Travel + Leisure (TNL) Investor presentation summary

Business fundamentals and strategy

• Operates a multi-brand leisure platform with a focus on vacation ownership and travel clubs, serving over six million vacations annually.

• Delivers strong financial performance with a resilient, proven business model and a shareholder-friendly capital allocation approach.

• Achieved 4% revenue CAGR, 5% adjusted EBITDA CAGR, and 12% adjusted diluted EPS CAGR over three years.

• Maintains a diversified brand portfolio, including Club Wyndham, WorldMark, RCI, Sports Illustrated Resorts, Eddie Bauer Adventure Club, Margaritaville Vacation Club, and Accor Vacation Club.

• Expanded through acquisitions and new brand launches, such as Accor Vacation Club and Eddie Bauer Adventure Club.

Financial performance and outlook

• Reported 2025 net revenue of $4.0B (+4% YoY), adjusted EBITDA of $990M (+7% YoY), and adjusted diluted EPS of $6.34 (+10% YoY).

• Gross VOI sales reached $2.5B in 2025 (+8% YoY), with a VPG of $3,284, exceeding guidance.

• Returned $449M to shareholders in 2025 through dividends and share repurchases, repurchasing 8% of shares.

• 2026 guidance targets adjusted EBITDA of $1,030M–$1,055M and gross VOI sales of $2.5B–$2.6B.

• Maintains a leverage ratio of 3.1x and a weighted average interest rate on corporate debt of 5.66%.

Business segments and revenue drivers

• Operates two segments: Vacation Ownership (high-margin, recurring revenue) and Travel & Membership (asset-light, cash generative).

• Vacation Ownership segment generated $4.0B net revenue, $990M adjusted EBITDA, and 25% adjusted EBITDA margin in 2025.

• Travel & Membership segment produced $662M revenue and $228M adjusted EBITDA with a 34% margin.

• Over 75% of revenues are predictable and/or recurring, driven by subscriptions, exchange transactions, and consumer financing.

• Consumer financing portfolio of $3.3B with a weighted average interest rate of 15% and high FICO scores on new originations.