Travel Leisure Co. · NYSE:TNL
Travel Leisure — Investor Presentation (March 2026)
34 slides from Travel Leisure's investor presentation, March 2026
Slide 1: Investor Presentation
+ INVESTOR PRESENTATION WE PUT THE WORLD ON VACATION March 2026 C A N N O N B E AC H , O R
Slide 2: Presentation of Financial Information; Forward-Looking Statements
Presentation of Financial Information Forward-Looking Statements Financial information discussed in this presentation includes non-GAAP measures such as This presentation includes “forward-looking statements” as that term is defined by the Adjusted EBITDA, Adjusted EBITDA margin, Adjusted diluted EP
Slide 3: Company Overview
C O M PA N Y Q U A R T E R LY R E S U LT S ADDITIONAL FINANCIAL NON-GAAP OV E R V I E W A N D O U T LO O K I N F O R M AT I O N R E C O N C I L I AT I O N S C L U B W Y N D H A M E M E R A L D G R A N D E AT D E S T I N DESTIN, FL Company Overview 3
Slide 4: A differentiated multi-brand leisure platform with a proven financial track record
C O M PA N Y Q U A R T E R LY R E S U LT S ADDITIONAL FINANCIAL NON-GAAP OV E R V I E W A N D O U T LO O K I N F O R M AT I O N R E C O N C I L I AT I O N S Travel + Leisure Co. is a differentiated multi-brand leisure platform with a proven financial track record We are focused on delivering outstan
Slide 5: We operate an integrated two-segment model
C O M PA N Y Q U A R T E R LY R E S U LT S ADDITIONAL FINANCIAL NON-GAAP OV E R V I E W A N D O U T LO O K I N F O R M AT I O N R E C O N C I L I AT I O N S We operate an integrated two-segment model VACAT ION OWNER SHIP (1) TR AV E L & M E M B E R S H I P ( 1 ) HIGH MA R G IN , REC U RRI NG REVENUE
Slide 6: Favorable trends that contribute to resilient financial performance
C O M PA N Y Q U A R T E R LY R E S U LT S ADDITIONAL FINANCIAL NON-GAAP OV E R V I E W A N D O U T LO O K I N F O R M AT I O N R E C O N C I L I AT I O N S With favorable trends in the business that contribute to resilient financial performance ATTRACTIVE, CONSOLIDATING INDUSTRY COMPELLING VALUE PR
Slide 7: A portfolio of brands reaching a wide range of consumers
C O M PA N Y Q U A R T E R LY R E S U LT S ADDITIONAL FINANCIAL NON-GAAP OV E R V I E W A N D O U T LO O K I N F O R M AT I O N R E C O N C I L I AT I O N S We have curated a portfolio of brands capable of reaching a wide range of consumers FO U N DATIO N A L BRA N D S 2018 2021 2023 2024 202 5 Wynd
Slide 8: New Owner Sales Create Solid Foundation for Future Revenue Growth
C O M PA N Y Q U A R T E R LY R E S U LT S ADDITIONAL FINANCIAL NON-GAAP OV E R V I E W A N D O U T LO O K I N F O R M AT I O N R E C O N C I L I AT I O N S New Owner Sales Create Solid Foundation for Future Revenue Growth STR ON G P IP E LINE OF P OT ENTIAL MO RE TH A N 75% O F REV EN UE S FUTUR E
Slide 9: Resilient Business with Strong Adjusted EBITDA Margins
C O M PA N Y Q U A R T E R LY R E S U LT S ADDITIONAL FINANCIAL NON-GAAP OV E R V I E W A N D O U T LO O K I N F O R M AT I O N R E C O N C I L I AT I O N S Resilient Business with Strong Adjusted EBITDA Margins Vacation Ownership Segment Adjusted EBITDA Margin(1) 30% 26% 24% (2) 24% 24% 25% 23% 23%
Slide 10: Consumer Financing Drives Substantial Earnings Stream
C O M PA N Y Q U A R T E R LY R E S U LT S ADDITIONAL FINANCIAL NON-GAAP OV E R V I E W A N D O U T LO O K I N F O R M AT I O N R E C O N C I L I AT I O N S Consumer Financing Drives Substantial Earnings Stream Weighted Average Interest Rate(1) FICO(2) 800 18.0% 746 17.0% 736 736 739 744 735 725 726
Slide 11: Disciplined Underwriting Has Improved Loan Portfolio Position
C O M PA N Y Q U A R T E R LY R E S U LT S ADDITIONAL FINANCIAL NON-GAAP OV E R V I E W A N D O U T LO O K I N F O R M AT I O N R E C O N C I L I AT I O N S Disciplined Approach to Underwriting has Improved Relative Position of Loan Portfolio 12/31/2008 12/31/2019 12/31/2025 Weighted Avg. FICO 680 7
