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DATE

Wednesday, Aug. 5, 2026 at 5 p.m. ET

CALL PARTICIPANTS

• Investor Relations - Carrie Long
• President and Chief Executive Officer - David W. Barry
• Chief Financial Officer - Michael Heitz

TAKEAWAYS

• Revenue -- **Pursuit Attractions and Hospitality, Inc.** (PRSU +0.93%) reported second quarter revenue of $133.5 million, representing 14.3% growth driven by strong contributions from the Tabacon acquisition and performance across existing geographies.
• Adjusted EBITDA -- $32.7 million for the second quarter, a 10.1% increase reflecting the flowthrough of higher revenue despite margin pressure from mix shifts and weather.
• Adjusted Net Income -- $14.0 million, or $0.50 per diluted share, compared to $10.1 million, or $0.36 per diluted share, in the prior year period.
• FY 2026 Adjusted EBITDA Guidance -- Increased to a range of $128 million to $138 million, representing 14% growth at the midpoint and incorporating contributions from the Eagle Wing Tours acquisition and Flyover divestiture.
• FY 2026 Revenue Guidance -- Estimated at $485 million at the midpoint, including $460 million from the core business excluding Flyover.
• Flyover Divestiture -- $75 million sale completed on July 31, 2026, representing an implied multiple of approximately 14.5x the business unit's 2025 adjusted EBITDA.
• Eagle Wing Tours Acquisition -- C$23.9 million purchase of the Victoria, British Columbia sightseeing experience, completed on July 14, 2026, at an effective adjusted EBITDA multiple of 6.5x.
• Hospitality Performance -- Same-store constant currency RevPAR grew 10% for the second quarter, reflecting strong demand in iconic destinations that mitigated inclement weather impacts.
• Attraction Pricing -- Same-store effective ticket price grew 6% during the second quarter, helping to offset softer sightseeing visitation caused by poor weather days.
• Liquidity -- $160.9 million at June 30, 2026, including $36.7 million in cash and $124.2 million available on the company's revolving credit facility.
• Pro Forma Liquidity and Leverage -- Approximately $220 million in liquidity and a net leverage ratio of roughly 1x following the Flyover sale and Eagle Wing acquisition.
• Share Repurchases -- $7.5 million in common stock repurchased during the second quarter, bringing the total program aggregate to $43 million at an average price of $35.72 per share.
• Jasper Wildfire Insurance -- $4.6 million in pretax business interruption insurance proceeds received in the second quarter, bringing the total proceeds received since 2024 to approximately $29 million.
• Vision 2030 Targets -- Adjusted EBITDA target exceeding $265 million by 2030, supported by a double-digit revenue CAGR and margin expansion.
• Organic Growth Pipeline -- $300 million in organic investment opportunities identified through 2030, expected to contribute more than $40 million of incremental adjusted EBITDA at an effective multiple of less than 7x.
• Tabacon Performance -- The Costa Rica resort's performance in the first 12 months under Pursuit ownership drove the effective purchase multiple down to nearly 9x.
• FY 2026 Capital Expenditures -- Total CapEx estimated at $103 million to $114 million, comprising $70 million to $80 million for growth projects and $31 million to $36 million for maintenance.
• Lodging Pacing -- Revenue on the books for lodging properties is pacing ahead of the previous year across Canadian and U.S. markets for the peak summer season.
• St. Mary WildScapes -- Planned addition of 41 premium cabins and a wellness sauna near Glacier National Park to meet demand for elevated stays.
• Forest Park Hotel ADR -- Phased renovation of the Woodland Wing in Jasper resulted in a 22% ADR lift for renovated guest rooms.
• Grouse Mountain Lodge -- Completion of the first phase of room renovations and the scheduled opening of a new 300-person event center on Aug. 15, 2026.
• Denali Backcountry Adventure -- Relaunch scheduled for 2027 following the completion of park road repairs, allowing the high-margin wildlife safari attraction to resume operations.
• Lake Cruise Capacity -- Addition of a new 56-passenger boat at Maligne Lake and redeployment of a 38-passenger boat to Lake Minnewanka planned for 2027.
• Flyover Retained EBITDA -- Approximately $7 million of adjusted EBITDA contribution from the Flyover business is included in the FY 2026 outlook for the period prior to the July 31 sale.
• Exchange Rate Headwind -- Unfavorable change in currency assumptions resulted in a negative $2 million adjustment to full-year adjusted EBITDA guidance.

