Supplemental Financial Information SEPTEMBER 30, 2025 FOUR SEASONS RESORT AND RESIDENCES JACKSON HOLE TABLE OF CONTENTS | 3 | OVERVIEW | | | --- | --- | --- | | | About Host Hotels & Resorts | 4 | | | Analyst Coverage | 5 | | | Forward-Looking Statements | 6 | | | Non-GAAP Financial Measures | 6 | | 7 | PROPERTY LEVEL DATA AND CORPORATE MEASURES | | | | Comparable Hotel Results by Location | 8 | | | Historical Comparable Hotel Results | 16 | | | Comparable Hotel Results 2025 Forecast and Full Year 2024 | 18 ...

Summary of Paychex, Inc. Analysis Core Viewpoint - The analysis indicates that Paychex, Inc. (PAYX) has experienced a good run but is now perceived as overvalued, leading to bearish signals regarding its stock performance [1]. Group 1: Company Overview - Paychex, Inc. is a company that has been under scrutiny for its stock pricing, which is believed to be inflated [1]. - The analyst has been monitoring PAYX for nearly four months, suggesting a continuous evaluation of its market position [1]. Group 2: Market Context - The analyst has extensive experience in the logistics sector and stock investing, focusing on various markets including ASEAN and NYSE/NASDAQ [1]. - The analyst's background includes trading in the Philippine stock market since 2014, with a diversified portfolio across different industries [1]. Group 3: Investment Strategy - The analyst's investment strategy includes holding stocks for retirement and trading for profits, indicating a balanced approach to investment [1]. - The decision to engage in the US market was influenced by prior experiences and the desire to diversify investment portfolios [1].

Core Insights - Hyatt's strong positioning in the luxury market, robust growth pipeline, and expanding loyalty program are expected to drive sustained growth [3][4] - The company anticipates strong performance in its luxury portfolio and international markets, supported by high demand trends [3][4] - Hyatt's system size is projected to grow between 6.3% to 7% for full-year 2025, an increase from the previous forecast of 6% to 7% [4] Financial Performance - In Q3, Hyatt opened 5,163 rooms, including its first Hyatt Regency hotel in Manhattan [4] - The World of Hyatt Loyalty program surpassed 61 million members, reflecting a 20% year-over-year growth [5] - Systemwide RevPAR increased by 0.3% year-over-year in Q3, with expectations for full-year RevPAR growth in the range of 2% to 2.5% [7] Market Trends - Luxury travelers are thriving amid a wealth bifurcation in the hotel industry, indicating a strong demand for luxury all-inclusive travel [4] - Leisure transient RevPAR showed the strongest growth area for Hyatt, although RevPAR in the U.S. declined by 1.6% year-over-year in Q3 [7] Technology and Development - Hyatt is focusing on agentic development, with several platforms aimed at driving revenue and improving cost efficiency [6] - Competitors like Marriott International and Wyndham Hotels & Resorts are also expanding in the agentic development space [6]

Core Insights - Choice Hotels International reported record adjusted EBITDA of $190.1 million for Q3 2025, a 7% increase despite a decline in US RevPAR [1] - The company's performance was attributed to diversified revenue sources and initial results from ongoing investments [1] Financial Performance - Q3 net income reached $180 million, up from $105.7 million in Q3 2024, with diluted EPS rising to $3.86 from $2.22 YoY [3] - Adjusted diluted EPS for the quarter was $2.10, down from $2.23 in the same period last year due to various expenses and adjustments [4] Revenue and Room Growth - System-wide room count growth and increased revenue from extended stay and upscale segments contributed to performance [2] - Global net rooms grew by 2.3%, with upscale, extended stay, and midscale segments recording 3.3% growth since September 2024 [4] - International net rooms increased by 8.3% YoY, with a global pipeline exceeding 86,000 rooms as of September 30, 2025 [5] Regional Performance - International RevPAR growth was highest in the EMEA region, with an 11% increase YoY [2] - The Americas and Asia-Pacific regions each recorded a 5% increase in RevPAR, while Canada saw a 7% increase [3] - In the US, RevPAR declined by 3.2% YoY, primarily due to reduced demand from government and international inbound segments [3] Strategic Outlook - The CEO expressed optimism about the accelerating momentum in the international business, aiming to double profitability by 2027 [6] - The company is well-positioned for long-term growth with a high-quality pipeline and an enhanced value proposition attracting higher-value guests [7]

