Earnings release
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NEWS RELEASE United Parks & Resorts Inc. Reports Third Quarterand First Nine Months 2026 Results 2026-11-05 ORLANDO, Fla., Nov. 5, 2026 /PRNewswire/ -- United Parks & Resorts Inc. (NYSE: PRKS), a leading theme parks and entertainment company, today reported its nancial results for the third quarter and rst nine months of scal year 2026. Third Quarter 2026 Highlights Attendance was 6.5 million guests, a decrease of approximately 0.3 million guests or 4.7% from the third quarter of 2025. Total revenue was $506.5 million, a decrease of $5.4 million or 1.1% from the third quarter of 2025. Net income was $80.0 million, a decrease of $9.4 million or 10.5% from the third quarter of 2025. Adjusted EBITDA[1] was $205.1 million, a decrease of $11.1 million or 5.1% from the third quarter of 2025. Total revenue per capita[2] increased 3.8% to $78.29 compared to the third quarter of 2025. Admission per capita[2] increased 3.4% to $40.90 while in-park per capita spending[2] increased 4.4% to a record $37.39 compared to the third quarter of 2025. First Nine Months 2026 Highlights Attendance was 15.7 million guests, a decrease of approximately 0.7 million guests or 4.1% from the rst nine months of 2025. Total revenue was $1,268.1 million, a decrease of $20.9 million or 1.6% from the rst nine months of 2025. Net income was $109.2 million, a decrease of $44.1 million or 28.8% from the rst nine months of 2025. Adjusted EBITDA[1] was $458.6 million, a decrease of $31.4 million or 6.4% from the rst nine months of 2025. Total revenue per capita[2] increased 2.6% to $80.54 from the rst nine months of 2025. Admission per capita[2] increased 0.5% to $41.68, while in-park per capita spending[2] increased 4.8% to a record $38.86 from the rst nine months of 2025. Other Highlights During the third quarter of 2026, the Company came to the aid of 237 animals in need in the wild. The total 1
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number of animals the Company has helped over its history is more than 43,000. "We are pleased with the underlying performance of our business, despite signi cantly unfavorable weather, calendar impacts and international headwinds during the quarter," said Marc Swanson, CEO of United Parks & Resorts Inc. "Excluding the impact of these unusual headwinds, which amounted to approximately 325,000 visits, our attendance would have been up. Our attendance during the quarter was also impacted by a planned reduction in promotional admissions products which amounted to more than 100,000 visits. We delivered another quarter of growth in total revenue per capita, driven by continued strong in-park execution and improved admissions product pricing and management. We are continuing to make progress across many of our key initiatives and continue to have signi cant opportunity to improve execution." "Underscoring the progress we are making, our total pass sales during the third quarter were up almost 8% and our total paid pass base was positive as of October 31st. What's even more encouraging, our 2027 speci c pass product base is up over 15% as of October 31st. Despite continued brutal weather in October, our projected total revenue was up for the month and our separately ticketed Howl-O-Scream events saw meaningful year over year growth on non-impacted weather days," continued Swanson. "Looking ahead to 2027 and beyond, we see a clear path to deliver signi cantly higher attendance, revenue, Adjusted EBITDA and free cash ow. In addition to the encouraging trends in our admissions and in park per caps, our pass sales and pass base, 2027 forward bookings revenue for Discovery Cove and for our group business are each currently running up double digit percentages versus prior year at the same time," said Swanson. "As we enter this upcoming holiday season, we are about to launch another year of our popular holiday event lineup, which again will feature the popular rides, attractions, and immersive exhibits that guests have come to love, alongside new and improved elements across our parks. I want to thank our ambassadors for their dedication and hard work during our busy summer and Halloween seasons and their ongoing commitment to deliver another memorable holiday experience for our guests. While this year's weather and international attendance-related headwinds have been challenging, we are encouraged by our recent results and