Investor Presentation February 2026 Sandblu Santorini, LXR Hotels & Resorts HLT VALUE PROPOSITION Hilton's scale, global presence and leading brands at multiple price points drive a network effect delivering industry-leading performance Owners Leading Brands serving virtually any lodging need anywhere Satisfied, Loyal Customers Premium, Growing Market Share Leading Hotel Supply & Pipeline HLT Financial Performance (a) Source: STR (year ended 12/31/2025). "RevPAR" or "Revenue per Available Room" represents h ...

Hilton Worldwide Holdings Inc. (NYSE:HLT) Maintains Strong Market PositionHilton Worldwide Holdings Inc. (NYSE:HLT) is a leading global hospitality company, known for its extensive portfolio of hotels and resorts. The company operates in various segments, including luxury, full-service, and focused-service hotels. Hilton competes with other major hotel chains like Marriott International and Hyatt Hotels. As of February 22, 2026, UBS maintained a "Buy" rating for Hilton, with a stock price of $315.96.UBS rai ...

Group 1 - Bill Ackman has invested in the Magnificent Seven stocks, including a new position in Meta Platforms in Q4 2025, but these stocks have been trading lower recently [1][2] - Ackman's older position in Hilton Hotels Corporation has shown strong returns, with Hilton shares outperforming the Magnificent Seven stocks in 2026 [2][3] - Hilton stock has increased by 12.8% year-to-date in 2026 and 22% over the last 52 weeks, with a significant rise of 168% over the last five years [3][5] Group 2 - Hilton shares are currently trading at $311.26, with a 52-week trading range of $196.04 to $333.86, and the stock entered 2026 with strong momentum [5] - Pershing Square Capital owned 3,028,664 shares of Hilton at the end of Q4, with the stake valued at approximately $942.7 million, up $72.7 million from the end of Q4 [5][6] - The position in Hilton has increased by $189.9 million since the start of 2025, indicating strong performance amidst a challenging environment for the Magnificent Seven stocks [6][7]

Core Insights - Forbes Travel Guide announced its 2026 Star Awards, recognizing Hilton Los Cabos as a Four-Star rated luxury resort [1][3] Resort Overview & Key Features - Hilton Los Cabos is a 269-key resort featuring diverse accommodations, including 14 plunge pool suites and 83 premium rooms within the AltaMar experience [4][6] - The resort includes the Enclave Beach Club, offering cliffside cabanas and a dedicated bar, enhancing the guest experience [4][6] - The property showcases Hacienda-inspired architecture with private balconies and deep soaking tubs, contributing to its luxurious appeal [4] - A new service for 2026, Compadre Concierge, provides personalized experiences designed to feel like an extension of the guest's family [4] Culinary and Wellness Offerings - The resort features six culinary outlets led by Executive Chef Mauricio Lopez, including award-winning Mediterranean cuisine at Vela and a swim-up sushi bar, Mio [6] - The 7,000 sq. ft. eforea spa offers a private recovery zone and an indoor-outdoor movement studio, catering to wellness-focused guests [4][6]

Core Insights - Mountain Valley Lodge in Hailey, Idaho, will close on February 16, 2026, for a comprehensive renovation and conversion to Hampton by Hilton Hailey Sun Valley, marking Hilton's entry into the greater Wood River Valley region [1] - The renovation aims to modernize the property while incorporating design elements that reflect the natural beauty of the area, with plans to reopen in spring 2026 [1] - The hotel will connect to Hilton's global distribution platform and over 240 million Hilton Honors members, enhancing its appeal to travelers [1] Company Overview - Après Hotels, based in Lynden, Washington, is the managing partner for the renovation project, with Jensen Davenport Architects leading the design [1] - The renovation will include updated guestrooms, expanded public spaces, and signature Hampton amenities such as complimentary hot breakfast and a modern fitness center [1] - Hampton by Hilton is recognized as the No. 1 lodging franchise for the last 17 years by Entrepreneur, with over 3,100 properties globally [1] Industry Context - The transformation of Mountain Valley Lodge represents a significant investment in the Wood River Valley's hospitality sector, reinforcing the commitment to enhance local offerings [1] - The project aims to deliver a high-quality, upper-midscale hotel experience while remaining connected to the local culture [1] - Hilton Honors members will benefit from exclusive offers and contactless technology through the Hilton Honors mobile app [1]

Core Insights - Hilton's Q4 revenue grew by 11% year-over-year to $3.09 billion, exceeding analyst expectations of $2.98 billion [2] - Adjusted EPS was $2.08, surpassing market expectations of $2.02 [3] - Full-year revenue reached $12.039 billion, a 7.74% increase year-over-year [4] Financial Performance - Full-year net income was $1.457 billion, with a net profit margin of 12.10% [4] - Operating cash flow was $2.129 billion, and free cash flow was $2.028 billion, indicating healthy cash flow [5] Operational Insights - RevPAR increased by 0.5% in Q4, reversing a two-quarter decline [3] - The Middle East and Africa saw a RevPAR increase of 9.9%, driving growth, while the U.S. market faced pressure due to slowing business travel [6] - The global development pipeline remains strong, supporting long-term growth potential [7] Future Outlook - Hilton projects adjusted EPS for 2026 to be between $8.65 and $8.77, below market expectations of $9.13 [8] - Full-year RevPAR growth guidance is set at 1% to 2%, primarily impacted by slowing travel demand in the U.S. [8] Stock Performance - As of February 13, 2026, Hilton's stock price was $320.91, reflecting an 11.72% increase year-to-date, with a total market capitalization of approximately $73.582 billion [9]

