Braemar Hotels & Resorts Inc. · NYSE:BHR
Braemar Hotels & Resorts — Q3 2026 Earnings Presentation
52 slides from Braemar Hotels & Resorts's earnings presentation, Nov 5, 2026
Slide 1: Earnings Update | 3rd Quarter 2026
Earnings Update | 3rd Quarter 2026 The Ritz-Carlton, Lake Tahoe
Slide 2: Forward-Looking Statements
Investor Presentation | November 2026 2 Forward-Looking Statements 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 differ materially fro
Slide 3: Non-GAAP Measures
Investor Presentation | November 2026 3 Non-GAAP Measures This presentation contains non-GAAP financial measures, including EBITDA, EBITDAre, Adjusted EBITDAre, Hotel EBITDA, Comparable Hotel EBITDA, Comparable Hotel EBITDA Margin, FFO, NAREIT FFO, Adjusted FFO, Net Debt and Net Debt to Gross Assets
Slide 4: Agenda
Investor Presentation | November 2026 4 Agenda 1 Company & Portfolio Overview 2 Industry Update 4 Liability Management Ritz-Carlton Reserve Dorado Beach 5 Looking Ahead 3 Recent Results & Developments
Slide 5: Company & Portfolio Overview
Investor Presentation | November 2026 5 Company & Portfolio Overview • Highest proportion of luxury properties amongst lodging REITs: 5 Luxury; 2 Upper Upscale • Diversified across 4 gateway urban markets and 3 premier resort destinations with high barriers to entry • +21.9% YoY Hotel EBITDA growth,
Slide 6: Industry Update
Industry Update Cameo Beverly Hills, LXR Hotels & Resorts
Slide 7: Industry RevPAR Continues to Exceed 2021
Investor Presentation | November 2026 7 100 120 125 128 129 135 0 20 40 60 80 100 120 140 2021 2022 2023 2024 2025 2026 ADR Index 100 109 110 110 108 109 0 20 40 60 80 100 120 140 2021 2022 2023 2024 2025 2026 Occupancy Index 100 130 137 140 140 147 0 20 40 60 80 100 120 140 2021 2022 2023 2024 2025
Slide 8: Luxury Segment Consistently Outperforms
Investor Presentation | November 2026 8 Luxury Segment Consistently Outperforms Classification Luxury Upper Upscale Upscale Upper Midscale Midscale Economy RevPAR CAGR (1988-2026)1 4.0% 2.9% 2.8% 2.6% 1.9% 1.4% (1) RevPAR source: CoStar; U.S. Inflation source: U.S. Bureau of Labor Statistics U.S. Re
Slide 9: A High-Quality Luxury Portfolio in Supply-Constrained Markets
Investor Presentation | November 2026 9 With virtually no supply growth expected in our markets over the next three years—well below the 0.7%1 market-wide forecast for 2027-2028 and the 1.6%2 long-term average—our markets are positioned to benefit from continued supply constraints Limited new supply
Slide 10: Wealth Creation Is Accelerating at the Top
Investor Presentation | November 2026 10 Wealth Creation Is Accelerating at the Top U.S. ULTRA- WEALTHY INDIVIDUALS 207K Americans with net worth above $30M at the end of 2025, a record4 Up 15% YoY Share of Total U.S. Consumer Spending by Income Group (%) An Increasingly K-Shaped Economy1 The IPO wa
Slide 11: Significant Luxury RevPAR Growth Forecasted
Investor Presentation | November 2026 11 1.23% 6.57% 7.89% 1.22% 4.18% 5.46% 1.15% 3.79% 4.98% 1.52% 3.19% 4.76% 1.75% 2.09% 3.87% 0.52% 0.54% 1.06% -2.00% 0.00% 2.00% 4.00% 6.00% 8.00% Luxury Upper Upscale Upscale Upper Midscale Midscale Economy 2026 Forecasted Growth YoY Significant Luxury RevPAR
Slide 12: Recent Results & Developments
Ritz-Carlton Reserve Dorado Beach The Notary Hotel, Autograph Collection Recent Results & Developments
Slide 13: Third Quarter 2026 Hotel Results
Investor Presentation | November 2026 13 Third Quarter 2026 Hotel Results Comparable RevPAR grew 14.4% to $284, the second-highest Q3 RevPAR in the Company’s history, trailing only the post-pandemic recovery in 2022, and driving a 20.7% increase in comparable Hotel EBITDA Comparable Reported RevPAR1
Slide 14: YoY ADR & Occupancy Growth by Property
Investor Presentation | November 2026 14 -5.5% -3.8% -0.5% 0.1% 2.4% 2.5% 5.3% 16.0% 43.1% -10.0% 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% Occupancy – Q3 '26 YoY Variance1 -4.9% 2.5% 8.6% 9.3% 13.4% 14.3% 15.3%15.4% 27.7% -10.0% -5.0% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% ADR – Q3 '26 YoY Variance1 YoY
