Slides
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INVESTOR PRESENTATION JUNE 2025
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2 DISCLAIMER This presentation contains a number of forward-looking statements. Words, and variations of words, such as “will,” “can,” “may,” “expect,” “would,” “could,” “might,” “intend,” “plan,” “believe,” “estimate,” “anticipate,” “deliver,” “seek,” “aim,” “potential,” “target,” “outlook,” and similar expressions are intended to identify our forward-looking statements. Such forward-looking statements include those that address activities, events or developments that Pursuit or its management believes or anticipates may occur in the future, including all statements regarding our expectations concerning the travel industry and the markets in which we operate; our expectations concerning our future financial performance, including our 2025 outlook and the related underlying assumptions; our growth plans and strategies, including with respect to investments and acquisitions; and other statements that are not historical fact. These forward- looking statements are subject to a host of risks and uncertainties, many of which are beyond our control, which could cause actual results to differ materially from those in the forward-looking statements. Important factors that could cause actual results to differ materially from those described in our forward-looking statements include, but are not limited to, the following: ⁄ general economic and geopolitical uncertainty in key global markets and a worsening of global economic conditions; ⁄ seasonality of our businesses; ⁄ the competitive nature of the industries in which we operate; ⁄ travel industry disruptions; ⁄ changes in consumer tastes and preferences for recreational activities; ⁄ natural disasters, weather conditions, accidents, and other catastrophic events; ⁄ accidents and adverse incidents at our hotels and attractions; ⁄ sufficiency and cost of insurance coverage; ⁄ the impact of financial covenants on our operational and financial flexibility; ⁄ risks of new capital projects not being commercially successful; ⁄ our ability to fund capital expenditures; ⁄ our ability to successfully integrate and achieve established financial and strategic goals from acquisitions; ⁄ failure to adapt to technological developments or industry trends ⁄ our inability to realize the full strategic, financial or operational benefits from the sale of the GES Business; ⁄ conducting business globally; ⁄ our exposure to currency exchange rate fluctuations; ⁄ liabilities relating to prior and discontinued operations; ⁄ the importance of key members to our business; ⁄ labor shortages; ⁄ our exposure to cybersecurity attacks and threats; ⁄ compliance with laws governing the storage, collection, handling, and transfer of personal data and our exposure to legal claims and fines for data breaches or improper handling of such data; ⁄ our exposure to litigation in the ordinary course of business; ⁄ changes in federal, state, local or foreign tax laws; ⁄ extensive environmental requirements; ⁄ volatility in our stock price; and ⁄ stock price and trading volumes affected by reports issued by securities industry analysts. For a more complete discussion of the risks and uncertainties that may affect our business or financial results, please see Item 1A, “Risk Factors,” of our most recent annual report on Form 10-K filed with the Securities and Exchange Commission (“SEC”), as well as any future reports we file with the SEC. We disclaim and do not undertake any obligation to update or revise any forward-looking statement in this press release except as required by applicable law or regulation. This presentation contains estimates, projections and other information concerning the market for our offerings. Information that is based on estimates, forecasts, projections or similar methodologies is inherently subject to uncertainties and actual amounts may differ materially from amounts reflected in this information. Unless otherwise expressly stated, we obtained this market and other data from reports, research surveys, studies and similar data prepared by third parties, industry and general publications, and similar sources believed to be reliable, but the accuracy or completeness of such information is not guaranteed by, and should not be construed as representations made by, us.
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3 NON-GAAP FINANCIAL MEASURES This document includes the presentation of Adjusted EBITDA (or AEBITDA), which is supplemental to results presented under accounting principles generally accepted in the United States of America (“GAAP”) and may not be comparable to similarly titled measures presented by other companies. This non-GAAP measure should be considered in addition to, but not as a substitute for, other similar measures reported in accordance with GAAP. The use of this non-GAAP financial measure is limited, compared to the GAAP measure of net income (loss) attributable to Pursuit, because it does not consider a variety of items affecting Pursuit’s consolidated financial performance as explained below. Because this non-GAAP measures does not consider all items affecting Pursuit’s consolidated financial performance, a user of Pursuit’s financial information should consider net income (loss) attributable to Pursuit as an important measure of financial performance because it provides a more complete measure of the Company’s performance. AEBITDA is defined by management as net income (loss) attributable to Pursuit before income (loss) from discontinued operations, interest expense and interest income, income taxes, depreciation and amortization, transaction-related costs, start-up costs, restructuring charges, impairment losses, the reduction/increase for income/loss attributable to non-redeemable and redeemable non-controlling interests, and gains or losses from sales of businesses. AEBITDA is considered a useful operating metric, in addition to net income (loss) attributable to Pursuit, as potential variations arising from non-recurring transaction-related costs, non-cash amortization and depreciation, and non-operational expenses/income are eliminated, thus resulting in an additional measure considered to be indicative of Pursuit’s consolidated and performance. Management believes that the presentation of AEBITDA provides useful information to investors regarding Pursuit’s results of operations for trending, analyzing and benchmarking the performance and value of Pursuit’s business. Please see the slide titled "Non-GAAP Financial Reconciliation" for a reconciliation of this non-GAAP financial measure to its most directly comparable GAAP financial measure. Additionally, we calculate the impact of foreign exchange rate variances by converting non-United States Dollar results using comparative period exchange rates and determining the change from prior period reported results. Forward-Looking Non-GAAP Measures The Company has not quantitatively reconciled its guidance for AEBITDA to its most comparable GAAP measure because certain reconciling items that impact this metric, including provision for income taxes, interest expense, restructuring or impairment charges, transaction-related costs, and attraction start-up costs have not occurred, are out of the Company’s control, or cannot be reasonably predicted. Accordingly, reconciliations to the nearest GAAP financial measure are not available without unreasonable effort. Please note that the unavailable reconciling items could significantly impact the Company’s results as reported under GAAP.