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RISKS

• Heitz stated that the second quarter was "impacted by a higher portion of poor weather days, which hampered sightseeing visitation," specifically affecting high-margin attraction segments.
• Heitz reported that full-year adjusted EBITDA guidance was "partially offset by an unfavorable change in exchange rate assumptions" totaling approximately $2 million.
• Barry noted that wildfire smoke is a "reality" that can shift guest behavior from sightseeing toward dining and retail on days with heavy smoke.

SUMMARY

Management reported that the successful divestiture of the Flyover business transitioned the company into a pure play growth engine focused on iconic sightseeing and hospitality assets. The company is advancing a multiyear strategy to invest $300 million in organic growth projects through 2030 while maintaining a net leverage ratio significantly below its target range. Demand indicators for the peak summer season remain positive, with lodging bookings pacing ahead of the previous year across Canadian and U.S. markets. Pursuit is also executing a disciplined acquisition strategy, recently expanding into the Vancouver Island market through the purchase of Eagle Wing Tours and evaluating a "bountiful" pipeline of additional iconic properties.

• Barry described the company as being in a "category of 1" due to its ownership of unique experiential infrastructure in supply-constrained iconic destinations.
• CFO Heitz emphasized the urgency of seasonal revenue management, stating that "inventory expires at midnight every day."
• Management noted that "nature is our content" when discussing the competitive advantage of owning assets where development is regulated and difficult to replicate.
• Barry attributed shifting tour demand in gateway cities like Vancouver and Toronto to the FIFA World Cup, which caused steep hotel room price increases for travel partners.
• The Rockies Rangers program was highlighted as a strategic initiative to drive family engagement at Canadian attractions with minimal capital investment.
• Pursuit is evaluating master planning for Tabacon in Costa Rica, including the addition of three premium villas to capture demand from luxury and multifamily travelers.
• Management categorized AI as an enabler for travel planning rather than a disruptor to the physical vacation experiences Pursuit provides.

INDUSTRY GLOSSARY

• ADR (Average Daily Rate): A metric used in the hospitality industry to measure the average rental income per paid occupied room in a given period.
• RevPAR (Revenue Per Available Room): A performance metric in the hotel industry calculated by multiplying a hotel's average daily room rate by its occupancy rate.
• Adjusted EBITDA: A non-GAAP financial measure representing earnings before interest, taxes, depreciation, and amortization, further adjusted for nonrecurring or non-cash items.
• CAGR (Compound Annual Growth Rate): The mean annual growth rate of an investment over a specified period longer than one year.
• Net Leverage Ratio: A financial ratio measuring a company's ability to pay back its debt, calculated as net debt divided by EBITDA.
• OTA (Online Travel Agency): A web-based marketplace allowing consumers to research and book travel products and services.

Full Conference Call Transcript

Operator: Good afternoon. My name is Tiffany, and I will be your conference operator today. At this time, I would like to welcome everyone to Pursuit's 26 Second Quarter Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question-and-answer session. If you would like to ask a question during this time, simply press star followed by the number 1 on your telephone keypad. If you would like to withdraw your question, press star 1 again. Thank you. Carrie Long, you may begin the conference.

Carrie Long: Good afternoon, and thank you for joining us for our 20 second quarter earnings conference call. During the call, led by David W. Barry, our President and CEO and Bo Heitz, our chief financial officer, we will reference our earnings presentation. Which is available on the Investors section of our website. We encourage investors to monitor the Investors section of our website in addition to our press releases. Filings submitted with the SEC, and any public conference calls or webcast. Before I turn the call over to David, I would like to draw your attention to disclaimers on pages 2 and 3 of our presentation.

Regarding non GAAP financial measures, and the use of forward looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 2 thousand. Page 2 identifies forward looking statements and discusses risks and other important factors that could cause results to differ from those expressed in such statements. And Page 3 identifies and defines the non GAAP financial measures we use, and reconciliations to the most directly comparable GAAP financial measures are provided in the appendix of the presentation and in our earnings release. And with that, I am pleased to turn the call over to David who will start on page 4.

David W. Barry: Thanks, Carrie, and thank you all for joining us. We are excited to review our 2026 second quarter results and share our view to continue significant long term growth and value creation. Let's start with 3 key highlights that demonstrate our strategy is working, and show the momentum in our business. First, we delivered exceptional guest experiences and record second quarter results. Revenue grew 14% with strong contributions from Tabacon and continued growth across our existing geographies. Second, we completed 2 strategic transactions at compelling valuations that advance our growth strategy. The acquisition of Eagle Wing Tours, a leading sightseeing attraction in Victoria, British Columbia, strengthens our portfolio and reflects our approach to disciplined capital deployment.

