10-Q

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

PART I – FINANCIAL INFORMATION

ITEM 1. Financial Statements

PURSUIT ATTRACTIONS AND HOSPITALITY, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)


(in thousands, except per share data)	June 30, 2026			December 31, 2025			June 30, 2025
Assets
Current assets
Cash and cash equivalents	$	33,864		$	31,118		$	24,742
Accounts receivable, net of allowances		21,153			9,151			24,167
Inventories		17,775			12,105			17,104
Prepaid assets		22,030			8,676			20,455
Current assets held for sale		120,224			—			—
Other current assets		1,684			2,606			33,809
Total current assets		216,730			63,656			120,277
Property and equipment, net		590,266			649,330			558,389
Other investments and assets		3,775			79			7,532
Operating lease right-of-use assets		9,288			26,297			27,191
Goodwill		127,112			150,414			108,295
Other intangible assets, net		73,158			75,649			71,415
Total Assets	$	1,020,329		$	965,425		$	893,099
Liabilities and Stockholders’ Equity
Current liabilities
Accounts payable	$	17,573		$	21,002		$	29,616
Contract liabilities		34,945			14,478			33,433
Accrued compensation		10,682			11,782			15,811
Current liabilities held for sale		49,834			—			—
Other current liabilities		21,886			31,528			36,735
Total current liabilities		134,920			78,790			115,595
Long-term debt and finance lease obligations		234,082			155,020			82,401
Long-term operating lease obligations		6,884			35,339			35,996
Other deferred items and liabilities		35,481			35,892			36,974
Total liabilities		411,367			305,041			270,966
Commitments and contingencies
Stockholders’ equity
Pursuit stockholders’ equity:
Common stock, $1.50 par value, 200,000 shares authorized, 27,263, 28,009, and 28,270 shares outstanding, respectively		47,413			47,413			47,413
Additional capital		679,341			685,714			675,085
Retained earnings		47,480			57,246			8,207
Accumulated other comprehensive loss		(45,579	)		(41,803	)		(43,354	)
Common stock in treasury, at cost, 4,346, 3,611, and 3,350 shares, respectively		(192,403	)		(166,737	)		(158,989	)
Total Pursuit stockholders’ equity		536,252			581,833			528,362
Non-redeemable noncontrolling interests		72,710			78,551			93,771
Total stockholders’ equity		608,962			660,384			622,133
Total Liabilities and Stockholders’ Equity	$	1,020,329		$	965,425		$	893,099

See accompanying Notes to Condensed Consolidated Financial Statements.

PURSUIT ATTRACTIONS AND HOSPITALITY, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)


	Three Months Ended June 30,						Six Months Ended June 30,
(in thousands, except per share data)	2026			2025			2026			2025
Revenue:
Ticket, rooms, transportation, and other services revenue	$	102,211		$	88,063		$	143,440		$	117,797
Food, beverage, and retail products revenue		31,282			28,680			41,695			36,525
Total revenue		133,493			116,743			185,135			154,322
Costs and expenses:
Cost of food, beverage, and retail products sold		9,587			8,871			12,575			11,156
Operating expenses (exclusive of depreciation and amortization shown separately below)		71,374			58,669			113,586			93,575
Selling, general, and administrative expenses		20,788			19,623			40,001			40,309
Depreciation and amortization		9,650			11,073			19,326			22,041
Interest expense, net		3,172			1,928			5,827			3,392
Other (income) expense, net		(2,728	)		5,962			(1,894	)		6,319
Total costs and expenses		111,843			106,126			189,421			176,792
Income (loss) from continuing operations before income taxes		21,650			10,617			(4,286	)		(22,470	)
Income tax expense		4,208			3,021			2,989			1,155
Income (loss) from continuing operations		17,442			7,596			(7,275	)		(23,625	)
(Loss) income from discontinued operations, net of tax		(318	)		1,135			(339	)		1,004
Net income (loss)		17,124			8,731			(7,614	)		(22,621	)
Net income attributable to non-redeemable noncontrolling interests		(1,952	)		(3,085	)		(2,152	)		(2,869	)
Net income (loss) attributable to Pursuit	$	15,172		$	5,646		$	(9,766	)	$	(25,490	)
Basic income (loss) per common share:
Continuing operations attributable to Pursuit common stockholders	$	0.56		$	0.16		$	(0.34	)	$	(0.94	)
Discontinued operations attributable to Pursuit common stockholders		(0.01	)		0.04			(0.01	)		0.04
Net income (loss) attributable to Pursuit common stockholders	$	0.55		$	0.20		$	(0.35	)	$	(0.90	)
Weighted-average outstanding common shares		27,702			28,256			27,779			28,184
Diluted income (loss) per common share:
Continuing operations attributable to Pursuit common stockholders	$	0.55		$	0.16		$	(0.34	)	$	(0.94	)
Discontinued operations attributable to Pursuit common stockholders		(0.01	)		0.04			(0.01	)		0.04
Net income (loss) attributable to Pursuit common stockholders	$	0.54		$	0.20		$	(0.35	)	$	(0.90	)
Weighted-average outstanding and potentially dilutive common shares		27,978			28,392			27,779			28,184

See accompanying Notes to Condensed Consolidated Financial Statements.

PURSUIT ATTRACTIONS AND HOSPITALITY, INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(Unaudited)


	Three Months Ended June 30,						Six Months Ended June 30,
(in thousands)	2026			2025			2026			2025
Net income (loss)	$	17,124		$	8,731		$	(7,614	)	$	(22,621	)
Other comprehensive (loss) income:
Unrealized foreign currency translation adjustments		(5,820	)		22,744			(3,721	)		23,527
Change in net actuarial gain or loss, net of tax		(1,452	)		3,489			28			3,532
Change in prior service credit, net of tax		(1,039	)		(461	)		(2,079	)		(463	)
Comprehensive income (loss)		8,813			34,503			(13,386	)		3,975
Comprehensive income attributable to non-redeemable noncontrolling interests		(961	)		(7,716	)		(156	)		(8,344	)
Comprehensive income (loss) attributable to Pursuit	$	7,852		$	26,787		$	(13,542	)	$	(4,369	)

See accompanying Notes to Condensed Consolidated Financial Statements.

PURSUIT ATTRACTIONS AND HOSPITALITY, INC.

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(Unaudited)


(in thousands)	Common Stock		Additional Capital			Retained Earnings			Accumulated Other Comprehensive Loss			Common Stock in Treasury			Total Pursuit Equity			Non-Redeemable Noncontrolling Interests			Total Stockholders’ Equity
Balance, December 31, 2025	$	47,413	$	685,714		$	57,246		$	(41,803	)	$	(166,737	)	$	581,833		$	78,551		$	660,384
Net (loss) income		—		—			(24,938	)		—			—			(24,938	)		200			(24,738	)
Common stock repurchases		—		—			—			—			(25,181	)		(25,181	)		—			(25,181	)
Employee benefit plans		—		(9,808	)		—			—			6,808			(3,000	)		—			(3,000	)
Share-based compensation		—		1,658			—			—			—			1,658			—			1,658
Unrealized foreign currency translation adjustments		—		—			—			3,104			—			3,104			(1,005	)		2,099
Change in net actuarial loss, net of tax		—		—			—			1,480			—			1,480			—			1,480
Change in prior service credit, net of tax		—		—			—			(1,040	)		—			(1,040	)		—			(1,040	)
Balance, March 31, 2026	$	47,413	$	677,564		$	32,308		$	(38,259	)	$	(185,110	)	$	533,916		$	77,746		$	611,662
Net income		—		—			15,172			—			—			15,172			1,952			17,124
Distributions to noncontrolling interests		—		—			—			—			—			—			(5,997	)		(5,997	)
Common stock repurchases		—		—			—			—			(7,533	)		(7,533	)		—			(7,533	)
Employee benefit plans		—		(204	)		—			—			240			36			—			36
Share-based compensation		—		1,981			—			—			—			1,981			—			1,981
Unrealized foreign currency translation adjustments		—		—			—			(4,829	)		—			(4,829	)		(991	)		(5,820	)
Change in net actuarial gain, net of tax		—		—			—			(1,452	)		—			(1,452	)		—			(1,452	)
Change in prior service credit, net of tax		—		—			—			(1,039	)		—			(1,039	)		—			(1,039	)
Balance, June 30, 2026	$	47,413	$	679,341		$	47,480		$	(45,579	)	$	(192,403	)	$	536,252		$	72,710		$	608,962


