Braemar Hotels & Resorts Inc. · NYSE:BHR
Braemar Hotels & Resorts — Q1 2026 Earnings Presentation
42 slides from Braemar Hotels & Resorts's earnings presentation, May 12, 2026
Slide 1: 1st Quarter 2026 Earnings Update
1st Quarter 2026 Earnings Update
Slide 2: Forward Looking Statements and Non-GAAP Measures
Company Presentation | May 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 diffe
Slide 3: Company Fact Sheet
Company Presentation | May 2026 3 $233 $660 2013 TTM Q1'26 +183% $962 $1,849 2013 2026 +92% 8 13 1905 1905 +5 Total Assets (1)(2) Hotel EBITDA (1)(2)(3) (1) As of 3/31/26 (2) In millions (3) 2026 Hotel Rev and Hotel EBITDA figures are comparable Number of Hotels(1) Total Hotel Rev (1)(2)(3)(5) Compa
Slide 4: Discussion Topics
Ritz-Carlton Reserve Dorado Beach Discussion Topics Industry Update Recent Results & Developments Liability Management 18 16 9 5 Appendix
Slide 5: Industry Update
Industry Update Cameo Beverly Hills
Slide 6: Industry RevPAR Continues to Exceed 2019
Company Presentation | May 2026 6 Industry RevPAR Continues to Exceed 2019 Source: Lodging Analytics Research & Consulting Q1 2026 U.S. KPIs, Indexed to 2019 87 95 96 96 95 92 0 20 40 60 80 100 120 2021 2022 2023 2024 2025 2026 Occupancy Index 95 114 119 121 122 126 0 20 40 60 80 100 120 140 2021 20
Slide 7: Industry Real RevPAR & ADR Stable
Company Presentation | May 2026 7 $0 $15 $30 $45 $60 $75 $90 $105 Q1'21 Q1'22 Q1'23 Q1'24 Q1'25 Q1'26 Real RevPAR Stabilizing Real RevPAR Nominal RevPAR $0 $40 $80 $120 $160 Q1'21 Q1'22 Q1'23 Q1'24 Q1'25 Q1'26 Real ADR Stabilized Real ADR Nominal ADR 0% 10% 20% 30% 40% 50% 60% 70% Q1'21 Q1'22 Q1'23
Slide 8: But, Luxury and Upper Upscale RevPAR growth forecasted
Company Presentation | May 2026 8 … But, Luxury and Upper Upscale RevPAR growth forecasted Source: Lodging Analytics Research & Consulting Q1 2026 -0.2% 3.3% 3.1% 0.3% 3.2% 3.6% 1.2% 2.5% 3.7% 0.3% 2.4% 2.7% -1.2% 1.3% 0.1% -3.6% -1.4% -4.9% -6% -4% -2% 0% 2% 4% 6% Luxury Upper Upscale Upscale Upper
Slide 9: Recent Results & Developments
Recent Results & Developments Sofitel Magnificent Mile
Slide 10: Comparable Hotel Operating Results
Company Presentation | May 2026 10 Comparable Hotel Operating Results(1) 2026 Q1 2025 Q1 % Variance 2025 ADR(3) $745 $705 5.7% Occupancy(3) 64.5% 64.5% 0% RevPAR(3) $480.8 $455.0 5.7% Total Hotel Revenue(3)(4) $211,626 $200,806 5.4% Hotel EBITDA(4) $75,463 $66,402 13.7% Hotel EBITDA Margin 35.7% 33.
