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Wyndham Corfu Acharavi Corfu, Greece Opened November 2025 Investor Presentation February 18, 2026
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Introduction to Wyndham Hotels & Resorts 2 Largest hotel franchisor worldwide(a) Asset-light business model generating significant free cash flow ~869,000 Current Rooms 8,300+ Hotels 122M+ Loyalty Members ~100 Countries Leading brands in the resilient select-service segment Primarily leisure-focused, “drive to” portfolio of hotels ~259,000 Rooms in the Pipeline 25 Brands ~90% Drive to Destinations ~70% Leisure Guest Mix Data is approximated as of December 31, 2025. (a) Largest hotel franchisor by number of franchised hotels.
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3 Industry Leading AI & Technology Partnerships Laying Our Tech Foundation & Harnessing AI… Incremental Bookings, Higher ADR, Lower Operating Costs AI-Ready by Design, with Industry-Leading Partners Built on a Modern Foundation Data Driven Approach Trusted and mature first-of- its-kind Data Product on Salesforce Data360 and AWS to power our personalized Agentic Guest360 experience Cost Variable Model 1st major hotel company to adopt cloud-based solutions - giving elasticity of cost, scalability and faster speed to market Best-in-Class Partnerships Centralized reservations, loyalty and CRM data create a personalized Guest360 guest booking experience and increased owner profitability Proven AI Solutions Wyndham Agentic AI Solutions seamlessly interacts with guests in real- time to answer questions, book direct, check-in/check out, offer incentives & raise the service bar for guests/ owners
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Delivering Value for Owners and Elevating Guest Experience 4 Wyndham Connect monetizes upsell requests, including early check-in/late check-out, room upgrades and dining. Received ~885K upsell requests in FY2025. Self servicing ~25% of guest inquiries without property staff intervention. Wyndham Connect PLUS enhances guest engagement with industry- first direct channels supported by agentic AI integration, text and voice assistants. Driving 25% reduction in average call handle time and ~200 bps in direct bookings from AI voice agent conversion improvements. Offerfit’s AI decisioning agents sending millions of dynamic personalized offers via email driving repeat stays and driving Wyndham Rewards direct bookings and franchisee share of direct occupancy. Wyndham Gateway offers a new guest Wi-Fi portal providing a consistent, centralized login experience and unlocks Wi-Fi upsell opportunities. Continuing to improve brand loyalty by increasing on- property loyalty enrollments by over 4x YOY. Wyndham Marketplace provides a shopping platform where owners can purchase brand-approved products at deeply negotiated rates. WYNDHAM ADVANTAGE …Powering Owner Returns… GUEST SATISFACTION IMPROVEMENT Q4 YOY Growth in Overall Guest Satisfaction +400 bps GUEST ENGAGEMENT Guests Utilized Mobile Check-in and Check-out in 2025 ~12 million
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5 AI CONNECTIVITY ROADMAP Over $425 Million of Technology Investment Has Helped Advance Wyndham’s AI Innovation …And Enabling New AI Booking Paths Now live in Anthropic Claude, subscribed users can enable Wyndham’s connector, empowering intent-driven travel searches through a fully conversational experience and seamless direct-booking on Wyndham’s eCommerce platform. In November 2025 , Wyndham and Google partnered to create an agentic booking experience onAI Mode in Search. During Q2 2026 , guests will be able to discover Wyndham properties through natural, conversational interactions, while our connected systems enable seamless,direct-bookings withinGoogle AI Mode. Developed and deploying by Q2 2026 – Wyndham’s ChatGPT App enables intent-driven travel searches through a fully conversational experience on ChatGPT and seamless, direct-bookings on Wyndham’s eCommerce platform. Later this year, Wyndham will unveil next-generation, cloud-native mobile and web platforms, reimagining the guest journey with AI-powered, intent-driven discovery and a globally scalable experience that expands languages, payment options, and personalization at every touchpoint “Wyndham is a true visionary in hospitality and now they are transforming into an Agentic Enterprise. By unifying their data, workflows, AI agents, and people on one trusted platform, they are delivering fast time to value and business outcomes that matter.” – Marc Benioff, CEO of Salesforce “Wyndham recognized AI would transform hospitality and acted with conviction. Today, Wyndham Connect powers agentic, autonomous capabilities at scale resulting in more personalized guest experiences and new revenue opportunities.” – Harman Singh Narula, CEO of Canary Technologies Wyndham ChatGPT App
