Braemar Hotels & Resorts Inc. · NYSE:BHR
Braemar Hotels & Resorts — Q4 2025 Earnings Presentation
42 slides from Braemar Hotels & Resorts's earnings presentation, March 2026
Slide 1: 4th Quarter 2025 Earnings Update
4th Quarter 2025 Earnings Update
Slide 2: Forward Looking Statements and Non-GAAP Measures
Forward Looking Statements and Non-GAAP Measures In keeping with the SEC's "Safe Harbor" guidelines, certain statements made during this presentation could be considered forward-looking and subject to certain risks and uncertainties that could cause results to differ materially from those projected.
Slide 3: Company Fact Sheet
Company Fact Sheet Since inception in 2013, we have significantly increased Gross Asset Value and EBITDA for our iconic and irreplaceable portfolio $210.3MM NYSE: $1.7B EQUITY MARKET CAP(1) BHR ENTERPRISE VALUE(1) HIGHEST RevPAR LODGING REIT Total Assets (1)(2) Number of Hotels(1) Luxury Hotels Driv
Slide 4: Discussion Topics
Discussion Topics 5 Industry Update 9 Recent Results & Developments 18 Liability Management 19 Appendix Ritz-Carlton, St. Thomas
Slide 5: Industry Update
Ritz-Carlton Reserve Dorado Beach Industry Update
Slide 6: Industry RevPAR Continues to Exceed 2019
Industry RevPAR Continues to Exceed 2019 U.S. KPIs, Indexed to 2019 Occupancy Index ADR Index RevPAR Index 120 140 140 121 122 119 120 114 120 114 116 115 100 95 96 96 94 108 87 100 95 100 80 83 80 80 60 60 60 40 40 40 20 20 20 0 0 0 2021 2022 2023 2024 2025F 2021 2022 2023 2024 2025F 2021 2022 2023
Slide 7: Industry Real RevPAR & ADR Stable
Industry Real RevPAR & ADR Stable Real ADR Occupancy 70% $160 62% $129 60% $120 $103 50% 44% $80 40% 30% $40 20% $0 10% Q4'20 Q4'21 Q4'22 Q4'23 Q4'24 Q4'25 0% Real ADR Nominal ADR Q4'20 Q4'21 Q4'22 Q4'23 Q4'24 Q4'25 Real RevPAR $105 $90 $80 $75 $60 $45 $45 $30 Pier House $15 Sofitel Chicago Magnific
Slide 8: But, Luxury and Upper Upscale RevPAR growth forecasted
… But, Luxury and Upper Upscale RevPAR growth forecasted 2026 Forecasted Growth YoY 4.0% 3.3% 3.0% 2.7% 2.7% 2.5% 2.0% 1.7% 1.8% 1.7% 1.6% 1.6% 1.0% 0.8% 0.5% 0.0% 0.1% 0.0% -0.7% -1.0% -1.0% -1.0% -1.2% -1.6% -2.0% Luxury Upper Upscale Upscale Upper Midscale Midscale Economy Source: Lodging Analyti
Slide 9: Recent Results & Developments
Hotel Yountville Recent Results & Developments
Slide 10: Steady RevPAR Despite Tightening Margins
Steady RevPAR Despite Tightening Margins Comparable Hotel Operating Results(1) 2025 Q4 2024 Q4 % Variance 2025 ADR(3) $559 $530 5.4% Occupancy(3) 60.8% 64.1% (5.2%) RevPAR(3) $340 $340 0.0% Total Hotel Revenue(3)(4) $162,443 $159,636 1.8% Hotel EBITDA(4) $38,009 $38,421 (1.1%) Hotel EBITDA Margin 23
Slide 11: YoY ADR & Occupancy Growth by Property
YoY ADR & Occupancy Growth by Property ADR – Q4 ‘25 YoY Variance Occupancy – Q4 ‘25 YoY Variance 40.0% 30.0% 23.2% 21.1% 20.0% 30.1% 14.3% 30.0% 9.0% 10.0% 4.9% 24.0% 1.6% 0.0% 20.0% -2.1% -10.0% -4.9% -5.2% 8.5% -6.0% 10.0% -20.0% 7.1% -6.2% 3.6% 5.4% 3.8% -24.3% -30.0% 0.8% -29.7% 0.0% -40.0% -1.8
Slide 12: YoY RevPAR Growth by Property
YoY RevPAR Growth by Property RevPAR (1)(2) – Q4 ‘25 YoY Variance 30.0% Key Observations 25.5% 12.2% 20.0% 12.0% Resort RevPAR in Q4 ‘25 was 10.2% 10.0% up 4.1% YoY and up 37.2% vs. Q4 ‘19 3.1% 0.0% 0.0% -1.3% -0.8% -10.0% -5.5% -11.0% -11.8% Urban RevPAR in Q4 ‘25 was down -20.0% -12.8% -10.1% YoY
