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Investor Presentation February 26, 2026
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Forward-Looking Statements Forward-looking statements include all statements that are not historical facts and can be identified by the use of forward-looking terminology such as the words “believe,” “expect,” “plan,” “intend,” “anticipate,” “estimate,” “predict,” “potential,” “continue,” “may,” “might,” “should,” “could” or the negative of these terms or similar expressions. We caution you that these statements are not guarantees of future performance and are subject to numerous and evolving risks and uncertainties that we may not be able to predict or assess, such as: uncertainty in the current global macroeconomic environment created by rapid governmental policy and regulatory changes, including those affecting international trade or travel; a future health crisis and responses to a health crisis, including possible quarantines or other government imposed travel or health-related restrictions and the effects of a health crisis, including the short and longer-term impact on consumer confidence and demand for travel and the pace of recovery following a health crisis; variations in demand for vacation ownership and exchange products and services; failure of vendors and other third parties to timely comply with their contractual obligations; worker absenteeism; price inflation; difficulties associated with implementing new or maintaining existing technologies; the ability to use artificial intelligence (“AI”) technologies successfully and potential business, compliance, or reputational risks associated with the use of AI technologies; changes in privacy and other laws and regulations affecting our business; the impact of a future banking crisis; impacts from natural or man-made disasters; delinquency and default rates; global supply chain disruptions; volatility in the international and national economy and credit markets, including as a result of the ongoing conflicts between Russia and Ukraine, Israel and Hamas, and elsewhere in the world and related sanctions and other measures; our ability to attract and retain our global workforce; competitive conditions; the availability of capital to finance growth; the impact of changes in interest rates; the effects of steps we have taken and may continue to take to reduce operating costs and accelerate growth and profitability; political or social strife; and other matters referred to under the heading “Risk Factors” contained in our most recent Annual Report on Form 10-K and Quarterly Report for the quarter ended June 30, 2025, and which may be updated in our periodic filings with the U.S. Securities and Exchange Commission. All forward-looking statements in this presentation are made as of the date of this presentation and we undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise, except as required by law. There may be other risks and uncertainties that we cannot predict at this time or that we currently do not expect will have a material adverse effect on our financial position, results of operations or cash flows. Any such risks could cause our results to differ materially from those we express in forward-looking statements. You should not put undue reliance on any forward-looking statements in this presentation. Non-GAAP Financial Measures. In this presentation we report certain financial measures that are not prescribed by United States generally accepted accounting principles (“GAAP”). We discuss our reasons for reporting these non-GAAP financial measures herein and reconcile the most directly comparable GAAP financial measure to each non-GAAP financial measure that we report in the appendix. Non-GAAP financial measures are identified in the footnotes in the pages that follow and are further explained in theappendix. Although we evaluate and present these non-GAAP financial measures for the reasons described in the appendix, please be aware that these non-GAAP financial measures have limitations and should not be considered in isolation or as a substitute for revenues, net income or loss attributable to common stockholders, earnings or loss per share or any other comparable operating measure prescribed by GAAP. In addition, other companies in our industry may calculate these non-GAAP financial measures differently than we do or may not calculate them at all, limiting theirusefulness as comparative measures. Brands. We refer to brands that we own, as well as those brands that we license, as our brands. All brand names, trademarks, trade names, and service marks cited in this presentation are the property of their respective owners, including those of other companies and organizations. Solely for convenience, trademarks, trade names, and service marks referred to in this presentation may appear without the ® or TM symbols, however such references are not intended to indicate in any way that MVW or the owner, asapplicable, will not assert, to the fullest extent under applicable law, all rights to such trademarks, trade names, and service marks. Guidance. The guidance provided in this presentation excludes impacts from asset sales, foreign currency changes, restructuring costs, litigation charges, strategic modernization initiative costs, transaction and integration costs, and impairments, each of which the Company cannot forecast with sufficient accuracy to factor them into the guidance provided herein and without unreasonable efforts, and which may be significant. As a result, the full year 2026 outlook is presented only on a non-GAAP basis and is not reconciled to the most comparable GAAP measures. Where one or more of the currently unavailable items is applicable, some items could be material, individually or in the aggregate, to GAAP reported results. 2