And we completed the sale of our noncore flyover business, bolstering our balance sheet for future growth investments more aligned with our strategy and vision 2030 targets. And third, we are increasing our full-year 2026 guidance to incorporate incremental contributions from our recent strategic transaction. Our demand indicators remain positive, and we expect to deliver 14% adjusted EBITDA growth year over year at the midpoint. Turning to page 6, I will spend a moment on the sale of Flyover, and what that does for our business. This transaction has been years in the making and is the final chapter in Pursuit's transformational story of becoming a pure play attractions and hospitality growth engine.

With the sale complete, we further sharpen our singular focus on delivering great guest experiences where nature is our content, and driving growth through sightseeing attractions and hospitality experiences in iconic destinations. With an even stronger balance sheet to support our growth into the future. This is a clear example of focused portfolio management. It simplifies the business, strengthens our financial position, and allows us to invest behind the opportunities with the greatest long term value creation potential. We wish the talented Flyover team great success in their future growth journey with their new owner, Klook. Next, let's turn to page 7 to briefly reinforce what makes Pursuit special. Simply put, Pursuit is in a category of 1.

We own and operate unforgettable and inspiring experiences in some of the world's most iconic destinations, with a portfolio of 14 sightseeing attractions and 20-9 distinctive lodging properties across 4 countries. Page 8 highlights our differentiated model, Pursuit's assets are 1 of a kind experiential infrastructure that connect guests to extraordinary places. Our demand is anchored to destinations with perennial global appeal. And importantly, we operate in supply constrained markets. Where development is regulated and difficult to replicate. We build on these dynamics with an integrated operating model and a strong culture of guest obsessed hospitality and experience design, and our own unique growth mindset.

By connecting attractions, lodging, dining, retail, and transportation, we create a seamless guest journey that drives visitation guest satisfaction, yield, and sustainable and scalable cash flow growth. Pursuit has a compelling position that is aligned with the global travel trends as shown on page 9. Increasingly, people all over the world are prioritizing experiences over things and building trips around must do bucket list moments. Exactly what Pursuit delivers. Outdoor adventure, wellness, curated travel, group demand, flexible work, and the desire to unplug all support our iconic nature immersive experiences. And for Pursuit, AI is an enabler, not a disruptor. AI can help plan your trip but never take your vacation for you.

Build upon our compelling positioning with a consistent proven growth strategy that drives shareholder value. As shown on page 10, we have a long track record of deploying capital into growth investments that deliver strong returns, for shareholders. From 2014 through 2025, we invested approximately $578 million across major growth projects and acquisitions that generated approximately an $102 million of adjusted EBITDA in 2025. that is an effective EBITDA multiple of roughly 6x. This is a proven and repeatable playbook disciplined investments in 1 of a kind experiences and iconic destinations with a strong cultural and strategic fit. Drive strong investment outcomes, and strong growth.

Page 11 shows the growth journey that we have been on over the past 10 years, and the expected continuation of that journey into the future. From 2015 to 2025, Pursuit delivered a 15% revenue CAGR through a combination of growth investments and iconic assets, relentless focus on the guest experience, and an ever present growth mindset. As we go forward, we are replicating that success using the same proven playbook. With an even sharper focus and a stronger balance sheet. To deliver compelling growth exceptional hospitality. Which brings me to our Vision 2030 targets on page 12.

Pursuit is on a path to once again deliver a double digit revenue CAGR through 2030, with meaningful EBITDA growth and margin expansion. By 2030, we expect to deliver over $265 million of adjusted EBITDA which is more than double 2025 levels. And these Vision 2030 targets are not merely aspirational. They are the next chapter of a strategy that is already working. This strategy comes to life through our 4 growth levers, as shown on page 14. First, we work to improve performance across every business, leveraging perennial demand and maintaining an unwavering focus on the guest experience. Second, we invest organically to elevate experiences expand capacity, and drive attractive returns.

Third, we pursue strategic acquisitions that strengthen our portfolio. And finally, we have repurchased shares opportunistically when valuations are compelling. These levers work, and our track record proves it. And as shown on page 15, our strong balance sheet allows us to invest across all 4 of these levers at the same time when returns are compelling. Pro forma for the sale of Flyover and the acquisition of Eagle Wing tours our June 30 net leverage ratio was approximately 1x, which is well below our target range of 2 to 3.5x. And we had substantial immediate balance sheet liquidity of about $220 million, also on a pro forma basis.

This balance sheet strength, combined with continued adjusted EBITDA growth gives us the financial flexibility to simultaneously invest in high return organic growth projects 1 of a kind strategic acquisitions, and opportunistic share repurchases. Now I will walk you through the progress we are making on each 1 of our growth levers starting on page 16. We are improving performance across our existing experiences. During the first half of 2026, we drove a 6% increase in effective attraction ticket price and a 9 percent increase in lodging RevPAR on a same store basis. This is the hospitality profit chain hard at work. Strong team member engagement drives guest satisfaction, and drives growth.

