UNITED STATES SECURITIES AND EXCHANGE COMMISSION FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____________ to ____________ Commission file number: 001-11015 Pursuit Attractions and Hospitality, Inc. (Exact name of registrant as specified in its charter) Washington, D.C. 20549 Delaware 36-11 ...

NEWS FOR IMMEDIATE RELEASE Exhibit 99.1 PURSUIT REPORTS FULL YEAR AND FOURTH QUARTER 2025 RESULTS, PROVIDES 2026 GUIDANCE AND INTRODUCES LONG-TERM FINANCIAL TARGETS DENVER, February 25, 2026 -- Pursuit Attractions and Hospitality, Inc. ("Pursuit") (NYSE: PRSU) today reported fourth quarter and full year 2025 results, reflecting strong financial performance supported by continued execution against strategic priorities. Pursuit also provided guidance for the full year 2026 and introduced long-term financial t ...

Revenue Performance - Total revenue for the three months ended September 30, 2025, was $241.0 million, a 32.2% increase from $182.3 million in the same period of 2024[148] - For the nine months ended September 30, 2025, total revenue was $395.3 million, reflecting a 23.3% increase from $320.7 million in the same period of 2024[148] - Ticket revenue reached $172,543,000 for the nine months ended September 30, 2025, up 26.1% from $134,243,000 in 2024[152] Attractions and Hospitality Performance - Attractions revenue increased by $31.7 million (32.6%) in Q3 2025, driven by a 21.9% increase in visitors and an 8.7% rise in revenue per visitor[148] - Hospitality revenue rose by $26.7 million (33.7%) in Q3 2025, primarily due to a 35.0% increase in Revenue per Available Room (RevPAR) and a 5.2% increase in available room nights[149] - The number of visitors to attractions reached 1,980,681 in Q3 2025, a 21.9% increase compared to 1,195,856 in Q3 2024[150] - RevPAR for hospitality properties was $280.56 in Q3 2025, a 35.0% increase from $207.85 in Q3 2024[150] - The effective ticket price for attractions was $50.69 in Q3 2025, reflecting a 9.3% increase from $46.37 in Q3 2024[150] - Total visitors increased to 3,575,285 for the nine months ended September 30, 2025, a 14.2% increase compared to 2,588,952 in the same period of 2024[152] Expenses and Operating Costs - Operating expenses increased by 26.3% to $86,592,000 for the three months ended September 30, 2025, primarily due to higher variable costs[154] - Selling, general, and administrative expenses rose by 20.0% to $17,445,000 for the three months ended September 30, 2025, driven by transaction-related costs[156] Cash Flow and Liquidity - Net cash provided by operating activities attributable to continuing operations increased by $40.2 million to $99.783 million for the nine months ended September 30, 2025, compared to $59.566 million in the prior year[168] - Net cash used in investing activities attributable to continuing operations increased by $107.9 million to $145.077 million for the nine months ended September 30, 2025, primarily due to cash paid for the acquisition of Tabacón[169] - Net cash provided by financing activities attributable to continuing operations increased by $108.4 million to $33.953 million for the nine months ended September 30, 2025, compared to a net cash used of $74.469 million in the prior year[170] - As of September 30, 2025, total available liquidity was $274,409,000, significantly up from $49,702,000 at the end of 2024[161] Foreign Currency and Liabilities - The company recorded cumulative unrealized foreign currency translation losses of $51.5 million as of September 30, 2025, down from $62.9 million as of December 31, 2024[174] - The company had long-term contractual liabilities denominated in nonfunctional currencies amounting to $46.4 million as of September 30, 2025[176] - The company experienced an unrealized foreign currency translation gain of $15.5 million during the nine months ended September 30, 2025, compared to a loss of $7.7 million in the prior year[174] Capital Expenditures and Investments - The company has planned capital expenditures of approximately $71 million to $76 million for 2025, including $38 million to $43 million on growth projects[166] - Capital expenditures increased to $44.097 million for the nine months ended September 30, 2025, compared to $40.659 million in the prior year[169] Corporate Developments - The company completed the sale of the GES Business for an aggregate purchase price of $535 million on December 31, 2024[143] - The acquisition of Tabacón Thermal Resort & Spa on July 1, 2025, is expected to generate more evenly distributed revenue throughout the year[146] - The company began trading under the new NYSE ticker symbol PRSU on January 2, 2025, following the transformation into Pursuit Attractions and Hospitality, Inc.