PRSU

Good afternoon. My name is Tiffany, and I will be your conference operator today. At this time, I would like to welcome everyone to Pursuit's 2026 second quarter earnings conference call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during this time, simply press star, followed by the number one on your telephone keypad. If you would like to withdraw your question, press star one again. Thank you. Carrie Long, you may begin the conference.

Good afternoon. Thank you for joining us for our 2026 second quarter earnings conference call. During the call, led by David Barry, our President and CEO, and Bo Heitz, our Chief Financial Officer, we will reference our earnings presentation, which is available on the investors section of our website. We encourage investors to monitor the investors section of our website, in addition to our press releases, filings submitted with the SEC, and any public conference calls or webcasts. Before I turn the call over to David, I would like to draw your attention to important disclaimers on pages two and three of our presentation regarding non-GAAP financial measures and the use of forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.

Page two identifies forward-looking statements and discusses risks and other important factors that could cause results to differ from those expressed in such statements. Page three identifies and defines the non-GAAP financial measures we use, and reconciliations to the most directly comparable GAAP financial measures are provided in the appendix of the presentation and in our earnings release. With that, I am pleased to turn the call over to David, who will start on page four.

Thanks, Carrie. Thank you all for joining us. We're excited to review our 2026 second quarter results and share our view to continued significant long-term growth and value creation. Let's start with three key highlights that demonstrate our strategy is working and show the momentum in our business. First, we delivered exceptional guest experiences and record second quarter results. Revenue grew 14% with strong contributions from Tabacón and continued growth across our existing geographies. Second, we completed two strategic transactions at compelling valuations that advance our growth strategy. The acquisition of Eagle Wing Tours, a leading sightseeing attraction in Victoria, British Columbia, strengthens our portfolio and reflects our approach to disciplined capital deployment. We completed the sale of our non-core Flyover business, bolstering our balance sheet for future growth investments more aligned with our strategy and Vision 2030 targets.

Third, we're increasing our full year 2026 guidance to incorporate incremental contributions from our recent strategic transactions. Our demand indicators remain positive, and we expect to deliver 14% adjusted EBITDA growth year-over-year at the midpoint. Turning to page six, I'll spend a moment on the sale of Flyover and what that does for our business. This transaction has been years in the making and is the final chapter in Pursuit's transformational story of becoming a pure play attractions and hospitality growth engine. With the sale complete, we further sharpen our singular focus on delivering great guest experiences where nature is our content and driving growth through sightseeing attractions and hospitality experiences in iconic destinations with an even stronger balance sheet to support our growth into the future. This is a clear example of focused portfolio management.

It simplifies the business, strengthens our financial position, and allows us to invest behind the opportunities with the greatest long-term value creation potential. We wish the talented Flyover team great success in their future growth journey with their new owner, Brogent Technologies. Let's turn to page seven to briefly reinforce what makes Pursuit special. Simply put, Pursuit is in a category of one. We own and operate unforgettable and inspiring experiences in some of the world's most iconic destinations with a portfolio of 14 sightseeing attractions and 29 distinctive lodging properties across four countries. Page eight highlights our differentiated model. Pursuit's assets are one-of-a-kind experiential infrastructure that connect guests to extraordinary places. Our demand is anchored to destinations with perennial global appeal. Importantly, we operate in supply-constrained markets where development is regulated and difficult to replicate.

We build on these dynamics with an integrated operating model and a strong culture of guest-obsessed hospitality, experience design, and our own unique growth mindset. By connecting attractions, lodging, dining, retail, and transportation, we create a seamless guest journey that drives visitation, guest satisfaction, yield, and sustainable and scalable cash flow growth. Pursuit has a compelling position that is aligned to the global travel trends as shown on page nine. Increasingly, people all over the world are prioritizing experiences over things and building trips around must-do bucket list moments. Exactly what Pursuit delivers. Outdoor adventure, wellness, curated travel, group demand, flexible work, and the desire to unplug all support our iconic nature immersive experiences. For Pursuit, AI is an enabler, not a disruptor. AI can help plan your trip but never take your vacation for you.

We build upon our compelling positioning with a consistent, proven growth strategy that drives shareholder value. As shown on page 10, we have a long track record of deploying capital into growth investments that deliver strong returns for shareholders. From 2014 through 2025, we invested approximately $578 million across major growth projects and acquisitions that generated approximately $102 million of adjusted EBITDA in 2025. That's an effective EBITDA multiple of roughly 6x. This is a proven and repeatable playbook. Disciplined investments in one-of-a-kind experiences and iconic destinations with a strong cultural and strategic fit drives strong investment outcomes and strong growth. Page 11 shows the growth journey that we've been on over the past 10 years and the expected continuation of that journey into the future.

From 2015 to 2025, Pursuit delivered a 15% revenue CAGR through a combination of growth investments in iconic assets, a relentless focus on the guest experience, and an ever-present growth mindset. As we go forward, we're replicating that success using the same proven playbook with an even sharper focus and a stronger balance sheet to deliver compelling growth and exceptional hospitality. Which brings me to our Vision 2030 targets on page 12. Pursuit is on a path to once again deliver a double-digit revenue CAGR through 2030 with meaningful EBITDA growth and margin expansion. By 2030, we expect to deliver over $265 million of Adjusted EBITDA, which is more than double 2025 levels. These Vision 2030 targets aren't merely aspirational. They are the next chapter of a strategy that's already working. This strategy comes to life through our four growth levers that are shown on page 14.

First, we work to improve performance across every business, leveraging perennial demand and maintaining an unwavering focus on the guest experience. Second, we invest organically to elevate experiences, expand capacity, and drive attractive returns. Third, we pursue strategic acquisitions that strengthen our portfolio. Finally, we repurchase shares opportunistically when valuations are compelling. These levers work, and our track record proves it. As shown on page 15, our strong balance sheet allows us to invest across all four of these levers at the same time when returns are compelling. Pro forma for the sale of Flyover and the acquisition of Eagle Wing Tours, our June 30th net leverage ratio was approximately 1x, which is well below our target range of 2x-3.5x. We had substantial immediate balance sheet liquidity of about $220 million also on a pro forma basis.

This balance sheet strength, combined with continued Adjusted EBITDA growth, gives us the financial flexibility to simultaneously invest in high-return organic growth projects, one-of-a-kind strategic acquisitions, and opportunistic share repurchases. Now I'll walk you through the progress we're making on each one of our growth levers, starting on page 16. We're improving performance across our existing experiences. During the first half of 2026, we drove a 6% increase in attraction effective ticket price and a 9% increase in lodging RevPAR on a same-store basis. This is the hospitality profit chain hard at work. Strong team member engagement drives guest satisfaction and drives growth. Next, on page 17, we highlight a few recent examples of how our growth mindset and relentless focus on the guest experience is driving incremental visitation to our attractions.

Across Pursuit, we continually find ways to offer new differentiated experiences that create more reasons for guests to visit. For example, strategic programming initiatives at our attractions require little to no capital investment and help fill white space, maximizing capacity utilization and flow through. Our newly launched Rockies Rangers program for kids is bringing families deeper into our Canadian attractions through interactive exploration, education, and achievement-based experiences. At the Banff Gondola, Bloom & Brunch and the Sunset Festival are expanding morning and evening visitation with unique mountaintop experiences, live music, and great dining. At Lake Minnewanka, Beer Voyage is driving growth and evening visitation through a premium cruise experience with rotating local craft beer tastings. These are three great examples of our growth mindset in using experience design to drive results.

Let's move on to our second growth lever, investing in ourselves through organic growth projects on page 18. We have a pipeline of more than $300 million of organic growth investment opportunities from 2026 through 2030. These are low-risk investments in well-instrumented businesses that we already own, know, and operate. By 2030, we expect these investments will contribute more than $40 million of incremental AEBITDA at an estimated effective multiple of less than 7x. As these investments are completed, additional organic growth investments under development in our internal pipeline will continue to come forward in the natural cycle of our business. On page 19, our Golden Skybridge attraction is a powerful example of our organic growth investment playbook in action. What started as sightseeing suspension bridges has become a multi-experience adventure park that continues to scale.

On August 1st, we open a new net park at Golden Skybridge that adds another compelling reason to visit. The team keeps elevating the guest journey, and it's driving stronger revenue per visitor and improved net promoter scores. Pages 20 to 29 include many exciting growth investment examples across Pursuit that help demonstrate the strength of our pipeline. I'll cover a few of them now, and I encourage you to review them in more detail after the call. At the Jasper SkyTram and the Banff Gondola, we're planning to elevate the arrival-to-summit journey with new modernized lifts and expanded amenities to strengthen their positions as must-do experiences in Jasper and Banff National Parks. In Denali, we're preparing to relaunch the high-margin Denali Backcountry Adventure attraction in 2027. This premium wildlife safari tour will take guests deep inside Denali National Park for a bucket list, nature-focused backcountry experience.

The park road repairs are completed, and the road is reopened for industry permit holders in anticipation of summer 2027 operations. Denali is one of the few U.S. national parks where road access is for outfitters and permit holders only. To see Denali's incredible wildlife, you must travel with an experienced provider or the National Park Service. By offering the best guest experience, we know we can meet pent-up demand for this iconic attraction. We're also adding lake cruise capacity in 2027 with a new 56-passenger boat at Maligne Lake in Jasper and redeployment of an existing boat to Lake Minnewanka in Banff to meet strong demand at these iconic attractions. On the lodging side, we have two properties well underway with renovations that will reposition them in their respective markets for stronger occupancy and ADR.

In Jasper, the Forest Park Hotel's Woodland Wing is nearing completion with a phased renovation that already demonstrated a 22% ADR lift for renovated rooms. At Grouse Mountain Lodge in Whitefish, Montana, we've just finished the first phase of room renovations with a new 300-person event center opening August 15th and full hotel transformation to be completed in summer 2027. We're also excited to be moving forward with investments to elevate the guest experience at Lobstick Lodge and Pyramid Lake Lodge in Jasper and to expand our lodging offering near Glacier National Park. Lobstick will undergo a full renovation to uplevel the property, and Pyramid Lake Lodge will see the addition of wellness-focused guest amenities, including outdoor hot tubs and sauna with picturesque views of Pyramid Lake. In East Glacier, we're adding 41 elevated cabins in an absolute showstopper location with idyllic views into Glacier National Park.

Let's move forward to our third growth lever, expanding our portfolio with disciplined strategic acquisitions on page 30. We have a robust pipeline of forever asset opportunities, we remain highly selective. We're focused only on businesses that are iconic, unforgettable, and inspiring, located in destinations with perennial demand and limited supply, supported by attractive EBITDA margins, exceptional guest experiences, and a clear path to exceed our 15% IRR hurdle rate. Eagle Wing Tours is a great example. A leading sightseeing attraction in an iconic destination that fits our strategy, our values, and our disciplined investment criteria. Tabacón continues to validate this approach, contributing strong performance and demonstrating what happens when we combine exceptional assets with guest-obsessed execution. Let's look at how Eagle Wing Tours fits into our growth strategy on page 31.

On July 14th, we acquired a leading whale watching and marine wildlife experience in Victoria, British Columbia, for roughly 6.5x adjusted EBITDA. Eagle Wing provides an unforgettable guest experience to about 50,000 guests annually and brings us into the Vancouver Island market, an iconic, resilient tourism destination with annual visitation of about 5 million. Eagle Wing fits our strategy and investment criteria, perennial demand, limited supply, attractive returns, and clear upside through Pursuit's platform. We're thrilled to welcome the Eagle Wing team and are excited to support their continued growth as part of Pursuit. On page 32, our acquisition of Tabacón has reached its first-year mark under Pursuit's ownership, and we're incredibly proud of its performance. This is a truly irreplaceable asset.

