Pursuit Attractions & Hospitality, Inc.

Previous wording

For a more complete discussion of the risks and uncertainties that may affect our business or financial results, see Part I, Item 1A –Risk Factors of our Annual Report on Form 10-K for the year ended December 31, 2025, filed with the Securities and Exchange Commission on February 25, 2026 (the “2025 Form 10-K”). Given these risks and uncertainties, users of this information should not place undue reliance on these forward-looking statements as predictions of future events. Although we believe that the expectations reflected in the forward-looking statements are reasonable, our information may be incomplete or limited and we cannot guarantee future results. Any forward-looking statements in this Form 10-Q are made as of the date hereof and reflect our current views. We expressly disclaim and do not undertake any obligation to update or revise any forward-looking statement in this Form 10-Q for any reason, even if new information becomes available in the future, except as required by applicable law or regulation.

Current wording

For a more complete discussion of the risks and uncertainties that may affect our business or financial results, see Part I, Item 1A –Risk Factors of our Annual Report on Form 10-K for the year ended December 31, 2025, filed with the Securities and Exchange Commission on February 25, 2026 (the “2025 Form 10-K”). Given these risks and uncertainties, users of this information should not place undue reliance on these forward-looking statements as predictions of future events. Although we believe that the expectations reflected in the forward-looking statements are reasonable, our information may be incomplete or limited and we cannot guarantee future results. Any forward-looking statements in this

Previous wording

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 (“U.S.”), Canada, Iceland, and Costa Rica. Including Eagle Wing Tours, Ltd. (which we acquired on July 14, 2026, as discussed below) and excluding the Flyover Attractions (as defined below), our elevated hospitality experiences include 14 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.

Current wording

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 (“U.S.”), Canada, Iceland, and Costa Rica. Including Eagle Wing (which we acquired on July 14, 2026, as discussed and defined below) and excluding the Flyover Attractions (which we sold on July 31, 2026, as discussed and defined below), our elevated hospitality experiences include 14 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.

Previous wording

On July 31, 2026, we completed the sale of all of our equity in the Flyover attractions (the “Flyover Attractions”) to Brogent Technologies Inc. pursuant to an Equity Purchase Agreement, dated January 21, 2026, for a purchase price of approximately $75.0 million in cash, subject to post-closing adjustments. As of June 30, 2026, the assets and liabilities of the Flyover Attractions are presented as current assets held for sale and current liabilities held for sale on our Condensed Consolidated Balance Sheet. We do not report the Flyover Attractions as a discontinued operation. See Note 4 –Acquisitions and Dispositions to the Condensed Consolidated Financial Statements (Part I, Item 1 of this Form 10-Q) for additional information.

Current wording

On July 31, 2026, we completed the sale of all of our equity in the Flyover attractions (the “Flyover Attractions”) to Brogent Technologies Inc. pursuant to an Equity Purchase Agreement, dated January 21, 2026, for a purchase price of approximately $75.0 million in cash, subject to post-closing adjustments (the “Flyover Attractions Sale”). The financial results of the Flyover Attractions are consolidated in our financial statements through the date of sale. We do not report the Flyover Attractions as a discontinued operation. See Note 4 –Acquisitions and Dispositions to the Condensed Consolidated Financial Statements (Part I, Item 1 of this Form 10-Q) for additional information.

Previous wording

On July 14, 2026, we entered into a Share Purchase Agreement with the shareholders of Eagle Wing Tours Ltd. (“Eagle Wing”), pursuant to which we acquired all of the issued and outstanding shares of Eagle Wing for an aggregate purchase price of CAD $23.9 million (approximately USD $17.0 million as of closing). Eagle Wing, based on Vancouver Island, British Columbia, operates a whale watching and marine wildlife experience through a fleet of five vessels. The financial results of Eagle Wing will be consolidated in our financial statements prospectively from the date of acquisition.

Current wording

On July 14, 2026, we entered into a Share Purchase Agreement with the shareholders of Eagle Wing Tours (“Eagle Wing”), pursuant to which we acquired all of the issued and outstanding shares of Eagle Wing for an aggregate purchase price of CAD $23.9 million (approximately USD $16.9 million as of the acquisition date). Eagle Wing, located on Vancouver Island, British Columbia, operates a whale watching and marine wildlife experience through a fleet of five vessels. The financial results of Eagle Wing are consolidated in our financial statements prospectively from the date of acquisition. See Note 4 –Acquisitions and Dispositions to the Condensed Consolidated Financial Statements (Part I, Item 1 of this Form 10-Q) for additional information.

Previous wording

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 and Dispositions 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 date of acquisition.