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6 83% 77% 75% 72% 54% 33% BEST-IN-INDUSTRY MARGINS Leading the Industry with Best-in-Class Profitability and Superior Returns Adj. EBITDA Margin(a) Total Five-Year Capital Return as % of Market Cap(b) LEADING LODGING C-CORPS IN CAPITAL RETURN 37% 36% 34% 34% 32% 32% 7.5% 4.5% 4.3% 4.0% 3.7% 3.4% FREE CASH FLOW YIELD EXCEEDS PEERS Adj. Free Cash Flow Yield(c)
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Wyndham Natal Pitangui Praia Natal, Brazil Opened December 2025 7 ASSET-LIGHT, HIGHLY-RESILIENT, FEE-BASED FRANCHISE BUSINESS MODEL GENERATING HIGH MARGINS AND PRODIGIOUS FREE CASH FLOW WH Investment Thesis
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2025 Performance Recap Choctaw Casino & Resort-Durant, a Wyndham Grand Durant, Oklahoma, USA Opened December 20258
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Executing Against Stated Growth Strategy 2025 Performance 9 Net Room Growth +4.0% U.S. Royalty Rate 4.8% Ancillary Revenues $317M Adjusted EBITDA(a) $718M Capital Return $393M ~5% as % of Market Cap(b) +4% comparable basis YOY growth 20 consecutive quarters of sequential growth 7 bps YOY growth +15% YOY growth Highlights
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10 2025: Year in Review Grow rooms 4.0-4.6% • Grew global system 4.0% • Opened a record 71,600 rooms, representing 9% of the system at December 31, 2024 • Added hotels in major markets such as Miami Beach, Houston, Atlanta, Mexico City and Singapore Target high FeePAR development and expand portfolio reach • Expanded U.S. royalty rate 7 bps • Pipeline represents >30% and ~17% FeePAR premium to our current U.S. and international system, respectively • Debuted Dazzler Select in the U.S., Baymont in China, La Quinta in Georgia and Wyndham Grand in India and Peru • Hotels added to our U.S. and international system in 2025 carry a FeePAR premium of 32% and 28%, respectively, compared to hotels that exited our system Capitalize on public/private sector investment in AI/infrastructure • WH hotels in U.S. energy markets generated a Q4 YOY RevPAR premium of 700 bps vs. WH hotels in non-energy markets • WH hotels < 10 miles from 5 largest U.S. data center projects generated a full-year YOY RevPAR premium of 560 bps vs. rest of WH U.S. system Establish a market-leading position in the extended stay segment • 32 ECHO Suites hotels currently open or under construction • Opened over 1,800 Hawthorn Suites rooms • WH extended stay brands grew net rooms by ~30% Capture ancillary revenue growth opportunities • Generated full-year ancillary revenue growth of 15% primarily through co-branded card program and license fees • Renewed Wyndham Rewards co-branded credit card program with improved economics; new accounts and purchase volumes grew YOY 2% and 5%, respectively • Debuted the Wyndham Rewards Debit Card, a first in the U.S. industry, and launched Wyndham Insider, a travel rewards subscription program, a first among our branded hotel peer set Optimize franchisee top-line/reduce on-property operating costs • Market share gains led by ADR performance of midscale brands • Wyndham AI driving ~200 bps increase in direct voice conversion rates and 25% reduction in average call handle time • Advanced revenue management system drove 50 bps RevPAR premium Disciplined approach to capital allocation • Invested in business through $105M of development advance notes driving FeePAR premium of 37% vs. system • Returned capital to shareholders through $266M in share repurchases and $127M in dividends GOALS & OBJECTIVES ACHIEVEMENTS
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11 Pipeline Expanded to Another All-Time High 36% of New Construction pipeline in the ground, an increase of +300bps YOY 77% 23% New Construction Conversion GLOBAL COMPOSITIONTOTAL PIPELINE @ 12/31/2025 58% 42% International22nd consecutive quarter of sequential growth YOY Growth Global +3% U.S. +3% Sequential Growth Global +70 bps U.S. +90 bps 78% 22% Midscale+ Brands Economy Brands ~259K Global rooms >2,200 Global hotels Pipeline as a % of current portfolio: 30% U.S. 70% 16% 14% Midscale+ Brands Economy Brands +4% YOY midscale+ growth SEGMENT MIX Covers 63 countries, including 9 without pre-existing WH presence ECHO Suites U.S Pipeline FEEPAR PREMIUM >30% vs Current System International Pipeline ~20% vs Current System
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12 +2% Midscale+ System Growth U.S. International CONSISTENT NET ROOM GROWTH RECORD GROSS OPENINGS Continued Openings Momentum Drives Consistent Organic Net Room Growth and FeePAR Expansion 3.6% 4.0% 4.0% 1/1/2023 1/1/2024 1/1/2025 GLOBAL SYSTEM & FEEPAR EXPANSION Year-over-YearGlobal Organic Openings +15% Openings FeePAR Premium +7% EMEA/LATAM System Growth +30% Openings FeePAR Premium 12/31/23 12/31/24 12/31/25 60,800 63,400 71,600 YTD Q3 '23 YTD Q3 '24 YTD Q3 '252023 2024 2025