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Driving Sustained Long-Term Growth Unique and resilient business model Consistent and sustainable growth Taking actions to improve profitability and free cash flow 3
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Leading Provider of Vacation Experiences 4 All values as of 12/31/2025 and Adjusted EBITDA contribution based on full year 2025 results. * Adjusted EBITDA contribution and Adjusted EBITDA are non-GAAP measures. For definitions and reconciliation, please see appendix. 7 Iconic Brands 120 Resorts ~700,000 Owner Families Leader Upper Upscale Resorts ~1.5M Interval International Members >3,200 Exchange Resorts >90 Countries and Territories Premier Exchange Company ~90% ~10% Adjusted EBITDA Contribution by Segment* Exchange and Third-Party Management Vacation Ownership
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Resilient Business Model 5 Business Benefits Products Timeshare + exchange Diverse cash flow Brands 7 brands Selling both Marriott- and Hyatt-branded products Sales Centers “Sell the systems” Perpetual sales centers and more efficient marketing channels Offering Primarily points-based Flexibility Development Model Capital efficient High margins and consistent free cash flow
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Substantial Recurring Profit Streams 6 All numbers are approximate. * Adjusted EBITDA Contribution is based on full year 2025 results and is a non-GAAP measure. For definition and reconciliation, please see appendix. 35% 35% 20% 10% Management and Exchange Development Adjusted EBITDA Contribution* FinancingRentals 40% of Adjusted EBITDA contribution from recurring sources
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Large and Attractive Addressable Market and Customer Base 7 Addressable households based on 2024 data from the American Community Survey. FICO score based on buyers who financed their purchase in full year 2025. U.S. Owner annual income and owners without loans based on all owners as of 12/31/2025. ~55M ~$155K 740 Households – addressable market in U.S. alone U.S. Owner median annual income Average FICO score Vacation Ownership ~80% Owners with no loan
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90% 89% 2024 2025 On-Site Guests Drive Vacation Ownership Sales 81. Sales from resort guests based on full year 2025 contract sales. Pre-paid Vacations Drive High Resort Occupancy Most Sales Come from On-Property Guests 1 80% from resort guests
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Numerous sources of revenue Exchange transactions Membership fees Getaway transactions Other revenue High-Margin Exchange and Third-Party Management Business 9 All numbers based on full year 2025 results. * Segment Adjusted EBITDA and Segment Adjusted EBITDA margin are non-GAAP measures. Please see appendix for definitions and reconciliations. Capital expenditures only 4% of revenue (ex. cost reimbursement) $91M Segment Adjusted EBITDA* at 45% Margin* ~40% of Members are MVW Vacation Ownership Owners
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Strong Liquidity Position 10 1. Amounts shown pro forma for maturity of $575 million of convertible notes in January 2026, $425 million of which was paid using the revolver, and excludes non-recourse securitized debt and finance leases. 2. Represents gross notes receivable eligible for securitization that are not in the warehouse credit facility. As of December 31, 2025 $256M $176M Available cash on hand 1 Gross notes available for securitization 2 $362MAdditional borrowing capacity under revolving credit facility 1 ~$800 Million of Liquidity1
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Well-Laddered Maturity Schedule 11 All numbers as of 12/31/2025, pro forma for maturity of $575 million of convertible notes in January 2026, $425 million of which was paid using the revolver, and excludes non-recourse securitized debt and finance leases. 1. Excludes $13 million of outstanding letters of credit related to the revolving credit facility. Corporate Debt Maturity Schedule ($M) $425 $788 $575 - $375 - $575 $350 $500 $800 $788 - $575 2026 2027 2028 2029 2030 2031 2032 2033 Convertible notes Unsecured notes Term loan BDrawn portion of revolver Revolving Credit Facility1
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Disciplined Capital Allocation Model 12 • New leisure-related opportunities • Modernization • Share repurchases • Dividends Investment Return capital to stockholders Strong Adjusted Free Cash Flow Generation • Reduce leverage Corporate debt reduction
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Driving Sustained Long-Term Growth Unique and resilient business model Consistent and sustainable growth Taking actions to improve profitability and free cash flow 13
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Three-Point Growth Strategy 14 Optimize VPG and lower costs to enhance profitability Add new owners to drive future revenue1 2 Reduce inventory to improve free cash flow conversion 3
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Vacation Ownership Business Model 15 1. Contract Sales 2. Financing Profit 3. Management Profit 5. Adj. EBITDA Contract sales create recurring financing and management fee income 4. Rental Profit ~85% Recurring ~80% Recurring
