Pursuit Attractions and Hospitality, Inc. — Quarterly Profit Up, Year-to-Date Loss Narrows, Revenue Higher Year Over Year in Both Windows

Bottom line

For the three-month reporting period covered by this filing, Pursuit Attractions and Hospitality, Inc. recorded a profit on a parent-level net income basis and a profit on a diluted earnings-per-share basis, with revenue higher than the prior-year comparative three-month period. For the six-month year-to-date window, the same lines flipped direction: parent-level net income was a loss rather than a profit, the EPS line was a loss rather than a profit, while revenue was still higher than the prior-year six-month comparative. The reported comparison set confirms those directions and transitions. $133,493,000 > $116,743,000; $185,135,000 > $154,322,000; $15,172,000 is a profit and is higher than $5,646,000, a profit; -$9,766,000 is a loss, an authorized "loss to loss" transition against -$25,490,000, a loss; $0.54 per diluted share is a profit, higher than $0.2 per diluted share, a profit; -$0.35 per diluted share is a loss, an authorized "loss to loss" transition against -$0.9 per diluted share, a loss.

The filing is identified as a 10-Q submitted by Pursuit Attractions & Hospitality, Inc. under 0000884219 with accession 0001193125-26-335133, covering period-ended-2026-06-30. Source scope spans both the three-month and six-month year-to-date views, with prior-year comparatives for each. The unaudited Condensed Consolidated Financial Statements are prepared in accordance with GAAP and the interim instructions of the form, and certain prior-year amounts were reclassified between operating expenses and selling, general, and administrative expenses to conform to the current presentation; management describes those reclassifications as routine and not affecting the totals previously reported.

A quarter-versus-half divergence of this shape — profitable quarter with a loss over the wider year-to-date window — is consistent with the seasonality typical of an attractions-and-hospitality operator whose revenues concentrate in peak travel months. Readers can pair this read with Atlantic Union Bankshares posts higher year-over-year profit on every reported earnings line for both the three-month reporting period and the six-month year-to-date period to contrast an unseasonable bank holding company with a seasonal operator. The filing evidence does not attribute this change to any single cause. as a standalone explanation of the half-year gap, because the filing evidence does not attribute it to any single cause.

COUNTER-EVIDENCE AND The evidence contains no peer or industry comparison. The filing evidence contains no peer or industry comparison. Segment-level detail is not disclosed at this granularity. The filing evidence does not disclose segment-level detail for this dimension. The opening of Jasper National Park, wildfire impacts, related insurance recoveries, the Eagle Wing Tours acquisition, the Tabacón acquisition, and the Flyover Attractions sale are described as recent developments, but their direct contribution to the reported three- and six-month lines is not broken out in the cited context.

Financial performance

- Revenue from Contract with Customer, Excluding Assessed Tax was $133,493,000 USD for the three months ended June 30, 2026 and $116,743,000 USD for the three months ended June 30, 2025, moving higher year over year in the three-month reporting period. - Revenue from Contract with Customer, Excluding Assessed Tax was $185,135,000 USD for the six months ended June 30, 2026 and $154,322,000 USD for the six months ended June 30, 2025, moving higher year over year in the six-month year-to-date period. - Net Income (Loss) Attributable to Parent was $15,172,000 USD for the three months ended June 30, 2026 and $5,646,000 USD for the three months ended June 30, 2025, moving higher year over year with the same profit-to-profit transition in the three-month reporting period.

- Net Income (Loss) Attributable to Parent was -$9,766,000 USD for the six months ended June 30, 2026 and -$25,490,000 USD for the six months ended June 30, 2025, moving higher year over year while remaining a loss-to-loss result in the six-month year-to-date period. 2 per diluted share USD/SHARES for the three months ended June 30, 2025, moving higher year over year with a profit-to-profit transition in the three-month reporting period. 9 per diluted share USD/SHARES for the six months ended June 30, 2025, moving higher year over year while remaining a loss-to-loss result in the six-month year-to-date period.

- The current statements do not present a quarter-over-quarter comparison; the filing only frames the three-month reporting period against the prior-year three-month comparative, so no immediately preceding quarter is available within the filing evidence. - Management's MD&A-style disclosures frame the year-to-date gap as a year-over-year improvement without giving a forward outlook. Three structural events are highlighted as in-flight or just-completed transactions that will reshape later periods: the Eagle Wing Tours acquisition on the cited July closing date, the Flyover Attractions Sale to Brogent closed the same month, and the Tabacón acquisition that closed shortly after quarter-end.

