Title

Presentation

Operator: Good afternoon. My name is Lisa, and I will be your conference operator today. At this time, I would like to welcome everyone to Pursuit’s 2026 First Quarter Earnings Conference Call. [Operator Instructions] I will now hand the call over to Carrie Long. You may now begin the conference.

Carrie Long: Good afternoon, and thank you for joining us for our 2026 first quarter earnings conference call. During the call, you’ll hear from David Barry, our President and CEO; and Bo Heitz, our Chief Financial Officer. As David and Bo cover our results and outlook, they will be referencing our earnings presentation, which is available on the Investors section of our website. We encourage investors to monitor this section of our website in addition to our press releases, filings submitted with the SEC and any public conference calls or webcast. Today’s call will contain forward-looking statements, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Please refer to the disclaimer on Page 2 of our presentation for identification of forward-looking statements and for a discussion of risks and other important factors that could cause results to differ from those expressed in such statements.

During the call, we’ll also discuss non-GAAP financial measures and definitions of these measures are provided on page 3 and reconciliations to the most directly comparable GAAP financial measures are provided in the appendix of the presentation and in our earnings release. And with that, I’d like to turn the call over to David, who will start on page 4 of our presentation.

David Barry: Thanks, Carrie, and thank you all for joining us as we review our record 2026 first quarter results and our forward look to continued significant long-term growth and value creation. We’re off to a strong start in 2026. Our strategy is working, and there’s real momentum in the business. Let me begin with powerful growth drivers that speak to this. First, we delivered record first quarter results. Revenue grew 37%, and we delivered meaningful margin improvement. We saw healthy demand across our year-round experiences, strong execution by our teams and continued discipline on costs. Our team stayed focused on what matters most, delivering great guest experiences, and that showed up in yield and profitability. It’s exactly how we wanted to start the year.

I’ll also recognize Tabacon, which delivered strong performance with $10 million of revenue in the quarter. Tabacon experienced very strong demand during the quarter, delivered an exceptional guest experience and made smart operational adjustments to drive volume growth through its thermal river attractions. We couldn’t be happier about the quality of our team and leadership in Costa Rica, how well this business is performing following our acquisition in ’25 and the strength of its cultural and strategic fit with Pursuit. Second, looking ahead to 2026, our demand indicators are positive and show continued strength. We’re confident in the demand backdrop and our ability to deliver results in line with our prior guidance range for double-digit growth in revenue and adjusted EBITDA at the midpoint, excluding FlyOver.

Our outlook reflects continued growth in revenue and profit and the flexibility to keep investing in the best opportunities. Third, we’re making steady progress towards our Vision 2030 targets, continuing to invest in our iconic assets while maintaining strong discipline around capital deployment and long-term value creation. That includes being opportunistic with share repurchases. To date, we’ve repurchased $40.4 million at an average price of $35.40. And with the recent approval from our Board to increase our authorization by another $50 million, we have approximately $60 million remaining for future repurchases. We’re confident in the long-term value of the business, and we’re excited about our strong momentum heading into our peak summer season and beyond.

So let’s turn to Page 6 and walk through what differentiates Pursuit and why we’re built to perform through cycles and keep growing. At our core, we own and operate iconic irreplaceable experiences in some of the world’s most beautiful places. Today, our portfolio includes 17 world-class sightseeing attractions and 29 distinctive lodges supported by integrated dining, retail and transportation, allowing us to serve guests across their entire journey. We operate at scale across 4 countries in true bucket list destinations, including Banff, Jasper, Waterton Lakes, Alberta and Golden BC in the Canadian Rockies, from Whitefish across Glacier National Park in Montana and experiences that stretch from Seward to Denali in Alaska, together with Iceland and Costa Rica.

Pursuit comes to life through our 4,600 team members whose passion for hospitality and place turns iconic locations into unforgettable experiences. Put simply, this is what makes Pursuit special, a portfolio of one-of-a-kind experiences at scale with real staying power and a foundation that gives us confidence as we continue to elevate experiences, grow and create long-term value. Let’s turn to page 7 and look at our site-seeing attractions, and this is where our model really stands apart. We own and operate iconic point of interest site-seeing attractions that provide guests of all ages and abilities access to unforgettable views. These are experiential infrastructure assets that anchor destination visitation and guest experiences. A great example is the Banff Gondola.