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4 INVESTMENT HIGHLIGHTS BEST-IN-CLASS OWNER AND OPERATOR OF ONE-OF-A-KIND SIGHTSEEING ATTRACTIONS AND HOSPITALITY IRREPLACEABLE EXPERIENCES IN ICONIC DESTINATIONS WITH PERENNIAL DEMAND AND BARRIERS TO ENTRY 10-YEAR PROVEN TRACK RECORD EXECUTING GROWTH STRATEGY AND DRIVING STRONG RETURNS POSITIONED FOR STRONG PROFITABLE GROWTH, SUPPORTED BY STRONG BALANCE SHEET
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PURSUIT fourth quarter 2024 HIGHLIGHTS PURSUIT IS AN ATTRACTIONS AND HOSPITALITY COMPANY FOCUSED ON ONE-OF-A-KIND AUTHENTIC EXPERIENCES Pursuit is the owner-operator of inspiring and unforgettable experiences in iconic destinations that benefit from the power of perennial demand and limited supply 13 19 6 IN REMARKABLE PLACES Canadian Rockies ⁄ Banff National Park ⁄ Jasper National Park ⁄ Golden ⁄ Waterton Lakes National Park Montana ⁄ Glacier National Park Area ⁄ Whitefish Alaska ⁄ Denali National Park Area ⁄ Kenai Fjord National Park Area ⁄ Seward ⁄ Talkeetna Iceland ⁄ Reykjavik Other Iconic Destinations ⁄ Vancouver ⁄ Las Vegas ⁄ Chicago 15 SIGHTSEEING ATTRACTIONS 28 DISTINCTIVE LODGES INTEGRATED F&B, RETAIL, & TRANSPORTATION 2 5
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PURSUIT fourth quarter 2024 HIGHLIGHTS POINT OF INTEREST SIGHTSEEING ATTRACTIONS WITH SPECTACULAR VIEWS AND MEANINGFUL VISITATION Our attractions are “must do” experiences in remarkable places with robust demand and can be enjoyed by visitors of all ages and abilities GOLDEN SKYBRIDGE Golden SKY LAGOON Iceland OPEN TOP TOURING Banff NP GLACIER RAFT CO. West Glacier BANFF GONDOLA Banff NP LAKE MINNEWANKA CRUISE Banff NP MALIGNE LAKE CRUISE Jasper NP JASPER SKYTRAM Jasper NP COLUMBIA ICEFIELD SKYWALK & ADVENTURE Jasper NP KENAI FJORDS TOURS Kenai Fjords NP FLYOVERS 4 LOCATIONS Vancouver Iceland Las Vegas Chicago 15 WORLD-CLASS ATTRACTIONS IN RENOWNED GLOBAL TRAVEL LOCATIONS WITH 3.8M VISITORS IN 2024 6
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PURSUIT fourth quarter 2024 HIGHLIGHTS DISTINCTIVE LODGES IN CAPACITY CONSTRAINED ICONIC LOCATIONS WITH UNFORGETTABLE EXPERIENCES Our lodges benefit from the strong perennial demand for our experiential travel destinations, our continued focus on providing great guest experiences, and seasonal compression in our markets 28 UNIQUE LODGES IN REMARKABLE PLACES WITH 380K ROOMS OCCUPIED IN 2024 BANFF | JASPER | WATERTON 12 LODGES 1,217 ROOMS GLACIER 11 LODGES 626 ROOMS DENALI | KENAI FJORDS 5 LODGES 524 ROOMS 7
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PURSUIT fourth quarter 2024 HIGHLIGHTS BREATHTAKING LOCATIONS WITH STRONG PERENNIAL DEMAND AND GLOBAL APPEAL DRIVE VISITATION TO OUR EXPERIENCES 8 Visitors from around the world are drawn to the stunning national parks and renowned global travel locations that our sightseeing attractions and authentic hospitality experiences are in 1. Annual national park visitation data for FY’23 to remove Jasper wildfire impact. Sources: Alberta Economic Dashboard; U.S. Na tional Park Service 2. Represents FY’24 guest country of origins. For Banff Jasper Collection, visitation data is based on guests at our attractions. F or Glacier Park and Alaska Collections, visitation data is based on guests at our lodging properties. 0 1,000,000 2,000,000 3,000,000 4,000,000 5,000,000 6,000,000 7,000,000 8,000,000 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Banff, Jasper & Waterton National Parks Glacier National Park Denali & Kenai Fjords National Parks 9/11 Recession SARS Recession COVID-19 PARK VISITATION Jasper Wildfire ~7M ~3M ~1M ANNUAL PARK VISITATION1 BANFF JASPER COLLECTION GUEST ORIGIN 2 29% 28% 25% 17% Local / Regional Long-Haul Domestic US International 78% 11% 11% US Lower 48 Alaska International ALASKA COLLECTION GUEST ORIGIN 2 GLACIER PARK COLLECTION GUEST ORIGIN 2 73% 6% 21% US excluding MT Montana International