(in thousands)	Common Stock		Additional Capital			Retained Earnings			Accumulated Other Comprehensive Loss			Common Stock in Treasury			Total Pursuit Equity			Non-Redeemable Noncontrolling Interests			Total Stockholders’ Equity
Balance, December 31, 2024	$	47,413	$	680,684		$	33,697		$	(64,475	)	$	(171,494	)	$	525,825		$	90,863		$	616,688
Net loss		—		—			(31,136	)		—			—			(31,136	)		(216	)		(31,352	)
Employee benefit plans		—		(9,148	)		—			—			9,898			750			—			750
Share-based compensation		—		2,436			—			—			—			2,436			—			2,436
Unrealized foreign currency translation adjustments		—		—			—			(61	)		—			(61	)		844			783
Change in net actuarial loss, net of tax		—		—			—			43			—			43			—			43
Change in prior service credit, net of tax		—		—			—			(2	)		—			(2	)		—			(2	)
Other, net		—		(1	)		—			—			—			(1	)		—			(1	)
Balance, March 31, 2025	$	47,413	$	673,971		$	2,561		$	(64,495	)	$	(161,596	)	$	497,854		$	91,491		$	589,345
Net income		—		—			5,646			—			—			5,646			3,085			8,731
Distributions to noncontrolling interests		—		—			—			—			—			—			(5,436	)		(5,436	)
Employee benefit plans		—		(712	)		—			—			2,607			1,895			—			1,895
Share-based compensation		—		1,825			—			—			—			1,825			—			1,825
Unrealized foreign currency translation adjustments		—		—			—			18,113			—			18,113			4,631			22,744
Change in net actuarial loss, net of tax		—		—			—			3,489			—			3,489			—			3,489
Change in prior service credit, net of tax		—		—			—			(461	)		—			(461	)		—			(461	)
Other, net		—		1			—			—			—			1			—			1
Balance, June 30, 2025	$	47,413	$	675,085		$	8,207		$	(43,354	)	$	(158,989	)	$	528,362		$	93,771		$	622,133

See accompanying Notes to Condensed Consolidated Financial Statements.

PURSUIT ATTRACTIONS AND HOSPITALITY, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)


	Six Months Ended June 30,
(in thousands)	2026			2025
Cash flows from operating activities
Net loss	$	(7,614	)	$	(22,621	)
Loss (income) from discontinued operations, net of tax		339			(1,004	)
Adjustments to reconcile net loss to net cash used in operating activities attributable to continuing operations
Depreciation and amortization		19,326			22,041
Share-based compensation expense		3,639			4,261
Other non-cash items, net		459			378
Change in operating assets and liabilities (excluding the impacts of acquisitions and dispositions):
Contract liabilities		21,366			19,816
Receivables		(15,757	)		(15,781	)
Prepaid assets		(14,946	)		(11,658	)
Inventories		(7,653	)		(6,728	)
Other assets and liabilities, net		(10,188	)		8,488
Net cash used in operating activities attributable to continuing operations		(11,029	)		(2,808	)
Cash flows from investing activities
Capital expenditures		(36,609	)		(28,262	)
Other investing activities		527			6,581
Net cash used in investing activities attributable to continuing operations		(36,082	)		(21,681	)
Cash flows from financing activities
Proceeds from borrowings		260,873			75,456
Payments on debt and finance lease obligations		(166,668	)		(65,383	)
Repurchases of common stock		(32,714	)		—
Other financing activities		(9,226	)		(5,131	)
Net cash provided by financing activities attributable to continuing operations		52,265			4,942
Total cash provided by (used in) continuing operations		5,154			(19,547	)
Net cash used in operating activities attributable to discontinued operations		—			(11,881	)
Net cash provided by investing activities attributable to discontinued operations		—			1,485
Total cash used in discontinued operations		—			(10,396	)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash attributable to continuing operations		59			2,268
Net change in cash, cash equivalents, and restricted cash		5,213			(27,675	)
Cash, cash equivalents, and restricted cash, beginning of year		31,694			56,057
Cash, cash equivalents, and restricted cash, end of period	$	36,907		$	28,382

See accompanying Notes to Condensed Consolidated Financial Statements.

NOTE 1. OVERVIEW AND BASIS OF PRESENTATION

Basis of Presentation

The accompanying unaudited Condensed Consolidated Financial Statements (Condensed Consolidated Financial Statements) were prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and with the instructions to Form 10-Q and Article 10 of Regulation S-X for interim financial information. Accordingly, these financial statements do not include all of the information required by GAAP or United States Securities and Exchange Commission (“SEC”) rules and regulations for complete financial statements. These financial statements reflect all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation of the results for the interim periods presented. Interim results are not necessarily indicative of the results for the full year. These Condensed Consolidated Financial Statements should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on February 25, 2026 (the “2025 Form 10-K”).

The Condensed Consolidated Financial Statements include the accounts of Pursuit and all of its majority-owned subsidiaries, and all significant intercompany account balances and transactions have been eliminated in consolidation.

Certain prior year amounts have been reclassified in order to conform to current year presentation. The Company’s Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2025, include reclassifications of expense of $3.9 million and $7.4 million, respectively, from operating expenses (exclusive of depreciation and amortization shown separately below) to selling, general, and administrative expenses to conform to the Company’s current presentation.

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the financial statements and the reported amounts of revenue, costs, and expenses during the reported period. Estimates and assumptions are used in accounting for, among other things: impairment testing of recorded goodwill, intangible assets, and long-lived assets; allowance for uncollectible accounts receivable; sales reserve allowances; provision for income taxes, including uncertain tax positions; valuation allowances related to deferred tax assets; pension and postretirement benefit costs and obligations; share-based compensation costs; the discount rates used to value lease obligations; the allocation of purchase price of acquired businesses; and the estimated purchase price of the Flyover Attractions, as defined below, less costs to sell. These estimates are inherently based on judgment and information currently available. Actual results could differ from these and other estimates. The Company believes the assumptions underlying these financial statements are reasonable.

Nature of Business and Recent Developments

Pursuit is a global attractions and hospitality company that owns and operates a collection of inspiring and unforgettable travel experiences in iconic destinations. Pursuit is managed on a consolidated basis for purposes of assessing performance and making operating decisions. Accordingly, Pursuit is deemed to be a single operating segment.

Eagle Wing Tours Acquisition

On July 14, 2026, the Company entered into a Share Purchase Agreement with the shareholders of Eagle Wing Tours Ltd. (“Eagle Wing”), pursuant to which Pursuit acquired all of the issued and outstanding shares of Eagle Wing for an aggregate purchase price of CAD $23.9 million (approximately USD $17.0 million as of closing). Eagle Wing, based on Vancouver Island, British Columbia, operates a whale watching and marine wildlife experience through a fleet of five vessels. The financial results of Eagle Wing will be consolidated in Pursuit’s financial statements prospectively from the date of acquisition.

Flyover Attractions Sale

On July 31, 2026, Pursuit completed the sale of all of its equity in the Flyover attractions (the “Flyover Attractions”) to Brogent Technologies Inc. (“Brogent”) pursuant to an Equity Purchase Agreement, dated January 21, 2026, (as supplemented and amended, the “Flyover Sale Agreement”) for a purchase price of approximately $75.0 million in cash, subject to post-closing adjustments (the “Flyover Attractions Sale”). As of June 30, 2026, the assets and liabilities of the Flyover Attractions are presented as current assets held for sale and current liabilities held for sale on the Company’s Condensed Consolidated Balance Sheet. The Company does not report the Flyover Attractions as a discontinued operation. See Note 4 – Acquisitions and Dispositions for additional information.

Insurance Recoveries

On July 22, 2024, Jasper National Park was closed and evacuated due to wildfire activity, and wildfires entered the Jasper townsite on July 24, 2024. The Company received insurance proceeds as a partial settlement payment relating to losses from the wildfires of approximately $1.9 million and $6.4 million during the three and six months ended June 30, 2025, respectively. During the three and six months ended June 30, 2026, the Company received approximately $4.8 million in business interruption insurance proceeds and recorded associated income from these proceeds of $4.6 million in other (income) expense, net on the Company’s Condensed Consolidated Statements of Operations for such periods. As of June 30, 2026, the Company received an aggregate of $28.8 million in total insurance proceeds related to the Jasper wildfires.

Tabacón Acquisition

On July 1, 2025, Pursuit entered into a Share Purchase Agreement (the “Tabacón Purchase Agreement”) with the shareholders of Inversiones Turísticas Arenal, S.A. (“ITA”), pursuant to which the Company acquired all of the issued and outstanding shares of ITA. ITA is the owner and operator of Tabacón Thermal Resort & Spa (“Tabacón”), an eco-luxury resort spanning 570 acres of rainforest which features two thermal river attractions, located in the Arenal region of Costa Rica. Tabacón features 105 rooms, an internationally renowned spa, and signature culinary experiences. See Note 4 – Acquisitions and Dispositions for additional information. The financial results of Tabacón are consolidated in Pursuit’s financial statements prospectively from the date of acquisition.