Slide 12: Our Travel and Membership Business is Transforming
C O M PA N Y Q U A R T E R LY R E S U LT S ADDITIONAL FINANCIAL NON-GAAP OV E R V I E W A N D O U T LO O K I N F O R M AT I O N R E C O N C I L I AT I O N S Our Travel and Membership Business is Transforming T RAV E L E XC H A N G E TR AVE L C LUB S A N D ME MB E RS H IP • Pressure on volumes as ind
Slide 13: Disciplined and Balanced Capital Allocation Framework
COCM O PA M PANY NY QUARQT UEARRLY T ER E LYS URLT E SSU LT S A D D I TAI O DDN IATLI OFNI N AA L NFCI N I AALN C I A L N O N -N GOANA -P OV OEVREVRI V E IW EW AND AONUDTL OOUOTK LO O K I N F O RI N MF AT OR I OMNAT I O N R E C O N CGI L AIA ATPS IONS Disciplined and Balanced Capital Allocation Fram
Slide 14: Shareholder-Focused Capital Allocation
C O M PA N Y Q U A R T E R LY R E S U LT S ADDITIONAL FINANCIAL NON-GAAP OV E R V I E W A N D O U T LO O K I N F O R M AT I O N R E C O N C I L I AT I O N S Shareholder-Focused Capital Allocation D IVIDEND G ROW TH S U B STANTIAL S HAR E IN LINE WITH B U S INES S R EPU RC HAS ES ($ IN MILLION S) CAP
Slide 15: Cumulative Capital Returned to Shareholders Since Spin
C O M PA N Y Q U A R T E R LY R E S U LT S ADDITIONAL FINANCIAL NON-GAAP OV E R V I E W A N D O U T LO O K I N F O R M AT I O N R E C O N C I L I AT I O N S Cumulative Capital Returned to Shareholders Since Spin (in millions) $3,000 Repurchases Diluted Weighted Average $2,961 Shares Outstanding Divi
Slide 16: Solid Balance Sheet with Manageable Debt Maturities
C O M PA N Y Q U A R T E R LY R E S U LT S ADDITIONAL FINANCIAL NON-GAAP OV E R V I E W A N D O U T LO O K I N F O R M AT I O N R E C O N C I L I AT I O N S Solid Balance Sheet with Manageable Debt Maturities C O RP ORAT E DEBT M AT URIT IE S (3) STATS As of December 31, 2025 ($ in millions) Revolvi
Slide 17: Quarterly Results and Outlook
C O M PA N Y Q U A R T E R LY R E S U LT S ADDITIONAL FINANCIAL NON-GAAP OV E R V I E W A N D O U T LO O K I N F O R M AT I O N R E C O N C I L I AT I O N S C L U B W Y N D H A M M I DTO W N 4 5 N E W YO R K , N Y Quarterly Results and Outlook 17
Slide 18: 4Q and FY 2025 Results
C O M PA N Y Q U A R T E R LY R E S U LT S ADDITIONAL FINANCIAL NON-GAAP OV E R V I E W A N D O U T LO O K I N F O R M AT I O N R E C O N C I L I AT I O N S 4Q and FY 2025 Results W O R L D M A R K S A N TA F E TH R E E M O NTH S E N D E D 1 2/3 1/2 0 2 5 S A N TA F E , N M Net Revenue Gross VOI Sal
Slide 19: Utilizing a Proven Capital Allocation Framework
C O M PA N Y Q U A R T E R LY R E S U LT S ADDITIONAL FINANCIAL NON-GAAP OV E R V I E W A N D O U T LO O K I N F O R M AT I O N R E C O N C I L I AT I O N S Utilizing a Proven Capital Allocation Framework STR ON G CA SH SHAREHOLDER S O LI D BA LA N CE GE N E R ATIO N RETU RNS S H EET ADJ U STED F R
Slide 20: Expectations for 2026
C O M PA N Y Q U A R T E R LY R E S U LT S ADDITIONAL FINANCIAL NON-GAAP OV E R V I E W A N D O U T LO O K I N F O R M AT I O N R E C O N C I L I AT I O N S Expectations for 2026 PR OVIDING M A R G A R I TAV I L L E VAC AT I O N C LU B 2026 RIO MAR, PR FIRST QUART ER TA R G ETS GU IDANC E Q1 ‘ 26 E
Slide 21: Additional Financial Information
C O M PA N Y Q U A R T E R LY R E S U LT S ADDITIONAL FINANCIAL NON-GAAP OV E R V I E W A N D O U T LO O K I N F O R M AT I O N R E C O N C I L I AT I O N S WO R L D M A R K I S L A M UJ E R E S ISLA MUJERES, MEXICO Additional Financial Information 21
Slide 22: Model Sensitivities
C O M PA N Y Q U A R T E R LY R E S U LT S ADDITIONAL FINANCIAL NON-GAAP OV E R V I E W A N D O U T LO O K I N F O R M AT I O N R E C O N C I L I AT I O N S Model Sensitivities Three major drivers to performance in the Vacation Ownership segment Volume Tour Loan Loss Per Guest Growth Provision (VPG)
Slide 23: Adjusted EBITDA to Adjusted Free Cash Flow Conversion %