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PURSUIT fourth quarter 2024 HIGHLIGHTS 9 Wellness Tourism, which includes outdoor and adventure travel, is projected to grow by ~17% annually to reach $1.4T by 20271 PURSUIT IS WELL-POSITIONED RELATIVE TO BROADER CONSUMER DEMAND TRENDS FOR EXPERIENTIAL TRAVEL IN ICONIC PLACES 9 1. Global Wellness Institute “The Future of Wellness Tourism 2025” 2. Skift Research “2025 Travel Outlook” 3. Skift Research “How Authentic Experiences Shape the New Tourism Economy” 4. Travel and Tour World “Explosive Growth in Adventure Tourism” Demand shift toward authentic and immersive travel & exploration experiences3 Pursuit’s experiences provide authentic hospitality catered to a diverse range of guests seeking accessible experiences 24% rise in the number of trips people are planning for the year ahead compared to 2024 Globally, long leisure trips stand out as the most popular type of travel, “the year of long getaways”2 Outdoor and adventure travel demand expected to continue to surge4 Pursuit operates in iconic natural destinations, including national parks, with strong perennial visitation Canadian Government offering free admission to national parks as part of the Canada Strong Pass for summer 2025 Expect strong visitation to Banff and Jasper National Park
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THE GUEST JOURNEY THROUGH OUR COLLECTION OF EXPERIENCES 10 OUR GUEST ANYONE THAT ENJOYS A BEAUTIFUL VIEW Our experiences appeal to anyone that is visiting the iconic destinations we operate in. Whether it’s a boat ride on a stunning lake or a chef’s creation at the top of a mountain, we appeal to guests of all ages and abilities. Surf perennial destination demand and position our experiences as iconic within the destination. SURF PERENNIAL DEMAND OUR MARKETING STRATEGY Connect lodging guests to attractions before and during the trip. Tap into trip planning activities with a targeted message that attracts the right guests and secures a spot on their itinerary. BE EVERYWHERE, GET ON TRIP ITINERARY Meet guests where they are in their trip planning journey to enable a frictionless purchasing experience. MAKE BOOKING ACCESSIBLE AND EASY Build meaningful connections with our guests that inspire them to continue their journey with Pursuit beyond a single visit. BUILD RELATIONSHIP WITH PURSUIT BANFF JASPER COLLECTION GUEST JOURNEY 8 Sightseeing Attractions 12 Distinctive Lodges Integrated F&B, Retail, and Transportation “Must do” experiences that can be enjoyed by visitors of all ages and abilities
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PURSUIT fourth quarter 2024 HIGHLIGHTS HOSPITALITY CULTURE WITH OBSESSIVE FOCUS ON TEAM MEMBER AND GUEST EXPERIENCE 1111 BANFF GONDOLA #1 THINGS TO DO IN BANFF SKY LAGOON #1 SPAS & WELLNESS IN KOPAVOGUR GLACIER VIEW LODGE #5 HOTELS IN JASPER MOUNT ROYAL HOTEL #10 HOTELS IN BANFF SKY BISTRO #7 RESTAURANTS IN BANFF LAKE MINNEWANKA CRUISE #3 BOAT TOURS & WATER SPORTS IN BANFF MALIGNE LAKE CRUISE #3 BOAT TOURS & WATER SPORTS IN JASPER AALTO #3 RESTAURANTS IN JASPER TERRA #5 RESTAURANTS IN JASPER GOLDEN SKYBRIDGE #2 THINGS TO DO IN GOLDEN OPEN TOP TOURING #5 OUTDOOR ACTIVITIES IN BANFF Our hospitality philosophy starts with team member satisfaction and engagement, which leads to enhanced guest satisfaction and loyalty, while driving strong profitability and growth TOP 10 TRIPADVISOR RANKINGS FOR OUR ATTRACTIONS, LODGING, & RESTAURANTS FLYOVER ICELAND #3 FUN & GAMES IN REYKJAVIK FLYOVER CHICAGO #7 FUN & GAMES IN CHICAGO 74 Employee Satisfaction & Engagement1 11 1. Employee satisfaction and engagement is measured by staff’s intent to recommend working for the company. We survey this annua lly and target a score of 70% or greater. Reflects results as of July 2024 survey. 2. Net Promoter Score (NPS) is calculated by subtracting the percentage of customers who responded with a negative review from t he percentage of customers who responded with a positive review. Attractions and Lodging Net Promoter Scores are as of December 2024. Lodging Net Promoter Score currently ranks in the top quartile of th e hotels industry according to NPS benchmarking provided by Delighted.com. 72 Attractions Net Promoter Score2 46 Lodging Net Promoter Score2 Implemented #1 enterprise experience platform to reveal insights and drive action
