United Parks & Resorts Inc 2025年度报告

2025 ANNUAL REPORT April 30, 2026 To Our Shareholders, I’m excited and confident in the future prospects of our company and the opportunities we see ahead to create significantshareholder value. We have a strong and resilient business model, irreplaceable assets and brands that are well-capitalized,owned and highly valued. We operate in a growing industry with a very favorable competitive structure. The opportunities arereal and substantial. While 2025 presented a challenging operating environment and results did not meet our expectations, the performance acrossseveral areas of our business proved the resilience and enduring popularity of our parks and brands. We navigated variousheadwinds, including geopolitically driven declines in international visitation, volatile weather during certain peak visitationperiods, and domestic macro unevenness, and are pleased with the performance across multiple aspects of our business thathelp set the stage for future growth and increasing shareholder value. In particular, we are pleased with record in-park spending(our in-park per capita spending reached record levels, growing in 21 of the last 23 quarters), record-setting performance at ourDiscovery Cove park in Orlando, record setting performance at our Howl O’Scream Halloween events in multiple markets, andour performance in Orlando. We have made key investments, updated our strategies and initiatives, re-aligned resources and focus, and are excited aboutour plans across our portfolio in 2026. Our 2026 roadmap is defined by a compelling lineup of new rides, attractions, and events, an updated events calendar, anexpanded concert lineup, and upgraded food and retail locations—all supported by a revamped marketing plan designed toincrease guest visitation and spending. With clear opportunities to grow attendance, revenue and EBITDA, we remain committedto building an even more resilient business that delivers meaningful growth for our stakeholders. Our confidence in the company’s future is best demonstrated by our actions. Between 2025 and early 2026, we repurchased 6.7million shares (approximately 12% of shares outstanding), reflecting our strong cash flow, our deep conviction in the exceptionalvalue our shares currently offer as an investment opportunity and our longstanding commitment of returning excess cash toshareholders. Our commitment to excellence was recognized globally in 2025. Among the many accolades we received, Busch GardensWilliamsburg was named the "World's Most Beautiful Theme Park" for the 35th consecutive year, and SeaWorld Orlando wasvoted a "USA Today" top amusement park. Importantly, we are exceptionally proud of our rescue, research, conservation and education work. In 2025, our teams came tothe aid of 825 animals in need, contributing to a lifetime total of over 42,000 rescues. We also advanced scientific knowledge,generating multiple peer-reviewed publications on a range of subjects spanning animal health, reproduction, behavior,anesthesia, and population assessment. This work is only possible thanks to the dedication of our many thousands ofambassadors, whose commitment to our animals and guests is the heartbeat of this company. The best way to understand our strength is to see it in person. I invite you to join us at our parks this year to experience theenergy and excitement firsthand. Thank you for your continued investment and support. Sincerely, Marc G. SwansonChief Executive Officer United Parks & Resorts Inc.(Exact name of registrant as specified in its charter) Securities registered pursuant to Section 12(g) of the Act: None Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.Yes܇Noն Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.YesնNo܇ months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.Yes܇NoնIndicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).Yes܇Noն Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growthcompany. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act. Large accelerated filer܇Non-accelerated filerն Accelerated filerնSmaller reporting companyնEmerging growth companyն If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or rev