Impact of Recent Accounting Pronouncements

The following table provides a brief description of recent accounting pronouncements:


Standard	Description	Date of adoption	Effect on the financial statements
Standards Not Yet Adopted
ASU 2024-03, Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses	The amendment requires additional disclosure in the notes to the financial statements about specified expense categories including purchases of inventory, employee compensation, depreciation, and intangible asset amortization.	January 1, 2027	This new guidance will expand the Company's footnote disclosures within the scope of this new standard with no impact to the Company's Consolidated Financial Statements.
ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software	The amendment updates the accounting guidance for costs incurred to develop or obtain software solely for internal use and costs incurred to implement cloud computing arrangements. Under current guidance, costs are accounted for based on distinct project stages, and that concept is removed under the ASU, which instead clarifies that eligible costs may be capitalized upon meeting specific capitalization thresholds and overcoming significant development uncertainty.	January 1, 2028, with early adoption permitted	The Company is still in the process of evaluating what impact this new standard will have on its Consolidated Financial Statements.
ASU 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements	The amendment creates a comprehensive list of interim disclosures required under U.S. GAAP and outlines a principle that requires disclosures at interim periods when an event or change that has a material effect has occurred since the previous year end. The goal of the amendment is to provide clarity regarding the current interim requirements, rather than changing the requirements.	January 1, 2028, with early adoption permitted	The Company is still in the process of evaluating what impact this new standard will have on its Consolidated Financial Statements.

NOTE 2. REVENUE AND RELATED CONTRACT LIABILITIES

Contract Liabilities

A contract liability represents an entity’s obligation to transfer goods or services to a customer for which the entity has received consideration from the customer before transferring control of those goods or services. The Company periodically receives customer deposits prior to transferring the related product(s) or service(s) to the customer, which are recorded as “Contract liabilities” in the Condensed Consolidated Balance Sheets. The contract liabilities are recognized as revenue upon satisfaction of the related contract performance obligation(s). The Company’s performance obligations are short-term in nature. The contract liabilities as of December 31, 2025, will be primarily recognized in revenue during the year ending December 31, 2026.

Disaggregation of Revenue

The following tables disaggregate revenue by major service and product lines, timing of revenue recognition, and geographical regions served for the three and six months ended June 30, 2026 and 2025:


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2026		2025		2026		2025
Services:
Ticket revenue	$	54,668	$	53,200	$	77,814	$	72,152
Rooms revenue		32,973		25,952		46,063		33,291
Other		10,874		5,234		13,785		6,842
Transportation		3,696		3,677		5,778		5,512
Total services revenue		102,211		88,063		143,440		117,797
Products:
Food and beverage		19,718		17,324		28,248		23,447
Retail operations		11,564		11,356		13,447		13,078
Total products revenue		31,282		28,680		41,695		36,525
Total revenue	$	133,493	$	116,743	$	185,135	$	154,322

Timing of revenue recognition:
Services transferred over time	$	102,211	$	88,063	$	143,440	$	117,797
Products transferred at a point in time		31,282		28,680		41,695		36,525
Total revenue	$	133,493	$	116,743	$	185,135	$	154,322

Geographical regions:
Canada	$	68,296	$	66,850	$	89,544	$	86,365
U.S.		39,422		35,530		45,791		41,012
Iceland		17,395		14,363		31,460		26,945
Costa Rica ⁽¹⁾		8,380		—		18,340		—
Total revenue	$	133,493	$	116,743	$	185,135	$	154,322

(1) Tabacón was acquired by Pursuit on July 1, 2025. Accordingly, the revenue of Tabacón is included in the Company’s results of operations prospectively from the date of acquisition.

NOTE 3. SHARE-BASED COMPENSATION

The Company grants share-based compensation awards to its officers, directors, and certain key employees pursuant to the 2017 Pursuit Attractions and Hospitality, Inc. Omnibus Incentive Plan, as amended (the “2017 Plan”). The 2017 Plan has a 10-year term and provides for the following types of awards: (a) incentive and non-qualified stock options; (b) restricted stock awards and restricted stock units; (c) performance units or performance shares; (d) stock appreciation rights; (e) cash-based awards; and (f) certain other stock-based awards.

The following table summarizes share-based compensation expense for the three and six months ended June 30, 2026 and 2025:


	Three Months Ended June 30,						Six Months Ended June 30,
(in thousands)	2026			2025			2026			2025
Restricted stock units	$	1,063		$	1,218		$	2,032		$	2,549
Performance-based restricted stock units		918			607			1,607			1,661
Stock options		—			—			—			51
Share-based compensation expense before income tax		1,981			1,825			3,639			4,261
Income tax benefit (1)		(51	)		(47	)		(106	)		(86	)
Share-based compensation expense, net of income tax	$	1,930		$	1,778		$	3,533		$	4,175

(1)

The income tax benefit amount for all periods primarily reflects the tax benefit associated with employees based outside of the U.S.

NOTE 4. ACQUISITIONS AND DISPOSITIONS

Flyover Attractions

On July 31, 2026, Pursuit completed the Flyover Attractions Sale to Brogent pursuant to the Flyover Sale Agreement for a purchase price of approximately $75.0 million in cash, subject to post-closing adjustments. As of June 30, 2026, the assets and liabilities of the Flyover Attractions are presented as current assets held for sale and current liabilities held for sale on the Company’s Condensed Consolidated Balance Sheet.

Subsequent to being classified as held for sale, the total assets and liabilities combined with the related accumulated other comprehensive loss of the Flyover Attractions (the “Disposal Group”) were recorded at the lower of their historical carrying values or the estimated net purchase price of the Flyover Attractions Sale less costs to sell. As of June 30, 2026, the historical carrying values of the Disposal Group exceeded the estimated net purchase price of the Flyover Attractions less costs to sell. As a result, the Company recorded an impairment of the Disposal Group, with an associated valuation allowance on the net assets of the Disposal Group, of approximately $3.1 million during the three and six months ended June 30, 2026, which was presented within other (income) expense, net on the Company’s Condensed Consolidated Statements of Operations. The Company does not report the Flyover Attractions as a discontinued operation.

The major classes of assets and liabilities of the Disposal Group as of June 30, 2026, consisted of the following:


(in thousands)	June 30, 2026
Assets
Cash and cash equivalents	$	2,833
Property and equipment, net		73,986
Operating lease right-of-use assets		17,105
Goodwill		24,389
Other assets		5,026
Valuation allowance (Disposal Group impairment)		(3,115	)
Total current assets held for sale	$	120,224

Liabilities
Long-term debt and finance lease obligations	$	12,809
Long-term operating lease obligations		27,348
Other liabilities		9,677
Total current liabilities held for sale	$	49,834

Tabacón Thermal Resort & Spa

On July 1, 2025, the Company entered into the Tabacón Purchase Agreement with the shareholders of ITA, pursuant to which the Company acquired all of the issued and outstanding shares of ITA for an aggregate purchase price of $108.6 million, which is net of customary post-closing adjustments for indebtedness, deferred revenue, working capital, and other specified matters in the Tabacón Purchase Agreement. ITA is the owner and operator of Tabacón, an eco-luxury resort spanning 570 acres of rainforest which features two thermal river attractions, located in the Arenal region of Costa Rica. The Company funded the purchase price primarily with borrowings under the 2025 Revolving Credit Facility (see Note 8 – Debt and Finance Lease Obligations for further details).

The following table summarizes the allocation of the aggregate purchase price and amounts of assets acquired based upon the estimated fair value at the date of acquisition:


(in thousands)	Acquisition Date Estimated Fair Value
Total cash consideration paid by Pursuit Attractions and Hospitality, Inc.	$	108,629

Allocation of total estimated purchase consideration:
Current assets	$	3,040
Property and equipment		70,892
Goodwill		42,315
Identifiable intangible assets		7,100
Liabilities		(14,718	)
Net assets acquired	$	108,629

Under the acquisition method of accounting, the cash consideration the Company paid, as shown in the table above, is allocated to the tangible and identifiable intangible assets acquired based on their estimated fair values. The process of estimating the fair value of the property and equipment includes the use of certain estimates and assumptions related to replacement cost and physical condition at the time of acquisition. The excess purchase price over the fair value of net assets acquired was recorded as goodwill. The primary factor that contributed to the purchase price resulting in the recognition of goodwill related to the opportunity for the Company to expand into a new geography with future growth opportunities when combined with other businesses. Additionally, Costa Rica represents an operation which the Company expects will generate revenue more evenly over the course of the calendar year to complement the Company’s existing North American operations. Goodwill is not deductible for tax purposes.

Intangible assets acquired include $4.9 million for the Tabacón trade name, which the Company considers to be an indefinite-lived intangible asset, and $2.2 million for acquired travel agency relationships, which have an amortizable life of 15 years. The financial results of Tabacón are consolidated in the Company’s financial statements prospectively from the date of acquisition on July 1, 2025.

