Slides
Page 1
PURSU , T SECOND QUARTER 2026 EARNINGS PRESENTATION AUGUST 5 , 2026 PRSU LISTED NYSE
Page 2
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 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 the company’s expectations concerning the travel industry and the markets in which Pursuit operates; management’s expectations concerning future financial performance, including its 2026 and long-term outlook and the related underlying assumptions; its growth plans and strategies, including with respect to investments, growth capital expenditures and acquisitions; its ability to opportunistically return capital to shareholders through share repurchases 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 the company’s 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 Pursuit’s 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; ⁄ the 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, and other catastrophic events; ⁄ accidents and adverse incidents at our hotels and attractions; ⁄ the sufficiency and cost of insurance coverage; ⁄ the impact of our borrowings, including our revolving credit facility, on our operational and financial flexibility; ⁄ risks of new capital projects not being commercially successful; ⁄ our ability to fund capital expenditures, or our ability to deploy capital in line with strategic objectives; ⁄ our ability to successfully integrate and achieve anticipated benefits from acquisitions; ⁄ unknown or contingent liabilities from acquisitions; ⁄ failure to adapt to technological developments or industry trends; ⁄ our inability to realize the strategic, financial and operational benefits from the sale of Flyover; ⁄ potential increases in operating expenses; ⁄ conducting business globally, including the impact of regulatory regimes in geographies where we operate or may expand; ⁄ our exposure to currency exchange rate fluctuations; ⁄ liabilities relating to prior and discontinued operations; ⁄ the importance of key personnel to our business; ⁄ the impact of labor shortages; ⁄ our exposure to cybersecurity attacks and threats, including the impact of fraud; ⁄ 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; ⁄ compliance with foreign data privacy laws that apply to our activities; ⁄ our exposure to litigation in the ordinary course of business; ⁄ changes in federal, state, local or foreign tax laws; ⁄ our ability to comply with extensive environmental requirements; ⁄ risks related to ownership of our common stock; and ⁄ other risks and uncertainties included under Part I, Item 1A of our most recent annual report Form 10-K. 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 may file with the SEC. We disclaim and do not undertake any obligation to update or revise any forward-looking statement in this presentation 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.
Page 3
3 NON-GAAP FINANCIAL MEASURES This document includes the presentation of Adjusted EBITDA (or AEBITDA), Adjusted EBITDA Margin (or AEBITDA Margin) and Adjusted Net Income (Loss), which are intended to supplement 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.These 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 these non-GAAP financial measures is limited, compared to the most comparable GAAP measure because they do not consider a variety of items affecting Pursuit’s consolidated financial performance as explained below. Because these non-GAAP measures do 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, restructuring charges, impairment charges, transaction-related costs, start-up costs, FX remeasurement of debt and debt-like items, business interruption gains, and the reduction/increase for income/loss attributable to non-controlling interests. 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 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. AEBITDA Margin is defined by management as AEBITDA (as defined above) divided by revenue. Adjusted Net Income (Loss) is defined by management as net income (loss) attributable to Pursuit adjusted to exclude, as applicable, income (loss) from discontinued operations, restructuring charges, impairment charges, transaction-related costs, start-up costs, FX remeasurement of debt and debt-like items, business interruption insurance recoveries, legacy pension termination expense, business interruption gains, and other non-recurring items, as well as tax benefit or expense related to such items and any portion of such items that are attributable to noncontrolling interests. Adjusted Net Income (Loss) is considered a useful operating metric, in addition to net income (loss) attributable to Pursuit, as potential variations arising from non-operational expenses/income are eliminated, thus resulting in an additional measure considered to be indicative of Pursuit’s performance. Please see the slide titled "Non-GAAP Financial Reconciliation" for reconciliations of these non-GAAP financial measures to their most directly comparable GAAP financial measures. 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, and transaction-related 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. 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 earnings presentation reflect only continuing operations unless otherwise noted.
Page 4
BUSINESS & FINANCIAL HIGHLIGHTS 4 Record Q2 Results with exceptional guest experiences +14% Q2 Revenue Growth YOY Increased FY guidance for contributions from strategic transactions +14% FY AEBITDA1 Growth YOY at Mid-Point Attractive multiples for PRSU shareholders 2 Strategic Transactions Completed 1. Guidance is as of August 5, 2026, and reflects foreign currency exchange rate and other assumptions noted on slide 43 in the Appendix.
