Financial Data and Key Metrics Changes - In 2025, the company delivered adjusted EBITDA of $626 million, up 4% year-over-year, and adjusted earnings per share of $6.94, also in line with expectations [5][20] - Fourth quarter revenues, excluding reimbursable revenue, increased 2% year-over-year to $234 million, with adjusted EBITDA at $141 million and adjusted earnings per share rising 3% year-over-year to $1.60 [21] Business Line Data and Key Metrics Changes - The company achieved a 14% year-over-year growth in global hotel openings and a 12% increase in U.S. conversion franchise agreements [5][8] - The extended stay segment represented over 40% of the U.S. pipeline, with a record number of U.S. extended stay hotel openings, up 8% year-over-year [12][13] - In the midscale segment, global hotel openings increased by 47%, and franchise agreements were up 18% year-over-year [23] Market Data and Key Metrics Changes - International revenues grew by 37% in 2025, with RevPAR in the Americas outside the U.S. increasing by 5.4% year-over-year [11][12] - The Asia-Pacific region led international RevPAR growth with an 11% increase [24] Company Strategy and Development Direction - The company is focused on enhancing franchisee economics and improving product quality, which is reflected in the higher average royalty rate achieved across the U.S. portfolio [6][26] - The strategy includes expanding the international footprint and strengthening the leadership position in the extended stay segment [5][11] - The company is investing in technology and partnerships to enhance customer engagement and capture incremental demand [18] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about U.S. lodging demand, citing favorable consumer trends and upcoming national events as demand catalysts [9][10] - The company expects U.S. net rooms growth to return to positive territory in 2026, supported by a larger hotel conversion pipeline [9][31] - Management highlighted the importance of the international business as a growth driver, with a focus on direct franchising to enhance earnings per unit [11][82] Other Important Information - The company generated over $270 million in operating cash flow in 2025, providing financial flexibility for capital allocation [28] - The capital allocation framework prioritizes high-return organic investments, selective acquisitions, and returning excess capital to shareholders [29] Q&A Session Summary Question: Key money spending outlook for 2026 - The company expects key money spending to increase to between $105 million and $110 million in 2026, up from $83 million in 2025 [36] Question: Balance sheet requirements for aggressive buybacks - Management indicated that they are comfortable with their net debt to EBITDA ratios and will consider share returns as capital allows [42] Question: U.S. rooms growth expectations - Management noted that mid-scale and economy franchises are expected to drive U.S. rooms growth, with a focus on improving brand quality [44][45] Question: RevPAR guidance and potential tailwinds - Management acknowledged that while some demand catalysts are not fully baked into guidance, they remain optimistic about RevPAR growth due to favorable economic conditions [46][48] Question: Duration of the removal process for underperforming properties - Management indicated that the removal process is ongoing and that they expect to return to a normal churn rate of 3%-4% [56][69]

Supplemental Financial Information DECEMBER 31, 2025 ANDAZ MAUI AT WAILEA RESORT 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 | | | Top 40 Hotels by Total RevPAR | 16 | | | Historical Comparable Hotel Results | 18 | | | Comparable Hotel Results 2026 Forecast and ...

