Pursuit Attractions and Hospitality (PRSU) Investor presentation summary

Strategic transformation and financial foundation

• Completed divestiture of GES business, using proceeds to retire $318M in debt and strengthen the balance sheet, resulting in approximately zero net leverage and a new undrawn $200M revolver for growth initiatives.

• Changed corporate name and ticker, with strong stock performance enabling conversion of preferred to common stock.

• Achieved $366M in revenue and $77M in Adjusted EBITDA (AEBITDA) in 2024, with operations spanning 15 attractions and 28 lodges across three countries.

• Maintains $250M in liquidity and a team of approximately 4,000 members, including seasonal staff.

Business model and growth strategy

• Focuses on high-quality, must-do experiences in iconic, capacity-constrained destinations with perennial demand and high barriers to entry.

• Employs a 'Refresh, Build, Buy' strategy, tripling revenue since 2015 at a ~14% CAGR through organic and inorganic growth.

• Completed 13 major investments since 2014, with ~$460M invested and a ~6x effective EBITDA multiple.

• Recent acquisitions in Q4 2024 added new assets in Glacier and Jasper National Parks, expected to contribute $5–$7M AEBITDA in 2025.

Market trends and demand drivers

• Global travel demand remains robust, with consumers prioritizing longer and more experiential trips, especially among younger generations.

• Attractions and lodges benefit from strong, resilient visitation to national parks and iconic locations, with 3.8M annual attraction visitors and 380K rooms occupied.

• Park visitation has shown resilience through economic cycles and disruptions, supporting stable demand.