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Expanding Globally in Key Markets Ovolo Sydney Woolloomooloo, a Wyndham Hotel Sydney, Australia Opened November 2025 Wyndham Rizhao Downtown Rizhao, China Opened December 2025 Ramada Encore by Wyndham Bukhara, Uzbekistan Opened November 2025 Barley House Hotel, Trademark Collection by Wyndham Fort Lauderdale, Florida, USA Opened December 2025 Ramada by Wyndham Arnavutkoy, Turkey Opened December 2025 La Quinta Inn & Suites by Wyndham Jackson, Tennessee, USA Opened December 2025 Casa Marina Sosua, Trademark by Wyndham All Inclusive Sosua, Dominican Republic Opened December 2025 13
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14 Development Momentum Continues Q4 2025 OPENINGS Round Rock, TXPeoria, AZ Springfield, MO Conyers, GA Naples, FL Pasadena, TX 18 Hotels Opened to Date 305 Contracts Awarded Since Launch ~300 Domestic Hotels By 2032 ECHO Development Momentum Continues
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15 MAINTAIN STRONG BALANCE SHEET INVEST IN BUSINESS RETURN EXCESS CAPITAL TO SHAREHOLDERS Maximizing Capital Allocation For All Stakeholders Strategic deployment of capital to accelerate growth primarily in higher RevPAR, midscale+ hotels Deployed ~$105 million of key money in 2025 Key money deals achieve ~40% FeePAR premium versus our current system Targeting mid-30s dividend payout ratio Board authorized 5% increase in quarterly dividend to $0.43 per share, beginning with dividend expected to be declared in first quarter 2026 ~$2.7 billion of capital returned to shareholders since spin-off (~46% of market cap at spin-off) including ~$393 million in 2025 ~$274 million of remaining share repurchase authorization ~$840 million of liquidity Total leverage at the midpoint of 3-4x stated range Refinanced revolving credit facility in October 2025, increasing capacity from $750 million to $1 billion Weighted average maturity of 4 years; ~25% of debt is variable-rate; significant room under all debt covenants $0 $500 $1,000 $1,500 2026 2027 2028 2029 2030 Term Loan A Term Loan B Unsecured Notes Revolving Credit Facility 35% 36% 36% 0% 10% 20% 30% 40% 2024 2025 2026 Dividend Payout Ratio (a) (a) (b) Only 3 out of every 10 deals include key money Selective investment of key money to high-quality deals
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16 Balfour Miami Beach, a Registry Collection Hotel Miami Beach, Florida, USA Opened October 2025 2026 Focus BUILDING BLOCKS IN PLACE TO MAXIMIZE NEAR-TERM GROWTH
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17 Grow system-wide rooms 4.0%-4.5% Capitalize on opportunities created through significant public and private sector investment in infrastructure and AI Continue to establish a market-leading position in the extended stay segment Improve franchisees’ top-line and reduce their operating costs through continued digital innovation and elevation of guest experiences Capture ancillary revenue growth opportunities, including credit card products and strategic partnerships and affiliations Maintain a disciplined approach to capital allocation: investment in business, M&A and capital return 2026 Key Priorities Continued investment in brands targeting high FeePAR additions Offer a robust loyalty rewards program to drive guest retention and engagement
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18 Global RevPAR Outlook of (1.5%) to 0.5% Driven by U.S. RevPAR Stabilization 0.5% (2.3%) (5.0%) (6.1%) (3%) - (2%) ~Flat Q1 25 Q2 25 Q3 25 Q4 25 Q1 26E ROY 26E Q126 SHOWING IMPROVEMENT FROM 2H25 TRENDS… Continued public/private sector investment in infrastructure and AI Increased government stimulus Larger tax refunds FIFA World Cup 2026 America250/Route 66 Centennial …WITH POTENTIAL KEY DEMAND DRIVERS FOR OUTPERFORMANCE See footnotes in Appendix. U.S. RevPAR
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System Projected to Increase 4.0% - 4.5% 19 SUSTAINED PIPELINE GROWTH… …PROVIDES RUNWAY TO FURTHER SYSTEM EXPANSION 239,500 251,500 258,700 2023 2024 2025 803,700 835,700 868,900 4.0% - 4.5% 2023 2024 2025 2026E Global Pipeline Global System
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+15% 20 Co-branded credit card generates revenue from all cardholder spend including non-travel purchases, which provides a stable, recurring revenue base New co-branded debit and international card products expands reach to new consumer segments Additional partnerships and affiliate relationships leveraging WH’s size, scale and distribution platforms License fee revenue subject to $70 million contractual minimum, making it largely consistent regardless of near- term travel demand …DRIVEN BY INCREMENTAL GROWTH OPPORTUNITIES Contractual revenue sources offer stability regardless of travel demand Ancillary Fee Growth Largely Independent of RevPAR Performance $276M(a) 2024 2025 2026E Low-to mid-teens growth SIGNIFICANT GROWTH POISED TO CONTINUE… $317M(a)