trends and the signi cant opportunities we have ahead. We remain focused, well positioned and highly con dent in our ability to signi cantly grow the business and deliver meaningful increases in value for shareholders," concluded Swanson. [1] This earnings release includes Adjusted EBITDA, Covenant Adjusted EBITDA and Free Cash Flow which are financial measures that are notcalculated in accordance with Generally Accepted Accounting Principles in the U.S. ("GAAP"). See "Statement Regarding Non-GAAP FinancialMeasures and Key Performance Metrics" section and the financial statement tables for the definitions of Adjusted EBITDA, Covenant AdjustedEBITDA and Free Cash Flow and the reconciliation of these measures for historical periods to their respective most comparable financialmeasures calculated in accordance with GAAP. [2] This earnings release includes key performance metrics such as total revenue per capita, admissions per capita and in-park per capitaspending. See "Statement Regarding Non-GAAP Financial Measures and Key Performance Metrics" section for definitions and further details. The Company has announced several of its upcoming new rides, attractions, events and upgrades for 2027. This includes the following: SeaWorld Orlando is pushing the boundaries of family thrills once again with its new attraction: SEAQuest: Legends of the Deep. Guests will embark on a vibrant submersible adventure through dazzling undersea ecosystems, where they'll encounter extraordinary lifeforms, breathtaking environments, and inspiring stories of the sea. This groundbreaking attraction plunges explorers into an environment of awe and mystery, 2
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guided by the SeaWorld Adventure Team. Busch Gardens Williamsburg announced an all-new attraction that will debut next year at the world's most beautiful theme park. Return to Corkscrew Hill is North America's rst-of-its-kind motion theater ride, combining immersive storytelling with innovative technology. Located in the park's Killarney village, "Return to Corkscrew Hill" continues the legend of Busch Gardens Williamsburg's beloved classic attraction, Corkscrew Hill, that enchanted guests from 2001 to 2009. Busch Gardens Tampa Bay will be announcing their upcoming attraction at the IAAPA Conference in two weeks. Third Quarter 2026 Results In the third quarter of 2026, the Company hosted approximately 6.5 million guests, generated total revenues of $506.5 million, net income of $80.0 million and Adjusted EBITDA of $205.1 million. Attendance decreased approximately 320,000 guests when compared to the third quarter of 2025. The decrease in attendance was primarily attributable to unfavorable weather, calendar impacts and a decline in international visitation compared to the same quarter in the prior year. A planned decline in promotional admissions products compared to prior year also contributed to a decline in attendance during the quarter. The decrease in total revenue of $5.4 million compared to the third quarter of 2025 was primarily a result of a decrease in attendance, partially o set by an increase in total revenue per capita. Admission per capita increased primarily due to increased realized pricing on certain admission products and the net impact of the admissions product mix when compared to the same prior year quarter. In-park per capita spending increased primarily due to higher penetration and the impact of pricing initiatives compared to the same prior year quarter. Adjusted EBITDA was negatively impacted by a decrease in total revenue and an increase in selling, general and administrative costs. For the Three Months Ended September 30, Change 2026 2025 % (Unaudited, in millions, except per share and per capita amounts) Total revenues $ 506.5 $ 511.9 (1.1) %Net income $ 80.0 $ 89.3 (10.5) %Net earnings per share, diluted $ 1.74 $ 1.61 8.1 %Adjusted EBITDA $ 205.1 $ 216.3 (5.1) %Net cash provided by operating activities $ 93.2 $ 94.8 (1.7) %Attendance 6.47 6.79 (4.7) %Total revenue per capita $ 78.29 $ 75.39 3.8 %Admission per capita $ 40.90 $ 39.57 3.4 %In-Park per capita spending $ 37.39 $ 35.82 4.4 % First Nine Months 2026 Results In the rst nine months of 2026, the Company hosted approximately 15.7 million guests, generated total revenues of $1,268.1 million, net income of $109.2 million and Adjusted EBITDA of $458.6 million. Attendance decreased approximately 670,000 guests when compared to the rst nine months of 2025. The decrease in attendance was primarily due to unfavorable weather and a decline in international visitation compared to the rst nine months of 2025. A planned decline in promotional admissions products compared to prior year also contributed to a decline in attendance during the period. The decrease in total revenue of $20.9 million compared to the rst nine months of 2025 was primarily a result of a decrease in attendance, partially o set by an increase in total revenue per capita. Admission per capita increased 3
