Braemar Hotels & Resorts Inc. · NYSE:BHR
Braemar Hotels & Resorts — Q2 2026 Earnings Presentation
42 slides from Braemar Hotels & Resorts's earnings presentation, Aug 5, 2026
Slide 1: 2nd Quarter 2026 Earnings Update
2nd Quarter 2026 Earnings Update
Slide 2: Forward Looking Statements and Non-GAAP Measures
Company Presentation | August 2026 2 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 di
Slide 3: Company Fact Sheet
Company Presentation | August 2026 3 8 12 1905 1905 +4 Total Assets (1)(2) Hotel EBITDA (1)(2)(3) (1) As of 6/30/26 (2) In millions (3) 2026 Hotel Rev and Hotel EBITDA figures are comparable Number of Hotels(1) Total Hotel Rev (1)(2)(3)(5) Company Fact Sheet Since inception in 2013, we have signific
Slide 4: Discussion Topics
Ritz-Carlton Reserve Dorado Beach Discussion Topics Industry Update Recent Results & Developments Appendix19 9 5 Liability Management16
Slide 5: Industry Update
Industry Update Cameo Beverly Hills
Slide 6: Industry RevPAR Continues to Exceed 2019
Company Presentation | August 2026 6 Industry RevPAR Continues to Exceed 2019 Source: Lodging Analytics Research & Consulting Q2 2026 U.S. KPIs, Indexed to 2019 95 114 119 121 122 126 0 20 40 60 80 100 120 140 2021 2022 2023 2024 2025 2026 ADR Index 87 95 96 96 95 95 0 20 40 60 80 100 120 2021 2022
Slide 7: Real ADR, Occupancy and Real RevPAR Stabilized
Company Presentation | August 2026 7 $0 $15 $30 $45 $60 $75 $90 $105 $120 Q2'21 Q2'22 Q2'23 Q2'24 Q2'25 Q2'26 Real RevPAR Stabilized Real RevPAR Nominal RevPAR $0 $40 $80 $120 $160 $200 Q2'21 Q2'22 Q2'23 Q2'24 Q2'25 Q2'26 Real ADR Stabilized Real ADR Nominal ADR 0% 10% 20% 30% 40% 50% 60% 70% Q2'21
Slide 8: But Significant RevPAR growth forecasted
Company Presentation | August 2026 8 ... But Significant RevPAR growth forecasted Source: Lodging Analytics Research & Consulting Q2 2026 0.62% 4.50% 5.15% 1.33% 3.44% 4.82% 0.62% 4.27% 4.92% 0.83% 3.99% 4.85% 1.46% 1.27% 2.75% -0.19% 0.76% 0.57% -2.0% -1.0% 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% Luxury
Slide 9: Recent Results & Developments
Recent Results & Developments Sofitel Magnificent Mile
Slide 10: Comparable Hotel Operating Results
Company Presentation | August 2026 10 Comparable Hotel Operating Results(1) 2026 Q2 2025 Q2 % Variance 2025 ADR $545 $482 13.1% Occupancy 72.6% 73.1% (0.7%) RevPAR $396 $352 12.3% Total Hotel Revenue(3)(4) $169,410 $153,375 10.5% Hotel EBITDA(4) $48,407 $42,394 14.2% Hotel EBITDA Margin 28.6% 27.6%
Slide 11: YoY ADR & Occupancy Growth by Property
Company Presentation | August 2026 11 -28.0% -17.8% -7.0% -4.8% -2.7% -0.7% -0.2% 1.0% 3.0% 7.4% 9.9% 11.7% 14.7% -35.0% -30.0% -25.0% -20.0% -15.0% -10.0% -5.0% 0.0% 5.0% 10.0% 15.0% 20.0% -0.4% 2.9% 7.4% 9.5% 12.0% 12.3% 12.9% 13.1% 14.4% 15.7%17.3% 23.9% 45.4% -10.0% 0.0% 10.0% 20.0% 30.0% 40.0%
Slide 12: YoY RevPAR Growth by Property
Company Presentation | August 2026 12 -10.7% -3.5% 2.7% 4.9% 10.6% 11.2% 12.3% 12.6% 17.9% 18.1% 20.6% 28.4% 38.4% -20.0% -10.0% 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% YoY RevPAR Growth by Property RevPAR (1)(2) – Q2 ‘26 YoY Variance Key Observations Resort RevPAR in Q2 ‘26 was up 13.4% YoY Average RevP
Slide 13: EBITDA Contribution Favored Resorts
Company Presentation | August 2026 13 EBITDA Contribution Favored Resorts Hotel Yountville (1) Total hotel revenue includes the full results reported to us by our hotel managers for residences that we do not own but that are managed in connection with The Ritz-Carlton Lake Tahoe and The Ritz-Carlton
Slide 14: Ritz-Carlton Drives TTM Q2'26 Hotel EBITDA
Company Presentation | August 2026 14 Ritz-Carlton Drives TTM Q2’26 Hotel EBITDA(1)(2) (1) Comparable TTM as of 6/30/26, see appendix for a reconciliation of TTM hotel net income (loss) to hotel TTM EBITDA; In thousands (2) Marriott Seattle waterfront sold in Q3’25 and The Clancy sold in Q4’25 Trans
Slide 15: Company Results Steady
Company Presentation | August 2026 15 HIGHEST QUARTERLY AFFO/SHARE IN 5 YEARS(1)(2)HIGHER ADJUSTED EBITDARE(1)(2) Quarter Highlights Full Year Highlights Company Results Steady (1) Effective beginning with the third quarter of 2022 we will no longer include the effect of the Series B Cumulative Conv
