Forward-Looking Statements Except for any historical information contained herein, the matters discussed or incorporated by reference in this Quarterly Report on Form 10-Q (this “Form 10-Q”) contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements relate to analyses and other information, available as of the date hereof which are based on forecasts of future results and estimates of amounts not yet determinable. These statements also relate to our contemplated future prospects, developments and business strategies. Words, and variations of words, such as “aim,” “anticipate,” “believe,” “could,” “deliver,” “estimate,” “expect,” “intend,” “may,” “might,” “outlook,” “plan,” “potential,” “seek,” “target,” “will,” and similar expressions are intended to identify our forward-looking statements. Similarly, statements that describe our business strategy, outlook, objectives, plans, initiatives, intentions, or goals also are forward-looking statements. These forward-looking statements are not historical facts and are subject to a host of risks and uncertainties, many of which are beyond our control, which could cause actual results to differ materially from those in the forward-looking statements. Important factors that could cause actual results to differ materially from those described in our forward-looking statements include, but are not limited to: •general economic and geopolitical uncertainty in key global markets and a worsening of global economic conditions; •the seasonality of our businesses; •the competitive nature of the industries in which we operate; •travel industry disruptions; •changes in consumer tastes and preferences for recreational activities; •natural disasters, weather conditions, and other catastrophic events; •accidents and adverse incidents at our hotels and attractions; •the sufficiency and cost of insurance coverage; •the impact of our borrowings, including our revolving credit facility, on our operational and financial flexibility; •risks of new capital projects not being commercially successful; •our ability to fund capital expenditures, or our ability to deploy capital in line with our strategic objectives; •our ability to successfully integrate and achieve anticipated benefits from acquisitions; •unknown or contingent liabilities from acquisitions; •failure to adapt to technological developments or industry trends; •our inability to realize the strategic, financial and operational benefits from the sale of the Company’s Flyover Attractions (as defined herein); •potential increases in operating expenses; •conducting business globally, including the impact of regulatory regimes in geographies where we operate or may expand; •our exposure to currency exchange rate fluctuations; •liabilities relating to prior and discontinued operations; •the importance of key personnel to our business; •the impact of labor shortages; •our exposure to cybersecurity attacks and threats, including the impact of fraud; •compliance with laws governing the storage, collection, handling, and transfer of personal data and our exposure to legal claims and fines for data breaches or improper handling of such data; •compliance with foreign data privacy laws that apply to our activities; •our exposure to litigation in the ordinary course of business; •changes in federal, state, local or foreign tax laws; •our ability to comply with extensive environmental requirements; and •risks related to ownership of our common stock. For a more complete discussion of the risks and uncertainties that may affect our business or financial results, see Part I, Item 1A – Risk Factors of our Annual Report on Form 10-K for the year ended December 31, 2025, filed with the Securities and Exchange Commission on February 25, 2026 (the “2025 Form 10-K”). Given these risks and uncertainties, users of this information should not place undue reliance on these forward-looking statements as predictions of future events. Although we believe that the expectations reflected in the forward-looking statements are reasonable, our information may be incomplete or limited and we cannot guarantee future results. Any forward-looking statements in this Form 10-Q are made as of the date hereof and reflect our current views. We expressly disclaim and 21 do not undertake any obligation to update or revise any forward-looking statement in this Form 10-Q for any reason, even if new information becomes available in the future, except as required by applicable law or regulation. The following Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) should be read in conjunction with our 2025 Form 10-K and the Condensed Consolidated Financial Statements and related notes included in this Form 10-Q. The MD&A is intended to assist in understanding our financial condition and results of operations. Overview We are an attractions and hospitality company that owns and operates a collection of inspiring and unforgettable experiences in iconic destinations in the United States (“U.S.”), Canada, Iceland, and Costa Rica. Including Eagle Wing Tours, Ltd. (which we acquired on July 14, 2026, as discussed below) and excluding the Flyover Attractions (as defined below), our