Current wording

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. The financial results of Tabacón are consolidated in our financial statements prospectively from the date of acquisition. See Note 4 –Acquisitions and Dispositions to the Condensed Consolidated Financial Statements (Part I, Item 1 of this Form 10-Q) for additional information.

Previous wording

The following table presents total revenue by lines of business for the three and six months ended June 30, 2026 and 2025:

Current wording

The following table presents total revenue by lines of business for the three and nine months ended September 30, 2026 and 2025:

Previous wording

Revenue by lines of business does not agree to Note 2 –Revenue and Related Contract Liabilities to the Condensed Consolidated Financial Statements (Part I, Item 1 of this Form 10-Q) as the amounts in the above table represent management’s methodology for evaluating performance, which includes product revenue from food and beverage and retail operations within each line of business.

Current wording

(1)Revenue by lines of business does not agree to Note 2 –Revenue and Related Contract Liabilities to the Condensed Consolidated Financial Statements (Part I, Item 1 of this Form 10-Q) as the amounts in the above table represent management’s methodology for evaluating performance, which includes product revenue from food and beverage and retail operations within each line of business.

Previous wording

Attractions revenue increased $2.9 million, or 4.2%, during the three months ended June 30, 2026, primarily due to a 7.7% increase in revenue per attraction visitor on a same store-basis, as well as incremental attractions revenue from Tabacón (acquired in July 2025) of $1.2 million. Attractions revenue increased $7.6 million, or 8.3%, during the six months ended June 30, 2026, primarily due to a 6.7% increase in revenue per attraction visitor on a same-store basis, as well as incremental attractions revenue from Tabacón of $3.1 million.

Current wording

Attractions revenue increased $1.9 million, or 1.5%, during the three months ended September 30, 2026, primarily due to a 9.3% increase in revenue per attraction visitor on a same store-basis, as well as incremental attractions revenue from Eagle Wing (acquired July 2026) of $3.4 million, partially offset by a decrease resulting from the sale of the Flyover Attractions (sold July 31, 2026), which contributed $8.1 million of incremental revenue in August and September of 2025. Attractions revenue increased $9.5 million, or 4.3%, during the nine months ended September 30, 2026, primarily due to an 8.2% increase in revenue per attraction visitor on a same-store basis, as well as incremental attractions revenue from Tabacón (acquired July 2025) of $3.4 million and Eagle Wing (acquired July 2026) of $3.4 million, partially offset by a decrease resulting from the sale of the Flyover Attractions (sold July 31, 2026), which contributed $8.1 million of incremental revenue in August and September of 2025.

Previous wording

Hospitality revenue increased $10.4 million during the three months ended June 30, 2026, primarily due to incremental hospitality revenue of $7.1 million from Tabacón, as well as an increase in ADR (as defined below) at our other lodging properties. Hospitality revenue increased $19.2 million during the six months ended June 30, 2026, primarily due to incremental hospitality revenue of $15.2 million from Tabacón, as well as an increase in ADR at our other lodging properties.

Current wording

Hospitality revenue increased $6.1 million, or 5.7%, during the three months ended September 30, 2026, primarily due to a 6.5% increase in ADR (as defined below) on a same-store basis. Hospitality revenue increased $25.3 million, or 15.6%, during the nine months ended September 30, 2026, primarily due to incremental hospitality revenue of $15.2 million from Tabacón (acquired July 2025), as well as a 6.9% increase in ADR on a same-store basis.

Previous wording

Revenue per attraction visitor. Revenue per attraction visitor is calculated as total attractions revenue divided by the total number of visitors at all Pursuit attractions during the period. Total attractions revenue includes ticket sales and ancillary revenue generated by attractions, such as food and beverage and retail revenue. Total attractions revenue per visitor measures the total spend per visitor that attraction properties are able to capture, which is important to the profitability of the attractions business.

Current wording

•Revenue per attraction visitor. Revenue per attraction visitor is calculated as total attractions revenue divided by the total number of visitors at all comparable Pursuit attractions during the period. Total attractions revenue includes ticket sales and ancillary revenue generated by attractions, such as food and beverage and retail revenue. Total attractions revenue per visitor measures the total spend per visitor that attraction properties are able to capture, which is important to the profitability of the attractions business.

Previous wording

The following tables provide our key performance indicators for the three and six months ended June 30, 2026 and 2025:

Current wording

The following tables provide our key performance indicators for the three and nine months ended September 30, 2026 and 2025:

Previous wording

(1) Same-Store key performance indicators represent attractions and hospitality properties that we operated at full capacity, considering seasonal closures, and that have not undergone significant renovations during the quarters being compared. Accordingly, Tabacón (acquired on July 1, 2025), Forest Park Hotel Woodland Wing (currently under renovation), and Grouse Mountain Lodge (currently under renovation) are excluded for the first and second quarters. For attractions and hospitality properties located outside the United States, comparisons to the prior year are expressed on a constant U.S. dollar basis.

