Hilton Worldwide (HLT) Investor presentation summary

Investment proposition

• Scale, global presence and brands across price points support a network effect; global RevPAR index premium was 15% for the six months ended June 30, 2026.

• The model links guest satisfaction and loyalty with owner investment, organic net unit growth and financial returns.

• Core investment themes: global brand portfolio, simplified fee-based business, and high-quality pipeline with substantial returns on minimal capital.

Portfolio and loyalty

• ~9,400 properties and ~1.38M rooms across 144 countries and territories; brands span luxury, lifestyle, full service, suites, focused service and timeshare.

• Rooms by chain scale: upper midscale 34%, upscale 29%, upper upscale 27%, luxury 4%, midscale 4% and other 2%, as of June 30, 2026.

• Hilton Honors membership grew from 36M in 2012 to 260M in 2026, ~16% CAGR; loyalty members represented 68% of system occupancy, up 30 bps YoY for H1 2026.

• Loyalty features include Points & Money, Points Pooling, Hilton Honors Adventures and point earning or redemption through Amazon and Lyft.

Fee-based model

• Fees generated ~95% of Adjusted EBITDA on a TTM basis through June 30, 2026; ~80% of total fees came from franchise and licensing fees.

• Management and franchise fees rose from $814M in 2009 to $3,732M in 2026, a stated 10% CAGR.

• In-place franchise rate was ~5.0% versus a 5.6% steady-state rate; repricing all in-place contracts to current published rates implies ~$170M annual Adjusted EBITDA.

• Net unit growth was 6.1%; FY 2026 guidance was 6.0%–7.0%.

• Fee-based model is designed to generate free cash flow of ~50% of Adjusted EBITDA, assuming current operating conditions continue.