It’s not just a ride. It’s one of the defining ways guests experience Banff National Park from the ascent to the dramatic 360-degree summit views and top-rated mountaintop dining. That’s what makes it an absolute must-do and a powerful demand driver. This dynamic plays out across our portfolio. That uniqueness drives sustainable yield growth as we continue to elevate experiences and guests are willing to pay for the differentiation. These attractions are largely fixed cost operations, creating strong operating leverage and attractive flow-through as volume and yield grow. The differentiation carries directly into our lodging business on page 8. Our lodges are distinctive destination-anchored properties in iconic supply-constrained destinations where the destination itself drives demand.

Guests aren’t just looking for a room. They’re staying inside places like Jasper National Park with direct access to the experiences that define the trip. These markets have highly restricted bed bases, which creates perennial demand and very attractive long-term supply dynamics. Performance here isn’t driven by the hotel rate cycle. It’s driven by experience, access and authenticity and our integration with our attractions amplifies that advantage. We also benefit from a highly differentiated demand channel with about 40% of our lodging mix coming from global travel trade partners. These long-standing relationships deliver multi-year foundational demand visibility, support peak and shoulder seasons and drive meaningful revenue beyond the room, which is not the typical hotel company or REIT model.

And that brings us to the simple conclusion on page 9. Pursuit is in a category of one, and that’s why traditional comparisons don’t hold. We’re not a theme park company. As the chart on the left shows, our site seeing attractions drive outsized growth in revenue per visitor, fueled by experience quality, scarcity and guest willingness to pay for great experiences. And we’re not a commodity hotel company either. As the chart on the right shows, our lodging portfolio delivers RevPAR growth that meaningfully outperforms the broader U.S. hotel market, driven by access and authenticity, not the rate cycle. Page 10 provides a view into the strong perennial demand for our iconic destinations. Over the past 25 years, our markets have demonstrated resiliency through economic cycles and other external forces.

And as we reflect on the current macro backdrop, we believe our geographies are well positioned to sustain strong demand. Now on page 11, I want to briefly highlight the power of our experience-driven operating model. We’re built attractions first. Our sightseeing experiences anchor demand and economics and everything else is intentionally designed around that foundation. By connecting attractions with lodging, food, retail and transportation, we provide a seamless guest journey. And when those pieces come together, value compounds. Guests spend more, demand extends beyond peak periods and the experience just gets better. At the same time, scale and integration drive strong economics through fixed cost leverage and operating efficiencies. And importantly, this model is repeatable, giving us a clear path to expand within existing destinations, enter new iconic markets and compound growth over time.

Stepping back on page 12, what’s compelling is Pursuit’s positioning relative to global travel trends. Travel today is about experiences over things, and people plan trips around must-do bucket list moments, exactly what we offer. Growth in outdoor and adventure travel connects directly to our portfolio of iconic natural destinations. As travelers increasingly prioritize wellness and longevity, our natural immersive experiences deliver exactly what they’re seeking, mental restoration and physical vitality that support long-term well-being. Demand for curated itineraries and group travel continues to rise, and our experiences remain essential stops for global tour operators. More flexible work patterns are also extending stays and supporting broader seasonal demand.

At the same time, technology amplifies discovery, surfacing the very viewpoints and experiences we specialize in delivering. And now on page 13, the element that ties everything together is our culture. Great assets only create value if you execute well. And at Pursuit, we’re guest obsessed. Hospitality excellence is at the core of everything we do. And our focus on people, both our team members and our guests is a real competitive advantage. We have deeply engaged teams who take pride in delivering exceptional experiences, and it shows in the results, strong guest satisfaction, leading Net Promoter Scores and top TripAdvisor rankings across our portfolio. We also use Medallia to continuously listen, learn and improve in real time. Reviews matter.

Great reviews, they lift us up and tough reviews force self-reflection followed by real-time action to improve. The connection to performance is clear. Engaged teams create great experiences. Great guest experiences drive happiness and referrals, which increases demand, higher spend and durable yield growth. And that translates into strong profitability over time. Let’s turn to page 15 and briefly cover our strategy to grow and create long-term value through four proven levers. First, we expect every business within Pursuit to improve performance, which drives continuous year-over-year growth across our iconic experiences through strong demand and a relentless focus on the guest experience. Second, we invest in ourselves through low-risk organic growth projects that elevate our experiences, create additional capacity and generate attractive returns.