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PURSUIT fourth quarter 2024 HIGHLIGHTS OUR DIFFERENTIATED AND IRREPLACABLE LEISURE TRAVEL EXPERIENCES IN ICONIC LOCATIONS CREATE YIELD OPPORTUNITIES 12 Our continued focus on the guest experience and revenue maximization in capacity constrained iconic destinations allows us to drive increases in rates and spend per guest while maintaining high guest reviews Selling the RIGHT PRODUCT to the RIGHT CUSTOMER at the RIGHT TIME with the RIGHT PRICE on the RIGHT DISTRIBUTION channel with the best commission efficiency REVENUE MANAGEMENT STRATEGY FOR MAXIMUM YIELD SKY LAGOON ATTRACTION TOTAL REVENUE PER VISITOR $72 $83 $96 FY'22 FY'23 FY'24 $35 $43 $54 FY'22 FY'23 FY'24 GOLDEN SKYBRIDGE ATTRACTION TOTAL REVENUE PER VISITOR +33% FY’24 vs. FY’22 +55% FY’24 vs. FY’22 HOTEL REVPAR YOY % CHANGE1 1% 8% 5% 2% 6% 10% 9% 9% 2019 2022 2023 2024 STR US Hotels Pursuit 1. Represents the year-over-year percent change in RevPAR. For 2022, the year- over-year percent change compares to 2019. STR US Hot els metrics comparisons are from CoStar press releases for the U.S. hotel industry. Pursuit metrics comparisons are presented on a same -store basis as reported in that period, including only lodging properties that Pursuit operated at full capacity and expressed on a constant U.S. dollar basis.
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Golden Skybridge Golden, Canada PURSUIT fourth quarter 2024 HIGHLIGHTS STRATEGICALLY MANAGE LODGING ROOM INVENTORY IN MARKETS WITH FINITE BED BASE TO MAXIMIZE REVENUE We have a proven track record of closely managing lodging room inventory through sales channels to maximize both capacity and rate ~40% ~40% ~20% 13 CONSUMER DIRECT SELLING DIRECTLY TO GUESTS ONLINE TRAVEL AGENCIES (OTAS) THIRD-PARTY TRAVEL BOOKING WEBSITES TRAVEL TRADE / GROUP GLOBAL PARTNERS PACKAGING TRIPS LODGING SALES CHANNELS1 ⁄ Lowest acquisition costs for local, domestic and neighboring country demand ⁄ Ownership of guest data for upselling / crossing and ongoing brand engagement ⁄ Largest top-of-funnel demand source with sophisticated ad targeting tools ⁄ Drives increased visibility and helps fill whitespace ⁄ Access to international and niche markets with low acquisition costs ⁄ Ability to directly influence travel itinerary inclusions 1. Represents expected lodging sales channel mix for FY’25 room revenue as of June 15 , 2025.
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14 112 119 129 138 149 45 98 155 175 186 34 45 48 74 32 89 144 176 180 $112 $153 $174 $185 $223 $77 $187 $299 $350 $366 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 REVENUE ($ in millions) MORE THAN TRIPLED REVENUE from 2015 to 2024 14 1. New Experiences comprises the following attractions and lodging properties that were opened or acquired after 2015: Malign e Lake Cruise, CATC Alaska Tourism Corporation, Mountain Park Lodges, West Glacier RV Park & Cabins, Belton Chalet, Basecamp Lodge, Open Top Touring, Sky Lagoon, Golden Skybridge, Flyover Canada, Flyover Iceland, F lyover Las Vegas, Glacier Raft Company, Forest Park Hotel, Flyover Chicago, Eddie’s Café & Mercantile, and Apgar Lookout Retreat. Existing Experiences / ~6% CAGR New Experiences1 OUR POWERFUL STRATEGY DELIVERS SIGNIFICANT GROWTH THROUGH ORGANIC AND INORGANIC OPPORTUNITIES ORGANIC GROWTH DRIVERS ⁄ Perennial demand / underlying growth from secular trends ⁄ An obsessive focus on team member and guest experience and making improvements ⁄ Strategic allocation of inventory across channels ⁄ Executing on opportunities to fill white space through programming and pricing ⁄ Leveraging our bed base in capacity constrained markets to drive additional visitation to our attractions ⁄ Scaling effectively and efficiently through cost discipline and operating leverage INORGANIC GROWTH DRIVERS ⁄ Supplementing organic growth with investments in buying and building new experiences within our existing markets and expanding to new geographies
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PROVEN TRACK RECORD OF CREATING VALUE OVER A DECADE THROUGH REFRESH, BUILD, BUY GROWTH STRATEGY 13 MAJOR REFRESH, BUILD, BUY GROWTH INVESTMENTS COMPLETED 2014 - 20231 ~$74M FY’23 AEBITDA2 Contribution ~$460M Invested ~6x Effective EBITDA Multiple3 15 1. Major projects are defined as growth investments greater than $5 million that had a first full year of EBITDA contribution in 2014 through 2023 and include: Glacier Skywalk, Maligne Lake Cruise, CATC, Banff Gondola Upper Terminal, Flyover Canada Vancouver, Mount Royal Hotel, Mountain Park Lodges, West Glacier RV Park & Cabins, Flyover Iceland, Sky Lagoon, Golden Skybridge, Flyover Las Vegas, and Glacier Raft Co. 2. Represents Adjusted EBITDA attributable to Pursuit. We use FY’23 AEBITDA as it is a better representation of the earnings pot ential of these investments than FY’24 due to the Jasper fire impact on our Jasper properties during 2024. 