Hilton Grand Vacations: HGV Investor Overview

HGV Investor Overview

M A R C H 2 0 2 6

Hilton Grand Vacations at a glance

>200 resorts

across the globe

More than 720,000

dedicated members

Differentiated Ultimate

Access experiential platform

Powerful partnerships

Four business lines working in harmony 2025 Segment Adjusted EBITDA 3 Mix

Real Estate

Generate contract sales to new and existing members

Financing

Provide financing for contract sales, creating mortgage receivables

Rental & Ancillary

Rent out unutilized inventory to offset carrying costs

Club & Resort

Manage member

benefits and operate resort network

1. Excluding the impact of net deferrals related to the Sales of VOIs under construction

2. Adjusted FCF defined as net cash provided by operating activities minus capex for property and equipment and software capitalization costs, plus non-recourse debt activity, litigation settlement payment, acquisitions and integration-related expense, capitalized acquisition and integration-related costs and other one-time adjustments

3. Segment EBITDA prior to corporate G&A, license fees, and JV income. Excludes the impact of net deferrals of revenue and direct expenses related to the Sales of VOIs under construction

A premier vacation ownership and experiences company

01

02

03

Resilient business model

Substantial embedded value

Attractive cash flow and disciplined capital allocation

-01-

Resilient Business Model

The vacation ownership business has a strong value proposition

$

1. Includes unsold points inventory as well as owner points converted for use with partner programs

~$22k

~$41k

~$75k

Upscale

Family-friendly vacations in drivable destinations, with relaxed settings that emphasize value and comfort

Upper Upscale

Resort-style amenities at upscale properties in top destinations, with spacious accommodations that provide all the comforts of home

Luxury

Boutique properties with exclusive amenities in immersive destinations, with meticulous attention to every detail

Lower

Higher

Three resort collections catering to a wide range of travel preferences and price points

1. Company data; illustrative pricing

   HGV Max delivers a compelling consumer value proposition that links our three resort collections

   (Deed-based points)

Substantial recurring EBITDA from Financing and Club & Resort businesses

Member growth generates several

Club membership fees

Property management fees

Financing

fees

Nearly 60%

of Segment Adjusted EBITDA from recurring sources1

New buyers and owner upgrades further grow these fee streams and create a multiplier effect

1) Segment Adjusted for net deferrals of revenue and direct expenses related to the Sales of VOIs under construction

Broadest chain scale offering in the industry1

Midscale and below

Upper Midscale

Upscale

Upper Upscale

Luxury

Competitors1

Source: STR

1) Illustrative chain scale positioning

Substantial geographic diversity

>200

RESORTS LOCATED IN PRIME LEISURE DESTINATIONS

~90%

OF OWNERS LIVE WITHIN A 4 HOUR DRIVE OF AN HGV RESORT1

Record of tour generation with a consistent close rate

900,000

800,000

700,000

GFC

Over 20 years with a 15% average close rate

COVID-19

18%

16%

14%

600,000

12%

500,000

10%

400,000

8%

300,000 6%

200,000 4%

100,000 2%

- 0%

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

Demonstrated resilience through cycles

Performance during Global Financial Crisis

23%

20%

$232M

$583M

$582M

25%

$565M

$212M

$185M

2008 2009 2010 2008 2009 2010

Resilient credit performance through cycles against other sectors

Timeshare ABS 61+ day delinquency rates demonstrated more stability than other core ABS/MBS sectors in prior downturns

COVID-19

GFC

8%

7%

6%

5%

4%

3%

2%

1%

Dec-07

Dec-08

Dec-09

Dec-10

Dec-11

Dec-12

Dec-13

Dec-14

Dec-15

Dec-16

Dec-17

Dec-18

Dec-19

Dec-20

Dec-21

Dec-22

Dec-23

Dec-24

Dec-25

0%

Timeshare ABS Equipment ABS Prime Autos ABS Prime Cards ABS Prime RMBS

Source: Intex; asset class performance reflects the weighted-average 61+ day delinquency rates of outstanding transactions, weighted by ending period collateral balance of the set of transactions

-02-

Substantial Embedded Value

Adding new buyers embeds substantial future value into the business

The majority of a member's lifetime value is generated after the initial purchase

Sales after initial purchase

drive ~80% of lifetime value

~4x

Initial Purchase

Embedded Value

Future Real Estate Upgrades

For each $1 of initial purchase, owners will purchase an estimated $1.27 in additional upgrades over 20 years

Club & Property Management

2025 average Club and Resort Management revenue per member is $1,077

Financing

63% of buyers finance their purchases, typically 10-year fixed-rate secured loans

~$8.7B

Drivers of embedded value:

Total Value from Initial Purchase 1

Additional Sales

Club & Resort Management

Financing

Notes: Embedded value considers total expected nominal profit over 10-year period, not discounted; Does not account for license fees, taxes, perpetuity of club dues; assumes current cost of securitization

1) Includes the value of Club & Resort Management Fees and Financing of the initial purchase

Owners are upgrading faster and more often

60.0%

50.0%

% of owners with additional purchases

40.0%

30.0%

20.0%

10.0%

0.0%

0 5 10 15 20 25

Years of ownership

Period of initial purchase:

1998-2001 2002-2005 2006-2009 2010-2013 2014-2017 2018-2021 2022-2025

HGV Max membership growth has been rapid, with more runway ahead

Max membership mix is just over one-third of the total

HGV Max Members:

Upgrade earlier and more often than

non-Max members

Are significantly more active than non-Max members

Report higher satisfaction & engagement scores

Have a lifetime value >20% higher than

non-Max members

Rank meaningfully higher in our value-

per-transaction scoring tiers

~37%

266K

40%

300K

30%

200K

20%

100K

10%

0K

2022 2023 2024 2025

Max Members % of Total Members

HGV Ultimate Access enhances membership value and drives incremental brand engagement

Enhanced customer value proposition will drive increased customer engagement, retention, and embedded value

Expand and diversify lead generation, with Bass Pro marketing as a lead source that is not levered to the lodging cycle

Drive high-quality tour flow leveraging Bass Pro's robust customer database of dedicated outdoor enthusiasts

Build upon existing JV by offering a premium collection of outdoor lifestyle resorts to a dedicated customer base

Expand our successful Ultimate Access platform with unique new experiences and activities geared toward the outdoor lifestyle

Affiliation Program allowing HGV owners to stay at Great Wolf Lodge resorts

Develop cross-marketing campaigns

to encourage use of combined network

Utilizes Existing HGV Call Transfer

and Digital infrastructure

HGV Ambassadors sell vacation packages for future tours at HGV sales centers