An experience-driven resort rooted in place with world-class thermal river attractions at the base of Costa Rica's Arenal Volcano with a fantastic team that is delivering at a very high level. We're seeing strong thermal river attraction visitation and lodging performance, high guest satisfaction, and continued traction from targeted enhancements, like in the improved arrival experience and Hot Springs Pura Vida rebrand. Tabacón continues to validate our disciplined strategic acquisition strategy. For the trailing 12 months, adjusted EBITDA growth has driven the effective purchase multiple down to nearly 9x, and we have additional opportunities ahead. We've just announced the creation of three new premium villas to meet demand from luxury and multifamily travelers in the Arenal region. Looking ahead, we see meaningful upside across the 570-acre property and are pursuing additional growth investment opportunities to expand Tabacón and build a broader Costa Rica collection of iconic experiences.

Next, I'll briefly touch on our fourth growth lever on page 33, investing in our own shares at attractive valuations. To date, we've repurchased $43 million worth of shares at an average price of $35.72. Based on recent trading levels, this represents a strong return on investment of more than 40%. We have approximately $57 million remaining in our $100 million share repurchase authorization, we remain committed to opportunistic repurchases when we see a compelling return relative to our other investment opportunities. With that, I'll turn it over to Bo Heitz, who will walk you through our second quarter financial highlights and 2026 outlook, starting on page 35.

Thanks, David. As highlighted earlier, we had a positive first half of the year. Our second quarter revenue grew 14% to reach a record level of $133.5 million. This growth was primarily driven by strong performance at Tabacón, which was acquired in July 2025, as well as continued growth across our existing geographies. Adjusted EBITDA improved by $3 million year-over-year to $32.7 million, primarily driven by higher revenue. Adjusted net income grew to $14 million as compared to $10.1 million in the prior year, primarily due to higher adjusted EBITDA. Additionally, during the 2026 second quarter, we reported a pre-tax gain of $4.6 million from business interruption insurance proceeds received related to lost profits in 2024 from the Jasper wildfire. This amount was excluded from our adjusted EBITDA and adjusted net income due to its non-recurring nature.

Total insurance proceeds received since the 2024 Jasper wildfire are approximately $29 million. Let's look at our attractions performance on page 36. Second quarter attraction ticket revenue reached $55 million, reflecting a 3% year-over-year increase, primarily driven by strong performance at Tabacón. As we mentioned last year, the 2025 second quarter experienced near ideal weather conditions, which enabled exceptionally strong growth in attraction visitation and revenue last year. In contrast, this year's second quarter was impacted by a higher portion of poor weather days, which hampered sightseeing visitation. Our ability to drive 6% growth in year-over-year same store effective ticket price helped to offset softer attraction visitation, which illustrates the power of guest experience in driving yield. Let's turn to our strong hospitality performance on page 37.

Second quarter room revenue totaled $33 million, reflecting a 27% year-over-year increase driven by strong performance at Tabacón and improvement in same store ADR and occupancy. This same store hospitality performance, which is less impacted by inclement weather days, highlights the continued strong demand for our iconic locations. Same store constant currency RevPAR, which excludes Tabacón, grew 10% as compared to 2025. Turning to our demand indicators on page 38, our lodging pacing for 2026 across both Canada and the U.S. continues to support our view for continued strong demand. Revenue on the books for our lodging properties is pacing ahead of the same time last year. Lodging pace is an important indicator of overall demand for the destination, which also bodes well for our high-margin attractions. With that view into demand backdrop, let's look at our 2026 financial outlook on page 39.

We're increasing our full year revenue and adjusted EBITDA guidance to incorporate incremental contributions from the Eagle Wing Tours acquisition and from Flyover prior to the recently completed sale of that business, partially offset by an unfavorable change in exchange rate assumptions. As David mentioned earlier, we are now expecting year-over-year adjusted EBITDA growth of 14% at the midpoint, with a range of $128 million-$138 million. This reflects an increase of $5 million relative to our prior guidance range, including approximately $6 million from incremental Flyover contribution prior to the sale of that business, approximately $1 million-$2 million from the Eagle Wing Tours acquisition, and approximately negative $2 million from revised exchange rate assumptions.

Outside of these adjustments, our full year outlook for strong underlying business performance remains unchanged. Our continued positive indicators of consumer demand across our experiences and destinations for the upcoming peak summer season give us confidence in our ability to deliver. With that, David, I'll turn it back to you.

Thanks, Bo. As we move through our peak summer season, Pursuit is operating with strong momentum, clear priorities, and a sharp focus on execution. None of this happens without the Pursuit team, so please join me in recognizing our team members for their positive energy, relentless commitment, and exceptional hospitality. They bring our experiences to life every day and are central to the value we create for guests and shareholders. To our shareholders, thank you for your continued support. We have the assets, strategy, balance sheet, and team to keep advancing our long-term growth plan. With that, let's open up the line for questions.

At this time, I would like to remind everyone, in order to ask a question, press star, then the number one on your telephone keypad. We'll pause for just a moment to compile the Q&A roster. Your first question comes from the line of Jeff Stantial with Stifel. Your line is open.

Hey, good afternoon, everyone. Thanks for taking our questions. Maybe starting off on the quarter, a really strong same store metrics and revenue growth, both flow through on that was a little bit light compared to historical. Looks like EBITDA margin's down about 90 basis points or so year-over-year. Bo, can you just add a little bit of color there? Is that mix shift with the better growth in lodging and outside of Canada? Or how should we think about the margin performance in the quarter, both year-over-year and maybe relative to your expectations heading in? Thanks.

Jeff, I think you're picking up on the main point there, which is that the attraction side of this business is an incredibly high margin, high flow through type of business. Given that we had some of the weather challenges that disproportionately impacted our attraction side of the business, that put a drag on the margin side. On the flip side of that, the lodging business performed really well, traditionally a lower margin business relative to attraction. That created the margin degradation that you're alluding to.

That's great. Thanks for that, Bo. Then maybe switching gears, looking at slide, I think it's 38 in the deck. Looks like booking pace and ADR decelerated a little bit sequentially in Canada relative to your last update in May, though obviously still quite healthy overall. Whereas U.S., on the other hand, it looks like it accelerated sequentially. David or Bo, can you just expand on this fairly couple month trend? I think there is, if I recall right, a tougher bookings comp around the June, July period in Canada, just any other additional color you could provide would be great. Thanks.

Sure, Jeff. Stepping back, we feel really good about our lodging booking pacing at this point in the year. We've had strong year-over-year growth in on the books revenue for both Canada and the U.S., as you noted. The healthy ADR growth we're seeing is positive. The rooms sold is pretty positive as well. What you're then getting to is the intra-year fluctuation side of this, which that's going to naturally happen in this business for two main reasons. One is just the mix dynamics. You know what channel you sell through at what time of year, then also just the go to market strategy, which we're constantly pivoting and adjusting when we're pulling certain levers based on what we're seeing on the demand side.

When I look at these metrics, I take a step back and say, great directional indicator directly for the lodging indirectly for the nearby attractions, and we feel really good about where we are at this point in the year on that.

If I could just squeeze in maybe one follow up to that second question, which is obviously the forest fires and smoke has been a big talking point in the Northeast, I guess. Have you seen any impact up in Canada? Whether it's in bookings or maybe day of visitation, the attractions, just any thoughts on impact from the smoke making its way across the country?

Yeah, Jeff, it's interesting. It's temporal on days that we do have smoke. We don't have fires close to any of our assets or any of our facilities. Smoke literally, as you know, travels thousands of kilometers. When a day has a ton of smoke outside, what do guests do? I think it reflects in our hospitality metrics that they'll dine more, they'll shop more. They spend time not potentially sightseeing as they're waiting for the smoke to clear and the weather to improve. We've had some spotty days and effects throughout the second quarter. As soon as the wind blows and the skies clear, boom, everyone's back out doing all the things that they came to do. We're going to have these days.

Smoke is a reality, it's not something that is holding us back in terms of the full year and where we expect to end up.

That's great. Thank you both.

You're welcome.

Your next question comes from the line of Tyler Batory with Oppenheimer. Your line is open.

Hi, good afternoon. Thanks for taking my questions. First one for me, just to put a finer point on the lodging commentary there. Can you talk a little bit more about what you're seeing from the travel trade business? Just curious what the mix looks like in terms of those customers versus those that are coming from other channels.

Yeah, travel trade, Tyler, continues to be strong. We did have some FIFA impact when you look at the second quarter. We loved watching the games. It was fantastic, and exciting, and world event, and people all over the world watching games. For our tour and travel partners, a lot of them facing pretty steep ticket or pretty steep hotel room increases in Vancouver and Toronto, which are both gateway cities for people putting together Canadian itineraries. Tour and travel demand shifted a little bit to later on in the season, and you can see it carrying through. We see positivity for 2027, for 2028, and 2029.

China's returning slowly as more flights come online tour and travel remains healthy, we balance every single day between consumer direct, what the work we're doing with the OTAs, and our tour and travel partners as we look to fill inventory and drive attraction visits.

Okay, great. Follow-up question on the guidance probably for Bo here. Got a number of moving pieces in terms of Flyover effects. You got the acquisition. Just trying to get a sense of if anything's really changed in terms of the underlying organic growth assumptions for the business, and maybe if there's any extra conservatism in Q3 or in the back half, just in terms of what you're expecting.

I'll start just on what I would maybe call the core side of the business, which doesn't include some of those outside pieces that you were alluding to. For the full year, we're still tracking to our original core expectations. There's always some puts and takes with that as you get through a year. What I talked about earlier in terms of the Q2 period, where there was definitely some challenging weather impacts in Canada, which that's relative to normal, but also especially compared to the prior year. At the same time, we had some businesses like Tabacón, which is performing exceptionally well, and even beyond our expectations in year one around that which I think is a good reminder of the power that comes from some of these acquisitions that can improve both geographical and seasonal diversification on it.

You take some of those pieces, you then look at the booking pacing that remains strong, and we still feel really good about just the core underlying part of the business. Yes, there's still a lot of the season left to go and we're focused on delivering great guest experiences. We always say here, but inventory expires at midnight every day. We just now have a relentlessness to focusing on managing revenue and cost levers to adapt as the season progresses. Outside of the core piece of it, we did allude to, but there's Flyover, which the extended closing period did add about $6 million of incremental EBITDA. We have the Eagle Wing Tours acquisition, which in the second half of the year we're expecting about $1 million-$2 million of EBITDA, and all of that's partially offset by about $2 million of FX headwind.

Okay, great. Appreciate that. My next question is on Tabacón, and I know that you've owned it for a year. I guess how much upside came through versus that original, I think it was $10 million number that you provided when you acquired it? Additionally, can you talk about the new villa project, and just any numbers you can put around in terms of spending or maybe EBITDA contribution from those as well?

On the performance side of it, we talked about the year one piece being about $10 million of EBITDA, as you alluded to. What we just recently updated on is that in that first 12 months of ownership, we have the multiple down to below, or just nearing 9x at this point. Just doing the math on that gets us to over 20% growth in EBITDA in that first year. Feeling really good about that. We've talked about some of the levers on that, but it's one where there's an incredible team there that is leading efforts every day to improve the experience, to optimize for yield, and importantly, to optimize volume in the attraction side of that business, which they've been able to do successfully in year one while still maintaining really high guest experience scores.

Tyler, I'll speak to that premium villa product. We have been spending a lot of time and energy slowly, carefully thinking about the master planning aspects of Tabacón and what makes the most sense in what place. Andrey Gomez, who leads the team in Costa Rica, had a really smart idea, which was I would describe it as it almost feels like a little bit of a peninsula. It's very close to the area of existing lodging and our restaurant, Tucanes, but it's a really beautiful site that looks over the valley. It was a great spot that fits three premium villas really well. Imagine an open space that has a roof over it, sort of an outdoor living room area, and then two separate accommodation buildings.

