Wyndham Hotels & Resorts, Inc. · NYSE:WH
Wyndham Hotels & Resorts — Q4 2025 Earnings Presentation
37 slides from Wyndham Hotels & Resorts's earnings presentation, Feb 19, 2026
Slide 1: Investor Presentation
Investor Presentation February 18, 2026 Wyndham Corfu Acharavi Corfu, Greece Opened November 2025
Slide 2: Introduction to Wyndham Hotels & Resorts
Introduction to Wyndham Hotels & Resorts Asset-light Leading brands Primarily Largest business model in the resilient leisure-focused, hotel franchisor generating select-service “drive to” portfolio worldwide(a) significant free cash segment of hotels flow 8,300+ ~869,000 ~259,000 ~100 Hotels Curren
Slide 3: Laying Our Tech Foundation & Harnessing AI
Laying Our Tech Foundation & Harnessing AI… AI-Ready by Design, with Industry-Leading Partners Built on a Modern Foundation Incremental Industry Leading Bookings, AI & Technology Higher ADR, Partnerships Lower Operating Costs Cost Variable Model Data Driven Approach Best-in-Class Partnerships Proven
Slide 4: Powering Owner Returns
…Powering Owner Returns… Delivering Value for Owners and Elevating Guest Experience WYNDHAM GUEST SATISFACTION ADVANTAGE IMPROVEMENT Wyndham Connect monetizes upsell requests, including early check-in/late check-out, room upgrades and dining. Received ~885K upsell requests in FY2025. Self servicing
Slide 5: Enabling New AI Booking Paths
…And Enabling New AI Booking Paths Over $425 Million of Technology Investment Has Helped Advance Wyndham’s AI Innovation AI CONNECTIVITY ROADMAP Now live in Anthropic Claude, subscribed users can enable Wyndham’s connector, “Wyndham is a true visionary in hospitality and now they are empowering inte
Slide 6: Leading the Industry with Best-in-Class Profitability and Superior Returns
Leading the Industry with Best-in-Class Profitability and Superior Returns BEST-IN-INDUSTRY LEADING LODGING C-CORPS MARGINS IN CAPITAL RETURN Adj. EBITDA Margin(a) Total Five-Year Capital Return 83% as % of Market Cap(b) 77% 75% 72% 37% 54% 36% 34% 34% 32% 32% 33% FREE CASH FLOW YIELD EXCEEDS PEERS
Slide 7: WH Investment Thesis
WH Investment Thesis ASSET-LIGHT, HIGHLY-RESILIENT, FEE-BASED FRANCHISE BUSINESS MODEL GENERATING HIGH MARGINS AND PRODIGIOUS FREE CASH FLOW Wyndham Natal Pitangui Praia Natal, Brazil 7 Opened December 2025
Slide 8: 2025 Performance Recap
2025 Performance Recap Choctaw Casino & Resort-Durant, a Wyndham Grand Durant, Oklahoma, USA 8 Opened December 2025
Slide 9: Executing Against Stated Growth Strategy
Executing Against Stated Growth Strategy 2025 Performance Highlights 20 Net Room Growth +4.0% consecutive quarters of sequential growth U.S. Royalty Rate 4.8% 7 bps YOY growth Ancillary Revenues $317M +15% YOY growth +4% Adjusted EBITDA(a) $718M comparable basis YOY growth Capital Return $393M ~5% a
Slide 10: 2025: Year in Review
2025: Year in Review GOALS & OBJECTIVES ACHIEVEMENTS • Grew global system 4.0% Grow rooms 4.0-4.6% • Opened a record 71,600 rooms, representing 9% of the system at December 31, 2024 • Added hotels in major markets such as Miami Beach, Houston, Atlanta, Mexico City and Singapore • Expanded U.S. royal
Slide 11: Pipeline Expanded to Another All-Time High
Pipeline Expanded to Another All-Time High TOTAL PIPELINE @ 12/31/2025 GLOBAL COMPOSITION SEGMENT MIX Pipeline as a +4% ~259K >2,200 % of current 14% 22% YOY midscale+ portfolio: growth Global rooms Global hotels 42% 16% 30% 58% U.S. 70% Economy Brands 78% Midscale+ Brands 22nd consecutive quarter o
Slide 12: Continued Openings Momentum Drives Consistent Organic Net Room Growth and FeePAR Expansion
Continued Openings Momentum Drives Consistent Organic Net Room Growth and FeePAR Expansion RECORD GROSS CONSISTENT NET GLOBAL SYSTEM & OPENINGS ROOM GROWTH FEEPAR EXPANSION Global Year-over-Year U.S. Organic Openings 71,600 4.0% 4.0% 63,400 3.6% +2% +15% 60,800 Midscale+ Openings System FeePAR Growt
Slide 13: Expanding Globally in Key Markets
