PRKS - BUY - Expect Comps to Ease Moving Forward, Leading Indicators Tracking Positive; No Update on Real Estate, International Opportunities; FCF Deployed to Buybacks

Research evidence excerpt

PRKS - BUY - Expect Comps to Ease Moving Forward, Leading Indicators Tracking Positive; No Update on Real Estate, International Opportunities; FCF Deployed to Buybacks

May 11, 2026

Curry Baker curry.baker@guggenheimpartners.com PRKS - BUY - Expect Comps to Ease Moving

804 253 8029 Forward, Leading Indicators Tracking Positive; No

Michael Morris, CFA

michael.morris@guggenheimpartners.com Update on Real Estate, International Opportunities;

804 253 8025 FCF Deployed to Buybacks Charles Wilber

charles.wilber@guggenheimpartners.com

804 335 3977 Key Message: We have updated our model and outlook to reflect 1Q results and

Taylor Manley management's forward-looking commentary. United Parks reported 1Q revenue and

taylor.manley@guggenheimpartners.com adjusted EBITDA of $278mm (vs. our $285mm estimate) and $58mm (vs. our $63mm),

804 253 1336 respectively. The quarter was impacted by negative weather (140K guests) and lower

international visitations (80K guests) which drove the softer y/y attendance and results, Grayson Glenn

grayson.glenn@guggenheimpartners.com partially offset by strong in-park per caps (+5.3%). Positive indicators going forward

804 253 8053 include higher y/y deferred revenue, positive y/y advance bookings at Discovery Cove

and the group business, and paid pass sales up 12% through 4/30. We continue

to assume PRKS will benefit from more normalized weather, flat-to-positive per-cap

increases, the benefit of new rides/ attractions, and ongoing cost discipline. We forecast

PRKS BUY 2026 EBITDA of $607mm, (unchanged).

United Parks & Resorts Inc. No (Specific) Update on Areas of Optionality: The company continues to take its Sector: Media & Live Entertainment time evaluating real estate and hotel options, international opportunities, and onboarding