You can see it in the deck where we're showing you some architect's conceptual design. What we're working on now is really the planning of the particularities of the unit. Today you're going to laugh at me, but typical David, I'm looking at the electrical diagram and where the outlets are in the room, and how will guests experience that environment. More and more, we see larger family groups traveling, multigenerational groups traveling, maybe two families together with kids. It's an opportunity to create a product that really responds to the demand, where people who are spending some time on the Guanacaste coast or coming inland but want a larger unit that fits their needs. We're not in a position today to talk about costs or EBITDA contributions, but obviously as we get closer, we'll disclose all of that.

It is really a cool product and it's a teeny step in the development of Tabacón, but it's really an important one, and we're excited to be underway.

Okay, great. Last question from me is just a multipart question on CapEx. This is specific to what you have ongoing in Banff and Jasper, obviously last quarter pushed out some of the CapEx dollars, reiterated those this quarter. I'm not really sure how much construction you were able to do over the summer or in the peak season. What I really want to know, these projects are complex. Obviously permitting, labor availability, that's a big deal in those markets. Is there any contingency, whether it's on cost or timing, that's included in those budgets? Just really wanted to understand your confidence that these projects can be completed on time and on budget.

I'll start and then David, feel free to jump in on this. The good news is a lot of the projects that we've been talking about are pretty far along in the planning phase of it, and you're able to get some really good cost estimates, you put deposits down on things, you lock in what you're planning to spend on it. We feel really good about that. We always have normal construction contingency that you'd expect in any sort of project around that. The bigger variable always inevitably ends up being timing when you're working with various stakeholders around this. At this point, we still feel really good about Vision 2030 and what we're working towards in the long term. I'm fully expecting there will be some puts and takes in between that time period on project specific basis.

That's the piece that we'll continue to keep you apprised as we work through all of those individual projects. No change to our overall long-term plan, also on the growth CapEx side, you'll see that we are still at the same range that we were expecting last quarter as well.

A couple little things. Forest Park Woodland, really excited with how that has turned out. The room quality is phenomenal. They're finishing up the public spaces. For those that have traveled with us on investor trips to Banff and to Jasper. You know the pace of construction in Jasper. It is remarkable. The amount of whether it's cranes or homes being rebuilt or hotels being rebuilt. The energy and excitement in Jasper is palpable. We're part of that with the work we're doing both at Pyramid Lake Lodge, the Lobstick upcoming, and then obviously Forest Park Woodland. For Jasper SkyTram, we're in a process where we're working very well with Parks Canada, very constructively finalizing and working on everything from phasing and positioning, looking at the blocking of buildings, where they sit, finalizing things like lift alignments and other things.

It's all moving very well. That will tie itself up with parks and be completed. It moves on to public and indigenous consultations, and that will happen through the fall. Things happen at the pace. I'll switch to Banff for a second and just share with you. Amazing and iconic projects take time. We get to work constructively. We don't have to. We get to work constructively with Parks Canada on ideation and planning, and that work is progressing so well. I can just tell you from what I see, from what the team has been creating, is all of our efforts are going to be so worth it. We're just excited about all of these projects.

It is a balance and a bit of a ballet with timing, but as things evolve, we'll be sure to keep everybody in the loop, but it's exciting times.

Very good. That's all for me. Thank you.

Your next question comes from the line of Eric Des Lauriers with Craig-Hallum Capital Group. Your line is open.

Great. Thanks for taking my questions and congrats on yet another strong quarter here. First one is just a bit of a follow-up to the last question here. Understand that there's certainly lots of variability in the timing of these projects. You mentioned a number of these are in advanced stages. As we look at our models for 2027, not looking for any guidance or any actual numbers here, but is there any timing or cadence dynamics to call out in terms of project completion dates or anything like that?

It's a little too early to provide specific color on 2027. What we've been saying for a while now is that 2026 really kicks off some pretty important, impactful multi-year projects. A lot of the things that are starting in 2026 will continue into 2027. As a result, when you look at Vision 2030, there is a bit more of a back end weighting to some of the inflection point from growth capital projects paying off. That's not to say that you won't see some benefits coming in for 2027, but some of the bigger projects will take a little longer to complete.

Yeah. No, that certainly makes sense with at least my previous expectations. Then just on Jasper. David, you just mentioned construction pace is very high. Certainly, I was able to see that for myself on the investor event earlier this year. Just from a broader market perspective, any major lodging openings to call out that you think could bring more visitation into that market? Do you not expect a major visitation lift from any of these lodging openings? Just how to think about that and any sort of timing aspect to be aware of there.

Early days still, Eric, in that getting a handle for what our neighbors are doing with the reconstruction of their hotel properties. More to come on that. Definitely, we're excited to have the remainder of the Forest Park Hotel now open, with, again, as I mentioned, public spaces to follow. It's only upside. It's just a question of when that upside shows up. We're excited for what's coming.

Okay, great. Just last one from me. Just a high-level comment on the M&A pipeline. I know timing is inherently uncertain with acquisitions for you guys, you have completed two acquisitions in the past 12-ish months here. Just any color on how full the pipeline may or may not be. Any kind of just high-level commentary on the pipeline post these two acquisitions would be great. Thanks.

Bountiful pipeline and lots of opportunities. We're picky. We want to choose the right things that are truly iconic, unforgettable, and inspiring, perennial demand, things that are unique in their location that just on their own is just experiences that are incredible and bring guests from all around the world, the margin profile, all the criteria we talk about all the time. We don't share anything, obviously, in the pipeline till we're ready to share it with something definitive. I can tell you the team is working very hard in multiple parts of the world to bring the strategy forward. What's exciting with closing the Flyover transaction is we've now increased our dry powder. That gives us greater financial flexibility to do things big and smaller. Just, again, we're excited about where we are and great momentum in the category for M&A.

That's great to hear. Looking forward to see what's to come there. Congrats on that topic on the better-than-expected progress in Tabacón. Looking forward for what's to come. Congrats, guys. Thanks.

Thank you.

There are no further questions at this time. David Barry, I turn the call back over to you.

Thanks, Tiffany. Thanks for doing such a good job organizing us today. That was excellent. Thanks everybody for calling in. Appreciate it. Obviously, as per usual, if there's any follow-up and we can be helpful, please don't hesitate to reach out. Thank you all for paying attention to Pursuit. We're pretty excited about where we are, even more excited about where we're going. Thank you all. Have a great afternoon.

This concludes today's conference call. You may now disconnect.

Good afternoon. My name is Lisa, and I will be your conference operator today. At this time, I would like to welcome everyone to Pursuit's 2026 first-quarter earnings conference call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question-and-answer session. If you would like to ask a question during that time, simply press star followed by the number one on your telephone keypad. If you would like to withdraw your question, press star one again. I will now hand the call over to Carrie Long. You may now begin the conference.

Good afternoon, and thank you for joining us for our 2026 first-quarter earnings conference call. During the call, you'll hear from David Barry, our President and CEO, and Bo Heitz, our Chief Financial Officer. As David and Bo cover our results and outlook, they will be referencing our earnings presentation, which is available on the investors section of our website. We encourage investors to monitor this section of our website in addition to our press releases, filings submitted with the SEC, and any public conference calls or webcasts. Today's call will contain forward-looking statements, which are made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995.

Please refer to the disclaimer on page 2 of our presentation for identification of forward-looking statements and for a discussion of risks and other important factors that could cause results to differ from those expressed in such statements. During the call, we'll also discuss non-GAAP financial measures. Definitions of these measures are provided on page 3, and reconciliations to the most directly comparable GAAP financial measures are provided in the appendix of the presentation and in our earnings release. With that, I'd like to turn the call over to David, who will start on page 4 of our presentation.

Thanks, Carrie, and thank you all for joining us as we review our record 2026 first-quarter results and our forward look to continued significant long-term growth and value creation. We're off to a strong start in 2026. Our strategy is working, and there's real momentum in the business. Let me begin with powerful growth drivers that speak to this. First, we delivered record first quarter results. Revenue grew 37%, and we delivered meaningful margin improvement. We saw healthy demand across our year-round experiences, strong execution by our teams, and continued discipline on costs. Our team stayed focused on what matters most, delivering great guest experiences, and that showed up in yield and profitability. It's exactly how we wanted to start the year. I'll also recognize Tabacón, which delivered strong performance with CAD 10 million of revenue in the quarter.

Tabacón experienced very strong demand during the quarter, delivered an exceptional guest experience, and made smart operational adjustments to drive volume growth through its thermal river attractions. We couldn't be happier about the quality of our team and leadership in Costa Rica, how well this business is performing following our acquisition in 2025, and the strength of its cultural and strategic fit with Pursuit. Second, looking ahead to 2026, our demand indicators are positive and show continued strength. We're confident in the demand backdrop and our ability to deliver results in line with our prior guidance range for double-digit growth in revenue and adjusted EBITDA at the midpoint, excluding FlyOver. Our outlook reflects continued growth in revenue and profit and the flexibility to keep investing in the best opportunities.

We're making steady progress towards our Vision 2030 targets, continuing to invest in our iconic assets while maintaining strong discipline around capital deployment and long-term value creation. That includes being opportunistic with share repurchases. To date, we've repurchased CAD 40.4 million at an average price of CAD 35.40. With the recent approval from our board to increase our authorization by another CAD 50 million, we have approximately CAD 60 million remaining for future repurchases. We're confident in the long-term value of the business, we're excited about our strong momentum heading into our peak summer season and beyond. Let's turn to page 6 and walk through what differentiates Pursuit and why we're built to perform through cycles and keep growing. At our core, we own and operate iconic, irreplaceable experiences in some of the world's most beautiful places.

Today, our portfolio includes 17 world-class sightseeing attractions and 29 distinctive lodges supported by integrated dining, retail, and transportation, allowing us to serve guests across their entire journey. We operate at scale across four countries in true bucket list destinations, including Banff, Jasper, Waterton Lakes, Alberta, and Golden B.C. in the Canadian Rockies, from Whitefish across Glacier National Park in Montana, and experiences that stretch from Seward to Denali in Alaska, together with Iceland and Costa Rica. Pursuit comes to life through our 4,600 team members whose passion for hospitality and place turns iconic locations into unforgettable experiences. Put simply, this is what makes Pursuit special, a portfolio of one-of-a-kind experiences at scale with real staying power and a foundation that gives us confidence as we continue to elevate experiences, grow, and create long-term value.

Let's turn to page 7 and look at our sightseeing attractions. This is where our model really stands apart. We own and operate iconic point-of-interest sightseeing attractions that provide guests of all ages and abilities access to unforgettable views. These are experiential infrastructure assets that anchor destination visitation and guest experiences. A great example is the Banff Gondola. It's not just a ride. It's one of the defining ways guests experience Banff National Park, from the ascent to the dramatic 360-degree summit views and top-rated mountaintop dining. That's what makes it an absolute must-do and a powerful demand driver. This dynamic plays out across our portfolio. That uniqueness drives sustainable yield growth as we continue to elevate experiences. Guests are willing to pay for the differentiation. These attractions are largely fixed-cost operations, creating strong operating leverage and attractive flow-through as volume and yield grow.

The differentiation carries directly into our lodging business on page 8. Our lodges are distinctive destination-anchored properties in iconic, supply-constrained destinations where the destination itself drives demand. Guests aren't just looking for a room. They're staying inside places like Jasper National Park with direct access to the experiences that define the trip. These markets have highly restricted bed bases, which create perennial demand and very attractive long-term supply dynamics. Performance here isn't driven by the hotel rate cycle. It's driven by experience, access, and authenticity, and our integration with our attractions amplifies that advantage. We also benefit from a highly differentiated demand channel with about 40% of our lodging mix coming from global travel trade partners. These long-standing relationships deliver multi-year foundational demand visibility, support peak and shoulder seasons, and drive meaningful revenue beyond the room, which is not the typical hotel company or REIT model.