Financial Data and Key Metrics Changes - In 2025, the company delivered adjusted EBITDA of $626 million, up 4% year-over-year, and adjusted earnings per share of $6.94, also in line with expectations [4][19] - Fourth quarter revenues, excluding reimbursable revenue, increased 2% year-over-year to $234 million, with adjusted EBITDA at $141 million and adjusted earnings per share rising 3% year-over-year to $1.60 [20][19] - The global RevPAR declined 4.6% year-over-year in the fourth quarter on a currency-neutral basis, while international RevPAR increased 3.2% year-over-year [24][19] Business Line Data and Key Metrics Changes - The company achieved a 14% year-over-year growth in global hotel openings, with a significant focus on higher revenue brands [4][5] - In the extended stay segment, the company delivered its 10th consecutive quarter of double-digit system growth, with a record number of U.S. extended stay hotel openings, up 8% year-over-year [12][13] - The midscale segment saw a 47% increase in global hotel openings, with 18% more global midscale franchise agreements executed year-over-year [23][19] Market Data and Key Metrics Changes - In the Americas outside the U.S., RevPAR increased 5.4% year-over-year in 2025, with a 49% growth in the rooms pipeline in Canada [12][19] - The Asia-Pacific region led international RevPAR growth with an 11% increase [24][19] - The company expects U.S. net rooms growth to return to positive territory in 2026, supported by a larger hotel conversion pipeline [9][19] Company Strategy and Development Direction - The company is focused on enhancing franchisee economics and improving product quality, which is reflected in the higher average royalty rate achieved across the U.S. portfolio [5][19] - The company is strategically positioned in the value-driven travel segment, aiming to capture incremental market share as consumer spending on travel increases [9][19] - The company is expanding its international footprint, with direct franchised rooms now representing over 40% of its international portfolio, enhancing earnings per unit [11][19] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about U.S. lodging demand, citing favorable economic conditions such as declining gas prices and tax relief expected to stimulate travel [10][19] - The company anticipates continued growth in several consumer segments, including retirees and road trippers, supported by an improved portfolio of hotels [10][19] - Management expects adjusted EBITDA for 2026 to be in the range of $632 million to $647 million, reflecting organic growth and strong royalty rate growth [31][19] Other Important Information - The company returned $189 million to shareholders in 2025, including $54 million in dividends and $136 million in share repurchases [29][19] - The company is actively investing in technology to enhance customer engagement and streamline hotel booking processes [18][19] Q&A Session All Questions and Answers Question: Can you walk us through expectations for key money spending, CapEx, and JV investments in 2026? - The company expects key money spending to increase to between $105 million and $110 million in 2026, reflecting an acceleration of openings [35][19] Question: Where does the balance sheet need to get to for more aggressive buybacks? - The company is comfortable with its current net debt to EBITDA ratios and will prioritize investments back into the business before considering share buybacks [40][19] Question: Can you provide more color on U.S. rooms growth returning to positive this year? - The company is seeing an increase in mid-scale and economy franchises awarded, which, coupled with an increasing conversion pipeline, supports the expectation of positive U.S. net rooms growth [44][19] Question: How should we think about the RevPAR cadence for the year? - The company expects Q1 RevPAR to be negative due to hurricane impacts but anticipates an inflection point in Q2 as those impacts are lapped [56][19] Question: How long do you expect the removal process to take before settling into a normal NUG? - The company expects to return to a positive NUG this year, with ongoing opportunities to backfill lower-performing hotels with higher quality options [65][19]

Financial Data and Key Metrics Changes - The company reported a net room growth of 4% and full-year comparable adjusted EBITDA and adjusted EPS growth of 4% and 6%, respectively [5][30] - Adjusted diluted EPS for the quarter was $0.93, down 4% on a comparable basis, while full-year adjusted diluted EPS increased 6% to $4.58 [30][32] - Adjusted free cash flow was $433 million for the full year, with a conversion rate from adjusted EBITDA of 60% [32][34] Business Line Data and Key Metrics Changes - The company opened a record 72,000 rooms, which is 13% more than the previous year, and signed 870 deals, an 18% increase from 2024 [6][7] - Ancillary fee streams increased by 15%, contributing to a total of $433 million in adjusted free cash flow [7][18] - The development pipeline now carries an average FeePAR premium of 30% domestically and nearly 20% internationally compared to the existing system [7] Market Data and Key Metrics Changes - Domestic RevPAR declined about 6% in constant currency, while international RevPAR declined by 1% [15][16] - EMEA region saw a RevPAR increase of 7%, while Latin America experienced a 6% increase [17] - Southeast Asia and the Pacific Rim RevPAR was down 2%, and China saw a decline of 10% [17][18] Company Strategy and Development Direction - The company aims to expand its portfolio with more aspirational upscale hotels and resorts, enhancing opportunities for Wyndham Rewards members [12] - The focus remains on high-return growth opportunities and digital technology to drive profitability [40] - The company is also enhancing its AI capabilities to improve guest experiences and increase direct bookings [20][78] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the improvement in RevPAR trends, particularly in January, indicating signs of recovery [43][46] - The company expects full-year global net room growth of 4%-4.5% and anticipates U.S. RevPAR to range from -3% to -2% in the first quarter [35][36] - Management highlighted the resilience of the business model amid macroeconomic uncertainties and the potential for significant demand tailwinds [40] Other Important Information - The company recorded non-cash charges of $160 million related to the insolvency of a large European franchisee, Revo Hospitality Group [22][27] - The board authorized a 5% increase in the quarterly cash dividend, reflecting confidence in the business model [34] Q&A Session Summary Question: What is the current RevPAR trend and occupancy build? - Management noted significant improvement in January, with U.S. RevPAR down only 4% normalized, indicating positive demand trends [43][44] Question: What is the most positive aspect of the earnings report? - Management highlighted the acceleration in net room growth and the strength of the development pipeline as the most exciting aspect [52][55] Question: How does infrastructure-related demand compare to leisure travelers? - Infrastructure demand is expected to improve and perform better than leisure, with ongoing private investment projects driving growth [58][59] Question: What was the RevPAR impact from the government shutdown? - The government shutdown had a minor impact of about 50 basis points in Q4, which will provide a slight tailwind in the upcoming Q4 [64][65] Question: Can you elaborate on the Revo situation? - Management confirmed that the insolvency was tied to previous loan investments and is currently working with advisors to determine next steps [66][67] Question: Are there other franchisees in danger? - Management indicated that the Revo situation is an outlier, with minimal exposure to other franchisees [71][72] Question: What are the potential benefits of AI initiatives? - AI initiatives are expected to drive significant cost savings and new revenue streams, enhancing guest engagement and franchisee profitability [78][80]

