PRSU

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.