3. Represents $460M invested divided by $74M FY’23 AEBITDA contribution. REFRESH Improving existing experiences BUILD Creating new experiences BUY Acquiring one-of-a-kind experiences 2014 BUILD Glacier Skywalk 2016 BUY 3 Lodges and 1 Attraction in Alaska 2016 REFRESH Banff Gondola Upper Terminal 2018 REFRESH Mount Royal Hotel 2016 BUY Maligne Lake Cruise 2019 REFRESH Maligne Lake F&B and Retail 2019 BUY 7 Lodges in Jasper NP 2019 BUILD West Glacier RV Park & Cabins 2021 BUY+BUILD Sky Lagoon 2021 BUY+BUILD Golden Skybridge 2022 BUILD Forest Park Alpine Hotel 2022 BUY Glacier Raft Co. 2016 BUY Flyover Canada Vancouver 2019 BUILD Flyover Iceland 2021 BUILD Flyover Las Vegas 2024 BUY Lodging, F&B, and Retail in Glacier NP 2024 BUY Retail in Glacier NP 2024 BUY Jasper SkyTram 2024 BUILD Flyover Chicago
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16 PURSUIT fourth quarter 2024 HIGHLIGHTS CAPITAL ALLOCATION STRATEGY WITH MEANINGFUL PIPELINE OF INVESTMENT OPPORTUNITIES TO FUEL CONTINUOUS GROWTH 1 2 REFRESH & BUILD OPPORTUNITIES AT EXISTING HIGH-PERFORMING EXPERIENCES BUY EXPERIENCES IN NEW & EXISTING ICONIC LOCATIONS ORGANIC GROWTH PROJECTS $200M+ LEVERAGE ECONOMIES OF SCALE AND SCOPE BALANCE OUT SEASONALITY AND GEOGRAPHIC CONCENTRATION ~$38M-$43MIN 2025-2029 EXPECTED 2025 GROWTH CAPEX1 INVESTMENT CRITERIA ⁄ 15%+ IRR HURDLE RATE ⁄ Iconic, unforgettable, and inspiring ⁄ Perennial demand ⁄ High barriers to entry 1. Guidance is as of May 8, 2025. 2. Inclusive of undrawn balance on $200 million revolver and March 31, 2025 balance sheet cash. ⁄ Attractive EBITDA margins ⁄ High-quality guest experience ⁄ Countries with strong ease of doing business REFRESH, BUILD, BUY Sky Lagoon Reykjavík, Iceland BUY Jasper SkyTram Jasper National Park, Canada REFRESH Forest Park Hotel Woodland Wing Jasper National Park, Canada We prioritize being strong stewards of our capital to maximize shareholder value 16 STRONG BALANCE SHEET FOR ACCELERATED GROWTH <1x Net Leverage at 3/31/25 $212M Liquidity2 at 3/31/25 2.5x-3.5x Target Net Leverage
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17 PURSUIT fourth quarter 2024 HIGHLIGHTS THE POWER OF COLLECTIONS OF ONE-OF-A-KIND EXPERIENCES IN ICONIC DESTINATIONS ⁄ Geographic and / or seasonality diversification ⁄ Guest experience elevation ⁄ Guest marketing, sales channels, and product / pricing enhancements ⁄ Local presence accelerates tuck-in acquisition pipeline development ENTER NEW MARKETS BUILD COLLECTIONS ⁄ Cross-sell packaging / bundling to increase revenue per guest ⁄ Leverage tour and travel partnerships to increase demand in off-peak periods ⁄ Operational efficiencies through economies of scale LEVERAGE COLLECTIONS ⁄ Best practice sharing to optimize guest experience ⁄ Higher project ROIs through competition for capital investment ⁄ Cost efficiencies (e.g., procurement and SG&A / technology that scales efficiently) ⁄ Opportunity to leverage guest data to optimize guest lifetime value across Pursuit Pursuit drives incremental value when entering a new market, building a collection of attractions with vertically integrated hospitality, and leveraging the scale across multiple collections
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PURSUIT fourth quarter 2024 HIGHLIGHTS ENTERING A NEW MARKET AND BUILDING A COLLECTION SUCCESS STORY: ALASKA COLLECTION 18 Pursuit has the hospitality experience and core capabilities to create vertically integrated collections in new geographies that enhance value and drive meaningful growth ⁄ Establish position in market with perennial demand, pricing power, and high barriers to entry ⁄ Drive value with our expertise in delivering authentic hospitality experiences and operating sightseeing attractions at scale with a relentless focus on team member and guest experience ⁄ Expand presence with assets that complement existing portfolio and Pursuit core competencies ⁄ Fortify position through integrated platform, with opportunities for additional growth through Refresh, Build, Buy strategy WINNING FORMULA Acquired two lodges in and near Denali National Park and Denali Backcountry Adventure sightseeing tour ~$15M INVESTMENT Acquired Kenai Fjords Tours wildlife and glacier cruise and three lodges in and near Kenai Fjords and Denali National Park ~$45M INVESTMENT Drive continuous growth through Refresh, Build, Buy combined with our operational expertise to enhance guest experience and maximize profitable growth 20162011 ~$10M AEBITDA Contribution 2024+3 LODGES +1 ATTRACTION +2 LODGES +1 SIGHTSEEING TOUR ENTERED ALASKA MARKET EXPANDED ALASKA FOOTPRINT ONGOING / FUTURE GROWTH
