1st Quarter 2026 Earnings Update - May 2026

May 12, 2026 at 10:17 PM UTC · Issued by Braemar Hotels & Resorts Inc.

Watch Braemar Hotels & Resorts explain itBraemar Hotels & Resorts Inc. (BHR) Q4 2025 Earnings Call · Replay · Feb 27

1st Quarter 2026

Earnings Update

Company Fact Sheet

Since inception in 2013, we have significantly increased Gross Asset Value and EBITDA for our iconic and irreplaceable portfolio

$172.9MM

EQUITY MARKET CAP(1)

NYSE: BHR

$1.6B

ENTERPRISE VALUE(1)

HIGHEST RevPAR LODGING REIT

Total Assets (1)(2)

Number of Hotels(1)

Luxury Hotels Drive TTM Q1'26 Hotel EBITDA(1)(3)(4)

+92%

+5 $200,000



$962	$1,849	8	13
2013	2026	2013	2026

$150,000

$100,000

$50,000

1905

Luxury

$146,596

Upper Upscale

$26,700

Total Hotel Rev (1)(2)(3)(5)

Hotel EBITDA (1)(2)(3)

Resorts Drive TTM Q1'26 Hotel EBITDA(1)(3)

+183%

+122%

Urban, 19%

$660

$233

$173

$78

2013 TTM Q1'26

As of 3/31/26
(4) In thousands
2013 TTM Q1'26
Resort, 81%
In millions (5) 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 Reserve Dorado Beach
2026 Hotel Rev and Hotel EBITDA figures are comparable hotels

Company Presentation | May 2026

Discussion Topics

5 Industry Update

Recent Results & Developments

Liability Management

Appendix

Ritz-Carlton Reserve Dorado Beach

Industry Update

Cameo Beverly Hills

Industry RevPAR Continues to Exceed 2019

U.S. KPIs, Indexed to 2019

120

Occupancy Index

140

ADR Index

119

121

122

114

140

RevPAR Index

100

108

120

126

120

114 116 116 116

100

80 80

60 60

40 40

20 20

2021 2022 2023 2024 2025 2026

Source: Lodging Analytics Research & Consulting Q1 2026

Company Presentation | May 2026

Industry Real RevPAR & ADR Stable

$160

$120

$80

$40

Real ADR Stabilized

$130

$96

Q1'21 Q1'22 Q1'23 Q1'24 Q1'25 Q1'26

Real ADR Nominal ADR

70%

60%

50%

40%

30%

20%

10%

Occupancy Stabilized

62%

42%

Q1'21 Q1'22 Q1'23 Q1'24 Q1'25 Q1'26

Capital Hilton

$105

$90

$75

$60

$45

$30

$15

Real RevPAR Stabilizing

$81

$41

The Notary Hotel

Q1'21 Q1'22 Q1'23 Q1'24 Q1'25 Q1'26

Real RevPAR Nominal RevPAR

Source: STR

Company Presentation | May 2026

… But, Luxury and Upper Upscale RevPAR growth forecasted

2026 Forecasted Growth YoY

3.3%

3.1%

3.2%

3.6%

3.7%

2.5%

2.4%

2.7%

1.3%

0.1%

-0.2%

-1.2%

-3.6%

-1.4%

0.3%

1.2%

0.3%

-2%

-4%

-4.9%

-6%

Luxury Upper Upscale Upscale Upper Midscale Midscale Economy

Source: Lodging Analytics Research & Consulting Q1 2026

Company Presentation | May 2026

Sofitel Magnificent Mile

Recent Results & Developments

Steady RevPAR Growth & Widening Margins

Comparable Hotel Operating Results(1)	2026 Q1
ADR(3)	$745
Occupancy(3)	64.5%
RevPAR(3)	$480.8
Total Hotel Revenue(3)(4)	$211,626
Hotel EBITDA(4)	$75,463
Hotel EBITDA Margin	35.7%

2025 Q1	% Variance 2025
$705	5.7%
64.5%	0%
$455.0	5.7%
$200,806	5.4%
$66,402	13.7%
33.1%	2.6%

REVPAR(2)(4)(5)