Third, we grow through strategic acquisitions of experiential infrastructure that strengthen our portfolio. And finally, we remain opportunistic with share repurchases at compelling valuations as part of our disciplined capital allocation. These levers have proven to create significant value as demonstrated by our track record. As shown on page 16, Pursuit is a powerful growth engine with more than a decade of compounding execution. From 2015 to 2025, we quadrupled revenue at a double-digit CAGR of approximately 15%, while roughly tripling guest volume across attraction visits and lodging room nights sold. We scaled from four attractions to 17 and from 12 lodges to 29, while elevating the guest experience and strengthening the platform. That history matters.

It demonstrates our ability to operate, integrate and scale, and it’s the foundation for the confidence we have looking forward. As shown on page 17, we’re not changing the playbook. We’re driving a consistent strategy and approach to continue executing growth at pace. From 2014 through 2025, we invested approximately $578 million across major growth projects that generated approximately $102 million of adjusted EBITDA in 2025 at an effective multiple of roughly 6x. Looking ahead, our road map to 2030 looks very similar. We have approximately $300 million of organic growth investments in development from 2026 through 2030, with approximately $200 million front-loaded over the next 2 years. We expect those investments will contribute more than $40 million of incremental adjusted EBITDA by 2030 at an estimated effective multiple of less than 7x with a meaningful adjusted EBITDA inflection beginning in 2028.

And that organic growth is complemented by a robust pipeline of strategic acquisition opportunities that fit naturally within our platform. This isn’t a new strategy. It’s proven execution, repeated at scale with a clear line of sight to the next phase of growth. To make that tangible, I’ll highlight a few examples from our $300 million organic growth pipeline. Starting with attractions on page 18, there are several high-impact growth projects in progress. Investments in the Jasper SkyTram, Banff Gondola and Denali Backcountry Adventure build on already iconic experiences, elevating storytelling, access and engagement to drive incremental demand and higher revenue per guest. In Jasper, we’re reimagining the Jasper SkyTram by replacing an aged capacity-constrained trans system with a modern gondola, significantly improving the guest experience, throughput and efficiency and aligning the experience to better meet group demand.

With a smoother, more immersive journey from arrival to summit, this multi-year investment will reinforce the SkyTram as a must-do anchor within Jasper National Park. In Banff, we’re continuing to elevate the Banff Gondola, including the expansion of Sky Bistro, where demand consistently exceeds current capacity. I recently visited the renovated space and was incredibly impressed with the improved guest experience. It’s a powerful example of what happens when we put guests first, thoughtful design, strong execution and a clear sense of place. This project increases premium guest capacity and revenue per visitor while enhancing one of the most iconic summit dining experiences in the Canadian Rockies. We’re also planning additional growth initiatives to further strengthen the end-to-end guest journey at the gondola.

And in Alaska, we’re underway to reintroduce the Denali Backcountry Adventure as a premium, high-margin guided experience deep within Denali National Park, designed to deliver rare access and unforgettable moments when road access reopens in 2027. The goal is simple: reinforce these assets as absolute must-do experiences in their respective markets. We’re also investing on the lodging side, as shown on page 19, and growth projects are progressing well. Projects like the Forest Park Hotel Woodland Wing, Grouse Mountain Lodge, and Lobstick Lodge are not typical hotel upgrades. These are strategic repositionings of distinctive lodges in iconic supply-constrained destinations, designed to elevate experiences and long-term earning power. In Jasper, the Forest Park Woodland Wing provides a compelling example of the returns we can drive from renovations that improve the guest experience.

Phase 1, which we completed last year, is already translating into meaningful ADR uplift with renovated rooms yielding a 22% premium over non-renovated rooms. We’re excited to complete the next and final phase of the room renovations ahead of this peak summer. In the town of Whitefish, Montana near Glacier National Park, we’re repositioning Grouse Mountain Lodge to serve higher-end lodging and year-round event demand with the first phase, including room upgrades, pool enhancements and a new purpose-built event pavilion. The first phase of room renovations will be complete for this summer season, and our reservation pace points to strong demand and higher ADRs for these rooms. And at Lobstick Lodge in Jasper, we’re planning investments to better capture strong year-round demand from both consumer and tour and travel segments in one of Canada’s most iconic national parks.