[144] Tax and Gains - The effective tax rate decreased to 16.8% for the three months ended September 30, 2025, compared to 17.2% in the same period of 2024[159] - The company recorded a gain of $4.2 million related to business interruption proceeds from the Jasper wildfires during the three months ended September 30, 2025[157]

Revenue Performance - Revenue for Q3 2025 was $241.0 million, an increase of $58.8 million (32.2%) compared to Q3 2024, driven by strong recovery in Jasper properties and new experiences[3] - Total revenue for the three months ended September 30, 2025, was $241,022,000, representing a 32.2% increase from $182,257,000 in the same period of 2024[28] - Revenue growth excluding Jasper properties and new experiences was $17.7 million (12%), driven by yield optimization and increased visitation[9] - Revenue from ticket, rooms, transportation, and other services increased by 34.0% to $178,140,000, while food and beverage and retail products revenue rose by 27.6% to $62,882,000[28] Net Income and Earnings - Net income attributable to Pursuit for Q3 2025 was $73.9 million, up from $48.6 million in the prior year, reflecting a 51.9% increase[3] - Net income for the three months ended September 30, 2025, was $85,101,000, a 52.3% increase compared to $55,864,000 in the prior year[28] - Net income attributable to Pursuit for the three months ended September 30, 2025, was $73,853,000, representing a $25,238,000 increase or 51.9% compared to $48,615,000 in 2024[37] - Adjusted net income for the three months ended September 30, 2025, was $75,316,000, an increase of $24,616,000 or 48.6% from $50,700,000 in 2024[42] - Basic income per common share for the three months ended September 30, 2025, was $2.61, a 55.4% increase from $1.68 in the prior year[28] Adjusted EBITDA - Adjusted EBITDA for Q3 2025 was $117.4 million, representing a year-over-year increase of $34.4 million (41.5%)[3] - Adjusted EBITDA for the three months ended September 30, 2025, was $117,355,000, reflecting a 41.5% increase from $82,931,000 in the same period of 2024[48] - Full year 2025 adjusted EBITDA guidance raised to a range of $116 million to $122 million, an increase of $6 million at the midpoint compared to previous guidance[14] - Adjusted EBITDA margin improved to 48.7% for Q3 2025, up from 45.5% in Q3 2024, indicating enhanced operational efficiency[48] Financial Health and Liquidity - Pursuit's total liquidity was $274.4 million as of September 30, 2025, including $33.8 million in cash and $240.6 million available on its revolving credit facility[9] - The net leverage ratio was 0.7x at the end of Q3 2025, significantly below the target range of 2.5x to 3.5x, indicating strong financial health[9] Expenses and Costs - Operating expenses for the three months ended September 30, 2025, increased by 26.3% to $86,592,000, primarily due to higher variable costs associated with increased transaction volumes[30] - Selling, general, and administrative expenses rose by 20.0% to $17,445,000, driven by transaction-related costs and higher variable compensation accruals[31] - Interest expense decreased by 18.1% to $2,835,000 in Q3 2025 from $3,461,000 in Q3 2024[48] - Income tax expense increased by 69.1% to $17,771,000 in Q3 2025 compared to $10,507,000 in Q3 2024[48] Strategic Initiatives and Growth - The company has identified over $250 million in organic growth investments planned from 2025 to 2030 to fuel long-term growth[11] - Pursuit completed the $111 million acquisition of Tabacón Thermal Resort & Spa in July 2025, enhancing its portfolio in Costa Rica[13] - Pursuit's Refresh, Build, Buy strategy continues to drive growth, with a robust pipeline of acquisition opportunities and organic investments[10] - The company anticipates continued growth in the travel industry and plans to focus on capital expenditures and acquisitions to support its growth strategies[27] - The company is developing a new Flyover attraction in Chicago, which is part of its market expansion strategy[49] Other Financial Metrics - Income from continuing