That brings us to the simple conclusion on page 9. Pursuit is in a category of one, and that's why traditional comparisons don't hold. We're not a theme park company. As the chart on the left shows, our sightseeing attractions drive outsized growth in revenue per visitor, fueled by experience quality, scarcity, and guest willingness to pay for great experiences. We're not a commodity hotel company either. As the chart on the right shows, our lodging portfolio delivers RevPAR growth that meaningfully outperforms the broader U.S. hotel market, driven by access and authenticity, not the rate cycle. Page 10 provides a view into the strong perennial demand for our iconic destinations. Over the past 25 years, our markets have demonstrated resiliency through economic cycles and other external forces. As we reflect on the current macro backdrop, we believe our geographies are well-positioned to sustain strong demand.

Now on page 11, I want to briefly highlight the power of our experience-driven operating model. We've built attractions first. Our sightseeing experiences anchor demand and economics, and everything else is intentionally designed around that foundation. By connecting attractions with lodging, food, retail, and transportation, we provide a seamless guest journey. When those pieces come together, value compounds. Guests spend more, demand extends beyond peak periods, and the experience just gets better. At the same time, scale and integration drive strong economics through fixed cost leverage and operating efficiencies. Importantly, this model is repeatable, giving us a clear path to expand within existing destinations, enter new iconic markets, and compound growth over time. Stepping back on page 12, what's compelling is Pursuit's positioning relative to global travel trends. Travel today is about experiences over things, and people plan trips around must-do bucket list moments. Exactly what we offer.

Growth in outdoor and adventure travel connects directly to our portfolio of iconic natural destinations. As travelers increasingly prioritize wellness and longevity, our natural immersive experiences deliver exactly what they're seeking, mental restoration and physical vitality that support long-term well-being. Demand for curated itineraries and group travel continues to rise, and our experiences remain essential stops for global tour operators. More flexible work patterns are also extending stays and supporting broader seasonal demand. At the same time, technology amplifies discovery, surfacing the very viewpoints and experiences we specialize in delivering. Now on page 13, the element that ties everything together is our culture. Great assets only create value if you execute well. At Pursuit, we're guest-obsessed. Hospitality excellence is at the core of everything we do, and our focus on people, both our team members and our guests, is a real competitive advantage.

We have deeply engaged teams who take pride in delivering exceptional experiences, and it shows in the results. Strong guest satisfaction, leading Net Promoter Scores, and top Tripadvisor rankings across our portfolio. We also use Medallia to continuously listen, learn, and improve in real time. Reviews matter. Great reviews, they lift us up, and tough reviews force self-reflection followed by real-time action to improve. The connection to performance is clear. Engaged teams create great experiences. Great guest experiences drive happiness and referrals, which increase demand, higher spend, and durable yield growth. That translates into strong profitability over time. Let's turn to page 15 and briefly cover our strategy to grow and create long-term value through four proven levers. First, we expect every business within Pursuit to improve performance, which drives continuous year-over-year growth across our iconic experiences through strong demand and a relentless focus on the guest experience.

Second, we invest in ourselves through low-risk organic growth projects that elevate our experiences, create additional capacity, and generate attractive returns. Third, we grow through strategic acquisitions of experiential infrastructure that strengthen our portfolio. Finally, we remain opportunistic with share repurchases at compelling valuations as part of our disciplined capital allocation. These levers have proven to create significant value as demonstrated by our track record. As shown on page 16, Pursuit is a powerful growth engine with more than a decade of compounding execution. From 2015 to 2025, we quadrupled revenue at a double-digit CAGR of approximately 15% while roughly tripling guest volume across attraction visits and lodging room nights sold. We scaled from 4 attractions to 17 and from 12 lodges to 29 while elevating the guest experience and strengthening the platform. That history matters.

It demonstrates our ability to operate, integrate, and scale, and it's the foundation for the confidence we have looking forward. As shown on page 17, we're not changing the playbook. We're driving a consistent strategy and approach to continue executing growth at pace. From 2014 through 2025, we invested approximately CAD 578 million across major growth projects that generated approximately CAD 102 million of adjusted EBITDA in 2025 at an effective multiple of roughly 6x. Looking ahead, our roadmap to 2030 looks very similar. We have approximately CAD 300 million of organic growth investments in development from 2026 through 2030, with approximately CAD 200 million front-loaded over the next two years.

We expect those investments will contribute more than CAD 40 million of incremental adjusted EBITDA by 2030 at an estimated effective multiple of less than 7x, with a meaningful adjusted EBITDA inflection beginning in 2028. That organic growth is complemented by a robust pipeline of strategic acquisition opportunities that fit naturally within our platform. This isn't a new strategy. It's proven execution repeated at scale with a clear line of sight to the next phase of growth. To make that tangible, I'll highlight a few examples from our CAD 300 million organic growth pipeline. Starting with attractions on page 18, there are several high-impact growth projects in progress. Investments in the Jasper SkyTram, Banff Gondola and Denali Backcountry Adventure build on already iconic experiences, elevating storytelling, access and engagement to drive incremental demand and higher revenue per guest.

In Jasper, we're reimagining the Jasper SkyTram by replacing an aged capacity-constrained tram system with a modern gondola, significantly improving the guest experience, throughput, and efficiency, and aligning the experience to better meet group demand. With a smoother, more immersive journey from arrival to summit, this multi-year investment will reinforce the SkyTram as a must-do anchor within Jasper National Park. In Banff, we're continuing to elevate the Banff Gondola, including the expansion of Sky Bistro, where demand consistently exceeds current capacity. I recently visited the renovated space and was incredibly impressed with the improved guest experience. It's a powerful example of what happens when we put guests first, thoughtful design, strong execution, and a clear sense of place. This project increases premium guest capacity and revenue per visitor while enhancing one of the most iconic summit dining experiences in the Canadian Rockies.

We're also planning additional growth initiatives to further strengthen the end-to-end guest journey at the gondola. In Alaska, we're underway to reintroduce the Denali Backcountry Adventure as a premium high-margin guided experience deep within Denali National Park, designed to deliver rare access and unforgettable moments when road access reopens in 2027. The goal is simple: reinforce these assets as absolute must-do experiences in their respective markets. We're also investing in the lodging side, as shown on page 19. Growth projects are progressing well. Projects like the Forest Park Hotel Woodland Wing, Grouse Mountain Lodge, and Lobstick Lodge are not typical hotel upgrades. These are strategic repositionings of distinctive lodges in iconic supply-constrained destinations designed to elevate experiences and long-term earning power. In Jasper, the Forest Park Hotel Woodland Wing provides a compelling example of the returns we can drive from renovations that improve the guest experience.

Phase I, which we completed last year, is already translating into meaningful ADR uplift, with renovated rooms yielding a 22% premium over non-renovated rooms. We're excited to complete the next and final phase of the room renovations ahead of this peak summer. In the town of Whitefish, Montana, near Glacier National Park, we're repositioning Grouse Mountain Lodge to serve higher-end lodging and year-round event demand, with the first phase including room upgrades, pool enhancements, and a new purpose-built event pavilion. The first phase of room renovations will be complete for this summer season, our reservation pace points to strong demand and higher ADRs for these rooms. At Lobstick Lodge in Jasper, we're planning investments to better capture strong year-round demand from both consumer and tour and travel segments in one of Canada's most iconic national parks.

These projects position our lodges to deliver incredible guest experiences and, in turn, deliver outsized RevPAR growth, attract higher-value guests, and generate durable returns, all while being executed through phased renovations during seasonally slower periods to protect occupancy and cash flow during the renovation itself. Our organic growth projects demonstrate how much opportunity we continue to see within our existing footprint and how we think about driving continued growth through investments in ourselves to elevate experiences, delight our guests, and deliver strong shareholder returns. We apply that same investment discipline to acquisitions, with Tabacón on page 20 being a great proof point. Tabacón exemplifies exactly what we look for in an acquisition: high quality, attraction-focused, experiential infrastructure. Located at the base of Costa Rica's Arenal Volcano, with unique access to the country's largest naturally flowing hot springs, it's a truly irreplaceable experience. Importantly, execution is validating our investment thesis.

We're seeing strong attraction visitation, healthy lodging performance, and continued high guest satisfaction, driven by a team that's performing incredibly well and fully aligned with our culture. Under prior ownership, Tabacón's premium thermal river experience was largely operated as a hotel amenity for overnight guests, with tight restrictions on day-use visitors. In a clear demonstration of the growth mindset and guest obsession that we have within Pursuit, Tabacón's leadership is thoughtfully increasing attraction visitors while protecting the premium guest experience through disciplined guest flow management. Additionally, recent enhancements, including the improved arrival experience and the Hot Springs Pura Vida rebrand, are gaining traction. 2026 rooms' revenue on the books is tracking ahead of prior years. Operational improvements alone create a clear path to reduce the effective adjusted EBITDA multiple below 9x by year three.

Beyond that, we see meaningful incremental upside from organic growth opportunities across the 570 acre property. Over time, the ability to build a broader Costa Rica collection through complementary tuck-in acquisitions. Tabacón is exactly what we said we were looking for in a clear example of the disciplined acquisition with early execution and a long runway to compound value. We're pursuing investment opportunities from a position of financial strength, shown on page 21. Pro forma for the pending sale of FlyOver, our March 31st liquidity was approximately CAD 250 million, and our pro forma net leverage was less than 1x, which is well below our 2x-3.5x target range.

With strong liquidity, low leverage, and continued EBITDA growth, we have substantial capacity for disciplined deployment of capital into organic growth projects, strategic acquisitions, and opportunistic share repurchases that reinforce our confidence in the long-term value of the business. All of this brings us to our Vision 2030 on page 22 and to why we're so confident about what lies ahead. We're executing a disciplined and proven strategy to compound growth, expand margins, and create long-term shareholder value. By 2030, we're targeting more than CAD 265 million in adjusted EBITDA, which is more than double 2025, and margins above 30%. Vision 2030 isn't aspirational. It's built on a decade of successful execution and a model designed for sustainable double-digit growth at scale, driven primarily by organic expansion across our iconic experiences.

With a high return investment engine, expanding operational leverage and free cash flow generation, and continued financial discipline, Vision 2030 reflects exactly what Pursuit is built to do: elevate experiences, grow with discipline, scale with leverage, and compound value over the long term. With that, I'll turn it over to Bo, who will walk you through our first quarter financial highlights and reaffirm 2026 outlook starting on page 24.

Thanks, David. As highlighted earlier, we are off to a great start in 2026. Our first quarter revenue grew 37% to reach a record level of CAD 51.6 million. This growth was primarily driven by strong performance at Tabacón, which was acquired in July 2025 and is already exceeding our expectations, as well as continued strong demand across our broader portfolio of year-over-year iconic experiences. Our seasonal net loss attributable to Pursuit was CAD 24.9 million as compared to CAD 31.1 million in the prior year. The year-over-year improvement was primarily driven by lower transaction-related costs from the GES sale and stronger revenue. Our adjusted net loss was CAD 26.2 million as compared to CAD 26.9 million in the prior year.

The year-over-year improvement primarily reflects higher adjusted EBITDA, partially offset by a lower amount of seasonal first-quarter losses being allocated to non-controlling interests. Adjusted EBITDA improved by CAD 2.6 million year-over-year to CAD -14.9 million during the seasonally slow first quarter, primarily driven by higher revenue with strong margin improvement, supported by the contribution of Tabacón and continued cost discipline. Let's look at our attractions performance on page 25. Q1 attraction ticket revenue reached CAD 23 million, reflecting a 22% year-over-year increase driven by strong performance at Tabacón and increases in same-store effective ticket prices. Same-store constant currency effective ticket price, which excludes Tabacón, grew by 5% as compared to 2025.

