Pursuit Attractions & Hospitality, Inc. 10-Q

10-Q UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2026 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____________ to____________ Commission file number: 001-11015 Pursuit Attractions and Hospitality, Inc. (Exact name of registrant as specified in its charter) Delaware 36-1169950 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) 1401 17th Stre et, Suite 1400 , Denver , Colorado 80202 (Address of principal executive offices and zip code) ( 602 ) 207-1000 (Registrant’s telephone number, including area code) Not Applicable (Former name, former address and former fiscal year, if changed since last report) Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading Symbol Name of each exchange on which registered Common Stock, $1.50 par value per share PRSU New York Stock Exchange Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. Large accelerated filer ☐ Accelerated filer ☒ Non-accelerated filer ☐ Smaller reporting company ☐ Emerging growth company ☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒ As of August 3, 2026, there were 27,264,155 shares of common stock outstanding. INDEX Page PART I - FINANCIAL INFORMATION Item 1. Financial Statements 1 Condensed Consolidated Balance Sheets as of June 30, 2026, December 31, 2025, and June 30, 2025 1 Condensed Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2026 and 2025 2 Condensed Consolidated Statements of Comprehensive Income (Loss) for the Three and Six Months Ended June 30, 2026 and 2025 3 Condensed Consolidated Statements of Stockholders’ Equity for the Three Months Ended March 31 and June 30, 2026 and 2025 4 Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2026 and 2025 5 Notes to Condensed Consolidated Financial Statements 6 Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 21 Item 3. Quantitative and Qualitative Disclosures About Market Risk 27 Item 4. Controls and Procedures 27 PART II - OTHER INFORMATION Item 1. Legal Proceedings 28 Item 1A. Risk Factors 28 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 28 Item 5. Other Information 28 Item 6. Exhibits 29 SIGNATURE 30 For periods presented in this report, unless otherwise stated or as the context otherwise requires, references to, “we,” “us,” “our,” “the Company,” and “Pursuit” refer to Pursuit Attractions and Hospitality, Inc. and our consolidated subsidiaries. PART I – FINANCI AL INFORMATION ITEM 1. Financi al Statements PURSUIT ATTRACTIONS AND HOSPITALITY, INC. CONDENSED CONSOLIDA TED BALANCE SHEETS (Unaudited) (in thousands, except per share data) June 30, 2026 December 31, 2025 June 30, 2025 Assets Current assets Cash and cash equivalents $ 33,864 $ 31,118 $ 24,742 Accounts receivable, net of allowances 21,153 9,151 24,167 Inventories 17,775 12,105 17,104 Prepaid assets 22,030 8,676 20,455 Current assets held for sale 120,224 — — Other current assets 1,684 2,606 33,809 Total current assets 216,730 63,656 120,277 Property and equipment, net 590,266 649,330 558,389 Other investments and assets 3,775 79 7,532 Operating lease right-of-use assets 9,288 26,297 27,191 Goodwill 127,112 150,414 108,295 Other intangible assets, net 73,158 75,649 71,415 Total Assets $ 1,020,329 $ 965,425 $ 893,099 Liabilities and Stockholders’ Equity Current liabilities Accounts payable $ 17,573 $ 21,002 $ 29,616 Contract liabilities 34,945 14,478 33,433 Accrued compensation 10,682 11,782 15,811 Current liabilities held for sale 49,834 — — Other current liabilities 21,886 31,528 36,735 Total current liabilities 134,920 78,790 115,595 Long-term debt and finance lease obligations 234,082 155,020 82,401 Long-term operating lease obligations 6,884 35,339 35,996 Other deferred items and liabilities 35,481 35,892 36,974 Total liabilities 411,367 305,041 270,966 Commitments and contingencies Stockholders’ equity Pursuit stockholders’ equity: Common stock, $ 1.50 par value, 200,000 shares authorized, 27,263 , 28,009 , and 28,270 shares outstanding, respectively 47,413 47,413 47,413 Additional capital 679,341 685,714 675,085 Retained earnings 47,480 57,246 8,207 Accumulated other comprehensive loss ( 45,579 ) ( 41,803 ) ( 43,354 ) Common stock in treasury, at cost, 4,346 , 3,611 , and 3,350 shares, respectively ( 192,403 ) ( 166,737 ) ( 158,989 ) Total Pursuit stockholders’ equity 536,252 581,833 528,362 Non-redeemable noncontrolling interests 72,710 78,551 93,771 Total stockholders’ equity 608,962 660,384 622,133 Total Liabilities and Stockholders’ Equity $ 1,020,329 $ 965,425 $ 893,099 See accompanying Notes to Condensed Consolidated Financial Statements. 1 PURSUIT ATTRACTIONS AND HOSPITALITY, INC. CONDENSED CONSOLIDATED S TATEMENTS OF OPERATIONS (Unaudited) Three Months Ended June 30, Six Months Ended June 30, (in thousands, except per share data) 2026 2025 2026 2025 Revenue: Ticket, rooms, transportation, and other services revenue $ 102,211 $ 88,063 $ 143,440 $ 117,797 Food, beverage, and retail products revenue 31,282 28,680 41,695 36,525 Total revenue 133,493 116,743 185,135 154,322 Costs and expenses: Cost of food, beverage, and retail products sold 9,587 8,871 12,575 11,156 Operating expenses (exclusive of depreciation and amortization shown separately below) 71,374 58,669 113,586 93,575 Selling, general, and administrative expenses 20,788 19,623 40,001 40,309 Depreciation and amortization 9,650 11,073 19,326 22,041 Interest expense, net 3,172 1,928 5,827 3,392 Other (income) expense, net ( 2,728 ) 5,962 ( 1,894 ) 6,319 Total costs and expenses 111,843 106,126 189,421 176,792 Income (loss) from continuing operations before income taxes 21,650 10,617 ( 4,286 ) ( 22,470 ) Income tax expense 4,208 3,021 2,989 1,155 Income (loss) from continuing operations 17,442 7,596 ( 7,275 ) ( 23,625 ) (Loss) income from discontinued operations, net of tax ( 318 ) 1,135 ( 339 ) 1,004 Net income (loss) 17,124 8,731 ( 7,614 ) ( 22,621 ) Net income attributable to non-redeemable noncontrolling interests ( 1,952 ) ( 3,085 ) ( 2,152 ) ( 2,869 ) Net income (loss) attributable to Pursuit $ 15,172 $ 5,646 $ ( 9,766 ) $ ( 25,490 ) Basic income (loss) per common share: Continuing operations attributable to Pursuit common stockholders $ 0.56 $ 0.16 $ ( 0.34 ) $ ( 0.94 ) Discontinued operations attributable to Pursuit common stockholders ( 0.01 ) 0.04 ( 0.01 ) 0.04 Net income (loss) attributable to Pursuit common stockholders $ 0.55 $ 0.20 $ ( 0.35 ) $ ( 0.90 ) Weighted-average outstanding common shares 27,702 28,256 27,779 28,184 Diluted income (loss) per common share: Continuing operations attributable to Pursuit common stockholders $ 0.55 $ 0.16 $ ( 0.34 ) $ ( 0.94 ) Discontinued operations attributable to Pursuit common stockholders ( 0.01 ) 0.04 ( 0.01 ) 0.04 Net income (loss) attributable to Pursuit common stockholders $ 0.54 $ 0.20 $ ( 0.35 ) $ ( 0.90 ) Weighted-average outstanding and potentially dilutive common shares 27,978 28,392 27,779 28,184 See accompanying Notes to Condensed Consolidated Financial Statements. 2 PURSUIT ATTRACTIONS AND HOSPITALITY, INC. CONDENSED CONSOLIDATED STATEM ENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2026 2025 2026 2025 Net income (loss) $ 17,124 $ 8,731 $ ( 7,614 ) $ ( 22,621 ) Other comprehensive (loss) income: Unrealized foreign currency translation adjustments ( 5,820 ) 22,744 ( 3,721 ) 23,527 Change in net actuarial gain or loss, net of tax ( 1,452 ) 3,489 28 3,532 Change in prior service credit, net of tax ( 1,039 ) ( 461 ) ( 2,079 ) ( 463 ) Comprehensive income (loss) 8,813 34,503 ( 13,386 ) 3,975 Comprehensive income attributable to non-redeemable noncontrolling interests ( 961 ) ( 7,716 ) ( 156 ) ( 8,344 ) Comprehensive income (loss) attributable to Pursuit $ 7,852 $ 26,787 $ ( 13,542 ) $ ( 4,369 ) See accompanying Notes to Condensed Consolidated Financial Statements. 