Hilton Grand Vacations Inc. · NYSE:HGV
Hilton Grand Vacations — Q4 2025 Earnings Presentation
12 slides from Hilton Grand Vacations's earnings presentation, Feb 26, 2026
Slide 1: Hilton Grand Vacations Q4 2025 Earnings Call Supplement
Hilton Grand Vacations Q4 2025 Earnings Call Supplement February 26, 2026
Slide 2: Q4 2025 Net Deferral Activity
Q4 2025 Net Deferral Activity Reported GAAP Net deferral Net-deferral-adjusted metrics 3 metrics 1 activity 2 as referenced on earnings call YoY Growth Total revenue $1,333M $61M $1,394M 1.5% Sales of VOI, net $492M $61M $553M Real Estate Business Cost of VOI sales $46M $19M $65M Sales & marketing e
Slide 3: Full year 2025 Adjusted Free Cash Flow conversion
Full year 2025 Adjusted Free Cash Flow conversion Efficient conversion supported material 2025 capital return $ millions ($154) $257 >$8.25 per share ($297) $177 FY25 FCF ($369) Conversion: 66% Target: 65% - 70% ($46) $36 $1,152 $756 2025 Adjusted EBITDA Cost of VOI Cash Interest Net Consumer Invent
Slide 4: Improved conversion of Adjusted EBITDA to Adjusted Free Cash Flow has supported an inflection in capital returns
Improved conversion of Adjusted EBITDA1 to Adjusted Free Cash Flow2 has supported an inflection in capital returns Free cash flow conversion Capital returned to shareholders Adjusted Free Cash Flow 2 $ Shares Repurchased Free Cash Flow Conversion Rate 3 % of FCF Returned to Shareholders via Share Re
Slide 5: Guidance
GUIDANCE Adjusted EBITDA 2025 Guidance 2025 Actual 2026 Guidance to stockholders excluding net deferrals 1 $1,125M - $1,165M $1,152M ✓ $1,185M - $1,225M 5 1) Adjusted EBITDA net of deferrals of revenue and direct expenses related to the Sales of VOIs under construction
Slide 6: Appendix
APPENDIX
Slide 7: Q4 2025 Adjusted Free Cash Flow conversion
Q4 2025 Adjusted Free Cash Flow conversion Q4 FCF $ millions Conversion: 128% ($103) $180 ($15) $59 $65 ($20) ($76) $414 $324 Q4 ‘25 Adjusted Cost of VOI Cash Interest Net Consumer Inventory Non-Inventory Working Q4 ‘25 EBITDA to Sales Taxes Payments Finance Capital Capital Capital Adjusted FCF stoc
Slide 8: FY 2025 Net Deferral Activity
FY 2025 Net Deferral Activity Reported GAAP Net Deferral Net-deferral-adjusted metrics 3 metrics 1 activity 2 as referenced on earnings call YoY Growth Total revenue $5,047M $368M $5,415M 7.6% Sales of VOI, net $1,812M $368M $2,180M Real Estate Business Cost of VOI sales $152M $105M $257M Sales & ma
Slide 9: Non-GAAP Reconciliations
Non-GAAP Reconciliations Adjusted EBITDA and Adjusted EBITDA Attributable to Stockholders Definition EBITDA, presented herein, is a financial measure that is not recognized under U.S. GAAP that reflects net income (loss), before interest expense (excluding non-recourse debt), a provision for income
Slide 10: Non-GAAP Reconciliations (Continued)
Non-GAAP Reconciliations (Continued) Free Cash Flow and Adjusted Free Cash Flow Definition Free Cash Flow represents cash from operating activities less non-inventory capital spending. Adjusted Free Cash Flow represents free cash flow further adjusted for net non-recourse debt activities and other o
Slide 11: Adjusted EBITDA Attributable to Stockholders Reconciliation
Hilton Grand Vacations Inc. Adjusted EBITDA Attributable to Stockholders Reconciliation (in millions) Three Months Ended Twelve Months Ended December 31, December 31, 2025 2025 Net income attributable to stockholders $48 $81 Net income attributable to noncontrolling interest 5 18 Net income 53 99 In
Slide 12: Free Cash Flow Reconciliation
Hilton Grand Vacations Inc. Free Cash Flow Reconciliation (in millions) Three Months Ended Twelve Months Ended December 31, December 31, 2025 2025 Net cash provided by operating activities $167 $300 Capital expenditures for property and equipment (20) (70) Software capitalization costs (22) (76) Fre
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