Core Viewpoint - Hilton's Q4 2025 and full-year performance exceeded market expectations in terms of revenue and profit, but the company's guidance for 2026 earnings fell short of market forecasts [1]. Group 1: Performance Overview - In Q4 2025, Hilton's revenue grew by 11% year-on-year to $3.09 billion, with adjusted earnings per share of $2.08, both surpassing market expectations [2]. - The total revenue and net profit for the full year also showed robust growth [2]. Group 2: Industry Conditions - The Middle East and Africa markets performed strongly, while the U.S. market was a major drag on overall performance due to a slowdown in business travel demand [3]. Group 3: Company Development Projects - As of Q2 2025, Hilton's global development pipeline reached 510,600 rooms, with half of these in the construction phase, and new projects started increased year-on-year, providing support for future growth [4]. Group 4: Future Outlook - Hilton's outlook for 2026 is cautious, with expected adjusted earnings per share and full-year RevPAR growth both below market expectations. Management cited the slowdown in U.S. travel demand as a primary influencing factor [5]. Group 5: Business Progress - The company is achieving low-capital expansion through a management franchise model while continuing to advance its luxury brand and property conversion strategy to optimize its brand matrix [6].

Core Insights - Hilton Worldwide Holdings Inc. reported fourth-quarter earnings that exceeded Wall Street estimates, with adjusted earnings per share of $2.08 surpassing the consensus of $2.02 and revenue of $3.09 billion exceeding forecasts of $2.99 billion [1] Financial Performance - The company posted fourth-quarter net income of $298 million and adjusted EBITDA of $946 million, compared to $505 million and $858 million in the same period a year earlier [2] - System-wide comparable revenue per available room (RevPAR) increased by 0.5% year over year on a currency-neutral basis in the fourth quarter, supported by higher average daily rates despite modest declines in occupancy [2] - For the full year 2025, comparable RevPAR rose 0.4% compared to 2024 [2] Growth and Development - Hilton continued to expand its global footprint, adding 26,000 rooms during the quarter, contributing to a net unit growth of 6.7% compared to December 2024 [3] - The development pipeline reached a record 520,500 rooms as of December 31, 2025 [3] - For 2026, Hilton forecasts comparable, currency-neutral RevPAR growth of 1.0% to 2.0% and projects full-year adjusted EPS of $8.65 to $8.77, below the analyst consensus of $9.15, with net unit growth of 6.0% to 7.0% [3]

Core Viewpoint - Hilton Worldwide Holdings (HLT) has shown strong performance over the past year, with a 20% increase in share value despite sluggish travel spending in the United States [1] Company Performance - The company's capital-light business model has effectively generated solid cash flow, contributing to its stock performance [1]

Core Insights - Hilton's fourth-quarter comparable U.S. RevPAR declined by 1.6%, primarily due to the prolonged U.S. government shutdown, while international regions showed stronger growth [1][2] - System-wide RevPAR growth for Hilton was reported at 0.5% year over year on a comparable and currency-neutral basis, with international strength partially offsetting weaker U.S. demand [2][6] - The company is optimistic about improving trends into early 2026, supported by a strong development pipeline and international performance [3][4] Financial Performance - Adjusted EBITDA for Q4 rose approximately 10% to around $946 million, with full-year adjusted EBITDA reaching $3.7 billion, marking a 9% year-over-year increase [5][7] - Hilton returned a record $3.3 billion to shareholders in 2025 and anticipates returning about $3.5 billion in 2026 [5][8] - Diluted EPS adjusted for special items was reported at $2.08 for Q4, with guidance for 2026 EPS adjusted for special items expected to be between $8.65 and $8.77 [7][10] Development and Growth - Hilton opened nearly 200 hotels (approximately 26,000 rooms) in Q4, achieving a net unit growth of 6.7% for 2025, with a development pipeline exceeding 520,000 rooms [4][12][13] - Conversions accounted for about 40% of 2025 room openings, with expectations for conversions to remain a significant growth contributor [13][14] - The company launched new brands, including the Apartment Collection by Hilton, aimed at expanding its market presence [15][17] Market Outlook - For 2026, Hilton expects system-wide RevPAR growth of 1% to 2%, with positive trends anticipated from group demand and leisure travel [9][10] - The company highlighted macroeconomic factors such as easing inflation and a favorable regulatory environment that could support stronger performance in 2026 compared to 2025 [11] - Group demand is expected to outperform, with stable booking windows and a mid-single-digit increase in group position system-wide [20]