HGV Investor Overview M A R C H 2 0 2 6 Forward Looking Statements This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements convey management's expectations as to the future of HGV, and are based on management's beliefs, expectations, assumptions and such plans, estimates, projections and other information available to management at the time ...

Financial Data and Key Metrics Changes - Contract sales grew by 10% in 2025, marking the highest growth since 2022, with Adjusted EBITDA of $1.15 billion, a 4% increase year-over-year [16][18] - Total revenue before cost reimbursements for the quarter increased by 1% to $1.3 billion, with Adjusted EBITDA to shareholders growing 12% to $324 million [18][19] - Adjusted free cash flow for the year was $756 million, or over $8.25 per share, with 79% of that cash flow returned to shareholders [17][26] Business Line Data and Key Metrics Changes - In the real estate business, contract sales for the quarter grew 2% to $852 million, with tours up 9% year-over-year to 225,000 [18][19] - The financing business reported revenues of $134 million for the fourth quarter, with profit margins of 60% [20] - The resort and club business saw revenue growth of 6% to $219 million for the quarter, with segment profit margins of 73% [24] Market Data and Key Metrics Changes - The company surpassed pro forma consolidated 2019 tour flow levels for the first time, indicating strong recovery and growth in market demand [11][18] - The annualized default rate for consolidated portfolios improved to 9.86%, reflecting a 24 basis points improvement from the previous quarter [21] Company Strategy and Development Direction - The company is focused on four strategic priorities: attracting new customers cost-effectively, enhancing member lifetime value, product evolution and innovation, and driving operational excellence [10][12] - The introduction of HGV Max has driven a greater than 20% increase in lifetime value for Max members compared to non-Max members [12] - The company aims to maintain a robust pace of share repurchases at approximately $150 million per quarter without increasing leverage [27][56] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in a stable consumer environment where travel remains a priority, carrying significant momentum into 2026 [9] - The guidance for 2026 anticipates low single-digit contract sales growth and mid-single-digit EBITDA growth, with expectations for improved cash flow conversion [28][29] - Management highlighted the importance of operational excellence and cost management as key drivers for future performance [14] Other Important Information - The company achieved $100 million in cost synergies from the Bluegreen acquisition ahead of schedule [16][14] - The company has a liquidity position of over $1 billion, consisting of $239 million in unrestricted cash and $809 million available under its revolving credit facility [31] Q&A Session Summary Question: Can you provide expectations for quarterly cadence, specifically for tour growth and VPG? - Management indicated high single-digit growth for tour flow in Q1, with a high single-digit decline in VPG due to tough comparisons from the previous year [34][39] Question: Can you clarify the uptick in the fourth quarter loan loss provision related to upgrades? - Management explained that the increase was due to changes in underwriting processes and the release of reserves associated with upgraded loans, which should stabilize in 2026 [42][43] Question: What is the company's strategy regarding excess inventory and potential asset streamlining? - Management confirmed ongoing analysis of the portfolio to optimize assets, indicating that some acquired properties may not align with long-term goals [50][51] Question: How is the sales force performing and are there any strategic changes? - Management praised the sales force for achieving significant growth and indicated ongoing improvements in team capabilities across various markets [67][68]

Financial Data and Key Metrics Changes - Contract sales grew by 10% in 2025, marking the highest growth since 2022, with Adjusted EBITDA of $1.15 billion, a 4% increase year-over-year [16][18] - Total revenue before cost reimbursements for the quarter increased by 1% to $1.3 billion, while Adjusted EBITDA to shareholders grew by 12% to $324 million, with margins of 26%, up 250 basis points from the prior year [18][19] - Adjusted free cash flow for the year was $756 million, or over $8.25 per share, with $600 million returned to shareholders through share repurchases [17][26] Business Line Data and Key Metrics Changes - In the real estate business, contract sales for the quarter increased by 2% to $852 million, with tours up 9% year-over-year to 225,000 [18][19] - The financing business reported revenues of $134 million and profit of $81 million, with