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primarily due to higher realized pricing and the net impact of the admissions product mix when compared to the rst nine months of 2025. In-park per capita spending increased primarily due to the impact of pricing initiatives and penetration compared to the rst nine months of 2025. Adjusted EBITDA was negatively impacted by a decrease in total revenue and an increase in operating and selling, general and administrative expenses. For the Nine Months Ended September 30, Change 2026 2025 % (Unaudited, in millions, except per share and per capita amounts) Total revenues $ 1,268.1 $ 1,289.0 (1.6) %Net income $ 109.2 $ 153.3 (28.8) %Net earnings per share, diluted $ 2.29 $ 2.76 (17.0) %Adjusted EBITDA $ 458.6 $ 490.0 (6.4) %Net cash provided by operating activities $ 330.0 $ 301.7 9.4 %Attendance 15.74 16.41 (4.1) %Total revenue per capita $ 80.54 $ 78.53 2.6 %Admission per capita $ 41.68 $ 41.46 0.5 %In-Park per capita spending $ 38.86 $ 37.07 4.8 % Rescue E orts In the third quarter of 2026, the Company came to the aid of 237 animals in need in the wild. The total number of animals the Company has helped over its history is more than 43,000. The Company is one of the largest marine animal rescue organizations in the world. Working in partnership with state, local and federal agencies, the Company's rescue teams are on call 24 hours a day, seven days a week, 365 days a year. Consistent with its mission to protect animals and their ecosystems, rescue teams mobilize and often travel hundreds of miles to help ill, injured, orphaned or abandoned wild animals in need of the Company's expert care, with the goal of returning them to their natural habitat. Conference Call The Company will hold a conference call today, Thursday, November 5, 2026, at 9 a.m. Eastern Time to discuss its third quarter and rst nine months of scal 2026 nancial results. The conference call will be broadcast live on the Internet and the release and conference call can be accessed via the Company's website at www.UnitedParksInvestors.com. For those unable to participate in the live webcast, a replay will be available beginning at approximately 12 p.m. Eastern Time on November 5, 2026, under the "Events & Presentations" tab of www.UnitedParksInvestors.com. A replay of the call can also be accessed telephonically from 12 p.m. Eastern Time on November 5, 2026, through 11:59 p.m. Eastern Time on November 12, 2026, by dialing (800) 770-2030 from anywhere in the U.S. or Canada, or (609) 800-9909 from international locations and entering the conference code 5841517. Statement Regarding Non-GAAP Financial Measures This earnings release and accompanying nancial statement tables include several non-GAAP nancial measures, including Adjusted EBITDA, Covenant Adjusted EBITDA and Free Cash Flow. Adjusted EBITDA, Covenant Adjusted EBITDA and Free Cash Flow are not recognized terms under GAAP, should not be considered in isolation or as a substitute for a measure of nancial performance or liquidity prepared in accordance with GAAP and are not indicative of net income or loss or net cash provided by operating activities as determined under GAAP. 4
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Adjusted EBITDA, Covenant Adjusted EBITDA, Free Cash Flow and other non-GAAP nancial measures have limitations that should be considered before using these measures to evaluate a company's nancial performance or liquidity. Adjusted EBITDA, Covenant Adjusted EBITDA and Free Cash Flow as presented, may not be comparable to similarly titled measures of other companies due to varying methods of calculation. Management believes the presentation of Adjusted EBITDA is appropriate as it eliminates the e ect of certain non- cash and other items not necessarily indicative of the Company's underlying operating performance. Management uses Adjusted EBITDA in connection