Next on page 17, we highlight a few recent examples of how our growth mindset and relentless focus on the guest experience is driving incremental visitation to our attractions. Across pursuit, we continually find ways to offer new differentiated experiences that create more reasons for guests to visit. For example, strategic programming initiatives at our attractions that require little to no capital investment and help fill white space. Maximizing capacity utilization and flow through. Our newly launched Rockies Rangers program for kids is bringing families deeper into our Canadian attractions, through interactive exploration, education and achievement-based experiences.

At the Banff Gondola, Bloomin' Brunch, and the Sunset Festival, are expanding morning and evening visitation with unique mountaintop experiences live music, and great dining. And at Lake Minnewanka, Beer Voyage, is driving growth in evening visitation through a premium cruise experience with rotating local craft beer tastings. These are 3 great examples of our growth mindset and using experience design to drive results. Now let's move on to our second growth lever, investing in ourselves, through organic growth projects on page 18. We have a pipeline of more than $300 million of organic growth investment opportunities, from 2026 through 2030. These are low risk investments in well-instrumented businesses we already own, know, and operate.

By 2030, we expect these investments will contribute more than $40 million of incremental adjusted EBITDA at an estimated effective multiple of less than 7x. As these investments are completed, additional organic growth investments under development in our internal pipeline will continue to come forward in the natural cycle of our business. On page 19, our Golden Sky Bridge attraction is a powerful example of our organic growth investment playbook in action. What started as sightseeing Suspension Bridges has become a multi experience adventure park that continues to scale. On August 1st, we opened a new net park at Golden Sky Bridge, that adds another compelling reason to visit.

The team keeps elevating the guest journey, and driving stronger revenue per visitor and improved net promoter scores. Pages 20 to 29 include many exciting growth investment examples across Pursuit that help demonstrate the strength of our pipeline. I will cover a few of them now, and I encourage you to review them in more detail after the call. At the Jasper Skytram and the Banff Gondola, we are planning to elevate the arrival of the summit journey with new modernized lifts and expanded amenities to strengthen their positions as must do experiences in Jasper And Banff National Parks. In Denali, we are preparing to relaunch the high-margin Denali Backcountry Adventure attraction in 2027.

This premium wildlife safari tour will take guests deep inside Denali National Park for a bucket list nature focused backcountry experience. The park road repairs are completed, and the road is reopened for industry permit holders in anticipation of summer 2027 operations. Denali is 1 of the few US national parks where road access is for outfitters and permit holders only. To see Denali's incredible wildlife, you must travel with an experienced provider or the National Park Service. By offering the best guest experience, we know we can meet pent up demand for this iconic attraction.

We are also adding lake cruise capacity in 2027 with a new 56-passenger boat at Maligne Lake in Jasper, and redeployment of an existing boat to Lake Minnewanka and Banff to meet strong demand at these iconic attractions. On the lodging side, we have 2 properties well underway with renovations that will reposition them in their respective markets for stronger occupancy and ADR. In Jasper, the Forest Park Hotel's Woodland Wing is nearing completion, with a phased renovation that already demonstrated a 22 percent ADR lift for renovated rooms.

And at Grouse Mountain Lodge in Whitefish, Montana, we have just finished the first phase of room renovations with a new 300-person event center opening August 15th and full hotel transformation to be completed in summer 2027. We are also excited to be moving forward with investments to elevate the guest experience at Lobstick Lodge and Pyramid Lake Lodge in Jasper, and to expand our lodging offering near Glacier National Park. Lobstick will undergo a full renovation to up level the property, and Pyramid Lake Lodge will see the addition of wellness focused guest amenities, including outdoor hot tubs and sauna, with picturesque views of Pyramid Lake.

In East Glacier, we are adding 41 elevated cabins in an absolute showstopper location with idyllic views into Glacier National Park. Now let's move forward to our third growth lever, expanding our portfolio with disciplined strategic acquisitions, on page 30. We have a robust pipeline of forever asset opportunities, but we remain highly selective. Focused only on businesses that are iconic, unforgettable, and inspiring. Located in destinations with perennial demand and limited supply. Supported by attractive EBITDA margins exceptional guest experiences, and a clear path to exceed our 15 percent IRR hurdle rate. Eagle Wing tours is a great example. A leading sightseeing attraction in an iconic destination that fits our strategy, our values, and our disciplined investment criteria.