Slide 15: YoY RevPAR Growth by Property
Investor Presentation | November 2026 15 (2.6%) (1.4%) 7.2% 8.8% 14.4% 14.4% 18.0% 33.9% 82.8% -10.0% 0.0% 10.0% 20.0% 30.0% 40.0% RevPAR – Q3 '26 YoY Variance1 YoY RevPAR Growth by Property Key: Resort Urban Portfolio Resort RevPAR in Q3 2026 was up 5.9% YoY • Cameo’s momentum continues following t
Slide 16: EBITDA Contribution Favored Urban Hotels
Investor Presentation | November 2026 16 EBITDA Contribution Favored Urban Hotels (1) Reflects 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 Ritz-Carlton Reserve Dorado Beach hotels (2)
Slide 17: Third Quarter 2026 Company Results
Investor Presentation | November 2026 17 Third Quarter 2026 Company Results ADJ. EBITDAre $3.9M SHARES OUTSTANDING1 73.3M Q3 CAPEX $5.0M Key Observations • Cash of $78.9M plus $39.6M restricted, mostly manager-held reserves • CapEx invested during the quarter was $5.0M • During the quarter, the Comp
Slide 18: The Ritz-Carlton, Sarasota Sale
Investor Presentation | November 2026 18 (1) Sold with Hotel Yountville and Bardessono Hotel and Spa for $437.5M in total; $304.5M was allocated to Sarasota (2) Total Unlevered Profit calculated by taking total unlevered cash inflows less total unlevered cash outflows (3) Increase in NOI from first
Slide 19: Four Seasons Scottsdale Sale
Investor Presentation | November 2026 19 (1) Total Unlevered Profit calculated by taking total unlevered cash inflows less total unlevered cash outflows (2) Increase in NOI from first full year of ownership (2023) to the last full year of ownership (2025) Four Seasons Scottsdale Sale Transaction Ove
Slide 20: Liability Management
Liability Management The Notary Hotel, Autograph Collection
Slide 21: The Ritz-Carlton, Lake Tahoe Refinancing
Investor Presentation | November 2026 21 The Ritz-Carlton, Lake Tahoe Refinancing On October 30, we closed the refinancing of the Ritz-Carlton, Lake Tahoe, cutting the spread by 60 bps, extending maturity to 2031 and saving an estimated $260K1 of implied interest expense. Before After Spread Reducti
Slide 22: Debt Maturity Schedule
Investor Presentation | November 2026 22 $43 $60 $111 $80 $210 $0 $50 $100 $150 $200 $250 2026 2027 2028 2029 2030 2031 Debt Maturity Schedule ($ in millions)1 The Ritz-Carlton, Lake Tahoe Capital Hilton The Ritz-Carlton, St. Thomas JPM 3-Pack Manageable Debt Maturity Profile Following the refinanci
Slide 23: Net Debt to Gross Assets Down to 33.3%
Investor Presentation | November 2026 23 Net Debt to Gross Assets Down to 33.3% NET DEBT TO GROSS ASSETS 33.3% Net debt to gross assets, %1 39.4% 43.2% 33.3% 30.0% 35.0% 40.0% 45.0% Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 SEP 2026 TTM HOTEL EBITDA DEBT YIELD 19.0% 2024 2025 2026 Net debt to gross assets is down 9.9
Slide 24: Looking Ahead
Looking Ahead aoa = BRAEMAR HOTELS & RESORTS
Slide 25: Next Twelve Months Pace
Investor Presentation | November 2026 25 Next Twelve Months Pace Forward bookings are growing on both rate and occupancy: revenue pace is up 21% year-over-year on a 12% ADR gain and an 8% occupancy gain The Ritz-Carlton, St. Thomas The Ritz-Carlton, Lake Tahoe Cameo Beverly Hills, LXR Hotels & Resor
Slide 26: 2027 Market Outlook
Investor Presentation | November 2026 26 2027 Market Outlook The Ritz-Carlton, Lake Tahoe • Strong El Niño forecast for Winter 2026–27 expected to bring a more active storm track and “frequent, reliable snowfall” for Lake Tahoe1 Cameo Beverly Hills, LXR Hotels & Resorts • Los Angeles hosts the 2027
Slide 27: 2027 Earnings Guidance
Investor Presentation | November 2026 27 With strategic initiatives nearing completion and a new independent Board soon to be in place, Braemar will be well positioned to capitalize on favorable lodging fundamentals and expects to drive long-term shareholder value The Company is reaffirming the one-