Page 5
BUSINESS OVERVIEW 5
Page 6
FLYOVER SALE COMPLETES PURSUIT’S TRANSFORMATION INTO A PURE-PLAY ATTRACTIONS AND HOSPITALITY GROWTH ENGINE 6 DISCIPLINED PORTFOLIO OPTIMIZATION STRENGTHENS GROWTH PLATFORM ⁄ Divested non-core asset to sharpen focus ⁄ Significantly strengthens the balance sheet ⁄ Redeploying capital into higher-return growth opportunities ⁄ Advances delivery of our 2030 Vision +$75M Flyover Sale Proceeds ~14.5x FY’25 AEBITDA Multiple
Page 7
OWNS AND OPERATES ICONIC, IRREPLACEABLE EXPERIENCES IN THE WORLD’S MOST BEAUTIFUL PLACES EXPERIENTIAL INFRASTRUCTURE THAT CONNECTS GUESTS WITH ICONIC DESTINATIONS 14 SIGHTSEEING ATTRACTIONS1 29 DISTINCTIVE LODGES INTEGRATED F&B, RETAIL, & TRANSPORTATION ~4,300 INCREDIBLE TEAM MEMBERS2 CANADA UNITED STATES ICELAND COSTA RICA WORLD-CLASS EXPERIENCES ACROSS 4 COUNTRIES 1. Includes Eagle Wing Tours attraction acquired on July 14, 2026. Ex cludes 4 Flyover attractions sold on July 31, 2026. 2. Inclusive of seasonal team members. Pursuit employs ~2,100 full-time team members. Excludes Flyover team members. 7
Page 8
PURSUIT’S DIFFERENTIATED MODEL AND STRATEGIC POSITIONING EXPERIENTIAL INFRASTRUCTURE LIMITED SUPPLY LOCATIONS DEMAND ANCHORED TO DESTINATION CULTURE & GROWTH MINDSET INTEGRATED OPERATING SYSTEM EXPONENTIAL CASH FLOW MODEL Unique-in-the-world, long-term experiential infrastructure that connects guests with iconic destinations; not a tourism bet Perennial guest demand driven by destination pull, not consumer cycles; engaging guests pre-arrival and in-destination Regulated, non-replicable one-of-a-kind locations due to long-dated concessions, permitting, and historical investment Guest-obsessed hospitality, experience design, and growth mindset culture enabling sustainable growth Orchestrated guest journey across authentic, networked experiences; operational complexity creates a competitive moat Sustainable, exponential cash flow generation through powerful levers of volume, yield, and flow-through from guest experience, not cycles 8
Page 9
ALIGNED WITH THE STRONGEST, MOST DURABLE GLOBAL TRAVEL TRENDS 9 TRAVEL TRENDS WHY PURSUIT IS WELL POSITIONED Experiences Over Things ⁄ Own must-do, once-in-a-lifetime experiences in bucket-list destinations Growth in Outdoor and Adventure Travel ⁄ Portfolio anchored in iconic natural destinations with scenic and outdoor experiences Wellness and Longevity Focus ⁄ Nature-immersive experiences support physical vitality, mental restoration, and longevity-driven travel demand Resilient Global Leisure Travel Growth ⁄ Bucket-list destinations with perennial demand and limited supply that rebound quickly through cycles Rising Group Travel and Tour Itineraries ⁄ Own lodging in supply-constrained markets essential to tour operators and group itineraries Remote Work and Flexible Travel Patterns ⁄ Iconic locations support longer stays and broader seasonal demand beyond peak periods Technology Efficiencies and AI Driven Trip Planning and Social Discovery ⁄ AI cannot take your vacation for you – It is an enabler, not a disruptor, helping travelers discover iconic destinations, driving demand to our experiences, and giving guests more time to enjoy them Desire to Unplug and Capture Unforgettable Moments ⁄ Spectacular, screen-free experiences in remarkable places that create lifelong memories
Page 10
A PROVEN GROWTH PLAYBOOK: DISCIPLINED CAPITAL ALLOCATION, CONSISTENT STRATEGY, AND A CLEAR PATH TO GROWTH 1. 2014-2025 effective AEBITDA multiple represents $578M invested divided by $102M FY’25 AEBITDA contribution. Individual examples represent total investment through FY’25 divided by FY’25 AEBITDA contribution.. 2. Includes growth investments greater than $5 million that had a first full year of EBITDA contribution in 2014 through 2025 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, Glacier Raft Co., Flyover Chicago, Eddie's Cafe & Mercantile and Apgar Lookout Retreat, and Jasper SkyTram. Amounts are presented in USD with an exchange rate assumption of $0.73 between the Canadian Dollar and the U.S. Dollar for our operations in Canada. 3. Includes Maligne Lake Cruise, CATC, Flyover Canada Vancouver, Mountain Park Lodges, Glacier Raft Co., Eddie's Cafe & Mercantile and Ap gar Lookout Retreat, and Jasper SkyTram. 2014-2025 PROVEN TRACK RECORD ~6X EFFECTIVE FY’25 AEBITDA MULTIPLE1 ⁄ $578M Major Organic Growth Investments and Strategic Acquisitions2 ⁄ $102M FY’25 AEBITDA Contribution from these Growth Investments ⁄ Completed 7 Strategic Acquisitions 3 BANFF GONDOLA ~1X EFFECTIVE FY’25 AEBITDA MULTIPLE 1 MOUNT ROYAL HOTEL ~5X EFFECTIVE FY’25 AEBITDA MULTIPLE 1 SKYWALK ~2X EFFECTIVE FY’25 AEBITDA MULTIPLE 1 MALIGNE LAKE CRUISE ~4X EFFECTIVE FY’25 AEBITDA MULTIPLE 1 GROWTH INVESTMENT SUCCESS STORIES INVESTING IN ONE-OF-A-KIND EXPERIENCES 10