And Tabacon continues to validate this approach contributing strong performance and demonstrating what happens when we combine exceptional assets with guest obsessed execution. Look at how Eagle Wing tours fits into our growth strategy on page 31. On July 14th, we acquired a leading whale watching and marine wildlife experience in Victoria, British Columbia. For roughly 6.5x adjusted EBITDA. Eagle Wing provides an unforgettable experience to about 50 thousand guests annually and brings us into the Vancouver Island market. An iconic, resilient tourism destination with annual visitation of about 5 million. Eagle Wing fits our strategy and investment criteria, perennial demand, limited supply, attractive returns, and clear upside through Pursuit's platform.

We are thrilled to welcome the Eagle Wing team and are excited to support their continued growth as part of Pursuit. Now on page 32, our acquisition of Tabacon has reached its first-year mark under Pursuit's ownership, we are incredibly proud of its performance. This is a truly irreplaceable asset. An experience driven resort rooted in place with world class thermal river attractions at the base of Costa Rica's Arenal Volcano, with a fantastic team that is delivering at a very high level. We are seeing strong thermal river attraction visitation and lodging performance, high guest satisfaction, and continued traction from targeted enhancements. Mike in the improved arrival experience in Hot Springs, Puerto Vita rebrand.

Tabacon continues to validate our disciplined strategic acquisition strategy. For the trailing 12 months, adjusted EBITDA growth has driven the effective purchase multiple down to nearly 9x. And we have additional opportunities ahead. We have just announced the creation of 3 new premium villas to meet demand from luxury and multifamily travelers in the Arenal region. And looking ahead, we see meaningful upside across the 570-acre property, and are pursuing additional growth investment opportunities to expand Tabacon and build a broader Costa Rica collection of iconic experiences. Next, I will briefly touch on our fourth growth lever on page 33, investing in our own shares at attractive valuations.

Today, we have repurchased $43 million worth of shares at an average price of $35.72. Based on recent trading levels, this represents a strong return on investment of more than 40 percent. We have approximately $57 million remaining and are $100 million share repurchase authorization and we remain committed to opportunistic repurchase when we see a compelling return relative to our other investment opportunities. And with that, I will turn it over to Bo, who will walk you through our second quarter financial highlights and 2026 outlook, starting on page 35.

Michael Heitz: Thanks, David. As highlighted earlier, we had a positive first half of the year. Our second quarter revenue grew 14% to reach a record level of $133.5 million. This growth was primarily driven by strong performance at Tabacon, which was acquired in July 2025 as well as continued growth across our existing geographies. Adjusted EBITDA improved by $3 million year-over-year to $32.7 million, primarily driven by higher revenue. And adjusted net income grew to $14 million as compared to $10.1 million in the prior year. Primarily due to higher adjusted EBITDA.

Additionally, during the 26 second quarter, we reported a pretax gain of $4.6 million from business interruption insurance proceeds received related to lost profits in 2024 from the Jasper wildfire. This amount was excluded from our adjusted EBITDA, and adjusted net income due to its nonrecurring nature. Total insurance proceeds received since 2024 Jasper wildfire are approximately $29 million. Now let's look at our attractions performance on page 36. Second quarter attraction ticket revenue reached $55 million. Reflecting a 3 percent year-over-year increase primarily driven by strong performance at Tabacon. As we mentioned last year, the 25 second quarter experienced near ideal weather conditions, which enabled exceptionally strong growth in attraction visitation and revenue last year.

In contrast, this year's second quarter was impacted by a higher portion of poor weather days, which hampered sightseeing visitation. Our ability to drive 6 percent growth in year over year same store effective ticket price helped to offset softer attraction visitation which illustrates the power of guest experience in driving yield. Next, let's turn to our strong hospitality performance on page 37. Second quarter room revenue totaled $33 million, reflecting a 27 percent year-over-year increase driven by strong performance at Tabacon, and improvement in same store ADR and occupancy. This same store hospitality performance, which is less impacted by inclement weather days, highlights the continued strong demand for our iconic locations.

Same store constant currency RevPAR which excludes Tabacon, grew 10 percent as compared to 2025. Turning to our demand indicators on page 38. Our lodging pacing for 2026 across both Canada and The US continues to support our view for continued strong demand Revenue on the books for our lodging properties is pacing ahead of the same time last year, Lodging pace is an important indicator of overall demand for the destination which also bodes well for our high margin attractions. With that view into demand backdrop, let's look at our 2026 financial outlook on page 39.

We are increasing our full year revenue and adjusted EBITDA guidance to incorporate incremental contributions from the Eagle Wing tours acquisition and from Flyover prior to the recently completed sale of that business. Partially offset by an unfavorable change in exchange rate assumptions. As David mentioned earlier, we are now expecting year over year adjusted EBITDA growth of 14 percent at the midpoint, with a range of $128 million to $138 million This reflects an increase of $5 million relative to our prior guidance range.