NOTE 5. SUPPLEMENTARY BALANCE SHEET INFORMATION

Cash, cash equivalents and restricted cash balances as presented in the Condensed Consolidated Statements of Cash Flows as of June 30, 2026, December 31, 2025, and June 30, 2025, included:


(in thousands)	June 30, 2026		December 31, 2025		June 30, 2025
Cash and cash equivalents	$	33,864	$	31,118	$	24,742
Restricted cash (included in other current assets)		—		576		3,640
Cash, cash equivalents, and restricted cash reported in current assets held for sale		3,043		—		—
Cash, cash equivalents, and restricted cash	$	36,907	$	31,694	$	28,382

Other current assets as of June 30, 2026, December 31, 2025, and June 30, 2025, consisted of the following:


(in thousands)	June 30, 2026		December 31, 2025		June 30, 2025
Other	$	1,684	$	2,606	$	8,809
Deferred proceeds from GES Sale		—		—		25,000
Other current assets	$	1,684	$	2,606	$	33,809

Other current liabilities as of June 30, 2026, December 31, 2025, and June 30, 2025, consisted of the following:


(in thousands)	June 30, 2026		December 31, 2025		June 30, 2025
Continuing operations:
Income taxes payable	$	5,802	$	9,201	$	4,709
Accrued concession fees		3,916		8,414		6,258
Operating lease obligations		1,641		3,352		3,771
Current portion of debt and finance lease obligations		705		1,510		2,566
Current portion of pension and postretirement liabilities		407		5,357		4,903
Other		9,415		3,694		14,497
Total continuing operations		21,886		31,528		36,704
Total discontinued operations		—		—		31
Total other current liabilities	$	21,886	$	31,528	$	36,735

Other deferred items and liabilities as of June 30, 2026, December 31, 2025, and June 30, 2025, consisted of the following:


(in thousands)	June 30, 2026		December 31, 2025		June 30, 2025
Continuing operations:
Foreign deferred tax liability	$	32,828	$	34,016	$	25,911
Pension and postretirement benefits		743		699		6,039
Other		1,910		119		3,667
Total continuing operations		35,481		34,834		35,617
Total discontinued operations		—		1,058		1,357
Total other deferred items and liabilities	$	35,481	$	35,892	$	36,974

NOTE 6. PROPERTY AND EQUIPMENT, NET

Property and equipment, net as of June 30, 2026, December 31, 2025, and June 30, 2025, consisted of the following:


(in thousands)	June 30, 2026			December 31, 2025			June 30, 2025
Land and land interests	$	41,083		$	39,808		$	31,799
Buildings and leasehold improvements		489,807			520,321			459,377
Equipment and other		272,961			333,481			291,082
Gross property and equipment		803,851			893,610			782,258
Accumulated depreciation		(253,742	)		(296,768	)		(278,053	)
Property and equipment, net (excluding finance leases)		550,109			596,842			504,205
Finance lease right-of-use assets, net		40,157			52,488			54,184
Property and equipment, net	$	590,266		$	649,330		$	558,389

Depreciation expense was $8.7 million and $17.3 million during the three and six months ended June 30, 2026, respectively. Depreciation expense was $9.7 million and $19.5 million during the three and six months ended June 30, 2025, respectively.

NOTE 7. GOODWILL AND OTHER INTANGIBLE ASSETS, NET

The changes in the goodwill carrying amount during the six months ended June 30, 2026, included:


(in thousands)
Balance as of December 31, 2025	$	150,414
Foreign currency translation adjustments(1)		1,087
Goodwill reported in current assets held for sale		(24,389	)
Balance as of June 30, 2026	$	127,112

(1)

Includes foreign currency translation adjustments included in unrealized foreign currency translation adjustments on the Condensed Consolidated Statements of Comprehensive Income (Loss) for the three and six months ended June 30, 2026, associated with the Company’s foreign subsidiary goodwill balances, including the goodwill balances of the Flyover Attractions.

Other intangible assets as of June 30, 2026, December 31, 2025, and June 30, 2025, consisted of the following:


		June 30, 2026					December 31, 2025					June 30, 2025
(in thousands)	Remaining Useful Life (Years)	Gross Carrying Value		Accumulated Amortization			Gross Carrying Value		Accumulated Amortization			Gross Carrying Value		Accumulated Amortization
Intangible assets subject to amortization:
Operating contracts and licenses	25.2	$	55,667	$	(8,416	)	$	56,890	$	(7,864	)	$	58,292	$	(7,138	)
In-place lease	30.3		13,776		(2,662	)		14,243		(2,558	)		14,362		(2,392	)
Customer contracts and relationships	4.1		7,920		(3,189	)		7,859		(3,044	)		5,683		(2,777	)
Tradenames and other	3.3		1,511		(559	)		5,179		(3,721	)		5,211		(3,418	)
Total amortized intangible assets			78,874		(14,826	)		84,171		(17,187	)		83,548		(15,725	)
Indefinite-lived intangible assets:
Tradenames			5,447		—			5,000		—			—		—
Business licenses			3,663		—			3,665		—			3,592		—
Other intangible assets		$	87,984	$	(14,826	)	$	92,836	$	(17,187	)	$	87,140	$	(15,725	)

Intangible asset amortization expense (excluding amortization expense of ROU assets) was $0.7 million and $1.4 million during the three and six months ended June 30, 2026, respectively. Intangible asset amortization expense (excluding amortization expense of ROU assets) was $0.8 million and $1.5 million during the three and six months ended June 30, 2025, respectively.

As of June 30, 2026, the estimated future definite-lived intangible asset amortization expense includes:


(in thousands)
Year ending December 31,
Remainder of 2026	$	1,428
2027		2,772
2028		2,750
2029		2,640
2030		2,428
Thereafter		52,030
Total	$	64,048

NOTE 8. DEBT AND FINANCE LEASE OBLIGATIONS

Debt and finance lease obligations as of June 30, 2026, December 31, 2025, and June 30, 2025, consisted of the following:


(in thousands, except interest rates)	June 30, 2026			December 31, 2025			June 30, 2025
2025 Revolving Credit Facility - Pursuit borrowings 5.6%, 5.5%, and 6.2% interest rate, respectively, due through 2030(1)	$	128,300		$	58,500		$	10,500
2025 Revolving Credit Facility - Brewster, Inc. borrowings 4.6% and 4.3% as of June 30, 2026 and December 31, 2025, respectively, due through 2030(1)		42,150			28,857			—
Jasper Term Loan - 6.5% fixed interest rate, due through 2028(1)		11,396			11,906			12,126
Forest Park Hotel Renovation Construction Loan - 5.5% as of June 30, 2026, due through 2028(1)		9,984			—			—
Flyover Iceland Credit Facility		—			—			3,690
Other		—			—			443
Total debt (2)		191,830			99,263			26,759
Finance lease obligations, due through 2067 (3)		45,428			59,830			60,188
Total debt and finance lease obligations		237,258			159,093			86,947
Less: unamortized debt issuance costs		(2,471	)		(2,563	)		(1,980	)
Less: current portion		(705	)		(1,510	)		(2,566	)
Long-term debt and finance lease obligations	$	234,082		$	155,020		$	82,401

(1)

Represents the weighted-average interest rate in effect as of the end of the respective periods, including any applicable margin. The interest rates do not include amortization of debt issuance costs or commitment fees.

(2)

The carrying value of total debt approximates the estimated fair value of total debt for the respective periods due to the variable nature of the associated interest rates for the majority of the borrowings.

(3)

See Note 13 – Leases and Other for additional information.

2025 Credit Agreement

The 2025 Credit Agreement carries the following financial covenants:

•

Maintain a total net leverage ratio no greater than 3.0 to 1.0; and

•

Maintain a fixed-charge coverage ratio no less than 1.25 to 1.0.

As of June 30, 2026, the Company was in compliance with all financial covenants under the 2025 Credit Agreement.

As of June 30, 2026, capacity remaining under the 2025 Revolving Credit Facility was $124.2 million, reflecting the $300.0 million total facility size, less $170.5 million of outstanding borrowings and $5.3 million in outstanding letters of credit.

Jasper Credit Facility

The Jasper Credit Facility provides for a CAD $17.0 million term loan (“Jasper Term Loan”) and a CAD $10.0 million revolving credit facility (“Jasper Revolving Credit Facility”).

The Jasper Credit Facility carries the following financial covenants:

•

Maintain a pre-compensation fixed-charge coverage ratio of not less than 1.3 to 1.0; and

•

Maintain a post-compensation fixed-charge coverage ratio of not less than 1.1 to 1.0.

As of June 30, 2026, there were no outstanding borrowings, and capacity remaining under the Jasper Revolving Credit Facility was CAD $10.0 million (approximately USD $7.0 million as of June 30, 2026). As of June 30, 2026, the Company was in compliance with all financial covenants under the Jasper Credit Facility.

Forest Park Hotel Renovation Construction Loan

On January 6, 2026, the Company, through its indirect majority-owned subsidiary Sawridge MPL Jasper Limited Partnership, entered into a construction loan facility with ATB Financial, as borrower, for up to CAD $30.0 million (approximately USD $21.1 million as of June 30, 2026) related to the renovation of the Forest Park Hotel’s Woodland Wing in Jasper National Park, for which renovations were ongoing as of June 30, 2026. The construction loan facility requires interest payments at Canadian Prime Rate plus 1.00%. The loan matures in March 2028.