Page 11
BUILT ON A DECADE OF EXECUTION, WE ARE CONFIDENT IN DELIVERING OUR NEXT PHASE OF GROWTH 1111 1. Includes $38.6M of Flyover revenue. 2. The company announced Vision 2030 targets in February 2026. Refer to slide 42 in the Appendix for more information. 2015 2025 2030 Target REVENUE GROWTH ($ in millions) 1 >$845 $112 EXPECT CONTINUED DOUBLE-DIGIT CAGR THROUGH 2030 2 $452 DURABLE DOUBLE-DIGIT GROWTH AT SCALE HIGH-RETURN INVESTMENT ENGINE MARGIN EXPANSION THROUGH OPERATING LEVERAGE IMPROVING FREE CASH FLOW GENERATION FINANCIAL FLEXIBILITY WITH DISCIPLINE >30% AEBITDA Margin
Page 12
VISION 2030: A DISCIPLINED STRATEGY TO COMPOUND GROWTH, EXPAND MARGINS, AND BUILD LONG-TERM SHAREHOLDER VALUE 1212 1. The company announced Vision 2030 targets in February 2026. Refer to slide 42 in the Appendix for more information. >$845M Revenue 2030 Target1 >$265M AEBITDA 2030 Target1 >30% AEBITDA Margin 2030 Target1 2030
Page 13
4 LEVERS TO GROW SHAREHOLDER VALUE 13
Page 14
MULTIPLE LEVERS TO GROW SHAREHOLDER VALUE SUPPORTED BY STRONG TRACK RECORD & BALANCE SHEET 14 1DRIVING CONTINUOUS GROWTH EVERY YEAR ACROSS OUR EXISTING EXPERIENCES 2INVESTING IN OURSELVES THROUGH ORGANIC GROWTH PROJECTS 3EXPANDING PORTFOLIO WITH DISCIPLINED STRATEGIC ACQUISITIONS 4INVESTING IN OUR OWN SHARES AT ATTRACTIVE VALUATIONS
Page 15
1. Reflects June 30, 2026 liquidity of $161 million (undrawn revolver capacity plus unrestricted cash inclusive of $2.8M Flyover cash reported in assets held for sale) less ~$16M paid to acquire Eagle Wing Tours (net of cash acquired) plus $75M proceeds from the sale of Flyover. 2. Net leverage calculated as defined for compliance with Pursuit’s 2025 Credit Agreement as of June 30, 2026 was 1.5x. Amount shown above is presented on a pro forma basis to reflect the sale of Flyover and acquisition of Eagle Wing. STRONG BALANCE SHEET WITH SUBSTANTIAL INVESTMENT CAPACITY TO FUND ALL GROWTH LEVERS CONCURRENTLY 15 ROBUST LIQUIDITY LOW NET LEVERAGE ~$220M Pro Forma Liquidity1 at 6/30/26 ~1x Pro Forma Net Leverage2 at 6/30/26 2.0x-3.5x Target Net Leverage Continued Adjusted EBITDA growth+ < WE HAVE THE CAPITAL STRUCTURE AND DISCIPLINE TO SIMULTANEOUSLY INVEST IN HIGH-RETURN GROWTH CAPEX ACQUIRE ONE-OF-A-KIND FOREVER ASSETS OPPORTUNISTICALLY REPURCHASE SHARES + +
Page 16
16 DRIVING CONTINUOUS GROWTH EVERY YEAR ACROSS OUR EXISTING EXPERIENCES LEVERAGING PERENNIAL DEMAND, RELENTLESS FOCUS ON GUEST AND TEAM MEMBER EXPERIENCE, AND GROWTH MINDSET 1 1. Team member engagement is measured by staff’s intent to recommend working for the company. We survey this annually and target a score of 70% or greater. Reflects results as of August 2025 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 2025. Lodging Net Promoter Score currently ranks in the top quartile of the hotel s industry according to NPS benchmarking provided by Delighted.com. 3. As of 6/30/26, presented on a same-store, constant currency basis. +6% Same-Store Q2 YTD Effective Ticket Price Growth YOY3 +9% Same-Store Q2 YTD Lodging RevPAR Growth YOY3 48 Lodging Net Promoter Score2 75 Attractions Net Promoter Score2 Team Member Engagement1 73
Page 17
RELENTLESS FOCUS ON GUEST EXPERIENCE DESIGN COMBINED WITH A GROWTH MINDSET DRIVE INCREMENTAL ATTRACTION VISITATION 17 Driving family visitation to attractions through interactive exploration, education, and achievement-based experiences Driving morning and evening visitation to Banff Gondola through unique mountaintop experiences with live music and delicious dining Driving evening visitation to Lake Minnewanka Cruise through premium experience with rotating local craft beer tastings ROCKIES RANGERS BLOOM & BRUNCH AND SUNSET FESTIVALS BEER VOYAGE RECENT STRATEGIC PROGRAMMING INITIATIVES EXAMPLES
Page 18
18 INVESTING IN OURSELVES THROUGH ORGANIC GROWTH PROJECTS INVESTMENTS IN WELL-INSTRUMENTED BUSINESSES WE OWN DELIVER HIGH RETURNS AT LOW RISK 2 >$300M Est. 2026-2030 Organic Growth Capex Pipeline >$40M Est. FY’301 AEBITDA Contribution ~$75M Est. FY’26 Mid-Point Organic Growth Capex 1. The company announced Vision 2030 targets in February 2026. Refer to slide 42 in the Appendix for more information.