margins of 60% [20] - The resort and club business saw revenue growth of 6% to $219 million for the quarter, with segment profit of $160 million and margins of 73% [24] Market Data and Key Metrics Changes - The company surpassed pro forma consolidated 2019 tour flow levels for the first time, indicating strong recovery and growth in market demand [18][11] - The annualized default rate for consolidated portfolios improved to 9.86%, reflecting a 24 basis points improvement from the previous quarter [21] Company Strategy and Development Direction - The company is focused on four strategic priorities: attracting new customers cost-effectively, enhancing member lifetime value, product evolution and innovation, and driving operational excellence [10][12] - The introduction of HGV Max has driven a 35% increase in memberships, with a greater than 20% increase in lifetime value for Max members compared to non-Max members [8][12] - The company aims to maintain a robust pace of share repurchases while avoiding increased leverage, targeting $150 million per quarter [27][56] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in a stable consumer environment where travel remains a priority, carrying significant momentum into 2026 [9] - The guidance for 2026 anticipates Adjusted EBITDA between $1.185 billion and $1.225 billion, with low single-digit contract sales growth expected [28][29] - Management highlighted the importance of operational excellence and cost management as key focuses for future growth [14][15] Other Important Information - The company achieved $100 million in cost synergies from the Bluegreen acquisition ahead of schedule [16][14] - The weighted average interest rate for originated loans was reported at 14.6% [20] Q&A Session Summary Question: Can you provide expectations for quarterly cadence, specifically for tour growth and VPG? - Management indicated high single-digit growth for tour flow in Q1, with a high single-digit decline in VPG due to tough comparisons from the previous year [34][39] Question: Can you clarify the uptick in loan loss provision related to upgrades to legacy Bluegreen owners? - Management explained that the increase was due to changes in underwriting processes, requiring more capital from consumers during upgrades, which has improved loan performance [42][43] Question: Is there a plan to streamline assets and locations due to excess inventory? - Management confirmed ongoing analysis of the portfolio to optimize for both members and shareholders, with potential updates to be provided in the future [50][51] Question: What is the philosophy around share buybacks and the decision to maintain a $150 million quarterly repurchase? - Management emphasized the importance of maintaining current leverage levels while executing a robust share repurchase program, viewing the stock as a compelling value [55][56]

Financial Data and Key Metrics Changes - Contract sales grew by 10% in 2025, marking the highest growth since 2022, with Adjusted EBITDA reaching $1.15 billion, a 4% increase year-over-year [6][16] - Total revenue before cost reimbursements for the quarter increased by 1% to $1.3 billion, while Adjusted EBITDA to shareholders grew by 12% to $324 million, with margins of 26%, up 250 basis points from the prior year [18] - Adjusted free cash flow for the year was $756 million, or over $8.25 per share, with 79% of that cash flow returned to shareholders through share repurchases [17][26] Business Line Data and Key Metrics Changes - In the real estate business, contract sales for the quarter grew by 2% to $852 million, with tours up 9% year-over-year to 225,000 [18][19] - The financing business reported revenues of $134 million and profit of $81 million, with margins of 60% [20] - The resort and club business saw revenue growth of 6% to $219 million for the quarter, with segment profit of $160 million and margins of 73% [24] Market Data and Key Metrics Changes - The company surpassed pro forma consolidated 2019 tour flow levels for the first time, indicating a recovery in market demand [11][18] - The annualized default rate for consolidated portfolios improved to 9.86%, reflecting a 24 basis point improvement from the previous quarter [21] - The weighted average interest rate for originated loans was 14.6%, with combined gross receivables for the quarter at $4.3 billion [20][21] Company Strategy and Development Direction - The company is focused on four strategic priorities: attracting new customers cost-effectively, enhancing member lifetime value, product evolution and innovation, and driving operational excellence [10][12] - The introduction of HGV Max has significantly increased the lifetime value of Max members by over 20% compared to non-Max members [12] - The company aims to maintain capital returns as the primary use of free cash flow, with a commitment