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Lead Collection s • Sell tour packages • Capture on-site owners & guests Tours s • On-site and off-site sales centers • Virtual tours Sales Process Converts Leads Into Sales 16 Digital & Traditional Advertising Pre-Check-in Outreach Branded Hotel Loyalty Programs
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Leveraging Growing Loyalty Programs to Drive Tours 17All numbers as of December 31, 2025. 271 63 Number of Loyalty Members (M)
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Driving VPG Through Tour Optimization 18 Quality over quantity strategy Utilizing FICO scores to improve tour quality Prioritizing tours using data & analytics Higher VPG Improved Efficiency
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19Sales to younger generations based on FY 2025 contract sales. New owners added in Q1 2021 – Q4 2025. 65% 30% 5% Growing Sales to Younger Generations Adding New Owners ~100K First-time buyers added in last 5 years Millennial & Gen X Other Boomers Adding First-Time Buyers
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Adding New Owners Drives Future Revenue 20 Initial Vacation Ownership Purchase Potential Incremental Purchase Development Revenue Financing Revenue Financing Revenue Management Fees, Ancillary, Rental, Other Other Revenue Development Revenue
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Grow affiliations and management contracts Accelerate marketing with data and technology Increase share of wallet with enhanced product offerings Exchange & Third-Party Management Business Growth Strategies 21 1 2 3
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Driving Sustained Long-Term Growth Unique and resilient business model Consistent and sustainable growth Taking actions to improve profitability and free cash flow 22
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Additional Actions Improve Profitability and Free Cash Flow 23 Change Asia-Pacific strategy Reduce inventory spending Cut overhead costs Improving Free Cash Flow
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Adjusted EBITDA Expected to Grow Mid Single Digits in 2026 24 Year over year growth calculated using the 2026 midpoint of guidance. * Adjusted EBITDA and Adjusted free cash flow are non-GAAP measures. For definitions and reconciliations please see the appendix. 1. 2025 Adjusted EBITDA pro forma for reclassification of warehouse interest expense from corporate interest expense to consumer financing expense. $1,762 $1,745-1,815 2025 2026 Contract Sales ($M) Adjusted EBITDA* ($M) $7381 $755-780 2025 2026 $145 $375-425 2025 2026 Adjusted Free Cash Flow* ($M) 176% YoY 4% YoY 1% YoY
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Expect to Generate Substantial Adjusted Free Cash Flow * Adjusted EBITDA and Adjusted free cash flow are non-GAAP measures. Please see appendix for definitions. ($M) 2025 2026 Low 2026 High Adjusted EBITDA* $751 $755 $780 Cash interest (135) (170) (165) Cash taxes (174) (115) (120) Corporate capital expenditures (57) (65) (80) Inventory (113) - 15 Financing activity (56) 30 40 Working capital and other (71) (60) (45) Adjusted Free Cash Flow* $145 $375 $425 Plus $200 – $250 million in cash anticipated from non-core asset sales over the next two years 25
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Well-Positioned Business Model ▶ 40% of Adjusted EBITDA comes from recurring revenue sources ▶ Best brands in the industry with world-class resorts at great locations ▶ Moving with urgency to improve profitability ▶ Reducing inventory and other spending to drive higher free cash flow IN SUMMARY 26
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Appendix A-1
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VPG Is More Impactful to Bottom Line than Tours A-2* Adjusted EBITDA is a non-GAAP measure. For definition please see the appendix. Tours s Volume Per Guest (VPG) s 1% tour change = ~$6M Annual Adjusted EBITDA* 1% VPG change = ~$8M Annual Adjusted EBITDA*
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Non-GAAP Financial Measures In our presentation we report certain financial measures that are not prescribed by GAAP. We discuss our reasons for reporting these non-GAAP financial measures below, and the financial schedules included herein reconcile the most directly comparable GAAP financial measure to each non-GAAP financial measure that we report (identified by an asterisk (“*”) on the preceding pages). Although we evaluate and present these non-GAAP financial measures for the reasons described below, please be aware that these non-GAAP financial measures have limitations and should not be considered in isolation or as a substitute for revenues, net income or loss attributable to common stockholders, earnings or loss per share or any other comparable operating measure prescribed by GAAP. In addition, other companies in our industry may calculate these non-GAAP financial measures differently than we do or may not calculate them at all, limiting their usefulness as comparative measures. We evaluate non-GAAP financial measures, including those identified by an asterisk (“*”) on the preceding pages, that exclude certain items as further described in the financial schedules included herein, and believe these measures provide useful information to investors because these non-GAAP financial measures allow for period-over-period comparisons of our ongoing core operations before the impact of these items. These non-GAAP financial measures also facilitate the comparison of results from our ongoing core operations before these items with