Fubotv earnings beat by $0.10, revenue topped estimates
Introduction & Market Context
Pursuit Attractions and Hospitality Inc. (NYSE:PRSU) delivered strong second quarter 2025 results, reporting 15% revenue growth and raising its full-year guidance. The company, which operates attractions and hospitality venues in iconic destinations, presented its earnings on August 6, 2025, highlighting both organic growth and strategic expansion through its recent acquisition in Costa Rica.
The company’s performance reflects continued strong demand for experiential travel in unique destinations, with both attraction visitation and hospitality metrics showing solid improvement year-over-year.
As shown in the following summary of key business and financial highlights:
Quarterly Performance Highlights
Pursuit reported Q2 2025 revenue of $116.7 million, representing a 15% increase compared to the same period last year. Adjusted EBITDA reached $29.7 million, an improvement of approximately $10 million year-over-year. Net income attributable to Pursuit was $5.6 million, while adjusted net income came in at $10.1 million.
The company’s key performance metrics illustrate the strength across both its attractions and hospitality segments:
In the attractions segment, Pursuit saw an 8% increase in visitors to 1.13 million, while same-store effective ticket price (ETP) rose 11% to $49.31. Overall ticket revenue grew an impressive 22% to $53.2 million compared to Q2 2024, demonstrating both volume growth and effective pricing strategies.
The company highlighted particularly strong performance from its Banff Gondola attraction, contributing significantly to the overall growth in the attractions segment:
The hospitality segment also delivered solid results, with room revenue increasing 6% to $26.0 million. Same-store RevPAR (Revenue Per Available Room) grew 9% to $164.15, driven by a 3% increase in ADR (Average Daily Rate) to $224.67 and improved occupancy rates, which reached 73.1% for the quarter:
Strategic Initiatives
A centerpiece of Pursuit’s growth strategy is its "Refresh, Build, Buy" approach, which has driven the company’s expansion since 2014. This strategy involves improving existing experiences (Refresh), creating new experiences (Build), and acquiring one-of-a-kind experiences (Buy). Since 2014, Pursuit has completed 13 major investments totaling approximately $460 million, which contributed about $74 million to FY 2023 AEBITDA, representing an effective EBITDA multiple of approximately 6x:
The most significant recent strategic move was the acquisition of Tabacón Thermal Resort & Spa in Costa Rica for $111 million, which closed on July 1, 2025. This acquisition includes two hot springs attractions, a 105-room luxury hotel, a renowned spa, signature culinary experiences, and 570 acres of land in the Arenal region of Costa Rica.
Pursuit expects Tabacón to generate approximately $10 million in Adjusted EBITDA during its first twelve months of ownership, with approximately $3 million coming in the second half of 2025:
The company views Tabacón as an anchor investment for building a collection of experiences in Costa Rica, highlighting its strategic fit with Pursuit’s focus on iconic attractions in unique destinations. The property features exclusive access to hot springs and tropical reserve experiences, a 5-star hotel with over 80% year-round occupancy, and significant development opportunities on the 570 acres of acquired land:
In addition to the Tabacón acquisition, Pursuit is investing in organic growth through projects like the Grouse Mountain Lodge refresh in Whitefish, Montana. This project includes refreshing 73 guest rooms, corridors, and the pool area, as well as constructing a new wedding and events pavilion. The company expects to complete this project in 2026:
Forward-Looking Statements
Based on strong Q2 results and the Tabacón acquisition, Pursuit has raised its full-year 2025 guidance. The company now expects Adjusted EBITDA of $108-$118 million, up from its previous guidance of $98-$108 million issued in May. This increase includes approximately $7 million due to favorable foreign exchange changes (revised CAD rate assumption from $0.69 to $0.72) and approximately $3 million from the addition of Tabacón:
For the full year 2025, Pursuit anticipates revenue growth of approximately 20% at the midpoint compared to 2024, when the company reported $366.5 million in revenue. The company plans to invest $38-$43 million in growth capital expenditures and $30-$35 million in maintenance capital expenditures, representing about 7-8% of revenue.
Pursuit maintains a strong balance sheet with pro forma net leverage of 1.5x, well below its target range of 2.5x-3.5x. This provides significant capacity for continued investment in growth opportunities. The company reported Q2 2025 cash and cash equivalents of $24.7 million and total debt of $86.9 million, resulting in net debt of $62.2 million.
The company’s capital allocation strategy includes a focus on both organic growth and strategic acquisitions, with a $200+ million pipeline of growth projects planned for 2025-2029. Additionally, Pursuit has authorized a share repurchase program of up to $50 million, reflecting confidence in its long-term prospects and commitment to returning value to shareholders.
Looking ahead, Pursuit appears well-positioned to continue its growth trajectory through a combination of organic initiatives and strategic acquisitions, leveraging its strong balance sheet and proven "Refresh, Build, Buy" strategy in the experiential travel market.
Full presentation:
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