Marriott Vacations Worldwide Corporation · NYSE:VAC
Marriott Vacations Worldwide — Q4 2025 Earnings Presentation
34 slides from Marriott Vacations Worldwide's earnings presentation, Feb 26, 2026
Slide 1: Investor Presentation
Investor Presentation February 26, 2026
Slide 2: Forward-Looking Statements
Forward-Looking Statements Forward-looking statements include all statements that are not historical facts and can be identified by the use of forward-looking terminology such as the words “believe,” “expect,” “plan,” “intend,” “anticipate,” “estimate,” “predict,” “potential,” “continue,” “may,” “mi
Slide 3: Driving Sustained Long-Term Growth
Driving Sustained Long-Term Growth Unique and resilient business model Consistent and sustainable growth Taking actions to improve profitability and free cash flow 3
Slide 4: Leading Provider of Vacation Experiences
Leading Provider of Vacation Experiences Vacation Exchange and Ownership Third-Party Management Adjusted EBITDA 7 Iconic Brands ~90% Contribution by Segment* ~10% ~1.5M Interval International Members ~700,000 >90 Owner Families Countries and Territories 120 >3,200 Resorts Exchange Resorts Leader Upp
Slide 5: Resilient Business Model
Resilient Business Model Business Benefits Products Timeshare + exchange Diverse cash flow Selling both Marriott- and Brands 7 brands Hyatt-branded products Perpetual sales centers and Sales Centers “Sell the systems” more efficient marketing channels Offering Primarily points-based Flexibility Deve
Slide 6: Substantial Recurring Profit Streams
Substantial Recurring Profit Streams Adjusted EBITDA Contribution* Development Management and Exchange 35% 35% 40% of Adjusted EBITDA contribution from recurring sources 10% 20% Rentals Financing All numbers are approximate. * Adjusted EBITDA Contribution is based on full year 2025 results and is a
Slide 7: Large and Attractive Addressable Market and Customer Base
Large and Attractive Addressable Market and Customer Base Vacation Ownership ~55M Households – addressable market in U.S. alone 740 Average FICO score ~80% Owners with no loan U.S. Owner median ~$155K annual income Addressable households based on 2024 data from the American Community Survey. FICO sc
Slide 8: On-Site Guests Drive Vacation Ownership Sales
On-Site Guests Drive Vacation Ownership Sales Pre-paid Vacations Drive Most Sales Come from High Resort Occupancy On-Property Guests1 90% 89% 80% from resort guests 2024 2025 1. Sales from resort guests based on full year 2025 contract sales. 8
Slide 9: High-Margin Exchange and Third-Party Management Business
High-Margin Exchange and Third-Party Management Business Membership Getaway fees transactions ~40% of Members are MVW Vacation Ownership Owners Exchange Other transactions Numerous revenue sources of revenue $91M Segment Adjusted EBITDA* at Capital expenditures only 45% Margin* 4% of revenue (ex. co
Slide 10: Strong Liquidity Position
Strong Liquidity Position As of December 31, 2025 Available cash on hand 1 $256M Gross notes available for securitization 2 $176M Additional borrowing capacity under revolving credit facility 1 $362M ~$800 Million of Liquidity1 1. Amounts shown pro forma for maturity of $575 million of convertible n
Slide 11: Well-Laddered Maturity Schedule
Well-Laddered Maturity Schedule Corporate Debt Maturity Schedule ($M) $800 $788 $375 $575 $575 - $500 Revolving Credit $350 Facility1 $788 $575 $425 - - 2026 2027 2028 2029 2030 2031 2032 2033 Convertible notes Unsecured notes Drawn portion of revolver Term loan B All numbers as of 12/31/2025, pro f
Slide 12: Disciplined Capital Allocation Model
Disciplined Capital Allocation Model Strong Adjusted Free Cash Flow Generation Return Corporate Investment capital to debt stockholders reduction • New leisure-related • Share repurchases • Reduce leverage opportunities • Dividends • Modernization 12
Slide 13: Driving Sustained Long-Term Growth
Driving Sustained Long-Term Growth Unique and resilient business model Consistent and sustainable growth Taking actions to improve profitability and free cash flow 13
Slide 14: Three-Point Growth Strategy
Three-Point Growth Strategy 3 Reduce inventory to improve free 2 cash flow Add new owners conversion to drive future 1 revenue Optimize VPG and lower costs to enhance profitability 14
Slide 15: Vacation Ownership Business Model
Vacation Ownership Business Model Contract sales create 1. Contract recurring 5. Adj. EBITDA Sales financing and management fee income 4. Rental Profit 2. Financing Profit ~80% Recurring 3. Management Profit ~85% Recurring 15
Slide 16: Process Converts Leads Into Sales
Process Converts Leads Into Sales Branded Pre-Check-in Hotel Outreach Loyalty Digital & Programs Traditional Advertising Lead Collection s • Sell tour packages • Capture on-site owners & guests Tourss • On-site and off-site sales centers • Virtual tours Sales 16
Slide 17: Leveraging Growing Loyalty Programs to Drive Tours