Core Insights - Sustainability has transitioned from a buzzword to a critical business factor, influencing procurement decisions and consumer preferences in the hospitality industry [1] - Independent green certification is essential for hotel operators, providing a pathway to efficiency, resilience, and long-term competitiveness [1][2] Importance of Certification - A hotel's environmental credibility is assessed based on actions rather than intentions, with certification offering third-party assurance of genuine sustainability claims [2] - Certification helps properties differentiate themselves in a competitive market [2] Certification Standards - Various schemes like GSTC, Green Key, EarthCheck, EU Ecolabel, LEED, and BREEAM establish rigorous criteria covering energy, water, waste, procurement, staff welfare, and community impact [3] - These frameworks require transparent documentation and regular audits, signaling credibility to partners, investors, and regulators [3] Benefits of Certification - Hotels that meet certification standards report benefits such as reduced utility costs, enhanced staff engagement, and improved guest satisfaction [4] - Certification supports ESG reporting, which is increasingly important for brands, owners, and asset managers [4] Commercial Implications - In the B2B context, sustainability credibility influences corporate travel buyers and event organizers in venue selection, while tour operators align with GSTC-recognized standards [5] - Certification serves as both a marketing advantage and a means to forge new partnerships [5] Steps to Achieve Certification - Conduct an internal sustainability audit to assess current performance in energy, water, waste, and purchasing [6] - Select a relevant certification scheme based on market segment and region [6] - Implement measurable improvements such as energy-efficient systems and staff training programs [6] - Engage stakeholders across departments to ensure successful certification [6] - Undergo an independent audit to validate documentation and site performance [6] - Communicate certification achievements in marketing and ESG reports, ensuring data is kept up to date [6]

Core Insights - The logistics sector has seen significant engagement from investors, particularly in the ASEAN and US markets, highlighting its growth potential and diversification opportunities [1] - The popularity of insurance companies in the Philippines since 2014 indicates a shift in investment strategies among local investors, moving towards a more diversified portfolio [1] - The entry into the US market has provided additional avenues for investment, particularly in banks, hotels, and logistics companies, reflecting a broader trend of globalization in investment strategies [1] Investment Strategies - Initial investments were focused on blue-chip companies, but there has been a diversification into various industries and market cap sizes, indicating a more balanced investment approach [1] - The strategy includes holding certain stocks for retirement while engaging in trading for profit, showcasing a dual approach to investment [1] - The use of platforms like Seeking Alpha has facilitated knowledge sharing and comparative analysis between different markets, enhancing investment decision-making [1]

Core Insights - The logistics sector has seen significant engagement from investors, particularly in the ASEAN and US markets, highlighting its growth potential and diversification opportunities [1] - The popularity of insurance companies in the Philippines since 2014 indicates a shift in investment strategies among local investors, moving towards a more diversified portfolio [1] - The trend of investing in blue-chip companies has evolved, with investors now holding a mix of stocks for retirement and trading profits, reflecting a more strategic approach to investment [1] Industry Focus - The banking, telecommunications, logistics, and hotel sectors are identified as key areas of investment interest, particularly in the ASEAN and US markets [1] - The entry into the US market has been facilitated by platforms like Seeking Alpha, which provide valuable analyses for comparison with local markets [1] - The logistics and shipping industries are highlighted as sectors with significant investment potential, aligning with global trends in e-commerce and supply chain management [1]