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21 (in millions) ~5-7% Growth(b) 2026 Adjusted EBITDA Outlook Resilient Model Delivering EBITDA Growth and Shareholder Returns Despite Economic Headwinds Free Cash Flow Conversion 55%-60% Enhancing Shareholder Value Leverage on Incremental Adjusted EBITDA Growth Up to ~$400 million available for business investments or shareholder return Dividends ~$130 million $718 $730 - $745 $39 - $54 (~$15) (~$12) 2025(a) Operational Growth Return of Variable Costs 2026ERevo Hospitality Group Fee Deferral
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22 Wyndham Garden Udaipur Bhuwana Udaipur, India Opened December 2025 Appendix
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23 2026 Planning - Sensitivities Adjusted EBITDA Sensitivities (millions) Driver-Based vs. 2025 Non-RevPAR Ancillary vs. 2025 Royalties & Franchise Fees Marketing, Reservation & Loyalty Fees License Fees Other Revenues U.S. International RevPAR & NRG (1 point) ~$3.2 ~$1.0 Based on our FY26 RevPAR outlook of (1.5%) - 0.5%, our marketing fund revenues are expected to roughly equal marketing fund expenses. Margin of ~85% on gross revenues Royalty rate (1 basis point) ~$0.8 ~$0.4 Margin of ~85% on gross revenues 1 point change ~$1.1 ~$1.3 Subject to $70 million floor See footnotes in Appendix. APPENDIX Margin of ~75%
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24 Industry-leading central reservation systems deliver ~$8 out of every $10 to U.S. franchisees Industry’s #1 hotel loyalty program with 122+ million members drive > one out of every two U.S. check-ins Global marketing funds and customer data platform to target, acquire and retain guests Trusted brands with segment-leading consumer awareness and market share Continuous guest-facing digital innovation enhances guest experience and increases owner profitability World’s largest hotel franchisor leverages pricing power to deliver on-property cost savings for franchisees On-property technology tools drive operating efficiencies and reduce hotel labor costs Cost-efficient prototypes and refresh programs designed to maximize owner ROI Owner-first, customer-centric approach with Wyndham University training and ~450 field support team members dedicated to our franchisees’ success Compelling Value Proposition for Franchisees . . . APPENDIX See footnotes in Appendix.
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25 Cash-on-Cash Return up to 31% Cost per room Loan-to-value Franchisee Investment RevPAR Revenues Operating expenses Brand fees Interest expense @ 7.25% Hotel EBTDA ~$93,000 ~70% $3,500,000 $60.00 $2,716,000 $815,000 $231,000 $585,000 ~$1,100,000 . . . That Continues to Deliver Strong Returns APPENDIX See footnotes in Appendix.
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35% 27% 25% 5% 5% 3% 87% Resorts Suburban Interstate Small Metro Airport Urban 1% 1% 1% <1%Asia Pacific U.S. Europe Canada Latin America 97% 26 87% U.S. HOTELS IN “DRIVE TO” LOCATIONS 97% OF U.S. GUESTS ORIGINATE DOMESTICALLY “Drive to” Destinations Not Reliant on Costly Air Travel or International Inbounds APPENDIX See footnotes in Appendix.
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27 First Quintile Second Quintile Third Quintile Fourth Quintile Fifth Quintile <$34,000 $34,000 - 64,000 $64,000 - 102,000 $102,000 - 164,000 >$164,000 U.S. Household Income WH guest average household income FY 2019 FY 2025 34% 25% GEN Y/Z GUESTS AS % OF TOTAL APPENDIX Our U.S. Guests are Middle-Class and Increasingly Younger Generations That Prioritize Travel See footnotes in Appendix.
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70% <1% 20% 2%Corporate Transient Logistics/ Other Leisure Travel Group Business 28 Leisure Guests Power Our Business, Essential Workers Provide a Durable Base ~70% LEISURE FOCUS; ~20% INFRASTRUCTURE Represents percentage of U.S. gross room revenues for full-year 2025. Infrastructure 8% APPENDIX
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Infrastructure Tailwinds Support Long-Term Growth Opportunity 20% of WH U.S. bookings derived from infrastructure-related business In 2019, the federal government spent $71 billion on infrastructure; the 2021 Infrastructure Act & 2022 CHIPS Act provide a total of ~$1.5 trillion in public infrastructure funding Private sector investment in large-scale data centers and onshoring initiatives is accelerating nationwide WH is well-positioned to capture hotel demand in key markets benefiting from these secular trends TAPPING INTO THE U.S. REINDUSTRIALIZATION TREND 29 STRONG OVERLAP OF WH FOOTPRINT AND INFRASTRUCTURE SPEND MARKETS APPENDIX See footnotes in Appendix.