elevated hospitality experiences include 14 world-class point-of-interest attractions and 29 distinctive lodges, along with integrated restaurants, retail and transportation that enable visitors to discover and connect with stunning national parks and renowned global travel locations. Eagle Wing Tours Acquisition On July 14, 2026, we entered into a Share Purchase Agreement with the shareholders of Eagle Wing Tours Ltd. (“Eagle Wing”), pursuant to which we acquired all of the issued and outstanding shares of Eagle Wing for an aggregate purchase price of CAD $23.9 million (approximately USD $17.0 million as of closing). Eagle Wing, based on Vancouver Island, British Columbia, operates a whale watching and marine wildlife experience through a fleet of five vessels. The financial results of Eagle Wing will be consolidated in our financial statements prospectively from the date of acquisition. Flyover Attractions Sale On July 31, 2026, we completed the sale of all of our equity in the Flyover attractions (the “Flyover Attractions”) to Brogent Technologies Inc. pursuant to an Equity Purchase Agreement, dated January 21, 2026, for a purchase price of approximately $75.0 million in cash, subject to post-closing adjustments. As of June 30, 2026, the assets and liabilities of the Flyover Attractions are presented as current assets held for sale and current liabilities held for sale on our Condensed Consolidated Balance Sheet. We do not report the Flyover Attractions as a discontinued operation. See Note 4 – Acquisitions and Dispositions to the Condensed Consolidated Financial Statements (Part I, Item 1 of this Form 10-Q) for additional information. Tabacón Acquisition On July 1, 2025, we entered into a Share Purchase Agreement with the shareholders of Inversiones Turísticas Arenal, S.A. (“ITA”), pursuant to which we acquired all of the issued and outstanding shares of ITA. ITA is the owner and operator of Tabacón Thermal Resort & Spa (“Tabacón”), an eco-luxury resort spanning 570 acres of rainforest which features two thermal river attractions, located in the Arenal region of Costa Rica. Tabacón features 105 rooms, an internationally renowned spa, and signature culinary experiences. See Note 4 – Acquisitions and Dispositions to the Condensed Consolidated Financial Statements (Part I, Item 1 of this Form 10-Q) for additional information. The financial results of Tabacón are consolidated in our financial statements prospectively from the date of acquisition. Seasonality Peak activity for the majority of our operations has historically occurred during the summer months. However, our recent acquisition of Tabacón represents an operation which we expect will generate revenue more evenly over the course of the calendar year. During 2025, 79% of our revenue was earned in the second and third quarters. 22 Results of Operations The following table presents total revenue by lines of business for the three and six months ended June 30, 2026 and 2025: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2026 2025 % Change 2026 2025 % Change Revenue (1): Attractions $ 70,839 $ 67,968 4.2 % $ 99,583 $ 91,960 8.3 % Hospitality 54,898 44,485 23.4 % 74,882 55,679 34.5 % Transportation 3,706 3,727 (0.6 )% 5,799 5,522 5.0 % Other 4,050 563 ** 4,871 1,161 ** Total revenue $ 133,493 $ 116,743 14.3 % $ 185,135 $ 154,322 20.0 % ** Change is greater than +/- 100%. (1)Revenue by lines of business does not agree to Note 2 – Revenue and Related Contract Liabilities to the Condensed Consolidated Financial Statements (Part I, Item 1 of this Form 10-Q) as the amounts in the above table represent management’s methodology for evaluating performance, which includes product revenue from food and beverage and retail operations within each line of business. Attractions revenue increased $2.9 million, or 4.2%, during the three months ended June 30, 2026, primarily due to a 7.7% increase in revenue per attraction visitor on a same store-basis, as well as incremental attractions revenue from Tabacón (acquired in July 2025) of $1.2 million. Attractions revenue increased $7.6 million, or 8.3%, during the six months ended June 30, 2026, primarily due to a 6.7% increase in revenue per attraction visitor on a same-store basis, as well as incremental attractions revenue from Tabacón of $3.1 million. Hospitality revenue increased $10.4 million during the three months ended June 30, 2026, primarily due to incremental hospitality revenue of $7.1 million from Tabacón, as well as an increase in ADR (as defined below) at our other lodging properties. Hospitality revenue increased $19.2 million during the six months ended June 30, 2026, primarily due to incremental hospitality revenue of $15.2 million from Tabacón, as well as an increase in ADR at our other lodging properties. Other revenue increased $3.5 million and $3.7 million during the three and six months ended June 30, 2026, respectively, primarily due to film licensing revenue for the Flyover Attractions during such periods. Performance Measures We use the following key business metrics to evaluate the performance of Pursuit’s attractions business: •Number of visitors. The number of visitors allows us