These projects position our lodges to deliver incredible guest experiences and in turn, deliver outsized RevPAR growth, attract higher-value guests and generate durable returns, all while being executed through phased renovations during seasonally slower periods to protect occupancy and cash flow during the renovation itself. Our organic growth projects demonstrate how much opportunity we continue to see within our existing footprint and how we think about driving continued growth through investments in ourselves to elevate experiences, delight our guests and deliver strong shareholder returns. We apply that same investment discipline to acquisitions with Tabacon on page 20 being a great proof point. Tabacon exemplifies exactly what we look for in an acquisition, high-quality, attraction-focused, experiential infrastructure.

Located at the base of Costa Rica’s Arenal Volcano with unique access to the country’s largest naturally flowing hot Springs, it’s a truly irreplaceable experience. Importantly, execution is validating our investment thesis. We’re seeing strong attraction visitation, healthy lodging performance and continued high guest satisfaction, driven by a team that’s performing incredibly well and fully aligned with our culture. Under prior ownership, Tabacon’s premium thermal river experience was largely operated as a hotel amenity for overnight guests with tight restrictions on day use visitors. In a clear demonstration of the growth mindset and guest obsession that we have within Pursuit, Tabacon’s leadership is thoughtfully increasing attraction visitors while protecting the premium guest experience through disciplined guest flow management.

Additionally, recent enhancements, including the improved arrival experience in the Hot Springs Pura Vida rebrand are gaining traction, and 2026 rooms revenue on the books is tracking ahead of prior years. Operational improvements alone create a clear path to reduce the effective adjusted EBITDA multiple below 9x by year 3. Beyond that, we see meaningful incremental upside from organic growth opportunities across the 570-acre property. And over time, the ability to build a broader Costa Rica collection through complementary tuck-in acquisitions. Tabacon is exactly what we said we were looking for and a clear example of the disciplined acquisition with early execution and a long runway to compound value. We’re pursuing investment opportunities from a position of financial strength shown on page 21.

Pro forma for the pending sale of FlyOver, our March 31 liquidity was approximately $250 million, and our pro forma net leverage was less than 1x, which is well below our 2 to 3.5x target range. With strong liquidity, low leverage and continued EBITDA growth, we have substantial capacity for disciplined deployment of capital into organic growth projects, strategic acquisitions and opportunistic share repurchases that reinforce our confidence in the long-term value of the business. And all of this brings us to our Vision 2030 on page 22 and why we’re so confident about what lies ahead. We’re executing a disciplined and proven strategy to compound growth, expand margins and create long-term shareholder value. By 2030, we’re targeting more than $265 million in adjusted EBITDA, which is more than double 2025 and margins above 30%.

Vision 2030 isn’t aspirational. It’s built on a decade of successful execution and a model designed for sustainable double-digit growth at scale, driven primarily by organic expansion across our iconic experiences. With a high-return investment engine, expanding operational leverage and free cash flow generation and continued financial discipline, Vision 2030 reflects exactly what Pursuit is built to do, elevate experiences, grow with discipline, scale with leverage and compound value over the long term. So with that, I’ll turn it over to Bo, who will walk you through our first quarter financial highlights and reaffirm 2026 outlook starting on page 24.

Michael Heitz: Thanks, David. As highlighted earlier, we are off to a great start in 2026. Our first quarter revenue grew 37% to reach a record level of $51.6 million. This growth was primarily driven by strong performance at Tabacon, which was acquired in July 2025 and is already exceeding our expectations as well as continued strong demand across our broader portfolio of year-round iconic experiences. Our seasonal net loss attributable to Pursuit was $24.9 million as compared to $31.1 million in the prior year. The year-over-year improvement was primarily driven by lower transaction-related costs from the GES sale and stronger revenue. Our adjusted net loss was $26.2 million as compared to $26.9 million in the prior year. The year-over-year improvement primarily reflects higher adjusted EBITDA, partially offset by a lower amount of seasonal first quarter losses being allocated to noncontrolling interest.

Adjusted EBITDA improved by $2.6 million year-over-year to negative $14.9 million during the seasonally slow first quarter, primarily driven by higher revenue with strong margin improvement, supported by the contribution of Tabacon and continued cost discipline. Now let’s look at our attractions performance on page 25. Q1 attraction ticket revenue reached $23 million, reflecting a 22% year-over-year increase, driven by strong performance at Tabacon and increases in same-store effective ticket prices. Same-store constant currency effective ticket price, which excludes Tabacon grew by 5% as compared to 2025. This improvement was enabled by continued demand for our one-of-a-kind sight-seeing attractions and focus on guest experience with strong performance from our year-round Canadian attractions in Banff and from Sky Lagoon in Iceland.