$353

$312

$307

$311

$331

$238

$400

$350

$300

$250

$200

$150

HOTEL EBITDA(4)(5)

$221.9

$206.4

$188.1

$183.7

$173.3

$142.5

$250

$200

(In millions)

$150

$100

$50

2021 2022 2023 2024 2025 TTM Q1'26

$50

2021 2022 2023 2024 2025 TTM Q1'26

Includes all hotels owned as of March 31, 2026
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 Reserve Dorado Beach hotels
In thousands
Comparable results as reported in Earnings Releases: 2020 as reported on 2/25/2021; 2021 as reported on 2/24/2022; 2022 as reported on 2/22/2023; and 2023 as reported on 2/29/2024
Actual results as reported in Earnings Releases: 2024 as reported on 2/26/2025 and 2025 as reported on 2/26/2026; Results for 2024 include all properties owned during the period, including Torrey Pines through the date of its disposition; and Results for 2025 include the 13 hotels owned as of December 31, 2025, as well as Marriott Seattle Waterfront through its disposition date in August 2025 and The Clancy through its disposition date in November 2025.

Company Presentation | May 2026

YoY ADR & Occupancy Growth by Property

ADR - Q1 '26 YoY Variance

Occupancy - Q1 '26 YoY Variance

30.0%

25.0%

24.2%

20.0%

18.4%

15.0%

12.4%

10.0%

8.3% 8.6% 8.7%

5.7%

5.0%

4.2%

2.7%

0.1%

0.0%

-5.0%

-0.8%-0.4%

-4.4%

-10.0%

-15.0% -12.2%

15.0%

10.1%

10.0%

5.6%

5.0%

1.3%

2.5%

0.8%0.9%

3.1%

1.3%

0.0%

0.0%0.1%

-1.4%-1.3%

-5.0%

-4.8%

-10.0%

-15.0%

-20.0%

-25.0%

-24.6%

-30.0%

Key: Resort Urban Portfolio

Company Presentation | May 2026

YoY RevPAR Growth by Property

Key Observations

Resort RevPAR in Q1 '26 was

up 8.0% YoY and up 97.8% vs. Q1 '20

Urban RevPAR in Q1 '26 was down

-5.6% YoY but up 26.1% vs. Q1 '20

Average RevPAR in Q1 '26 was up

5.7% YoY and up 81.5% vs. Q1 '20

RevPAR (1)(2) - Q1 '26 YoY Variance

25.0%

20.0%

13.9% 14.4%

15.0%

10.2% 12.0%

10.0%

8.8%

5.7%

5.2%

5.0%

2.9%

0.5%

0.0%

-5.0%

-3.6%

-5.6%

-10.0%

-6.3%

-15.0%

-13.4%

-20.0%

Key:

Resort Urban Portfolio

Same-store data for the current 13 hotel owned as of March 31, 2026
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 Reserve Dorado Beach hotels
Company Presentation | May 2026

EBITDA Contribution Favored Resorts

Hotel Yountville

Quarter Highlights

Resorts posted strong Y-O-Y RevPAR growth of 8.0%, while Urban properties were down
EBITDA contribution favored Resorts versus Urban properties
Ritz-Carlton Reserve Dorado Beach and Ritz-Carlton Sarasota were the top performers by Hotel EBITDA
Bardessono delivered the strongest year-over-year improvement in the quarter, with EBITDA increasing 253% compared to 2025

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 Reserve Dorado Beach hotels
In thousands
Please refer to slides 20-32 for a reconciliation to the most directly comparable non-GAAP financial metric

Company Presentation | May 2026

High Exposure to Luxury Hotels and Resorts

Ritz-Carlton Drives TTM Q1'26 Hotel EBITDA(1)(2)

Park Hyatt Beaver Creek

$90,000

$75,000

Ritz-Carlton

$78,885

Four Seasons Independent

$28,865

$23,506

Autograph

$11,370

Hilton

$10,876

Sofitel

$10,001

Park Hyatt

$9,793

$60,000

$45,000

$30,000

$15,000

Transient Demand Drives TTM Q1'26 Revenue(1)(2)

