February 2026 Investor Presentation margaritaville hotel san diego gaslamp quarter INVESTOR PRESENTATION FEBRUARY 2026 Pebblebrook Overview: The Premier Lifestyle Lodging REIT Pebblebrook Hotel Trust (NYSE: PEB) is a publicly traded real estate investment trust ("REIT") and the largest owner of luxury and upper-upscale lifestyle hotels in the United States, spanning premier urban and resort destinations. Hotels and Resorts 44 Urban and Resort Markets Hotel EBITDA Growth Opportunity (AFFO Upside) 13 $86M+ ($ ...

Reclaimed the top spot for industry operating margins by maintaining a laser focus on productivity and staffing, limiting GOP margin decline to 20 basis points despite flat RevPAR. Successfully mitigated labor cost pressures through a 13% headcount reduction year-over-year, allowing labor and benefit costs to decline slightly despite 4% wage increases. Executed a strategic portfolio 'trimming' by selling four older, lower-RevPAR hotels at a 6% cap rate to reduce debt and fund share repurchases. Prio ...

Chatham Lodging Trust (NYSE:CLDT) Q4 2025 Earnings call February 25, 2026 10:30 AM ET Company ParticipantsAri Klein - Director of Equity ResearchChris Daly - PresidentDennis M. Craven - EVP and COOJeffrey H. Fisher - Chairman, President, and CEOJeremy Wegner - SVP and CFOConference Call ParticipantsGaurav Mehta - Managing Director and Senior Equity Research AnalystTyler Batory - Executive Director and Senior AnalystOperatorGood morning, ladies and gentlemen, welcome to the Chatham Lodging Trust Fourth Quart ...

Longleaf Partners, managed by Southeastern Asset Management, released its “Small-Cap Fund” fourth-quarter 2025 investor letter. A copy of the letter can be downloaded here. Longleaf experienced several environments throughout its experience in small-cap investing. This year, the underlying developments in the Fund’s holdings were more promising than the actual stock price returns when compared to the target of inflation plus 10% and the unusual performance of the Russell 2000. In Q4 2025, the Fund returned ...

Core Insights - Wynn Resorts, Limited (WYNN) is set to report its fourth-quarter 2025 results on February 12, with a history of mixed earnings surprises, averaging a 12% surprise rate over the past four quarters [2] Estimate Revisions - The Zacks Consensus Estimate for adjusted earnings per share (EPS) has decreased to $1.33 from $1.37 in the last 30 days, indicating a 45% decline from the previous year's EPS of $2.42 [3] - Revenue estimates are pegged at approximately $1.85 billion, reflecting a 0.8% increase from the same quarter last year [3] Factors Influencing Quarterly Results - The fourth-quarter revenue is expected to benefit from strong demand in key markets, particularly in Las Vegas, Macau, and Boston, with management noting improved trends in gaming volumes and retail activity [4] - Las Vegas operations are projected to see a 2.4% year-over-year revenue increase to $683.1 million, driven by elevated casino drop and handle, market share gains, and premium customer activity [5] - Macau's revenues are anticipated to decline by 1.1% year-over-year to $916.4 million, despite strong mass volumes and premium play, due to higher operating expenses and project-related disruptions [6] - Encore Boston Harbor is expected to deliver stable performance with revenues declining 0.7% year-over-year to $211.2 million, supported by slot revenue growth and cost control [7] Profitability Pressures - Profitability in the fourth quarter may be impacted by lower hotel occupancy in Las Vegas, increased repair and maintenance costs, and higher operating expenses in Macau due to rising volumes and ongoing renovations [8][9] - Total operating expenses are projected to rise 8.3% year-over-year to $1.6 billion [9] Earnings Prediction - The model predicts an earnings beat for Wynn Resorts, supported by a positive Earnings ESP of +7.54% and a Zacks Rank of 3 (Hold) [10][11]

INVESTOR PRESENTATION February 2026 2025 Q4 Legal Disclaimers 1. See Appendix – "Boardwalk EBITDA" for a reconciliation of net income attributable to Loews to EBITDA, a non-GAAP measure. 2. See page titled "Loews Hotels & Co – Portfolio" for additional information about hotels owned and operated by Loews Hotels & Co. Forward Looking Statements and Risk Factors. The information presented herein is generally available from public sources, including our and our subsidiaries' earnings releases and SEC filings. ...

Core Insights - Groupe Partouche reported strong financial results for the fiscal year ending October 31, 2025, with significant growth in both turnover and profitability metrics, driven by strategic investments and operational improvements [2][4][8]. Financial Performance - Gross Gaming Revenue (GGR) increased by 5.1% to €748.3 million in 2025, up from €712.3 million in 2024, with slot machines GGR rising by 3.6% and table gaming GGR by 9.6% [2]. - Net Gaming Revenue (NGR) rose by 4.0% to €352.4 million, while income excluding PNJ increased by 12.4% to €110.7 million [3]. - Consolidated turnover grew by 6.0% to €460.2 million, compared to €434.3 million in 2024 [4][8]. - EBITDA reached €94.4 million, a 27.8% increase from €73.9 million the previous year, representing 20.5% of turnover [5][8]. - Current operating income (COI) surged by 56.6% to €30.8 million, with the casino sector's COI increasing by 33.4% to €41.0 million [6][8]. Cost and Expense Management - Purchases and external expenses rose by 3.8% to €152.5 million, with taxes and duties increasing by 6.1% to €18.7 million [7][8]. - Personnel expenses remained stable at €182.6 million, with a slight increase due to the integration of new teams and contractual wage agreements [10]. - Depreciation and amortization on fixed assets increased by 17.5% to €60.8 million, reflecting ongoing investments and renovations [11]. Non-Current Operating Income - Non-current operating income (NCOI) was €56.1 million, a significant recovery from a loss of €4.4 million in 2024, primarily due to asset sales [12][29]. - Operating income for 2025 reached €86.9 million, compared to €15.2 million in 2024, indicating a strong operational turnaround [13][29]. Tax and Net Income - The Group's tax expense amounted to €22.8 million, significantly higher than €7.5 million in 2024, driven by improved operating results and non-recurring tax bases [15]. - Groupe Partouche generated a profit of €52.7 million, a substantial increase from €4.1 million in 2024, with the Group's share amounting to €51.1 million [16][29]. Financial Structure - The Group's equity increased to €410.5 million, up by €45.5 million, while gross financial debt rose to €418.6 million, reflecting a healthy financial structure with a gearing ratio of 0.4x and leverage of 2.1x [18][19]. - Current assets increased by €55.1 million, primarily due to positive cash flow generation [18]. Future Outlook - Groupe Partouche plans to increase dividends for the 2024/2025 financial year, with details to be announced for shareholder approval [20]. - The company is continuing its investment strategy, including renovations and expansions across its casino portfolio, with significant projects scheduled for completion in 2026 [25][28].

