Hyatt Hotels Corporation · NYSE:H
Hyatt Hotels — Q4 2025 Earnings Presentation
38 slides from Hyatt Hotels's earnings presentation, Feb 12, 2026
Slide 1: Investor Presentation Fourth Quarter 2025
Investor Presentation FOURTH QUARTER 2025
Slide 2: Disclaimers
Disclaimers Forward-Looking Statements Forward-Looking Statements in this presentation, which are not historical facts, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include statements about Hyatt Hotels Corporation’s (“Hy
Slide 3: Global Hospitality Company Focused on Serving the High-End Traveler
PARK HYATT LONDON RIVER THAMES GLOBAL HOSPITALITY COMPANY FOCUSED ON SERVING THE HIGH-END TRAVELER 83 36 #1 Countries Around Global Brands 1 World's Largest Portfolio the World and 6 Continents of Luxury Branded Rooms in Resort Locations 2 1,528 372,763 ~ 148,000 Hotels and All-Inclusive Rooms Rooms
Slide 4: Hyatt Key Investment Considerations
HYATT KEY INVESTMENT CONSIDERATIONS • Purpose driven company: We Care For People So They Can Be Their Best • Global portfolio of premium brands • World of Hyatt’s differentiated membership benefits drive loyalty • Significant white space enables long-term organic growth • Asset-light business model
Slide 5: Award-Winning Hospitality Underpinned by Purpose
AWARD-WINNING HOSPITALITY UNDERPINNED BY PURPOSE Fortune World’s Most Admired Companies 2026 Fortune 100 Best Companies To Work For 2025 Glassdoor Best Places To Work 2025 TIME World’s Best Companies of 2025 People 100 Companies That Care List 2025 5
Slide 6: Brand Portfolios Demonstrate Focus & Differentiation
BRAND PORTFOLIOS 1 DEMONSTRATE FOCUS & DIFFERENTIATION Luxury Lifestyle Inclusive Classics Essentials 6
Slide 7: World of Hyatt: Redefining Loyalty
WORLD OF HYATT: REDEFINING LOYALTY THE STANDARD MALDIVES 2026 Best Hotel Rewards Program ~ 63M World of Hyatt Members THEPOINTSGUY 2026 Best Hotel Elite Status AWARDS 2026 19% Membership Growth 43% More Members per Hotel Kiplingers Readers’ Choice 2024 Best Hotel Credit Card Rewards Program Since 20
Slide 8: Well Represented in the Top Global Markets with Significant Opportunity for Future Growth
MIRAVAL ARIZONA RESORT & SPA WELL REPRESENTED IN THE TOP GLOBAL 1 MARKETS WITH SIGNIFICANT OPPORTUNITY FOR FUTURE GROWTH Global Markets Global Market Coverage Hotels per Market As defined by Smith Travel Research Hyatt has significant opportunity to expand into markets where it currently Hyatt is un
Slide 9: Meaningful Growth Opportunities in the United States
THOMPSON PALM SPRINGS MEANINGFUL GROWTH OPPORTUNITIES IN THE UNITED STATES 1 Market Tracts Market Tract Coverage Hotels per Tract As defined by Smith Travel Research Hyatt has significant opportunity to expand into tracts where it currently has Hyatt is underrepresented in tracts market tracts no br
Slide 10: Since 2017: Disciplined Asset-Light Execution Driving Shareholder Value
SINCE 2017 1 : DISCIPLINED ASSET-LIGHT EXECUTION DRIVING SHAREHOLDER VALUE Asset $5.7B ~ 15x ~ ($360M) Dispositions Total Disposition Proceeds, Aggregate Adj. EBITDA † Adj. EBITDA † Reduction 3 Net of Purchases Multiple 2 Asset-Light $4.4B ~ 9.5x $460M ~ Acquisitions4 Total Asset-Light Acquisitions
Slide 11: Strategic Growth Across Multiple Dimensions
STRATEGIC GROWTH 1 ACROSS MULTIPLE DIMENSIONS BAHIA PRINCIPE GRAND LA ROMANA SYSTEM-WIDE ROOMS GROSS FEE REVENUE 2 PIPELINE LOYALTY MEMBERS ASSET-LIGHT EARNINGS MIX ◊ + 101% + 140% + 111% + 530% + 3,800 bps 373K 63M 148K 85% $1,198M 186K 47% 70K $498M 10M 2017 2025 2017 2025 2017 2025 2017 2025 2017
Slide 12: Strong Organic Fee Growth from Core Operating Performance
LA ZAMBRA RESORT STRONG ORGANIC FEE GROWTH FROM CORE OPERATING PERFORMANCE Gross Fee Growth (2017 - 2025 CAGR) 11.6% Total Fee Growth CAGR 7.6% $1,198M Organic Fee Growth CAGR $893M $498M 2017 Gross Fees 1 2025 Fees 2025 Total Fees 2 Excluding Acquisitions 12
Slide 13: Evolution to Asset-Light Business Model Driving Adjusted Free Cash Flow Expansion