Financial Data and Key Metrics Changes - The company reported a net room growth of 4% and full-year comparable adjusted EBITDA and adjusted EPS growth of 4% and 6% respectively, aligning with previous outlooks [5][7] - Adjusted diluted EPS for Q4 was $0.93, down 4% on a comparable basis, while full-year adjusted diluted EPS increased 6% to $4.58 [30][32] - Adjusted free cash flow was $433 million for the full year, with a conversion rate from adjusted EBITDA of 60% [32][34] Business Line Data and Key Metrics Changes - The company opened a record 72,000 rooms, a 13% increase from the previous year, and signed 870 deals, an 18% increase from 2024 [6][7] - Ancillary fee streams increased by 15%, contributing to a total of $433 million in adjusted free cash flow [7][18] - The development pipeline now includes nearly 260,000 rooms and over 2,200 hotels, with an average fee per room premium of 30% domestically and nearly 20% internationally [7][12] Market Data and Key Metrics Changes - Domestic RevPAR declined by 6% in Q4, while international RevPAR declined by 1% [15][16] - EMEA region saw a 7% increase in RevPAR, while Latin America experienced a 6% increase [17] - In Asia, RevPAR was down 10%, primarily due to economic conditions in China [18] Company Strategy and Development Direction - The company aims to expand its portfolio with more aspirational upscale hotels and resorts, enhancing opportunities for Wyndham Rewards members [12][84] - Strategic partnerships and technology initiatives are being leveraged to drive ancillary revenue growth and improve operational efficiencies [19][20] - The company is focusing on high-return growth opportunities and digital technology to enhance profitability and shareholder returns [40] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about improving RevPAR trends, particularly in January, with signs of demand recovery in key states [43][45] - The company anticipates full-year global net room growth of 4%-4.5% and expects U.S. RevPAR to improve in Q2 [35][36] - Management acknowledged challenges from the insolvency of a large European franchisee but remains focused on maximizing recoverability [27][68] Other Important Information - The company recorded non-cash charges of $160 million related to the insolvency of Revo Hospitality Group [27][22] - A new international co-branded credit card with Mastercard is expected to launch in Canada, aimed at expanding the Wyndham Rewards ecosystem [19] - The company has authorized a 5% increase in the quarterly cash dividend, reflecting confidence in its business model [34] Q&A Session Summary Question: What is the current RevPAR trend and occupancy build? - Management noted significant improvement in January, with U.S. RevPAR down only 4% and occupancy recovering, particularly in states like Texas and Florida [43][45] Question: What is the most positive aspect of the earnings report? - Management highlighted the record net room growth and development pipeline as the most encouraging aspect [52][55] Question: How does infrastructure-related demand compare to leisure demand? - Infrastructure demand is expected to increase and perform better than leisure, with ongoing private investment projects driving RevPAR growth [58][59] Question: What was the RevPAR impact from the government shutdown? - The government shutdown had a minimal impact of about 50 basis points in Q4, which will provide a slight tailwind in the upcoming quarter [64][65] Question: Can you elaborate on the Revo insolvency situation? - Management confirmed that the insolvency was tied to previous loan investments and is working with advisors to determine next steps [67][68] Question: Are there other franchisees in a similar situation as Revo? - Management indicated that Revo's situation is an outlier, with minimal exposure to other franchisees [71][72]