2025Q3 Performance Highlights - Hotel RevPAR was RMB 124, down 84% compared with 2024Q3[14] - Restaurant Average Daily Sales Per Store (ADS) was RMB 3,714, down 241% compared with 2024Q3[14] - Hotel Revenues were RMB 2545 million, down 113% compared with 2024Q3[14] - Hotel Income from Operations was RMB 691 million, down 305% with a margin of 272% compared with 2024Q3[14] - Adjusted Income from Operations was RMB 1093 million, up 36% with a margin of 405% compared with 2024Q3[14] - Net Income was RMB 595 million, up 15% with a margin of 234% compared with 2024Q3[14] - Adjusted Net Income was RMB 905 million, up 57% with a margin of 284% compared with 2024Q3[14] - Adjusted EBITDA was RMB 1150 million, down 61% with a margin of 379% compared with 2024Q3[14] Strategic Execution - Further Expansion into Mid-to-Upscale Segment[43] - Greater Penetration in Tier 3 and Lower Cities in South China[43]

Core Insights - InnSuites Hospitality Trust (IHT) reported hotel revenue exceeding $5.8 million for the first three fiscal quarters of 2026, with total revenue approximately $5,809,673 [1] - The consolidated net income before non-cash expenses was approximately break-even at -$48,000 for the same period [2] - IHT's hotel operations showed strong performance in the 2025 fiscal year, contributing to a solid revenue total of $6,309,673 for the first ten months of fiscal year 2026 [3] Financial Performance - Hotel revenue for the first three fiscal quarters of 2026 was over $5.8 million, indicating consistent performance [1] - The combined hotel revenue for November was approximately $550,000, marking the second highest for that month [3] - IHT has maintained profitability in three of the last four fiscal years, despite significant non-cash expenses [10] Management and Strategic Developments - RRF LLLP, the management company for IHT, has taken over management of InnDependent Boutique Collection (IBC Hotels), presenting a new diversification opportunity [4][7] - IHT recognized a need for hotel services for independent hotels and founded IBC Hotels, LLC in 2014 to address this gap [5] - The management company has a five-year option to purchase IBC Hotels, which could provide valuable opportunities for IHT [7] Investment and Diversification - IHT made a diversification investment in UniGen Power, Inc., focusing on clean energy generation, with potential for significant returns [8] - The demand for electricity is projected to double over the next five years, driven by data centers and electric vehicles [8] - IHT holds convertible bonds and warrants in UniGen, which could lead to a 15-20% ownership stake if fully exercised [9] Shareholder Engagement - IHT has extended its uninterrupted annual dividends to 55 years, with successful semi-annual dividends paid in 2025 [11] - The annual shareholder meeting saw over 95% approval for all ballot measures, including the re-election of board members [11]

Core Viewpoint - Adani Enterprises Ltd is positioned to become the highest bidder for Jaiprakash Associates Ltd (JAL) in the ongoing insolvency process, offering a more favorable payment structure compared to Vedanta Group's bid [1][4]. Bid Evaluation - In early September, Vedanta Group initially emerged as the highest bidder with an offer of Rs 12,505 crore in net present value (NPV) [2]. - The committee of creditors (CoC) evaluated the bids and scored Adani Enterprises Ltd's resolution plan as the highest, followed by Dalmia Cement (Bharat) and Vedanta Ltd [4]. - The CoC is expected to vote on the resolution plan in the next two weeks [4]. Payment Structures - Adani Group proposes to make payments to lenders within two years, while Vedanta's offer includes back-ended payments over five years [5]. - Dalmia Cement's payment plans are contingent upon a Supreme Court judgment regarding a pending matter with the development authority YEIDA [5]. Promoters' Involvement - The former promoters of JAL submitted a last-minute offer to settle with lenders but did not provide a clear source of funds, which is typically seen as an attempt to disrupt the resolution process [6]. Company Background - JAL has diverse business interests, including real estate, cement manufacturing, hospitality, and engineering & construction, and was admitted into the Corporate Insolvency Resolution Process (CIRP) on June 3, 2024 [7]. - The company faced insolvency after defaulting on loan payments, with financial creditors claiming around Rs 60,000 crore [8]. Business Operations - JAL's major projects include Jaypee Greens in Greater Noida and Jaypee International Sports City near the upcoming Jewar International Airport [11]. - The company operates four cement plants in Madhya Pradesh and Uttar Pradesh, although these plants are currently non-operational [12]. - Financial stress has impacted JAL's various business operations, including significant engineering, procurement, and construction (EPC) projects [13].