EVOLUTION TO ASSET-LIGHT BUSINESS MODEL DRIVING ADJUSTED FREE CASH FLOW † EXPANSION Adj. Free Cash Flow† Adjusted Free Cash Flow† Conversion % 1 $527M $289M 2 3 2017 2025 40% 51% THOMPSON CENTRAL PARK Adjusted EBITDA† used to calculate Adjusted Free Cash Flow† Conversion % has been adjusted for all
Slide 14: Full Year Highlights
PARK HYATT CABO DEL SOL RECENTLY OPENED IN Q4 2025 FULL YEAR HIGHLIGHTS 14
Slide 15: Full Year 2025 Highlights
THE STANDARD PATTAYA NA JOMTIEN FULL YEAR 2025 HIGHLIGHTS 1 RECENTLY OPENED IN Q4 2025 FINANCIAL RESULTS $(52)M $(0.55) $1,159M $1,198M NET INCOME DILUTED ADJUSTED GROSS FEES (LOSS) 2 EPS 2 EBITDA † OPERATIONAL RESULTS + 2.9% + 7.3% + 7.2% + 19% SYSTEM-WIDE NET ROOMS PIPELINE ROOMS WORLD OF HYATT HO
Slide 16: 2025 Gross Fee Mix
2025 GROSS FEE MIX 2025 Gross Fees: $1,198M REVPAR ◊ FEE MIX 3 BY GEOGRAPHY 37% United States 44% Base Fees Americas 24% (excluding U.S.) Incentive Fees 23% Asia Pacific (excluding 12% Greater China) Europe 9% Franchise Fees + Other RevPAR 23% Fees1 Greater China 7% Non-RevPAR Middle East & Africa 4
Slide 17: Hyatt Full Year 2026 Outlook
HYATT FULL YEAR 2026 OUTLOOK ALILA WUZHEN LOW CASE HIGH CASE 2026 OUTLOOK GROWTH VS. FULL YEAR 2025 System-Wide Hotels RevPAR ◊ Growth 1.0% 3.0% 18% Net Rooms 11% Growth 6.0% 7.0% 13% Net Income $235M $320M 8% Gross Fees $1,295M $1,335M Adjusted EBITDA †1 $1,155M $1,205M Adjusted Free Cash Flow † $5
Slide 18: Gross Fees Expected to Increase 10% in 2026 at Mid-Point of Outlook Range
GROSS FEES EXPECTED TO INCREASE 10% IN 2026 AT SECRETS BAHIA MITA SURF & SPA RESORT MID-POINT OF OUTLOOK RANGE COMPARED TO 2025 2025 to 2026 Gross Fees Outlook Bridge (in Millions) $55 $1,295 - $1,335 $65 - $105 $(10) ~$(15) $1,198 Includes estimated FX headwind of ~$5 2025 Actual RevPAR + NRG Incre
Slide 19: Adjusted EBITDA Expected to Increase 15% in 2026 at Mid-Point of Outlook Range
ADJUSTED EBITDA † EXPECTED TO INCREASE 15% IN 2026 AT MID-POINT OF OUTLOOK RANGE COMPARED TO 2025 ADJUSTED BASELINE 2025 to 2026 Adjusted EBITDA† Outlook Bridge (in Millions) $40 $1,155 - $1,205 $1,159 $55 - $60 $(20) - $(15) $55 - $95 $(56) $1,025 $(73) $(5) Includes estimated FX headwind of ~$5 20
Slide 20: Impact of 2025 Asset Sales to Owned and Leased Segment Adjusted EBITDA
IMPACT OF 2025 ASSET SALES TO MIRAVAL THE RED SEA RESORT & SPA OWNED AND LEASED SEGMENT ADJUSTED EBITDA † (in Millions) $259 Estimated Value of Remaining Owned Assets1 $2.2B - $2.5B $(73) $(5) $181 Excludes leases Adjustments from sold Luxury and Luxury Wellness 2 owned and leased hotels 7 hotels Bu
Slide 21: Earnings Growth Model Drives Free Cash Flow
EARNINGS GROWTH MODEL DRIVES FREE PARK HYATT SHANGHAI CASH FLOW † EARNINGS GROWTH MODEL SENSITIVITIES FOR 2026 System-Wide Hotels + / - 1 POINT Net Rooms Growth RevPAR ◊ Growth 1 $ ADJUSTED EBITDA † 10M – $18M $ 8M – $10M ADJ. EBITDA † GROWTH 1.0% – 1.8% 0.8% – 1.0% Adj. EBITDA † growth after adjust
Slide 22: Capital Allocation Strategy
PARK HYATT PARIS-VENDÔME CAPITAL ALLOCATION STRATEGY WE HAVE AND WILL CONTINUE TO: Invest in growth to increase shareholder value Return excess cash to shareholders Maintain an investment-grade profile 22
Slide 23: Committed to Returning Capital Through Dividends & Share Repurchases
HYATT REGENCY İZMİR İSTİNYEPARK COMMITTED TO RETURNING CAPITAL THROUGH DIVIDENDS & SHARE REPURCHASES SHARE $0.15 QUARTERLY $325M - $375M $678M REPURCHASE DIVIDEND 1 SHAREHOLDER RETURNS AUTHORIZATION 3 2026 OUTLOOK 2 23
Slide 24: Committed to Investment Grade
COMMITTED TO INVESTMENT GRADE Senior Notes Maturities by Year 1 Total Senior Notes: $4.2B Credit Ratings $2,140 BBB- Baa3 BBB- Stable Stable Stable $899 Liquidity $600 $600 STRONG POSITION WITH: $0.8B $— Cash and Cash Equivalents , 2026 2027 2028 2029 2030 & Beyond & Short-Term Investments $1.5B Rev
Slide 25: What to Expect in 2026
HOTEL FLÜELA DAVOS WHAT TO EXPECT IN 2026… Award-winning loyalty program and focused portfolio of brands drive commercial results Growth strategy enhances network effect, creating value for all stakeholders Asset-Light Earnings Mix ◊ of ~90% 25
Slide 26: We care for people so they can be their best
HYALTT We ¢«“'\/ for people so they can be their best.