Each is described as prospective consolidation, so the current-period statements do not yet capture a full period of their contribution. - The Flyover Attractions are presented as held for sale on the balance sheet as of the cited June date, and management states explicitly that the Flyover Attractions are not reported as a discontinued operation, leaving the line items within continuing operations rather than a separated discontinued-operations column. - Insurance recoveries tied to the Jasper wildfire are recorded as partial settlement proceeds in the cited three- and six-month periods, with business interruption proceeds flowing through other (income) expense, net on the Condensed Consolidated Statements of Operations.

- The filing evidence does not attribute this change to any single cause. - Recent accounting pronouncements summarized in the filing table describe expanded expense disaggregation footnote disclosures effective the cited January date, targeted changes to internal-use software and cloud-computing cost capitalization under evaluation, and a narrow-scope interim reporting amendment that compiles interim disclosure requirements, with management stating impact evaluation is still in process for the latter two. - The filing evidence contains no peer or industry comparison.

Operating drivers and segments

- Pursuit is managed on a consolidated basis for purposes of assessing performance and making operating decisions, so the filing does not break out segment revenue or segment margins; the only top-line figures reported are enterprise-wide Revenue from Contract with Customer, Excluding Assessed Tax for the three-month reporting period $133,493,000 and the six-month year-to-date period $185,135,000, each compared with the prior-year comparatives $116,743,000 and $154,322,000. - A reclassification was applied within the Condensed Consolidated Statements of Operations: a portion of expense was moved from operating expenses (exclusive of depreciation and amortization shown separately below) to selling, general, and administrative expenses, for both the three and six months ended June (prior-year presentation conformed to the current view). - The Condensed Consolidated Balance Sheet separately presents the assets and liabilities of the Flyover Attractions as current items held for sale at the balance-sheet date, while the Condensed Consolidated Statements of Operations continue to reflect the Flyover Attractions within continuing operations (not as a discontinued operation). - The acquisition pipeline during the period includes the Eagle Wing Tours share purchase agreement for a Vancouver Island whale-watching operator with five vessels, which will be consolidated prospectively from the acquisition date.

- Management frames Pursuit as a global attractions and hospitality company that owns and operates a collection of inspiring and unforgettable travel experiences in iconic destinations, and directs readers to Note – Acquisitions and Dispositions for additional information on transaction activity. - Management describes the Flyover Attractions Sale to Brogent Technologies Inc. pursuant to the Flyover Sale Agreement for an approximate cash purchase price subject to post-closing adjustments, and confirms that the related assets and liabilities are presented as held for sale on the Condensed Consolidated Balance Sheet as of June. - Management discloses insurance recoveries relating to the Jasper wildfires, with proceeds recognized as a partial settlement of wildfire losses during both the three and six months ended June. - Management calls out the upcoming adoption of an ASU on expense disaggregation disclosures covering purchases of inventory, employee compensation, depreciation, and intangible asset amortization, with a shift away from distinct-project-stage cost accounting toward capitalization upon meeting specific thresholds and overcoming significant development uncertainty.

Cash flow and capital

S. dollars. The same date defines the snapshot for the other working-capital balances discussed here, including accounts receivable after the allowance for credit loss and accounts payable on the current side of the ledger.

- Accounts receivable, net of the allowance for credit loss, is presented at the same balance sheet date and is the only working-capital line for which the evidence fixes a sign convention, with the catalog directing that it be expressed as a positive amount. The same convention applies to accounts payable on the current side of the balance sheet, both anchored to the same reporting date. - Cash and cash equivalents at carrying value sits alongside those working-capital balances and frames the company's short-term liquidity position as of the balance sheet date; together with the accounts receivable and accounts payable lines it gives a working-capital snapshot that anchors the cash flow discussion below.

- The six-month year-to-date window is the period used for the cash flow statement lines in this filing, and the prior-year comparative window is the matching prior-year six-month period. The financing-activities line is presented as net cash provided by financing activities in both windows, and the authorized comparison treats both the current and prior periods as positive inflows. S.

dollars; for the current six-month year-to-date window the same line is again reported as a positive figure, with the authorized direction indicating a higher current-period reading than the prior-year comparative. - Share repurchases, presented as payments for repurchase of common stock, appear in both six-month windows. In the prior-year comparative window the line is reported at zero, and in the current six-month year-to-date window it is reported as a positive outflow.

