Pursuit Attractions and Hospitality (NYSE:PRSU) reported record third-quarter revenue and higher adjusted earnings as price increases and hospitality demand helped offset weather-related disruptions at its sightseeing attractions.
Revenue rose 4.4% from a year earlier to $251.5 million, while adjusted EBITDA increased 7% to $125.5 million. Adjusted net income climbed to $85 million from $75.3 million, helped by higher adjusted EBITDA and lower depreciation, Chief Financial Officer Bo Heitz said on the company’s earnings call.
The company narrowed its full-year adjusted EBITDA guidance to $130 million to $136 million, retaining a midpoint of $133 million. That midpoint implies 14% growth from 2025.
Pricing Helps Offset Weather Disruptions
Third-quarter revenue benefited from growth across Pursuit’s geographic markets and the acquisition of Eagle Wing Tours in Victoria, British Columbia. Those gains were partially offset by the July sale of the Flyover business. Excluding both Eagle Wing and Flyover, revenue grew approximately 6%, Heitz said.
Same-store attraction ticket revenue increased 6% to $93 million, supported by a 9% increase in effective ticket prices. The same-store measure excludes Eagle Wing and Flyover.
Heitz said smoke in Canada and a higher proportion of poor-weather days hampered sightseeing visitation. Asked whether weather or changes in business mix distorted ticket pricing, he said he would not point to weather as a unique factor and attributed the yield growth largely to improvements in the guest experience and demand in Pursuit’s markets.
Same-store room revenue rose 7% to $60 million. Average daily room rates increased 7%, and occupancy improved by 2 percentage points. The hospitality comparison excludes the Woodland Wing at Forest Park Hotel in Jasper, where renovations are nearing completion.
President and Chief Executive Officer David Barry said Pursuit experienced a strong September and October and saw no signs of weakening demand late in the summer. He said the company benefited from extending the season at some properties and from business shifting into the fall.
2027 Outlook and Growth Spending
Pursuit plans to provide formal 2027 guidance on its fourth-quarter earnings call. Heitz said early bookings were tracking ahead of the prior year, including in Canada after accounting for room renovations, though he cautioned that it remains early in the booking cycle.
The company expects growth in its core business to more than offset approximately $7 million in adjusted EBITDA that Flyover contributed in 2026 before its sale. A full year of Eagle Wing ownership is expected to add approximately $1 million in incremental adjusted EBITDA.
Heitz also expects a net benefit next year from organic growth projects, with contributions from completed investments outweighing temporary construction impacts. He did not quantify that benefit, noting that business planning was still underway.
Barry said Pursuit plans more than $300 million in organic growth projects through 2030. The company continues to expect 2026 growth capital spending of $75 million at the midpoint and anticipates a higher level in 2027 as work accelerates on multiyear projects.
Among projects expected to contribute in 2027 are the completion of Forest Park Hotel’s Woodland Wing renovation and the transformation of Grouse Mountain Lodge into Hotel Whitefish in Montana. Pursuit also plans to reopen its Denali Backcountry Adventure attraction next summer and add 41 cabins near Glacier National Park.
Major Attraction Projects Advance
Pursuit expects to begin replacing the Jasper SkyTram in 2027, with a new sightseeing gondola targeted to open in 2029. The existing tram will be taken offline during construction, and the company has ordered a lift from Leitner-Poma.
Barry said Pursuit is working with Parks Canada on details including the lift alignment and the positioning of base and summit buildings. Construction is expected to take approximately 18 to 24 months. Plans to replace the Banff Gondola lift are at an earlier stage, and Barry did not provide a schedule.
The company also submitted a proposal to the U.S. Forest Service for a Glacier View Tram on Columbia Mountain in Montana. Barry said the project remains at an early stage and would likely be completed after 2030 if approved. It would be separate from Pursuit’s existing Vision 2030 plans.
Balance Sheet and Digital Investment
Pursuit ended the quarter with approximately $293 million in liquidity and net leverage below one times, compared with its target range of 2 to 3.5 times. The company has repurchased approximately 1.2 million shares at an average price of $35.72 each, Barry said.
Heitz noted that the Flyover sale provided an additional benefit to third-quarter margin expansion because it was a lower-margin business. Even excluding Flyover, he said, revenue-to-adjusted EBITDA flow-through was approximately 56%.
Pursuit expects its redesigned pursuit.com website to launch later this year. Barry said the platform is intended to simplify direct bookings and help guests discover and combine the company’s lodging and attractions, supporting growth in 2027 and beyond.
About Pursuit Attractions and Hospitality (NYSE:PRSU)
Pursuit Attractions and Hospitality, Inc (NYSE: PRSU) is a destination travel and leisure company that operates attractions, hotels, restaurants, retail outlets and guided tours. Its offerings are designed to provide visitors with travel experiences in scenic and gateway destinations, including sightseeing, adventure and nature-based activities.
The company’s portfolio includes attractions such as gondola rides, observation experiences, scenic tours and aerial sightseeing attractions, along with lodging and hospitality services.