Slide 27: Appendix
HYALTT APPENDIX
Slide 28: References
References SLIDE 3: GLOBAL HOSPITALITY COMPANY FOCUSED ON SERVING THE HIGH-END TRAVELER Figures as of December 31, 2025. 1 Global brands inclusive of December 31, 2025 brand bar, displayed on slide 6. 2 Source: Smith Travel Research Global Census as of December 31, 2025. Luxury branded rooms as defi
Slide 29: References
References SLIDE 12: STRONG ORGANIC FEE GROWTH FROM CORE OPERATING PERFORMANCE 1 Gross fees in 2017 represents management, franchise, and other fees following the adoption of ASC 606 during the year ended December 31, 2018 as disclosed in our 2018 Form 10-K. 2 Fees excluding acquisitions calculated
Slide 30: References
References SLIDE 19: ADJUSTED EBITDA EXPECTED TO INCREASE 15% IN 2026 AT MID-POINT OF OUTLOOK RANGE COMPARED TO 2025 ADJUSTED BASELINE 1 Adjustments to 2025: JV EBITDA Reflects updated Adjusted EBITDA definition effective in the first quarter of 2026. Please see schedule A-6 in the fourth quarter an
Slide 31: References
References SLIDE 24: COMMITTED TO INVESTMENT GRADE Total debt and liquidity figures as of December 31, 2025. 1 Chart excludes a $51 million variable rate term loan, a $19 million floating average rate loan, $3 million of finance lease obligations, $34 million of unamortized discounts and deferred fi
Slide 32: Definitions
Definitions Adjusted Earnings Before Interest Expense, Taxes, Depreciation, and Amortization ("Adjusted EBITDA"): We use the term Adjusted EBITDA throughout this Investor Presentation. Adjusted EBITDA, as we define it, is a measure that is not recognized in accordance with accounting principles gene
Slide 33: Definitions
Definitions Asset-Light Earnings Mix: Asset-Light Earnings Mix is calculated as Adjusted EBITDA from the management and franchising segment and distribution segment divided by Adjusted EBITDA, excluding overhead and eliminations. Our management uses this calculation to assess the composition of the
Slide 34: Definitions
Definitions Occupancy: Occupancy represents the total number of rooms sold divided by the total number of rooms available at a property or group of properties. Occupancy measures the utilization of a property's available capacity. We use occupancy to gauge demand at a specific property or group of p
Slide 35: Non-GAAP Reconciliations
Non-GAAP Reconciliations (in millions) Three Months Ended December 31, Year Ended December 31, 2025 2024 2025 2024 Net income (loss) attributable to Hyatt Hotels Corporation $ (20) $ (56) $ (52) $ 1,296 Contra revenue 17 13 86 69 Revenues for reimbursed costs (895) (841) (3,629) (3,352) Reimbursed c
Slide 36: Non-GAAP Reconciliations
Non-GAAP Reconciliations (in millions) Three Months Ended December 31, Year Ended December 31, 2025 2024 2025 2024 Management and franchising $ 240 $ 219 $ 940 $ 854 Owned and leased 85 57 259 261 Distribution 7 20 120 140 Overhead (40) (41) (160) (160) Eliminations — — — 1 Adjusted EBITDA $ 292 $ 2
Slide 37: Non-GAAP Reconciliations
Non-GAAP Reconciliations (in millions) Year Ending December 31, 2017 Net income attributable to Hyatt Hotels Corporation $ 389 Contra revenue 18 Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties (1,762) Costs incurred on behalf of managed and franchised
Slide 38: Non-GAAP Reconciliations
Non-GAAP Reconciliations During the first quarter of 2026, the Company adjusted its definition of Adjusted EBITDA and will no longer include Hyatt's pro rata share of unconsolidated owned and leased hospitality ventures' Adjusted EBITDA. Year Ending December 31, 2026 (in millions) Outlook Range Low