Slide 13: EBITDA Contribution Favored Resorts
EBITDA Contribution Favored Resorts Quarter Highlights • Resorts posted strong Y-O-Y RevPAR growth of 4.1%, while Urban properties were down • EBITDA contribution favored Resorts versus Urban properties • Four Seasons Scottsdale and Ritz-Carlton Reserve Dorado Beach were the top performers by Hotel
Slide 14: High Exposure to Luxury Hotels and Resorts
High Exposure to Luxury Hotels and Resorts Ritz-Carlton Drives 2025 Hotel EBITDA(1)(2) Ritz-Carlton $80,000 $72,870 $70,000 $60,000 $50,000 $40,000 Four Seasons $28,020 Independent $30,000 $21,985 Hilton Autograph Park Hyatt $20,000 Sofitel $12,898 $11,483 $10,759 $6,220 $10,000 $- Transient Demand
Slide 15: Company Results Steady
Company Results Steady Quarter Highlights • Adjusted funds from operations (AFFO) was $(0.02) per diluted share for the quarter. • Comparable Total RevPAR for all hotels increased 1.8% over the prior year quarter to $579. • Net debt to gross assets was 46.7% at the end of the fourth quarter. • Capex
Slide 16: Major 2025 Capital Expenditures
Major 2025 Capital Expenditures $78mm in Capital Expenditures in 2025 Hotel Yountville Ritz-Carlton Lake Tahoe • Guestroom Renovation • Café Blue Renovation to Montesa (Completed) (Completed) Park Hyatt Beaver Creek Cameo Beverly Hills • Guestroom Renovation • Hilton LXR Conversion (Completed) (Comp
Slide 17: Liability Management
Ritz-Carlton Lake Tahoe Liability Management
Slide 18: Manageable Debt Maturity Profile
Manageable Debt Maturity Profile Maturity Schedule(1) $500.0 25.0% 22.0% 20.7% $400.0 20.0% $300.0 15.0% (in millions) $200.0 $410.0 10.0% $386.2 7.0% 5.9% 3.9% $100.0 5.0% $129.7 $109.4 $72.5 $0.0 0.0% 2026 2027 2028 2029 2030 % of Gross Assets (1) Percentages reflect each year’s maturing debt as a
Slide 19: Appendix
Ritz-Carlton Sarasota Appendix
Slide 20: Indebtedness
Indebtedness Company Presentation | March 2026 20
Slide 21: Indebtedness
Indebtedness Company Presentation | March 2026 21
Slide 22: Reconciliation of Net Income (Loss) to Comparable Hotel EBITDA by Hotel
Reconciliation of Net Income (Loss) to Comparable Hotel EBITDA by Hotel Company Presentation | March 2026 22
Slide 23: Reconciliation of Net Income (Loss) to Comparable Hotel EBITDA by Hotel
Reconciliation of Net Income (Loss) to Comparable Hotel EBITDA by Hotel Company Presentation | March 2026 23
Slide 24: Reconciliation of Net Income (Loss) to Comparable Hotel EBITDA by Hotel
Reconciliation of Net Income (Loss) to Comparable Hotel EBITDA by Hotel Company Presentation | March 2026 24
Slide 25: Reconciliation of Net Income (Loss) to Comparable Hotel EBITDA by Hotel
Reconciliation of Net Income (Loss) to Comparable Hotel EBITDA by Hotel Company Presentation | March 2026 25
Slide 26: Reconciliation of Net Income (Loss) to Comparable Hotel EBITDA by Hotel
Reconciliation of Net Income (Loss) to Comparable Hotel EBITDA by Hotel Company Presentation | March 2026 26
Slide 27: Reconciliation of Net Income (Loss) to Comparable Hotel EBITDA by Hotel
Reconciliation of Net Income (Loss) to Comparable Hotel EBITDA by Hotel Company Presentation | March 2026 27
Slide 28: Reconciliation of Net Income (Loss) to Comparable Hotel EBITDA by Hotel
Reconciliation of Net Income (Loss) to Comparable Hotel EBITDA by Hotel Company Presentation | March 2026 28