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19 CANADIAN LODGING Room Revenue on the Books1 (CAD $ in millions) LODGING BOOKING PACE1 INDICATES STRONG DEMAND Lodging pacing is a leading indicator of destination demand and the strength in advanced bookings supports our favorable outlook for both our lodging and attractions 19 1. Room Revenue on the Books data represents full year reservations taken to date as of June 20, 2023, 2024, and 2025. Reservations data included is preliminary and subject to change based on actual occupanc y, room rates, and other customary quarter-end adjustments. 2. Forest Park Hotel’s Woodland Wing has lower rooms available in 2025 due to the phased large -scale refresh project. 32 40 41 14 19 20$46 $58 $61 FY'23 FY'24 FY'25 % of FY Rooms Available Sold 48% 53% 56% Jasper Up 9% YOY excluding room renovations 2 All Other US LODGING Room Revenue on the Books1 (USD $ in millions) % of FY Rooms Available Sold 58% 58% 57% $28 $29 $31 FY'23 FY'24 FY'25 ADR +3% vs. 2024 ADR +7% vs. 2024
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20 PURSUIT fourth quarter 2024 HIGHLIGHTS ADJUSTED EBITDA1, 2 ($ in millions) 1. Refer to Appendix for a discussion and reconciliation of this non -GAAP financial measure to its most directly comparable GAAP financial measure. 2. Guidance is as of May 8, 2025, and reflects foreign currency exchange rate and other assumptions noted on slide 28 in the Appendix. POSITIONED FOR STRONG PROFITABLE GROWTH IN 2025 KEY DRIVERS ⁄ Jasper leisure travel recovery ⁄ Canadian results translated to US dollars at lower FX rate YOY2 ⁄ Contributions from Q4’24 acquisitions ⁄ Continued strong consumer demand for authentic experiential travel in iconic places ⁄ Improvements to guest experience and revenue management to optimize price and volume ⁄ Growth in effective ticket prices and ADR ⁄ Higher attraction visitation with strong throughput ⁄ Prudent labor and expense management ⁄ Financial flexibility to accelerate compelling and proven Refresh, Build, Buy growth strategy offers additional upside potential in 2025 +27%-40% EXPECT DOUBLE-DIGIT GROWTH IN REVENUE AND ADJUSTED EBITDA Glacier View Lodge Jasper National Park, Canada $77 FY'24 Actual Jasper Recovery FX Impact Q4'24 Acquisitions Organic Growth FY'25 Expected ~$15 ~$5-$7 ~($7) ~$8-$16 $98-$108 Up double- digits vs. 2024 At $0.69 CAD FX Rate
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21 Our entrepreneurial, hospitality-oriented culture, combined with a proven growth strategy and financial strength, provides significant opportunity to grow our business and shareholder value WHY WE WILL BE SUCCESSFUL
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APPENDIX 22
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OUR CORE VALUES HONOR PLACE SAFETY FIRST BRING YOUR BEST ANTICIPATE OUR MISSION To connect guests and staff to iconic places through unforgettable, inspiring experiences OUR PURPOSE Joy, Amplified OUR VISION To be the world’s leading provider of attraction and hospitality experiences
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24 ICONIC Places people dream of visiting UNFORGETTABLE Vivid moments that leave a lasting impression INSPIRING Experiences that become stories worth sharing 24 OUR PROMISE
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PURSUIT fourth quarter 2024 HIGHLIGHTS GEOGRAPHIC OVERVIEW 25 FLYOVER COLLECTION 47% 18% 12% 13% 10% Banff Jasper Collection Glacier Park Collection Alaska Collection Sky Lagoon FlyOver (1) PURSUIT 2024 REVENUE MIX ($366M TOTAL) SKY LAGOON (ICELAND) GLACIER PARK COLLECTION (MONTANA) ALASKA COLLECTION (ALASKA) BANFF JASPER COLLECTION (CANADA) Denotes Iconic Location Denotes FlyOver Location (1) Represents FlyOver Canada, FlyOverIceland, and FlyOver Las Vegas; FlyOver Chicago opened Mar’24.