with certain components of its executive compensation program. In addition, investors, lenders, nancial analysts and rating agencies have historically used EBITDA-related measures in the Company's industry, along with other measures, to estimate the value of a company, to make informed investment decisions and to evaluate companies in the industry. Management believes the presentation of Covenant Adjusted EBITDA for the last twelve months is appropriate as it provides additional information to investors about the calculation of, and compliance with, certain nancial covenants in the Company's credit agreement governing its Senior Secured Credit Facilities and the indentures governing its Senior Notes and First-Priority Senior Secured Notes (collectively, the "Debt Agreements"). Covenant Adjusted EBITDA is a material component of these covenants. Management believes that Free Cash Flow is useful to investors, equity analysts and rating agencies as a liquidity measure. The Company uses Free Cash Flow to evaluate its ability to generate cash ow from business operations. Free Cash Flow does not represent the residual cash ow available for discretionary expenditures, as it excludes certain expenditures such as mandatory debt service requirements, which are signi cant. Free Cash Flow is not de ned by GAAP and should not be considered in isolation or as an alternative to net cash provided by (used in) operating, investing and nancing activities or other nancial data prepared in accordance with GAAP. Free Cash Flow as de ned above may di er from similarly titled measures presented by other companies. This earnings release includes several key performance metrics including total revenue per capita (de ned as total revenue divided by attendance), admission per capita (de ned as admissions revenue divided by attendance) and in-park per capita spending (de ned as food, merchandise and other revenue divided by attendance). These performance metrics are used by management to assess the operating performance of its parks on a per attendee basis and to make strategic operating decisions. Management believes the presentation of these performance metrics is useful and relevant for investors as it provides investors the ability to review nancial performance in the same manner as management and provides investors with a consistent methodology to analyze revenue between periods on a per attendee basis. In addition, investors, lenders, nancial analysts and rating agencies have historically used similar per-capita related performance metrics to evaluate companies in the industry. About United Parks & Resorts Inc. United Parks & Resorts Inc. (NYSE: PRKS) is a global theme park and entertainment company that owns or licenses a diverse portfolio of award-winning park brands and experiences, including SeaWorld®, Busch Gardens®, Discovery Cove, Sesame Place®, Water Country USA, Adventure Island, and Aquatica®. The Company's seven world-class brands span 13 parks in seven markets across the United States and Abu Dhabi, o ering experiences that matter with exhilarating thrill and family-friendly rides, coasters, and experiences, inspiring up-close and educational presentations with wildlife, and other various special events throughout the year. In addition, the Company collectively cares for one of the largest zoological collections in the world, is a global leader in animal welfare, 5
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training, and veterinary care, and is one of the leading marine animal rescue organizations in the world with a legacy of rescuing and caring for animals that spans over 60 years, including coming to the aid of over 43,000 animals in need. To learn more, visit www.UnitedParks.com. Copies of this and other news releases as well as additional information about United Parks & Resorts Inc. can be obtained online at www.unitedparks.com. Shareholders and prospective investors can also register to automatically receive the Company's press releases, SEC lings and other notices by e-mail by registering at that website. Forward-Looking Statements In addition to historical information, this press release contains statements relating to future results (including certain projections and business trends) that are "forward-looking statements" within the meaning of the federal securities laws. The Company generally uses the words such as "might," "will," "may," "should," "estimates," "expects," "continues," "contemplates," "anticipates," "projects," "plans," "potential," "predicts," "intends," "believes," "forecasts," "future," "guidance," "targeted," "goal" and variations of such words or similar expressions in this press release and any attachment to identify forward-looking statements. All statements, other than statements of historical facts included in this press release, including statements concerning plans, objectives, goals, expectations, beliefs, business strategies, future events, business conditions, results of operations, nancial position, business outlook, earnings guidance, business trends and other information are forward-looking statements. The forward-looking statements are not historical facts, and are based upon current expectations, beliefs, estimates and projections, and various assumptions, many of which, by their nature, are inherently uncertain and beyond management's control. All expectations, beliefs, estimates and projections are expressed in good faith and the Company believes there is a reasonable basis for them. However, there can be no assurance that management's expectations, beliefs, estimates and projections will result or be achieved and actual results may vary materially from what is expressed in or indicated by the forward-looking statements. These forward- looking statements are subject to a number of risks, uncertainties and other important factors, many of which are beyond management's control, that could cause actual results to di er materially from the forward-looking statements contained in this press release, including among others: various factors beyond our control adversely a ecting attendance and guest spending at our theme parks, including, but not limited to, weather, natural disasters, labor shortages, in ationary pressures, supply chain delays or shortages, foreign exchange rates, consumer con dence, the potential spread of travel-related health concerns including pandemics and epidemics, travel related concerns, adverse general economic related factors including increasing interest rates, economic uncertainty, and recent geopolitical events outside of the United States, and governmental actions; failure to retain and/or hire employees; a decline in discretionary consumer spending or consumer con dence, including any unfavorable impacts from Federal Reserve interest rate actions and in ation which may in uence discretionary spending, unemployment or the overall economy; the ability of Hill Path Capital LP and its a liates to signi cantly in uence our decisions and their interests may con ict with ours or yours in the future; increased labor costs, including minimum wage increases, and employee health and welfare bene t costs; complex federal and state regulations governing the treatment of animals, which can change, and claims and lawsuits by activist groups before government regulators and in the courts; activist and other third-party groups and/or media can pressure governmental agencies, vendors, partners, guests and/or regulators, bring action in the courts or create negative publicity about us; incidents or adverse publicity concerning our theme parks, the theme park industry and/or zoological facilities; a signi cant portion of our revenues have historically been generated in the States of Florida, California and Virginia, and any risks a ecting such markets, such as natural disasters, closures due to pandemics, 6
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severe weather and travel-related disruptions or incidents; technology interruptions or failures that impair access to our websites and/or information technology systems; cyber security risks to us or our third-party service providers, failure to maintain or protect the integrity of internal, employee or guest data, and/or failure to abide by the evolving cyber security regulatory environment; inability to compete e ectively in the highly competitive theme park industry; interactions between animals and our employees and our guests at attractions at our theme parks; animal exposure to infectious disease; high xed cost structure of theme park operations; seasonal uctuations in operating results; changing consumer tastes and preferences; adverse litigation judgments or settlements; inability to grow our business or fund theme park capital expenditures; inability to realize the bene ts of developments, restructurings, acquisitions or other strategic initiatives, and