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30 Corporate Responsibility Update APPENDIX Released the 2025 Corporate Responsibility Report, outlining key accomplishments and progress vs. 2024. Recognized in 2025 as one of the World’s Most Ethical Companies® by Ethisphere. Earned organizational culture accolades, including recognition fromNewsweek’sGlobal Most Loved Workplaces andNJBIZ’sBest Places to Work in New Jersey. Continued advancing the Wyndham Green Program and was named toForbes’2025 Net Zero Leaders list. Hosted the second annual Elevate Professional Development Days, reinforcing our commitment to continuous learning and development. Supported charitable initiatives such as the Backpack Mania Drive for JBWS, theWyndham Championship Fore! Good platform and Honor Flight New England. Strengthened our inclusive culture through active engagement from our Enterprise Resource Groups with in-month observances of Black History, Women’s History, AANHPI, Military Appreciation, Pride and Hispanic Heritage.
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SCOTT STRICKLAND CHIEF COMMERCIAL OFFICER 33 Years of IT/Digital Experience • Served as President and Chief Executive Officer of Wyndham Hotel Group (2014 – 2018) • Served as Chief Executive Officer of Wyndham Destination Network (2008 – 2014) • Held leadership positions of increasing responsibility at Starwood Hotels & Resorts Worldwide including President of Starwood North America; Executive Vice President, Operations; Senior Vice President, Southern Europe; and Managing Director, Ciga Spa, Italy (1989 – 2008) • Served as Banking Officer in the Commercial Real Estate Group at the Bank of New England JOON AUN OOI PRESIDENT, APAC 23 Years of Industry Experience SHILPAN PATEL EXECUTIVE VICE PRESIDENT, NORTH AMERICA FRANCHISE OPERATIONS 23 Years of Industry Experience GEOFF BALLOTTI CHIEF EXECUTIVE OFFICER 37 Years of Industry Experience KURT ALBERT INTERIM CHIEF FINANCIAL OFFICER 15 Years of Industry Experience • Interim Chief Financial Officer since November 2025 • Served as Treasurer and Head of Financial Partnerships & Planning of Wyndham Hotels & Resorts (2024 – 2025) • Served as Senior Vice President & Treasurer of Wyndham Hotels & Resorts (2023 – 2024) • Held varied financial leadership positions of increasing responsibility within Wyndham Hotel Group and Wyndham Hotels & Resorts (2009 – 2023) MONICA MELANCON CHIEF HUMAN RESOURCE OFFICER 27 Years of Human Resource Experience PAUL CASH GENERAL COUNSEL 20 Years of Industry Experience AMIT SRIPATHI CHIEF DEVELOPMENT OFFICER 17 Years of Industry Experience31 GUSTAVO VIESCAS PRESIDENT, LATAMC 26 Years of Industry Experience APPENDIX Strong and Experienced Leadership Team DIMITRIS MANIKIS PRESIDENT, EMEA 35 Years of Industry Experience MARK NIZIOLEK HEAD OF STRATEGY 20 Years of Industry Experience
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Wherever people go, Wyndham will be there to welcome them. 32 Vienna House brand acquisition also included Vienna House Easy midscale brand; Dazzler brand includes extension Dazzler Select in the economy segment. APPENDIX Wyndham Family of Brands
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33 APPENDIX Footnotes Page 6 Reconciliations of non-GAAP financial measures to the most directly comparable GAAP financial measures can be found in the Appendix. (a) Represents adjusted EBITDA margin. Calculation excludes the impact of cost reimbursement and marketing, reservation and loyalty fees (or otherwise referred to as ”cost reimbursement revenues”, “revenues for reimbursed costs”, “system fund and reimbursable revenues” or “revenue for reimbursable costs from franchised and managed properties”). FY 2025 impact of cost reimbursement and marketing, reservation and loyalty fees (or otherwise referred to as ”cost reimbursement revenues”, “revenues for reimbursed costs”, “system fund and reimbursable revenues” or “revenue for reimbursable costs from franchised and managed properties”) for Marriott, Hilton, IHG and Hyatt was $19.2B, $7.1B, $2.7B and $3.6B, respectively. LTM 9/30/25 impact of cost reimbursement and marketing, reservation and loyalty fees (or otherwise referred to as “revenue for reimbursable costs from franchised and managed properties”) for Choice was $723M. For WH, operating income margin for 2025 was 28%. (b) For all but Choice, calculated as the sum of share repurchases plus dividends paid from FY 2021 to FY 2025 divided by FactSet fully diluted market capitalization as of 12/31/20. Choice calculated as the sum of share repurchases plus dividends paid from Q4 2020 to Q3 2025 divided by FactSet fully diluted market capitalization as of 9/30/20. (c) For Wyndham, calculated as FY 2025 Adjusted Free Cash Flow divided by FactSet fully diluted market capitalization as of 12/31/25. For Marriott and Hilton, calculated as FY 2025 net cash from operating