Slide 16: Liability Management
Liability Management Four Seasons Scottsdale
Slide 17: Manageable Debt Maturity Profile
Company Presentation | August 2026 17 Manageable Debt Maturity Profile Maturity Schedule(1)(2) (1) Percentages reflect each year’s maturing debt as a % of total gross assets (2) Maturity figures include principal due + amortization payments $2.0 $109.4 $410.0 $386.2 $43.4 0.0% 2.7% 6.6% 24.7% 23.3%
Slide 18: Final Conclusions
Company Presentation | August 2026 18 Final Conclusions Braemar's luxury, resort-weighted portfolio outperformed the sector in Q2'26 — Resort EBITDA continued to lead Urban Industry data and forecasts confirm the luxury thesis Balance sheet discipline remains a priority Braemar enters 2H'26 with hig
Slide 19: Appendix
Appendix Ritz-Carlton Lake Tahoe
Slide 20: Indebtedness
Company Presentation | August 2026 20 Indebtedness
Slide 21: Indebtedness
Company Presentation | August 2026 21 Indebtedness
Slide 22: Comparable Hotel EBITDA by Hotel
Company Presentation | August 2026 22 Reconciliation of Net Income (Loss) to Comparable Hotel EBITDA by Hotel
Slide 23: Comparable Hotel EBITDA by Hotel
Company Presentation | August 2026 23 Reconciliation of Net Income (Loss) to Comparable Hotel EBITDA by Hotel
Slide 24: Comparable Hotel EBITDA by Hotel
Company Presentation | August 2026 24 Reconciliation of Net Income (Loss) to Comparable Hotel EBITDA by Hotel
Slide 25: Comparable Hotel EBITDA by Hotel
Company Presentation | August 2026 25 Reconciliation of Net Income (Loss) to Comparable Hotel EBITDA by Hotel
Slide 26: Comparable Hotel EBITDA by Hotel
Company Presentation | August 2026 26 Reconciliation of Net Income (Loss) to Comparable Hotel EBITDA by Hotel
Slide 27: Comparable Hotel EBITDA by Hotel
Company Presentation | August 2026 27 Reconciliation of Net Income (Loss) to Comparable Hotel EBITDA by Hotel
Slide 28: Comparable Hotel EBITDA by Hotel
Company Presentation | August 2026 28 Reconciliation of Net Income (Loss) to Comparable Hotel EBITDA by Hotel
Slide 29: Comparable Hotel EBITDA by Hotel
Company Presentation | August 2026 29 Reconciliation of Net Income (Loss) to Comparable Hotel EBITDA by Hotel
Slide 30: Comparable Hotel EBITDA by Hotel
Company Presentation | August 2026 30 Reconciliation of Net Income (Loss) to Comparable Hotel EBITDA by Hotel
Slide 31: Comparable Hotel EBITDA by Hotel
Company Presentation | August 2026 31 Reconciliation of Net Income (Loss) to Comparable Hotel EBITDA by Hotel
Slide 32: Comparable Hotel EBITDA by Hotel
Company Presentation | August 2026 32 Reconciliation of Net Income (Loss) to Comparable Hotel EBITDA by Hotel
Slide 33: Comparable Hotel EBITDA
Company Presentation | August 2026 33 Reconciliation of Net Income (Loss) to Comparable Hotel EBITDA
Slide 34: EBITDAre and Adjusted EBITDAre
Company Presentation | August 2026 34 Reconciliation of Net Income (Loss) to EBITDAre and Adjusted EBITDAre
Slide 35: EBITDAre and Adjusted EBITDAre
Company Presentation | August 2026 35 Reconciliation of Net Income (Loss) to EBITDAre and Adjusted EBITDAre
Slide 36: EBITDAre and Adjusted EBITDAre
Company Presentation | August 2026 36 Reconciliation of Net Income (Loss) to EBITDAre and Adjusted EBITDAre
Slide 37: EBITDAre and Adjusted EBITDAre
Company Presentation | August 2026 37 Reconciliation of Net Income (Loss) to EBITDAre and Adjusted EBITDAre
Slide 38: EBITDAre and Adjusted EBITDAre
Company Presentation | August 2026 38 Reconciliation of Net Income (Loss) to EBITDAre and Adjusted EBITDAre
Slide 39: Adjusted FFO Q2
Company Presentation | August 2026 39 Reconciliation of Net Income (Loss) to Adjusted FFO Q2 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 “a
Slide 40: Adjusted FFO Q1
Company Presentation | August 2026 40 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 “a
Slide 41: Adjusted FFO Q4
Company Presentation | August 2026 41 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 “a
Slide 42: Adjusted FFO Q3
Company Presentation | August 2026 42 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 “a
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