PRSU Filings — Pursuit Attractions & Hospitality, Inc. - FilingSpy
PRSU
Pursuit Attractions & Hospitality, Inc.
Operating iconic attractions and lodges across North America, Iceland, and Costa Rica—from the Banff Gondola and Jasper SkyTram to the Sky Lagoon near Reykjavík and Tabacón's thermal resort at Arenal Volcano. Its Banff roots reach back to 1892, when the Brewster brothers, aged just 10 and 12, started guiding visitors through Banff National Park. The company grew from Glacier Park lodges and the Greyhound transport empire before rebranding as Pursuit.
Pursuit's Q2 operating income doubled to $21.6M as higher pricing and insurance proceeds offset rising costs.
Pursuit's more than doubled , even as expense growth outpaced . Revenue rose 14.3% to $133.5 million, driven by the Tabacón acquisition and higher pricing, while a $4.6 million insurance recovery and the absence of a prior-year pension charge lifted other income. The company is funding its growth by taking on debt, with long-term borrowings nearly doubling from year-end to $191.8 million.
Key takeaways
rose 103.9% to $21.6 million, with widening 7.1 points to 16.2%, as a $4.6 million gain in other income from Jasper wildfire insurance proceeds and the absence of a $5.4 million prior-year pension settlement charge more than offset a 21.7% increase in operating expenses.
grew 14.3% to $133.5 million, with hospitality revenue up 23.4% on the Tabacón acquisition and a 10.0% same-store increase, while attractions revenue rose 4.2% on a 7.7% increase in same-store revenue per visitor.
Section summaries
Management's Discussion and Analysis
Total revenue rose 14.3% in Q2 2026, driven by Tabacón acquisition and higher ADR and ticket prices.
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Total grew 14.3% to $133.5M in Q2 2026, with hospitality up 23.4% and attractions up 4.2%.
Selling, general and administrative expenses rose 21.7%, partly due to a $4.4 million swing in unrealized foreign exchange on the Sky Lagoon lease and $3.2 million in incremental costs from the Tabacón Thermal Resort & Spa.
rose to $191.8 million from $99.3 million at year-end 2025, reflecting draws to fund growth projects and $32.7 million in share repurchases during the first half of 2026.
The company repurchased $25.2 million of common stock in Q1 and an additional $7.5 million in Q2, a new use of capital following the GES divestiture.
Cumulative unrealized foreign-currency translation losses in equity increased to $48.2 million from $46.4 million at year-end, with no hedges in place on Canadian, Icelandic, or Costa Rican operations.
What changed
The $78.4 million FlyOver Attractions sale to Brogent Technologies, flagged in the FY 2025 10-K, closed in May 2026, exiting a reporting unit that had recorded $47.6 million in charges in 2024.
One-off transaction costs tied to the GES sale and Tabacón acquisition, which had inflated SG&A in prior quarters, continued to phase out, though a new $4.4 million unrealized FX swing on the Sky Lagoon lease kept expense growth elevated.
The $44.9 million unrealized FX translation loss at Q2 2025 rose to $48.2 million at Q2 2026, as the U.S. dollar strengthened against the Canadian dollar, Icelandic króna, and Costa Rican colón.
The company's use of capital shifted: after repurchasing $25.2 million in stock in Q1 2026, it drew further on its , pushing to $191.8 million, up from $26.8 million a year earlier.
What to watch
Q3 2026 and as the peak summer season tests the Tabacón acquisition's contribution and the recovery in Jasper without the FlyOver assets.
Movement in the $48.2 million unrealized FX translation loss next quarter, with no hedges on Canadian, Icelandic, or Costa Rican operations and the U.S. dollar's direction affecting reported equity.
Whether the $4.4 million unrealized FX swing on the Sky Lagoon lease is a one-off or signals ongoing volatility in operating expenses from unhedged lease liabilities.
Full-year 2026 capital expenditure execution against the $103–$114 million plan and its effect on the $160.9 million in available liquidity.
increased 10.0% on an 8.1% rise in , while same-store attractions per visitor rose 7.7%.
Operating expenses rose 21.7%, partly due to a $4.4M swing in unrealized FX on the Sky Lagoon lease and $3.2M in incremental Tabacón costs.
Other income swung to a $2.7M gain, reflecting $4.6M in Jasper wildfire insurance proceeds and a prior-year $5.4M pension settlement charge.
Available liquidity stood at $160.9M as of June 30, 2026, with $124.2M undrawn on the .
2026 planned is $103M–$114M, including $70M–$80M for growth projects; $32.7M was spent on share repurchases in H1 2026.
Quantitative and Qualitative Disclosures About Market Risk
Pursuit faces unhedged foreign-exchange and interest-rate risks from Canadian, Costa Rican, and Icelandic operations.
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Translation of foreign subsidiaries’ assets and liabilities into USD creates equity risk; cumulative unrealized translation losses reached $48.2M at June 30, 2026.
The company recorded a $1.7M unrealized translation loss in Pursuit’s comprehensive income for the six months ended June 30, 2026, versus an $18.1M gain a year earlier.
and earnings from foreign operations are translated at average rates, exposing period-to-period profitability comparisons to currency swings with no hedging in place.
Foreign subsidiaries hold $42.6M in long-term nonfunctional-currency liabilities and a $32.6M intercompany debt tied to Tabacón Thermal Resort & Spa, creating transaction risk.
Variable-rate debt exposes the company to interest-rate risk, which also remains unhedged.
No material changes in market-risk exposures have occurred since the 2025 10-K.
See Note 14 – Litigation, Claims, Contingencies, and Other to the Condensed Consolidated Financial Statements (Part I, Item 1 of this Form 10-Q) for information regarding litigation and regulatory proceedings related to Pursuit, which information is incorporated by reference her…
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See Note 14 – Litigation, Claims, Contingencies, and Other to the Condensed Consolidated Financial Statements (Part I, Item 1 of this Form 10-Q) for information regarding litigation and regulatory proceedings related to Pursuit, which information is incorporated by reference herein.
There are various risks associated with the operations of Pursuit’s businesses. In addition to information in this Form 10-Q, careful consideration should be given to the factors discussed in Part I, Item 1A – Risk Factors and Part II, Item 7 – Management’s Discussion and Analys…
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There are various risks associated with the operations of Pursuit’s businesses. In addition to information in this Form 10-Q, careful consideration should be given to the factors discussed in Part I, Item 1A – Risk Factors and Part II, Item 7 – Management’s Discussion and Analysis of Financial Condition and Results of Operations of our 2025 Form 10-K, which could materially affect our business, financial condition, or future results. This information provides a framework to understand our operating environment and an explanation of the significant risks associated with Pursuit’s businesses. There have been no material changes to our previously disclosed risk factors.