Including approximately $6 million from incremental flyover contribution prior to the sale of that business approximately $1 million to $2 million from the Eagle Wing tours acquisition, and approximately negative $2 million from revised exchange rate assumptions Outside of these adjustments, our full year outlook for strong underlying business performance remains unchanged. And our continued positive indicators of consumer demand across our experiences and destinations for the upcoming peak summer season give us confidence in our ability to deliver results. And with that, David, I will turn it back to you.

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

Operator: At this time, I would like to remind everyone, in order to ask a question, press star. Then the number 1 on your telephone keypad. Your first question comes from the line of Jeffrey Stantial with Stifel. Your line is open.

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

Michael Heitz: Yeah, Jeffrey. I think you are picking up on the main point which is that the attraction side of this business is an incredibly high margin high flow through type of business. And so given that we had some of the weather challenges that disproportionately impacted our attraction side of the business, that put a drag on the margin side And on the flip side of that, the lodging business performed really well, Traditionally, a lower margin business relative to attraction. So that created the margin degradation that you are alluding to.

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

Michael Heitz: Sure, Jeffrey. So you know, stepping back, we feel really good about our lodging booking pacing at this point in the year. We have had strong year over year growth in on the books revenue for both Canada and The U. S. As you noted. You know, the healthy ADR growth we are seeing is positive. The rooms sold is pretty positive as well. And so what you are then getting to is the intra year fluctuation side of this, which that is gonna naturally happen in this business for 2 main reasons. 1 is just the mix dynamics.

So, you know, what channel you sell through at what time of year And then also just the go to market strategy, which we are constantly pivoting and adjusting you know, when we are pulling certain levers based on what we are seeing on the demand side. So when I look at these metrics, I take a step back and say, great directional indicator directly for the lodging and then indirectly for the nearby attractions. And we feel really good about where we are at this point in the year on that.

Jeff Stantial: And if I could just squeeze in maybe 1 follow-up to that second question. Which is, obviously, the forest fires and smoke been a big talking point for in the Northeast. I guess, have you seen any impact up in Canada, you know, whether it is in bookings or maybe day-of visitation to the attractions. Just any thoughts on impact from the smoke makes its way across the country?

David W. Barry: Yeah, Jeffrey. it is interesting. it is tempts on days that we do have smoke, so we do not have fires close to any of our assets or any of our facilities. And smoke literally, as you know, travels thousands of kilometers. So when a day has a ton of smoke outside, what do guests do? And I think it reflects in our hospitality metrics that you know, they will dine more. They will shop more. They spend time not potentially sightseeing as they are waiting for the smoke to clear and the weather to improve. So we have had some spotty days and effects, you know, throughout the second quarter.

And as soon as the wind blows, you know, and the sky is clear, boom. Everyone's back out doing all the things that they came to do. So you know, we are gonna have these days. Smoke is a reality, but it is not something that is holding us back, you know, in terms of the full year where we expect to end up.

Jeff Stantial: that is great. Thank you both. You are welcome.

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

Tyler Batory: First 1 for me, just to put a finer point on the lodging commentary there. Can you talk a little bit more about what you are seeing from the travel trade business? Just curious what the mix looks like in terms of those customers versus those that are coming from other channels.

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

China is returning slowly as more flights come online. So tour and travel remains healthy, and then we balanced every single day between consumer-direct, what the work we are doing with the OTAs, and our tour and travel partners. As we look to fill inventory and drive attraction visits.

Tyler Batory: Okay. Great. Follow-up question on guidance probably for Bo here. A number of moving pieces in terms of flyover, FX. You have got the acquisition. But just trying to get a sense of if anything would change in terms of the underlying organic growth assumptions for the business? And maybe if there is any extra conservatism in Q3 or in the back half just in terms of what you are expecting?

Michael Heitz: Yeah. So I will start just on the you know, what you are, I would maybe call the core side of the business, which does not include some of those outside pieces that you were alluding to. For the full year, we are still tracking to our original core expectations. there is always some puts and takes with that as you get through a year.

And so I talked about earlier in terms of the Q2 period where there was definitely some challenging weather impacts in Canada, which that is relative to normal, but also especially compared to the prior year At the same time, we had some businesses like Tabacon, which is performing exceptionally well and even, you know, beyond our expectations in Year 1 around that. Which I think is a good reminder of the power that comes from some of these acquisitions that can improve both geographical and seasonal diversification on it. So you take some of those pieces, you then look at the booking pacing that remains strong.