Page 19
CASE STUDY: TRANSFORMED GOLDEN SKYBRIDGE ATTRACTION WITH NEW EAGLE NET PARK ADDITION AND AMPLE GROWTH OPPORTUNITY ENHANCED GUEST EXPERIENCE ⁄ Transformed from single sightseeing suspension bridge concept to scalable, multi experience adventure attraction at scale ⁄ Team consistently delivers enhancements that strengthen guest satisfaction and accelerate revenue expansion 19 +86% Total Revenue Per Visitor Growth FY‘25 vs. FY‘22 +11% Net Promoter Score Growth FY‘25 vs. FY‘23 New Net Park Open Aug 1st
Page 20
PREMIER LAKE MINNEWANKA EXPERIENCE 20 INVESTMENT HIGHLIGHTS ⁄ New premium product for an iconic Banff attraction to drive higher revenue per guest ⁄ Enhanced 1-hour guided experience with upgraded seating and comfort in a striking new exterior ⁄ Elevated guest journey with locally curated amenities and exclusive touches ⁄ Low capital, high-return growth initiative
Page 21
ENHANCED GLACIER EXPERIENCE WITH WORLD’S FIRST ELECTRIC ICE EXPLORER IN 2026 CLICK HERE FOR VIDEO LINK 21 INVESTMENT HIGHLIGHTS ⁄ Elevates guest experience with quieter, more immersive journey on Athabasca Glacier ⁄ Differentiated attraction through a world’s first tourism innovation ⁄ Advances sustainability leadership and reduces emissions with electric, solar- assisted technology and regenerative braking ⁄ Evaluating building additional electric ice explorers for premium guest offering
Page 22
REPOSITIONED FOREST PARK HOTEL WOODLAND IN 2026 22 INVESTMENT HIGHLIGHTS ⁄ Transforming year-round lodge with comprehensive upscale repositioning across guestrooms, public spaces, dining, and meeting facilities ⁄ Enhances guest experience, increases visitation, and supports ADR growth ⁄ Capturing higher-end and year- round demand in iconic supply- constrained Jasper National Park ⁄ First phase of renovated rooms completed in 2025 drove 22% ADR growth vs. non-renovated rooms ⁄ Second phase of rooms completed ahead of 2026 peak season and full hotel transformation to be complete in Q3’26
Page 23
HOTEL WHITEFISH, THE NEXT CHAPTER OF GROUSE MOUNTAIN LODGE PHASED COMPLETION IN 2026 AND 2027 23 INVESTMENT HIGHLIGHTS ⁄ Transforming year-round lodge with elevated guestrooms, pool updates, new 300-person event center, and reimagined dining, lobby, guest spaces ⁄ Enhances guest experience, increases visitation, and supports ADR growth ⁄ Captures growing demand for year-round mountain travel, weddings, and group experiences ⁄ Full hotel transformation by Summer 2027 Phase One Rooms Complete New Event Center Opens Aug 15th
Page 24
BANFF GONDOLA SKY BISTRO EXPANSION COMPLETE AND OPEN IN 2026 24 INVESTMENT HIGHLIGHTS ⁄ Sky Bistro offers world class dining experience on the summit of Sulphur Mountain ⁄ Reimagined space and strategically designed dining room, lounge, and bar areas to offer all seated guests one of Banff’s most iconic views ⁄ Increased premium guest capacity by 35 seats (~30% increase) and revenue per visitor while enhancing dining experience ⁄ Launched new menus with fresh ideas inspired by local producers, partnering with top farmers, suppliers, food artisans, and producers in Western Canada
Page 25
ELEVATING ONE-OF-A-KIND SIGHTSEEING ATTRACTIONS 25 JASPER SKYTRAM Elevating the arrival-to-summit guest experience and strengthening must-do position in Jasper National Park, including a modern and efficient gondola replacing aging tram to capture demand that exceeds capacity BANFF GONDOLA Elevating the guest experience with a new modernized lift and expanded amenities to enhance one of the most iconic experiences in the Canadian Rockies
Page 26
BANFF JASPER LAKE CRUISE CAPACITY EXPANSION IN 2027 26 INVESTMENT HIGHLIGHTS ⁄ Addition of new, upgraded 56- passenger tour boat will enhance the guest experience at Maligne Lake in Jasper and expand capacity ⁄ Existing 38-passenger boat at Maligne Lake will be transferred to Lake Minnewanka in Banff, creating additional capacity at both attractions ⁄ Captures strong demand for premier sightseeing experiences, while maximizing volume and optimizing yield
Page 27
REINTRODUCING DENALI BACKCOUNTRY ADVENTURE IN 2027 27 Premium, high-margin guided experience deep in Denali National Park, delivering rare access and unforgettable moments when road access reopens in 2027
Page 28
NEW ST. MARY WILDSCAPES PREMIUM CABINS WITH ICONIC VIEWS OVERLOOKING GLACIER NATIONAL PARK IN 2027 28 New elevated stay near renowned Glacier National Park East Entrance on a mountain bluff with breathtaking views and a standout wellness sauna
Page 29
LOBSTICK LODGE Planned investments will elevate and reposition the year-round lodge in iconic Jasper National Park, capturing strong, sustained demand across both consumer and tour-and-travel segments ORGANIC GROWTH INVESTMENTS UNDERWAY TO DELIVER ELEVATED EXPERIENCES AND STRONG RETURNS 29 PYRAMID LAKE LODGE Planned investments will add premium exterior hot tub and sauna amenities to elevate guest experience at year-round lodge in iconic Jasper National Park with incredible lake views
Page 30
30 EXPANDING PORTFOLIO WITH DISCIPLINED STRATEGIC ACQUISITIONS ROBUST PIPELINE OF FOREVER ASSET OPPORTUNITIES THAT ALIGN WITH OUR STRATEGY AND VALUES 3 TABACÓN Driving strong performance and expanding Costa Rica collection of experiences EAGLE WING Acquired leading sightseeing attraction in iconic destination INVESTMENT CRITERIA 15%+ IRR HURDLE RATE Iconic, unforgettable, and inspiring Perennial demand One-of-a-kind locations with limited supply Attractive EBITDA margins High-quality guest experience Countries with strong ease of doing business
Page 31
31 PURSUIT fourth quarter 2024 HIGHLIGHTS EAGLE WING TOURS: ENTRY INTO ICONIC VANCOUVER ISLAND MARKET WITH ACQUISITION OF LEADING SIGHTSEEING ATTRACTION BUSINESS On July 14, 2026, Pursuit acquired Eagle Wing Tours for C$23.9M1 at an effective AEBITDA multiple of ~6.5x1 CLICK HERE FOR VIDEO LINK ⁄ Iconic Destination with Perennial Demand: Eagle Wing Tours expands Pursuit’s Canadian portfolio by adding a market-leading whale watching and marine wildlife experience in iconic Victoria, British Columbia - a vibrant tourism market welcoming ~5M visitors annually with a robust and expanding cruise sector and hotels operating at high occupancy levels ⁄ Irreplaceable, World-Class Sightseeing Attraction: Eagle Wing Tours is a locally-rooted operator, founded in 1997, known for its exceptional guest experience, marine wildlife interpretation, and longstanding commitment to responsible tourism, welcoming ~50K guests annually through a five vessels fleet ⁄ Limited Supply: Eagle Wing Tours has access to limited dock space in Victoria’s Inner Harbour with strict regulations and the specialized process of hiring and training top naturalist guides ⁄ Clear Path to Long-Term Value: Margin accretive with expected AEBITDA of C$3M to C$4M in first full year of ownership; over time, the business will benefit from access to Pursuit’s marketing and commercial capabilities, expanded reach to new audiences, and additional resources; path for incremental growth investments and increased presence in region 1. Purchase price of C$23.9 million is inclusive of approximately C$1.5 million of acquired cash, which reduces the effective purchase multiple to ~6.5x.
