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Dec 31, 2025
MotiTest Q4 2025 Earnings Report
Pursuit Attractions and Hospitality, Inc. reported fourth quarter 2025 results, reflecting strong revenue growth and seasonal net losses.
Key Takeaways
Pursuit delivered record full-year performance with 23% revenue growth, though the fourth quarter saw a seasonal net loss. The company is transitioning to a standalone entity following the sale of its GES business and has announced the sale of its Flyover Attractions business to focus on core iconic destinations.
Q4 revenue grew 24.6% year-over-year to $57.1 million, driven by Jasper property recovery and new experiences.
The company reported a seasonal Q4 net loss of $25.7 million, primarily impacted by the absence of the GES business sold in 2024.
Total liquidity remains strong at $238.1 million with a low net leverage ratio of 1.0x.
Pursuit entered a definitive agreement to sell its Flyover Attractions business for $78.4 million, expected to close in Spring 2026.
Revenue by Segment
Forward Guidance
Pursuit expects strong growth in 2026 and has introduced 'Vision 2030' long-term targets aiming for over $265 million in Adjusted EBITDA.
Positive Outlook
- Full year 2026 Adjusted EBITDA guidance of $123 million to $133 million.
- Expected 14% Adjusted EBITDA growth in 2026 when excluding Flyover results.
- Incremental $7 million to $8 million Adjusted EBITDA from Tabacón acquisition.
- Planned $300 million in Refresh and Build growth investments through 2030.
- 2030 revenue target of greater than $845 million.
Challenges Ahead
- 2026 guidance assumes the sale of Flyover business in Spring 2026, reducing total revenue contribution.
- Total Capex for 2026 expected to be high at $121 million to $127 million.
- Guidance assumes a specific exchange rate of 0.73 CAD/USD which may fluctuate.
- Multi-year growth projects initiated in 2026 will have minimal impact on 2026 results.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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