This improvement was enabled by continued demand for our one-of-a-kind sightseeing attractions and focus on guest experience, with strong performance from our year-round Canadian attractions in Banff and from Sky Lagoon in Iceland. Next, let's turn to our hospitality performance on page 26. Q1 lodging room revenue totaled CAD 13 million, reflecting a 78% year-over-year increase driven by strong performance at Tabacón and improvement in same-store constant currency ADR. As David discussed, our lodges are situated in iconic high-demand destinations, offering guests unparalleled access to extraordinary natural landscapes and seamless proximity to our most sought-after Pursuit attractions. Within these destinations, our same-store constant currency RevPAR, which excludes Tabacón, grew 6% as compared to 2025. Turning to our early demand indicators on page 27, our lodging pacing for 2026 across both Canada and the U.S. continues to support our view for continued strong demand.

Revenue on the books for our Canadian and U.S. lodging properties is pacing ahead of the same time last year. In addition to these confirmed room bookings, we continue to see strong demand from our travel trade partners this year, which is not fully reflected in these numbers. As a reminder, our travel trade partners hold inventory with strict release dates, generally 90-120 days out. Unsold tour and travel inventory gets released and is immediately available to FIT, consumer direct, and OTA channels. As we approach our core operating season, we're keeping a close watch on booking pace and other forward indicators and are ready to adjust if we see any shifts in trends. Let's turn to our reaffirmed full-year 2026 financial outlook on page 28.

We continue to expect 2026 to be a pivotal year for execution of large-scale, multi-year, high-return growth projects, combined with continued strong profitable growth. Our unchanged adjusted EBITDA guidance range of CAD 123 million-CAD 133 million reflects an increase of approximately 9% at the midpoint from 2025. Adjusting to exclude FlyOver from both years, revenue and adjusted EBITDA are expected to increase double digits at the midpoint from 2025, with adjusted EBITDA margin improvement. The pending FlyOver sale remains on track and is expected to close in May. Our outlook reflects solid underlying growth drivers, including continued demand for authentic experiential travel in iconic destinations and improvements in guest experience and revenue management that are driving higher effective ticket prices, ADR, and visitation. Strong flow-through and disciplined labor and expense management further enhance year-over-year EBITDA growth.

We anticipate investing CAD 70 million-CAD 80 million into growth capital expenditures during 2026, including multi-year growth projects that are expected to have a minimal impact on 2026 results and propel our growth into future years. This growth CapEx guidance range has been reduced relative to our prior guidance due to a shift in the expected timing of cash outlays from 2026 to 2027 as we continue to actively work through approvals and planning. Project completion timelines remain on track. Finally, as a reminder, the pending sale of FlyOver will shift our income tax position in a favorable direction driven by an expected improvement in our U.S. financial results. As a result, we are anticipating a much lower effective tax rate in 2026 and beyond of approximately 22%-26%. With that, David, I'll turn it back to you.

Thanks, Bo. Across Pursuit, we're gearing up to welcome guests and deliver exceptional experiences as we head into what we expect will be a strong peak summer season. I wanna thank our team members and leadership for their dedication, their passion, and their hospitality excellence. They show up every single day focused on creating unforgettable memories for our guests. To our shareholders, thank you for your continued support as we execute our strategy and build long-term value. We have the right assets, the right strategy, and the right team. We're very focused on execution. With that, let's open up the line for questions.

Thank you, sir. At this time, I would like to remind everyone that in order to ask a question, please press star, then number one on your telephone keypad. Your first question comes from Jeff Stantial from Stifel.

Hey, good afternoon, everyone. Thanks for taking our questions. Maybe starting off by drilling into, you know, more the demand side, slide 27 showing lodging bookings. David, can you just talk about, you know, if you drill into the more recent period, have you seen any impact, any discernible impact so far following the start of the conflict in the Middle East? Broadly speaking, if you look back historically, can you just remind us, you know, what sort of impact or even tailwind that you typically see when gas prices move, you know, much higher very quickly during the sort of the peak summer months?

Yeah. I'm just gonna check and see if you can hear me.

Loud and clear.

Perfect. Thanks, Jeff. I'll start with the conflict in the Gulf. I think that, you know, the challenge there is obviously something that's very impactful for people. It affects the region. We are quite isolated from that in our part of the world. We're not feeling impact from the conflict in the Gulf. It's not affecting booking patterns or travel behavior. You know, I think that the security and safety of our destinations is well established. If you look at the chart in the investor deck where we show you sort of visitation to our destinations, that's on page 10, you can see that there's a real continuity.

I think that in times of crisis, for the world on a global level, that's when, again, I think we get more tailwind than we get headwind, for our destinations.

That's great. Maybe actually sticking on this subject, thinking through some of the second-order effects, Bo, have you done any work yet or have a sense for potential impact to, you know, to project costs and project scope if you do see crude stay here at, you know, call it north of, CAD 100 a barrel? Just how much of an impact would that have on your growth CapEx plans? Thanks.

Yeah. Thanks, Jeff. We're not expecting significant impacts for our business from a fuel cost perspective. I'll speak first to the OpEx side where, you know, clearly we're not immune to fuel cost increases. We do operate boats, motor coaches, things like that. Fortunately for us, it's not a major expense line for our business. Some impacts, not major on there. Honestly, I think the same is true on the capital side, where these are multi-year projects. A lot of it is not overly specific to the fuel impacts on it. We'll keep monitoring it, I'm not expecting major impacts from that.

Thank you.

Also, Jeff, I'd say the pricing.

Oh, please.

The dynamic pricing, dynamic pricing enables us to flex. If you have issues where, all of a sudden, you have a change in fuel cost or other things, you can move price dynamically. I think it just really helps because you're able to price based on demand, you're able to price on exterior factors, and so on. All of those things, really important.

That's great. Thanks very much.

Your next question comes from Eric Des Lauriers from Craig-Hallum.

Great. Thank you for taking my questions. First one, I guess, just a bit of a piggyback on the last one there. You know, sort of separating the violence in the Middle East, just sticking with overall like fuel costs specifically, historically, how has that impacted visitation to your locations? I mean, on the one hand, sure, road trips to national parks become more expensive, but so do flights. I don't know whether to think of this overall as more of a headwind or more of a tailwind, if, you know, consumers' wallets get pinched from fuel costs. Do you have any sort of info historically on how that impacts visitation?

Yeah. First, let me start with, you know, overall cost of fuel and how that affects travel. The effect is marginal on our business. People are making decisions, and they may be booking a less exotic trip. They're maybe not going to go to the Middle East, they're not gonna go to other parts of the world, but they are gonna be in their own backyard having fun. We see continued momentum.

My line disconnected or perhaps yours, but I'm not able to hear anything. Operator, are you there? Is my line live?

You are still connected, sir. Can you hear us? One moment, everyone. Please stand by. Everyone, I have opened the backup speaker line. Can you hear us through there?

Yes, I can hear you fine now.

Please go ahead.

All right, great. Sorry about that.

One moment, sir.

I'm not sure if that question.

I'm sorry, sir. Can the speakers hear us?

Yes, we can hear you.

Okay. Please go ahead, sir.

Great. Thank you. My apologies for the error there. Just, you know, excluding the actual sort of, you know, physical threats, you know, out of the Middle East, just sticking with fuel prices, in general, historically, how has that impacted visitation to your, to your markets? You know, I see on the one hand, you know, road trips to national parks, for example, get more expensive, but so do, so do flights. I'm just not sure whether conceptually to think of this as more of a headwind or a tailwind to your business. I'm just wondering if you have sort of any historical data to help in, inform us how, elevated fuel prices may or may not impact visitation to your markets.

Elevated fuel prices in times of global crisis have had marginal effect, if any, on the business. With the mass affluent clientele, you have folks that are deciding, you know, "I'm gonna perhaps take a less exotic trip somewhere in the world, and I'm gonna focus on having fun and creating memories in my own backyard." Our business, and again, I would refer you back to page 10 in the deck, that really articulates the visitation, and that shows you all the way back to 9/11, SARS, the global financial crisis, the impacts of COVID, and so on. The fuel, you know, it really doesn't have an impact in terms of visitation. We're not seeing a slowdown on the booking side, and guests are planning and organizing their trips for the coming summer season.

In the U.S., we're 50% sold through on inventory. In Canada, we're high 40s. There's great momentum. Booking pace is strong. ADR and RevPAR lift is strong, we're continuing to perform. It's a great newsy thing to talk about, but it's not something that's having a big impact on the business for Pursuit.

No, that's great to hear. Just my second question here. You, you guys have highlighted the sort of friendly competition you have internally to find the most attractive CapEx projects and how that's been a real, you know, positive feature of your culture there. I'm just wondering how share buybacks sort of work into the mix there. Just overall, any comments you have on sort of viewing the trade-off between spending cash on buybacks versus growth CapEx? Just conceptually, how you think about that would be, would be helpful now that buybacks are quite active here.

Yeah. I'll give my view, and then I'll cede the floor to my colleague. First off, I would say the energy and excitement from the internal team around the projects that they're working on, that is palpable. You can feel it. They're excited about growing and improving their businesses and making the right investments and participating in a process that allows them I mean, this is a true meritocracy. Pursuit is a meritocracy, where their great ideas come to the surface and get funded just based on the quality of those ideas. When you think of the four levers of growth, we're expecting each business to improve year-over-year. We're investing in ourselves through our organic refresh. The acquisition side is powerful.

The final lever is our share repurchase program, which is also a strong belief and investment in ourselves. Those things go together.

I would add, Eric, that given where we are from a capital structure perspective, where we expect to be sub 1x net leverage after the sale of FlyOver, that we're in a position where we can really pursue all four of those growth levers simultaneously. The share repurchase step of that is really about being opportunistic on when there's a disconnect from a valuation perspective, and that's where we're going to aggressively pursue repurchases when we can get a strong return on that.

All righty. Great. Thank you for taking my questions.

As a reminder, everyone, it is star one if you have a question. We'll go to Alex Fuhrman from Lucid Capital Markets.

Hey, guys. Thanks very much for taking my question. David, you know, interested to see, looks like, you know, ADRs are gonna be up mid-teens, or at least that's how they're tracking right now for you in the Canadian Rockies. You've got a really long history in the region here. Are we looking at kind of record hotel prices in the region in either Canadian dollars or U.S. Dollars or both?

Yeah. I'm not sure I would describe it in that way. I think what we have is a move to value. I think that guests appreciate experiences that have been improved, that are thoughtful, that have been intentionally designed to create great guest experiences, and that they're willing to pay you for those experiences if their needs are being met in a way. You measure not just what you might get from a yield and price increase, but you also measure guest satisfaction. The other thing I would point out is if you take Banff as a microcosm of the Canadian Rockies, a significant hotel investment into Banff by all operators, not just ourselves. The quality of hotel product has improved dramatically, and that will continue to improve.

As experiences get better, prices can change, but they change with, I think, a sense of momentum for guests who are satisfied with the product that's being delivered and find real value there.

I think the only other thing I would add is that, Alex, just on that point, where we are in the cycle right now, we're about halfway through our, you know, percent of rooms available that are sold. That average ADR that you're referencing it's a great directional reference for positive trends that we're seeing in the business, and there can definitely be some nuances with various channels and mix of when things are sold year-over-year that can create some noise in the specific number of it. I think the directional indication is that we expect some strong ADR growth

Okay. That's really helpful. Thanks, both of you. Then, you know, wanted to ask about all the work you're doing at the Jasper SkyTram. Obviously, you've got a lot of history operating the Banff Gondola to apply there. What's been the biggest bottleneck to growing that? Is it, you know, parking or size of the restaurant or, you know, the number of cars that can move on the gondola? Just curious, you know, what were kind of the biggest pain points there for you?