3 PURSUIT ATTRACTIONS AND HOSPITALITY, INC. CONDENSED CONSOLIDATED ST ATEMENTS OF STOCKHOLDERS’ EQUITY (Unaudited) (in thousands) Common Stock Additional Capital Retained Earnings Accumulated Other Comprehensive Loss Common Stock in Treasury Total Pursuit Equity Non-Redeemable Noncontrolling Interests Total Stockholders’ Equity Balance, December 31, 2025 $ 47,413 $ 685,714 $ 57,246 $ ( 41,803 ) $ ( 166,737 ) $ 581,833 $ 78,551 $ 660,384 Net (loss) income — — ( 24,938 ) — — ( 24,938 ) 200 ( 24,738 ) Common stock repurchases — — — — ( 25,181 ) ( 25,181 ) — ( 25,181 ) Employee benefit plans — ( 9,808 ) — — 6,808 ( 3,000 ) — ( 3,000 ) Share-based compensation — 1,658 — — — 1,658 — 1,658 Unrealized foreign currency translation adjustments — — — 3,104 — 3,104 ( 1,005 ) 2,099 Change in net actuarial loss, net of tax — — — 1,480 — 1,480 — 1,480 Change in prior service credit, net of tax — — — ( 1,040 ) — ( 1,040 ) — ( 1,040 ) Balance, March 31, 2026 $ 47,413 $ 677,564 $ 32,308 $ ( 38,259 ) $ ( 185,110 ) $ 533,916 $ 77,746 $ 611,662 Net income — — 15,172 — — 15,172 1,952 17,124 Distributions to noncontrolling interests — — — — — — ( 5,997 ) ( 5,997 ) Common stock repurchases — — — — ( 7,533 ) ( 7,533 ) — ( 7,533 ) Employee benefit plans — ( 204 ) — — 240 36 — 36 Share-based compensation — 1,981 — — — 1,981 — 1,981 Unrealized foreign currency translation adjustments — — — ( 4,829 ) — ( 4,829 ) ( 991 ) ( 5,820 ) Change in net actuarial gain, net of tax — — — ( 1,452 ) — ( 1,452 ) — ( 1,452 ) Change in prior service credit, net of tax — — — ( 1,039 ) — ( 1,039 ) — ( 1,039 ) Balance, June 30, 2026 $ 47,413 $ 679,341 $ 47,480 $ ( 45,579 ) $ ( 192,403 ) $ 536,252 $ 72,710 $ 608,962 (in thousands) Common Stock Additional Capital Retained Earnings Accumulated Other Comprehensive Loss Common Stock in Treasury Total Pursuit Equity Non-Redeemable Noncontrolling Interests Total Stockholders’ Equity Balance, December 31, 2024 $ 47,413 $ 680,684 $ 33,697 $ ( 64,475 ) $ ( 171,494 ) $ 525,825 $ 90,863 $ 616,688 Net loss — — ( 31,136 ) — — ( 31,136 ) ( 216 ) ( 31,352 ) Employee benefit plans — ( 9,148 ) — — 9,898 750 — 750 Share-based compensation — 2,436 — — — 2,436 — 2,436 Unrealized foreign currency translation adjustments — — — ( 61 ) — ( 61 ) 844 783 Change in net actuarial loss, net of tax — — — 43 — 43 — 43 Change in prior service credit, net of tax — — — ( 2 ) — ( 2 ) — ( 2 ) Other, net — ( 1 ) — — — ( 1 ) — ( 1 ) Balance, March 31, 2025 $ 47,413 $ 673,971 $ 2,561 $ ( 64,495 ) $ ( 161,596 ) $ 497,854 $ 91,491 $ 589,345 Net income — — 5,646 — — 5,646 3,085 8,731 Distributions to noncontrolling interests — — — — — — ( 5,436 ) ( 5,436 ) Employee benefit plans — ( 712 ) — — 2,607 1,895 — 1,895 Share-based compensation — 1,825 — — — 1,825 — 1,825 Unrealized foreign currency translation adjustments — — — 18,113 — 18,113 4,631 22,744 Change in net actuarial loss, net of tax — — — 3,489 — 3,489 — 3,489 Change in prior service credit, net of tax — — — ( 461 ) — ( 461 ) — ( 461 ) Other, net — 1 — — — 1 — 1 Balance, June 30, 2025 $ 47,413 $ 675,085 $ 8,207 $ ( 43,354 ) $ ( 158,989 ) $ 528,362 $ 93,771 $ 622,133 See accompanying Notes to Condensed Consolidated Financial Statements. 4 PURSUIT ATTRACTIONS AND HOSPITALITY, INC. CONDENSED CONSOLIDATED S TATEMENTS OF CASH FLOWS (Unaudited) Six Months Ended June 30, (in thousands) 2026 2025 Cash flows from operating activities Net loss $ ( 7,614 ) $ ( 22,621 ) Loss (income) from discontinued operations, net of tax 339 ( 1,004 ) Adjustments to reconcile net loss to net cash used in operating activities attributable to continuing operations Depreciation and amortization 19,326 22,041 Share-based compensation expense 3,639 4,261 Other non-cash items, net 459 378 Change in operating assets and liabilities (excluding the impacts of acquisitions and dispositions): Contract liabilities 21,366 19,816 Receivables ( 15,757 ) ( 15,781 ) Prepaid assets ( 14,946 ) ( 11,658 ) Inventories ( 7,653 ) ( 6,728 ) Other assets and liabilities, net ( 10,188 ) 8,488 Net cash used in operating activities attributable to continuing operations ( 11,029 ) ( 2,808 ) Cash flows from investing activities Capital expenditures ( 36,609 ) ( 28,262 ) Other investing activities 527 6,581 Net cash used in investing activities attributable to continuing operations ( 36,082 ) ( 21,681 ) Cash flows from financing activities Proceeds from borrowings 260,873 75,456 Payments on debt and finance lease obligations ( 166,668 ) ( 65,383 ) Repurchases of common stock ( 32,714 ) — Other financing activities ( 9,226 ) ( 5,131 ) Net cash provided by financing activities attributable to continuing operations 52,265 4,942 Total cash provided by (used in) continuing operations 5,154 ( 19,547 ) Net cash used in operating activities attributable to discontinued operations — ( 11,881 ) Net cash provided by investing activities attributable to discontinued operations — 1,485 Total cash used in discontinued operations — ( 10,396 ) Effect of exchange rate changes on cash, cash equivalents, and restricted cash attributable to continuing operations 59 2,268 Net change in cash, cash equivalents, and restricted cash 5,213 ( 27,675 ) Cash, cash equivalents, and restricted cash, beginning of year 31,694 56,057 Cash, cash equivalents, and restricted cash, end of period $ 36,907 $ 28,382 See accompanying Notes to Condensed Consolidated Financial Statements. 5 PURSUIT ATTRACTIONS AND HOSPITALITY, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) NOTE 1. OV ERVIEW AND BASIS OF PRESENTATION Basis of Presentation The accompanying unaudited Condensed Consolidated Financial Statements (Condensed Consolidated Financial Statements) were prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and with the instructions to Form 10-Q and Article 10 of Regulation S-X for interim financial information. Accordingly, these financial statements do not include all of the information required by GAAP or United States Securities and Exchange Commission (“SEC”) rules and regulations for complete financial statements. These financial statements reflect all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation of the results for the interim periods presented. Interim results are not necessarily indicative of the results for the full year. These Condensed Consolidated Financial Statements should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on February 25, 2026 (the “2025 Form 10-K”). The Condensed Consolidated Financial Statements include the accounts of Pursuit and all of its majority-owned subsidiaries, and all significant intercompany account balances and transactions have been eliminated in consolidation. Certain prior year amounts have been reclassified in order to conform to current year presentation. The Company’s Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2025, include reclassifications of expense of $ 3.9 million and $ 7.4 million , respectively, from operating expenses (exclusive of depreciation and amortization shown separately below) to selling, general, and administrative expenses to conform to the Company’s current presentation. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the financial statements and the reported amounts of revenue, costs, and expenses during the reported period. Estimates and assumptions are used in accounting for, among other things: impairment testing of recorded goodwill, intangible assets, and long-lived assets; allowance for uncollectible accounts receivable; sales reserve allowances; provision for income taxes, including uncertain tax positions; valuation allowances related to deferred tax assets; pension and postretirement benefit costs and obligations; share-based compensation costs; the discount rates used to value lease obligations; the allocation of purchase price of acquired businesses; and the estimated purchase price of the Flyover Attractions, as defined below, less costs to sell. These estimates are inherently based on judgment and information currently available. Actual results could differ from these and o ther estimates. The Company believes the assumptions underlying these financial statements are reasonable. Nature of Business and Recent Developments Pursuit is a global attractions and hospitality company that owns and operates a collection of inspiring and unforgettable travel experiences in iconic destinations. Pursuit is managed on a consolidated basis for purposes of assessing performance and making operating decisions. Accordingly, Pursuit is deemed to be a single operating segment. Eagle Wing Tours Acquisition On July 14, 2026, the Company entered into a Share Purchase Agreement with the shareholders of Eagle Wing Tours Ltd. (“Eagle Wing”), pursuant to which Pursuit 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 Pursuit’s financial statements prospectively from the date of acquisition. Flyover Attractions Sale On July 31, 2026, Pursuit completed the sale of all of its equity in the Flyover attractions (the “Flyover Attractions”) to Brogent Technologies Inc. (“Brogent”) pursuant to an Equity Purchase Agreement, dated January 21, 2026, (as supplemented and amended, the “Flyover Sale Agreement”) for a purchase price of approximately $ 75.0 million in cash, subject to post-closing adjustments (the “Flyover Attractions Sale”). 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 the Company’s Condensed Consolidated Balance Sheet. The Company does not report the Flyover Attractions as a discontinued operation. See Note 4 – Acquisitions and Dispositions for additional information. 6 PURSUIT ATTRACTIONS AND HOSPITALITY, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) Insurance Recoveries On July 22, 2024, Jasper National Park was closed and evacuated due to wildfire activity, and wildfires entered the Jasper townsite on July 24, 2024. The Company received insurance proceeds as a partial settlement payment relating to losses from the wildfires of approximately $ 1.9 million and $ 6.4 million during the three and six months ended June 30, 2025, respectively. During the three and six months ended June 30, 2026, the Company received approximately $ 4.8 million in business interruption insurance proceeds and recorded associated income from these proceeds of $ 4.6 million in other (income) expense, net on the Company’s Condensed Consolidated Statements of Operations for such periods. As of June 30, 2026, the Company received an aggregate of $ 28.8 million in total insurance proceeds related to the Jasper wildfires . Tabacón Acquisition On July 1, 2025, Pursuit entered into a Share Purchase Agreement (the “Tabacón Purchase Agreement”) with the shareholders of Inversiones Turísticas Arenal, S.A. (“ITA”), pursuant to which the Company 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 for additional information. The financial results of Tabacón are consolidated in Pursuit’s financial statements prospectively from the date of acquisition. Impact of Recent Accounting Pronouncements The following table provides a brief description of recent accounting pronouncements: Standard Description Date of adoption Effect on the financial statements Standards Not Yet Adopted ASU 2024-03 , R eporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses The amendment requires additional disclosure in the notes to the financial statements about specified expense categories including purchases of inventory, employee compensation, depreciation, and intangible asset amortization. January 1, 2027 This new guidance will expand the Company's footnote disclosures within the scope of this new standard with no impact to the Company's Consolidated Financial Statements. ASU 2025-06 , Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software The amendment updates the accounting guidance for costs incurred to develop or obtain software solely for internal use and costs incurred to implement cloud computing arrangements. Under current guidance, costs are accounted for based on distinct project stages, and that concept is removed under the ASU, which instead clarifies that eligible costs may be capitalized upon meeting specific capitalization thresholds and overcoming significant development uncertainty. January 1, 2028, with early adoption permitted The Company is still in the process of evaluating what impact this new standard will have on its Consolidated Financial Statements. ASU 2025-11 , Interim Reporting (Topic 270): Narrow-Scope Improvements The amendment creates a comprehensive list of interim disclosures required under U.S. GAAP and outlines a principle that requires disclosures at interim periods when an event or change that has a material effect has occurred since the previous year end. The goal of the amendment is to provide clarity regarding the current interim requirements, rather than changing the requirements. January 1, 2028, with early adoption permitted The Company is still in the process of evaluating what impact this new standard will have on its Consolidated Financial Statements. 7 PURSUIT ATTRACTIONS AND HOSPITALITY, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) NOTE 2. REVENUE AND RELATED CONTRACT LIABILITIES Contract Liabilities A contract liability represents an entity’s obligation to transfer goods or services to a customer for which the entity has received consideration from the customer before transferring control of those goods or services. The Company periodically receives customer deposits prior to transferring the related product(s) or service(s) to the customer, which are recorded as “Contract liabilities” in the Condensed Consolidated Balance Sheets. The contract liabilities are recognized as revenue upon satisfaction of the related contract performance obligation(s). The Company’s performance obligations are short-term in nature. The contract liabilities as of December 31, 2025, will be primarily recognized in revenue during the year ending December 31, 2026. Disaggregation of Revenue The following tables disaggregate revenue by major service and product lines, timing of revenue recognition, and geographical regions served 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 2026 2025 Services: Ticket revenue $ 54,668 $ 53,200 $ 77,814 $ 72,152 Rooms revenue 32,973 25,952 46,063 33,291 Other 10,874 5,234 13,785 6,842 Transportation 3,696 3,677 5,778 5,512 Total services revenue 102,211 88,063 143,440 117,797 Products: Food and beverage 19,718 17,324 28,248 23,447 Retail operations 11,564 11,356 13,447 13,078 Total products revenue 31,282 28,680 41,695 36,525 Total revenue $ 133,493 $ 116,743 $ 185,135 $ 154,322 Timing of revenue recognition: Services transferred over time $ 102,211 $ 88,063 $ 143,440 $ 117,797 Products transferred at a point in time 31,282 28,680 41,695 36,525 Total revenue $ 133,493 $ 116,743 $ 185,135 $ 154,322 Geographical regions: Canada $ 68,296 $ 66,850 $ 89,544 $ 86,365 U.S. 39,422 35,530 45,791 41,012 Iceland 17,395 14,363 31,460 26,945 Costa Rica ⁽¹⁾ 8,380 — 18,340 — Total revenue $ 133,493 $ 116,743 $ 185,135 $ 154,322 (1) Tabacón was acquired by Pursuit on July 1, 2025. Accordingly, the revenue of Tabacón is included in the Company’s results of operations prospectively from the date of acquisition. NOTE 3. SHARE-BASED COMPENSATION The Company grants share-based compensation awar ds to its officers, directors, and certain key employees pursuant to the 2017 Pursuit Attractions and Hospitality, Inc. Omnibus Incentive Plan, as amended (the “2017 Plan”). The 2017 Plan has a 10-year term and provides for the following types of awards: (a) incentive and non-qualified stock options; (b) restricted stock awards and restricted stock units; (c) performance units or performance shares; (d) stock appreciation rights; (e) cash-based awards; and (f) certain other stock-based awards. 