to repurchase approximately $150 million of shares per quarter [27][56] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in a stable consumer environment where travel remains a priority, carrying significant momentum into 2026 [9] - The guidance for 2026 anticipates low single-digit contract sales growth and mid-single-digit EBITDA growth, with expectations for strong cash flow conversion [28][30] - Management highlighted the importance of operational excellence and cost management as key drivers for future performance [14][15] Other Important Information - The company achieved $100 million in cost synergies from the Bluegreen acquisition ahead of schedule [16] - The company is undergoing a rebranding process for Bluegreen resorts, with plans for additional rebrands in the coming years [15] - The liquidity position as of December 31 was over $1 billion, consisting of $239 million in unrestricted cash and $809 million available under the revolving credit facility [31] Q&A Session Summary Question: Quarterly cadence expectations for 1Q and beyond - Management indicated high single-digit growth in tour flow for Q1, with a slight decline in VPG due to tough comparisons from the previous year [34][38] Question: Clarification on loan loss provision increase - Management explained that the increase in loan loss provision was due to upgrades to legacy Bluegreen owners and changes in underwriting processes that require more capital upfront [41][42] Question: Thoughts on excess inventory and potential asset streamlining - Management acknowledged the need to optimize the portfolio and indicated that some acquired properties may not align with long-term goals, but further details will be provided later [49][50] Question: Philosophy around share buybacks - Management confirmed a commitment to a $150 million quarterly buyback, emphasizing a preference to maintain current leverage levels rather than increasing them for repurchases [54][56] Question: Sales force effectiveness and strategic changes - Management expressed satisfaction with the sales force's performance and noted ongoing efforts to improve capabilities across a broader range of markets [66][68]

Financial Data and Key Metrics Changes - Contract sales increased by 17% to a record $907 million, driving significant improvements in real estate business profitability [4][6][20] - Adjusted EBITDA reached $302 million with margins excluding reimbursements at 24%, consistent with the prior year [20][24] - Total revenue before cost reimbursement grew by 12% to $1.3 billion [20] Business Line Data and Key Metrics Changes - Real estate profit was $178 million with margins of 27%, up 300 basis points year-over-year [23] - Financing business revenue was $128 million with a profit of $75 million, resulting in margins of 59% [23] - Member count reached nearly 722,000, reflecting increased recapture rates [9][24] Market Data and Key Metrics Changes - VPG (Volume Per Guest) increased by 15% year-over-year to $3,900, with broad strength across both owner and new buyer channels [21][24] - Consolidated tour growth was up 2% year-over-year, with 232,000 tours conducted [20][24] - Occupancy remained stable at 83%, with fourth-quarter arrivals ahead of the prior year [8][20] Company Strategy and Development Direction - The company is focused on enhancing its value proposition and improving cost efficiencies while continuing to invest in long-term capabilities [5][17] - Strategic initiatives include growing lead flow, improving execution, and enhancing the customer experience through technology and partnerships [10][16] - The integration of Bluegreen Vacations is progressing well, with $94 million in run-rate cost synergies achieved [14][20] Management's Comments on Operating Environment and Future Outlook - The consumer environment remains stable, with healthy travel demand indicated by forward indicators and member surveys [5][6] - The company expects to maintain high single-digit contract sales growth and reiterated its existing EBITDA guidance for the year [6][28] - Management expressed confidence in the investments made, which are anticipated to drive sustainable value creation [5][17] Other Important Information - The company repurchased 3.3 million shares for $150 million during the quarter, with a total of 12.4 million shares repurchased year-to-date [10][28] - The liquidity position as of September 30 included $215 million in unrestricted cash and $632 million available under a revolving credit facility [28][29] Q&A Session Summary Question: Expectations for 2026 and financing profit - Management indicated strong momentum heading into 2026, expecting good tour flow growth driven by investments made [33][40] - Financing profitability may face headwinds but is expected to hold steady due to a growing portfolio and optimization efforts [56][57] Question: Strong VPG results compared to the travel industry - The company attributed the 15% VPG growth to effective execution, innovative membership programs, and high satisfaction rates among members [62][66] Question: Flow through and marketing package expenses - Higher marketing package expenses of approximately $7 million were incurred, which will convert to revenue in future periods [72][81] - Reportability issues were noted, with an $8 million increase in contract sales during the last 10 days of the quarter [82] Question: Rental business recovery - Recovery in the rental business is expected to be gradual, driven by contract sales and recaptured inventory [102][104] Question: Delinquency rates and consumer stability - Delinquency rates for subprime loans remain stable, attributed to strong consumer engagement and satisfaction [147][150]

Financial Data and Key Metrics Changes - Reported contract sales were $837 million, with adjusted EBITDA at $289 million, achieving margins of 23% excluding reimbursements, which exceeded expectations [14][38] - For the year, the company generated contract sales of $3 billion and adjusted EBITDA of $1.1 billion, converting 76% of EBITDA into a record $837 million of adjusted free cash flow [37][60] - The company returned a record $432 million to shareholders through stock repurchases, reducing diluted share count by 10% [37][61] Business Line Data and Key Metrics Changes - In the real estate segment, contract sales grew to $837 million for the quarter, up 9% year-over-year on a pro forma basis, with Bluegreen contributing $208 million [39] - The financing business reported revenues of $153 million and segment profit of $93 million, achieving margins of 61% [44] - The rental business showed good top-line trends, although profitability was affected by seasonality and the addition of Bluegreen's rental business [21][55] Market Data and Key Metrics Changes - The APAC region showed strong performance, particularly in Hawaii, with high demand for properties like the new Kohaku project in Waikiki [16][101] - Occupancy rates were at 82%, slightly up from previous quarters, with a robust package pipeline of over 710,000 packages [19] - The company reported a member count of 724,000, with a net owner growth (NOG) of 1.1% [21][53] Company Strategy and Development Direction - The company aims to achieve $100 million in cost synergies from the Bluegreen acquisition, with significant organizational changes already implemented [10][25] - The launch of HGV Max for Bluegreen members is expected to enhance property access and drive transaction growth [10][24] - The financing optimization program aims to increase nonrecourse borrowing activity, targeting a securitization rate of 70% to 80% over the next 18 months [47][48] Management's Comments on Operating Environment and Future Outlook - Management noted that the consumer environment remains consistent, with inflation and elevated interest rates impacting spending, but travel intentions remain strong [12][98] - The company expects solid growth in contract sales and EBITDA in 2025, despite additional consumer finance interest expenses [13][62] - Management expressed optimism about the leisure travel environment and the effectiveness of operational adjustments to mitigate macroeconomic pressures [20][102] Other Important Information - The company has significant excess liquidity of over $2 billion and a strong position in the securitization market [46][65] - The company remediated a previously disclosed material weakness in its financial reporting [67] Q&A Session Summary Question: How should we think about growth rates between workflow and VPG for 2025? - Management expects strong top-line revenue driven by growth in contract deals, with tours anticipated in the low to mid-single digits and VPG in a similar range [72][74] Question: Can you elaborate on the optimization program? - The program involves increasing the pace of securitizations, which will provide more cash infusion for share repurchases while receiving less immediate income [78][80] Question: What is the outlook for loan loss provisions in 2025? - Management anticipates a stabilization in delinquencies, with provisions expected to be in the mid-teens on an annualized basis [88] Question: How is the Bluegreen HGV Max rollout progressing? - The rollout is expected to take 18 to 24 months to reach a meaningful number of members, with strong initial uptake noted [93][95] Question: What changes have been observed in customer behavior post-election? - Management noted that leisure travel remains strong, with improvements in VPGs and closing rates across all brands [100][102] Question: What is the anticipated inventory investment for 2025? - The company expects inventory investment to be around $450 million, primarily for completing pre-COVID projects [106][109]