Next, let’s turn to our hospitality performance on page 26. Q1 lodging room revenue totaled $13 million, reflecting a 78% year-over-year increase driven by strong performance at Tabacon and improvement in same-store constant currency ADR. As David discussed, our lodges are situated in iconic high-demand destinations, offering guests unparalleled access to extraordinary natural landscapes and seamless proximity to our most sought-after pursuit attractions. Within these destinations, our same-store constant currency RevPAR, which excludes Tabacon, grew 6% as compared to 2025. Turning to our early demand indicators on page 27. Our lodging pacing for 2026 across both Canada and the U.S. continues to support our view for continued strong demand.

Revenue on the books for our Canadian and U.S. lodging properties is pacing ahead of the same time last year. In addition to these confirmed room bookings, we continue to see strong demand from our travel trade partners this year, which is not fully reflected in these numbers. As a reminder, our travel trade partners hold inventory with strict release dates, generally 90 to 120 days out. Unsold touring travel inventory gets released and is immediately available to FIT, consumer direct and OTA channels. As we approach our core operating season, we’re keeping a close watch on booking pace and other forward indicators and are ready to adjust if we see any shifts in trends. Let’s turn to our reaffirmed full year 2026 financial outlook on page 28.

We continue to expect 2026 to be a pivotal year for execution of large-scale multiyear, high-return growth projects, combined with continued strong profitable growth. Our unchanged adjusted EBITDA guidance range of $123 million to $133 million reflects an increase of approximately 9% at the midpoint from 2025. Adjusting to exclude FlyOver from both years, revenue and adjusted EBITDA are expected to increase double digits at the midpoint from 2025, with adjusted EBITDA margin improvement. The pending FlyOver sale remains on track and is expected to close in May. Our outlook reflects solid underlying growth drivers, including continued demand for authentic experiential travel and iconic destinations and improvements in guest experience and revenue management that are driving higher effective ticket prices, ADR and visitation.

Strong flow-through and disciplined labor and expense management further enhance year-over-year EBITDA growth. We anticipate investing $70 million to $80 million into growth capital expenditures during 2026, including multi-year growth projects that are expected to have a minimal impact on 2026 results and propel our growth into future years. This growth CapEx guidance range has been reduced relative to our prior guidance due to a shift in the expected timing of cash outlays from 2026 to 2027 as we continue to actively work through approvals and planning. Project completion time lines remain on track. Finally, as a reminder, the pending sale of FlyOver will shift our income tax position in a favorable direction driven by an expected improvement in our U.S. financial results.

As a result, we are anticipating a much lower effective tax rate in 2026 and beyond of approximately 22% to 26% — and with that, David, I’ll turn it back to you.

David Barry: Thanks, Bo. Across Pursuit, we’re gearing up to welcome guests and deliver exceptional experiences as we head into what we expect will be a strong peak summer season. I want to thank our team members and leadership for their dedication, their passion and their hospitality excellence. They show up every single day focused on creating unforgettable memories for our guests. And to our shareholders, thank you for your continued support as we execute our strategy and build long-term value. We have the right assets, the right strategy and the right team, and we’re very focused on execution. With that, let’s open up the line for questions.

Receive real-time insider trading and news alerts

Operator: [Operator Instructions] Your first question comes from Jeff Stantial from Stifel.

Jeffrey Stantial: Maybe starting off by drilling into more of the demand side, slide 27, showing lodging bookings. David, can you just talk about — if you drill into the more recent period, have you seen any impact — any discernible impact so far following the start of the conflict in the Middle East? And then broadly speaking, if you look back historically, can you just remind us what sort of impact or even tailwind that you typically see when gas prices move much higher very quickly during the sort of the peak summer months?

David Barry: Yes. So let me start with — I’m just going to check and see if you can hear me.

Jeffrey Stantial: Loud and clear.

David Barry: Perfect. Thanks, Jeff. I’ll start with the conflict in the Gulf. I think that the challenge there is obviously something that’s very impactful for people. It affects the region. We are quite isolated from that in our part of the world. And so we are not feeling impact from the conflict in the Gulf. It’s not affecting booking patterns or travel behavior. I think that the security and safety of our destinations is well established. And so if you look at the chart in the investor deck where we show you sort of visitation to our destinations, that’s on page 10. You can see that there’s a real continuity. And I think that in times of crisis for the world on a global level, that’s when, again, I think we get more tailwinds than we get headwinds for our destinations.

