Pursuit Attractions and Hospitality, Inc. Q2 2026 revenue reaches $133.5 million, up 14% YoY, driven by Tabacon acquisition. Adjusted EBITDA grows to $32.7 million.
Pursuit Attractions and Hospitality, Inc. reported Q2 2026 revenue of $133.5 million (CAD), up 14% year-over-year, surpassing the consensus estimate of $128 million. This increase was largely driven by strong performance at the newly acquired Tabacon resort and ongoing growth across existing markets, despite weather challenges impacting attraction visitation.
Key Takeaways
- Revenue growth reached $133.5 million, a 14% increase YoY, driven by acquisitions and existing operations.
- Adjusted EBITDA improved by $3 million to $32.7 million, reflecting higher revenue, although margins were impacted by weather-related challenges.
- Net income rose to $14 million from $10.1 million YoY, bolstered by the performance of Tabacon and a $4.6 million pre-tax gain from insurance proceeds related to past wildfire losses.
- Guidance for full-year adjusted EBITDA growth is now 14%, with a target range of $128 million to $138 million, reflecting incremental contributions from recent acquisitions.
- Strategic transactions include the acquisition of Eagle Wing Tours, enhancing portfolio strength and geographical reach.
Strong Revenue Growth Amid Weather Challenges
Pursuit's revenue growth of 14% in Q2 2026 reflects the successful integration of the Tabacon resort, which contributed significantly since its acquisition in July 2025. The company faced challenges due to poor weather affecting attraction visitation, yet adjusted EBITDA reached $32.7 million, an improvement year-over-year. Despite the revenue increase, adjusted EBITDA margins dipped by approximately 90 basis points, primarily due to the higher margin profile of attractions being impacted more than the lodging segment by unfavorable weather.
| Metric | Q2 2026 | YoY | QoQ |
|---|---|---|---|
| Revenue | $133.5M | +14% | N/A |
| Adjusted EBITDA | $32.7M | +10% | N/A |
| Net Income | $14M | +38% | N/A |
Strategic Transactions Enhance Growth Potential
The recent acquisition of Eagle Wing Tours for approximately 6.5 times adjusted EBITDA strengthens Pursuit's portfolio, providing a desirable entry into the Vancouver Island market. This acquisition is expected to contribute $1 million to $2 million in adjusted EBITDA in the second half of 2026. Additionally, the sale of the non-core Flyover business has allowed the company to focus on high-value growth opportunities, resulting in a stronger balance sheet to support ongoing investments and strategic acquisitions.
Updated Guidance Reflects Positive Demand Indicators
Management has increased its full-year guidance for adjusted EBITDA growth to 14%, now projected between $128 million and $138 million. This revision accounts for contributions from Eagle Wing Tours and the Flyover business before its sale, despite an estimated $2 million adverse effect from foreign exchange rate changes. The company remains optimistic about demand indicators for lodging properties, with revenue pacing ahead of the previous year, signaling strong performance in the upcoming peak tourism season.
Analyst Q&A Highlights Weather Impact and Growth Strategies
During the Q&A session, analysts raised concerns about the weather's impact on attraction visitation. CEO David Berry noted that adverse weather led to decreased sightseeing activity, which traditionally generates higher margins compared to lodging. He emphasized the importance of effective guest experience management and the ability to pivot strategies based on demand dynamics. The company acknowledged that while weather variability can impact results, it remains confident in the overall health of its business, citing strong lodging demand and effective pricing strategies.
Another key point discussed was the ongoing pipeline of organic growth investments, amounting to over $300 million from 2026 to 2030. These investments are expected to enhance existing experiences and expand capacity, further strengthening Pursuit's market position.
Frequently Asked Questions
Did Pursuit Attractions and Hospitality, Inc. beat earnings estimates in Q2 2026?
Yes, Pursuit reported Q2 2026 revenue of $133.5 million, outperforming the consensus estimate of $128 million by $5.5 million.
How did weather impact Pursuit's attraction performance this quarter?
Adverse weather conditions negatively affected sightseeing visitation, which typically yields higher margins compared to lodging. Despite this, the company managed to achieve a 3% year-over-year increase in ticket revenue.
What is Pursuit's updated guidance for full-year 2026?
Pursuit has increased its full-year adjusted EBITDA guidance to reflect a 14% growth rate, with expectations now set between $128 million and $138 million, incorporating contributions from Eagle Wing Tours and previous Flyover operations.
How has Pursuit's acquisition strategy evolved recently?
Pursuit's acquisition strategy remains focused on iconic experiences with perennial demand. The recent acquisition of Eagle Wing Tours demonstrates this disciplined approach, complementing the company's existing portfolio and enhancing growth potential.
What investments are planned for Pursuit's organic growth?
Pursuit has identified over $300 million in organic growth investment opportunities through 2030, aimed at enhancing guest experiences and expanding capacity across its portfolio of attractions and lodging properties.
The upcoming quarters will be pivotal in assessing how effectively Pursuit can leverage its acquisitions and manage weather-related challenges to sustain growth momentum and profitability.
This analysis is based on public earnings call materials and is not investment advice.