8 PURSUIT ATTRACTIONS AND HOSPITALITY, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) The following table summarizes share-based compensation expense 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 2026 2025 Restricted stock units $ 1,063 $ 1,218 $ 2,032 $ 2,549 Performance-based restricted stock units 918 607 1,607 1,661 Stock options — — — 51 Share-based compensation expense before income tax 1,981 1,825 3,639 4,261 Income tax benefit (1) ( 51 ) ( 47 ) ( 106 ) ( 86 ) Share-based compensation expense, net of income tax $ 1,930 $ 1,778 $ 3,533 $ 4,175 (1) The income tax benefit amount for all peri ods primarily reflects the tax benefit associated with employees based outside of the U.S. NOTE 4. ACQUISITIONS AND DISPOSITIONS Flyover Attractions On July 31, 2026, Pursuit completed the Flyover Attractions Sale to Brogent pursuant to the Flyover Sale Agreement 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 the Company’s Condensed Consolidated Balance Sheet. Subsequent to being classified as held for sale, the total assets and liabilities combined with the related accumulated other comprehensive loss of the Flyover Attractions (the “Disposal Group”) were recorded at the lower of their historical carrying values or the estimated net purchase price of the Flyover Attractions Sale less costs to sell. As of June 30, 2026, the historical carrying values of the Disposal Group exceeded the estimated net purchase price of the Flyover Attractions less costs to sell. As a result, the Company recorded an impairment of the Disposal Group, with an associated valuation allowance on the net assets of the Disposal Group, of approximately $ 3.1 million during the three and six months ended June 30, 2026, which was presented within other (income) expense, net on the Company’s Condensed Consolidated Statements of Operations. The Company does not report the Flyover Attractions as a discontinued operation. The major classes of assets and liabilities of the Disposal Group as of June 30, 2026, consisted of the following: (in thousands) June 30, 2026 Assets Cash and cash equivalents $ 2,833 Property and equipment, net 73,986 Operating lease right-of-use assets 17,105 Goodwill 24,389 Other assets 5,026 Valuation allowance (Disposal Group impairment) ( 3,115 ) Total current assets held for sale $ 120,224 Liabilities Long-term debt and finance lease obligations $ 12,809 Long-term operating lease obligations 27,348 Other liabilities 9,677 Total current liabilities held for sale $ 49,834 9 PURSUIT ATTRACTIONS AND HOSPITALITY, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) Tabacón Thermal Resort & Spa On July 1, 2025, the Company entered into the Tabacón Purchase Agreement with the shareholders of ITA, pursuant to which the Company acquired all of the issued and outstanding shares of ITA for an aggregate purchase price of $ 108.6 million , which is net of customary post-closing adjustments for indebtedness, deferred revenue, working capital, and other specified matters in the Tabacón Purchase Agreement. ITA is the owner and operator of Tabacón , an eco-luxury resort spanning 570 acres of rainforest which features two thermal river attractions, located in the Arenal region of Costa Rica. The Company funded the purchase price primarily with borrowings under the 2025 Revolving Credit Facility (see Note 8 – Debt and Finance Lease Obligations for further details) . The following table summarizes the allocation of the aggregate purchase price and amounts of assets acquired based upon the estimated fair value at the date of acquisition: (in thousands) Acquisition Date Estimated Fair Value Total cash consideration paid by Pursuit Attractions and Hospitality, Inc. $ 108,629 Allocation of total estimated purchase consideration: Current assets $ 3,040 Property and equipment 70,892 Goodwill 42,315 Identifiable intangible assets 7,100 Liabilities ( 14,718 ) Net assets acquired $ 108,629 Under the acquisition method of accounting, the cash consideration the Company paid, as shown in the table above, is allocated to the tangible and identifiable intangible assets acquired based on their estimated fair values. The process of estimating the fair value of the property and equipment includes the use of certain estimates and assumptions related to replacement cost and physical condition at the time of acquisition. The excess purchase price over the fair value of net assets acquired was recorded as goodwill. The primary factor that contributed to the purchase price resulting in the recognition of goodwill related to the opportunity for the Company to expand into a new geography with future growth opportunities when combined with other businesses. Additionally, Costa Rica represents an operation which the Company expects will generate revenue more evenly over the course of the calendar year to complement the Company’s existing North American operations. Goodwill is not deductible for tax purposes. Intangible assets acquired include $ 4.9 million for the Tabacón trade name, which the Company considers to be an indefinite-lived intangible asset, and $ 2.2 million for acquired travel agency relationships, which have an amortizable life of 15 years . The financial results of Tabacón are consolidated in the Company’s financial statements prospectively from the date of acquisition on July 1, 2025. NOTE 5. SUPPLEMENTARY BALANCE SHEET INFORMATION Cash, cash equivalents and restricted cash balances as presented in the Condensed Consolidated Statements of Cash Flows as of June 30, 2026, December 31, 2025, and June 30, 2025, included: (in thousands) June 30, 2026 December 31, 2025 June 30, 2025 Cash and cash equivalents $ 33,864 $ 31,118 $ 24,742 Restricted cash (included in other current assets) — 576 3,640 Cash, cash equivalents, and restricted cash reported in current assets held for sale 3,043 — — Cash, cash equivalents, and restricted cash $ 36,907 $ 31,694 $ 28,382 Other current assets as of June 30, 2026, December 31, 2025, and June 30, 2025, consisted of the following: (in thousands) June 30, 2026 December 31, 2025 June 30, 2025 Other $ 1,684 $ 2,606 $ 8,809 Deferred proceeds from GES Sale — — 25,000 Other current assets $ 1,684 $ 2,606 $ 33,809 10 PURSUIT ATTRACTIONS AND HOSPITALITY, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) Other current liabilities as of June 30, 2026, December 31, 2025, and June 30, 2025, consisted of the following: (in thousands) June 30, 2026 December 31, 2025 June 30, 2025 Continuing operations: Income taxes payable $ 5,802 $ 9,201 $ 4,709 Accrued concession fees 3,916 8,414 6,258 Operating lease obligations 1,641 3,352 3,771 Current portion of debt and finance lease obligations 705 1,510 2,566 Current portion of pension and postretirement liabilities 407 5,357 4,903 Other 9,415 3,694 14,497 Total continuing operations 21,886 31,528 36,704 Total discontinued operations — — 31 Total other current liabilities $ 21,886 $ 31,528 $ 36,735 Other deferred items and liabilities as of June 30, 2026, December 31, 2025, and June 30, 2025, consisted of the following: (in thousands) June 30, 2026 December 31, 2025 June 30, 2025 Continuing operations: Foreign deferred tax liability $ 32,828 $ 34,016 $ 25,911 Pension and postretirement benefits 743 699 6,039 Other 1,910 119 3,667 Total continuing operations 35,481 34,834 35,617 Total discontinued operations — 1,058 1,357 Total other deferred items and liabilities $ 35,481 $ 35,892 $ 36,974 NOTE 6. PROPERTY AND EQUIPMENT, NET Property and equipment, net as of June 30, 2026, December 31, 2025, and June 30, 2025, consisted of the following: (in thousands) June 30, 2026 December 31, 2025 June 30, 2025 Land and land interests $ 41,083 $ 39,808 $ 31,799 Buildings and leasehold improvements 489,807 520,321 459,377 Equipment and other 272,961 333,481 291,082 Gross property and equipment 803,851 893,610 782,258 Accumulated depreciation ( 253,742 ) ( 296,768 ) ( 278,053 ) Property and equipment, net (excluding finance leases) 550,109 596,842 504,205 Finance lease right-of-use assets, net 40,157 52,488 54,184 Property and equipment, net $ 590,266 $ 649,330 $ 558,389 Depreciation expense was $ 8.7 million and $ 17.3 million during the three and six months ended June 30, 2026, respectively. Depreciation expense was $ 9.7 million and $ 19.5 million during the three and six months ended June 30, 2025, respectively. 