^[1]

This earnings release includes Adjusted EBITDA, Covenant Adjusted EBITDA and Free Cash Flow which are financial measures that are not calculated in accordance with Generally Accepted Accounting Principles in the U.S. ("GAAP"). See "Statement Regarding Non-GAAP Financial Measures and Key Performance Metrics" section and the financial statement tables for the definitions of Adjusted EBITDA, Covenant Adjusted EBITDA and Free Cash Flow and the reconciliation of these measures for historical periods to their respective most comparable financial measures calculated in accordance with GAAP.

^[2]

This earnings release includes key performance metrics such as total revenue per capita, admissions per capita and in-park per capita spending. See "Statement Regarding Non-GAAP Financial Measures and Key Performance Metrics" section for definitions and further details.

For the Three Months Ended March 31,

Change

2026

2025

%

(Unaudited, in millions, except per share and per capita amounts)

Total revenues

$

278.3

$

286.9

(3.0)

%

Net loss

$

(34.1)

$

(16.1)

(111.2)

%

Net loss per share, diluted

$

(0.69)

$

(0.29)

(137.9)

%

Adjusted EBITDA

$

58.0

$

67.4

(14.1)

%

Net cash provided by operating activities

$

66.8

$

25.7

159.8

%

Attendance

3.22

3.39

(5.0)

%

Total revenue per capita

$

86.43

$

84.62

2.1

%

Admission per capita

$

45.81

$

46.04

(0.5)

%

In-Park per capita spending

$

40.62

$

38.58

5.3

%

UNITED PARKS & RESORTS INC. AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share amounts)

For the Three Months Ended March 31,

Change

2026

2025

#

%

Net revenues:

Admissions

$

147,503

$

156,115

$

(8,612)

(5.5)

%

Food, merchandise and other

130,791

130,834

(43)

(0.0)

%

Total revenues

278,294

286,949

(3.0)

%

Costs and expenses:

Cost of food, merchandise and other revenues

21,647

22,959

(1,312)

(5.7)

%

Operating expenses (exclusive of depreciation and amortization

shown separately below)

171,242

161,270

9,972

6.2

%

Selling, general and administrative expenses

48,068

44,137

3,931

8.9

%

Severance and other separation costs^(a)

763

—

763

NM

Depreciation and amortization

45,067

41,695

3,372

8.1

%

Total costs and expenses

286,787

270,061

16,726

6.2

%

Operating income

(8,493)

16,888

(25,381)

(150.3)

%

Other (income) expense, net

(234)

(23)

(211)

(917.4)

%

Interest expense

31,735

34,107

(2,372)

(7.0)

%

Loss before income taxes

(39,994)

(17,196)

(22,798)

(132.6)

%

Benefit from income taxes

(5,926)

(1,063)

(4,863)

(457.5)

%

Net loss

$

(34,068)

$

(16,133)

$

(17,935)

(111.2)

%

Loss per share:

Net loss per share, basic

$

(0.69)

$

(0.29)

Net loss per share, diluted

$

(0.69)

$

(0.29)

Weighted average common shares outstanding:

Basic

49,418

55,017

Diluted ^(b)

49,418

55,017

UNITED PARKS & RESORTS INC. AND SUBSIDIARIES

UNAUDITED RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

(In thousands)

For the Three Months Ended March 31,

Change

Last Twelve

Months

Ended

March 31,

2026

2025

#

%

2026

Net (loss) income

$

(34,068)

$

(16,133)

$

(17,935)

(111.2)

%

$

150,418

(Benefit from) provision for income taxes

(5,926)

(1,063)

(4,863)

(457.5)

%

53,321

Interest expense

31,735

34,107

(2,372)

(7.0)

%

131,768

Depreciation and amortization

45,067

41,695

3,372

8.1

%

177,846

Equity-based compensation expense ^(c)

5,418

4,333

1,085

25.0

%

18,850

Loss on impairment or disposal of assets and certain non-

cash expenses^(d)

5,664

1,091

4,573

419.2

%

33,580

Business optimization, development and strategic initiative

costs ^(e)

6,747

1,264

5,483

433.8

%

20,601

Certain investment costs and other taxes

52

3

49

1633.3

%

1,975

Other adjusting items ^(f)

3,261

2,143

1,118

52.2

%

7,293

Adjusted EBITDA ^(g)

$

57,950

$

67,440

$

(9,490)

(14.1)

%

$

595,652

Items added back to Covenant Adjusted EBITDA as defined

in the Debt Agreements:

Estimated cost savings ^(h)

30,000

Other adjustments as defined in the Debt Agreements ⁽ⁱ⁾

11,977

Covenant Adjusted EBITDA ^(j)

$

637,629

For the Three Months Ended March 31,

Change

2026

2025

#

%

Net cash provided by operating activities

$

66,798

$

25,715

$

41,083

159.8

%

Capital expenditures

69,632

56,903

12,729

22.4

%

Free Cash Flow ^(k)

$

(2,834)

$

(31,188)

$

28,354

90.9

%

UNITED PARKS & RESORTS INC. AND SUBSIDIARIES

UNAUDITED BALANCE SHEET DATA

(In thousands)

As of March 31, 2026

As of December 31,

2025

Cash and cash equivalents

$

28,942

$

99,762

Total assets

$

2,607,502

$

2,616,274

Deferred revenue

$

203,818

$

143,325

Long-term debt, including current maturities:

Term B-3 Loans

$

1,519,163

$

1,523,019

Revolving Credit Facility

30,000

—

Senior Notes

725,000

725,000

Total long-term debt, including current maturities

$

2,274,163

$

2,248,019

Total stockholders' deficit

$

(557,229)

$

(435,806)

UNITED PARKS & RESORTS INC. AND SUBSIDIARIES

UNAUDITED CAPITAL EXPENDITURES DATA

(In thousands)

For the Three Months Ended

March 31,

Change

2026

2025

#

%

Capital Expenditures:

Core^(l)

62,662

49,851

12,811

25.7

%

Expansion/ROI projects^(m)

6,970

7,052

(82)

(1.2)

%

Capital expenditures, total

$

69,632

$

56,903

$

12,729

22.4

%

UNITED PARKS & RESORTS INC. AND SUBSIDIARIES

UNAUDITED OTHER DATA

(In thousands, except per capita amounts)

For the Three Months Ended

March 31,

Change

2026

2025

#

%

Attendance

3,220

3,391

(171)

(5.0)

%

Total revenue per capita ⁽ⁿ⁾

$

86.43

$

84.62

$

1.81

2.1

%

Admission per capita ^(o)

$

45.81

$

46.04

$

(0.23)

(0.5)

%

In-Park per capita spending ^(p)

$

40.62

$

38.58

$

2.04

5.3

%

NM-Not meaningful.

^(a) Reflects restructuring and other separation costs and/or adjustments. 

^(b)  There were approximately 1.9 million and 1.3 million  potentially dilutive shares excluded from the computation of diluted loss per share during the three months ended March 31, 2026 and 2025, respectively, as their effect would have been anti-dilutive due to the Company's net loss in those periods.

^(c) Reflects non-cash equity compensation expenses and related payroll taxes associated with the grants of equity-based compensation. 

^(d) For the three months ended March 31, 2026 and 2025 and for the twelve months ended March 31, 2026, includes non-cash expenses related to asset write-offs and costs related to certain rides and equipment which were removed from service. Also includes approximately $3.7 million and $21.2 million related to non-cash self-insurance reserve adjustments for the three months ended March 31, 2026 and twelve months ended March 31, 2026, respectively.

^(e) For the three months ended March 31, 2026, reflects business optimization, development and other strategic initiative costs primarily related to: (i) $3.5 million related to the implementation of a new enterprise resource planning system; (ii) $2.1 million of other business optimization costs and strategic initiative costs and (iii) $0.8 million of severance and other separation costs. For the three months ended March 31, 2025, reflects business optimization, development and other strategic initiative costs primarily related to $1.2 million of other business optimization costs and strategic initiative costs. For the twelve months ended March 31, 2026, reflects business optimization, development and other strategic initiative costs primarily related to: (i) $10.3 million related to the implementation of a new enterprise resource planning system; (ii) $6.2 million of other business optimization costs and strategic initiative costs; (iii) $2.5 million of severance and other separation costs and (iv) $1.6 million of third-party consulting costs.

^(f) Reflects the impact of expenses, net of insurance recoveries and adjustments, incurred primarily related to certain matters, which we are permitted to exclude under the credit agreement governing our Senior Secured Credit Facilities due to the unusual nature of the items. Certain amounts relating to prior period results were reclassified to conform to current period presentation. These reclassifications have not changed the results of operations of the prior period.  

^(g)Adjusted EBITDA is defined as net (loss) income before income tax expense, interest expense, depreciation and amortization, as further adjusted to exclude certain non-cash, and other items as described above. 

^(h) The Company's Debt Agreements permit the calculation of certain covenants to be based on Covenant Adjusted EBITDA, as defined above, for the last twelve month period further adjusted for net annualized estimated savings the Company expects to realize over the following 24 month period related to certain specified actions, including restructurings and cost savings initiatives.  These estimated savings are calculated net of the amount of actual benefits realized during such period. These estimated savings are a non-GAAP Adjusted EBITDA add-back item only as defined in the Debt Agreements and does not impact the Company's reported GAAP net (loss) income. 

⁽ⁱ⁾  The Debt Agreements permit the Company's calculation of certain covenants to be based on Covenant Adjusted EBITDA as defined above, for the last twelve-month period further adjusted for certain costs as permitted by the Debt Agreements including recruiting and retention expenses, public company compliance costs and litigation and arbitration costs, if any. 

^(j) Covenant Adjusted EBITDA is defined in the Debt Agreements as Adjusted EBITDA for the last twelve-month period further adjusted for net annualized estimated savings among other adjustments as described in footnote (h) and (i) above.

^(k) Free Cash Flow is defined as net cash provided by operating activities less capital expenditures.

^(l) Reflects capital expenditures during the respective period for park rides, attractions and maintenance activities. Certain amounts relating to prior period results were reclassified to conform to current period presentation. These reclassifications have not changed the results of operations of the prior period.   

^(m) Reflects capital expenditures during the respective period for park expansion, new properties, revenue and/or expense return on investment ("ROI") projects. Certain amounts relating to prior period results were reclassified to conform to current period presentation. These reclassifications have not changed the results of operations of the prior period.  

⁽ⁿ⁾ Calculated as total revenues divided by attendance.

^(o) Calculated as admissions revenue divided by attendance.

^(p) Calculated as food, merchandise and other revenue divided by attendance.