the impact of the costs associated with such activities; the e ects of public health events on our business and the economy in general; unionization activities and/or labor disputes; inability to protect our intellectual property or the infringement on intellectual property rights of others; the loss of licenses and permits required to exhibit animals or the violation of laws and regulations; inability to maintain certain commercial licenses; restrictions in our debt agreements limiting exibility in operating our business; inability to retain our current credit ratings; our leverage and interest rate risk; inadequate insurance coverage; inability to purchase or contract with third party manufacturers for rides and attractions, construction delays or impacts of supply chain disruptions on existing or new rides and attractions; tari s or other trade restrictions; environmental regulations, expenditures and liabilities; suspension or termination of any of our business licenses, including by legislation at federal, state or local levels; delays, restrictions or inability to obtain or maintain permits; nancial distress of strategic partners or other counterparties; actions of activist stockholders; the policies of the U.S. President and their administration or any changes to tax laws; changes or declines in our stock price, as well as the risk that securities analysts could downgrade our stock or our sector; risks associated with the Company's capital allocation plans and share repurchases, including the risk that the Company's share repurchase program could increase volatility and fail to enhance stockholder value, uncertainties and factors set forth in the section entitled "Risk Factors" in the Company's most recently available Annual Report on Form 10-K, as such risks, uncertainties and factors may be updated in the Company's periodic lings with the Securities and Exchange Commission ("SEC"). Although the Company believes that these statements are based upon reasonable assumptions, it cannot guarantee future results and readers are cautioned not to place undue reliance on these forward-looking statements, which re ect management's opinions only as of the date of this press release. There can be no assurance that (i) the Company has correctly measured or identi ed all of the factors a ecting its business or the extent of these factors' likely impact, (ii) the available information with respect to these factors on which such analysis is based is complete or accurate, (iii) such analysis is correct or (iv) the Company's strategy, which is based in part on this analysis, will be successful. Except as required by law, the Company undertakes no obligation to update or revise forward-looking statements to re ect new information or events or circumstances that occur after the date of this press release or to re ect the occurrence of unanticipated events or otherwise. Readers are advised to review the Company's lings with the SEC (which are available from the SEC's EDGAR database at www.sec.gov and via the Company's website at www.unitedparksinvestors.com). CONTACT: Investor Relations: Matthew Stroud Investor Relations 888-410-1812 Investors@unitedparks.com 7
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Media: AnneMarie Iturrizaga United Parks & Resorts Inc. mediarelations@unitedparks.com UNITED PARKS & RESORTS INC. AND SUBSIDIARIESUNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS(In thousands, except per share amounts) For the Three Months Ended September 30, Change For the Nine Months Ended September 30, Change 2026 2025 $ % 2026 2025 $ % Net revenues: Admissions $ 264,607 $ 268,650 $ (4,043) (1.5) % $ 656,191 $ 680,505 $ (24,314) (3.6) %Food, merchandise and other 241,848 243,201 (1,353) (0.6) % 611,878 608,507 3,371 0.6 %Total revenues 506,455 511,851 (5,396) (1.1) % 1,268,069 1,289,012 (20,943) (1.6) %Costs and expenses: Cost of food, merchandise and other revenues 40,887 39,930 957 2.4 % 100,599 100,062 537 0.5 %Operating expenses (exclusive of depreciationand amortization shown separately below) 210,332 214,394 (4,062) (1.9) % 597,297 580,453 16,844 2.9 %Selling, general and administrative expenses 68,598 60,657 7,941 13.1 % 183,257 169,196 14,061 8.3 %Severance and other separation costs(a) 204 490 (286) (58.4) % 1,012 898 114 12.7 %Depreciation and amortization 45,801 44,702 1,099 2.5 % 136,654 129,371 7,283 5.6 %Total costs and expenses 365,822 360,173 5,649 1.6 % 1,018,819 