Figured out a hack, but would really like to know what the better approach is. My hack, in the add-more template:

<?php
$data = apply_filters('the_content', $data);
?>
<div class="p2-guide-section">
    <div class="flexible-widgets guide-area">
      <div class="wrap">
        <section class="">
          <p><?php echo $data; ?></p>
        </section>
      </div>
  </div>
</div>