Core Viewpoint - Galaxy Entertainment Group (GEG) continues to lead Macau's non-gaming diversification through MICE, entertainment, and sporting events, reporting strong financial results for Q3 2025 with a focus on future growth and development [1][13]. Financial Performance - Q3 2025 Group Net Revenue increased by 14% year-on-year to HK$12.2 billion, while Adjusted EBITDA also rose by 14% year-on-year to HK$3.3 billion [2][21]. - The Group's latest twelve months Adjusted EBITDA reached HK$13.4 billion, up 14% year-on-year and up 3% quarter-on-quarter [15][21]. - The normalized Q3 Adjusted EBITDA was HK$3.3 billion, reflecting a 7% year-on-year increase and a 5% quarter-on-quarter increase [22][15]. Operational Highlights - The Group's balance sheet remains healthy with total cash and liquid investments of HK$36.8 billion and a net position of HK$34.8 billion after debt of HK$2.0 billion [4][29]. - An interim dividend of HK$0.70 per share was paid in October 2025, demonstrating confidence in the long-term outlook for Macau and the Company [4][29]. Market and Visitor Trends - Macau's Gross Gaming Revenue (GGR) for Q3 2025 was HK$60.7 billion, up 13% year-on-year and up 2% quarter-on-quarter [18]. - Visitor arrivals to Macau reached 10.5 million in Q3 2025, marking a 14% year-on-year increase and representing 105% of 2019 levels [18][19]. Development and Expansion - GEG is progressing with the fitting out of Phase 4, which includes multiple high-end hotel brands, a 5,000-seat theater, and extensive non-gaming amenities, targeted for completion in 2027 [10][54]. - The Group continues to ramp up Capella at Galaxy Macau and is enhancing its facilities to remain competitive [9][39]. Strategic Partnerships and Events - GEG has signed a four-year strategic partnership with the UFC to host UFC Fight Nights at Galaxy Arena and renewed partnerships with TMElive and Damai Entertainment for event ticketing [6][40]. - The Group hosted multiple mega entertainment events in Q3, contributing to a 41% year-on-year increase in foot traffic at Galaxy Macau [5][51]. Technology and Customer Experience - Significant investments have been made in technology, including the implementation of smart tables to enhance customer understanding and service [7][52]. - The Group aims to provide exceptional customer experiences by leveraging data analytics for informed decision-making [7][52].

Core Insights - Pebblebrook Hotel reported revenue of $398.72 million for the quarter ended September 2025, reflecting a 1.4% decrease year-over-year and a revenue surprise of -0.48% compared to the Zacks Consensus Estimate of $400.64 million [1] - The company's EPS for the quarter was $0.51, an increase from $0.24 in the same quarter last year, resulting in an EPS surprise of +2% against the consensus estimate of $0.50 [1] Financial Performance Metrics - Same-Property RevPAR growth rate was -1.5%, better than the average estimate of -2.3% from three analysts [4] - Total Guest Rooms stood at 11,937, slightly above the average estimate of 11,925 from two analysts [4] - Food and beverage revenues were reported at $96.24 million, slightly below the estimated $96.46 million, but showing a year-over-year increase of +0.3% [4] - Other operating revenues reached $47.87 million, exceeding the average estimate of $45.9 million, with a year-over-year increase of +4.6% [4] - Room revenues were reported at $254.61 million, lower than the estimated $258.29 million, representing a year-over-year decline of -3.1% [4] - Net Earnings Per Share (Diluted) was reported at -$0.37, compared to the estimated $0.00 from four analysts [4] Stock Performance - Pebblebrook Hotel's shares have returned -3.4% over the past month, contrasting with the Zacks S&P 500 composite's +1% change [3] - The stock currently holds a Zacks Rank 1 (Strong Buy), indicating potential for outperformance in the near term [3]

For the quarter ended September 2025, Host Hotels (HST) reported revenue of $1.33 billion, up 0.9% over the same period last year. EPS came in at $0.35, compared to $0.12 in the year-ago quarter.The reported revenue represents a surprise of +0.32% over the Zacks Consensus Estimate of $1.33 billion. With the consensus EPS estimate being $0.33, the EPS surprise was +6.06%.While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine thei ...