Marriott Vacations Worldwide Corporation · NYSE:VAC
Marriott Vacations Worldwide — Q2 2026 Earnings Presentation
33 slides from Marriott Vacations Worldwide's earnings presentation, Aug 6, 2026
Slide 1: Investor Presentation
Investor Presentation August 6, 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 Drive demand via Direct selling model results in Demand direct marketing more resilient sales performance Perpetual sales centers and Sales Cen
Slide 6: Meaningful Recurring Profit Streams
Meaningful Recurring Profit Streams Recurring 40% Adjusted EBITDA Contribution* Management and Exchange 35% Financing 20% 10% Rentals Development 35% All numbers are approximate. * Adjusted EBITDA Contribution is based on full year 2025 results and is a non-GAAP measure. For definition and reconcili
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: Leveraging Loyalty Programs to Drive Higher Tours
Leveraging Loyalty Programs to Drive Higher Tours Number of Loyalty Members (M) 295 63 Data as of 12/31/2025. 9
Slide 10: 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 11: Strong Liquidity Position
Strong Liquidity Position As of June 30, 2026 Available cash on hand $211M Gross notes available for securitization 1 $67M Additional borrowing capacity under revolving credit facility $651M ~$930 Million of Liquidity 1. Represents gross notes receivable eligible for securitization that are not in t
Slide 12: Well-Laddered Maturity Schedule
Well-Laddered Maturity Schedule Corporate Debt Maturity Schedule ($M) $800 $784 $655 $575 $575 - $500 Revolving $350 Credit $784 Facility1 $575 - $145 - 2026 2027 2028 2029 2030 2031 2032 2033 Convertible notes Unsecured notes Drawn portion of revolver Term loan B All numbers as of 6/30/2026 and exc
Slide 13: Disciplined Capital Allocation Model
Disciplined Capital Allocation Model Strong Adjusted Free Cash Flow Generation Reinvest Return Corporate in the capital to debt business stockholders reduction 13
Slide 14: 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 14
Slide 15: Three-Point Growth Strategy
Three-Point Growth Strategy 3 Taking actions to improve 2 profitability and Adding new free cash flow owners drives 1 future revenue Launching new streams initiatives to drive tours and contract sales 15
Slide 16: Vacation Ownership Business Model
Vacation Ownership Business Model Contract sales create 1. Contract recurring 5. Adj. EBITDA & Cash Flow Sales financing and management fee income 4. Rental Profit 2. Financing Profit 3. Management Profit 16
Slide 17: Process Converts Leads Into Sales
Process Converts Leads Into Sales Tour More Branded On-Site Partnership Hotel Loyalty Owners Programs Digital & Marketing Traditional Advertising Lead Collection s • Sell tour packages • Capture on-site owners & guests Tourss • On-site and off-site sales centers • Virtual tours Sales 17
Slide 18: New Initiatives to Grow Tours and Contract Sales
New Initiatives to Grow Tours and Contract Sales Experiential event marketing Increase Enhance in-house sales effectiveness connections and talent Commercial Growth Strategy Data-driven New tour logistics loyalty tiers Expand brand affinity tours 18
Slide 19: Adding First-Time Buyers Drives Future Revenue Streams
Adding First-Time Buyers Drives Future Revenue Streams 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.
Slide 20: New Owner Growth Drives Future Revenues
New Owner Growth Drives Future Revenues Other Revenue1 Financing Revenue Potential Incremental Vacation Ownership Purchase Initial Vacation Ownership Purchase 1. Includes management fees, ancillary, and rental revenues. 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 Reduce Change Cut inventory Asia-Pacific overhead spending strategy costs this year 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) 19% 11% 200% YoY YoY YoY $2,080-2,115 $805-830 $1,762 $7381 $410-460 $145 2025 2026 2025 2026 2025 2026 Year over year growth calculated using the 2026 midpoint of guida
Slide 25: Expect to Generate Substantial Adjusted Free Cash Flow
Expect to Generate Substantial Adjusted Free Cash Flow ($M) 2025 2026 Low 2026 High Adjusted EBITDA* $751 $805 $830 Cash interest (135) (170) (165) Cash taxes (174) (150) (160) Corporate capital expenditures (57) (60) (70) Inventory (113) 20 30 Financing activity (56) 45 55 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 ▶ Implementing new commercial initiatives to grow tours and contract sales ▶ Moving with urgency to improve profitability IN SUMMARY
Slide 27: Appendix
Appendix A-1
Slide 28: 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 29: 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 30: 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 31: 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 32: Non-GAAP Financial Measures
Non-GAAP Financial Measures Guidance. The guidance provided excludes impacts from certain 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
Slide 33: Thank you.
Thank you.
Marriott Vacations Worldwide — Q2 2026 Earnings Presentation on 6ix