Pursuit Attractions and Hospitality : ACQUISITION OF TABACÓN THERMAL RESORT & SPA

Published: 2025-07-02 07:22:08 ET PRSU

Published on 07/02/2025 at 07:22

JULY 2, 2025

This document includes the presentation of Adjusted EBITDA (or AEBITDA), which is supplemental to results presented under accounting principles generally accepted in the United States of America ("GAAP") and may not be comparable to similarly titled measures presented by other companies. This non-GAAP measure should be considered in addition to, but not as a substitute for, other similar measures reported in accordance with GAAP.

The use of this non-GAAP financial measure is limited, compared to the GAAP measure of net income (loss) attributable to Pursuit, because it does not consider a variety of items affecting Pursuit's consolidated financial performance as explained below. Because this non-GAAP measure does not consider all items affecting Pursuit's consolidated financial performance, a user of Pursuit's financial information should consider net income (loss) attributable to Pursuit as an important measure of financial performance because it provides a more complete measure of the Company's performance.

AEBITDA is defined by management as net income (loss) attributable to Pursuit before income (loss) from discontinued operations, interest expense and interest income, income taxes, depreciation and amortization, transaction-related costs, start-up costs, restructuring charges, impairment losses, the reduction/increase for income/loss attributable to non-controlling interests, remeasurement of certain financial obligations due to currency fluctuations, and gains or losses from sales of businesses.

AEBITDA is considered a useful operating metric, in addition to net income (loss) attributable to Pursuit, as potential variations arising from non-recurring transaction-related costs, non-cash amortization and depreciation, and non-operational expenses/income are eliminated, thus resulting in an additional measure considered to be indicative of Pursuit's consolidated and performance. Management believes that the presentation of AEBITDA provides useful information to investors regarding Pursuit's results of operations for trending, analyzing and benchmarking the performance and value of Pursuit's business.

Please see the slide titled "Non-GAAP Financial Reconciliation" for reconciliation of this non-GAAP financial measure to its most directly comparable GAAP financial measure.

Forward-Looking Non-GAAP Measures

The Company has not quantitatively reconciled its guidance for AEBITDA to its most comparable GAAP measure because certain reconciling items that impact this metric, including provision for income taxes, interest expense, restructuring or impairment charges, transaction-related costs, and attraction start-up costs have not occurred, are out of the Company's control, or cannot be reasonably predicted. Accordingly, reconciliations to the nearest GAAP financial measure are not available without unreasonable effort. Please note that the unavailable reconciling items could significantly impact the Company's results as reported under GAAP.

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TABACÓN THERMAL RESORT & SPA INVESTMENT HIGHLIGHTS

TRANSFORMATIVE TRANSACTION TO ACCELERATE GROWTH

Acquired Tabacón Thermal Resort & Spa

Properties

2 hot springs attractions (guest and day use areas), 105-room luxury hotel, renowned spa, signature culinary experiences, and 570 acres of acquired terrain

resort in the popular Arenal region of Costa Rica

opportunity with a high volume, high

Location Arenal region in Costa Rica

Purchase Price1 $111 million, subject to certain

post-closing adjustments1

Closing Date July 1, 2025

margin hot springs attractions and a 105-room luxury hotel property

collection with meaningful size and scale

Expected Adjusted EBITDA2

Pro Forma Net Leverage3

~$10 million for the first twelve months of ownership and ~$3 million in July through December 2025

~1.6x

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The total purchase price of $111 million is subject to customary post-closing adjustments for working capital and indebtedness.

Please refer to slide 3 for a discussion of this forward-looking non-GAAP measure.

Calculated as defined for compliance with Pursuit's 2025 Credit Agreement as of March 31, 2025, after giving effect to payment of the purchase price and the inclusion of Tabacón Thermal Resort & Spa's

expected Adjusted EBITDA contribution.

Disclaimer

Pursuit Attractions and Hospitality Inc. published this content on July 02, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on July 02, 2025 at 11:21 UTC.