Current wording

(1)Same-Store key performance indicators represent attractions and hospitality properties that we operated at full capacity, considering seasonal closures, and that have not undergone significant renovations during the quarters being compared. Accordingly, Eagle Wing Tours (acquired July 2026) and Forest Park Hotel Woodland Wing (under renovation) are excluded for the three and nine months periods. The Flyover Attractions (sold July 2026) are excluded for the third quarter. Grouse Mountain Lodge (previously under renovation in 2026) and Tabacón (acquired July 2025) are excluded for the first and second quarters. For attractions and hospitality properties located outside the United States, comparisons to the prior year are expressed on a constant U.S. dollar basis.

Previous wording

Attractions. During the three months ended June 30, 2026, attractions ticket revenue on a same-store basis increased $0.2 million, driven by a 5.7% increase in effective ticket price, partially offset by a 4.9% decrease in number of visitors. During the six months ended June 30, 2026, attractions ticket revenue on a same-store basis increased $1.2 million, driven by a 5.5% increase in effective ticket price, partially offset by a 3.6% decrease in number of visitors. The increases in effective ticket price were primarily driven by our focus on enhancing the guest experience, while the decreases in number of visitors were primarily due to the impact of unfavorable weather near several of our attractions.

Current wording

Attractions. During the three months ended September 30, 2026, attractions ticket revenue on a same-store basis increased $5.6 million, or 6.4%, driven by a 9.1% increase in effective ticket price, partially offset by a 2.4% decrease in number of visitors. During the nine months ended September 30, 2026, attractions ticket revenue on a same-store basis increased $6.8 million, or 4.2%, driven by a 7.5% increase in effective ticket price, partially offset by a 3.0% decrease in number of visitors. The increases in effective ticket price were primarily driven by our focus on enhancing the guest experience, while the decreases in number of visitors were primarily due to weather related impacts in Canada.

Previous wording

Hospitality. During the three and six months ended June 30, 2026, rooms revenue on a same-store basis increased $2.0 million on a 10.0% increase in RevPAR and $2.4 million on a 9.0% increase in RevPAR, respectively. The increases in RevPAR were primarily due to increases in ADR and supported by strong perennial demand for our renowned experiential travel destinations.

Current wording

Hospitality. During the three and nine months ended September 30, 2026, rooms revenue on a same-store basis increased $4.2 million, or 7.5%, and $6.6 million, or 7.7%, respectively, primarily as a result of increases in ADR which were supported by strong perennial demand for our renowned experiential travel destinations.

Previous wording

The increase in operating expenses for the six months ended June 30, 2026, compared to the prior year period was primarily due to the periodic remeasurement of the Sky Lagoon finance lease obligation, which resulted in an unrealized foreign exchange gain of $6.1 million in 2025 compared to an unrealized foreign exchange loss of $0.2 million in 2026. The increase was also due to incremental expenses from Tabacón of $4.5 million and increases in variable costs associated with increased transaction volumes and revenue, including increases of $3.4 million in labor expense, $2.3 million in operating supplies and services, and other inflationary cost increases.

Current wording

Operating expenses (exclusive of depreciation and amortization) – The increase in operating expenses for the nine months ended September 30, 2026, compared to the prior year period was primarily due to the periodic remeasurement of the Sky Lagoon finance lease obligation, which resulted in an unrealized foreign exchange gain of $5.8 million in 2025 compared to an unrealized foreign exchange gain of $1.6 million in 2026, as well as incremental expenses from Tabacón (acquired July 2025) of $5.1 million. Additionally, the increase was due to higher variable costs associated with increased transaction volumes and revenue, including $3.6 million in labor expense, $3.1 million in operating supplies and services, and other inflationary cost increases.

Previous wording

Other (income) expense, net –The increases in other income for the three and six months ended June 30, 2026, compared to the prior year periods were primarily due to a $5.4 million settlement charge in the prior year periods associated with the termination of the Giltspur Inc. Employees’ Pension Plan, which was reclassified from accumulated other comprehensive loss, and a $4.6 million gain recorded during the three and six months ended June 30, 2026, related to business interruption insurance proceeds received in connection to the 2024 Jasper wildfires. These increases were partially offset by an approximate $3.1 million impairment of the Flyover Attractions Disposal Group (the total assets and liabilities combined with the related accumulated other comprehensive loss of the Flyover Attractions) during the three and six months ended June 30, 2026.