NOTE 9. INCOME (LOSS) PER SHARE

The components of basic and diluted income (loss) per share for the three and six months ended June 30, 2026 and 2025, are as follows:


	Three Months Ended June 30,					Six Months Ended June 30,
(in thousands, except per share data)	2026			2025		2026			2025
Net income (loss) from continuing operations attributable to Pursuit	$	15,490		$	4,511	$	(9,427	)	$	(26,494	)
(Loss) income from discontinued operations, net of tax		(318	)		1,135		(339	)		1,004
Net income (loss) attributable to Pursuit	$	15,172		$	5,646	$	(9,766	)	$	(25,490	)

Basic weighted-average outstanding common shares		27,702			28,256		27,779			28,184
Additional dilutive shares related to share-based compensation		276			136		—			—
Diluted weighted-average outstanding common shares		27,978			28,392		27,779			28,184

Income (loss) per common share:
Basic:
Continuing operations	$	0.56		$	0.16	$	(0.34	)	$	(0.94	)
Discontinued operations		(0.01	)		0.04		(0.01	)		0.04
Basic income (loss) attributable to Pursuit common stockholders:	$	0.55		$	0.20	$	(0.35	)	$	(0.90	)
Diluted:
Continuing operations	$	0.55		$	0.16	$	(0.34	)	$	(0.94	)
Discontinued operations		(0.01	)		0.04		(0.01	)		0.04
Diluted income (loss) attributable to Pursuit common stockholders:	$	0.54		$	0.20	$	(0.35	)	$	(0.90	)

The Company excluded the following weighted-average potential common shares from the calculations of diluted net income (loss) per common share during the applicable periods because their inclusion would have been anti-dilutive:


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2026		2025		2026		2025
Unvested restricted share-based awards		4		114		99		193
Unvested performance share-based awards		—		146		165		235
Stock options		—		225		—		194

NOTE 10. ACCUMULATED OTHER COMPREHENSIVE LOSS

Changes in accumulated other comprehensive loss (“AOCL”) by component for the six months ended June 30, 2026 and 2025, included:


(in thousands)	Cumulative Foreign Currency Translation Adjustments			Pension and Postretirement Benefits, Net			Accumulated Other Comprehensive Loss
Balance as of December 31, 2025	$	(46,440	)	$	4,637		$	(41,803	)
Other comprehensive loss before reclassifications		(1,725	)		—			(1,725	)
Amounts reclassified from AOCL, net of tax		—			(2,051	)		(2,051	)
Net other comprehensive loss		(1,725	)		(2,051	)		(3,776	)
Balance as of June 30, 2026	$	(48,165	)	$	2,586		$	(45,579	)


(in thousands)	Cumulative Foreign Currency Translation Adjustments			Pension and Postretirement Benefits, Net			Accumulated Other Comprehensive Loss
Balance as of December 31, 2024	$	(62,940	)	$	(1,535	)	$	(64,475	)
Other comprehensive income before reclassifications		18,052			—			18,052
Amounts reclassified from AOCL, net of tax		—			3,069			3,069
Net other comprehensive income		18,052			3,069			21,121
Balance as of June 30, 2025	$	(44,888	)	$	1,534		$	(43,354	)

Amounts reclassified from AOCL that relate to our defined benefit pension and other postretirement plans include the amortization of prior service (credits) costs and actuarial net (gains) losses recognized during each period presented. The Company recorded these amounts as components of net periodic (gain) cost for each period presented. See Note 12 –Pension and Postretirement Benefits for additional information.

NOTE 11. INCOME TAXES

The Company’s effective tax rate was 19.4% and negative 69.7% for the three and six months ended June 30, 2026, respectively. The Company’s effective tax rate was 28.5% and negative 5.1% for the three and six months ended June 30, 2025, respectively. The decreases in the effective rates for the three and six months ended June 30, 2026, compared to the prior year periods were primarily attributable to improved U.S. operating results, as the Company does not recognize a tax benefit primarily on losses in the United States where the Company has a valuation allowance, and the inclusion of Tabacón’s operating results in the current year periods.

The income tax provision was computed based on the Company’s estimated annualized effective tax rate and the full-year forecasted income or loss plus the tax impact of unusual, infrequent, or nonrecurring significant items during the period. The amount and change of pre-tax income and loss recognized between jurisdictions impacted the reported effective tax rate for the three and six months ended June 30, 2026.

The Company paid net cash for income taxes of $12.3 million during the six months ended June 30, 2026, of which $10.2 million was paid to Canadian taxing authorities. The Company paid net cash for income taxes of $17.0 million during the six months ended June 30, 2025, of which $11.2 million was paid to U.S. federal and state taxing authorities and $4.8 million was paid to Canadian taxing authorities.

NOTE 12. PENSION AND POSTRETIREMENT BENEFITS

The components of net periodic benefit (gain) cost of the Company’s pension and other postretirement benefit plans for the three months ended June 30, 2026 and 2025, consisted of the following:


	Domestic Plans
	Pension Plans						Postretirement Benefit Plans						Foreign Pension Plans
(in thousands)	2026			2025			2026			2025			2026		2025
Service cost	$	—		$	—		$	—		$	6		$	—	$	—
Interest cost		—			142			7			107			16		75
Expected return on plan assets		—			(67	)		—			—			—		(52	)
Amortization of prior service (credit) cost		—			(431	)		(1,039	)		9			—		11
Recognized net actuarial (gain) loss		(65	)		5,970			(315	)		(56	)		136		5
Net periodic benefit (gain) cost	$	(65	)	$	5,614		$	(1,347	)	$	66		$	152	$	39

The components of net periodic benefit (gain) cost of the Company’s pension and other postretirement benefit plans for the six months ended June 30, 2026 and 2025, consisted of the following:


	Domestic Plans
	Pension Plans						Postretirement Benefit Plans						Foreign Pension Plans
(in thousands)	2026			2025			2026			2025			2026			2025
Service cost	$	—		$	—		$	—		$	11		$	—		$	—
Interest cost		55			350			14			216			62			147
Expected return on plan assets		—			(130	)		—			—			(33	)		(102	)
Amortization of prior service (credit) cost		—			(441	)		(2,079	)		17			—			21
Recognized net actuarial (gain) loss		(65	)		6,033			(631	)		(80	)		2,232			12
Net periodic benefit (gain) cost	$	(10	)	$	5,812		$	(2,696	)	$	164		$	2,261		$	78

During 2026, the Company terminated the foreign Retirement Plan for Management Employees of Brewster, Inc. for applicable participants. Additionally, during the three and six months ended June 30, 2025, the Company completed the termination and settlement of the Giltspur, Inc. Employees’ Pension Plan, which resulted in a reclassification of previously recorded prior service credit and net actuarial loss within AOCL to other (income) expense, net of approximately $5.4 million.

NOTE 13. LEASES AND OTHER

The balance sheet presentation of the Company’s operating and finance leases as of June 30, 2026, December 31, 2025, and June 30, 2025, was as follows:


(in thousands)	Classification on the Condensed Consolidated Balance Sheets	June 30, 2026		December 31, 2025		June 30, 2025
Assets:
Operating lease right-of-use assets	Operating lease right-of-use assets	$	9,288	$	26,297	$	27,191
Finance lease right-of-use assets, net	Property and equipment, net		40,157		52,488		54,184
Total lease right-of-use assets		$	49,445	$	78,785	$	81,375

Liabilities:
Current:
Operating lease obligations	Other current liabilities	$	1,641	$	3,352	$	3,771
Finance lease obligations	Other current liabilities		455		1,259		1,009
Noncurrent:
Operating lease obligations	Long-term operating lease obligations		6,884		35,339		35,996
Finance lease obligations	Long-term debt and finance lease obligations		44,973		58,571		59,179
Total lease liabilities		$	53,953	$	98,521	$	99,955

The components of lease expense for the three and six months ended June 30, 2026 and 2025, consisted of the following:


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2026		2025		2026		2025
Finance lease cost:
Amortization of right-of-use assets	$	284	$	503	$	631	$	986
Interest on lease liabilities		1,335		1,337		2,697		2,666
Operating lease cost		1,233		1,747		2,618		3,394
Short-term lease cost		898		775		1,485		1,261
Variable lease cost		67		30		135		60
Total lease cost, net	$	3,817	$	4,392	$	7,566	$	8,367

Other information related to operating and finance leases for the three and six months ended June 30, 2026 and 2025, consisted of the following:


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2026		2025		2026		2025
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	1,954	$	1,814	$	3,773	$	3,496
Operating cash flows from finance leases	$	1,781	$	1,599	$	3,113	$	3,119
Financing cash flows from finance leases	$	466	$	239	$	725	$	460
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$	417	$	418	$	2,258	$	2,139

The weighted-average remaining lease terms and discount rates for operating and finance leases as of June 30, 2026, December 31, 2025, and June 30, 2025, were:


	June 30, 2026			December 31, 2025			June 30, 2025
Weighted-average remaining lease term (years):
Operating leases		8.3			9.9			10.2
Finance leases		39.7			33.8			33.9
Weighted-average discount rate:
Operating leases		7.1	%		7.3	%		7.3	%
Finance leases		9.2	%		9.2	%		9.2	%

As of June 30, 2026, the estimated future minimum lease payments under non-cancellable leases, excluding variable leases and variable non-lease components, included:


(in thousands)	Operating Leases			Finance Leases			Total
Remainder of 2026	$	1,714		$	2,168		$	3,882
2027		1,803			4,336			6,139
2028		1,496			4,336			5,832
2029		1,365			4,336			5,701
2030		1,159			4,336			5,495
Thereafter		4,161			149,402			153,563
Total future lease payments		11,698			168,914			180,612
Less: Amount representing interest		(3,173	)		(123,486	)		(126,659	)
Present value of minimum lease payments		8,525			45,428			53,953
Current portion		(1,641	)		(455	)		(2,096	)
Long-term portion	$	6,884		$	44,973		$	51,857

As of June 30, 2026, the estimated future minimum rental income under non-cancellable leases, which includes rental income from facilities that the Company owns, included:


(in thousands)
Remainder of 2026	$	1,022
2027		1,530
2028		1,216
2029		991
2030		859
Thereafter		849
Total minimum rental income	$	6,467

NOTE 14. LITIGATION, CLAIMS, CONTINGENCIES, AND OTHER

Litigation and Regulatory Proceedings

The Company is a plaintiff or defendant in various actions, proceedings, and pending claims, some of which involve, or may involve, compensatory, punitive, or other damages. Litigation is subject to many uncertainties and it is possible that some of the legal actions, proceedings, or claims could be decided against the Company. Although the amount of liability as of June 30, 2026, with respect to unresolved legal matters is not ascertainable, the Company believes that any resulting liability, after taking into consideration amounts already provided for and insurance coverage, will not have a material effect on its business, financial position, or results of operations.