Well, I think when you go back in time, right? Go to 60 years ago when that lift facility was built, and travel back in the time machine with me, Alex, and you think about what it was like 60 years ago. That tram car, I think you've been on it. I mean, it's, you know, one car up, one car down. Its capacity itself is constrained. You know, the lift infrastructure is 60 years old. I think primarily what you're changing first is you're improving dramatically the lift infrastructure. What that does is it provides a much better guest experience.

Lift's smoother, lift is quicker, really beautiful, and also accommodates a full group as an example, where the turnaround time with the old Jasper SkyTram was more challenged for our group business because they're on a set itinerary. They're trying to see the world in three days, so they're moving quickly from one place to another. The opportunity there is to really thoughtfully work on the experience design in Jasper. Reminder, Jasper's very different than Banff, our colleagues and team members that live in Jasper is a unique destination, unique in the world. The experience will be much more Jasper-esque and something that. Capacity improving, quality of experience improving. Everything from restrooms to the lift itself, will see great improvements, so we're excited about that.

Terrific. Thanks very much, David.

Everyone, at this time, there are no further questions. David Barry, I'll hand the call back to you for any additional or closing remarks.

Well, thanks so much. Thanks, Lisa, for marshaling everything, dealing with some sound in and outs. We appreciate that. Thank you, everyone, for tuning in to our Q1 2026 earnings call. We'll be following up with many of you, but just appreciate your attention and interest in the world of Pursuit, and we look forward to seeing you soon in a destination near us. Thank you.

This does conclude today's conference call. You may now disconnect.

Good afternoon. My name is Matt, and I'll be your conference operator today. At this time, I would like to welcome everyone to Pursuit's 2025 Fourth Quarter and Full Year Earnings Conference Call. [Operator Instructions] Thank you. Carrie Long, you may begin the conference.

Good afternoon, and thank you for joining us for our 2025 full year earnings conference call. During the call, you will hear from David Barry, our President and CEO; and Bo Heitz, our Chief Financial Officer. As David and Bo cover our results and outlook, they will be referencing our earnings presentation, which is available on the Investors section of our website. We encourage investors to monitor the Investors section of our website in addition to our press releases, filings submitted with the SEC and any public conference calls or webcast. Today's call will contain forward-looking statements, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Please refer to the disclaimer on Page 2 of our presentation for identification of forward-looking statements and for a discussion of risks and other important factors that could cause results to differ materially from those expressed in such statements. During the call, we will also discuss non-GAAP financial measures and definitions of those non-GAAP financial measures are provided on Page 3, and reconciliations to the most directly comparable GAAP financial measures are provided in the appendix of the presentation and in our earnings release. And now I will turn it over to David, who will start on Page 4 of our earnings presentation.

Thanks, Carrie, and thank you all for joining us as we review our record-breaking 2025 results and unveil our vision for continued significant long-term growth. Today's call will be slightly longer than usual as we have so much to talk about. So let's settle in, get comfortable and off we go. I'll start by celebrating 4 notable achievements that reflect the incredible momentum we've built and the even greater potential ahead. First, we delivered our best results ever in 2025 with significant year-over-year growth, all while continuing to deliver extraordinary experiences for our guests. Second, we executed a thoughtful set of strategic moves to strengthen long-term shareholder value, including acquiring Tabacón in Costa Rica, entering into an agreement to sell FlyOver and investing in ourselves through share repurchases. Third, we're introducing our Vision 2030 long-term financial targets to drive our next phase of accelerated growth backed by a proven strategy, strong balance sheet and meaningful pipeline of high-return investment opportunities. And fourth, we're guiding for continued strong growth in 2026 and are well positioned to benefit from global consumer demand trends for experiential travel to iconic destinations. So let's review our record 2025 results and exciting achievements on Page 6. During 2025, our team delivered extraordinary experiences to 4.2 million attraction visitors and welcomed guests across 439,000 room nights. We drove strong broad-based growth. Revenue reached $452 million, up 23% year-over-year. Adjusted EBITDA surged 52% and margins expanded to 26%, clearly demonstrating the power and scalability of our model. Our record results are driven by our incredible team members and leaders who relentlessly focus on elevating the guest experience across our businesses. This focus helped drive a year-over-year increase in our already strong guest experience scores. Our engaged teams, elevated guest experiences and the enduring pull of our destinations continue to propel Pursuit forward with real momentum. Now let's turn to Pages 7 and 8 and walk through the series of strategic actions we took over the past year to redefine our future. We are executing a disciplined transformation to strengthen our portfolio and unlock long-term shareholder value. Our strategy is simple and focused. Using Refresh, Build, Buy, we're growing our core site-seeing attractions and hospitality experiences in the world's most iconic destinations. At the end of 2024, after a decade of meaningfully scaling Pursuit within Viad, we sold GES, our legacy sister business, retired all of our high-cost Term Loan B debt, strengthened our liquidity and converted our preferred stock into common stock. This reset our balance sheet and sharpened our focus. In January 2025, we launched Pursuit as a stand-alone pure-play attractions and hospitality company with the financial structure and flexibility to accelerate our proven growth strategy. By July 2025, we expanded into the Costa Rican market with the addition of Tabacón, a one-of-a-kind thermal river attractions and luxury hospitality experience that strategically fit perfectly as a powerful addition to our portfolio. In September of 2025, we acquired full ownership of our high-performing Glacier Park subsidiary. And in December 2025, we purchased the minority interest in FlyOver Iceland. These intentional transactions simplified our capital structure and eliminated $25 million of noncontrolling interest liabilities. In January of this year, we entered into an agreement to sell our noncore FlyOver business at a premium valuation of approximately 15x 2025 adjusted EBITDA. We expect that sale to close this spring. Additionally, through our share repurchase program, we've returned $14.5 million to shareholders through opportunistic repurchases, underscoring our confidence in the long-term value of our company. These moves reflect disciplined value-accretive portfolio management and mark the next step in a decade-long growth story as we continue to build a stronger company to the long term. And now I'll turn it over to Bo to review our 2025 financial results before we dive into our Vision 2030 targets and 2026 expectations.

Thanks, David. I'll start on Page 9. Our full year revenue grew 23% to reach a new record of $452.4 million. This growth was primarily driven by a strong recovery across our Jasper properties that were temporarily closed during the second half of 2024 due to wildfire activity as well as by incremental growth from our new experiences, strong yield optimization and visitation across our geographies and continued momentum in overall guest demand for our distinctive existing experiences in iconic places. Excluding our Jasper properties and new experiences that were not operated by Pursuit for the entirety of 2025 and 2024, our revenue increased $29.7 million or 10%. We delivered revenue growth across all geographies, with particular strength across our Canadian operations and at Sky Lagoon, supported by continued global secular trends, our differentiated businesses and our passion for delivering incredible experiences for our guests. In addition to broad demand, we experienced minimal impacts to our operations from inclement weather and smoke as compared to typical years. Net income attributable to Pursuit, which is inclusive of discontinued operations, was $22.7 million as compared to $368.5 million in the prior year. The year-over-year change was primarily driven by the sale of GES in 2024. Adjusted net income was $33.5 million as compared to $3.7 million in the prior year. The year-over-year growth of $29.8 million primarily reflects higher adjusted EBITDA. Adjusted EBITDA increased by $40.1 million year-over-year to $117.1 million, primarily driven by significant revenue growth with strong margin improvement of 500 basis points, supported by operating leverage in the business and continued cost discipline. Now let's look at our attractions performance on Page 10. Attraction ticket revenue reached $201 million, reflecting a 24% year-over-year increase driven by substantially higher visitors and effective ticket prices. Visitors increased 12% year-over-year due to a strong Jasper recovery, new attractions and overall robust demand for our one-of-a-kind sightseeing attractions. Same-store constant currency effective ticket pricing, which excludes our Jasper properties temporarily closed in the prior year and new attractions, grew by 9% compared to 2024. This improvement was enabled by our focus on guest experience with particular strong performance from our Canadian attractions in Banff and Golden and from Sky Lagoon in Iceland. Next, let's turn to our hospitality performance on Page 11. Lodging room revenue totaled $105 million, reflecting a 28% year-over-year increase driven by a strong Jasper recovery, new lodging and improvement in same-store ADR and occupancy. All of our collections delivered growth in room revenue during the year. Same-store constant currency RevPAR, which excludes our Jasper properties temporarily closed in the prior year and new lodging grew 7% as compared to 2024. Our lodging properties are in iconic high-demand travel destinations, offering guests direct access to some of the most breathtaking natural settings, including nearby Pursuit sightseeing attractions. These markets also benefit from compression dynamics supporting both strong rates and high occupancy. And with that, I'll turn it back to David to introduce our Vision 2030 long-term financial targets.