979,980 38,839 4.0 %Operating income 140,633 151,678 (11,045) (7.3) % 249,250 309,032 (59,782) (19.3) %Other (income) expenses, net (486) (179) (307) NM (703) 14 (717) NM Interest expense 32,099 33,515 (1,416) (4.2) % 96,228 101,573 (5,345) (5.3) %Income before income taxes 109,020 118,342 (9,322) (7.9) % 153,725 207,445 (53,720) (25.9) %Provision for income taxes 29,046 29,017 29 0.1 % 44,550 54,145 (9,595) (17.7) %Net income $ 79,974 $ 89,325 $ (9,351) (10.5) % $ 109,175 $ 153,300 $ (44,125) (28.8) % Earnings per share Earnings per share, basic $ 1.76 $ 1.62 $ 2.32 $ 2.79 Earnings per share, diluted $ 1.74 $ 1.61 $ 2.29 $ 2.76 Weighted average common sharesoutstanding: Basic 45,389 55,032 47,159 55,014 Diluted(b) 45,969 55,473 47,676 55,448 UNITED PARKS & RESORTS INC. AND SUBSIDIARIESUNAUDITED RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (In thousands) For the Three Months Ended September 30, Change For the Nine Months Ended September 30, Change Last Twelve Months Ended September 30, 2026 2025 $ % 2026 2025 $ % 2026 Net income $ 79,974 $ 89,325 $ (9,351) (10.5) % $ 109,175 $ 153,300 $ (44,125) (28.8) % $ 124,228 Provision for income taxes 29,046 29,017 29 0.1 % 44,550 54,145 (9,595) (17.7) % 48,589 Interest expense 32,099 33,515 (1,416) (4.2) % 96,228 101,573 (5,345) (5.3) % 128,795 Depreciation and amortization 45,801 44,702 1,099 2.5 % 136,654 129,371 7,283 5.6 % 181,757 Equity-based compensationexpense(c) 5,416 4,376 1,040 23.8 % 15,761 12,752 3,009 23.6 % 20,774 Loss on impairment ordisposal of assets and certainnon-cash expenses(d) 318 8,103 (7,785) (96.1) % 13,772 21,311 (7,539) (35.4) % 21,468 Business optimization,development and strategicinitiative costs(e) 8,541 4,909 3,632 74.0 % 25,399 9,218 16,181 175.5 % 31,299 Certain investment costs andother taxes 50 1,645 (1,595) (97.0) % 205 1,870 (1,665) (89.0) % 261 Other adjusting items(f) 3,899 687 3,212 NM 16,823 6,444 10,379 161.1 % 16,554 Adjusted EBITDA (g) $ 205,144 $ 216,279 $ (11,135) (5.1) % $ 458,567 $ 489,984 $ (31,417) (6.4) % $ 573,725 Items added back toCovenant Adjusted EBITDAas defined in the Debt 8
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Agreements: Estimated cost savings (h) 46,000 Other adjustments as definedin the Debt Agreements(i) 14,373 Covenant Adjusted EBITDA(j) $ 634,098 For the Three Months Ended September 30, Change For the Nine Months Ended September 30, Change 2026 2025 $ % 2026 2025 $ % Net cash provided by operating activities $ 93,205 $ 94,778 $ (1,573) (1.7) % $ 330,007 $ 301,689 $ 28,318 9.4 %Capital expenditures 69,735 56,763 12,972 22.9 % 207,918 167,227 40,691 24.3 %Free Cash Flow (k) $ 23,470 $ 38,015 $ (14,545) (38.3) % $ 122,089 $ 134,462 $ (12,373) (9.2) % UNITED PARKS & RESORTS INC. AND SUBSIDIARIESUNAUDITED BALANCE SHEET DATA(In thousands) As of September 30, 2026 As of December 31, 2025 Cash and cash equivalents $ 26,278 $ 99,762 Total assets $ 2,637,707 $ 2,616,274 Deferred revenue $ 152,447 $ 143,325 Long-term debt, including current maturities: Term B-3 Loans $ 1,511,452 $ 1,523,019 Revolving Credit Facility 40,000 — Senior Notes 725,000 725,000 Total long-term debt, including current maturities $ 2,276,452 $ 2,248,019 Total stockholders' deficit $ (533,005) $ (435,806) UNITED PARKS & RESORTS INC. AND SUBSIDIARIESUNAUDITED CAPITAL EXPENDITURES DATA(In thousands) For the Nine Months Ended September 30, Change 2026 2025 $ % Capital Expenditures: Core(l) $ 175,324 $ 142,175 $ 33,149 23.3 %Expansion/ROI projects(m) 32,594 25,052 7,542 30.1 %Capital expenditures, total $ 207,918 $ 167,227 $ 40,691 24.3 % UNITED PARKS & RESORTS INC. AND SUBSIDIARIES 9
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UNAUDITED OTHER DATA(In thousands, except per capita amounts) For the Three Months EndedSeptember 30, Change For the Nine Months EndedSeptember 30, Change 2026 2025 # % 2026 2025 # % Attendance 6,469 6,789 (320) (4.7) % 15,744 16,414 (670) (4.1) %Total revenue percapita (n) $ 78.29 $ 75.39 $ 2.90 3.8 % $ 80.54 $ 78.53 $ 2.01 2.6 %Admission percapita (o) $ 40.90 $ 39.57 $ 1.33 3.4 % $ 41.68 $ 41.46 $ 0.22 0.5 %In-Park per capitaspending (p) $ 37.39 $ 35.82 $ 1.57 4.4 % $ 38.86 $ 37.07 $ 1.79 4.8 % NM-Not meaningful.(a) Reflects restructuring and other separation costs and/or adjustments.