activities excluding development advances (or otherwise referred to as “contract acquisition costs”), less capital expenditures divided by FactSet fully diluted market capitalization as of 12/31/25. FY 2025 development advances (or otherwise referred to as “contract acquisition costs”) for Marriott and Hilton were $434M and $231M, respectively. FY 2025 net cash from operating activities for Marriott and Hilton was $3.2B and $2.1B, respectively. For Hyatt, calculated as FY 2025 net cash from operating activities excluding development advances (or otherwise referred to as “payments for key money assets”) and excluding the impact of cash taxes on asset sales and costs associated with the Playa Hotels acquisition, less capital expenditures divided by FactSet fully diluted market capitalization as of 12/31/25. FY 2025 development advances (or otherwise referred to as “payments for key money assets”) for Hyatt were $134M. FY 2025 cash taxes on asset sales for Hyatt were $117M. FY 2005 costs associated with the Playa Hotels acquisition were $198M. FY 2025 net cash from operating activities for Hyatt was $379M. For Choice, calculated as LTM 9/30/25 net cash from operating activities excluding development advances (or otherwise referred to as “franchise agreement acquisition costs”), less capital expenditures (or otherwise referred to as “investments in other property and equipment” and “investments in owned hotel properties”) divided by FactSet fully diluted market capitalization as of 9/30/25. LTM 9/30/25 development advances (or otherwise referred to as “franchise agreement acquisition costs”) for Choice was $90M. LTM 9/30/25 net cash from operating activities for Choice was $268M. For IHG, calculated as FY 2025 net cash from operating activities excluding development advances (or otherwise referred to as “key money contract acquisition costs”), less capital expenditures (excluding key money contract acquisition costs) divided by fully diluted market capitalization as of 12/31/25 (calculated using IHG basic shares outstanding at 12/31/25 per 6-K filing plus FactSet estimate for diluted shares outstanding at 12/31/25 multiplied by IHG share price at 12/31/25). FY 2025 development advances (or otherwise referred to as “key money contract acquisition costs”) for IHG was $177M. FY 2025 net cash from operating activities for IHG was $898M. For WH, net cash from operating activities yield for 2025 was 6%. Page 9 Reconciliations of non-GAAP financial measures to the most directly comparable GAAP financial measures can be found in the Appendix. (a) Net income for FY 2025 was $193 million. Comparable basis excludes marketing fund variability. (b) Calculated as the sum of share repurchases plus dividends paid from FY 2025 divided by FactSet market capitalization as of 12/31/24. Page 15 Maturity schedule as of 12/31/25. (a) Based on 2024 and 2025 actual adjusted net income and annualized $0.38 for 2024 and $0.41 for 2025 per share quarterly dividend. (b) Based on 2026 estimated adjusted net income and annualized $0.43 per share quarterly dividend, consistent with current quarterly cash dividend policy. Page 18 2025 U.S. RevPAR data normalized for hurricane impacts. Global outlook represents constant currency. Page 20 (a) Represents ancillary revenues, which is the sum of the license and other fees line item and other revenues line item per the income statement. Page 21 Reconciliations of non-GAAP financial measures to the most directly comparable GAAP financial measures can be found in the Appendix. (a) Net income for FY 2025 was $193M. (b) Growth rates exclude marketing fund variability, the effects of the deferral of revenues from Revo Hospitality Group and the inclusion of $15 million of previously disclosed one-time variable cost reductions made in 2025. Page 23 Does not include potential bad debt impacts from uncollectible accounts, if any, in the event of a distressed environment, which cannot be predicted. Page 24 All data as of 12/31/25. World’s largest hotel franchisor based on number of franchised hotels; chainscale market share as per most recent Franchise Disclosure Documents. Page 25 Data is not brand specific. RevPAR and revenue results are indicative for a 124-room new construction Wyndham-branded extended stay hotel in the United States on a full-year current post-COVID basis. Cost per room excludes land costs. Operating expenses are based on current post-COVID STR HOST select-service industry data, adjusted for wage inflation and hardened insurance market, and are not based on individual hotel performance. Return on invested capital assumes a loan interest rate of 7.25%. Page 26 Data for “drive to” locations based on STR census December 2025. Data for U.S. guest originations based on FY 2025 data. Page 27 Represents average WH U.S. guest household income in FY 2025. Page 29 All data as of December 31, 2025.
