Pursuit Attractions and Hospitality (NYSE:PRSU) reported record second-quarter revenue as growth at its Tabacón resort and across existing markets offset weather-related pressure on sightseeing visitation.
Revenue rose 14% year over year to $133.5 million in the second quarter of 2026, while adjusted EBITDA increased $3 million to $32.7 million, Chief Financial Officer Bo Heitz said on the company’s earnings call. Adjusted net income totaled $14 million, compared with $10.1 million a year earlier.
Tabacón and Lodging Growth Support Results
Heitz said Tabacón, the Costa Rica thermal-river resort acquired in July 2025, was a primary contributor to quarterly growth. Second-quarter attraction ticket revenue rose 3% to $55 million, driven primarily by Tabacón, while room revenue climbed 27% to $33 million.
Same-store, constant-currency revenue per available room, excluding Tabacón, increased 10% from 2025. Pursuit’s first-half same-store effective attraction ticket price rose 6%, while lodging RevPAR increased 9%, according to President and CEO David Barry.
Attractions visitation was affected by a greater number of poor-weather days compared with the near-ideal weather conditions seen in the prior-year quarter. Heitz said the company’s pricing growth helped offset softer visitation. The weather effect also weighed on margins because attractions carry higher margins than lodging, while lodging posted particularly strong growth during the quarter.
Barry said smoke from distant wildfires had periodically affected operations, though no fires were near the company’s assets or facilities. On smoky days, he said guests may spend more on dining and retail while delaying sightseeing activity until conditions improve. He said the company does not view smoke as a factor that will alter its full-year expectations.
The company received $4.6 million in pre-tax business interruption insurance proceeds during the quarter related to lost profits from the 2024 Jasper wildfire. The amount was excluded from adjusted EBITDA and adjusted net income because of its nonrecurring nature. Total insurance proceeds received since the wildfire have reached approximately $29 million.
Portfolio Changes Strengthen Balance Sheet
Pursuit completed the sale of its non-core Flyover business to Brogent Technologies, a move Barry described as the final step in becoming a pure-play attractions and hospitality company. He said the sale simplifies the business and provides additional financial flexibility for investments that align with Pursuit’s growth strategy.
On July 14, Pursuit acquired Eagle Wing Tours, a whale-watching and marine wildlife attraction in Victoria, British Columbia, for roughly 6.5 times adjusted EBITDA. Eagle Wing serves about 50,000 guests annually and gives the company entry into the Vancouver Island tourism market, which Barry said receives approximately 5 million annual visitors.
Pro forma for the Flyover sale and Eagle Wing acquisition, Pursuit’s net leverage ratio stood at approximately 1 times at June 30, below its target range of 2 times to 3.5 times. The company had roughly $220 million in immediate balance sheet liquidity on the same basis.
The revised full-year outlook includes about $6 million of incremental EBITDA from Flyover before its sale, $1 million to $2 million from Eagle Wing, and an approximately $2 million headwind from revised foreign-exchange assumptions, Heitz said. Outside of those changes, he said the company’s expectations for underlying business performance were unchanged.
Growth Investments and 2030 Targets
Barry said Pursuit has more than $300 million of organic growth opportunities planned from 2026 through 2030. The company expects those investments to contribute more than $40 million of incremental adjusted EBITDA by 2030 at an estimated effective multiple below 7 times.
Projects include a new net park at Golden Skybridge that opened Aug. 1, planned modernization of lifts and amenities at Jasper SkyTram and Banff Gondola, and the planned 2027 relaunch of the Denali Backcountry Adventure wildlife safari. Pursuit is also adding lake-cruise capacity in 2027 at Maligne Lake and Lake Minnewanka.
On the lodging side, renovations at Forest Park Hotel’s Woodland Wing in Jasper have already produced a 22% lift in average daily rate for renovated rooms, Barry said. A new 300-person event center at Grouse Mountain Lodge in Whitefish, Montana, is scheduled to open Aug. 15, with the hotel’s full transformation expected in summer 2027.
At Tabacón, the company said adjusted EBITDA growth during its first 12 months of ownership reduced the effective purchase multiple to nearly 9 times. Pursuit has announced plans for three premium villas aimed at luxury and multi-family travelers, though management did not provide cost or EBITDA estimates for the project.
Pursuit also continued repurchasing shares, with $43 million bought at an average price of $35.72 per share. About $57 million remains under its $100 million repurchase authorization.
Looking ahead, Barry reiterated Pursuit’s Vision 2030 goal of more than $265 million in adjusted EBITDA, more than double its 2025 level, supported by operating improvements, organic investments, acquisitions and opportunistic share repurchases.
About Pursuit Attractions and Hospitality (NYSE:PRSU)
Pursuit Attractions and Hospitality Inc (NYSE: PRSU) is a travel and leisure company focused on delivering immersive experiences at some of North America’s most celebrated destinations. The company’s core operations span scenic attractions such as mountain gondolas and tramways, alpine lodges and wilderness excursions, as well as complementary dining venues that showcase regional flavors. By integrating guided tours, wildlife viewing and seasonal activities, Pursuit aims to create memorable experiences for both individual and group travelers.
In the mountain segment, Pursuit operates marquee attractions including the Banff Gondola and Jasper SkyTram in Canada’s Rocky Mountains, supported by on-site accommodations like Emerald Lake Lodge.
