2025 Outlook
For full year 2025, we expect Adjusted EBITDA of approximately $98 million to $108 million, representing substantial growth of approximately $21 million to $31 million relative to 2024.
Our guidance is below.
| (in millions) | Full Year 2025 Guidance | Full Year 2024 Actual |
| Revenue | Up low-double digits vs. 2024 |
$366.5 |
| Consolidated Adjusted EBITDA | $98 to $108 | $77.1 |
| Maintenance Capex | $29 - $34 (~7-8% of Revenue) |
$30.4
|
| Growth Capex | $38 to $43 | $20.2 |
| Total Capex | $70 - $75 | $50.6 |
Our guidance is based on certain assumptions, including (1) recovery of Jasper leisure travel, (2) approximately $5 million to $7 million of Adjusted EBITDA from the three tuck-in acquisitions completed during the fourth quarter 2024, (3) strong organic growth from continued guest experience improvements, demand for authentic experiential travel in iconic places, and focus on revenue and cost management, and (4) an exchange rate of $0.69 between the Canadian Dollar and the U.S. Dollar for our operations in Canada, which presents a translation headwind of approximately $7 million to Adjusted EBITDA compared to 2024 exchange rates.