And we still feel really good about just the core underlying part of the business. I mean, yes, there is still a lot of season left to go, and we are focused on delivering great guest experiences. You know, we always say here, but inventory expires at midnight every day. And so we just now have a relentlessness to focusing on managing revenue and cost levers to adapt as the season progresses. You know, outside of the core piece of it, you know, we did allude to, but there is flyover. Which the extended closing period did add about $6 million of incremental EBITDA.

We have the Eagle Wing acquisition, which in the second half of the year we are expecting about $1 million to $2 million of EBITDA. And all of that is partially offset by about $2 million of FX headwind.

Tyler Batory: My next question is on Tabacon, and now that you have owned it, for 1 year. I guess, how much upside came through versus that original, I think it was a $10 million number that you provided when you when you acquired it? And then additionally, can you talk about the new Villa project? Just any numbers you can put around in terms of spending or maybe EBITDA contribution from those as well?

Michael Heitz: So on the on the performance side of it, we talked about the year 1 piece being about $10 million of EBITDA, as you alluded to. And what we just recently updated on is that in that first 12 months of ownership, we have the multiple down to below or just nearing 9x at this point. And so just doing the math on that, that gets us to over 20 percent growth in EBITDA in that first year. So feeling really good about that.

We have talked about some of the levers on that, but it is 1 where there is an incredible team there that is leading efforts every day to improve the experience to optimize for yield and, importantly, to optimize volume in the attraction side of that business, which they have been able to do successfully in Year 1. While still maintaining a really high guest experience scores.

David W. Barry: And, Tyler, I will speak to that premium Villa product. We have been spending a lot of time and energy slowly, carefully thinking about the master planning aspects of Tabakon and what makes the most sense in what place. So Andrey Gomez, who leads the team in Costa Rica, had a really smart idea, which was could we it is and I would describe it as it almost feels like a little bit of a peninsula. So it is very close to the area of existing lodging and a restaurant to kind of, but it is a really beautiful site that looks over the valley. And it was a great spot that sits 3 premium villas really well.

And so imagine an open space that has a, you know, a roof over its sort of an outdoor living room area, and then 2 separate accommodation buildings. You can see it in the deck where we are showing you some architects' concept of design conceptual design. So what we are working on now is really the planning of the particularities of the unit. And, you know, today, you are gonna laugh at me, but typical, David, I am working on the or looking at the electrical diagram and where the outlets are in the room and, you know, how will guests experience that environment.

And so more and more, we see larger family groups traveling, multi generational groups traveling, maybe 2 families together with kids, and it is an opportunity to create a product that really responds to the demand where people who are, you know, spending some time on the Guanacaste Coast are coming inland, but want a larger unit that fits their needs. We are not in a position today to talk about costs or EBITDA contributions, but obviously, as we get closer, we will disclose all of that. But it is really a cool product, and it is a teeny step in the development of Tabacon, but it is really an important 1, and we are excited to be underway.

Tyler Batory: Okay. Great. Last question for me is just a multipart question on CapEx. And this is specific to what you have ongoing in Banff and Jasper. And obviously, last quarter, pushed out some of the CapEx dollars reiterated those this quarter. I am not really sure how much construction we are able to do over the summer or in the in the peak season. But what I really wanna know I mean, these projects are complex. Obviously, permitting, labor availability, that is a big deal in those markets. Is there any contingency, whether it is on cost or timing, that is included in those in those budgets?

And just really wanted to understand your confidence that projects can be completed on time and on budget.

Michael Heitz: So I you know, So I will start, and then, David, feel free to jump in on this. But you know, the good news is a lot of the projects that we have been talking about are pretty far along in the planning phase of it. And so you are able to get some really good cost estimates. You know, you put deposits down on things. You lock in what you are planning to spend on it. So we feel really good about that. We always have normal construction contingency that you would expect in any sort of project around that. And so the bigger variable always inevitably ends up being timing.

When you are working with various stakeholders around this. At this point, we still feel really good about, you know, Vision 2030 and what we are working towards in the long term. I am fully expecting there will be some puts and takes in between that time period on a project specific basis. And so that is the piece that, you know, we will continue to keep you apprised as we work through all of those individual projects. But no change to our overall long term plan. But also on the growth CapEx side, you will see that we are still at the same range that we were expecting last quarter as well.

David W. Barry: Yeah. And a couple of little things. So Forest Park, Woodland, really excited with how that has turned out. The room quality is phenomenal. They are finishing the public spaces. For those that have traveled with us on investor trips to Banff and to Jasper, you know the pace of construction in Jasper. It is remarkable. The amount of whether it is cranes or homes being rebuilt or hotels being rebuilt, So the energy and excitement in Jasper is palpable, and we are part of that with what the work we are doing both at Pyramid Lake Lodge, the Lobstick, upcoming, and then, obviously, Forest Park, Woodland.

