Every material Form 8-K Pursuit Attractions & Hospitality filed with the SEC in 2025, read and summarized by AI: what happened, the key figures, whether it reads positive or negative for shareholders, and how big a deal it is (impact 1-5). Newest first; each brief links to its own page and to the filing on SEC.gov.
Pursuit Attractions and Hospitality adopted an Executive Severance Plan and amended its bylaws on December 4, 2025. The plan sets severance terms for CEO David Barry and CFO Michael Heitz, and the bylaws change stockholder meeting, nomination and forum provisions.
Barry (CEO) is a Tier 1 covered employee: 24 months base salary as lump sum on a qualifying termination, and 2 times target bonus within a change-in-control period.
Heitz (CFO) is a Tier 2 covered employee: 12 months base salary outside a change in control, and 18 months as lump sum plus 100% of target bonus within a change-in-control period.
Restated bylaws, effective immediately, allow remote-only stockholder meetings and set Delaware Chancery as exclusive forum for certain claims, with federal courts for Securities Act claims.
Barry participation agreement, dated December 9, 2025, replaces his October 20, 2024 severance agreement.
Pursuit Attractions and Hospitality reported third quarter 2025 revenue of $241.0 million, up 32.2% from a year earlier, and net income attributable to Pursuit of $73.9 million, versus $48.6 million. The company raised its full-year 2025 adjusted EBITDA guidance to $116 million to $122 million, an increase of $6 million at the midpoint, which points to higher expected profit for shareholders.
Q3 2025 revenue was $241.0 million, up $58.8 million from $182.3 million in Q3 2024.
Diluted EPS attributable to Pursuit was $2.60, versus $1.65; adjusted EBITDA was $117.4 million, versus $82.9 million.
Full-year 2025 adjusted EBITDA guidance was raised to $116 million to $122 million from $108 million to $118 million.
Q3 results included a $4.2 million pre-tax gain from business interruption insurance proceeds tied to the 2024 Jasper wildfire.
On September 26, 2025, Pursuit Attractions and Hospitality entered into a Second Amendment to its Credit Agreement with Bank of America, N.A., as administrative agent. The amendment increases revolving commitments by $100.0 million to $300.0 million, extends the maturity date to September 25, 2030, and adds a Costa Rican subsidiary as a co-borrower. The company will file the full amendment as an exhibit to its Form 10-Q for the quarter ended September 30, 2025.
Revolving commitments increased by $100.0 million, to a total of $300.0 million
Maturity date extended to September 25, 2030
Removed the additional 10 basis point credit spread adjustment on SOFR borrowings
Inversiones Turísticas Arenal S.A. added as co-borrower, with other affiliates as guarantors
Pursuit reported second-quarter 2025 revenue of $116.7 million, up 15.4% from a year earlier, and adjusted EBITDA of $29.7 million, up 49.2%. Net income attributable to Pursuit fell to $5.6 million from $29.3 million, a change the company attributes mainly to the 2024 sale of its GES business, and it also took a pre-tax pension termination charge of approximately $5.4 million. The company raised its full-year 2025 adjusted EBITDA guidance to $108 million to $118 million from $98 million to $108 million and approved a new share repurchase authorization of up to $50 million.
Q2 2025 revenue $116.7 million, up $15.5 million (15.4%) from $101.2 million
Net income attributable to Pursuit $5.6 million vs. $29.3 million; diluted EPS $0.20 vs. $0.98
Full-year 2025 adjusted EBITDA guidance raised to $108 million to $118 million, up $10 million
Board approved a new share repurchase authorization of up to $50 million on August 4, 2025
Pursuit Attractions and Hospitality, Inc. agreed on July 1, 2025 to acquire all shares of Inversiones Turísticas Arenal, S.A., owner and operator of Tabacón Thermal Resort and Spa in Arenal, Costa Rica, for $111.0 million in cash. The company funded the purchase with borrowings under its revolving credit facility, and the price is subject to post-closing adjustments and escrow holdbacks for indemnification claims.
