FUN - BUY - Updating Model; 2Q Weather Better Y/Y, But Not Perfect; Seeing Some July Headwinds

Research evidence excerpt

FUN - BUY - Updating Model; 2Q Weather Better Y/Y, But Not Perfect; Seeing Some July Headwinds

July 24, 2026

Curry Baker curry.baker@guggenheimpartners.com FUN - BUY - Updating Model; 2Q Weather Better Y/Y,

804 253 8029 But Not Perfect; Seeing Some July Headwinds

Michael Morris, CFA

michael.morris@guggenheimpartners.com

804 253 8025 Key Message: We are updating our model to account for softer overall 2Q trends (ex

divestitures we now forecast attendance at 13.77mm, or +4.4%, compared to 14.19mm Charles Wilber

charles.wilber@guggenheimpartners.com prior, +7.6%, against historically easy weather comps). Our 2Q revenue and adjusted

804 335 3977 EBITDA outlook are $914mm (down from $939mm) and $288mm (down from $315mm),

respectively. We have also modestly ticked down our 3Q outlook on a hot start to July Taylor Manley and air quality issues from the Canadian wildfires. FUN has made significant progress taylor.manley@guggenheimpartners.com

804 253 1336 on the asset portfolio including: 1) selling seven parks to EPR Properties, 2) entering

into a purchase agreement to sell the property in Prince George County, MD, and 3)

Grayson Glenn continuing to look to monetize land outside of Richmond, VA. We think the company has grayson.glenn@guggenheimpartners.com

the opportunity to focus on six key areas: 1) Optimize the portfolio, 2) Focus CAPEX on 804 253 8053

targeted investments that drive the highest ROI in parks that have the most potential,

3) Continue to rationalize the cost structure across the business, 4) Maximize value of

assets currently for sale, 5) Enhance the guest experience wherever possible, and 6)

OurFUN BUY Focuspath toondeleverreducingandleverage.fully turnWhilethe progressportfolio aroundis beingremainsmade thisa multi-yearyear, we believeeffort. the