Detailed narrative
Strategic Portfolio Transformation
Pursuit completed the sale of its non-core Flyover business, marking the final chapter in its transformation to a pure-play attractions and hospitality growth engine. This divestiture strengthens the balance sheet for future growth investments aligned with Vision 2030 targets, simplifying the business and allowing for focused capital deployment. Concurrently, the acquisition of Eagle Wing Tours further strengthens the portfolio with a leading sightseeing attraction in Victoria, British Columbia.
Differentiated Business Model and Growth Strategy
Pursuit operates a unique model of one-of-a-kind experiential infrastructure in iconic, supply-constrained destinations globally, connecting guests to nature-immersive experiences. The company leverages global travel trends prioritizing experiences over things, with AI serving as an enabler rather than a disruptor. A consistent growth strategy, including disciplined capital deployment, has historically delivered strong returns, with approximately $578 million invested from 2014-2025 generating $102 million of adjusted EBITDA in 2025 at a ~6x effective multiple.
Organic Growth Initiatives and Pipeline
The company has a pipeline of over $300 million in organic growth investment opportunities from 2026 through 2030, expected to contribute over $40 million in incremental adjusted EBITDA by 2030 at an effective multiple of less than 7x. Examples include expanding the Golden Skybridge into a multi-experience adventure park, planning modernized lifts at Jasper SkyTram and Banff Gondola, relaunching the Denali Backcountry Adventure in 2027, and adding Lake Cruise capacity. Significant lodging renovations are also underway at Forest Park Hotel, Grouse Mountain Lodge, Lobstick Lodge, and Pyramid Lake Lodge, alongside new cabin development near Glacier National Park.
Strategic Acquisitions and Tabacón Performance
Pursuit remains highly selective in its acquisition strategy, focusing on iconic assets in high-demand, limited-supply destinations with attractive EBITDA margins and a clear path to exceed a 15% IRR hurdle. The recent acquisition of Eagle Wing Tours for ~6.5x adjusted EBITDA exemplifies this approach. Tabacón, acquired a year ago, has exceeded expectations, with its effective purchase multiple decreasing to nearly 9x for the trailing 12 months due to strong performance and over 20% EBITDA growth in its first year of ownership. The company is also developing three new premium villas at Tabacón to meet luxury demand.
Financial Flexibility and Shareholder Returns
Pro forma for the Flyover sale and Eagle Wing acquisition, Pursuit's net leverage ratio was approximately 1x at June 30, 2026, well below its target range of 2x to 3.5x, with substantial immediate balance sheet liquidity of about $220 million. This financial strength provides flexibility to simultaneously invest in high-return organic growth projects, strategic acquisitions, and opportunistic share repurchases. The company has repurchased $43 million of shares at an average price of $35.72, with $57 million remaining in its $100 million authorization.
Q2 FY26 Performance and Demand Outlook
Pursuit reported record Q2 FY26 revenue of $133.5 million, up 14% year-over-year, and adjusted EBITDA of $32.7 million, up $3 million. While sightseeing visitation was impacted by poor weather days, same-store effective ticket price grew 6% and same-store constant currency RevPAR grew 10%. Lodging pacing for 2026 in both Canada and the U.S. remains strong, with revenue on the books pacing ahead of last year, supporting confidence in continued consumer demand for the upcoming peak summer season.