Financial Data and Key Metrics Changes - The company reported a net room growth of 4% and full-year comparable adjusted EBITDA and adjusted EPS growth of 4% and 6% respectively, aligning with previous guidance [4][26] - Adjusted diluted EPS for the quarter was $0.93, down 4% on a comparable basis, while full-year adjusted diluted EPS increased 6% to $4.58 [26][28] - Adjusted free cash flow was $433 million for the full year, with a conversion rate from adjusted EBITDA of 60% [29][31] Business Line Data and Key Metrics Changes - The company opened a record 72,000 rooms, marking a 13% increase from the previous year, and signed 870 deals, an 18% increase from 2024 [4][5] - Ancillary fee streams increased by 15%, contributing to a total of $433 million in adjusted free cash flow [5][16] - The development pipeline now includes nearly 260,000 rooms and over 2,200 hotels, with an average fee per room premium of 30% domestically and nearly 20% internationally [5][10] Market Data and Key Metrics Changes - Domestic RevPAR declined by 6% in Q4, while international RevPAR declined by 1 point, with EMEA region showing a 7% increase [12][15] - In the U.S., RevPAR was down 4% for the full year, with improvements noted in January 2026, particularly in Texas and Florida [13][41] - Internationally, net rooms increased by 9%, with notable growth in EMEA (8%), Latin America (5%), and Southeast Asia (11%) [10][11] Company Strategy and Development Direction - The company aims to expand its portfolio with more aspirational upscale hotels and resorts, enhancing opportunities for Wyndham Rewards members [10][12] - Strategic partnerships and technology initiatives are being leveraged to drive ancillary revenue growth, with a focus on AI capabilities to improve guest engagement and operational efficiency [18][19] - The company plans to maintain a strong balance sheet while investing in high-return growth opportunities and digital technology [38] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the recovery in leisure and corporate bookings, with improvements in booking windows and cancellation rates [13][14] - The company anticipates full-year global net room growth of 4%-4.5% for 2026, with expectations for U.S. RevPAR to improve in the second quarter [32][33] - Management acknowledged challenges from the insolvency of a large European franchisee but emphasized the resilience of the business model [20][24] Other Important Information - The company recorded non-cash charges of $160 million related to the insolvency of Revo Hospitality Group, impacting financial statements [24][25] - The board of directors authorized a 5% increase in the quarterly cash dividend, reflecting confidence in the business model [31] Q&A Session Summary Question: What is the current RevPAR trend and demand segments? - Management noted significant improvement in January, with U.S. RevPAR down 4% normalized, driven by demand [41] Question: What is the most positive aspect of the earnings report? - Management highlighted the acceleration in net room growth and development pipeline as the most exciting aspect [49] Question: How does infrastructure-related demand compare to leisure? - Infrastructure demand is expected to increase, with performance slightly below leisure but showing signs of improvement [55] Question: What was the RevPAR impact from the government shutdown? - The government shutdown had a minor impact of about 50 basis points in Q4 [60] Question: Can you elaborate on the Revo situation? - The insolvency of Revo was tied to previous loan investments, and the company is working with advisors to determine next steps [64]

FOURTH QUARTER AND FULL-YEAR 2024 EARNINGS RESULTS PRESENTATION 2 Cambria Hotels, Nashville Midtown, TN FEBRUARY 20, 2025 1 Forward-looking Statements Information set forth herein includes "forward-looking statements." Certain, but not necessarily all, of such forward-looking statements can be identified by the use of forward- looking terminology, such as "expect," "estimate," "believe," "anticipate," "should," "will," "forecast," "plan," "project," "assume," or similar words of futurity. All statements oth ...

Core Insights - The tourism market in Nanjing experienced significant growth during the Spring Festival, with a total of 991.7 million visitors from February 15 to 19, representing a 15.6% increase compared to the same period last year [12] Group 1: Visitor Statistics - On February 19, the fifth day of the Spring Festival, Nanjing's tourist attractions received 2.948 million visitors, a 19.7% increase year-on-year [1] - The breakdown of visitors includes 1.573 million at scenic spots, 192,000 at cultural venues, and 194,000 at rural tourism monitoring points [1] - The proportion of visitors from outside the province reached 71.5%, with the top ten sources being Zhejiang, Shandong, Shanghai, Anhui, Henan, Guangdong, Hebei, Beijing, Liaoning, and Hubei [5] Group 2: Accommodation Market - The average occupancy rate of star-rated hotels and some branded hotels in Nanjing was 94.7% on the second day of the Lunar New Year, with several hotels fully booked [9] - Notable hotels with full occupancy included Jinling Hotel, Zijinshan Hotel, and Shangri-La Hotel among others [9] - The average occupancy rate for 23 graded tourism homestays was 66.4%, with 27 monitored rural homestays achieving full occupancy [9] Group 3: Economic Impact - The total tourism consumption in Nanjing on the second day of the Lunar New Year reached 840 million yuan, marking a 31.8% increase from the previous year [12] - Out of this, the consumption from non-local tourists amounted to 580 million yuan, reflecting a 33.9% year-on-year increase [12]

Achieved record organic growth with 72,000 room openings, a 13% increase over the previous year, driven by strong conversion activity and new construction prototypes. Global development pipeline expanded to 260,000 rooms, featuring a 30% domestic fee-par premium compared to the existing system, which management expects to enhance future margins. Domestic RevPAR declined 4% for the full year, primarily attributed to softness in Texas, California, and Florida, which represent one-quarter of the U.S. roo ...

Investor Presentation February 18, 2026 Wyndham Corfu Acharavi Corfu, Greece Opened November 2025 Introduction to Wyndham Hotels & Resorts Largest hotel franchisor worldwide(a) Leading brands in the resilient select-service segment Asset-light business model generating significant free cash flow Primarily leisure-focused, "drive to" portfolio of hotels 8,300+ Hotels ~869,000 Current Rooms ~259,000 Rooms in the Pipeline ~100 Countries 25 Brands 122M+ Loyalty Members Laying Our Tech Foundation & Harnessing AI ...