For Jasper Skytram, we are in a process where we are working very well with Parks Canada, very constructively finalizing and working on everything from phasing and positioning, and the blocking of buildings where they sit, finalizing things lift alignments and other things. So it is all moving very well. And then that will tie itself up with parks and be completed, then it moves on to public and indigenous consultations. And that will happen, you know, through the fall. And so things happen at the pace, and I will switch to Banff for a second. And just share with you amazing and iconic projects take time. And we get to work constructively.

We do not-- we get to work constructively with Park Canada on ideation and planning, and that work is progressing so well. And I can just tell you, from what I see from what the team has been creating, is all of our efforts are gonna be so worth it. So we are just excited about all of these projects. And, yeah, it is a balance, and a bit of a ballet with timing, but as things evolve, we will be sure to keep everybody in the loop. But it is exciting times.

Tyler Batory: Okay. Very good. that is all for me. Thank you.

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

Eric Des Lauriers: Congrats on yet another strong quarter here. First 1 is just a bit of a kind of follow-up to the last question here. So I understand that there is certainly lots of variability in the timing of these projects. But mentioned, you know, a number of these are in sort of advanced stages. As we sort of look at our models for 2027, you know, not looking for any guidance or any, you know, actual numbers here, but is there any timing or cadence sort of dynamics to call out in terms of project completion dates or anything like that?

Michael Heitz: You know, it is a little too early to provide specific color on 2027, but what we have been saying for a while now is that you know, 2026 really kicks off some pretty, you know, important, impactful multiyear projects. And a lot of the things that are starting in 2026 will continue into 2027. And as a result, know, when you look at Vision 2030, there is a bit more of a back end waiting to some of the inflection point from growth capital projects paying off. So that is not to say that you will not see some benefits coming in 2027. But, some of the bigger projects will take a little longer to complete.

Eric Des Lauriers: Yes. No. That certainly makes sense. At least, my previous expectations. Then it is on Jasper. David, you just mentioned, you know, construction pace is very high. I mean, certainly, I was able to see that for myself on the investor event. Earlier this year. Just from a broader market perspective, any major sort of lodging openings to call out that think could bring more visitation into that market? Do you sort of not expect a major visitation lift from any of these lodging openings? Just kinda how to think about that in any sort of timing aspect to be aware of there.

David W. Barry: Yeah. Early days still, Eric, and then getting a handle for what you know, our neighbors are doing with the reconstruction of their hotel properties. So more to come on that. But, definitely, we are excited to have the remainder of the Forest Park Woodland Hotel, you know, now open. With, again, as I mentioned, public spaces to follow. So lots of it is only upside. it is just a question of when that upside shows up. So excited for what is coming.

Eric Des Lauriers: Okay. Great. And then just last 1 for me. Just a, sort of high level comment on the M&A pipeline. I mean, I know it is timing is inherently uncertain. With acquisitions for you guys, but you have completed 2 acquisitions sort of in the past 12-ish months here. Just any color on sort of how full the pipeline may or may not be? Kind of just high level commentary on the pipeline post these 2 acquisitions would be great. Thanks.

David W. Barry: Bountiful pipeline. And lots of opportunities. We are picky. We wanna choose the right things that you know, are they truly iconic, unforgettable, and inspiring? Perennial demand? Things that are unique in their location that just on their own is just experiences that are incredible and bring guests from all around the world, the margin profile, all the criteria we talk about all the time. So we do not share anything, obviously, in the pipeline till we are ready to share it with something definitive. But I can tell you the team is working very hard in multiple parts of the world to bring, the strategy forward.

And what is exciting with closing the Flyover transaction is we have now you know, increased our dry powder. Gives us greater financial flexibility to do things big and big and smaller and just again, we are excited about where we are. And, great momentum in the category for M&A.

Eric Des Lauriers: that is great to hear. Looking forward to see what is to come there, and congrats on that. On the better than expected progress in Tabacon. Looking forward to what is to come. Congrats, guys.

David W. Barry: Thanks.

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

David W. Barry: Thanks, Tiffany. Thanks for doing such a good job organizing us today. it was. And thanks everybody for calling in. Appreciate it. Obviously, as per usual, if there is any follow-up and we can be helpful, please do not hesitate to reach out. Thank you all for paying attention to Pursuit. We are pretty excited about where we are, but even more excited about where we are going. Thank you all. Have a great afternoon.

Operator: This concludes today's conference call. May now disconnect.