11 PURSUIT ATTRACTIONS AND HOSPITALITY, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) NOTE 7. GOODWILL AND OTHER INTANGIBLE ASSETS, NET The changes in the goodwill carrying amount during the six months ended June 30, 2026, included: (in thousands) Balance as of December 31, 2025 $ 150,414 Foreign currency translation adjustments (1) 1,087 Goodwill reported in current assets held for sale ( 24,389 ) Balance as of June 30, 2026 $ 127,112 (1) Includes foreign currency translation adjustments included in unrealized foreign currency translation adjustments on the Condensed Consolidated Statements of Comprehensive Income (Loss) for the three and six months ended June 30, 2026, associated with the Company’s foreign subsidiary goodwill balances, including the goodwill balances of the Flyover Attractions. Other intangible assets as of June 30, 2026, December 31, 2025, and June 30, 2025, consisted of the following: June 30, 2026 December 31, 2025 June 30, 2025 (in thousands) Remaining Useful Life (Years) Gross Carrying Value Accumulated Amortization Gross Carrying Value Accumulated Amortization Gross Carrying Value Accumulated Amortization Intangible assets subject to amortization: Operating contracts and licenses 25.2 $ 55,667 $ ( 8,416 ) $ 56,890 $ ( 7,864 ) $ 58,292 $ ( 7,138 ) In-place lease 30.3 13,776 ( 2,662 ) 14,243 ( 2,558 ) 14,362 ( 2,392 ) Customer contracts and relationships 4.1 7,920 ( 3,189 ) 7,859 ( 3,044 ) 5,683 ( 2,777 ) Tradenames and other 3.3 1,511 ( 559 ) 5,179 ( 3,721 ) 5,211 ( 3,418 ) Total amortized intangible assets 78,874 ( 14,826 ) 84,171 ( 17,187 ) 83,548 ( 15,725 ) Indefinite-lived intangible assets: Tradenames 5,447 — 5,000 — — — Business licenses 3,663 — 3,665 — 3,592 — Other intangible assets $ 87,984 $ ( 14,826 ) $ 92,836 $ ( 17,187 ) $ 87,140 $ ( 15,725 ) Intangible asset amortization expense (excluding amortization expense of ROU assets) was $ 0.7 million and $ 1.4 million during the three and six months ended June 30, 2026, respectively. Intangible asset amortization expense (excluding amortization expense of ROU assets) was $ 0.8 million and $ 1.5 million during the three and six months ended June 30, 2025, respectively. As of June 30, 2026, the estimated future definite-lived intangible asset amortization expense includes: (in thousands) Year ending December 31, Remainder of 2026 $ 1,428 2027 2,772 2028 2,750 2029 2,640 2030 2,428 Thereafter 52,030 Total $ 64,048 12 PURSUIT ATTRACTIONS AND HOSPITALITY, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) NOTE 8. DEBT AND FINANCE LEASE OBLIGATIONS Debt and finance lease obligations as of June 30, 2026, December 31, 2025, and June 30, 2025, consisted of the following: (in thousands, except interest rates) June 30, 2026 December 31, 2025 June 30, 2025 2025 Revolving Credit Facility - Pursuit borrowings 5.6 %, 5.5 %, and 6.2 % interest rate, respectively, due through 2030 (1) $ 128,300 $ 58,500 $ 10,500 2025 Revolving Credit Facility - Brewster, Inc. borrowings 4.6 % and 4.3 % as of June 30, 2026 and December 31, 2025, respectively, due through 2030 (1) 42,150 28,857 — Jasper Term Loan - 6.5 % fixed interest rate, due through 2028 (1) 11,396 11,906 12,126 Forest Park Hotel Renovation Construction Loan - 5.5 % as of June 30, 2026, due through 2028 (1) 9,984 — — Flyover Iceland Credit Facility — — 3,690 Other — — 443 Total debt (2) 191,830 99,263 26,759 Finance lease obligations, due through 2067 (3) 45,428 59,830 60,188 Total debt and finance lease obligations 237,258 159,093 86,947 Less: unamortized debt issuance costs ( 2,471 ) ( 2,563 ) ( 1,980 ) Less: current portion ( 705 ) ( 1,510 ) ( 2,566 ) Long-term debt and finance lease obligations $ 234,082 $ 155,020 $ 82,401 (1) Represents the weighted-average interest rate in effect as of the end of the respective periods, including any applicable margin. The interest rates do not include amortization of debt issuance costs or commitment fees. (2) The carrying value of total debt approximates the estimated fair value of total debt for the respective periods due to the variable nature of the associated interest rates for the majority of the borrowings. (3) See Note 13 – Leases and Other for additional information. 2025 Credit Agreement The 2025 Credit Agreement carries the following financial covenants: • Maintain a total net leverage ratio no greater than 3.0 to 1.0 ; and • Maintain a fixed-charge coverage ratio no less than 1.25 to 1.0 . As of June 30, 2026, the Company was in compliance with all financial covenants under the 2025 Credit Agreement. As of June 30, 2026, capacity remaining under the 2025 Revolving Credit Facility was $ 124.2 million , reflecting the $ 300.0 million total facility size, les s $ 170.5 million of outstanding borrowings and $ 5.3 million in outstanding letters of credit. Jasper Credit Facility The Jasper Credit Facility provides for a CAD $ 17.0 million term loan (“Jasper Term Loan”) and a CAD $ 10.0 million revolving credit facility (“Jasper Revolving Credit Facility”). The Jasper Credit Facility carries the following financial covenants: • Maintain a pre-compensation fixed-charge coverage ratio of not less than 1.3 to 1.0 ; and • Maintain a post-compensation fixed-charge coverage ratio of not less than 1.1 to 1.0 . As of June 30, 2026, there were no outstanding borrowings, and capacity remaining under the Jasper Revolving Cred it Facility was CAD $ 10.0 million (approximately USD $ 7.0 million as of June 30, 2026 ). As of June 30, 2026, the Company was in compliance with all financial covenants under the Jasper Credit Facility. 13 PURSUIT ATTRACTIONS AND HOSPITALITY, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) Forest Park Hotel Renovation Construction Loan On January 6, 2026, the Company, through its indirect majority-owned subsidiary Sawridge MPL Jasper Limited Partnership, entered into a construction loan facility with ATB Fi nancial, as borrower, for up to CAD $ 30.0 million (approximately USD $ 21.1 million as of June 30, 2026 ) related to the renovation of the Forest Park Hotel’s Woodland Wing in Jasper National Park, for which renovations were ongoing as of June 30, 2026 . The construction loan facility requires interest payments at Canadian Prime Rate plus 1.00 %. The loan matures in March 2028. NOTE 9. INCOME (LOSS) PER SHARE The components of basic and diluted income (loss) per share for the three and six months ended June 30, 2026 and 2025, are as follows: Three Months Ended June 30, Six Months Ended June 30, (in thousands, except per share data) 2026 2025 2026 2025 Net income (loss) from continuing operations attributable to Pursuit $ 15,490 $ 4,511 $ ( 9,427 ) $ ( 26,494 ) (Loss) income from discontinued operations, net of tax ( 318 ) 1,135 ( 339 ) 1,004 Net income (loss) attributable to Pursuit $ 15,172 $ 5,646 $ ( 9,766 ) $ ( 25,490 ) Basic weighted-average outstanding common shares 27,702 28,256 27,779 28,184 Additional dilutive shares related to share-based compensation 276 136 — — Diluted weighted-average outstanding common shares 27,978 28,392 27,779 28,184 Income (loss) per common share: Basic: Continuing operations $ 0.56 $ 0.16 $ ( 0.34 ) $ ( 0.94 ) Discontinued operations ( 0.01 ) 0.04 ( 0.01 ) 0.04 Basic income (loss) attributable to Pursuit common stockholders: $ 0.55 $ 0.20 $ ( 0.35 ) $ ( 0.90 ) Diluted: Continuing operations $ 0.55 $ 0.16 $ ( 0.34 ) $ ( 0.94 ) Discontinued operations ( 0.01 ) 0.04 ( 0.01 ) 0.04 Diluted income (loss) attributable to Pursuit common stockholders: $ 0.54 $ 0.20 $ ( 0.35 ) $ ( 0.90 ) The Company excluded