Ryman Hospitality Properties (RHP) investor relations material

Opening remarks and business overview

• Focuses on group-oriented, high barrier to entry lodging assets and a growing entertainment business, with 70% of business from group bookings, providing strong visibility and stability through long booking windows and contractual protections.

• Capital allocation strategy enables high returns on enhancements and expansions, leveraging existing infrastructure and guest data to drive profitability.

• Maintains over $1.4 billion in liquidity, no debt maturities until 2028, and moderate leverage at 4.3x, supporting ongoing growth initiatives.

• Management team has a long tenure and a track record of delivering top shareholder returns, AFFO, and dividend growth compared to peers.

• Differentiated model in the REIT space, with best-in-class assets and consistent value creation.

Financial outlook and guidance

• Entered the year with 50% occupancy on the books and group rooms revenue 6% ahead of the prior year, reflecting strong positioning.

• RevPAR guidance for the year is 1.5%-3.5%, in line with peers, with internal metrics showing positive trends and no warning signs.

• Guidance range reflects environmental uncertainty, but current controllables suggest performance above the low end.

• EBITDA outlook of $900 million to $1 billion, with the addition of Desert Ridge moving results to the upper half of the range.

• 2026 RevPAR guidance includes renovation headwinds, consistent with the prior year.

Growth strategy and capital deployment

• Multi-year growth strategy is on track, with most projects meeting timing and budget expectations; Gaylord Rockies expansion delayed due to local property tax valuation issues.

• Gaylord Rockies expansion will add 450 rooms and a water amenity for $300 million, targeting mid-teens levered returns.

• $1 billion capital investment program underway, with mid-teens unlevered returns targeted for growth projects; some investments are maintenance-related.

• Focus remains on large group customers, with selective expansion into higher-end assets like JW Marriott if aligned with strategy.