operations before income taxes increased by 73.2% to $105,754,000, up from $61,048,000 in the same quarter of 2024[28] - Income from continuing operations attributable to Pursuit for the three months ended September 30, 2025, was $76,735,000, a significant increase of $33,443,000 or 77.2% from $43,292,000 in 2024[42] - The effective tax rate for the three months ended September 30, 2025, was 16.8%, down from 17.2% in the same period of 2024[34] - The company recorded a gain of $4.2 million for business interruption proceeds related to the Jasper wildfires during the three months ended September 30, 2025[33] - The company reported a $4.2 million gain from business interruption insurance proceeds in Q3 2025 related to lost profits from the Jasper wildfire in 2024[45] - Restructuring charges for the three months ended September 30, 2025, amounted to $424,000, indicating a new expense category for the company[42] - The company experienced a $6,110,000 impairment charge in 2024, which was not present in 2025, reflecting improved asset management[42] - Transaction-related costs and other non-recurring items for the three months ended September 30, 2025, were $(82,000), a decrease of $1,975,000 compared to $1,893,000 in 2024[42] - Net income attributable to non-redeemable noncontrolling interest increased by 56.7% to $11,248,000 in Q3 2025 from $7,178,000 in Q3 2024[48] - Transaction-related costs increased by 68.0% to $1,102,000 in Q3 2025, reflecting ongoing corporate development activities[48]

Revenue Performance - Total revenue for the three months ended June 30, 2025, was $116.743 million, a 15.4% increase from $101.201 million in the same period of 2024[140] - For the six months ended June 30, 2025, total revenue was $154.322 million, an 11.5% increase from $138.432 million in the same period of 2024[140] - Attractions ticket revenue rose by 17.3% to $72,152,000, driven by a 5.2% increase in visitors and an 11.2% increase in effective ticket price[148] Visitor Statistics - The number of visitors to attractions increased to 1,135,144 for the three months ended June 30, 2025, compared to 1,002,312 in the same period of 2024, reflecting a 7.7% growth[145] - For the six months ended June 30, 2025, the number of visitors increased by 5.9% to 1,594,604 compared to 1,393,096 in the same period of 2024[147] Hospitality Performance - Hospitality revenue rose by $3.9 million, driven by a 9.0% increase in Revenue per Available Room (RevPAR), despite a 3.1% decrease in available room nights due to renovations[142] - RevPAR for hospitality properties was $163.11, a 9.0% increase from $149.66 in the same period of 2024[145] - Hospitality revenue increased by 6.8% to $55,679,000, with RevPAR rising by 8.6% to $124.12 due to higher occupancy rates[149] Operating Expenses - Operating expenses (excluding depreciation and amortization) increased by 4.6% to $62,563,000, primarily due to higher variable costs associated with increased transaction volumes[150] - Selling, general, and administrative expenses rose by 14.9% to $15,729,000, largely due to higher transaction-related costs[152] Cash Flow and Liquidity - The company reported a net cash used in operating activities attributable to continuing operations of $2.8 million for the six months ended June 30, 2025[158] - Total available liquidity as of June 30, 2025, was $208,601,000, significantly up from $49,702,000 at the end of 2024[156] - Net cash provided by financing activities attributable to continuing operations decreased by $15.9 million, from $29.8 million in the six months ended June 30, 2024 to $10.1 million in the six months ended June 30, 2025[165] Capital Expenditures and Acquisitions - Capital expenditures for 2025 are planned to be between $71 million and $76 million, including $38 million to $43 million for growth projects[160] - The company acquired ITA for $111 million, funded primarily through $105 million in borrowings under the 2025 Revolving Credit Facility[157] - The acquisition of Tabacón Thermal Resort & Spa was finalized on July 1, 2025, expanding the company's portfolio in Costa Rica[138] Tax and Foreign Currency - The effective tax rate decreased to 28.5% for the three months ended June 30, 2025, compared to 70.9% for the same period in 2024[154] - Cumulative unrealized foreign currency translation losses in stockholders' equity were $44.9 million as of June 