C O M PA N Y Q U A R T E R LY R E S U LT S ADDITIONAL FINANCIAL NON-GAAP OV E R V I E W A N D O U T LO O K I N F O R M AT I O N R E C O N C I L I AT I O N S Adjusted EBITDA to Adjusted Free Cash Flow Conversion % 2025 Actuals 100% (23%) 52% (9%) (3%) (7%) (6%) Adj. EBITDA(1) Cash Interest Cash Taxes
Slide 24: Non-GAAP Reconciliations
C O M PA N Y Q U A R T E R LY R E S U LT S ADDITIONAL FINANCIAL NON- OV E R V I E W A N D O U T LO O K I N F O R M AT I O N GAAPS 24
Slide 25: Appendix: Non-GAAP Reconciliations
APPENDIX: NON-GAAP R E C O N C I L I AT I O N S 25
Slide 26: Reconciliation of Net Income to Adjusted Net Income to Adjusted EBITDA
C O M PA N Y Q U A R T E R LY R E S U LT S ADDITIONAL FINANCIAL NON-GAAP OV E R V I E W A N D O U T LO O K I N F O R M AT I O N R E C O N C I L I AT I O N S A P P E N D I X : N O N - G A A P R E C O N C I LI AT I O N Reconciliation of Net Income to Adjusted Net Income to Adjusted EBITDA ($ in millio
Slide 27: Reconciliation of Net Income to Adjusted EBITDA (Q4)
C O M PA N Y Q U A R T E R LY R E S U LT S ADDITIONAL FINANCIAL NON-GAAP OV E R V I E W A N D O U T LO O K I N F O R M AT I O N R E C O N C I L I AT I O N S A P P E N D I X : N O N - G A A P R E C O N C I LI AT I O N Reconciliation of Net Income to Adjusted Net Income to Adjusted EBITDA ($ in millio
Slide 28: Net Income to Adjusted EBITDA and Adjusted Free Cash Flow
C O M PA N Y Q U A R T E R LY R E S U LT S ADDITIONAL FINANCIAL NON-GAAP OV E R V I E W A N D O U T LO O K I N F O R M AT I O N R E C O N C I L I AT I O N S A P P E N D I X : N O N - G A A P R E C O N C I LI AT I O N ($ in millions) Travel + Leisure Co. Net Income to Net Cash Provided by Operating A
Slide 29: Net Cash from Operating Activities to Adjusted Free Cash Flow
C O M PA N Y Q U A R T E R LY R E S U LT S ADDITIONAL FINANCIAL NON-GAAP OV E R V I E W A N D O U T LO O K I N F O R M AT I O N R E C O N C I L I AT I O N S A P P E N D I X : N O N - G A A P R E C O N C I LI AT I O N Reconciliation of Net Cash Provided by Operating Activities from Continuing Operati
Slide 30: Reconciliation of Net VOI Sales to Gross VOI Sales
C O M PA N Y Q U A R T E R LY R E S U LT S ADDITIONAL FINANCIAL NON-GAAP OV E R V I E W A N D O U T LO O K I N F O R M AT I O N R E C O N C I L I AT I O N S A P P E N D I X : N O N - G A A P R E C O N C I LI AT I O N Non-GAAP Measure: Reconciliation of Net VOI Sales to Gross VOI Sales ($ in millions
Slide 31: Vacation Ownership Net Income to EBITDA Reconciliation
C O M PA N Y Q U A R T E R LY R E S U LT S ADDITIONAL FINANCIAL NON-GAAP OV E R V I E W A N D O U T LO O K I N F O R M AT I O N R E C O N C I L I AT I O N S A P P E N D I X : N O N - G A A P R E C O N C I LI AT I O N Vacation Ownership Net Income to EBITDA Reconciliation ($ in millions) 2025 2024 20
Slide 32: Travel and Membership Net Income to Adjusted EBITDA Reconciliation
C O M PA N Y Q U A R T E R LY R E S U LT S ADDITIONAL FINANCIAL NON-GAAP OV E R V I E W A N D O U T LO O K I N F O R M AT I O N R E C O N C I L I AT I O N S A P P E N D I X : N O N - G A A P R E C O N C I LI AT I O N Travel and Membership Net Income to Adjusted EBITDA Reconciliation ($ in millions)
Slide 33: Reconciliation of Adjusted ROIC
C O M PA N Y Q U A R T E R LY R E S U LT S ADDITIONAL FINANCIAL NON-GAAP OV E R V I E W A N D O U T LO O K I N F O R M AT I O N R E C O N C I L I AT I O N S A P P E N D I X : N O N - G A A P R E C O N C I LI AT I O N Reconciliation of Adjusted ROIC ($ in millions) 2025 Average Corporate Debt $ 3,471
Slide 34: Definitions
DEFINITIONS Adjusted Diluted Earnings per Share: A non-GAAP measure, defined by the Company as Adjusted net income divided by the diluted weighted acquisition-related assets, debt modification costs, asset impairments/recoveries and inventory write-downs associated with the Company’s resort average
Travel + Leisure — Investor Presentation (March 2026) on 6ix