Jeffrey Stantial: That’s great. And maybe actually sticking on this subject, but thinking through some of the second order effects. Have you done any work yet or have a sense for potential impact to the project cost and project scope if you do see crude stay here at, call it, north of $100 a barrel. Just how much of an impact would that have on your growth CapEx plans?

Michael Heitz: Yes. Thanks, Jeff. We’re not expecting significant impacts for our business from a fuel cost perspective. I’ll speak first to the OpEx side, where clearly, we’re not immune to fuel cost increases. We do operate boats, motor coaches, things like that. But fortunately, for us, it’s not a major expense line for our business. And so some impacts, but not major on there. And honestly, I think the same is true on the capital side where these are multiyear projects. A lot of it is not overly specific to the fuel impacts on it. So we’ll keep monitoring it, but I’m not expecting major impacts from that…

David Barry: Also, I’d say the pricing … dynamic pricing enables us to flex. And so if you have issues where all of a sudden, you have a change in fuel costs or other things, you can move price dynamically. And I think it just really helps because you’re able to price based on demand, you’re able to price on exterior factors and so on. So all of those things really important.

Operator: Your next question comes from Eric Des Lauriers from Craig-Hallum.

Eric Des Lauriers: First one to get just a bit of a piggyback on the last one there. So sort of separating the violence in the Middle East, just sticking with overall like fuel costs specifically. Historically, how has that impacted visitation to your locations? I mean, on the one hand, sure road trips to national parks become more expensive, but so do flights. So I don’t know whether to think of this overall as more of a headwind or more of a tailwind if consumers’ wallets get pinched from fuel costs. Do you have any sort of info historically on how that impacts visitation?

David Barry: Yes. First, let me start with overall cost of fuel and how that affects travel. So the effect is marginal on our business. People are making decisions and they may be booking a less exotic trip. They’re maybe not going to go to the Middle East. They’re not going to go to other parts of the world, but they are going to be in their own backyard having fun. And so we see continued momentum.

Eric Des Lauriers: My line is disconnected or perhaps yours, but I’m not able to hear anything. Operator, are you there? Is my line live?

Operator: You are still connected, sir. Can you hear us? [Operator Instructions]

Eric Des Lauriers: Yes, I can hear you fine now. All right. Great. Sorry about that…

Operator: I’m sorry, sir. [Operator Instructions]

David Barry: Yes, we can hear you.

Operator: Okay. Please go ahead, sir.

Eric Des Lauriers: My apologies for the error there. So just excluding the actual sort of physical threats out of the Middle East, just sticking with fuel prices in general, historically, how has that impacted visitation to your markets? I see on the one hand, road trips to national parks, for example, get more expensive, but so do flights. So I’m just not sure whether conceptually think of this as more of a headwind or a tailwind to your business. I’m just wondering if you have sort of any historical data to help inform us how elevated fuel prices may or may not impact visitation to your markets?

David Barry: Elevated fuel prices in times of global crisis have had marginal effect, if any, on the business. And so with the mass affluent clientele, you have folks that are deciding, I’m going to perhaps take a less exotic trip somewhere in the world, and I’m going to focus on having fun and creating memories in my own backyard. So our business, and again, I would refer you back to page 10 in the deck that really articulates the visitation. And that shows you all the way back to 9/11, SARS, the global financial crisis, the impacts of COVID and so on. So the fuel really doesn’t have an impact in terms of visitation. We’re not seeing a slowdown on the booking side. And guests are planning and organizing their trips for the coming summer season.

In the U.S., we’re 50% sold through on inventory. In Canada, we’re high 40s. And so there’s great momentum. Booking pace is strong. ADR and RevPAR lift is strong. And so we’re continuing to perform. And so it’s a great newsy thing to talk about, but it’s not something that’s having a big impact on the business for Pursuit.

Eric Des Lauriers: That’s great to hear. And just my second question here. So you guys have highlighted the sort of friendly competition you have internally to find the most attractive CapEx projects and how that’s been a real positive feature of your culture there. And I’m just wondering how share buybacks sort of work into the mix there? And just overall, any comments you have on sort of viewing the trade-off between spending — spending cash on buybacks versus growth CapEx? Just conceptually how you think about that would be helpful now that buybacks are quite active here.