30, 2025, down from $62.9 million as of December 31, 2024[169] - An unrealized foreign currency translation gain of $23.5 million was recorded during the six months ended June 30, 2025, compared to a loss of $13.1 million during the same period in 2024[169] Foreign Exchange and Interest Rate Risks - The company is exposed to fluctuations in foreign exchange rates, which may adversely impact overall expected profitability[170] - The company is exposed to short-term and long-term interest rate risk on certain debt obligations[172] - Foreign exchange risk includes potential losses from the translation of foreign currency financial information and remeasurement of foreign currency transactions[168] - The company does not currently hedge its equity risk arising from the translation of foreign-denominated assets and liabilities[169] - The company does not currently hedge its net earnings exposure arising from the translation of foreign revenue and net income[170]

Revenue Performance - Revenue for Q2 2025 was $116.7 million, an increase of $15.5 million (15.4%) compared to Q2 2024[3] - Total revenue for Q2 2025 was $116,743,000, an increase of 15.4% compared to $101,201,000 in Q2 2024[30] - Ticket, rooms, transportation, and other services revenue rose to $88,063,000, reflecting a 15.8% increase from $76,050,000 in the same period last year[30] - Food and beverage and retail products revenue increased by 14.0% to $28,680,000, up from $25,151,000 in Q2 2024[30] - The company reported a total revenue of $154,322 for the six months ended June 30, 2025, an 11.5% increase from $138,432 in the same period of 2024[49] Profitability Metrics - Adjusted EBITDA for Q2 2025 was $29.7 million, reflecting a year-over-year increase of $9.8 million (49.2%) due to higher revenue and cost discipline[3] - Adjusted EBITDA for Q2 2025 was $29,708, representing a 49.2% increase from $19,914 in Q2 2024[49] - Adjusted EBITDA margin improved to 25.4% in Q2 2025, up from 19.7% in Q2 2024[49] - Net income attributable to Pursuit was $5.6 million, down from $29.3 million in the prior year, primarily due to the sale of the GES business[3] - Net income for Q2 2025 was $8,731,000, a decrease of 71.7% compared to $30,878,000 in Q2 2024[30] - Net income attributable to Pursuit for Q2 2025 was $5,646, down 80.7% from $29,311 in Q2 2024[49] Expenses and Costs - Selling, general, and administrative expenses increased by 14.9% to $15,729,000 in Q2 2025, driven by higher transaction-related costs[33] - Operating expenses (excluding depreciation and amortization) rose to $62,563,000, a 4.6% increase from $59,793,000 in Q2 2024[32] - Interest expense decreased by 51.0% to $1,928 in Q2 2025 from $3,937 in Q2 2024[49] - Transaction-related costs for Q2 2025 were $3,364, a substantial increase from $55 in Q2 2024, reflecting ongoing corporate development activities[49] - Other expenses, net, surged to $5,962 in Q2 2025 from $309 in Q2 2024, indicating significant changes in operational costs[49] Guidance and Future Outlook - The company raised its full-year 2025 adjusted EBITDA guidance to a range of $108 million to $118 million, an increase of $10 million from previous guidance[2] - Pursuit's revenue is expected to grow by approximately 20% at the midpoint compared to 2024, with total capital expenditures projected between $71 million and $76 million[18] - The company plans to invest approximately $38 million to $43 million in organic growth capital expenditures during 2025[15] - The company anticipates continued growth in the travel industry and plans to focus on capital expenditures and acquisitions to support its growth strategy[25] Shareholder Metrics - Basic income per share for Q2 2025 was $0.20, down 79.6% from $0.98 in Q2 2024[30] - Basic weighted-average outstanding common shares increased by 7,130 shares or 33.7% to 28,256 for the three months ended June 30, 2025, compared to 21,126 in 2024[38] - The diluted weighted-average outstanding common shares for the three months ended June 30, 2025, increased by 7,266 shares or 34.4% to 28,392 compared to 21,126 in 2024[43] - Diluted adjusted earnings per share (EPS) for the three months ended June 30, 2025, was $0.36, compared to a loss of $0.06 in 2024, representing a change of $0.42[43] Discontinued Operations - The company reported a loss from discontinued operations attributable to Pursuit of $1,135 for the three