to assess the volume of tickets sold at each attraction during the period. •Revenue per attraction visitor. Revenue per attraction visitor is calculated as total attractions revenue divided by the total number of visitors at all Pursuit attractions during the period. Total attractions revenue includes ticket sales and ancillary revenue generated by attractions, such as food and beverage and retail revenue. Total attractions revenue per visitor measures the total spend per visitor that attraction properties are able to capture, which is important to the profitability of the attractions business. •Effective ticket price. Effective ticket price is calculated as revenue from the sale of attraction tickets divided by the total number of visitors at all comparable Pursuit attractions during the period. We use the following key business metrics, common in the hospitality industry, to evaluate Pursuit’s hospitality business: •Revenue per Available Room (“RevPAR”). RevPAR is calculated as total rooms revenue divided by the total number of room nights available for all comparable Pursuit hospitality properties during the period. Total rooms revenue does not include non-rooms revenue, which consists of ancillary revenue generated by hospitality properties, such as food and beverage and retail revenue. RevPAR measures the period-over-period change in rooms revenue per available room for comparable hospitality properties. RevPAR is affected by average daily rate and occupancy, which have different implications on profitability. •Average Daily Rate (“ADR”). ADR is calculated as total rooms revenue divided by the total number of room nights sold for all comparable Pursuit hospitality properties during the period. ADR is used to assess the pricing levels that the hospitality properties are able to realize. Increases in ADR lead to increases in rooms revenue with no substantial effect on variable costs, therefore having a greater impact on margins than increases in occupancy. •Occupancy. Occupancy is calculated as the total number of room nights sold divided by the total number of room nights available for all comparable Pursuit hospitality properties during the period. Occupancy measures the utilization of the available capacity at the hospitality properties. Increases in occupancy result in increases in rooms revenue and additional 23 variable operating costs (including housekeeping services, utilities, and room amenity costs), as well as increases in ancillary non-rooms revenue (including food and beverage and retail revenue). The following tables provide our key performance indicators for the three and six months ended June 30, 2026 and 2025: Three Months Ended Three Months Ended June 30, 2026 June 30, 2025 % Change As Reported Same-Store (1) As Reported Same-Store (1) As Reported Same-Store (1) Attractions Key Performance Indicators: Number of visitors (in thousands) 1,096 1,079 1,135 1,135 (3.4 %) (4.9 )% Ticket revenue (in thousands) $ 54,668 $ 53,446 $ 53,200 $ 53,202 2.8 % 0.5 % Effective ticket price $ 49.88 $ 49.53 $ 46.87 $ 46.87 6.4 % 5.7 % Attractions revenue (in thousands) $ 70,839 $ 69,559 $ 67,968 $ 67,969 4.2 % 2.3 % Revenue per attraction visitor $ 64.63 $ 64.47 $ 59.88 $ 59.88 7.9 % 7.7 % Hospitality Key Performance Indicators: Room nights available (in thousands) 164 137 159 139 3.1 % (1.4 )% Rooms revenue (in thousands) $ 32,973 $ 25,640 $ 25,952 $ 23,646 27.1 % 8.4 % RevPAR $ 201.05 $ 187.15 $ 163.11 $ 170.12 23.3 % 10.0 % Occupancy 76.1 % 76.4 % 73.5 % 75.1 % 2.6 pts 1.3 pts ADR $ 264.20 $ 244.97 $ 221.80 $ 226.52 19.1 % 8.1 % Hospitality revenue (in thousands) $ 54,898 $ 44,092 $ 44,485 $ 40,828 23.4 % 8.0 % Six Months Ended Six Months Ended June 30, 2026 June 30, 2025 % Change As Reported Same-Store (1) As Reported Same-Store (1) As Reported Same-Store (1) Attractions Key Performance Indicators: Number of visitors (in thousands) 1,578 1,537 1,595 1,595 (1.1 %) (3.6 )% Ticket revenue (in thousands) $ 77,814 $ 74,796 $ 72,152 $ 73,600 7.8 % 1.6 % Effective ticket price $ 49.31 $ 48.66 $ 45.25 $ 46.14 9.0 % 5.5 % Attractions revenue (in thousands) $ 99,583 $ 96,440 $ 91,960 $ 93,793 8.3 % 2.8 % Revenue per attraction visitor $ 63.11 $ 62.75 $ 57.67 $ 58.80 9.4 % 6.7 % Hospitality Key Performance Indicators: Room nights available (in thousands) 275 226 268 228 2.6 % (0.9 )% Rooms revenue (in thousands) $ 46,063 $ 32,704 $ 33,291 $ 30,281 38.4 % 8.0 % RevPAR $ 167.50 $ 144.71 $ 124.12 $ 132.81 35.0 % 9.0 % Occupancy 71.4 % 71.0 % 67.8 % 70.1 % 3.6 pts 0.9 pts ADR $ 234.60 $ 203.81 $ 183.18 $ 189.46 28.1 % 7.6 % Hospitality revenue (in thousands) $ 74,882 $ 54,668 $ 55,679 $ 50,534 34.5 % 8.2 % (1) Same-Store key performance indicators represent attractions and hospitality properties that we operated at full capacity, considering seasonal closures, and that have not undergone significant renovations during the quarters being compared. Accordingly, Tabacón (acquired on July 1, 2025), Forest Park Hotel Woodland Wing (currently under renovation), and Grouse Mountain Lodge (currently under renovation) are excluded for the first and second quarters. For attractions and hospitality properties located outside