the following weighted-average potential common shares from the calculations of diluted net income (loss) per common share during the applicable periods because their inclusion would have been anti-dilutive: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2026 2025 2026 2025 Unvested restricted share-based awards 4 114 99 193 Unvested performance share-based awards — 146 165 235 Stock options — 225 — 194 14 PURSUIT ATTRACTIONS AND HOSPITALITY, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) NOTE 10. ACCUMULATED OTHER COMPREHENSIVE LOSS Changes in accumulated other comprehensive loss (“AOCL”) by component for the six months ended June 30, 2026 and 2025, included: (in thousands) Cumulative Foreign Currency Translation Adjustments Pension and Postretirement Benefits, Net Accumulated Other Comprehensive Loss Balance as of December 31, 2025 $ ( 46,440 ) $ 4,637 $ ( 41,803 ) Other comprehensive loss before reclassifications ( 1,725 ) — ( 1,725 ) Amounts reclassified from AOCL, net of tax — ( 2,051 ) ( 2,051 ) Net other comprehensive loss ( 1,725 ) ( 2,051 ) ( 3,776 ) Balance as of June 30, 2026 $ ( 48,165 ) $ 2,586 $ ( 45,579 ) (in thousands) Cumulative Foreign Currency Translation Adjustments Pension and Postretirement Benefits, Net Accumulated Other Comprehensive Loss Balance as of December 31, 2024 $ ( 62,940 ) $ ( 1,535 ) $ ( 64,475 ) Other comprehensive income before reclassifications 18,052 — 18,052 Amounts reclassified from AOCL, net of tax — 3,069 3,069 Net other comprehensive income 18,052 3,069 21,121 Balance as of June 30, 2025 $ ( 44,888 ) $ 1,534 $ ( 43,354 ) Amounts reclassified from AOCL that relate to our defined benefit pension and other postretirement plans include the amortization of prior service (credits) costs and actuarial net (gains) losses recognized during each period presented. The Company recorded these amounts as components of net periodic (gain) cost for each period presented. See Note 12 – Pension and Postretirement Benefits for additional information. NOTE 11. INCOME TAXES The Company’s effective tax rate was 19.4 % and negative 69.7 % for the three and six months ended June 30, 2026, respectively. The Company’s effective tax rate was 28.5 % and negative 5.1 % for the three and six months ended June 30, 2025, respectively. The decreases in the effective rates 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, as the Company does not recognize a tax benefit primarily on losses in the United States where the Company has a valuation allowance, and the inclusion of Tabacón’s operating results in the current year periods. The income tax provision was computed based on the Company’s estimated annualized effective tax rate and the full-year forecasted income or loss plus the tax impact of unusual, infrequent, or nonrecurring significant items during the period. The amount and change of pre-tax income and loss recognized between jurisdictions impacted the reported effective tax rate for the three and six months ended June 30, 2026. The Company paid net cash for income taxes of $ 12.3 million during the six months ended June 30, 2026, of which $ 10.2 million was paid to Canadian taxing authorities. The Company paid net cash for income taxes of $ 17.0 million during the six months ended June 30, 2025, of which $ 11.2 million was paid to U.S. federal and state taxing authorities and $ 4.8 million was paid to Canadian taxing authorities. 15 PURSUIT ATTRACTIONS AND HOSPITALITY, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) NOTE 12. PENSION AND POSTRETIREMENT BENEFITS The components of net periodic benefit (gain) cost of the Company’s pension and other postretirement benefit plans for the three months ended June 30, 2026 and 2025, consisted of the following: Domestic Plans Pension Plans Postretirement Benefit Plans Foreign Pension Plans (in thousands) 2026 2025 2026 2025 2026 2025 Service cost $ — $ — $ — $ 6 $ — $ — Interest cost — 142 7 107 16 75 Expected return on plan assets — ( 67 ) — — — ( 52 ) Amortization of prior service (credit) cost — ( 431 ) ( 1,039 ) 9 — 11 Recognized net actuarial (gain) loss ( 65 ) 5,970 ( 315 ) ( 56 ) 136 5 Net periodic benefit (gain) cost $ ( 65 ) $ 5,614 $ ( 1,347 ) $ 66 $ 152 $ 39 The components of net periodic benefit (gain) cost of the Company’s pension and other postretirement benefit plans for the six months ended June 30, 2026 and 2025, consisted of the following: Domestic Plans Pension Plans Postretirement Benefit Plans Foreign Pension Plans (in thousands) 2026 2025 2026 2025 2026 2025 Service cost $ — $ — $ — $ 11 $ — $ — Interest cost 55 350 14 216 62 147 Expected return on plan assets — ( 130 ) — — ( 33 ) ( 102 ) Amortization of prior service (credit) cost — ( 441 ) ( 2,079 ) 17 — 21 Recognized net actuarial (gain) loss ( 65 ) 6,033 ( 631 ) ( 80 ) 2,232 12 Net periodic benefit (gain) cost $ ( 10 ) $ 5,812 $ ( 2,696 ) $ 164 $ 2,261 $ 78 During 2026, the Company terminated the foreign Retirement Plan for Management Employees of Brewster, Inc. for applicable participants. Additionally, during the three and six months ended June 30, 2025, the Company completed the termination and settlement of the Giltspur, Inc. Employees’ Pension Plan, which resulted in a reclassification of previously recorded prior service credit and net actuarial loss within AOCL to other (income) expense, net of approximately $ 5.4 million. 16 PURSUIT ATTRACTIONS AND HOSPITALITY, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) NOTE 13. LEASES AND OTHER The balance sheet presentation of the Company’s operating and finance leases as of June 30, 2026, December 31, 2025, and June 30, 2025, was as follows: (in thousands) Classification on the Condensed Consolidated Balance Sheets June 30, 2026 December 31, 2025 June 30, 2025 Assets: Operating lease right-of-use assets Operating lease right-of-use assets $ 9,288 $ 26,297 $ 27,191 Finance lease right-of-use assets, net Property and equipment, net 40,157 52,488 54,184 Total lease right-of-use assets $ 49,445 $ 78,785 $ 81,375 Liabilities: Current: Operating lease obligations Other current liabilities $ 1,641 $ 3,352 $ 3,771 Finance lease obligations Other current liabilities 455 1,259 1,009 Noncurrent: Operating lease obligations Long-term operating lease obligations 6,884 35,339 35,996 Finance lease obligations Long-term debt and finance lease obligations 44,973 58,571 59,179 Total lease liabilities $ 53,953 $ 98,521 $ 99,955 The components of lease expense for the three and six months ended June 30, 2026 and 2025, consisted of the following: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2026 2025 2026 2025 Finance lease cost: Amortization of right-of-use assets $ 284 $ 503 $ 631 $ 986 Interest on lease liabilities 1,335 1,337 2,697 2,666 Operating lease cost 1,233 1,747 2,618 3,394 Short-term lease cost 898 775 1,485 1,261 Variable lease cost 67 30 135 60 Total lease cost, net $ 3,817 $ 4,392 $ 7,566 $ 8,367 Other information related to operating and finance leases for the three and six months ended June 30, 2026 and 2025, consisted of the following: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2026 2025 2026 2025 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 1,954 $ 1,814 $ 3,773 $ 3,496 Operating cash flows from finance leases $ 1,781 $ 1,599 $ 3,113 $ 3,119 Financing cash flows from finance leases $ 466 $ 239 $ 725 $ 460 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 417 $ 418 $ 2,258 $ 2,139 17 PURSUIT ATTRACTIONS AND HOSPITALITY, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) The weighted-average remaining lease terms and discount rates for operating and finance leases as of June 30, 2026, December 31, 2025, and June 30, 2025, were: June 30, 2026 December 31, 2025 June 30, 2025 Weighted-average remaining lease term (years): Operating leases 8.3 9.9 10.2 Finance leases 39.7 33.8 33.9 Weighted-average discount rate: Operating leases 7.1 % 7.3 % 7.3 % Finance leases 9.2 % 9.2 % 9.2 % As of June 30, 2026, the estimated future minimum lease payments under non-cancellable leases, excluding variable leases and variable non-lease components, included: (in thousands) Operating Leases Finance Leases Total Remainder of 2026 $ 1,714 $ 2,168 $ 3,882 2027 1,803 4,336 6,139 2028 1,496 4,336 5,832 2029 1,365 4,336 5,701 2030 1,159 4,336 5,495 Thereafter 4,161 149,402 153,563 Total future lease payments 11,698 168,914 180,612 Less: Amount representing interest ( 3,173 ) ( 123,486 ) ( 126,659 ) Present value of minimum lease payments 8,525 45,428 53,953 Current portion ( 1,641 ) ( 455 ) ( 2,096 ) Long-term portion $ 6,884 $ 44,973 $ 51,857 As of June 30, 2026, the estimated future minimum rental income under non-cancellable leases, which includes rental income from facilities that the Company owns, included: (in thousands) Remainder of 2026 $ 1,022 2027 1,530 2028 1,216 2029 991 2030 859 Thereafter 849 Total minimum rental income $ 6,467 NOTE 14. LITIGATION, CLAIMS, CONTINGENCIES, AND OTHER Litigation and Regulatory Proceedings The Company is a plaintiff or defendant in various actions, proceedings, and pending claims, some of which involve, or may involve, compensatory, punitive, or other damages. Litigation is subject to many uncertainties and it is possible that some of the legal actions, proceedings, or claims could be decided against the Company. Although the amount of liability as of June 30, 2026, with respect to unresolved legal matters is not ascertainable, the Company believes that any resulting liability, after taking into consideration amounts already provided for and insurance coverage, will not have a material effect on its business, financial position, or results of operations. On July 18, 2020, one of the Company’s off-road Ice Explorers was involved in an accident while enroute to the Athabasca Glacier, resulting in three fatalities and multiple other serious injuries. The Company immediately reported the accident to its relevant insurance carriers, who have supported the investigation and subsequent claims relating to the accident. In May 2023, the Company resolved charges from the Canadian office of Occupational Health and Safety in relation to this accident, resulting in fines and related payments in an aggregate amount of approximately $ 0.3 million. The Company continues to manage its legal defense of various claims from the 18 PURSUIT ATTRACTIONS AND HOSPITALITY, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) victims and their families. In addition, the Company believes that its reserves and, subject to customary deductibles, insurance coverage is sufficient to cover potential claims related to this accident. The Company is subject to various U.S. federal, state, and foreign laws and regulations governing the prevention of pollution and the protection of the environment in the jurisdictions in which it has or had operations. If the Company were to fail to comply with these environmental laws and regulations, civil and criminal penalties could be imposed, and it could become subject to regulatory enforcement actions in the form of injunctions and cease and desist orders. As is the case with many companies, the Company also faces exposure to actual or potential claims and lawsuits involving environmental matters relating to its past operations. As of June 30, 2026 , the Company had environmental remediation liabilities of $ 1.1 million related to previously sold operations. Although the Company is a party to certain environmental disputes, it believes that any resulting liab ilities, after taking into consideration amounts already provided for and insurance coverage, will not have a material effect on the Company’s financial position or results of operations. Guarantees As of June 30, 2026, the Company had certain obligations under guarantees to third parties. These guarantees are not subject to liability recognition in the Condensed Consolidated Financial Statements and relate to leased facilities and equipment leases entered into by the Company’s subsidiary operations. The Company would generally be required to make payments to the respective third parties under these guarantees in the event that the related subsidiary cannot meet its own payment obligations. The maximum potential amount of future payments that would be required under all guarantees existing as of June 30, 2026, would be approximatel y $ 38.4 million. These guarantees relate to the Company’s leased equipment and facilities through December 2038 . Th ere are no recourse provisions that would enable a recovery from third parties for any payments made under the guarantees. Furthermore, there are no collateral or similar arrangements pursuant to which the Company could recover payments. NOTE 15. SEGMENT INFORMATION The Company’s chief operating decision maker (“CODM”) is its President and Chief Executive Officer. An operating segment is defined as a component of an enterprise that engages in business activities for which discrete financial information is available and regularly reviewed by the CODM in deciding how to allocate resources and assess performance. The Company’s CODM manages the business on a consolidated basis for the purposes of allocating resources and assessing performance, and accordingly, the Company has a single operating and reportable segment. Revenue is derived through the Company’s collection of travel experiences, including attractions and hospitality, along with integrated restaurants, retail, and transportation. The Company’s CODM assesses performance of its single reportable segment and decides how to allocate resources based on income (loss) from continuing operations, which is reported on the Condensed Consolidated Statements of Operations. The Company’s CODM also uses income (loss) from continuing operations to monitor actual results versus internal forecasts to help assess performance and establish management compensation. The CODM does not use a measure of segment assets to evaluate segment performance or in deciding how to allocate resources. 19 PURSUIT ATTRACTIONS AND HOSPITALITY, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) The financial information, including significant single segment expense categories, regularly provided to the Company’s CODM is included in the following table, including a reconciliation to income (loss) from continuing operations 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 2026 2025 Total revenue $ 133,493 $ 116,743 $ 185,135 $ 154,322 Costs and expenses: Cost of food, beverage, and retail products sold $ 9,587 $ 8,871 $ 12,575 $ 11,156 Operating labor expenses (1) 32,651 28,329 52,488 44,507 Other segment expenses (2) 38,723 30,340 61,098 49,068 Selling, general, and administrative expenses 20,788 19,623 40,001 40,309 Depreciation and amortization 9,650 11,073 19,326 22,041 Interest expense, net 3,172 1,928 5,827 3,392 Other (income) expense, net ( 2,728 ) 5,962 ( 1,894 ) 6,319 Total costs and expenses 111,843 106,126 189,421 176,792 Income (loss) from continuing operations before income taxes 21,650 10,617 ( 4,286 ) ( 22,470 ) Income tax expense 4,208 3,021 2,989 1,155 Income (loss) from continuing operations $ 17,442 $ 7,596 $ ( 7,275 ) $ ( 23,625 ) (1) Operating labor expenses consist of wages, incentives, benefits, and employer taxes . (2) Other segment expenses primarily include insurance expense, royalty fees, utilities, operating lease expense, property tax expense, and credit card fees. 20 ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 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. ITEM 3. Quantitative and Qualitati ve Disclosures About Market Risk Our market risk exposures relate to fluctuations in foreign exchange rates and interest rates. Foreign exchange risk is the risk that fluctuating exchange rates will adversely affect our