Slide 28: Final Conclusions
Investor Presentation | November 2026 28 Final Conclusions 1 Luxury Portfolio Delivered in Q3 RevPAR grew 14.4% and comparable Hotel EBITDA grew 20.7%; Urban RevPAR grew +23.3% 2 Industry Data Backs the Luxury Thesis Luxury has the strongest long-term RevPAR growth of 4.0%; new supply in our markets
Slide 29: Appendix
SRC ATENG WUBNE AA S =e Appendix
Slide 30: Indebtedness
Investor Presentation | November 2026 30 Indebtedness
Slide 31: Indebtedness
Investor Presentation | November 2026 31 Indebtedness
Slide 32: Comparable Hotel EBITDA by Hotel
Investor Presentation | November 2026 32 Reconciliation of Net Income (Loss) to Comparable Hotel EBITDA by Hotel
Slide 33: Comparable Hotel EBITDA by Hotel
Investor Presentation | November 2026 33 Reconciliation of Net Income (Loss) to Comparable Hotel EBITDA by Hotel
Slide 34: Comparable Hotel EBITDA by Hotel
Investor Presentation | November 2026 34 Reconciliation of Net Income (Loss) to Comparable Hotel EBITDA by Hotel
Slide 35: Comparable Hotel EBITDA by Hotel
Investor Presentation | November 2026 35 Reconciliation of Net Income (Loss) to Comparable Hotel EBITDA by Hotel
Slide 36: Comparable Hotel EBITDA by Hotel
Investor Presentation | November 2026 36 Reconciliation of Net Income (Loss) to Comparable Hotel EBITDA by Hotel
Slide 37: Comparable Hotel EBITDA by Hotel
Investor Presentation | November 2026 37 Reconciliation of Net Income (Loss) to Comparable Hotel EBITDA by Hotel
Slide 38: Comparable Hotel EBITDA by Hotel
Investor Presentation | November 2026 38 Reconciliation of Net Income (Loss) to Comparable Hotel EBITDA by Hotel
Slide 39: Comparable Hotel EBITDA by Hotel
Investor Presentation | November 2026 39 Reconciliation of Net Income (Loss) to Comparable Hotel EBITDA by Hotel
Slide 40: Comparable Hotel EBITDA by Hotel
Investor Presentation | November 2026 40 Reconciliation of Net Income (Loss) to Comparable Hotel EBITDA by Hotel
Slide 41: Comparable Hotel EBITDA by Hotel
Investor Presentation | November 2026 41 Reconciliation of Net Income (Loss) to Comparable Hotel EBITDA by Hotel
Slide 42: Comparable Hotel EBITDA by Hotel
Investor Presentation | November 2026 42 Reconciliation of Net Income (Loss) to Comparable Hotel EBITDA by Hotel
Slide 43: EBITDAre and Adjusted EBITDAre
Investor Presentation | November 2026 43 Reconciliation of Net Income (Loss) to EBITDAre and Adjusted EBITDAre
Slide 44: EBITDAre and Adjusted EBITDAre
Investor Presentation | November 2026 44 Reconciliation of Net Income (Loss) to EBITDAre and Adjusted EBITDAre
Slide 45: EBITDAre and Adjusted EBITDAre
Investor Presentation | November 2026 45 Reconciliation of Net Income (Loss) to EBITDAre and Adjusted EBITDAre
Slide 46: EBITDAre and Adjusted EBITDAre
Investor Presentation | November 2026 46 Reconciliation of Net Income (Loss) to EBITDAre and Adjusted EBITDAre
Slide 47: EBITDAre and Adjusted EBITDAre
Investor Presentation | November 2026 47 Reconciliation of Net Income (Loss) to EBITDAre and Adjusted EBITDAre
Slide 48: EBITDAre and Adjusted EBITDAre
Investor Presentation | November 2026 48 Reconciliation of Net Income (Loss) to EBITDAre and Adjusted EBITDAre
Slide 49: Adjusted FFO Q3
Investor Presentation | November 2026 49 Reconciliation of Net Income (Loss) to Adjusted FFO Q3 In thousands except per share amounts
Slide 50: Adjusted FFO Q2
Investor Presentation | November 2026 50 Reconciliation of Net Income (Loss) to Adjusted FFO Q2 In thousands except per share amounts
Slide 51: Adjusted FFO Q1
Investor Presentation | November 2026 51 Reconciliation of Net Income (Loss) to Adjusted FFO Q1 In thousands except per share amounts
Slide 52: Adjusted FFO Q4
Investor Presentation | November 2026 52 Reconciliation of Net Income (Loss) to Adjusted FFO Q4 In thousands except per share amounts
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