Contract, 2.6%

Group, 23.5%

Transient, 73.9%

Comparable TTM as of 3/31/26, see appendix for a reconciliation of TTM hotel net income (loss) to hotel TTM EBITDA; In thousands
Marriott Seattle waterfront sold in Q3'25 and The Clancy sold in Q4'25
Ritz-Carlton: Ritz-Carlton St. Thomas, Ritz-Carlton Sarasota, Ritz-Carlton Lake Tahoe, and Ritz-Carlton Reserve Dorado Beach; Independent: Bardessono, Pier House, Hotel Yountville, and Cameo Beverly Hills; Park Hyatt: Park Hyatt Beaver Creek; Marriott / Autograph: The Notary;
Hilton: Cameo Beverly Hills and Capital Hilton; Sofitel: Sofitel Chicago Magnificent Mile; Four Seasons: Four Seasons Scottsdale
Luxury: Sofitel Chicago Magnificent Mile, Ritz-Carlton St. Thomas, Ritz-Carlton Sarasota, Ritz-Carlton Lake Tahoe, Ritz-Carlton Reserve Dorado Beach, Bardessono, Pier House, Hotel Yountville, Cameo Beverly Hills, Park Hyatt Beaver Creek, and Four Seasons Scottsdale; Upper Upscale: Capital Hilton, and The Notary
Company Presentation | May 2026

Company Results Steady

Quarter Highlights

Adjusted funds from operations (AFFO) was $0.52 per diluted share for the quarter, reflecting an increase on 30.0% over the prior year quarter.
Comparable Total RevPAR for all hotels increased 5.4% over the prior year quarter to $771.
Net debt to gross assets was 43.4% at the end of the first quarter.
Capex invested during the quarter was $12.1 million.
Comparable Hotel EBITDA was $75.5 million for the quarter, reflecting an increase of 13.7% over the prior year quarter.
During the quarter, the Company redeemed approximately $17.0 million of its non-traded preferred stock in cash.

Full Year Highlights

HIGHER ADJUSTED EBITDARE(1)(2)

HIGHEST QUARTERLY AFFO/SHARE IN 5 YEARS(1)(2)

$200

$180

$160

(In millions)

$140

$120

$100

$80

$60

$40

$20

$172.4

$176.7

$157.6

$147.0

$150.6

$87.5

2021 2022 2023 2024 2025 TTM Q1'26

$1.40

$1.20

$1.00

(In millions)

$0.80

$0.60

$0.40

$0.20

$(0.20)

$(0.40)

$0.16

Q1 Q2 Q3 Q4

$0.25

$0.17

$0.43

$0.04

$0.20

$0.10

$0.09

$0.22

$0.20

$0.49

$0.44 $0.42

$0.40

($0.08)

($0.24)

($0.06)

($0.19)

($0.02)

$0.52

2021 2022 2023 2024 2025 2026

(1) Effective beginning with the third quarter of 2022 we will no longer include the effect of the Series B Cumulative Convertible Preferred Stock and convertible notes on an "as-converted" basis in AFFO. For comparative purposes, the change has been applied retrospectively

(2) 2024 Adjusted EBITDAre, 2024 AFFO, and 2025 Adjusted EBITDAre includes the results of the 15 hotels owned in 2024 and the first two quarters of 2025, the results of Marriott Seattle Waterfront through its disposition date in August 2025 and The Clancy in November 2025

Company Presentation | May 2026

Liability Management

Four Seasons Scottsdale

Manageable Debt Maturity Profile

Maturity Schedule(1)

$500.0

25.0%

$400.0

20.0%

(in millions)

$300.0

15.0%

$200.0

10.0%

$100.0

5.0%

$0.0

22.2%

20.9%

$410.0

7.0%

$386.2

5.9%

$43.4

3.9%

$86.3

$109.4

$72.5

2026 2027 2028 2029 2030

0.0%

Other 2021 Convertible Notes RCLT Mortgage Loan % of Gross Assets

(1) Percentages reflect each year's maturing debt as a % of total gross assets

Company Presentation | May 2026

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

Company Presentation | May 2026 18

Ritz-Carlton Lake Tahoe

Appendix

Indebtedness

Company Presentation | May 2026

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