Current wording

The decrease in other expense (income), net for the nine months ended September 30, 2026, compared to the prior year period was primarily due to a $5.4 million settlement charge in 2025 associated with the termination of the Giltspur Inc. Employees’ Pension Plan, which was reclassified from accumulated other comprehensive loss, and income of $4.1 million in 2026 for the amortization of prior service credits and net actuarial gain amounts, which were reclassified from accumulated other comprehensive loss, related to the termination of our postretirement medical plan that was announced in 2025. These amounts were partially offset by a $3.1 million impairment of the Flyover Attractions Disposal Group (the total assets and liabilities combined with the related accumulated other comprehensive loss of the Flyover Attractions) upon meeting held for sale classification and a $2.8 million loss on the Flyover Attractions Sale.

Previous wording

Income tax expense –The effective tax rate was 19.4% for the three months ended June 30, 2026, compared to 28.5% for the three months ended June 30, 2025, and negative 69.7% for the six months ended June 30, 2026, compared to negative 5.1% for the six months ended June 30, 2025. The decreases in the effective rate for the three and six months ended June 30, 2026, compared to the prior year periods were primarily attributable to improved U.S. operating results and the inclusion of Tabacón’s operating results in 2026.

Current wording

Income tax expense –The effective tax rate was 19.7% for the three months ended September 30, 2026, compared to 16.8% for the three months ended September 30, 2025, and the increase was primarily attributable to the tax impacts of the Flyover Attractions Sale. The effective tax rate was 23.2% for the nine months ended September 30, 2026, compared to 22.7% for the nine months ended September 30, 2025, and the increase was primarily attributable to the tax impacts of the Flyover Attractions Sale and the inclusion of Tabacón’s operating results in 2026.

Previous wording

As of June 30, 2026, we held $31.4 million of our unrestricted cash and cash equivalents outside of the U.S.

Current wording

(1)As of September 30, 2026, we held $62.5 million of our unrestricted cash and cash equivalents outside of the U.S.

Previous wording

As of June 30, 2026, the available capacity under our revolving credit facility (“2025 Revolving Credit Facility”) was the $300.0 million total facility size, less $170.5 million of outstanding borrowings and $5.3 million of outstanding letters of credit.

Current wording

(2)As of September 30, 2026, the available capacity under our revolving credit facility (“2025 Revolving Credit Facility”) was the $300.0 million total facility size, less $67.6 million of outstanding borrowings and $3.7 million of outstanding letters of credit.

Previous wording

Cash provided by operating activities, supplemented by our existing unrestricted cash and cash equivalents and availability under our 2025 Revolving Credit Facility, are our primary sources of liquidity for funding our business requirements. A net cash outflow from operating activities is regularly observed in the Condensed Consolidated Statements of Cash Flows during the six months ended June 30 due to seasonality.

Current wording

Cash provided by operating activities, supplemented by our existing unrestricted 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, 2026, net cash provided by operating activities attributable to continuing operations was $82.7 million.

Previous wording

Net cash provided by financing activities attributable to continuing operations was $52.3 million during the six months ended June 30, 2026, an increase of $47.3 million compared to the same period in 2025, primarily driven by an increase of net proceeds from borrowings of $84.1 million, partially offset by $32.7 million for repurchases of our common stock.

Current wording

Net cash used in financing activities attributable to continuing operations was $51.4 million during the nine months ended September 30, 2026, an increase of $85.4 million compared to the same period in 2025, primarily driven by an increase of net payments on debt and finance lease obligations of $62.5 million, as well as $32.7 million for repurchases of our common stock in 2026. These increases were partially offset by a $13.0 million cash payment in 2025 associated with the purchase of our Glacier Park, Inc. noncontrolling interest.

Previous wording

On May 1, 2026, our Board of Directors approved a $50.0 million increase to our existing $50.0 million share repurchase authorization, for a total share repurchase authorization of $100.0 million. During the three and six months ended June 30, 2026, we repurchased shares of our common stock worth $7.5 million and $32.7 million, respectively. As of June 30, 2026, approximately $57.1 million remained authorized and available for common stock repurchases. Repurchases may be made from time to time at our discretion through open market purchases, including through Rule 10b5-1 trading plans, or otherwise, as market conditions and business considerations warrant. The Board of Directors’ authorization does not have an expiration date.

Current wording

On May 1, 2026, our Board of Directors approved a $50.0 million increase to our existing $50.0 million share repurchase authorization, for a total share repurchase authorization of $100.0 million. During the three months ended September 30, 2026, we did not repurchase any equity securities. During the nine months ended September 30, 2026, we repurchased shares of our common stock worth $32.7 million. As of September 30, 2026, approximately $57.1 million remained authorized and available for common stock repurchases. Repurchases may be made from time to time at our discretion through open market purchases, including through Rule 10b5-1 trading plans, or otherwise, as market conditions and business considerations warrant. The Board of Directors’ authorization does not have an expiration date.