Slide 11: YoY ADR & Occupancy Growth by Property
Company Presentation | May 2026 11 -24.6% -4.8% -1.4%-1.3% 0.0%0.1% 0.8%0.9% 1.3% 1.3% 2.5% 3.1% 5.6% 10.1% -30.0% -25.0% -20.0% -15.0% -10.0% -5.0% 0.0% 5.0% 10.0% 15.0% -12.2% -4.4% -0.8%-0.4% 0.1% 2.7% 4.2% 5.7% 8.3% 8.6% 8.7% 12.4% 18.4% 24.2% -15.0% -10.0% -5.0% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0
Slide 12: YoY RevPAR Growth by Property
Company Presentation | May 2026 12 -13.4% -6.3% -5.6% -3.6% 0.5% 2.9% 5.2% 5.7% 8.8% 10.2% 12.0% 13.9% 14.4% 20.0% -20.0% -15.0% -10.0% -5.0% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% YoY RevPAR Growth by Property RevPAR (1)(2) – Q1 ‘26 YoY Variance Key Observations Resort RevPAR in Q1 ‘26 was up 8.0% YoY a
Slide 13: EBITDA Contribution Favored Resorts
Company Presentation | May 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 Re
Slide 14: Ritz-Carlton Drives TTM Q1'26 Hotel EBITDA
Company Presentation | May 2026 14 Ritz-Carlton Drives TTM Q1’26 Hotel EBITDA(1)(2) (1) Comparable TTM as of 3/31/26, 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 Transien
Slide 15: Company Results Steady
Company Presentation | May 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 Convert
Slide 16: Liability Management
Liability Management Four Seasons Scottsdale
Slide 17: Manageable Debt Maturity Profile
Company Presentation | May 2026 17 Manageable Debt Maturity Profile Maturity Schedule(1) (1) Percentages reflect each year’s maturing debt as a % of total gross assets $72.5 $109.4 $410.0 $386.2 $86.3 $43.4 7.0% 3.9% 5.9% 22.2% 20.9% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% $0.0 $100.0 $200.0 $300.0 $400.0
Slide 18: Final Conclusions
Company Presentation | May 2026 18 Final Conclusions Stable industry performance favoring Luxury and Upper Upscale hotels Improving EBITDA margins Resort’s performance continues to lead the way for Braemar’s portfolio Properly functioning and improving lodging debt capital markets
Slide 19: Appendix
Appendix Ritz-Carlton Lake Tahoe
Slide 20: Indebtedness
Company Presentation | May 2026 20 Indebtedness
Slide 21: Indebtedness
Company Presentation | May 2026 21 Indebtedness
Slide 22: Comparable Hotel EBITDA by Hotel
Company Presentation | May 2026 22 Reconciliation of Net Income (Loss) to Comparable Hotel EBITDA by Hotel
Slide 23: Comparable Hotel EBITDA by Hotel
Company Presentation | May 2026 23 Reconciliation of Net Income (Loss) to Comparable Hotel EBITDA by Hotel
Slide 24: Comparable Hotel EBITDA by Hotel
Company Presentation | May 2026 24 Reconciliation of Net Income (Loss) to Comparable Hotel EBITDA by Hotel
Slide 25: Comparable Hotel EBITDA by Hotel
Company Presentation | May 2026 25 Reconciliation of Net Income (Loss) to Comparable Hotel EBITDA by Hotel
Slide 26: Comparable Hotel EBITDA by Hotel
Company Presentation | May 2026 26 Reconciliation of Net Income (Loss) to Comparable Hotel EBITDA by Hotel
Slide 27: Comparable Hotel EBITDA by Hotel
Company Presentation | May 2026 27 Reconciliation of Net Income (Loss) to Comparable Hotel EBITDA by Hotel
Slide 28: Comparable Hotel EBITDA by Hotel
Company Presentation | May 2026 28 Reconciliation of Net Income (Loss) to Comparable Hotel EBITDA by Hotel
Slide 29: Comparable Hotel EBITDA by Hotel
Company Presentation | May 2026 29 Reconciliation of Net Income (Loss) to Comparable Hotel EBITDA by Hotel
Slide 30: Comparable Hotel EBITDA by Hotel
Company Presentation | May 2026 30 Reconciliation of Net Income (Loss) to Comparable Hotel EBITDA by Hotel
Slide 31: Comparable Hotel EBITDA by Hotel
Company Presentation | May 2026 31 Reconciliation of Net Income (Loss) to Comparable Hotel EBITDA by Hotel
Slide 32: Comparable Hotel EBITDA by Hotel
Company Presentation | May 2026 32 Reconciliation of Net Income (Loss) to Comparable Hotel EBITDA by Hotel
Slide 33: Comparable Hotel EBITDA
Company Presentation | May 2026 33 Reconciliation of Net Income (Loss) to Comparable Hotel EBITDA
Slide 34: EBITDAre and Adjusted EBITDAre
Company Presentation | May 2026 34 Reconciliation of Net Income (Loss) to EBITDAre and Adjusted EBITDAre
Slide 35: EBITDAre and Adjusted EBITDAre
Company Presentation | May 2026 35 Reconciliation of Net Income (Loss) to EBITDAre and Adjusted EBITDAre
Slide 36: EBITDAre and Adjusted EBITDAre
Company Presentation | May 2026 36 Reconciliation of Net Income (Loss) to EBITDAre and Adjusted EBITDAre
Slide 37: EBITDAre and Adjusted EBITDAre
Company Presentation | May 2026 37 Reconciliation of Net Income (Loss) to EBITDAre and Adjusted EBITDAre
Slide 38: EBITDAre and Adjusted EBITDAre
Company Presentation | May 2026 38 Reconciliation of Net Income (Loss) to EBITDAre and Adjusted EBITDAre
Slide 39: Adjusted FFO Q1
Company Presentation | May 2026 39 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-c
Slide 40: Adjusted FFO Q4
Company Presentation | May 2026 40 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-c
Slide 41: Adjusted FFO Q3
Company Presentation | May 2026 41 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-c
Slide 42: Adjusted FFO Q2
Company Presentation | May 2026 42 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 “as-c
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