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34 The following tables reconcile certain non-GAAP financial measures. The presentation of these adjustments is intended to permit the comparison of particular adjustments as they appear in the income statement in order to assist investors’ understanding of the overall impact of such adjustments. We believe that adjusted EBITDA provides useful information to investors about us and our financial condition and results of operations because adjusted EBITDA is amo ng the measures used by our management team to evaluate our operating performance and make day-to-day operating decisions and because adjusted EBITDA is frequently use d by securities analysts, investors and other interested parties as a common performance measure to compare results or estimate valuations across companies in ou r industry. Explanations for adjustments within the reconciliations can be found in our fourth quarter 2025 Earnings Release at investor.wyndhamhotels.com. APPENDIX Non-GAAP Reconciliations Total share repurchases and dividends paid, 2021-2025 $ 2,087 Divided: Market capitalization at December 31, 2020 $ 5,605 Total capital return as a % of market capitalization 37% Total share repurchases and dividends paid, 6/30/18-12/31/25 $ 2,742 Divided: Market capitalization at May 31, 2018 $ 5,920 Total capital return as a % of market capitalization 46% Year Ended December 31, 2025 Year Ended December 31, 2024 Net income $ 193 $ 289 Provision for income taxes 70 79 Depreciation and amortization 62 71 Interest expense, net 139 124 Extinguishment of debt - 3 Stock-based compensation 41 41 Development advance notes amortization 32 24 Impairment 86 12 Revo-related charges 74 - Transaction-related 2 47 Separation-related 1 (11) Restructuring and other-related costs 18 15 Adjusted EBITDA $ 718 $ 694
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35 APPENDIX Non-GAAP Reconciliations The following table reconciles certain non-GAAP financial measures. We believe free cash flow to be a useful operating performance measure to us and investors. This measure helps us and investors evaluate our ability to generate cash beyond what is needed to fund capital expenditures, debt service and other obligations. Notwithstanding cash on hand and incremental borrowing capacity, free cash flow reflects our ability to grow our business thr ough investments and acquisitions, as well as our ability to return cash to shareholders through dividends and share repurchases or even to delever. Free cash flow is not a representation of how we will use excess cash. A limitation of using free cash flow versus the GAAP measure of net cash provided by operating activities as a m eans for evaluating Wyndham Hotels is that free cash flow does not represent the total cash movement for the period as detailed in the condensed consolidated state ment of cash flows. (a) Includes separation-related net tax payments.. Year Ended December 31, 2025 Cash Flow: Net cash provided by operating activities $ 367 Net cash used in investing activities (103) Net cash used in financing activities (314) Effect of changes in exchange rates on cash, cash equivalents and restricted cash 1 Net decrease in cash, cash equivalents and restricted cash $ (49) Year Ended December 31, 2025 Net cash provided by operating activities $ 367 Divided: Market capitalization at December 31, 2025 $ 5,804 Net cash from operating activities yield 6.3% Adjusted free cash flow $ 433 Divided: Market capitalization at December 31, 2025 $ 5,804 Adjusted free cash flow yield 7.5% December 31, 2025 Net cash provided by operating activities $ 367 Less: Property and equipment additions (46) Plus: Payments of development advance notes, net 105 Free cash flow 426 Plus: Adjusting items(a) 7 Adjusted free cash flow $ 433
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APPENDIX Adjusted EBITDA: Represents net income excluding net interest expense, depreciation and amortization, early extinguishment of debt charges, impairment and other-related charges (including Revo-related charges), restructuring and other-related charges, contract termination costs, separation-related items, transaction-related items (acquisition-, disposition-, or debt-related), foreign currency impacts of highly inflationary countries, gain/(loss) on asset sales, stock-based compensation expense, income taxes and development advance notes amortization. Adjusted EBITDA is a financial measure that is not recognized under U.S. GAAP and should not be considered as an alternative to net income or other measures of financial performance or liquidity derived in accordance with U.S. GAAP. In addition, our definition of Adjusted EBITDA may not be comparable to similarly titled measures of other companies. Adjusted EBITDA also assists our investors in evaluating our ongoing operating performance by adjusting for certain items which may be recurring or non-recurring and which in our view do not necessarily reflect ongoing performance. We also internally use these measures to assess our operating performance, both absolutely and in comparison to other companies, and in evaluating or making selected compensation decisions. The supplemental disclosures included in this presentation are in addition to GAAP reported measures. The non-GAAP reconciliation tables included in this presentation should not be considered a substitute for, nor superior to, financial results and measures determined or calculated in accordance with GAAP. Adjusted EBITDA Margin: Calculated as adjusted EBITDA divided by revenues excluding the impact of cost reimbursement and marketing, reservation and loyalty fees. Adjusted Free Cash Flow : Represents free cash flow excluding payments related to our defense of an unsuccessful hostile takeover attempt and separation-related items. Adjusted Free Cash Flow Yield: Represents adjusted free cash flow as a percentage of market capitalization. Ancillary Revenues: Represents the summation of the license and other fees line item and other revenues line item per the income statement. Average Daily Rate (ADR): Represents the average rate charged for renting a Room for one day. Average Occupancy Rate: Represents the percentage of available Rooms occupied during the period. Comparable Basis: Represents a comparison eliminating Marketing Fund Variability. FeePAR: Represents annual royalties per franchised Room and is calculated by dividing