Leveraging Growing Loyalty Programs to Drive Tours Number of Loyalty Members (M) 271 63 All numbers as of December 31, 2025. 17
Slide 18: Driving VPG Through Tour Optimization
Driving VPG Through Tour Optimization Quality over quantity strategy Higher Utilizing FICO scores VPG to improve tour quality Improved Efficiency Prioritizing tours using data & analytics 18
Slide 19: Adding First-Time Buyers
Adding First-Time Buyers Growing Sales to Younger Generations Adding New Owners Millennial & Gen X 65% ~100K First-time buyers 5% added in last Other 5 years 30% Boomers Sales to younger generations based on FY 2025 contract sales. New owners added in Q1 2021 – Q4 2025. 19
Slide 20: Adding New Owners Drives Future Revenue
Adding New Owners Drives Future Revenue Other Revenue Financing Management Revenue Fees, Ancillary, Rental, Other Financing Revenue Development Revenue Potential Incremental Development Purchase Revenue Initial Vacation Ownership Purchase 20
Slide 21: Exchange & Third-Party Management Business Growth Strategies
Exchange & Third-Party Management Business Growth Strategies 1 2 3 Increase share of Accelerate marketing Grow affiliations wallet with enhanced with data and and management product offerings technology contracts 21
Slide 22: Driving Sustained Long-Term Growth
Driving Sustained Long-Term Growth Unique and resilient business model Consistent and sustainable growth Taking actions to improve profitability and free cash flow 22
Slide 23: Additional Actions Improve Profitability and Free Cash Flow
Additional Actions Improve Profitability and Free Cash Flow Change Reduce Cut Asia-Pacific inventory overhead strategy spending costs Improving Free Cash Flow 23
Slide 24: Adjusted EBITDA Expected to Grow Mid Single Digits in 2026
Adjusted EBITDA Expected to Grow Mid Single Digits in 2026 Contract Sales Adjusted EBITDA* Adjusted Free Cash Flow* ($M) ($M) ($M) 1% 4% 176% YoY YoY YoY $1,762 $1,745-1,815 $7381 $755-780 $375-425 $145 2025 2026 2025 2026 2025 2026 Year over year growth calculated using the 2026 midpoint of guidanc
Slide 25: Expect to Generate Substantial Adjusted Free Cash Flow
Expect to Generate Substantial Adjusted Free Cash Flow ($M) 2025 2026 Low 2026 High Adjusted EBITDA* $751 $755 $780 Cash interest (135) (170) (165) Cash taxes (174) (115) (120) Corporate capital expenditures (57) (65) (80) Inventory (113) - 15 Financing activity (56) 30 40 Working capital and other
Slide 26: Well-Positioned Business Model
Well-Positioned Business Model ▶ 40% of Adjusted EBITDA comes from recurring revenue sources ▶ Best brands in the industry with world-class resorts at great locations ▶ Moving with urgency to improve profitability ▶ Reducing inventory and other spending to drive higher free cash flow IN SUMMARY 26
Slide 27: Appendix
Appendix A-1
Slide 28: VPG Is More Impactful to Bottom Line than Tours
VPG Is More Impactful to Bottom Line than Tours Volume Per Guest Tours (VPG) s s 1% VPG change = ~$8M 1% tour change = ~$6M Annual Adjusted EBITDA* Annual Adjusted EBITDA* * Adjusted EBITDA is a non-GAAP measure. For definition please see the appendix. A-2
Slide 29: Non-GAAP Financial Measures
Non-GAAP Financial Measures In our presentation we report certain financial measures that are not prescribed by GAAP. We discuss our reasons for reporting these non-GAAP financial measures below, and the financial schedules included herein reconcile the most directly comparable GAAP financial measur
Slide 30: Non-GAAP Financial Measures
Non-GAAP Financial Measures Adjusted EBITDA Margin and Segment Adjusted EBITDA Margin. We evaluate Adjusted EBITDA margin and Segment Adjusted EBITDA margin as indicators of operating profitability. Adjusted EBITDA margin represents Adjusted EBITDA divided by the Company’s total revenues less cost r
Slide 31: Non-GAAP Financial Measures
Non-GAAP Financial Measures Adjusted EBITDA Contribution. We calculate Adjusted EBITDA Contribution by calculating profit by revenue source (development, management and exchange, rental and financing) and then calculating profit by revenue source as a percentage of total profit, as reconciled herein
Slide 32: Non-GAAP Financial Measures
Non-GAAP Financial Measures Free Cash Flow and Adjusted Free Cash Flow. We evaluate Free Cash Flow and Adjusted Free Cash Flow as liquidity measures that provide useful information to management and investors about the amount of cash provided by operating activities after capital expenditures for pr
Slide 33: Non-GAAP Financial Measures
Non-GAAP Financial Measures Guidance. The guidance provided excludes impacts from asset sales, foreign currency changes, restructuring costs, litigation charges, modernization costs, transaction and integration costs, and impairments, each of which the Company cannot forecast with sufficient accurac
Slide 34: Thank you.
Thank you.
Marriott Vacations Worldwide — Q4 2025 Earnings Presentation on 6ix