On July 18, 2020, one of the Company’s off-road Ice Explorers was involved in an accident while enroute to the Athabasca Glacier, resulting in three fatalities and multiple other serious injuries. The Company immediately reported the accident to its relevant insurance carriers, who have supported the investigation and subsequent claims relating to the accident. In May 2023, the Company resolved charges from the Canadian office of Occupational Health and Safety in relation to this accident, resulting in fines and related payments in an aggregate amount of approximately $0.3 million. The Company continues to manage its legal defense of various claims from the

victims and their families. In addition, the Company believes that its reserves and, subject to customary deductibles, insurance coverage is sufficient to cover potential claims related to this accident.

The Company is subject to various U.S. federal, state, and foreign laws and regulations governing the prevention of pollution and the protection of the environment in the jurisdictions in which it has or had operations. If the Company were to fail to comply with these environmental laws and regulations, civil and criminal penalties could be imposed, and it could become subject to regulatory enforcement actions in the form of injunctions and cease and desist orders. As is the case with many companies, the Company also faces exposure to actual or potential claims and lawsuits involving environmental matters relating to its past operations. As of June 30, 2026, the Company had environmental remediation liabilities of $1.1 million related to previously sold operations. Although the Company is a party to certain environmental disputes, it believes that any resulting liabilities, after taking into consideration amounts already provided for and insurance coverage, will not have a material effect on the Company’s financial position or results of operations.

Guarantees

As of June 30, 2026, the Company had certain obligations under guarantees to third parties. These guarantees are not subject to liability recognition in the Condensed Consolidated Financial Statements and relate to leased facilities and equipment leases entered into by the Company’s subsidiary operations. The Company would generally be required to make payments to the respective third parties under these guarantees in the event that the related subsidiary cannot meet its own payment obligations. The maximum potential amount of future payments that would be required under all guarantees existing as of June 30, 2026, would be approximately $38.4 million. These guarantees relate to the Company’s leased equipment and facilities through December 2038. There are no recourse provisions that would enable a recovery from third parties for any payments made under the guarantees. Furthermore, there are no collateral or similar arrangements pursuant to which the Company could recover payments.

NOTE 15. SEGMENT INFORMATION

The Company’s chief operating decision maker (“CODM”) is its President and Chief Executive Officer. An operating segment is defined as a component of an enterprise that engages in business activities for which discrete financial information is available and regularly reviewed by the CODM in deciding how to allocate resources and assess performance. The Company’s CODM manages the business on a consolidated basis for the purposes of allocating resources and assessing performance, and accordingly, the Company has a single operating and reportable segment. Revenue is derived through the Company’s collection of travel experiences, including attractions and hospitality, along with integrated restaurants, retail, and transportation.

The Company’s CODM assesses performance of its single reportable segment and decides how to allocate resources based on income (loss) from continuing operations, which is reported on the Condensed Consolidated Statements of Operations. The Company’s CODM also uses income (loss) from continuing operations to monitor actual results versus internal forecasts to help assess performance and establish management compensation. The CODM does not use a measure of segment assets to evaluate segment performance or in deciding how to allocate resources.

The financial information, including significant single segment expense categories, regularly provided to the Company’s CODM is included in the following table, including a reconciliation to income (loss) from continuing operations for the three and six months ended June 30, 2026 and 2025:


	Three Months Ended June 30,					Six Months Ended June 30,
(in thousands)	2026			2025		2026			2025
Total revenue	$	133,493		$	116,743	$	185,135		$	154,322
Costs and expenses:
Cost of food, beverage, and retail products sold	$	9,587		$	8,871	$	12,575		$	11,156
Operating labor expenses (1)		32,651			28,329		52,488			44,507
Other segment expenses (2)		38,723			30,340		61,098			49,068
Selling, general, and administrative expenses		20,788			19,623		40,001			40,309
Depreciation and amortization		9,650			11,073		19,326			22,041
Interest expense, net		3,172			1,928		5,827			3,392
Other (income) expense, net		(2,728	)		5,962		(1,894	)		6,319
Total costs and expenses		111,843			106,126		189,421			176,792
Income (loss) from continuing operations before income taxes		21,650			10,617		(4,286	)		(22,470	)
Income tax expense		4,208			3,021		2,989			1,155
Income (loss) from continuing operations	$	17,442		$	7,596	$	(7,275	)	$	(23,625	)

(1) Operating labor expenses consist of wages, incentives, benefits, and employer taxes.

(2) Other segment expenses primarily include insurance expense, royalty fees, utilities, operating lease expense, property tax expense, and credit card fees.

ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Forward-Looking Statements

Except for any historical information contained herein, the matters discussed or incorporated by reference in this Quarterly Report on Form 10-Q (this “Form 10-Q”) contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements relate to analyses and other information, available as of the date hereof which are based on forecasts of future results and estimates of amounts not yet determinable. These statements also relate to our contemplated future prospects, developments and business strategies.

Words, and variations of words, such as “aim,” “anticipate,” “believe,” “could,” “deliver,” “estimate,” “expect,” “intend,” “may,” “might,” “outlook,” “plan,” “potential,” “seek,” “target,” “will,” and similar expressions are intended to identify our forward-looking statements. Similarly, statements that describe our business strategy, outlook, objectives, plans, initiatives, intentions, or goals also are forward-looking statements. These forward-looking statements are not historical facts and are subject to a host of risks and uncertainties, many of which are beyond our control, which could cause actual results to differ materially from those in the forward-looking statements.

Important factors that could cause actual results to differ materially from those described in our forward-looking statements include, but are not limited to:

•

general economic and geopolitical uncertainty in key global markets and a worsening of global economic conditions;

•

the seasonality of our businesses;

•

the competitive nature of the industries in which we operate;

•

travel industry disruptions;

•

changes in consumer tastes and preferences for recreational activities;

•

natural disasters, weather conditions, and other catastrophic events;

•

accidents and adverse incidents at our hotels and attractions;

•

the sufficiency and cost of insurance coverage;

•

the impact of our borrowings, including our revolving credit facility, on our operational and financial flexibility;

•

risks of new capital projects not being commercially successful;

•

our ability to fund capital expenditures, or our ability to deploy capital in line with our strategic objectives;

•

our ability to successfully integrate and achieve anticipated benefits from acquisitions;

•

unknown or contingent liabilities from acquisitions;

•

failure to adapt to technological developments or industry trends;

•

our inability to realize the strategic, financial and operational benefits from the sale of the Company’s Flyover Attractions (as defined herein);

•

potential increases in operating expenses;

•

conducting business globally, including the impact of regulatory regimes in geographies where we operate or may expand;

•

our exposure to currency exchange rate fluctuations;

•

liabilities relating to prior and discontinued operations;

•

the importance of key personnel to our business;

•

the impact of labor shortages;

•

our exposure to cybersecurity attacks and threats, including the impact of fraud;

•

compliance with laws governing the storage, collection, handling, and transfer of personal data and our exposure to legal claims and fines for data breaches or improper handling of such data;

•

compliance with foreign data privacy laws that apply to our activities;

•

our exposure to litigation in the ordinary course of business;

•

changes in federal, state, local or foreign tax laws;

•

our ability to comply with extensive environmental requirements; and

•

risks related to ownership of our common stock.

For a more complete discussion of the risks and uncertainties that may affect our business or financial results, see Part I, Item 1A – Risk Factors of our Annual Report on Form 10-K for the year ended December 31, 2025, filed with the Securities and Exchange Commission on February 25, 2026 (the “2025 Form 10-K”). Given these risks and uncertainties, users of this information should not place undue reliance on these forward-looking statements as predictions of future events. Although we believe that the expectations reflected in the forward-looking statements are reasonable, our information may be incomplete or limited and we cannot guarantee future results. Any forward-looking statements in this Form 10-Q are made as of the date hereof and reflect our current views. We expressly disclaim and

do not undertake any obligation to update or revise any forward-looking statement in this Form 10-Q for any reason, even if new information becomes available in the future, except as required by applicable law or regulation.