Page 32
TABACÓN: HIGH-QUALITY STRATEGIC ACQUISITION CREATING VALUE 32 INVESTMENT UPDATE ⁄ 8% Revenue Growth YTD1 vs. prior year ⁄ TTM1 AEBITDA Growth has driven effective purchase multiple down to nearly 9x in first year ⁄ Building 3 new premium Villas to meet year-round demand from luxury multi-family travelers in Arenal region ⁄ Pursuing additional growth investment opportunities to expand Tabacón (570 acres) and grow Costa Rica collection of experiences Enhanced Arrival Experience Complete and Open New Premium Villas Est. Summer 2027 Open 1. As of 6/30/26.
Page 33
33 4 INVESTING IN OUR OWN SHARES AT ATTRACTIVE VALUATIONS REINFORCING OUR CONFIDENCE IN PURSUIT’S LONG-TERM OUTLOOK $100M Repurchase Authorization $57M Remaining $43M Repurchased To Date1 $35.72 Avg Share Price >40% Appreciation Relative to Avg Repurchase Price2 1. Shares repurchased to date through August 4, 2026. 2. Calculated using August 4, 2026 closing price of $51.59 per share as compared to $35.72 average price per share paid for shares repurchased to date. .
Page 34
FINANCIAL HIGHLIGHTS & OUTLOOK 34
Page 35
PURSUIT fourth quarter 2024 HIGHLIGHTS RECORD SECOND QUARTER PERFORMANCE HIGHLIGHTS $133M Q2’26 Revenue +14% Revenue Growth YOY Primarily reflects strong contributions from Tabacón (acquired July 2025) and continued growth across existing geographies +10% AEBITDA Growth YOY Primarily driven by flowthrough of higher revenue 35 25% Q2’26 AEBITDA Margin2 $15M Q2’26 Net Income1 $33M Q2’26 AEBITDA2 1. Attributable to Pursuit. 2. Refer to Appendix for a discussion and reconciliation of this non -GAAP financial measure to its most directly comparable GAAP financial measure.
Page 36
36 PURSUIT fourth quarter 2024 HIGHLIGHTS TICKET REVENUE ($ in millions) Note: Amounts may not add as presented due to rounding. 1. Same-Store key performance indicators represent attractions that we operated at full capacity, considering seasonal closures, an d that have not undergone significant renovations during the quarters being compared. Accordingly, Tabacón (acquired on July 1, 2025) is excluded for the second quarter. For attractions located outs ide the United States, comparisons to the prior year are expressed on a constant U.S. dollar basis. SECOND QUARTER 2026 ATTRACTION PERFORMANCE ⁄ 3% growth in ticket revenue primarily from strong performance at Tabacón (acquired July 2025) ⁄ 3% decrease in visitors primarily driven by weather- related impacts in Banff & Jasper during Q2’26 shoulder season ⁄ 6% increase in same-store1 ETP enabled by our focus on enhancing guest experience $53 $55 Q2'25 Q2'26 ATTRACTION METRICS 1,135 1,096 Q2'25 Q2'26 $46.87 $49.53 Q2'25 Q2'26 Visitors (in thousands) Same-Store1 ETP +3% +6% -3% Glacier Raft Co. West Glacier Ticket Revenue In line with Q2’25 when excluding Tabacón
Page 37
PURSUIT fourth quarter 2024 HIGHLIGHTS ROOM REVENUE ($ in millions) Note: Amounts may not add as presented due to rounding. 1. Same-Store key performance indicators represent hospitality properties that we operated at full capacity, considering seasonal c losures, and that have not undergone significant renovations during the quarters being compared. Accordingly, Tabacón (acquired on July 1, 2025), Forest Park Hotel Woodland (renovation), and Grouse Mountain Lodge (renovation) are excluded for the second quarter. For hospitality properties located outside the United States, comparisons to the prior year are expressed on a constant U.S. doll ar basis. SECOND QUARTER 2026 HOSPITALITY PERFORMANCE ⁄ 27% room revenue growth primarily from strong performance at Tabacón (acquired July 2025) and improvement in same-store ADR and occupancy ⁄ Strong perennial demand for our renowned experiential travel destinations HOSPITALITY METRICS Same-Store1 RevPAR Same-Store1 ADR & Occupancy +8% $26 $33 Q2'25 Q2'26 $170.12 $187.15 Q2'25 Q2'26 $226.52 $244.97 75.1% 76.4% Q2'25 Q2'26 Forest Park Alpine Hotel Jasper National Park +27% +10% Room Revenue Up 9% vs. Q2’25 when excluding Tabacón 37