Thanks, Bo. On Page 13, let me start with this. Pursuit is in a category of one. We deliver irreplaceable natural world experiences at scale, and we do it with a model that compounds. From 2015 to 2025, we transformed Pursuit into a powerful growth engine. We expanded our network of one-of-a-kind destination assets. We deepened our operating system, and we consistently converted guest demand into durable, growing cash flows. That momentum is not episodic. It's structural. We're well positioned relative to strong secular trends as shown on Page 14. Global travel demand is strengthening, and our portfolio is exceptionally well positioned to capture this momentum. International tourism is expected to grow again in 2026, supported by higher airline passenger volumes, increased tourism spend and strong traveler intent. Travelers are planning more trips, longer leisure stays with larger travel budgets, creating a healthy backdrop for sustained industry growth. We're also benefiting from powerful structural shifts in traveler preferences. Wellness, adventure and outdoor experiences continue to trend strongly with more global travelers prioritizing wellness and showing greater interest in nature-centric destinations. And this aligns directly with the core strengths of our business. At the same time, travelers are placing a premium on unique and elevated experiences. The guest behaviors we're seeing show folks planning to splurge on upgraded destination activities and they're booking tours and experiences. The rapid adoption of AI-driven trip planning is further accelerating discovery and booking of curated activities, an advantage for distinctive experiential brands like ours. So taken together, these durable global travel trends, rising tourism activity, a heightened demand for wellness and adventure and the prioritization of immersive experiences create a favorable environment for our continued growth. Page 15 explains our differentiated model and strategic positioning. What makes Pursuit different is simple and fundamental. We own and operate forever assets in the world's most iconic destinations. These attractions and lodges are experiential infrastructure that enable our guests to access and experience iconic natural places. They're not replicable. They're long-lived and they sit where demand shows up year after year. Our demand is perennial and anchored to the destinations themselves, not consumer cycles. Banff, Jasper, Waterton, Denali, Kenai Fjords and Glacier National Park as well as Iceland and Costa Rica, these are all bucket list places. Guests already choose them, and we meet them in destination or pre-arrival and elevate the journey with authentic natural experiences. That creates durable, visible and predictable demand. Supply is structurally scarce due to our true one-of-a-kind locations. Protected environments, long-dated concessions, stringent permitting and years of disciplined capital allocation make our assets impossible to replicate. These characteristics create an enduring competitive advantage. Our culture is our strategic advantage, guest-obsessed hospitality, experience design-driven, growth-minded and powered by leaders we developed. With restless energy and an owner's mindset, we combine discipline and innovation to deliver sustainable growth that differentiates us. Pursuit operates as a connected ecosystem of vertically integrated operating system for experiences. We orchestrate the full visitor journey across attractions, lodges, food and beverage, retail and transportation. The network effect is real. Every exceptional moment lifts satisfaction, raises spend and strengthens performance across the platform. The operational complexity, including logistics, safety, hospitality, design and guest flow is a capability we've owned over decades. The result is consistent compounding cash flow. Our revenue is driven by greater guest satisfaction, visitor volume and yield growth, not ADR cycles. And because we largely serve a mass affluent traveler for whom our experiences are a small share of overall trip spend, our guests are generally willing to pay for differentiated experiences. So when I say Pursuit as a category of one, I mean exactly that, irreplaceable assets in perennial demand destinations operated through a refined vertically integrated system by passionate hospitality team members, delivering world-class natural experiences and compounding value over time. And as we think about driving shareholder value, we do that through 4 powerful levers, which are highlighted on Page 16. First, we're focused on always elevating performance across our iconic experiences. Our teams continue to deliver consistent year-over-year growth by leveraging strong perennial demand and maintaining an unwavering focus on the guest experience. Second, we're driving organic growth through our refresh and build investment strategy. These targeted investments enhance the guest experience, expand capacity and generate attractive returns across our portfolio. Third, we're accelerating expansion through strategic acquisitions. We maintain a robust and well-developed pipeline of opportunities that complement our existing assets and align with our strategy and values. And fourth, we're deploying capital through opportunistic share repurchases. Investing in our own business at compelling valuations is an important part of our capital allocation strategy and reflects our conviction in Pursuit's long-term value creation potential. These growth levers are supported by a strong balance sheet and low net leverage that gives us the flexibility to invest in both growth and opportunistic share repurchases while maintaining financial strength. So with these levers and our differentiated business model, we're excited to share our long-term view to 2030 with you today, starting with revenue on Page 17. So from 2015 to 2025, our total revenue, excluding FlyOver, grew at a compound annual growth rate of approximately 14%. Looking ahead, we believe we can continue to grow revenue at a double-digit compound annual growth rate through 2030. We're targeting revenue of more than $845 million by 2030, reflecting our transformational strategy to become the world's leading iconic attractions and hospitality company. Our growth model combines durable organic performance with disciplined inorganic expansion, creating a scalable platform capable of delivering sustained top line growth. Turning to Page 18. The strength of our revenue growth engine, paired with high incremental flow-through and disciplined cost management sets the stage for strong adjusted EBITDA growth. By 2030, we seek to grow adjusted EBITDA by more than 2.3x with a target of more than $265 million, excluding FlyOver. And we're targeting an adjusted EBITDA margin of more than 30%. Our business model is built to convert top line growth into sustainable earnings and margin expansion. We benefit from high incremental flow-through as revenue grows supported by disciplined price and mix management and a cost structure that scales efficiently with volume. We have confidence in our ability to drive sustainable yield growth because our experiences are one-of-a-kind, guest-centric and located in iconic capacity-constrained destinations with perennial demand. Our lodging RevPAR and attraction ETP metrics remain resilient and consistently stronger than what we see across the broader hotel and attraction industry, underscoring the strength and differentiation of our platform. Across our network, we're unlocking additional revenue by filling white space at our attractions, using thoughtful guest programming and pricing to extend seasonality and smooth out visitation peaks. We're also strategically allocating room inventory in capacity-constrained markets across channels, optimizing yield while deepening cross-selling into attractions and other experiences. Additionally, our refresh and build investments enhance the quality of individual assets, expand capacity and generate incremental EBITDA as each project comes online and ramps. We have a powerful refresh and build investment pipeline of more than $300 million from 2026 to 2030 that positions us for accelerated growth with projects in development and additional opportunities in planning that expand capacity and unlock new yield in our highest demand markets. When we enhance the guest experience, we see it directly in greater happiness, increased volume, higher rates and higher spend per guest. A great example is our Golden Skybridge attraction where we've continued to expand the experience from sightseeing suspension bridges into a multi-experience adventure park, which includes ziplining, a mountain coaster ride, Canyon Edge Challenge Course, Giant Canyon Swing and more. By elevating the guest journey and expanding the experience, the team has delivered meaningful growth in total revenue per visitor and sharp improvements in guest experience scores. It's proof that when we elevate the guest experience, yield follows. And we're far from finished. Teams across Pursuit keep inventing new breakthrough ways to wow our guests staying obsessively focused on continuous improvement that drives growth. For buy opportunities, our robust acquisition pipeline spans both tuck-ins in existing geographies and forever experiences in new iconic destinations. We enter those with a flagship attraction and then over time, scale into a destination-defining collection. We invest with discipline and ambition directing capital to forever one-of-a-kind experiences in iconic locations where demand is perennial and supply is limited. Every project must clear our 15% plus IRR hurdle rate and deliver attractive margins, provide exceptional guest satisfaction while operating in business-friendly countries. All of this is supported by a strong balance sheet, which will soon include expected FlyOver sale proceeds and continued EBITDA growth, giving us substantial investment capacity to execute this pipeline and accelerate our trajectory while also being opportunistic in repurchasing our own stock at compelling valuations. Together, these levers enable us to translate revenue growth into sustained earnings momentum and move steadily toward our long-term targets. With that, I'll turn it back to Bo to zoom in on our outlook for 2026.

Thanks, David. As shown on Page 21, we have a favorable demand setup as we head into 2026. Our destinations benefit from the power of perennial demand for iconic places, and that demand is only strengthening. In Canada, the government is renewing free admission to national parks through the Canada Strong Pass for summer 2026, expanding access during the peak travel season. And Banff was recently named the best place in the world to travel in 2026 by National Geographic, another powerful signal of its global appeal. In the U.S., access to Glacier National Park will improve with the removal of time to entry vehicle reservations, which is expected to support higher visitation in 2026. In Alaska, Anchorage air service continues to expand and the new Seward cruise ship docking area opens in 2026, increasing capacity for both independent travelers and cruise guests. In Costa Rica, tourism momentum remains strong with the market projected to grow at high single digits from 2026 through 2031. Across our portfolio, iconic destinations paired with structural demand tailwinds give us confidence in continued growth ahead. Turning to our early demand indicators on Page 22. Our lodging pacing for 2026 is off to a solid start across both Canada and the U.S. and supports our view for continued demand. While we are still early in the year, our Canadian and U.S. lodging properties are pacing well compared to the same time last year. The charts on this page show our confirmed room bookings. In addition to this, we have strong demand for our travel trade partners this year, which is not fully reflected in these numbers. As a reminder, our travel trade partners hold inventory with strict release dates, generally 90 to 120 days out. Unsold tour and travel inventory gets released and is immediately available to FIT, consumer direct and OTA channels. We have a proven track record of managing inventory to maximize both capacity and rate in peak season. On Page 23, you'll see a quick update on Tabacón, our newest acquisition and exactly the kind of high-quality buy opportunity we're targeting. Tabacón's premier thermal river attractions and luxury resort are in one of Costa Rica's most iconic destinations. It delivers strong year-round performance and provides counterseasonal EBITDA that complements our Canadian and U.S. businesses with its peak season underway. Since joining Pursuit, the team has completed meaningful upgrades, including improvements to the arrival experience for our main premium thermal river attraction. We've also rebranded the second thermal river experience from Choyin Rio Termal to Hot Springs Pura Vida, creating a clearer, more compelling day use offering. Early booking pace for 2026 is encouraging with strong demand across both the resort and our thermal river experiences. And our build and buy growth investment evaluations are in full swing, exploring opportunities to enhance the existing experience and expand our presence in Costa Rica. With robust demand, ample capacity and the continued ramp-up of the thermal river attractions, we see a clear path to growth. Tabacón is highly aligned with our strategic priorities and will play an important role in advancing long-term value creation. Let's turn to our 2026 financial outlook on Page 24. We expect 2026 to be a pivotal year for execution of large-scale multiyear, high-return growth projects, combined with continued strong profitable growth. Our adjusted EBITDA guidance range of $123 million to $133 million reflects an increase of approximately 9% at the midpoint from 2025. This guidance includes adjusted EBITDA of approximately $500,000 from FlyOver, assuming the sale closes this spring. Excluding FlyOver from both years, revenue and adjusted EBITDA are expected to increase double digits at the midpoint from 2025 with adjusted EBITDA margin improvement. We also expect meaningful incremental adjusted EBITDA from Tabacón of approximately $7 million to $8 million relative to the prior year. Our outlook reflects solid underlying growth drivers, including continued demand for authentic experiential travel in iconic destinations and improvements in guest experience and revenue management that are driving higher effective ticket prices, ADR and visitation. Strong flow-through and disciplined labor and expense management further enhanced year-over-year EBITDA growth. With 2025 being such a standout year of performance, it sets a particular strong prior year baseline. We are assuming some weather normalization compared to the unusually near perfect conditions we experienced during our peak summer season last year. Our multiyear growth capital expenditures are expected to have a minimal impact on 2026 results, impacted by some temporary disruptions during our seasonally slow periods from our phased lodge renovations. But these investments will help propel our growth beyond this year. With the upcoming sale of FlyOver, our income tax position will shift in a favorable direction driven by an expected improvement in our U.S. financial results. As a result, we are anticipating a much lower effective tax rate in 2026 and beyond of approximately 22% to 26%. From a macro perspective, our guidance assumes an exchange rate of USD 0.73 for each Canadian dollar, which is similar to the 2025 average rate. Now let's turn to Page 25 and walk through our meaningful pipeline of refresh and build projects planned for 2026. We've built a robust pipeline of growth investments across our well-instrumented experiences, backed by strong execution capabilities and a track record of delivering returns. Our teams work year-round to surface high-impact ideas and rigorously compete to advance the most compelling projects. In 2026, we're accelerating our investments in iconic forever assets to fuel our long-term growth. We expect growth capital to increase meaningfully from 2025 to approximately $88 million to $93 million in 2026 as we move forward with major planned investments that have a total commitment of approximately $200 million and an effective adjusted EBITDA multiple of less than 7x by 2030. We anticipate a large portion of these returns beginning in 2028. Over the last decade, Pursuit has completed 16 major refresh, build and buy growth projects that collectively contributed approximately $102 million of adjusted EBITDA in 2025, reflecting an effective multiple of approximately 6x, demonstrating a disciplined, repeatable investment approach and supporting expectations for continued attractive returns. Pending relevant approvals, our 2026 growth capital plan includes a number of exciting projects, a few of which we are highlighting today. In Jasper, we plan to refresh the Jasper SkyTram to replace aged experiential infrastructure with a renewed iconic site-seeing experience in Jasper National Park. Additionally, we are in the process of completing the Forest Park Hotel Woodland Wing renovation to better align the property with mass affluent leisure demand in Jasper National Park. The first phase was completed ahead of the 2025 peak third quarter and delivered a 22% ADR increase versus non-renovated rooms in the second half of the year. The next phase is well underway and expected to be completed ahead of the 2026 peak season. We also plan to begin a refresh of the Lobstick Lodge to improve and reposition the property to capitalize on high market demand from both consumer and tour and travel segments in Jasper National Park. We're planning investments to refresh the Banff Gondola, making experiential enhancements to improve all aspects of the guest journey at this iconic attraction in Banff National Park. In Montana, we're focused on the phased transformation of the Grouse Mountain Lodge to reposition the property for higher-end lodging demand and create a compelling differentiated offering for Glacier National Park visitors. The first phase, which has commenced, includes upgrades to guest rooms and pool area and the addition of a new event pavilion with completion expected later this year. And in Alaska, we are in the process of reimagining the Denali Backcountry Adventure. This is a premium, high-margin guided guest journey experience deep into Denali National Park that has been closed since 2021 when a landside closed road access. We plan to reopen the Denali Backcountry Adventure to guests in 2027 to coincide with the planned National Park Road reopening. These projects are transformational in nature and will accelerate our momentum beyond 2026. And with that, David, I'll turn it back to you.