The following Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) should be read in conjunction with our 2025 Form 10-K and the Condensed Consolidated Financial Statements and related notes included in this Form 10-Q. The MD&A is intended to assist in understanding our financial condition and results of operations.

Overview

We are an attractions and hospitality company that owns and operates a collection of inspiring and unforgettable experiences in iconic destinations in the United States (“U.S.”), Canada, Iceland, and Costa Rica. Including Eagle Wing Tours, Ltd. (which we acquired on July 14, 2026, as discussed below) and excluding the Flyover Attractions (as defined below), our elevated hospitality experiences include 14 world-class point-of-interest attractions and 29 distinctive lodges, along with integrated restaurants, retail and transportation that enable visitors to discover and connect with stunning national parks and renowned global travel locations.

Eagle Wing Tours Acquisition

On July 14, 2026, we entered into a Share Purchase Agreement with the shareholders of Eagle Wing Tours Ltd. (“Eagle Wing”), pursuant to which we acquired all of the issued and outstanding shares of Eagle Wing for an aggregate purchase price of CAD $23.9 million (approximately USD $17.0 million as of closing). Eagle Wing, based on Vancouver Island, British Columbia, operates a whale watching and marine wildlife experience through a fleet of five vessels. The financial results of Eagle Wing will be consolidated in our financial statements prospectively from the date of acquisition.

Flyover Attractions Sale

On July 31, 2026, we completed the sale of all of our equity in the Flyover attractions (the “Flyover Attractions”) to Brogent Technologies Inc. pursuant to an Equity Purchase Agreement, dated January 21, 2026, for a purchase price of approximately $75.0 million in cash, subject to post-closing adjustments. As of June 30, 2026, the assets and liabilities of the Flyover Attractions are presented as current assets held for sale and current liabilities held for sale on our Condensed Consolidated Balance Sheet. We do not report the Flyover Attractions as a discontinued operation. See Note 4 – Acquisitions and Dispositions to the Condensed Consolidated Financial Statements (Part I, Item 1 of this Form 10-Q) for additional information.

Tabacón Acquisition

On July 1, 2025, we entered into a Share Purchase Agreement with the shareholders of Inversiones Turísticas Arenal, S.A. (“ITA”), pursuant to which we acquired all of the issued and outstanding shares of ITA. ITA is the owner and operator of Tabacón Thermal Resort & Spa (“Tabacón”), an eco-luxury resort spanning 570 acres of rainforest which features two thermal river attractions, located in the Arenal region of Costa Rica. Tabacón features 105 rooms, an internationally renowned spa, and signature culinary experiences. See Note 4 – Acquisitions and Dispositions to the Condensed Consolidated Financial Statements (Part I, Item 1 of this Form 10-Q) for additional information. The financial results of Tabacón are consolidated in our financial statements prospectively from the date of acquisition.

Seasonality

Peak activity for the majority of our operations has historically occurred during the summer months. However, our recent acquisition of Tabacón represents an operation which we expect will generate revenue more evenly over the course of the calendar year. During 2025, 79% of our revenue was earned in the second and third quarters.

Results of Operations

The following table presents total revenue by lines of business for the three and six months ended June 30, 2026 and 2025:


	Three Months Ended June 30,							Six Months Ended June 30,
(in thousands)	2026		2025		% Change			2026		2025		% Change
Revenue (1):
Attractions	$	70,839	$	67,968		4.2	%	$	99,583	$	91,960		8.3	%
Hospitality		54,898		44,485		23.4	%		74,882		55,679		34.5	%
Transportation		3,706		3,727		(0.6	)%		5,799		5,522		5.0	%
Other		4,050		563	**				4,871		1,161	**
Total revenue	$	133,493	$	116,743		14.3	%	$	185,135	$	154,322		20.0	%

** Change is greater than +/- 100%.

(1)

Revenue by lines of business does not agree to Note 2 – Revenue and Related Contract Liabilities to the Condensed Consolidated Financial Statements (Part I, Item 1 of this Form 10-Q) as the amounts in the above table represent management’s methodology for evaluating performance, which includes product revenue from food and beverage and retail operations within each line of business.

Attractions revenue increased $2.9 million, or 4.2%, during the three months ended June 30, 2026, primarily due to a 7.7% increase in revenue per attraction visitor on a same store-basis, as well as incremental attractions revenue from Tabacón (acquired in July 2025) of $1.2 million. Attractions revenue increased $7.6 million, or 8.3%, during the six months ended June 30, 2026, primarily due to a 6.7% increase in revenue per attraction visitor on a same-store basis, as well as incremental attractions revenue from Tabacón of $3.1 million.

Hospitality revenue increased $10.4 million during the three months ended June 30, 2026, primarily due to incremental hospitality revenue of $7.1 million from Tabacón, as well as an increase in ADR (as defined below) at our other lodging properties. Hospitality revenue increased $19.2 million during the six months ended June 30, 2026, primarily due to incremental hospitality revenue of $15.2 million from Tabacón, as well as an increase in ADR at our other lodging properties.

Other revenue increased $3.5 million and $3.7 million during the three and six months ended June 30, 2026, respectively, primarily due to film licensing revenue for the Flyover Attractions during such periods.

Performance Measures

We use the following key business metrics to evaluate the performance of Pursuit’s attractions business:

•

Number of visitors. The number of visitors allows us to assess the volume of tickets sold at each attraction during the period.

•

Revenue per attraction visitor. Revenue per attraction visitor is calculated as total attractions revenue divided by the total number of visitors at all Pursuit attractions during the period. Total attractions revenue includes ticket sales and ancillary revenue generated by attractions, such as food and beverage and retail revenue. Total attractions revenue per visitor measures the total spend per visitor that attraction properties are able to capture, which is important to the profitability of the attractions business.

•

Effective ticket price. Effective ticket price is calculated as revenue from the sale of attraction tickets divided by the total number of visitors at all comparable Pursuit attractions during the period.

We use the following key business metrics, common in the hospitality industry, to evaluate Pursuit’s hospitality business:

•

Revenue per Available Room (“RevPAR”). RevPAR is calculated as total rooms revenue divided by the total number of room nights available for all comparable Pursuit hospitality properties during the period. Total rooms revenue does not include non-rooms revenue, which consists of ancillary revenue generated by hospitality properties, such as food and beverage and retail revenue. RevPAR measures the period-over-period change in rooms revenue per available room for comparable hospitality properties. RevPAR is affected by average daily rate and occupancy, which have different implications on profitability.

•

Average Daily Rate (“ADR”). ADR is calculated as total rooms revenue divided by the total number of room nights sold for all comparable Pursuit hospitality properties during the period. ADR is used to assess the pricing levels that the hospitality properties are able to realize. Increases in ADR lead to increases in rooms revenue with no substantial effect on variable costs, therefore having a greater impact on margins than increases in occupancy.

•

Occupancy. Occupancy is calculated as the total number of room nights sold divided by the total number of room nights available for all comparable Pursuit hospitality properties during the period. Occupancy measures the utilization of the available capacity at the hospitality properties. Increases in occupancy result in increases in rooms revenue and additional

variable operating costs (including housekeeping services, utilities, and room amenity costs), as well as increases in ancillary non-rooms revenue (including food and beverage and retail revenue).

The following tables provide our key performance indicators for the three and six months ended June 30, 2026 and 2025:


	Three Months Ended						Three Months Ended
	June 30, 2026						June 30, 2025						% Change
	As Reported			Same-Store (1)			As Reported			Same-Store (1)			As Reported			Same-Store (1)
Attractions Key Performance Indicators:
Number of visitors (in thousands)		1,096			1,079			1,135			1,135			(3.4	%)		(4.9	)%
Ticket revenue (in thousands)	$	54,668		$	53,446		$	53,200		$	53,202			2.8	%		0.5	%
Effective ticket price	$	49.88		$	49.53		$	46.87		$	46.87			6.4	%		5.7	%
Attractions revenue (in thousands)	$	70,839		$	69,559		$	67,968		$	67,969			4.2	%		2.3	%
Revenue per attraction visitor	$	64.63		$	64.47		$	59.88		$	59.88			7.9	%		7.7	%
Hospitality Key Performance Indicators:
Room nights available (in thousands)		164			137			159			139			3.1	%		(1.4	)%
Rooms revenue (in thousands)	$	32,973		$	25,640		$	25,952		$	23,646			27.1	%		8.4	%
RevPAR	$	201.05		$	187.15		$	163.11		$	170.12			23.3	%		10.0	%
Occupancy		76.1	%		76.4	%		73.5	%		75.1	%	2.6 pts			1.3 pts
ADR	$	264.20		$	244.97		$	221.80		$	226.52			19.1	%		8.1	%
Hospitality revenue (in thousands)	$	54,898		$	44,092		$	44,485		$	40,828			23.4	%		8.0	%