Barley House Hotel, Casa Marina Sosua, La Quinta Inn & Suites by Wyndham Ramada by Wyndham Trademark Collection by Wyndham Trademark by Wyndham All Inclusive Jackson, Tennessee, USA Arnavutkoy, Turkey Fort Lauderdale, Florida, USA Sosua, Dominican Republic Opened December 2025 Opened December 2025 O
Slide 14: ECHO Development Momentum Continues
ECHO Development Momentum Development Continues Momentum Continues Q4 2025 OPENINGS 305 Contracts Awarded Since Launch 18 Springfield, MO Conyers, GA Naples, FL Hotels Opened to Date ~300 Domestic Hotels By 2032 Pasadena, TX Peoria, AZ Round Rock, TX 14
Slide 15: Maximizing Capital Allocation For All Stakeholders
Maximizing Capital Allocation For All Stakeholders MAINTAIN STRONG RETURN EXCESS CAPITAL BALANCE SHEET INVEST IN BUSINESS TO SHAREHOLDERS ~$840 million of liquidity Strategic deployment of capital to accelerate Targeting mid-30s dividend payout ratio growth primarily in higher RevPAR, Total leverage
Slide 16: 2026 Focus
2026 Focus BUILDING BLOCKS IN PLACE TO MAXIMIZE NEAR-TERM GROWTH Balfour Miami Beach, a Registry Collection Hotel Miami Beach, Florida, USA 16 Opened October 2025
Slide 17: 2026 Key Priorities
2026 Key Priorities Grow system-wide rooms Continue to establish a market-leading 4.0%-4.5% position in the extended stay segment Continued investment in brands Capture ancillary revenue growth opportunities, targeting high FeePAR additions including credit card products and strategic partnerships a
Slide 18: Global RevPAR Outlook of (1.5%) to 0.5% Driven by U.S. RevPAR Stabilization
Global RevPAR Outlook of (1.5%) to 0.5% Driven by U.S. RevPAR Stabilization Q126 SHOWING IMPROVEMENT …WITH POTENTIAL KEY DEMAND FROM 2H25 TRENDS… DRIVERS FOR OUTPERFORMANCE U.S. RevPAR Continued public/private sector investment in 0.5% infrastructure and AI ~Flat Increased government stimulus (2
Slide 19: System Projected to Increase 4.0% - 4.5%
System Projected to Increase 4.0% - 4.5% SUSTAINED …PROVIDES RUNWAY TO PIPELINE GROWTH… FURTHER SYSTEM EXPANSION Global Pipeline Global System 4.0% - 4.5% 258,700 868,900 251,500 835,700 239,500 803,700 2023 2024 2025 2023 2024 2025 2026E 19
Slide 20: Ancillary Fee Growth Largely Independent of RevPAR Performance
Ancillary Fee Growth Largely Independent of RevPAR Performance Contractual revenue sources offer stability regardless of travel demand SIGNIFICANT GROWTH …DRIVEN BY INCREMENTAL POISED TO CONTINUE… GROWTH OPPORTUNITIES Co-branded credit card generates +15% Low-to revenue from all cardholder spend $
Slide 21: Resilient Model Delivering EBITDA Growth and Shareholder Returns Despite Economic Headwinds
Resilient Model Delivering EBITDA Growth and Shareholder Returns Despite Economic Headwinds 2026 Adjusted EBITDA Outlook Enhancing Shareholder Value (in millions) ~5-7% Free Cash Flow Conversion Growth(b) 55%-60% $39 - $54 (~$15) (~$12) $730 - $745 Leverage on Incremental $718 Adjusted EBITDA Growth
Slide 22: Appendix
Appendix Wyndham Garden Udaipur Bhuwana Udaipur, India 22 Opened December 2025
Slide 23: 2026 Planning - Sensitivities
APPENDIX 2026 Planning - Sensitivities Driver-Based Non-RevPAR Adjusted vs. 2025 Ancillary vs. 2025 EBITDA Sensitivities Royalties & Franchise Fees (millions) Marketing, Reservation & License Other Loyalty Fees Fees Revenues U.S. International RevPAR & NRG (1 point) ~$3.2 ~$1.0 Based on our FY26 Rev
Slide 24: Compelling Value Proposition for Franchisees
APPENDIX Compelling Value Proposition for Franchisees . . . Industry-leading central reservation World’s largest hotel franchisor systems deliver ~$8 out of every $10 leverages pricing power to deliver to U.S. franchisees on-property cost savings for franchisees Industry’s #1 hotel loyalty program w
Slide 25: That Continues to Deliver Strong Returns
APPENDIX . . . That Continues to Deliver Strong Returns Cost per room ~$93,000 Loan-to-value ~70% Franchisee Investment $3,500,000 RevPAR $60.00 Revenues $2,716,000 Operating expenses $815,000 Brand fees $231,000 Interest expense @ 7.25% $585,000 Hotel EBTDA ~$1,100,000 Cash-on-Cash Return up to 31%
Slide 26: Drive to Destinations Not Reliant on Costly Air Travel or International Inbounds