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GLACIER Glacier Park Lodge* 162 rooms Grouse Mountain Lodge 145 rooms St. Mary Village* 116 rooms Apgar Village Lodge & Cabins* 48 rooms Glacier Basecamp Lodge 29 rooms Belton Chalet* 27 rooms Motel Lake McDonald* 27 rooms West Glacier RV Park and Cabins* 25 rooms Paddle Ridge* 23 rooms West Glacier Village* 18 rooms Apgar Lookout Retreat 6 rooms 626 rooms BANFF | JASPER | WATERTON Elk + Avenue Hotel 164 rooms Forest Park Woodland 152 rooms Lobstick Lodge 139 rooms Mount Royal Hotel 133 rooms Chateau Jasper Hotel 119 rooms The Crimson Hotel 99 rooms Forest Park Alpine 88 rooms Marmot Lodge 81 rooms Pyramid Lake Lodge 68 rooms Miette Mountain Cabins 56 rooms Glacier View Lodge* 32 rooms Prince of Wales Hotel* 86 rooms 1,217 rooms PURSUIT fourth quarter 2024 HIGHLIGHTS PURSUIT’S DISTINCTIVE LODGING IN RENOWNED GLOBAL TRAVEL LOCATIONS 26 * Denotes a property that operates seasonally (generally closed from October - April) Note: 2019 to Present New Hotels include the following: Mountain Park Lodges (Q2’19). Belton Chalet (Q2’19), West Glacier RV Park (Q3’19), Glacier Basecamp Lodge (Q1’20), Paddle Ridge / Glacier Raft Co. (Q2’22), Forest Park Alpine (Q3’22), and Apgar Lookout Retreat (Q3’24) 28 LODGES WITH 2,367 ROOMS IN ICONIC DESTINATIONS WITH OCCUPANCY COMPRESSION AND BARRIERS TO ENTRY DENALI | KENAI FJORDS Seward Windsong Lodge* 216 rooms Talkeetna Alaskan Lodge* 212 rooms Denali Cabins* 46 rooms Denali Backcountry Lodge* 42 rooms Kenai Fjords Wilderness Lodge* 8 rooms 524 rooms
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PURSUIT fourth quarter 2024 HIGHLIGHTS EXPERIENCE PURSUIT We invite you to experience some of our inspiring Refresh, Build, Buy growth investments in person or through the video links below: BANFF GONDOLA REFRESH BUILD BUY GLACIER VIEW LODGE MOUNT ROYAL HOTEL SKY LAGOON FLYOVER ICELAND GOLDEN SKYBRIDGE MALIGNE LAKE CRUISE KENAI FJORDS TOURS FLYOVER CHICAGO 27
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28 PURSUIT fourth quarter 2024 HIGHLIGHTS ($ in millions) FY’25 GUIDANCE2 FY’24 ACTUALS Revenue Up low-double digits vs. 2024 $366.5 Adjusted EBITDA1 $98 to $108 $77.1 Maintenance Capex $29 to $34 (7-8% of Revenue) $36.1 Growth Capex $38 to $43 $20.2 Total Capex $70 to $75 $56.2 1. FORWARD-LOOKING NON-GAAP FINANCIAL MEASURES We have not quantitatively reconciled its guidance for adjusted EBITDA to our most comparable GAAP financial measure because certain reconciling items that impact this metric, including provision for income taxes, interest expense, restructuring or impairment charges, transaction-related costs, and start-up costs have not occurred, are out of our control, or cannot be reasonably predicted. Accordingly, reconciliations to the nearest GAAP financial measure are not available without unreasonable effort. Please note that the unavailable reconciling items could significantly impact our results as reported under GAAP. 2025 FINANCIAL OUTLOOK (GUIDANCE AS OF MAY 8, 2025) Maligne Lake Cruise Jasper National Park, Canada 2. Guidance is as of May 8, 2025, and reflects certain assumptions noted in our 2024 full year earnings press release issued on March 11, 2025. These assumptions include (1) recovery of Jasper leisure travel, (2) approximately $5 million to $7 million of Adjusted EBITDA from the three tuck-in acquisitions completed during the fourth quarter 2024, (3) strong organic growth from continued guest experience improvements, demand for authentic experiential travel in iconic places, and focus on revenue and cost management, and (4) no change to our prior exchange rate assumption of $0.69 between the Canadian Dollar and the U.S. Dollar for our operations in Canada, which presents a translation headwind of approximately $7 million to Adjusted EBITDA compared to 2024 exchange rates. There continues to be uncertainty around the economic and geopolitical outlook and the impact that may have on travel and consumer behavior as we head into our primary operating season.
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PURSUIT fourth quarter 2024 HIGHLIGHTS SEASONALITY 29 Prince of Wales Hotel Waterton Lakes National Park, Canada $24 $78 $164 $34$33 $88 $187 $42$37 $101 $182 $46$38 Q1 Q2 Q3 Q4 2022 2023 2024 2025 Pursuit experiences peak activity during the summer months. During 2024, 77% of Pursuit’s revenue was earned in the second and third quarters. REVENUE BY QUARTER ($M) Note: Jasper attractions and lodging properties were temporarily closed during Q3’24 due the Jasper wildfire.