(b) During the three and nine months ended September 30, 2026, there were approximately 729 thousand and 801 thousand anti-dilutive sharesexcluded from the computation of diluted earnings per share, respectively. During the three and nine months ended September 30, 2025, therewere approximately 730 thousand and 691 thousand anti-dilutive shares excluded from the computation of diluted earnings per share, respectively.(c) Reflects non-cash equity compensation expenses and related payroll taxes associated with the grants of equity-based compensation. (d) Reflects primarily non-cash self-insurance reserve adjustments of: (i) no adjustments and approximately $8.3 million, respectively, for the threeand nine months ended September 30, 2026; (ii) approximately $6.2 million and $15.8 million, respectively, for the three and nine months endedSeptember 30, 2025; and (iii) approximately $10.0 million for the twelve months ended September 30, 2026. Also includes non-cash expensesrelated to asset write-offs and costs related to certain rides and equipment which were removed from service.(e) For the three, nine, and twelve months ended September 30, 2026, reflects business optimization, development and other strategic initiativecosts primarily related to: (i) $7.6 million, $22.0 million, and $26.8 million, respectively, of other business optimization costs and strategic initiativecosts and (ii) $0.7 million, $2.3 million, and $2.7 million, respectively, of third-party consulting costs. Reflects business optimization, developmentand other strategic initiative costs primarily related to: (i) $0.5 million and $0.9 million of third-party consulting costs for the three and nine monthsended September 30, 2025, respectively, and (ii) $3.8 million and $7.3 million of other business optimization costs and strategic initiative costs forthe three and nine months ended September 30, 2025, respectively.(f) Reflects the impact of expenses, net of insurance recoveries and adjustments including legal settlements, incurred primarily related to certainmatters, which we are permitted to exclude under the credit agreement governing our Senior Secured Credit Facilities due to the unusual nature ofthe items. Certain amounts relating to prior period results were reclassified to conform to current period presentation. These reclassifications havenot changed the results of operations of the prior period.(g)Adjusted EBITDA is defined as net income before income tax expense, interest expense, depreciation and amortization, as further adjusted toexclude certain non-cash, and other items as described above. (h) The Company's Debt Agreements permit the calculation of certain covenants to be based on Covenant Adjusted EBITDA, as defined above, forthe last twelve month period further adjusted for net annualized estimated savings the Company expects to realize over the following 24 monthperiod related to certain specified actions, including restructurings and cost savings initiatives. These estimated savings are calculated net of theamount of actual benefits realized during such period. These estimated savings are a non-GAAP Adjusted EBITDA add-back item only as definedin the Debt Agreements and does not impact the Company's reported GAAP net income.(i) The Debt Agreements permit the Company's calculation of certain covenants to be based on Covenant Adjusted EBITDA as defined above, forthe last twelve-month period further adjusted for certain costs as permitted by the Debt Agreements including recruiting and retention expenses,public company compliance costs and litigation and arbitration costs, if any. (j) Covenant Adjusted EBITDA is defined in the Debt Agreements as Adjusted EBITDA for the last twelve-month period further adjusted for netannualized estimated savings among other adjustments as described in footnote (h) and (i) above.(k) Free Cash Flow is defined as net cash provided by operating activities less capital expenditures.(l) Reflects capital expenditures during the respective period for park rides, attractions and maintenance activities. (m) Reflects capital expenditures during the respective period for park expansion, new properties, revenue and/or expense return on investment("ROI") projects.(n) Calculated as total revenues divided by attendance.(o) Calculated as admissions revenue divided by attendance.(p) Calculated as food, merchandise and other revenue divided by attendance. View original content to download multimedia:https://www.prnewswire.com/news-releases/united-parks-- resorts-inc-reports-third-quarter-and- rst-nine-months-2026-results-302930225.html SOURCE United Parks and Resorts Inc. 10