	Six Months Ended						Six Months Ended
	June 30, 2026						June 30, 2025						% Change
	As Reported			Same-Store (1)			As Reported			Same-Store (1)			As Reported			Same-Store (1)
Attractions Key Performance Indicators:
Number of visitors (in thousands)		1,578			1,537			1,595			1,595			(1.1	%)		(3.6	)%
Ticket revenue (in thousands)	$	77,814		$	74,796		$	72,152		$	73,600			7.8	%		1.6	%
Effective ticket price	$	49.31		$	48.66		$	45.25		$	46.14			9.0	%		5.5	%
Attractions revenue (in thousands)	$	99,583		$	96,440		$	91,960		$	93,793			8.3	%		2.8	%
Revenue per attraction visitor	$	63.11		$	62.75		$	57.67		$	58.80			9.4	%		6.7	%
Hospitality Key Performance Indicators:
Room nights available (in thousands)		275			226			268			228			2.6	%		(0.9	)%
Rooms revenue (in thousands)	$	46,063		$	32,704		$	33,291		$	30,281			38.4	%		8.0	%
RevPAR	$	167.50		$	144.71		$	124.12		$	132.81			35.0	%		9.0	%
Occupancy		71.4	%		71.0	%		67.8	%		70.1	%	3.6 pts			0.9 pts
ADR	$	234.60		$	203.81		$	183.18		$	189.46			28.1	%		7.6	%
Hospitality revenue (in thousands)	$	74,882		$	54,668		$	55,679		$	50,534			34.5	%		8.2	%

(1) Same-Store key performance indicators represent attractions and hospitality properties that we operated at full capacity, considering seasonal closures, and that have not undergone significant renovations during the quarters being compared. Accordingly, Tabacón (acquired on July 1, 2025), Forest Park Hotel Woodland Wing (currently under renovation), and Grouse Mountain Lodge (currently under renovation) are excluded for the first and second quarters. For attractions and hospitality properties located outside the United States, comparisons to the prior year are expressed on a constant U.S. dollar basis.

Attractions. During the three months ended June 30, 2026, attractions ticket revenue on a same-store basis increased $0.2 million, driven by a 5.7% increase in effective ticket price, partially offset by a 4.9% decrease in number of visitors. During the six months ended June 30, 2026, attractions ticket revenue on a same-store basis increased $1.2 million, driven by a 5.5% increase in effective ticket price, partially offset by a 3.6% decrease in number of visitors. The increases in effective ticket price were primarily driven by our focus on enhancing the guest experience, while the decreases in number of visitors were primarily due to the impact of unfavorable weather near several of our attractions.

Hospitality. During the three and six months ended June 30, 2026, rooms revenue on a same-store basis increased $2.0 million on a 10.0% increase in RevPAR and $2.4 million on a 9.0% increase in RevPAR, respectively. The increases in RevPAR were primarily due to increases in ADR and supported by strong perennial demand for our renowned experiential travel destinations.

Expenses


	Three Months Ended June 30,								Six Months Ended June 30,
(in thousands)	2026			2025		% Change			2026			2025		% Change
Cost of food, beverage, and retail products sold	$	9,587		$	8,871		8.1	%	$	12,575		$	11,156		12.7	%
Operating expenses (exclusive of depreciation and amortization shown separately below)	$	71,374		$	58,669		21.7	%	$	113,586		$	93,575		21.4	%
Selling, general, and administrative expenses	$	20,788		$	19,623		5.9	%	$	40,001		$	40,309		(0.8	)%
Depreciation and amortization	$	9,650		$	11,073		(12.9	)%	$	19,326		$	22,041		(12.3	)%
Interest expense, net	$	3,172		$	1,928		64.5	%	$	5,827		$	3,392		71.8	%
Other (income) expense, net	$	(2,728	)	$	5,962	**			$	(1,894	)	$	6,319	**
Income tax expense	$	4,208		$	3,021		39.3	%	$	2,989		$	1,155	**

** Change is greater than +/- 100%.

Operating expenses (exclusive of depreciation and amortization) – The increase in operating expenses for the three months ended June 30, 2026, compared to the prior year period was primarily due to the periodic remeasurement of the Sky Lagoon finance lease obligation, which resulted in an unrealized foreign exchange gain of $3.9 million in the second quarter of 2025 compared to an unrealized foreign exchange loss of $0.5 million in the second quarter of 2026. The increase was also due to incremental expenses from Tabacón of $3.2 million and increases in variable costs associated with increased transaction volumes and revenue, including increases of $2.1 million in operating supplies and services, $1.9 million in labor expense, and other inflationary cost increases.

The increase in operating expenses for the six months ended June 30, 2026, compared to the prior year period was primarily due to the periodic remeasurement of the Sky Lagoon finance lease obligation, which resulted in an unrealized foreign exchange gain of $6.1 million in 2025 compared to an unrealized foreign exchange loss of $0.2 million in 2026. The increase was also due to incremental expenses from Tabacón of $4.5 million and increases in variable costs associated with increased transaction volumes and revenue, including increases of $3.4 million in labor expense, $2.3 million in operating supplies and services, and other inflationary cost increases.

Other (income) expense, net – The increases in other income for the three and six months ended June 30, 2026, compared to the prior year periods were primarily due to a $5.4 million settlement charge in the prior year periods associated with the termination of the Giltspur Inc. Employees’ Pension Plan, which was reclassified from accumulated other comprehensive loss, and a $4.6 million gain recorded during the three and six months ended June 30, 2026, related to business interruption insurance proceeds received in connection to the 2024 Jasper wildfires. These increases were partially offset by an approximate $3.1 million impairment of the Flyover Attractions Disposal Group (the total assets and liabilities combined with the related accumulated other comprehensive loss of the Flyover Attractions) during the three and six months ended June 30, 2026.

Income tax expense – The effective tax rate was 19.4% for the three months ended June 30, 2026, compared to 28.5% for the three months ended June 30, 2025, and negative 69.7% for the six months ended June 30, 2026, compared to negative 5.1% for the six months ended June 30, 2025. The decreases in the effective rate for the three and six months ended June 30, 2026, compared to the prior year periods were primarily attributable to improved U.S. operating results and the inclusion of Tabacón’s operating results in 2026.

Liquidity and Capital Resources

We believe that our existing sources of liquidity will be sufficient to fund operations and projected capital expenditures for at least the next 12 months and the longer term.

When assessing our current sources of liquidity, we include the following:


(in thousands)	June 30, 2026		December 31, 2025		June 30, 2025
Unrestricted cash and cash equivalents (1)	$	33,864	$	31,118	$	24,742
Available capacity under 2025 Revolving Credit Facility (2)		124,185		207,007		183,859
Cash and cash equivalents reported in current assets held for sale		2,833		—		—
Total available liquidity	$	160,882	$	238,125	$	208,601

(1)

As of June 30, 2026, we held $31.4 million of our unrestricted cash and cash equivalents outside of the U.S.

(2)

As of June 30, 2026, the available capacity under our revolving credit facility (“2025 Revolving Credit Facility”) was the $300.0 million total facility size, less $170.5 million of outstanding borrowings and $5.3 million of outstanding letters of credit.


Delaware		36-1169950
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

1401 17th Street, Suite 1400, Denver, Colorado 80202
(Address of principal executive offices and zip code)


Title of each class	Trading Symbol	Name of each exchange on which registered
Common Stock, $1.50 par value per share	PRSU	New York Stock Exchange


		Page
PART I - FINANCIAL INFORMATION

Item 1.	Financial Statements	1

	Condensed Consolidated Balance Sheets as of June 30, 2026, December 31, 2025, and June 30, 2025	1

	Condensed Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2026 and 2025	2

	Condensed Consolidated Statements of Comprehensive Income (Loss) for the Three and Six Months Ended June 30, 2026 and 2025	3

	Condensed Consolidated Statements of Stockholders’ Equity for the Three Months Ended March 31 and June 30, 2026 and 2025	4

	Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2026 and 2025	5

	Notes to Condensed Consolidated Financial Statements	6

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	21

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	27

Item 4.	Controls and Procedures	27

PART II - OTHER INFORMATION

Item 1.	Legal Proceedings	28

Item 1A.	Risk Factors	28

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	28

Item 5.	Other Information	28

Item 6.	Exhibits	29

SIGNATURE		30


Issuer Purchases of Equity Securities
Period	Total Number of Shares Purchased (1)		Average Price Paid Per Share (2)		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (1)		Approximate Dollar Value of Shares That May Yet Be Purchased Under the Plans or Programs (1) (in thousands)
April 1, 2026 - April 30, 2026		132,639	$	37.68		132,639	$	9,633
May 1, 2026 - May 31, 2026 (1)		60,486	$	41.87		60,486	$	57,101
June 1, 2026 - June 30, 2026		—	$	—		—	$	57,101
Total		193,125				193,125


☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


	PURSUIT ATTRACTIONS AND HOSPITALITY, INC.
	(Registrant)

August 5, 2026	By:	/s/ Michael L. Bosco
(Date)		Michael L. Bosco
		Chief Accounting Officer
		(Duly Authorized Officer)