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2024 2025 Q1 Q2 Q3 Q4 FY Q1 (in thousands) Ticket Revenue 17,805$ 43,707$ 75,330$ 25,535$ 162,377$ 18,952$ Rooms Revenue 7,604 24,578 42,020 7,719 81,920 7,339 Food and Beverage 6,522 15,046 26,135 6,637 54,340 6,123 Retail Operations 1,725 10,105 23,134 2,792 37,757 1,722 Transportation 1,855 3,338 4,990 1,605 11,788 1,835 Other 1,720 4,427 10,648 1,511 18,306 1,608 Total Revenue 37,231$ 101,201$ 182,257$ 45,799$ 366,488$ 37,579$ Markets: Banff Jasper Collection 18,106$ 53,696$ 80,700$ 22,164$ 174,666$ 17,443$ Alaska Collection 613 14,046 29,238 (97) 43,799 715 Glacier Park Collection 1,433 15,311 46,408 2,468 65,620 1,495 FlyOver 6,189 8,533 12,426 8,605 35,753 6,912 Sky Lagoon 10,890 9,615 13,485 12,660 46,650 11,014 Total Revenue 37,231$ 101,201$ 182,257$ 45,799$ 366,488$ 37,579$ PURSUIT fourth quarter 2024 HIGHLIGHTS SUPPLEMENTAL REVENUE DISCLOSURES 30 Pyramid Lake Lodge Jasper National Park, Canada
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2024 2025 Q1 Q2 Q3 Q4 FY Q1 As Reported Attractions KPIs: Number of Visitors 451,808 1,054,378 1,624,384 626,894 3,757,464 459,460 Effective Ticket Price 39.41$ 41.45$ 46.37$ 40.73$ 43.21$ 41.25$ Ticket Revenue (000s) 17,805$ 43,707$ 75,330$ 25,535$ 162,377 18,952$ Revenue per Attraction Visitor 50.86$ 53.51$ 59.85$ 50.68$ 55.46$ 52.22$ Attractions Revenue (000s) 22,980$ 56,421$ 97,222$ 31,774$ 208,397 23,992$ Same-Store1 Attractions KPIs: Number of Visitors 416,148 390,784 Effective Ticket Price 40.28$ 44.11$ Ticket Revenue (000s) 16,761$ 17,237$ Revenue per Attraction Visitor 52.09$ 56.83$ Attractions Revenue (000s) 21,678$ 22,209$ As Reported Hospitality KPIs: Rooms Nights Available 117,310 164,228 202,162 111,945 595,645 109,115 Occupancy % 57.7% 69.3% 70.4% 50.3% 63.8% 59.3% Rooms Sold 67,646 113,733 142,239 56,262 379,880 64,730 ADR 112.40$ 216.10$ 295.42$ 137.19$ 215.65$ 113.38$ Rooms Revenue (000s) 7,604$ 24,578$ 42,020$ 7,719$ 81,920$ 7,339$ RevPAR 64.82$ 149.66$ 207.85$ 68.95$ 137.53$ 67.26$ Hospitality Revenue (000s) 11,580$ 40,547$ 79,059$ 11,884$ 143,071$ 11,194$ Same-Store1 Hospitality KPIs: Rooms Nights Available 103,478 101,558 Occupancy % 58.2% 59.2% Rooms Sold 60,173 60,137 ADR 107.00$ 114.10$ Rooms Revenue (000s) 6,439$ 6,862$ RevPAR 62.22$ 67.56$ Hospitality Revenue (000s) 9,737$ 10,343$ PURSUIT fourth quarter 2024 HIGHLIGHTS KEY PERFORMANCE INDICATORS 31 31 Sky Lagoon Reykjavík, Iceland 1. Same-Store metrics include only attractions and lodging properties that Pursuit 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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32 NON-GAAP FINANCIAL RECONCILIATION Note: In December 2024, we completed the sale of our GES business and, as a result, we have accounted for the GES business as a discontinued operation. All amounts and disclosures for all periods presented in this presentation reflect only the continuing operations unless otherwise n oted. (A) Start-up costs include expenses primarily related to the development of our new Flyover attraction in Chicago and trailing expen ses related to the Flyover Toronto lease exit. (B) Transaction-related costs represent expenses related to acquisition, divestiture, and other corporate development activities, in cluding costs for integration, separation (sale of GES), diligence, feasibility, legal, and other costs. (C) Represents net expenses previously allocated to/from GES that do not qualify for discontinued operations treatment. (D) Includes a charitable pledge to support Jasper's recovery in Q4'24 and certain non -recoverable wildfire-related costs and non-capitalizable fees and expenses related to our shelf registration in 2024. (E) Remeasurement of finance lease obligation represents the non -cash foreign exchange loss/(gain) included within operating expense s related to the periodic remeasurement of the Sky Lagoon finance lease obligation. ADJUSTED EBITDA (000's) FY'24 Net income (loss) attributable to Pursuit 368,544 Net income (loss) attributable to noncontrolling interest 6,557 Net loss attributable to redeemable noncontrolling interest (1,258) Income from discontinued operations (425,603) Net interest expense 14,182 Income tax expense (benefit) 6,325 Depreciation and amortization 42,960 Restructuring charges (recoveries) 3,157 Impairment charges 47,572 Other expense, net 916 Start-up costs (A) 2,266 Transaction-related costs (B) 2,875 SG&A costs previously allocated to GES (C) 3,576 Other non-recurring expenses (D) 4,121 Remeasurement of finance lease obligation (E) 876 Adjusted EBITDA 77,066 32 Glacier Raft Co. West Glacier, Montana