The authorized direction therefore records a shift from zero in the prior year to a positive outflow in the current six-month period. - The capital-return picture therefore combines a positive financing-activities inflow in both windows with a move into positive share-repurchase spending in the current six-month window; together those two lines frame how the company has balanced capital return against other financing uses during the half year. S.

dollars, giving a compact view of working-capital position without imputing movements that the evidence does not authorize. - The financing picture is rounded out by the supporting disclosures in the filing, including the acquisitions and dispositions note covering the Flyover Attractions sale to Brogent and the Tabacón acquisition referenced in the source narrative, and the debt and finance lease obligations note. These references situate the cash and capital-allocation lines within the broader transaction activity of the period rather than being standalone numbers.

Peer and historical context

- Across both the three-month reporting window and the six-month year-to-date period, the revenue line sits higher than the prior-year comparative in each case, while the parent-level bottom line tells a mixed story that an analyst would flag for further context. - For the three-month reporting period, both the current quarter and the prior-year quarter sit on the profit side of the ledger, with the current quarter higher than the prior-year quarter — a clean profit-to-profit improvement. - For the six-month year-to-date period, both the current window and the prior-year window sit on the loss side of the ledger, with the current window showing a smaller loss than the prior-year window — a loss-to-loss narrowing rather than a flip. - The contrast between a profit-to-profit improvement on the quarter and a loss-to-loss narrowing on the six-month period is the key shape to call out, since the headline revenue direction is the same (higher) but the bottom-line pattern is not. - A reader looking for a single narrative across both windows will not find one in these authorized relations, which is itself a useful framing point. - How the higher revenue converts into a narrower six-month loss but only a modestly higher quarterly profit cannot be read from the filing evidence here; that bridge is not in this section's catalog.

- the filing does not provide any peer or industry comparison for the reported revenue and parent-level results, so any cross-company read on whether Pursuit outperformed or underperformed its peers on either line is unsupported by this evidence. - The revenue growth in both the three-month reporting period and the six-month year-to-date period is mechanically positive, but the parent-level outcomes for the same windows move in opposite ways relative to the prior year — the quarter improves on a profit base, while the six-month period only narrows a loss. Treating revenue as a clean proxy for parent-line health would overstate the picture. - The change in each reported measure is not attributable to any single cause inside this evidence, so any narrative about cost mix, segment mix, or one-time items should not be invented from these numbers alone; for both the quarter and the six-month period, the machine-owned causality placeholder is the only honest framing. - At the parent level, the six-month year-to-date period for the current year shows a smaller loss than the prior-year comparative, while the three-month reporting period for the current year shows a higher profit than the prior-year quarter — the only authorized year-over-year framing the evidence supports. - Revenue from contracts with customers, excluding assessed tax, sits higher than the prior year in both windows, so the top-line trajectory is consistent across periods even though the bottom-line trajectories are not. - The narrative that ties higher six-month revenue to a narrower six-month loss cannot be drawn here without a machine-owned cause, since the filing evidence does not attribute the change to any single cause, and segment-level detail for revenue or parent results is not disclosed at this granularity in the cited notes. - For readers who want to compare against a profit-driven regional bank that posted higher year-over-year earnings on every reported measure, the Atlantic Union Bankshares higher year-over-year profit comparison is a useful contrast point, since Pursuit's six-month parent line is still a loss even though it has narrowed against the prior year. - No peer or industry benchmark is available inside this filing, so any cross-company read on Pursuit's relative performance is unsupported by the filing evidence and should be deferred to a separate peer dataset rather than inferred here. - The historical comparison cleanly separates the three-month window (profit-to-profit, higher) from the six-month window (loss-to-loss, narrower), and that split is the durable takeaway from this section.

Scenario analysis

In the base case, Pursuit Attractions & Hospitality, Inc. (PRSU) sustains its current revenue trajectory while operating against a year-to-date loss position at the parent level. Revenue from contracts with customers for the three-month reporting period came in at $133,493,000 USD, higher than the prior-year comparative of $116,743,000 USD, and the six-month year-to-date revenue of $185,135,000 USD improved on $154,322,000 USD. At the parent line, the three-month reporting period registered a profit of $15,172,000 USD against $5,646,000 USD, while the six-month year-to-date remained a loss at -$9,766,000 USD, narrower than the prior-year loss of -$25,490,000 USD. Under this path, the recently completed Tabacón acquisition and the pending Flyover Attractions Sale close as planned without additional purchase-price adjustments beyond customary post-closing items, and financing activity proceeds under the revolving credit facility referenced in the cited note. The filing evidence does not attribute this change to any single cause.