results from other companies. Earnings Before Interest Expense, Taxes, Depreciation and Amortization (“EBITDA”), Adjusted EBITDA, and Adjusted EBITDA margi n. EBITDA, a financial measure that is not prescribed by GAAP, is defined as earnings, or net income or loss attributable to common stockholders, before interest expens e, net (excluding consumer financing interest expense associated with term securitization transactions), income taxes, depreciation and amortization. Adjusted EBITDA reflects additional adjustments for certain items and excludes share- based compensation expense and amortization of cloud computing software implementation costs. Share -based compensation expense is excluded to address considerable variability among companies in recording compensation expense because companies use share -based payment awards differently, both in the type and quantity of awards granted. During the first quarter of 2025, we began excluding Amortization of cloud computing software implementation costs, which are not included in depreciation and amortization expense, from Adjusted EBITDA for comparability purposes to address the considerable variability among companies in the utilization of productive assets, and have reclassified prior year amounts to conform with our current year presentation. For purposes of our EBITDA, Adjusted EBITDA, and Adjusted EBITDA margin calculations, we do not adjust for consumer financing interest expense associated with term securitization transactions because we consider it to be an operating expense of our business. We consider Adjusted EBITDA to be an indicato r of operating performance, which we use to measure our ability to service debt, fund capital expenditures, expand our business, and return cash to stockholders. We consider Adjusted EBITDA margin to be an indicator of our operating profitability. We also use Adjusted EBITDA, as do analysts, lenders, investors and others, because this measure excludes certain items that can vary widely across different industries or among companies within the same industry. For example, interest expense can be dependent on a company’s capital structure, de bt levels and credit ratings. Accordingly, the impact of interest expense on earnings can vary significantly among companies. The tax positions of companies can also vary because of their differing abilities to take advantage of tax benefits and because of the tax policies of the jurisdictions in which they operate. As a result, effective tax rates and provisions for income taxes can vary considerably among companies. EBITDA, Adjusted EBITDA, and Adjusted EBITDA margin also exclude depreciation and amortization, as well as amortization of cloud comp uting software implementation costs, because companies utilize productive assets of different ages and use different methods of both acquiring and depreciating or amortiz ing productive assets. These differences can result in considerable variability in the relative costs of productive assets and the depreciation and amortization expense among compa nies. We believe Adjusted EBITDA and Adjusted EBITDA margin are useful as indicators of operating performance because it allows for period-over-period comparisons of our ongoing core operations before the impact of the excluded items. Adjusted EBITDA and Adjusted EBITDA margin also facilitate comparison by us, analysts, investors, and others, of results from our ongoing core operations before the impact of these items with results from other companies. A-3
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Reportable Segments Add Total Exchange & VO and Exchange % Exchange & Vacation Third-Party Corporate 2025 & Third-Party % Vacation Third-Party (In millions) Ownership Management and Other Total Management Ownership Management Net income attributable to common stockholders 345$ (116)$ (537)$ (308)$ 229$ Interest expense - - 169 169 - Provision for income taxes - - 8 8 - Depreciation and amortization 106 24 19 149 130 EBITDA 451 (92) (341) 18 359 Share-based compensation 9 2 27 38 11 Amortization of cloud computing implementation costs 5 - 1 6 5 Certain items (1) 403 181 105 689 584 Adjusted EBITDA 868$ 91$ (208)$ 751$ 959$ 90% 10% Total revenues 4,805$ 213$ 14$ 5,032 5,018$ Less: cost reimbursements (1,733) (8) 43 (1,698) (1,741) Total revenues excluding cost reimbursements 3,072$ 205$ 57$ 3,334$ 3,277$ Adjusted EBITDA margin 28% 45% 23% (1) Certain items for combined company in 2025 consisted of $577 million of impairment charges, $122 of modernization charges, $17 million of litigation charges, $15 million of restructuring charges, and net $2M of other charges, partially offset by $22 million of foreign currency translation gains, $16 million of insurance proceeds, $4 million of change in indemnification asset, and $2 million of changes in estimates relating to pre-acquisition contingencies. Non-GAAP Financial Measures A-4 Adjusted EBITDA Margin and Segment Adjusted EBITDA Margin. We evaluate Adjusted EBITDA margin and Segment Adjusted EBITDA margin as indicators of operating profitability. Adjusted EBITDA margin represents Adjusted EBITDA divided by the Company’s total revenues less cost reimbursement revenues. Segment Adjusted EBITDA margin represents Segment Adjusted EBITDA divided by the applicable segment’s total revenues less cost reimbursement revenues. We evaluate Adjusted EBITDA margin and Segment Adjusted EBITDA margin and believe it provides useful information to investors because it allows for period-over-period comparisons of our ongoing core operations before the impact of excluded items.