Slide 29: Reconciliation of Net Income (Loss) to Comparable Hotel EBITDA by Hotel
Reconciliation of Net Income (Loss) to Comparable Hotel EBITDA by Hotel Company Presentation | March 2026 29
Slide 30: Reconciliation of Net Income (Loss) to Comparable Hotel EBITDA
Reconciliation of Net Income (Loss) to Comparable Hotel EBITDA Company Presentation | March 2026 30
Slide 31: Reconciliation of Net Income (Loss) to Comparable Hotel EBITDA
Reconciliation of Net Income (Loss) to Comparable Hotel EBITDA Company Presentation | March 2026 31
Slide 32: Reconciliation of Net Income (Loss) to Comparable Hotel EBITDA
Reconciliation of Net Income (Loss) to Comparable Hotel EBITDA Company Presentation | March 2026 32
Slide 33: Reconciliation of Net Income (Loss) to Comparable Hotel EBITDA
Reconciliation of Net Income (Loss) to Comparable Hotel EBITDA Company Presentation | March 2026 33
Slide 34: Reconciliation of Net Income (Loss) to Comparable Hotel EBITDA
Reconciliation of Net Income (Loss) to Comparable Hotel EBITDA Company Presentation | March 2026 34
Slide 35: Reconciliation of Net Income (Loss) to EBITDAre and Adjusted EBITDAre
Reconciliation of Net Income (Loss) to EBITDAre and Adjusted EBITDAre Company Presentation | March 2026 35
Slide 36: Reconciliation of Net Income (Loss) to EBITDAre and Adjusted EBITDAre
Reconciliation of Net Income (Loss) to EBITDAre and Adjusted EBITDAre Company Presentation | March 2026 36
Slide 37: Reconciliation of Net Income (Loss) to EBITDAre and Adjusted EBITDAre
Reconciliation of Net Income (Loss) to EBITDAre and Adjusted EBITDAre Company Presentation | March 2026 37
Slide 38: Reconciliation of Net Income (Loss) to EBITDAre and Adjusted EBITDAre
Reconciliation of Net Income (Loss) to EBITDAre and Adjusted EBITDAre Company Presentation | March 2026 38
Slide 39: Reconciliation of Net Income (Loss) to Adjusted FFO Q4
Reconciliation of Net Income (Loss) to Adjusted FFO Q4 In thousands except per share amounts Effective beginning with the third quarter of 2022 we no longer included the effect of the Series B Cumulative Convertible Preferred Stock and convertible notes on an “as-converted” basis in AFFO. For compar
Slide 40: Reconciliation of Net Income (Loss) to Adjusted FFO Q3
Reconciliation of Net Income (Loss) to Adjusted FFO Q3 In thousands except per share amounts Effective beginning with the third quarter of 2022 we no longer included the effect of the Series B Cumulative Convertible Preferred Stock and convertible notes on an “as-converted” basis in AFFO. For compar
Slide 41: Reconciliation of Net Income (Loss) to Adjusted FFO Q1
Reconciliation of Net Income (Loss) to Adjusted FFO Q1 In thousands except per share amounts Effective beginning with the third quarter of 2022 we no longer included the effect of the Series B Cumulative Convertible Preferred Stock and convertible notes on an “as-converted” basis in AFFO. For compar
Slide 42: Reconciliation of Net Income (Loss) to Adjusted FFO Q1
Reconciliation of Net Income (Loss) to Adjusted FFO Q1 In thousands except per share amounts Effective beginning with the third quarter of 2022 we no longer included the effect of the Series B Cumulative Convertible Preferred Stock and convertible notes on an “as-converted” basis in AFFO. For compar
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