financial condition or results of operations. The foreign exchange risk is composed of both potential losses from the translation of foreign currency financial information and the remeasurement of foreign currency transactions. Interest rate risk is the risk that changing interest rates will adversely affect our financial position or results of operations. Our foreign operations are in Canada, Costa Rica, and Iceland. The functional currency of our foreign subsidiaries is their local currency. Accordingly, for purposes of consolidation, we translate the assets and liabilities of our foreign subsidiaries into U.S. dollars at the foreign exchange rates in effect at the balance sheet date. The unrealized gains or losses resulting from the translation of these foreign denominated assets and liabilities are included as a component of accumulated other comprehensive loss in the Condensed Consolidated Balance Sheets. As a result, significant fluctuations in foreign exchange rates relative to the U.S. dollar may result in material changes to our net equity position reported in the Condensed Consolidated Balance Sheets. We do not currently hedge our equity risk arising from the translation of foreign denominated assets and liabilities. Pursuit’s stockholders’ equity includes cumulative unrealized foreign currency translation losses of $48.2 million, $46.4 million, and $44.9 million as of June 30, 2026, December 31, 2025, and June 30, 2025, respectively. We recorded an unrealized foreign currency translation loss attributable to Pursuit of $1.7 million and a gain of $18.1 million during the six months ended June 30, 2026 and 2025, respectively, in the Condensed Consolidated Statements of Comprehensive Income (Loss). For purposes of consolidation, revenue, expenses, gains, and losses related to our foreign operations are translated into U.S. dollars at the average foreign exchange rates for the period. As a result, our consolidated results of operations are exposed to fluctuations in foreign exchange rates as revenue and net income (loss) from our foreign operations, when translated, may vary from period to period, even when the functional currency amounts have not changed. Such fluctuations may adversely impact overall expected profitability and historical period-to-period comparisons. We do not currently hedge our net earnings exposure arising from the translation of our foreign revenue and net income (loss). We are exposed to foreign exchange transaction risk, as our foreign subsidiaries have certain loans and leases denominated in currencies other than the functional currency of the respective subsidiary. As of June 30, 2026, we had long-term contractual liabilities that were denominated in nonfunctional currencies of $42.6 million. Additionally, we are party to an intercompany debt agreement with our wholly-owned subsidiary that operates Tabacón Thermal Resort & Spa, and the balance of the debt outstanding as of June 30, 2026, was $32.6 million. As foreign exchange rates fluctuate, these liabilities are remeasured, and the corresponding adjustment is recorded in the Condensed Consolidated Statements of Operations. We are exposed to short-term and long-term variable interest rate risk on certain of our debt obligations, which we do not hedge. There have been no material changes since our 2025 Form 10-K related to our market risk exposure to currency exchange rates, foreign currency rates or interest rates. ITEM 4. Controls and Procedures We have established disclosure controls and procedures that are designed to ensure that information required to be disclosed in our reports filed or submitted under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), is recorded, processed, summarized, and reported, within the time periods specified in the SEC’s rules and forms, and such information is accumulated and communicated to our management, including our Chief Executive Officer (“CEO”) and Chief Financial Officer (“CFO”), as appropriate to allow timely decisions regarding required disclosure. Management, together with our CEO and CFO, evaluated the effectiveness of our disclosure controls and procedures as of June 30, 2026. Based on this evaluation, the CEO and CFO concluded that our disclosure controls and procedures were effective as of June 30, 2026. There were no changes in our internal control over financial reporting during the second quarter of 2026 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting. 27 PART II - OTHE R INFORMATION ITEM 1. Legal Proceedings 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. ITEM 1A. Ri sk Factors 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. ITEM 2. Unregistered Sales of Equi ty Securities AND Use of Proceeds During the three months ended June 30, 2026, we repurchased the following shares: Issuer Purchases of Equity Securities Period Total Number of Shares Purchased (1) Average Price Paid Per Share (2) Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (1) Approximate Dollar Value of Shares That May Yet Be Purchased Under the Plans or Programs (1) (in thousands) April 1, 2026 - April 30, 2026 132,639 $ 37.68 132,639 $ 9,633 May 1, 2026 - May 31, 2026 (1) 60,486 $ 41.87 60,486 $ 57,101 June 1, 2026 - June 30, 2026 — $ — — $ 57,101 Total 193,125 193,125 (1) 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. 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. (2) Average price paid per share excludes any commission fees or excise tax imposed on share repurchases. ITEM 5. OTH ER INFORMATION Securities Trading Plans of Directors and Executive Officers During the three months ended June 30, 2026 , no director or officer of the Company adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408 of Regulation S-K. 28 ITEM 6. E xhibits Incorporated by Reference Exhibit Number Exhibit Description Form Period Ending Exhibit Filing Date 3.1 Restated Certificate of Incorporation of Viad Corp, as amended through July 1, 2004 10-Q 6/30/2004 3.A 8/9/2004 3.2 Amendment to the Restated Certificate of Incorporation of Pursuit Attractions and Hospitality, Inc. 8-K 3.1 1/3/2025 3.3 Amended and Restated Bylaws of Pursuit Attractions and Hospitality, Inc. 8-K 3.2 1/3/2025 10.1 * Letter Agreement, dated May 18, 2026, by and between Pursuit Attractions and Hospitality, Inc. and Flyover Attractions B.V., amending the Equity Purchase Agreement dated as of January 21, 2026, by and among Pursuit Attractions and Hospitality, Inc., Pursuit Investment Holdings, Inc., Brewster Inc., Flyover Attractions B.V., and Brogent Technologies, Inc. 10.2 * Amendment to Equity Purchase Agreement, dated July 17, 2026, amending the Equity Purchase Agreement dated as of January 21, 2026, by and among Pursuit Attractions and Hospitality, Inc., Pursuit Investment Holdings, Inc., Brewster Inc., Flyover Attractions B.V., and Brogent Technologies, Inc. 31.1 * Certification of Chief Executive Officer of Pursuit Attractions and Hospitality, Inc. pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. 31.2 * Certification of Chief Financial Officer of Pursuit Attractions and Hospitality, Inc. pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. 32.1 ** Certifications of Chief Executive Officer and Chief Financial Officer of Pursuit Attractions and Hospitality, Inc. pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. 101.INS Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File as its XBRL tags are embedded within the Inline XBRL document. 101.SCH Inline XBRL Taxonomy Extension Schema with embedded Linkbase Documents. 104 Cover Page formatted as Inline XBRL and contained in Exhibit 101 * Filed herewith. ** Furnished herewith. 29 SIGNAT URE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. PURSUIT ATTRACTIONS AND HOSPITALITY, INC. (Registrant) August 5, 2026 By: /s/ Michael L. Bosco (Date) Michael L. Bosco Chief Accounting Officer (Duly Authorized Officer) 30