the United States, comparisons to the prior year are expressed on a constant U.S. dollar basis. Attractions. During the three months ended June 30, 2026, attractions ticket revenue on a same-store basis increased $0.2 million, driven by a 5.7% increase in effective ticket price, partially offset by a 4.9% decrease in number of visitors. During the six months ended June 30, 2026, attractions ticket revenue on a same-store basis increased $1.2 million, driven by a 5.5% increase in effective ticket price, partially offset by a 3.6% decrease in number of visitors. The increases in effective ticket price were primarily driven by our focus on enhancing the guest experience, while the decreases in number of visitors were primarily due to the impact of unfavorable weather near several of our attractions. Hospitality. During the three and six months ended June 30, 2026, rooms revenue on a same-store basis increased $2.0 million on a 10.0% increase in RevPAR and $2.4 million on a 9.0% increase in RevPAR, respectively. The increases in RevPAR were primarily due to increases in ADR and supported by strong perennial demand for our renowned experiential travel destinations. 24 Expenses Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2026 2025 % Change 2026 2025 % Change Cost of food, beverage, and retail products sold $ 9,587 $ 8,871 8.1 % $ 12,575 $ 11,156 12.7 % Operating expenses (exclusive of depreciation and amortization shown separately below) $ 71,374 $ 58,669 21.7 % $ 113,586 $ 93,575 21.4 % Selling, general, and administrative expenses $ 20,788 $ 19,623 5.9 % $ 40,001 $ 40,309 (0.8 )% Depreciation and amortization $ 9,650 $ 11,073 (12.9 )% $ 19,326 $ 22,041 (12.3 )% Interest expense, net $ 3,172 $ 1,928 64.5 % $ 5,827 $ 3,392 71.8 % Other (income) expense, net $ (2,728 ) $ 5,962 ** $ (1,894 ) $ 6,319 ** Income tax expense $ 4,208 $ 3,021 39.3 % $ 2,989 $ 1,155 ** ** Change is greater than +/- 100%. Operating expenses (exclusive of depreciation and amortization) – The increase in operating expenses for the three months ended June 30, 2026, compared to the prior year period was primarily due to the periodic remeasurement of the Sky Lagoon finance lease obligation, which resulted in an unrealized foreign exchange gain of $3.9 million in the second quarter of 2025 compared to an unrealized foreign exchange loss of $0.5 million in the second quarter of 2026. The increase was also due to incremental expenses from Tabacón of $3.2 million and increases in variable costs associated with increased transaction volumes and revenue, including increases of $2.1 million in operating supplies and services, $1.9 million in labor expense, and other inflationary cost increases. The increase in operating expenses for the six months ended June 30, 2026, compared to the prior year period was primarily due to the periodic remeasurement of the Sky Lagoon finance lease obligation, which resulted in an unrealized foreign exchange gain of $6.1 million in 2025 compared to an unrealized foreign exchange loss of $0.2 million in 2026. The increase was also due to incremental expenses from Tabacón of $4.5 million and increases in variable costs associated with increased transaction volumes and revenue, including increases of $3.4 million in labor expense, $2.3 million in operating supplies and services, and other inflationary cost increases. Other (income) expense, net – The increases in other income for the three and six months ended June 30, 2026, compared to the prior year periods were primarily due to a $5.4 million settlement charge in the prior year periods associated with the termination of the Giltspur Inc. Employees’ Pension Plan, which was reclassified from accumulated other comprehensive loss, and a $4.6 million gain recorded during the three and six months ended June 30, 2026, related to business interruption insurance proceeds received in connection to the 2024 Jasper wildfires. These increases were partially offset by an approximate $3.1 million impairment of the Flyover Attractions Disposal Group (the total assets and liabilities combined with the related accumulated other comprehensive loss of the Flyover Attractions) during the three and six months ended June 30, 2026. Income tax expense – The effective tax rate was 19.4% for the three months ended June 30, 2026, compared to 28.5% for the three months ended June 30, 2025, and negative 69.7% for the six months ended June 30, 2026, compared to negative 5.1% for the six months ended June 30, 2025. The decreases in the effective rate for the three and six months ended June 30, 2026, compared to the prior year periods were primarily attributable to improved U.S. operating results and the inclusion of Tabacón’s operating results in 2026. Liquidity and Capital Resources We believe that our existing sources of liquidity will be sufficient to fund operations and projected capital expenditures for at least the next 12 months and the longer term. When assessing our current sources of liquidity, we include the following: (in thousands) June 30, 2026 December 31, 2025 June 30, 2025 Unrestricted cash and cash equivalents (1) $ 33,864 $ 31,118 $ 24,742 Available capacity under 2025 Revolving Credit Facility (2) 124,185 207,007 183,859 Cash and cash equivalents reported in current assets held for sale 2,833 — — Total available liquidity $ 160,882 $ 238,125 $ 208,601 (1)As of June 30, 2026, we held $31.4 million of our unrestricted cash and cash equivalents outside of the U.S. (2)As of June 30, 2026, the available capacity under our revolving credit facility (“2025 Revolving Credit Facility”) was the $300.0 million total facility size, less $170.5 million of outstanding borrowings and $5.3 million of outstanding letters of credit. 