months ended June 30, 2025, a decrease of $28,607 or 96.2% compared to a loss of $29,742 in 2024[43] - Income from discontinued operations improved significantly, with a net loss of $(1,135) in Q2 2025 compared to $(29,742) in Q2 2024, a 96.2% change[49] Other Notable Items - The acquisition of Tabacón Thermal Resort & Spa was completed for approximately $111 million, enhancing Pursuit's portfolio in Costa Rica[14] - The net leverage ratio was 0.6x at the end of Q2 2025, projected to be 1.5x on a pro forma basis after the Tabacón acquisition[11] - The legacy pension termination resulted in a non-cash settlement charge of $5.4 million associated with the termination of the legacy Giltspur Inc. Employees' Pension Plan[46] - The company experienced a significant restructuring charge of $259 for the three months ended June 30, 2025, compared to only $1 in 2024, indicating a substantial increase in restructuring activities[43]

Revenue Performance - Total revenue for the three months ended March 31, 2025, was $37,579,000, representing a 0.9% increase from $37,231,000 in the same period of 2024[143]. - Attractions revenue increased by $1,012,000, primarily due to a 1.7% increase in the number of visitors and a 2.7% increase in revenue per attraction visitor, despite a $1,300,000 negative impact from foreign exchange[143]. - Hospitality revenue decreased by $386,000, driven by a 3.5% decrease in rooms revenue due to fewer room nights available from renovations[144]. - The number of visitors to attractions increased to 459,460 in Q1 2025, up from 390,784 in Q1 2024, marking a 17.6% increase[146]. Operating Expenses - Operating expenses (excluding depreciation and amortization) decreased by 4.8% to $38,427,000, primarily due to a remeasurement of the Sky Lagoon finance lease obligation[150][151]. - Selling, general, and administrative expenses increased by 33.7% to $17,165,000, largely due to higher transaction-related costs associated with the transition to a standalone company[152]. Tax and Seasonality - The effective tax rate for Q1 2025 was 5.6%, compared to 5.2% in Q1 2024, reflecting the company's valuation allowance on losses in the U.S.[153]. - 77% of the company's revenue was earned during the second and third quarters, indicating significant seasonality in operations[142]. Cash Flow and Liquidity - As of March 31, 2025, total available liquidity was $212.1 million, significantly up from $49.7 million on December 31, 2024[155]. - Net cash used in operating activities attributable to continuing operations was $24.4 million for the three months ended March 31, 2025, compared to $22.4 million for the same period in 2024[160]. - Net cash used in investing activities attributable to continuing operations decreased by $11.2 million to $5.2 million for the three months ended March 31, 2025, primarily due to reduced capital expenditures[161]. - Net cash provided by financing activities attributable to continuing operations decreased by $22.2 million to $3.7 million for the three months ended March 31, 2025, compared to $25.9 million in the same period of 2024[162]. Losses and Liabilities - The company recorded a net loss of $31.4 million for the three months ended March 31, 2025, compared to a net loss of $26.2 million for the same period in 2024[160]. - The company has long-term contractual liabilities denominated in nonfunctional currencies amounting to $46.1 million as of March 31, 2025[168]. - Cumulative unrealized foreign currency translation losses in stockholders' equity were $63.0 million as of March 31, 2025[166]. Future Plans - Capital expenditures for 2025 are planned to be approximately $70 million to $75 million, including $38 million to $43 million for select growth projects[158]. - The company plans to utilize proceeds from the $200 million 2025 Revolving Credit Facility for operations, growth initiatives, and acquisitions[155]. - The company expects to adjust projected capital outlays based on changes in the operating environment[157]. Business Transactions - The sale of the GES Business was completed for an aggregate purchase price of $535 million, with $510 million as the base price and $25 million deferred[139][140]. - Revenue per available room (RevPAR) for hospitality properties was $67.26 in Q1 2025, a slight decrease from $67.56 in Q1 2024, despite an 8.6% increase in RevPAR on a same-store basis[146][148].

