We funded the purchase price primarily with borrowings under the 2025 Revolving Credit Facility.

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Cash provided by operating activities, supplemented by our existing cash and cash equivalents and availability under our 2025 Revolving Credit Facility, are our primary sources of liquidity for funding our business requirements. During the six months ended June 30, 2025, net cash used in operating activities attributable to continuing operations was $2.8 million.

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Cash provided by operating activities, supplemented by our existing cash and cash equivalents and availability under our 2025 Revolving Credit Facility, are our primary sources of liquidity for funding our business requirements. During the nine months ended September 30, 2025, net cash provided by operating activities attributable to continuing operations was $99.8 million.

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Our short-term and long-term funding requirements include debt obligations, maintenance capital expenditures, working capital requirements, and potential acquisitions and strategic investments as we focus on scaling our investments in high-return unforgettable, inspiring experiences with high return potential through our Refresh, Build, Buy growth strategy. Our projected capital outlays can be adjusted for changes in the operating environment.

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Our short-term and long-term funding requirements include debt obligations, maintenance capital expenditures, working capital requirements, and potential acquisitions and strategic investments as we focus on scaling our investments in unforgettable, inspiring experiences with high return potential through our Refresh, Build, Buy growth strategy. Our projected capital outlays may be adjusted for changes in the operating environment.

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We have additional obligations as part of our ordinary course of business, beyond those committed for debt obligations and capital expenditures. Refer to Note 17 –Pension and Postretirement Benefits and Note 18 –Leases and Other of the Notes to Condensed Consolidated Financial Statements (Part I, Item 1 of this Form 10-Q) for further information. The expected timing of payments of our obligations is estimated based on current information. Timing of payments and actual amounts paid may be different, depending on changes to agreed-upon amounts for certain obligations.

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We have additional obligations as part of our ordinary course of business, beyond those committed for debt obligations and capital expenditures. See Note 16 –Pension and Postretirement Benefits and Note 17 –Leases and Other to the Condensed Consolidated Financial Statements (Part I, Item 1 of this Form 10-Q) for additional information. The expected payment timing of our obligations is estimated based on current information. Timing of payments and actual amounts paid may be different, depending on changes to agreed-upon amounts for certain obligations.

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Net cash used in investing activities attributable to continuing operations decreased $9.5 million compared to the prior year period, primarily due to a decrease in capital expenditures combined with insurance proceeds received of $6.4 million for the Jasper wildfires in the 2025 period.

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Net cash used in investing activities attributable to continuing operations increased $107.9 million for the nine months ended September 30, 2025 compared to the prior year period primarily due to cash paid for the acquisition of Tabacón, as well as an increase in capital expenditures, partially offset by an increase in insurance proceeds received during the nine months ended September 30, 2025 compared to the prior year period related to the Jasper wildfires.

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Refer to Part II, Item 7 –Management’s Discussion and Analysis of Financial Condition and Results of Operations of our 2024 Form 10-K for a discussion of our critical accounting estimates.

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See Part II, Item 7 –Management’s Discussion and Analysis of Financial Condition and Results of Operations of our 2024 Form 10-K for a discussion of our critical accounting estimates.

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Refer to Note 1 –Overview and Basis of Presentation of the Notes to Condensed Consolidated Financial Statements (Part I, Item 1 of this Form 10-Q) for additional information.

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See Note 1 –Overview and Basis of Presentation to the Condensed Consolidated Financial Statements (Part I, Item 1 of this Form 10-Q) for additional information.