Ashford Hospitality Trust (AHT) investor relations material

Executive summary

• Formed a special committee to evaluate strategic alternatives, including potential transactions, to maximize shareholder value and improve liquidity.

• Continued focus on driving outsized performance, opportunistic dispositions, and operational efficiency to deleverage and improve cash flow.

• Despite industry headwinds, achieved positive growth in comparable total revenues and 2.4% growth in comparable hotel EBITDA for 2025.

• Fourth quarter comparable RevPAR declined 1.8% to $123, driven by a 2.6% drop in ADR and a 0.8% rise in occupancy compared to the prior year.

• Net loss attributable to common stockholders was $78.3 million for Q4 and $215 million for the full year, with diluted loss per share of $12.33 and $35.99, respectively.

Financial highlights

• Comparable full-year RevPAR decreased 0.7% to $132, with ADR down 1.5% and occupancy up 0.8% year-over-year.

• Comparable hotel EBITDA was $62.7 million for Q4 and $297.5 million for the year.

• Adjusted EBITDAre was $40.4 million for Q4 and $221.3 million for the full year.

• Q4 AFFO per diluted share was negative $2.45; full year AFFO per diluted share was negative $5.66.

• Q4 CapEx was $25.7 million; full-year CapEx was $71.2 million.

Outlook and guidance

• Group demand for 2026 is gaining momentum, with group room revenue pacing ahead 1% in Q1 and 3.3% in Q2 year-over-year.

• Anticipates strong group demand in 2026, supported by major events like the Super Bowl and FIFA World Cup.

• Expects to spend $90–$110 million on capital expenditures in 2026.

• Management expects continued benefit from lower short-term interest rates due to high floating-rate debt exposure.

• Strategic asset sales are expected to improve leverage, liquidity, and cash flow in 2026.