25 Cash provided by operating activities, supplemented by our existing unrestricted cash and cash equivalents and availability under our 2025 Revolving Credit Facility, are our primary sources of liquidity for funding our business requirements. A net cash outflow from operating activities is regularly observed in the Condensed Consolidated Statements of Cash Flows during the six months ended June 30 due to seasonality. Our short-term and long-term funding requirements include debt obligations, maintenance capital expenditures, working capital requirements, and potential acquisitions and strategic investments as we focus on scaling our investments in high-return, unforgettable, inspiring experiences through our growth strategy. Our projected capital outlays can be adjusted for changes in the operating environment. Capital Expenditures For 2026, we have planned capital expenditures of approximately $103 million to $114 million, including approximately $70 million to $80 million on select growth projects. We intend to continue making disciplined growth investments while maintaining a sufficient liquidity position. Other Obligations We have additional obligations as part of our ordinary course of business, beyond those committed for debt obligations and capital expenditures. See Note 12 – Pension and Postretirement Benefits and Note 13 – Leases and Other to the Condensed Consolidated Financial Statements (Part I, Item 1 of this Form 10-Q) for additional information. The expected timing of payments of our obligations is estimated based on current information. Timing of payments and actual amounts paid may be different, depending on changes to agreed-upon amounts for certain obligations. Cash Flows Six Months Ended June 30, (in thousands) 2026 2025 Net cash used in operating activities attributable to continuing operations $ (11,029 ) $ (2,808 ) Net cash used in investing activities attributable to continuing operations (36,082 ) (21,681 ) Net cash provided by financing activities attributable to continuing operations 52,265 4,942 Net cash used in operating activities attributable to continuing operations was $11.0 million during the six months ended June 30, 2026, an increase of $8.2 million compared to the same period in 2025, primarily driven by an increase in cash payments for taxes of approximately $5.5 million associated with an increase in operating results from continuing operations on which those payments are based, an increase in cash payments of approximately $3.1 million related to legacy pension and other postretirement benefit plans, and other changes in the timing of working capital, partially offset by improved results from operations across our network of attractions and hospitality properties. Net cash used in investing activities attributable to continuing operations was $36.1 million during the six months ended June 30, 2026, an increase of $14.4 million compared to the same period in 2025, which was primarily driven by an increase in capital expenditures of $8.3 million, as well as a decrease in proceeds from insurance of $5.9 million. Net cash provided by financing activities attributable to continuing operations was $52.3 million during the six months ended June 30, 2026, an increase of $47.3 million compared to the same period in 2025, primarily driven by an increase of net proceeds from borrowings of $84.1 million, partially offset by $32.7 million for repurchases of our common stock. Share Repurchases On May 1, 2026, our Board of Directors approved a $50.0 million increase to our existing $50.0 million share repurchase authorization, for a total share repurchase authorization of $100.0 million. During the three and six months ended June 30, 2026, we repurchased shares of our common stock worth $7.5 million and $32.7 million, respectively. As of June 30, 2026, approximately $57.1 million remained authorized and available for common stock repurchases. Repurchases may be made from time to time at our discretion through open market purchases, including through Rule 10b5-1 trading plans, or otherwise, as market conditions and business considerations warrant. The Board of Directors’ authorization does not have an expiration date. Critical Accounting Estimates See Part II, Item 7 – Management’s Discussion and Analysis of Financial Condition and Results of Operations of our 2025 Form 10-K for a discussion of our critical accounting estimates. 26 Impact of Recent Accounting Pronouncements See Note 1 – Overview and Basis of Presentation to the Condensed Consolidated Financial Statements (Part I, Item 1 of this Form 10-Q) for additional information.