Thank you, Bo. I'm pretty lucky I get to work with smart, passionate and guest-obsessed colleagues every day. And without their cheerful and determined energy, we could not have delivered such strong results. I'd like to close by recognizing our team members for their commitment to success. Their focus on delivering exceptional guest experiences and driving continuous improvement is central to our performance and long-term value creation. To our shareholders, thank you for your continued support and encouragement. We remain disciplined in our execution, committed to strengthening our portfolio and focused on delivering sustained growth, expanding profitability and creating meaningful long-term shareholder value. And with that, let's open up the line for questions.

[Operator Instructions] Your first question comes from the line of Jeff Stantial with Stifel.

Maybe starting off on the new long-term targets for 2030 appear quite impressive. I was hoping you could just expand a little bit on one of the 4 categories there, specifically the buy, the M&A category. I guess how much are you assuming for EBITDA contribution from acquisitions in the 2030 target? How confident are you in this materializing just based on the pipeline of discussions you're seeing today?

Jeff, I'll jump in. It's David and pass it over to Bo in a second. But I think one of the things to remember, as you well know, is that we -- the challenge with picking a particular acquisition and when it's going to actually close is a little bit challenging just given the rhythm and nature of M&A. And so what we've done is we tried to view into the future and to say we expect to have a certain amount of acquisitions occurring over a period to say exactly when they'll occur. And there's also some -- it's challenging. And then there's also opportunity. We have the balance between our organic refresh growth lever that we can accelerate, decelerate again given the size of acquisition opportunities that we may find. And so if everything were the same size, it occurred on a very timely basis, it would be [Technical Difficulty]. But what we've tried to do is articulate a vision for the future that clearly shows a balance between the 4 levers of growth.

Yes. And Jeff, I mean, directionally, you can see that the majority of growth is still expected to come from the organic side, which -- on the organic side, we are still expecting double-digit CAGR of -- alone just with that. But as you probably saw on the page, there's acquisitions that are still a key component of that when we think of the overall growth. And I think if you look back over the last 10-plus years, you see that that's really been the case up until this point as well. And so it's really a continuation of strategy and executing against that.

That's great. And then maybe sticking on the targets, the $200 million of committed project spend that kicks off this year, you noted a 7x or sub-7x expected blended multiple for that spend. Historically, the average you call out has been closer to 6. Is this just conservatism? Is there anything structurally different in this opportunity set? I recognize it might seem like small variance, but we are getting questions here. So just anything to help reconcile that gap would be helpful.

Yes, I don't really view it as a gap, Jeff. It is -- I mean, as you said, it's really a sub-7x multiple target around that. And what you've seen historically from us is that we've been able to achieve that. So we incorporated all of our expected returns across all those projects. But the reality is all these projects are categorically very similar to things that we've had success deploying capital and getting our returns in historically. You think about it as there's the experiential infrastructure of these aerial roadways, which we have a couple of key projects in that category. You have the lodging refresh type projects that we've been executing consistently over time now. And then Denali Backcountry Adventure, that's one where actually already is a business that we've had historically, but it's really reimagining and bringing it back online. So high degree of confidence. I think the sub-7x is appropriate, and that means that we can definitely achieve and hopefully exceed that.

That's great. And then maybe if I could just squeeze in one quick housekeeping item. Slide 18 mentioned mid-single-digit baseline growth embedded in the target. Just to be clear, is that revenue growth? Or is that EBITDA growth?

I mean, honestly, I think it's safe to assume both on that category. But the reality is that's really the baseline before you have any growth capital projects layered in on top of that. And so as you can imagine, in any year, historically, we would have some level of growth capital, and we're really talking about accelerating that above and beyond normal over the next few years here. But I think the right way to think about that is organic growth prior to any growth capital investment on it.

Okay. Again, congrats on the strong year, strong guide and some great targets here.

Thank you, Jeff.

Your next question comes from the line of Tyler Batory with Oppenheimer.

I got some technical difficulties here. So hopefully, my questions haven't been answered. Can we go to 2026 first before we go to 2030? And I just want to be clear on the guide you're giving for this year. What's contemplated in terms of organic revenue, organic EBITDA and then the margin expansion that's implied on an apples-to-apples basis, excluding Flyover. Just talk a little bit more about what's contributing to that? And then I don't know if you can touch on what you're expecting in terms of expense line items, things like labor, et cetera.

Sure. Yes, Tyler. So first, from a Flyover perspective, as you'll see and as we've disclosed, there's been a little over $5 million of EBITDA in 2025 for that. And we're assuming that, that transaction closes this spring and Q1 is a seasonally low quarter for FlyOver historically. So there's only about $0.5 million in the guide for FlyOver from an EBITDA perspective. So when you take that out off the table, that's when you're then looking at double-digit revenue and EBITDA growth on that. There is -- Tabacón is probably the other key thing of note that we acquired in July of 2025. And so you do have the full year run rate coming in on that, which that combined with continued growth that we expect at Tabacón results in about $7 million to $8 million of incremental EBITDA growth from that business -- we haven't given a specific revenue associated with that, but we have noted that, that was expected to be margin accretive to us from year 1 for that. So gives you some parameters around that. So when you take all that out, it's still, yes, quite strong growth that we're expecting over a strong 2025. That growth really supported by a variety of things. You have positive secular trends that we noted. As we said, business indicators continue to look strong into 2026 and beyond. Q1, frankly, has been off to a strong start with that. And yes, I think the thing to remember is that we're investing in once-in-a-lifetime experiential infrastructure. And when you have that, you have some powerful large-scale investment projects that drive -- we're expecting is going to drive some real meaningful long-term growth. And the reality is the majority of those projects are not coming online in 2026. So not quite the same as you might normally expect in this business as a result of that.

Okay. Great detail. So shifting to the 2030, and apologies if I missed this, but just help us think about how you're expecting to use the balance sheet leverage, et cetera. I mean to get to that 2030 target, I mean, are you assuming a little bit of incremental leverage on the balance sheet from where you are today or hoping to keep things somewhat consistent or at least within the targets that you provided to get to that $265 million EBITDA number?

Yes. So today, we're currently sitting at about 1x net leverage on the business. And as we shared, we view long-term leverage target to be more in the 2 to 3.5x range for this business. When we look at our Vision 2030 plan, we touched on the organic side of deploying over $300 million of growth capital into this business. That will have some leverage impacts. But as you can imagine, then you'll start to get the returns from that as those start to come online. But I think even if you just factor in the organic side, that still leaves a lot of capacity from a leverage perspective. And that's where the acquisition side comes into play.

Your next question comes from the line of Alex Fuhrman with Lucid Capital Markets.

Congratulations on all your many accomplishments in 2025. David, I wanted to ask about ticket pricing and the longer-term potential there. It looks like you guys had a really nice high single-digit increase in attraction pricing. But $50, I mean, that's still a really small percentage of what guests spend on lodging and in most cases, airfare for their trips to your region. How high do you think that number can go before there's any real meaningful resistance if you're able to keep executing and improving the service levels?

Yes, Alex, thank you for that. I won't speculate on a number other than we believe that there's always opportunity to make things better. So if you start with that mindset and then you apply, again, back to the 4 levers of growth, right, where the business performs well on its own year after year and you're always looking for ways to make the experience better, then you're also looking to fill white space. So it's a balance between what we're doing on, say, increasing guest visitation in the slower periods of the year. Great example is Sunset Festival at the top of Banff Gondola. That didn't used to exist. 5:00, it was pretty quiet. Nobody was riding up to see sunset. But once you figure out the programming, then you've got opportunity in white space to have product that then suits the white space and that drives both experience quality and then it drives yield over time. So back to the 4 growth levers, you've got 4 different ways that we grow the company every day. Organic refresh growth is all about investing in the business to drive improvements, and that connects back to your question on ETP, the year-over-year improvement. And then as we look to tuck-ins and other things, there's always the power of packaging and bringing on more products that people are excited about. So it's really hard to predict the future. And I think every industry has that challenge of trying to pick a number. But I think in the end, it's -- you just put your head down and you make things better and guests are excited, and they want to come and connect with a place in a meaningful way.

That's great. Well, appreciate that, David. And then you -- along those lines of the improvements you're making, you talked a lot about some of the specific enhancements and upgrades you're going to be making in 2026. The commentary around the Banff Gondola was fairly vague about enhancements across the board. What are some of the specific things you're going to be doing at the Banff Gondola this year?

Early days, but we're working on that planning now together with our partners at Parks Canada and envisioning what it could be. And for those that remember and maybe visited the Gondola prior to our investments in 2015, '16, there was a real step change transformation in experience. Together with Parks Canada, we created an amazing interpretive center for people to really enjoy the history of the park and tell the story of Banff National Park. Then we created really interesting food and beverage experiences. And so now we're 10 years later, and it's time to take a look and say, what can we do to continue to improve that experience and plan that out, work with our partners at Parks Canada and the community to envision what that could be and then work to execute upon it. So it's premature at this point to give you more specifics than that, but I can tell you that we're actively focused on that planning. And as that evolves, we'll be able to share more on upcoming calls.

Your next question comes from the line of Eric Des Lauriers with Craig-Hallum.

Congrats on another strong quarter here. My first question is just a bit of a clarification that the long-term 2030 targets do assume double-digit organic growth and not just double-digit when including M&A. So that first clarification there. And then as we look at sort of visitation and same-store metrics for 2025 and we look at those as sort of an appropriate base going forward, is there anything you would call out as a onetime impact in 2025 from visitation, ticket price, RevPAR perspective?

Sure. So on the first part, Eric, there, you are correct in hearing that of what I was articulating there. And the reality is when you look at the slide we provided on the EBITDA growth, you'll see it come out to a combined CAGR of closer to 19% from an EBITDA perspective. And the organic side of that does get you into double digits even before you consider the acquisition side of what we're expecting. In terms of 2025, I mean, the reality is I do think that's a good base to build off from a same-store attraction visitor perspective. It was a strong year and a couple of nuances that we called out. But overall, we're expecting to continue momentum off to a great year.

All right. That's helpful. And then as we look at the refresh and build side of your growth strategy, obviously, several projects that you're working on. Could you sort of help us rank order maybe from an eventual EBITDA contribution perspective or maybe a revenue contribution perspective would be easier. But just kind of how to think about those from an overall size or contribution standpoint. Just kind of help us think about which ones might be especially more impactful than others, which are kind of just tuck-ins, modest contribution? Just kind of help us wrap our head around some of these projects a bit more.

Well, I mean, without getting into really specific detail, obviously, the work that we're doing at the Jasper SkyTram and the refreshing of that, and that's once-in-a-lifetime experiential infrastructure that takes you to an amazing beautiful place. And it's the only sightseeing aerial ropeway in Jasper National Park. And so that's something that obviously is for the ages. That's a location and an investment that is terrific and produces over the long term at a very high level. We're working on the Banff Gondola, as I just mentioned. Then you have a variety of other opportunities in below that. But I would say that without getting into specifics that our aerial ropeways are always really powerful economic engines and also great guest satisfaction engines. And that's -- people love a beautiful view no matter where they're from in the world. So as we get closer to things, we'll be able to articulate more clearly and -- but generally, every single thing, just a reminder that we look at from an organic refresh opportunity within the company, we have a minimum investment threshold of 15% IRR and the vast majority of the things that we do exceed that handily. And we look to invest in parts of the business to reduce friction, make guest experiences better and just create magic for our guests that are visiting. So that's the mindset we take, and we'll share more as we get into it.

There are no further questions at this time. [Operator Instructions]

Thanks, everybody. Appreciate you joining us today on the call, and we will talk again soon. Have a great afternoon.

This concludes today's conference call. You may now disconnect your lines.