total annual royalty revenue of our franchised hotels by the number of franchised Rooms in our system size. Free Cash Flow: Reflects net cash provided by operating activities excluding development advances, less capital expenditures. We believe free cash flow to be a useful operating performance measure to us and investors. This measure helps us and investors evaluate our ability to generate cash beyond what is needed to fund capital expenditures, debt service and other obligations. Notwithstanding cash on hand and incremental borrowing capacity, free cash flow reflects our ability to grow our business through investments and acquisitions, as well as our ability to return cash to shareholders through dividends and share repurchases or even to delever. Free cash flow is not a representation of how we will use excess cash. A limitation of using free cash flow versus the GAAP measure of net cash provided by operating activities as a means for evaluating Wyndham Hotels is that free cash flow does not represent the total cash movement for the period as detailed in the condensed consolidated statement of cash flows. Free Cash Flow Conversion Rate: Represents the percentage of adjusted EBITDA that is converted to free cash flow and provides insights into how efficiently we are able to turn profits into cash available for use, such as for investments (including development advance notes), debt reduction, dividends or share repurchases. Marketing Fund Variability: Relates to the quarterly timing variances from our marketing funds. Our franchise agreements require the payment of marketing and reservation fees, and in accordance with these franchise agreements, we are generally contractually obligated to expend such fees for the benefit of each of our brands over time. Marketing and reservation fees earned are generally highest during the summer season when the franchised hotels have the highest occupancy and daily rates, while marketing and reservation expenses are generally highest during the first half of the year in an effort to drive higher occupancy in the summer months. Accordingly, the seasonality of the marketing and reservation revenues and expenses results in adjusted EBITDA variability during the quarters throughout the year but are designed such that on a full-year basis, our marketing funds break even. RevPAR: Represents revenue per available franchised or managed Room and is calculated by multiplying average occupancy rate by ADR. Rooms: Represents the number of rooms at the end of the period which are (i) either under franchise and/or management agreements, excluding all rooms associated with our Super 8 master licensee in China, and (ii) properties under affiliation agreements for which we receive a fee for reservation and/or other services provided. Royalty Rate: Represents the average royalty rate earned on our franchised Rooms and is calculated by dividing total royalties, excluding the impact of amortization of development advance notes, by total room revenues. 36 Definitions
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APPENDIX Disclaimer: This presentation and the information contained herein are solely for informational purposes. The information contained in this presentation, including the forward-looking statements herein, is provided as of the date of this presentation and may change materially in the future. Wyndham Hotels & Resorts undertakes no obligation to update or keep current the information contained in this presentation. The information in this presentation should be read in conjunction with the consolidated financial statements and accompanying notes and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” section in Wyndham Hotels & Resorts’ Form 10- K, filed with the SEC on February 13, 2025 and subsequent reports filed with the SEC. Forward-Looking Statements This presentation contains “forward-looking statements” within the meaning of the federal securities laws, including projections, which were not prepared in accordance with public guidelines of the American Institute of Certified Public Accountants regarding projections and forecasts, nor have they been reviewed or audited or otherwise reviewed by the independent auditors of Wyndham Hotels & Resorts. All statements other than historical facts are forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this presentation. The forward-looking statements are inherently uncertain and are subject to a wide variety of risks and uncertainties that could cause actual results to differ materially from those contained therein, including those specified in the section “Risk Factors” of Wyndham Hotels & Resorts’ Form 10-K filed with the SEC on February 13, 2025 and any subsequent reports filed with the SEC. These risks and uncertainties are not the only ones Wyndham Hotels & Resorts may face and additional risks may arise or become material in the future. Wyndham Hotels & Resorts undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, subsequent events or otherwise, except as required by law. Non-GAAP Financial Measures Financial information contained in this presentation includes certain financial measures that are calculated and presented on the basis of methodologies other than in accordance with U.S. generally accepted accounting principles (GAAP), such as adjusted EBITDA, free cash flow and adjusted free cash flow, which include or exclude certain items from the most directly comparable GAAP financial measure. Any non-GAAP financial measures presented are not, and should not be viewed as, substitutes for financial measures required by GAAP, have no standardized meaning prescribed by GAAP and may not be comparable to the calculation of similar measures of other companies. Reconciliations of non-GAAP financial measures to the most directly comparable GAAP financial measures can be found in this Appendix. In some instances, we have provided certain financial metrics only on a non-GAAP basis because, without unreasonable efforts, we are unable to predict with reasonable certainty the occurrence or amount of potential adjustments that may arise in the future during the forward-looking period, which can be dependent on future events that may not be reliably predicted. Based on past reported results, where one or more of these items have been applicable, such excluded items could be material, individually or in the aggregate, to the reported results. 37 Disclaimer