Financial Performance - Pursuit reported Q1 2025 revenue of $37.6 million, a 0.9% increase from $37.2 million in Q1 2024[3] - Total revenue for the three months ended March 31, 2025, was $37,579,000, an increase of $348,000 or 0.9% compared to $37,231,000 in 2024[26] - Revenue for Q1 2025 was $37,579, a 0.9% increase from $37,231 in Q1 2024, representing a $348 increase[42] - Revenue from ticket, rooms, transportation, and other services increased by $750,000 or 2.6% to $29,734,000, while food and beverage and retail products revenue decreased by $402,000 or 4.9% to $7,845,000[26] Net Loss and Adjusted Metrics - Net loss attributable to Pursuit was $31.1 million, compared to a loss of $25.1 million in the prior year, reflecting a 24.0% increase in losses[3] - Net loss attributable to Pursuit for the first quarter of 2025 was $31,136,000, an increase of $6,019,000 or 24.0% compared to $25,117,000 in 2024[33] - Adjusted net loss for the first quarter of 2025 was $26,884,000, compared to $25,418,000 in 2024, reflecting a decrease of $1,465,000 or 5.8%[38] - Adjusted EBITDA for Q1 2025 was negative $17.5 million, a decline of $2.9 million year-over-year, primarily due to inflationary cost increases[12] - Adjusted EBITDA for Q1 2025 was $(17,477), a 19.7% decline from $(14,604) in Q1 2024[42] - Adjusted EBITDA margin decreased to (46.5%) in Q1 2025 from (39.2%) in Q1 2024, reflecting a 7.3% decline[42] Expenses and Costs - Operating expenses (excluding depreciation and amortization) decreased by $1,947,000 or 4.8% to $38,427,000, primarily due to a foreign exchange gain related to the Sky Lagoon finance lease obligation[28] - Selling, general, and administrative expenses increased by $3,468,000 or 25.3% to $17,165,000, mainly due to higher transaction-related costs totaling $4.9 million[29] - Transaction-related costs rose significantly to $4,910 in Q1 2025 from $862 in Q1 2024[42] - Depreciation and amortization increased by 12.3% to $10,968 in Q1 2025 from $9,763 in Q1 2024[42] - Start-up costs were eliminated in Q1 2025, down from $1,940 in Q1 2024[42] Future Outlook - The company expects full year 2025 revenue growth in the low double digits compared to $366.5 million in 2024[11] - Adjusted EBITDA guidance for 2025 is set at approximately $98 million to $108 million, representing a growth of $21 million to $31 million relative to 2024[10] - Pursuit plans to invest approximately $38 million to $43 million in growth capital expenditures in 2025, including the Refresh of the Forest Park Hotel[9] - The company completed three tuck-in acquisitions in late 2024, which are expected to contribute approximately $5 million to $7 million of Adjusted EBITDA in 2025[11] Liquidity and Leverage - Total liquidity as of March 31, 2025, was $212.1 million, consisting of $22.8 million in cash and $189.3 million available on a revolving credit facility[12] - Pursuit's net leverage ratio was less than 1x at the end of Q1 2025, with total debt reported at $78.9 million[12] Shareholder Metrics - Basic loss per common share improved to $(1.11) from $(1.29), a change of $0.18 or 13.9%[26] - Adjusted EPS for the first quarter of 2025 was $(0.96), an improvement of $0.34 or 26.2% compared to $(1.30) in 2024[38] - The weighted-average common shares outstanding increased by 7,084,000 or 33.7% to 28,113,000 shares in the first quarter of 2025[33] Tax and Interest - The effective tax rate for the three months ended March 31, 2025, was 5.6%, compared to 5.1% for the same period in 2024[30] - Net interest expense decreased by 49.9% to $1,464 in Q1 2025 from $2,922 in Q1 2024[42] - Income tax benefit for Q1 2025 was $(1,866), a 12.8% increase from $(1,654) in Q1 2024[42] Restructuring and Charges - Restructuring charges were recorded at $38 in Q1 2025, compared to $0 in Q1 2024[42]