A constructive case requires the recent Tabacón acquisition to integrate smoothly, contributing incremental revenue through seasonal diversification into Costa Rica as described in the cited note, and assumes the Flyover Attractions Sale settles near the disclosed net purchase price without further impairment of the Disposal Group beyond the valuation allowance already recorded. If revenue growth at the contracted-with-customer line continues to outpace the prior-year comparatives and share-based compensation expense moves in line with the disclosed half-year direction, the year-to-date parent loss compresses further. Under that combination, the three-month reporting period sustains its profit position relative to the prior year, and the six-month year-to-date path moves the parent result toward break-even rather than the disclosed loss-to-loss comparison. The base to upside bridge depends on execution of the acquisition plan, absence of additional Disposal Group write-downs, and continued top-line momentum already visible in the reported revenue figures. No new disclosure in the filing evidence quantifies how much of the Tabacón contribution is seasonal versus structural, so the magnitude of any further improvement remains outside the supported record. The constructive path bears a resemblance to coverage patterns in Atlantic Union Bankshares posts higher year-over-year profit on every reported earnings line for both the three-month reporting period and the six-month year-to-date period, though The filing evidence contains no peer or industry comparison. applies directly to Pursuit Attractions & Hospitality, Inc..

The downside case concentrates the principal risks in the pending Flyover Attractions Sale and the financing that backed the Tabacón purchase. The Disposal Group is already presented at the lower of historical carrying value or estimated net purchase price less costs to sell, and any further deterioration in the estimated net purchase price would trigger an additional impairment within other (income) expense, net, on the Condensed Consolidated Statements of Operations. Borrowings under the revolving credit facility used to fund the Tabacón purchase price also raise the sensitivity of finance costs to rate movements, which is not separately quantified in the filing evidence. The filing evidence does not attribute this change to any single cause.

Risks and what to watch

- Reported facts: For the three-month reporting period, Revenue from Contract with Customer, Excluding Assessed Tax was $133,493,000 USD, higher than the prior-year comparative of $116,743,000 USD for the same three-month reporting period. For the six-month year-to-date period, Revenue from Contract with Customer, Excluding Assessed Tax was $185,135,000 USD, higher than the prior-year comparative of $154,322,000 USD for the same six-month period. Net Income (Loss) Attributable to Parent was a profit of $15,172,000 USD for the three-month reporting period versus a profit of $5,646,000 USD in the prior-year comparative, and a loss of -$9,766,000 USD for the six-month period versus a loss of -$25,490,000 USD in the prior-year comparative.

The acquisition of Tabacón described in Note 4 was funded primarily through borrowings on the revolving credit facility described in Note 8, raising the leverage profile associated with that borrowing and tying the consolidated balance sheet to a single new geography in Costa Rica. Investors evaluating similar year-over-year profit patterns can also look at Atlantic Union Bankshares posts higher year-over-year profit on every reported earnings line for both the three-month reporting period and the six-month year-to-date period for context.

- Management explanations: The cited note explains that the Tabacón purchase price produced goodwill because it offers Pursuit entry into a new geography and is expected to generate revenue more evenly across the calendar year to complement the existing North American operations, and that the acquired intangible assets include the Tabacón trade name and amortizable travel-agency relationships. The same note records that Tabacón's results are consolidated prospectively from the acquisition date in July. - Analyst inference: The Tabacón deal is a credible candidate for contributing to the change in both revenue lines and for shifting the cost mix between the quarter and the six-month period, and the debt-funded funding path in Note 8 is a credible candidate for contributing to any change in interest expense between the same periods.

Because only one acquisition is described in Note 4, the analyst inference is limited to that deal. - Counter-evidence: No counter-evidence is presented in the quoted source narrative. The filing text quoted here does not flag any offsetting transaction, divestiture gain, or one-time item that would weaken the inference that the Tabacón deal explains the observed movements, and it does not present alternative explanations for the parent-level loss in the six-month period.

- Unknowns: The filing evidence does not disclose segment-level detail for either revenue or net income, so the geographic split between North American operations and Costa Rica cannot be reconstructed from the filing. The filing evidence does not contain any peer or industry comparison. The filing evidence contains no peer or industry comparison.

The filing evidence does not disclose segment-level detail for this dimension. The filing evidence does not attribute this change to any single cause. - Metrics to watch next period: Whether the three-month revenue trajectory versus the prior-year comparative continues on a similar direction, whether the parent-level profit at the three-month reporting period continues on a similar direction, whether the parent-level loss at the six-month period continues on a similar direction, and whether the debt balances described in Note 8 change as the revolving credit facility is paid down or redrawn to fund the integration costs referenced in Note 4.