Page 38
38 CANADIAN LODGING FY Room Revenue on the Books1 (CAD $ in millions) 2026 LODGING BOOKING PACE1 REMAINS STRONG 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 38 1. Room Revenue on the Books data represents full year reservations taken to date as of August 3, 2025, and 2026. Reservations data included is preliminary and subject to change based on actual occupancy, room rates, and other customary quarter-end adjustments. 2. Mid-year ADR lift can be influenced by mix of rooms sold and should be viewed as a positive indicator of general demand versus a predictor of full year ADR performance. US LODGING FY Room Revenue on the Books1 (USD $ in millions) $37 $40 FY'25 FY'26 ADR +9% vs. 20252ADR +11% vs. 20252 % of FY Rooms Available Sold 63% 62% $71 $77 FY'25 FY'26 % of FY Rooms Available Sold 69% 75%
Page 39
ADJUSTED EBITDA1, 2 ($ in millions) 39 PURSUIT fourth quarter 2024 HIGHLIGHTS 1. Refer to Appendix for a discussion of this non-GAAP financial measure and, for the prior year amount, a reconciliation to its mo st directly comparable GAAP financial measure. 2. Guidance is as of August 5, 2026, and reflects foreign currency exchange rate and other assumptions noted on slide 43 in the Appendix. RAISING FULL YEAR 2026 GUIDANCE, WITH EXPECTATION FOR CONTINUED STRONG GROWTH GUIDANCE CHANGES ⁄ Incremental ~$6M of AEBITDA from delayed closing of Flyover (July 31, 2026 disposition) ⁄ Incremental ~$1-2M of AEBITDA from Eagle Wing Tours (July 14, 2026 acquisition) ⁄ Decrease of ~$2M due to FX changes, including revised CAD rate assumption from $0.73 to $0.71 KEY YEAR-OVER-YEAR GROWTH DRIVERS ⁄ 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 ⁄ Incremental ~$8-9M of AEBITDA from Tabacón (July 2025 acquisition) ⁄ ~$70 to $80 million of growth capex, including multi-year projects, with minimal AEBITDA impact in FY’26 $117 $128-$138 $112 w/o Flyover FY'25 FY'26 Est. Guidance +~14% at midpoint EXPECT DOUBLE DIGIT GROWTH YOY IN REVENUE AND AEBITDA AT MID-POINT, WITH MARGIN IMPROVEMENT Eagle Wing Tours Victoria, B.C. $121-$131 w/o Flyover
Page 40
40 Thank You VISIT INVESTORS.PURSUIT.COM CONTACT INVESTOR RELATIONS ir@pursuit.com (602) 207-2681
Page 41
APPENDIX 41
Page 42
PURSUIT fourth quarter 2024 HIGHLIGHTS OUR VIEW TO 2030 42 Revenue: >$845M >15% CAGR from 2025 (excl. Flyover) ⁄ Double-digit revenue CAGR driven by strong demand trends, our focus on guest experience, and growth investments Adjusted EBITDA: >$265M >18% CAGR from 2025 (excl. Flyover) ⁄ >2.3x increase in AEBITDA from 2025 (excluding Flyover), up >$153M with ~55-60% coming from organic growth ⁄ Double-digit organic AEBITDA CAGR from organic growth investments and continued growth across existing experiences ⁄ Organic growth capex pipeline of $300M+ (2026-2030) expected to deliver >$40M AEBITDA in 2030 at <7x effective AEBITDA multiple; with accelerated investments of ~$200M in 2026-2027 ⁄ Strategic acquisitions supported by strong balance sheet with low net leverage and ample capacity Adjusted EBITDA Margin: >30% up from 2025 of 27% (excl. Flyover) ⁄ Margin expansion reflects the power of flow-through and operating leverage in our business model Maintenance Capex: ~7% of Revenue ⁄ Expect ~7% of revenue in near-term, normalizing lower over longer-term Net Leverage Target: 2.0x to 3.5x ⁄ Substantial capacity to pursue both large multi-year organic growth investments and strategic acquisitions (~1x pro forma net leverage1 at 6/30/26) Effective Tax Rate Range: 22-26% ⁄ Expect reduction in effective tax rate from 30% in FY’25 primarily driven by sale of Flyover Note: The company announced Vision 2030 targets in February 2026. 1. Net leverage calculated as defined for compliance with Pursuit’s 2025 Credit Agreement as of June 30, 2026 was 1.5x. Amount shown above is presented on a pro forma basis to reflect the sale of Flyover and the acquisition of Eagle Wing Tours.