APPENDIX “Drive to” Destinations Not Reliant on Costly Air Travel or International Inbounds 87% U.S. HOTELS 97% OF U.S. GUESTS IN “DRIVE TO” LOCATIONS ORIGINATE DOMESTICALLY Suburban 35% U.S. 97% Interstate 27% 87% Europe 1% Small Metro 25% Canada 1% Airport 5% Latin America 1% Urban 5% Resorts 3% A
Slide 27: Our U.S. Guests are Middle-Class and Increasingly Younger Generations That Prioritize Travel
APPENDIX Our U.S. Guests are Middle-Class and Increasingly Younger Generations That Prioritize Travel GEN Y/Z GUESTS U.S. Household Income AS % OF TOTAL First Second Third Fourth Fifth Quintile Quintile Quintile Quintile Quintile 34% $34,000 $64,000 $102,000 <$34,000 >$164,000 - 64,000 - 102,000 - 1
Slide 28: Leisure Guests Power Our Business, Essential Workers Provide a Durable Base
APPENDIX Leisure Guests Power Our Business, Essential Workers Provide a Durable Base ~70% LEISURE FOCUS; ~20% INFRASTRUCTURE Leisure Travel 70% Infrastructure 20% Logistics/ Other 8% Corporate Transient 2% Group Business <1% Represents percentage of U.S. gross room revenues for full-year 2025. 28
Slide 29: Infrastructure Tailwinds Support Long-Term Growth Opportunity
APPENDIX Infrastructure Tailwinds Support Long-Term Growth Opportunity TAPPING INTO THE U.S. STRONG OVERLAP OF WH FOOTPRINT REINDUSTRIALIZATION TREND AND INFRASTRUCTURE SPEND MARKETS 20% of WH U.S. bookings derived from infrastructure-related business In 2019, the federal government spent $71 bi
Slide 30: Corporate Responsibility Update
APPENDIX Corporate Responsibility Update Released the 2025 Corporate Responsibility Report, outlining key accomplishments and progress vs. 2024. Recognized in 2025 as one of the World’s Most Ethical Companies® by Ethisphere. Earned organizational culture accolades, including recognition from N
Slide 31: Strong and Experienced Leadership Team
APPENDIX Strong and Experienced Leadership Team • Served as President and Chief Executive Officer of Wyndham Hotel Group (2014 – 2018) • Interim Chief Financial Officer since November 2025 • Served as Chief Executive Officer of Wyndham Destination • Served as Treasurer and Head of Financial Partners
Slide 32: Wyndham Family of Brands
APPENDIX Wyndham Family of Brands Wherever people go, Wyndham will be there to welcome them. 32 Vienna House brand acquisition also included Vienna House Easy midscale brand; Dazzler brand includes extension Dazzler Select in the economy segment.
Slide 33: Footnotes
APPENDIX Footnotes Page 6 Reconciliations of non-GAAP financial measures to the most directly comparable GAAP financial measures can be found in the Appendix. Page 18 (a) Represents adjusted EBITDA margin. Calculation excludes the impact of cost reimbursement and marketing, reservation and loyalty f
Slide 34: Non-GAAP Reconciliations
APPENDIX Non-GAAP Reconciliations The following tables reconcile certain non-GAAP financial measures. The presentation of these adjustments is intended to permit the comparison of particular adjustments as they appear in the income statement in order to assist investors’ understanding of the overall
Slide 35: Non-GAAP Reconciliations
APPENDIX Non-GAAP Reconciliations The following table reconciles certain non-GAAP financial measures. We believe free cash flow to be a useful operating performance measure to us and investors. This measure helps us and investors evaluate our ability to generate cash beyond what is needed to fund ca
Slide 36: Definitions
APPENDIX Definitions Adjusted EBITDA: Represents net income excluding net interest expense, depreciation and amortization, early extinguishment of debt charges, impairment and other-related charges (including Revo-related charges), restructuring and other-related charges, contract termination costs,
Slide 37: Disclaimer
APPENDIX Disclaimer Disclaimer: This presentation and the information contained herein are solely for informational purposes. The information contained in this presentation, including the forward-looking statements herein, is provided as of the date of this presentation and may change materially in
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