David Barry: Yes, I’ll give my view, and then I’ll cede the floor to my colleagues. So first off, I would say the energy and excitement from the internal team around the projects that they’re working on, that’s palpable. You can feel it. And so they’re excited about growing and improving their businesses and making the right investments and participating in a process that allows them — I mean it’s a true meritocracy. Pursuit is a meritocracy where their great ideas come to the surface and get funded just based on the quality of those ideas. And so when you think of the four levers of growth, we’re expecting each business to improve year-over-year. We’re investing in ourselves through our organic refresh. The acquisition side is powerful. And then the final lever is our share repurchase program, which is also a strong belief in investment in ourselves. And so those things go together.

Michael Heitz: And I would add, Eric, that given where we are from a capital structure perspective, where we expect to be sub 1x net leverage after the sale of FlyOver that we’re in a position where we can really pursue all four of those growth levers simultaneously. And so the share repurchase step of that is really about being opportunistic on when there’s a disconnect from a valuation perspective, and that’s where we’re going to aggressively pursue repurchases when we can get a strong return on that.

Operator: [Operator Instructions] And we’ll go to Alex Fuhrman from Lucid Capital Markets.

Alex Fuhrman: David, interested to see, it looks like ADRs are going to be up mid-teens or at least that’s how they’re tracking right now for you in the Canadian Rockies. You’ve got a really long history in the region here. Are we looking at kind of record hotel prices in the region in either Canadian dollars or U.S. dollars or both?

David Barry: Yes, I’m not sure I would describe it in that way. I think what we have is a move to value. I think that guests appreciate experiences that have been improved, that are thoughtful, that have been intentionally designed to create great guest experiences and that they’re willing to pay you for those experiences if their needs are being met in a way. And so you measure not just what you might get from a yield and price increase, but you also measure guest satisfaction. The other thing I would point out is if you take Banff as a microcosm of the Canadian Rockies, a significant hotel investment into Banff by all operators, not just ourselves. And so the quality of hotel product has improved dramatically, and that will continue to improve. And so as experiences get better, prices can change, but they change with, I think, a sense of momentum for guests who are satisfied with the product that’s being delivered and find real value there.

Michael Heitz: I think the only other thing I would add is that, Alex, just on that point, we’re — where we are in the cycle right now, we’re about halfway through our percent of rooms available that are sold. And that average ADR that you’re referencing, it’s a great directional reference for positive trends that we’re seeing in the business. And there can definitely be some nuances with various channels and mix of when things are sold year-over-year. That can create some noise in the specific number of it. But I think the directional indication is that we expect some strong ADR growth.

Alex Fuhrman: Okay. That’s really helpful. And then I wanted to ask about all the work you’re doing at the Jasper SkyTram. Obviously, you’ve got a lot of history operating the Banff gondola to apply there. What’s been the biggest bottleneck to growing that? Is it parking or size of the restaurant or the number of cars that can move on the gondola? Just curious what were kind of the biggest pain points there for you?

David Barry: Well, I think when you go back in time, right, go to 60 years ago when that lift facility was built and travel back in the time machine with me Alex, and you think about what it was like 60 years ago. And that tram car, I think you’ve been on it. I mean it’s one car up, one car down, its capacity itself is constrained. And the lift infrastructure is 60 years old. So I think primarily what you’re changing first is you’re improving dramatically the lift infrastructure. And what that does is it provides a much better guest experience, lift smoother, lift is quicker, really beautiful and also accommodates a full group as an example, where the turnaround time with the old Jasper SkyTram was more challenged for our group business because they’re on a set itinerary.

They’re trying to see the world in three days. And so they’re moving quickly from one place to another. And so the opportunity there is to really thoughtfully work on the experience design in Jasper. Reminder, Jasper is very different than Banff. And our colleagues and team members that live in Jasper, Jasper is a unique destination, unique in the world. And so the experience will be much more Jasper-esque and something that — but capacity improving, quality of experience improving. Everything from restrooms to the lift itself will see great improvement. So we’re excited about that.

Operator: And everyone, at this time, there are no further questions. David Barry, I’ll hand the call back to you for any additional or closing remarks.

David Barry: Well, thanks so much. Thanks, Lisa, for marshaling everything, dealing with some sound in and outs. We appreciate that. Thank you, everyone, for tuning into our Q1 2026 earnings call. We’ll be following up with many of you, but just appreciate your attention and interest in the world of Pursuit, and we look forward to seeing you soon in a destination near us. Thank you.

Operator: This does conclude today’s conference call. You may now disconnect.

Receive real-time insider trading and news alerts