Purchase price: $111.0 million in cash, subject to post-closing adjustments
Target: Tabacón Thermal Resort and Spa, Arenal, Costa Rica
Funding: borrowings under the company's revolving credit facility
Share Purchase Agreement dated July 1, 2025, filed as Exhibit 10.1
Pursuit Attractions and Hospitality, Inc. appointed Michael Bosco as Senior Vice President and Chief Accounting Officer, effective July 1, 2025, succeeding Leslie Striedel, who is stepping down effective June 30, 2025. At its May 22, 2025 annual meeting, shareholders elected all five director nominees, ratified Deloitte & Touche LLP as auditor for 2025, and approved executive compensation on an advisory basis.
Michael Bosco, 39, joins as SVP and Chief Accounting Officer; he starts employment June 16, 2025, with a $285,000 base salary and a 35% target bonus
Leslie Striedel steps down as Chief Accounting Officer effective June 30, 2025
Shareholders ratified Deloitte & Touche LLP for 2025: 26,685,799 for and 419,312 against
Shareholders approved executive compensation: 25,591,612 for and 528,948 against; 96.13% of outstanding shares were represented at the meeting
Pursuit Attractions and Hospitality reported first-quarter 2025 results on May 8, 2025, with revenue up 0.9% to $37.6 million. The net loss attributable to Pursuit widened to $31.1 million from $25.1 million, and adjusted EBITDA was negative $17.5 million versus negative $14.6 million a year earlier. The company reaffirmed its full-year 2025 guidance of Adjusted EBITDA of $98 million to $108 million, so shareholders saw higher revenue alongside wider losses.
Revenue was $37.6 million, up $0.3 million (0.9%) from $37.2 million in the first quarter of 2024.
Net loss attributable to Pursuit was $31.1 million, compared with $25.1 million a year earlier; diluted loss per share was $1.11 versus $1.29.
Adjusted EBITDA was negative $17.5 million, compared with negative $14.6 million, with transaction-related costs of $4.9 million cited in SG&A.
Full-year 2025 guidance was reaffirmed: Adjusted EBITDA of $98 million to $108 million and revenue up low-double digits.
Pursuit reported fourth-quarter and full-year 2024 results on March 11, 2025, after completing the $535 million sale of its GES business on December 31, 2024. Full-year revenue rose 4.6% to $366.5 million, but consolidated adjusted EBITDA fell 2.3% to $77.1 million, and the loss from continuing operations was $57.1 million, including $47.6 million of impairment charges. Reported net income of $368.5 million was driven mainly by the gain on the GES sale, and the company guided to 2025 adjusted EBITDA of $98 million to $108 million.
Full-year 2024 revenue was $366.5 million, up 4.6%; fourth-quarter revenue was $45.8 million, up 8.5%.
Full-year net income attributable to Pursuit was $368.5 million, mainly from a $421.9 million pre-tax gain on the GES sale; the loss from continuing operations was $57.1 million.
Consolidated adjusted EBITDA was $77.1 million, down 2.3%, which the company attributed in part to an adjusted EBITDA decline of approximately $15 million from the Jasper wildfire.
For 2025, the company expects adjusted EBITDA of $98 million to $108 million and revenue up low-double digits.
Pursuit Attractions and Hospitality completed the sale of its GES business on December 31, 2024, for aggregate consideration of $535 million, including a $25 million deferred payment due one year after closing. The company used the transaction to repay about $393 million under its prior credit agreement and entered into a new $200 million revolving credit facility on January 3, 2025, maturing in 2030. The filing does not state the financial effect of the sale on reported earnings.
GES business sold to TL Voltron Purchaser, LLC on December 31, 2024, for $535 million ($510 million base price plus $25 million deferred).
About $393 million of obligations under the prior credit agreement dated July 30, 2021 were repaid in full on December 31, 2024, and related liens released.
New $200 million revolving credit facility with Bank of America, N.A. as administrative agent, dated January 3, 2025, maturing January 3, 2030.
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