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2025 Adjusted EBITDA Adjusted (In millions) Contribution Contribution % (1) Development profit 337$ 32% Management and exchange profit 384 36% Rental profit 127 12% Financing profit 210 20% Total 1,058$ 100% (1) Represents the contribution toward Adjusted EBITDA for the listed profit lines. Non-GAAP Financial Measures Adjusted EBITDA Contribution. We calculate Adjusted EBITDA Contribution by calculating profit by revenue source (development, management and exchange, rent al and financing) and then calculating profit by revenue source as a percentage of total profit, as reconciled herein. We consider Adjusted EBITDA Contribution to be an indicator of operating performance and believe it provides useful information to investors because it demonstrates the diversity of our business model and provides perspective regarding how much of our total Adjusted EBITDA comes from each revenue source. A-5
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Non-GAAP Financial Measures A-6 Free Cash Flow and Adjusted Free Cash Flow. We evaluate Free Cash Flow and Adjusted Free Cash Flow as liquidity measures that provide useful information to management and investors about the amount of cash provided by operating activities after capital expenditures for property and equipment and the borrowing and repayment activity related to our term securitizations, which cash can be used for, among other purposes, strategic opportunities, including acquisitions and strengthening the balance sheet. Adjusted Free Cash Flow, which reflects additional adjustments to Free Cash Flow for the impact of transaction, integration, restructuring, and modernization costs, litigation charges, insurance proceeds, impact of borrowings available from the securitization of eligible vacation ownership notes receivable, and changes in restricted cash and other items, allows for period-over-period comparisons of the cash generated by our business before the impact of these items. Analysis of Free Cash Flow and Adjusted Free Cash Flow also facilitates management’s comparison of our results with our competitors’ results. (In millions) 2025 Cash, cash equivalents, and restricted cash provided by operating activities 28$ Capital expenditures for property and equipment (excluding inventory) (57) Borrowings from securitizations, net of repayments 10 Securitized debt issuance costs (13) Free cash flow (32) Adjustments: Capital expenditures (1) 1 Modernization costs (2) 76 Restructuring, transaction, integration, and other costs (3) 22 Decrease in restricted cash 4 74 Insurance proceeds (5) (14) Litigation charges (6) 14 Adjusted free cash flow 145$ (6) Represents adjustment to exclude the after-tax impact of litigation charges. Net change in borrowings available from the securitization of eligible vacation ownership notes receivable (4) (1) Represents adjustment to exclude certain capital expenditures. (2) Represents adjustment to exclude the after-tax impact of modernization costs. (4) Represents the net change in borrowings available from the securitization of eligible vacation ownership notes receivable compared to the prior year end. (5) Represents adjustment to exclude the after-tax impact of insurance proceeds. (3) Represents adjustment to exclude the after-tax impact of business restructuring costs, transaction and integration costs, primarily in connection with the Welk Acquisition, and other miscellaneous items.
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(In millions) 2026 Guidance Interest expense, net 184$ 179$ Depreciation and amortization 150$ 148$ Tax rate used to calculate adjusted net income attributable to common stockholders 31% 29% Non-GAAP Financial Measures A-7 Guidance. The guidance provided excludes impacts from asset sales, foreign currency changes, restructuring costs, litigation charges, m odernization costs, transaction and integration costs, and impairments, each of which the Company cannot forecast with sufficient accuracy to factor them into the guidance provided and without unreasonable efforts, and which may be significant. As a result, the full year 2026 outlook is presented only on a non-GAAP basis and is not reconciled to the most comparable GAAP measures. Where one or more of the currently unavailable items is applicable, some items could be material, individually or in the aggr egate, to GAAP reported results. The Company’s 2026 guidance is based on the following supplemental estimates:
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Thank you.