Page 43
43 PURSUIT fourth quarter 2024 HIGHLIGHTS ($ in millions) FY’26 GUIDANCE2 FY’25 ACTUALS Revenue $485 at the mid-point ($460 excluding Flyover) $452.4 ($413.8 excluding Flyover) Adjusted EBITDA1 $128 to $138 ($121 to $131 excluding Flyover) $117.1 ($111.9 excluding Flyover) Maintenance Capex $31 to $36 (~7% of Revenue at the mid-point) $33.4 Growth Capex $70 to $80 $41.6 Total Capex $103 to $114 $75.0 1. FORWARD-LOOKING NON-GAAP FINANCIAL MEASURES We have not quantitatively reconciled 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. 2026 FINANCIAL OUTLOOK Maligne Lake Cruise Jasper National Park, Canada 2. Our 2026 guidance is as of August 5, 2026, and assumes (1) approximately $8 million to $9 million of incremental Adjusted EBITDA from the Tabacón acquisition completed on July 1, 2025, (3) approximately $1 million to $2 million of incremental Adjusted EBITDA from the Eagle Wing Tours acquisition completed on July 14, 2026, (4) approximately $7 million of Adjusted EBITDA contribution from Flyover (sale closed on July 31, 2026), (5) minimal impact from multi-year growth capital expenditures in 2026, and (6) an exchange rate of $0.71 between the Canadian Dollar and the U.S. Dollar for Pursuit’s operations in Canada.
Page 44
PURSUIT fourth quarter 2024 HIGHLIGHTS STRONG BALANCE SHEET FOR ACCELERATED GROWTH WITH LOW LEVERAGE AND SIGNIFICANT REVOLVER CAPACITY BALANCE SHEET Q1’263 Q2’264 ($ in millions) Cash and Cash Equivalents 35.4 36.7 Finance Lease Obligations 59.3 58.9 Non-Wholly Owned Debt 17.4 21.4 Revolver ($300M Total Facility Size) 159.7 170.5 Total Debt 236.4 250.7 Net Debt 201.0 214.0 Pursuit Stockholders’ Equity 533.9 536.3 Non-Controlling Interest 77.7 72.7 Common Shares Outstanding (millions) 27.5 27.3 Net Leverage1 1.5x 1.5x 44 LIQUIDITY Q2’26 ($ in millions) Cash and Cash Equivalents3 36.7 Capacity Available on Revolving Credit Facility2 124.2 Liquidity 160.9 SECOND QUARTER 2026 BALANCE SHEET AND LIQUIDITY HIGHLIGHTS Note: Amounts may not add as presented due to rounding. 1. Calculated as defined for compliance with Pursuit’s 2025 Credit Agreement. 2. Capacity available on revolving credit facility is equal to $300M facility size less outstanding balance and letters of credit. 3. Cash and debt figures shown on this page are inclusive of Flyover cash of $0.9M and finance lease obligations of $13.9M, whic h have been classified as current assets held for sale and current liabilities held for sale, respectively, on our March 31, 2026, balance sheet as presented in our Form 10 -Q. 4. Cash and debt figures shown on this page are inclusive of Flyover cash of $2.8M and finance lease obligations of $13.4M, whic h have been classified as current assets held for sale and current liabilities held for sale, respectively, on our June 30, 2026, balance sheet as presented in our Form 10 -Q. ⁄ Incremental liquidity from sale of Flyover in July 2026 ($75M purchase price) ⁄ Repurchased $7.5 million of common stock during the quarter and $43 million in total at attractive valuations ⁄ $57 million remaining under $100 million share repurchase authorization
Page 45
2025 2026 Q1 Q2 Q3 Q4 FY Q1 Q2 (in thousands) Ticket Revenue 18,952$ 53,200$ 100,391$ 28,110$ 200,653$ 23,146$ 54,668$ Rooms Revenue 7,339 25,952 59,677 12,123 105,091 13,090 32,973 Food and Beverage 6,123 17,324 35,868 9,099 68,414 8,530 19,718 Retail Operations 1,722 11,356 27,014 3,278 43,370 1,883 11,564 Transportation 1,835 3,677 5,544 1,699 12,755 2,082 3,696 Other 1,608 5,234 12,529 2,764 22,134 2,911 10,874 Total Revenue 37,579$ 116,743$ 241,022$ 57,073$ 452,417$ 51,642$ 133,493$ Geographical Regions: Canada 19,515$ 66,850$ 129,091$ 29,242$ 244,698$ 21,248$ 68,296 U.S. 5,482 35,530 84,374 7,061 132,447 6,369 39,422 Iceland 12,582 14,363 21,209 14,054 62,208 14,065 17,395 Costa Rica(1) - - 6,348 6,716 13,064 9,960 8,380 Total Revenue 37,579$ 116,743$ 241,022$ 57,073$ 452,417$ 51,642$ 133,493$ PURSUIT fourth quarter 2024 HIGHLIGHTS SUPPLEMENTAL REVENUE DISCLOSURES DETAIL Pyramid Lake Lodge Jasper National Park, Canada Note: Flyover contributed revenue of $6.9M in Q1’25, $9.5M in Q2’25, $13.3M in Q3’25, $8.9M in Q4’25, $38.6M in FY’25, $8.1M in Q1’26, and $13.6M in Q2’26. 1. Tabacón was acquired by Pursuit on July 1, 2025. Accordingly, the revenue of Tabacón is included in the Company’s results of operations prospectively from the date of acquisition. 45 Pyramid Lake Lodge Jasper National Park, Canada
Page 46
2025 2026 Q1 Q2 Q3 Q4 FY Q1 Q2 As Reported Attractions KPIs: Number of Visitors (000s) 459 1,135 1,981 643 4,218 482 1,096 Effective Ticket Price 41.25$ 46.87$ 50.69$ 43.71$ 47.57$ 48.02$ 49.88$ Ticket Revenue (000s) 18,952$ 53,200$ 100,391$ 28,110$ 200,653$ 23,146$ 54,668$ Revenue per Attraction Visitor 52.22$ 59.88$ 65.08$ 57.02$ 61.05$ 59.63$ 64.63$ Attractions Revenue (000s) 23,992$ 67,968$ 128,901$ 36,672$ 257,533$ 28,744$ 70,839$ Same-Store1 Attractions KPIs: Number of Visitors (000s) 459 1,135 458 1,079 Effective Ticket Price 44.44$ 46.87$ 46.62$ 49.53$ Ticket Revenue (000s) 20,398$ 53,202$ 21,350$ 53,446$ Revenue per Attraction Visitor 56.26$ 59.88$ 58.69$ 64.47$ Attractions Revenue (000s) 25,824$ 67,969$ 26,881$ 69,559$ As Reported Hospitality KPIs: Rooms Nights Available (000s) 109 159 213 114 594 111 164 Occupancy % 59.3% 73.5% 90.4% 57.6% 73.9% 64.4% 76.1% Rooms Sold (000s) 65 117 192 65 439 71 125 ADR 113.38$ 221.80$ 310.32$ 185.43$ 239.41$ 183.12$ 264.20$ Rooms Revenue (000s) 7,339$ 25,952$ 59,677$ 12,123$ 105,091$ 13,090$ 32,973$ RevPAR 67.26$ 163.11$ 280.56$ 106.78$ 176.92$ 117.93$ 201.05$ Hospitality Revenue (000s) 11,194$ 44,485$ 105,739$ 18,932$ 180,350$ 19,984$ 54,898$ Same-Store1 Hospitality KPIs: Rooms Nights Available (000s) 89 139 89 137 Occupancy % 62.3% 75.1% 62.7% 76.4% Rooms Sold (000s) 56 104 56 105 ADR 119.66$ 226.52$ 126.59$ 244.97$ Rooms Revenue (000s) 6,635$ 23,646$ 7,064$ 25,640$ RevPAR 74.55$ 170.12$ 79.37$ 187.15$ Hospitality Revenue (000s) 9,706$ 40,828$ 10,576$ 44,092$ PURSUIT fourth quarter 2024 HIGHLIGHTS KEY PERFORMANCE INDICATORS DETAIL 46 46 Columbia Icefield Skywalk Jasper National Park, Canada 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 ( renovation), and Grouse Mountain Lodge (renovation) are excluded for the first quarter. For attractions and hospitality properties located outside the United States, comparisons to the prior yea r are expressed on a constant U.S. dollar basis.
Page 47
47 NON-GAAP FINANCIAL RECONCILIATION 47 Glacier Raft Co. West Glacier, Montana (A) The 2026 amount includes a $4.6 million gain from business interruption insurance proceeds received in Q2’26 related to lost profits in 2024 from the Jasper wildfire, partially offset by a $3.1 million impairment of Flyover in Q2’26. The 2025 amount includes a largely non-cash $5.4 million settlement charge associated with the termination of the legacy Giltspur Inc. Employees’ Pension Plan, which was reclassified from AOCL, in Q2'25 and a $4.2 million gain from business interruption insurance proceeds received in Q3’25 related to lost profits in 2024 from the Jasper wildfire. (B) Transaction-related costs and other non-recurring items represent expenses related to acquisition, divestiture, and other corporate development activities, including costs for integration, separation (sale of GES), diligence, feasibility, legal, and other costs, as well as certain non-recurring wildfire and insurance-related items. (C) Represents the non-cash foreign exchange loss/(gain) included within operating expenses related to the periodic remeasurement of the Sky Lagoon and Tabacón debt and debt-like obligations. ADJUSTED EBITDA (000's) Q2'25 Q2'26 FY'25 Revenue 116,743 133,493 452,417 Net income attributable to Pursuit 5,646 15,172 22,668 Net income attributable to non-redeemable noncontrolling interest 3,085 1,952 13,641 (Income) loss from discontinued operations, net of tax (1,135) 318 2,208 Interest expense, net 1,928 3,172 8,823 Income tax expense 3,021 4,208 16,502 Depreciation and amortization 11,073 9,650 46,070 Other (income) expense, net (A) 5,962 (2,728) 1,662 Transaction-related costs and other non-recurring items (B) 4,009 1,238 10,480 FX remeasurement associated with debt and debt-like obligations, pre-tax (C) (3,881) (260) (4,909) Adjusted EBITDA 29,708 32,722 117,145 Adjusted EBITDA margin 25.4% 24.5% 25.9% ADJUSTED NET INCOME (000's) Q2'25 Q2'26 FY'25 Net income attributable to Pursuit 5,646 15,172 22,668 (Income) loss from discontinued operations, net of tax (1,135) 318 2,208 Net income from continuing operations attributable to Pursuit 4,511 15,490 24,876 Restructuring charges (recoveries), pre-tax 259 (15) 749 Impairment charges, pre-tax (A) - 3,115 - Transaction-related costs and other non-recurring items, pre-tax (B) 4,009 1,238 10,480 FX remeasurement associated with debt and debt-like obligations, pre-tax (C) (3,881) (260) (4,909) Legacy pension and other postretirement benefit plans terminations, pre-tax (A) 5,393 (478) 3,931 Business interruption gain, pre-tax (A) - (4,566) (4,195) Tax expense on above items (1,883) (363) (875) Portion of above amounts attributable to non-controlling interests 1,704 (161) 3,469 Adjusted net income 10,112 14,000 33,526