Travel Leisure Co. · NYSE:TNL
Travel Leisure — Investor Presentation (November 2026)
45 slides from Travel Leisure's investor presentation, November 2026
Slide 1: Investor Presentation – November 2026
SPORTS ILLUSTRATED RESORTS NASHVILLE NASHVILLE, TN Investor Presentation – November 2026 1
Slide 2: Forward-looking statements
Forward-looking statements Presentation of Financial Information Forward-Looking Statements Financial information discussed in this presentation includes non-GAAP measures such as Adjusted This presentation includes “forward-looking statements” as that term is defined by the Securities and EBITDA, A
Slide 3: Travel + Leisure Co. We Put The World On Vacation
Travel + Leisure Co. We Put The World On Vacation Travel + Leisure Co. is a modern multi-brand leisure travel company focused on delivering outstanding vacation experiences for our owners and members while building lasting value for our shareholders. INVESTMENT THESIS VALUE DRIVERS INVESTMENT HIGHLI
Slide 4: Investment Thesis
SPORTS ILLUSTRATED RESORTS NASHVILLE NASHVILLE, TN Investment Thesis: • Travel + Leisure is a vacation company with a clear customer value proposition • Existing owner base drives durable and predictable financial performance • Multiple growth drivers expand addressable market and lifetime customer
Slide 5: Innovative multi-brand strategy broadens TNL's addressable market
Innovative multi-brand strategy broadens TNL’s addressable market MONO-BRAND MULTI-BRAND EXPANSION 2018 2021 2023 2024 2025 2026 Club Wyndham Travel + Leisure Margaritaville Vacation Accor Vacation Eddie Bauer Adventure Sports Illustrated WorldMark by Wyndham Club Club Club Resorts Margaritaville Va
Slide 6: Vacation Ownership delivers value, flexibility, space, and consistency
Vacation Ownership delivers value, flexibility, space, and consistency A vacation-rental experience with hotel-like consistency and a points-based structure that travels with the owner. VALUE FLEXIBILITY SPACE CONSISTENCY Branded operating standards Owners pre-pay vacation costs and resort managemen
Slide 7: The owner base is high quality, loyal, and engaged
The owner base is high quality, loyal, and engaged A premium, creditworthy owner base creates revenue visibility. Retention and repeat purchase behavior are the primary drivers of incremental revenue. HIGH QUALITY OWNER PROFILE LOYAL AND ENGAGED BASE OF ~797K OWNERS(4) ~$130K 747 97% ~70% Weighted a
Slide 8: An integrated two-segment platform at meaningful scale
An integrated two-segment platform at meaningful scale VACATION OWNERSHIP TRAVEL & MEMBERSHIP 280+ ~797K 3,600 3.3M Resorts Worldwide(¹) Timeshare Owners(¹) Affiliated RCI Resorts(¹) Exchange Members(¹) We operate two distinct travel platforms. RCI provides exchange services for We develop and manag
Slide 9: Investment Thesis
SPORTS ILLUSTRATED RESORTS NASHVILLE NASHVILLE, TN Investment Thesis: • Travel + Leisure is a vacation company with a clear customer value proposition • Existing owner base drives durable and predictable financial performance • Multiple growth drivers expand addressable market and lifetime customer
Slide 10: Existing base of owners and members drives durable and predictable financial performance
Existing base of owners and members drives durable and predictable financial performance >75% of total revenue comes from businesses with predictable and/or recurring revenue streams Subscription Revenue RCI exchange platform generates subscription and transaction revenue across 3.3M Exchange Transa
Slide 11: Existing base creates revenue visibility and long-term monetization potential
Existing base of owners and resorts creates revenue visibility and long-term monetization potential $20.8B Pipeline of potential future revenue over the next 10 years from existing owners and resorts $3.3B Property management fees scale with the resort footprint and HOA arrangements; Property Manage
Slide 12: Vacation Ownership's resilient growth and profitability
Vacation Ownership’s resilient growth and profitability has owner engagement at its core S E G M E N T H I G H L I G H T S (1) VOI sales growth, which is the foundation for high margin and recurring revenue streams from consumer finance and property management. $3.36B $861M 26% 2025 Revenue 2025 Adj
Slide 13: Vacation ownership has proven resilient through the cycle
Vacation ownership has proven resilient through the cycle Vacation Ownership performance through the great recession and COVID-19 demonstrate sustained profitability and rapid recovery V AC A T I O N O W N E R S H I P S E G M E N T AD J . E B I T D A M AR G I N (1) The Great Recession COVID-19 26% 2
Slide 14: Captive consumer finance business integral to model
Captive consumer finance business integral to model and strong financial performance $3.06B $454M $25,083 747 95% 2025 Consumer financing Weighted average Auto-pay enrollment(2) Portfolio balance(1) Avg. loan balance(1) Revenue FICO on new originations(2) HOW THE CONSUMER FINANCE BUSINESS CREATES VA
Slide 15: Higher underwriting standards have improved loan portfolio
Higher underwriting standards have improved relative position of loan portfolio since prior downturns F I C O S C O R E S AN D P O R T F O L I O E Q U I T Y H AV E I M P R O V E D S I N C E P R I O R D O W N T U R N S (1) 12/31/2008 12/31/2019 09/30/2026 Portfolio Weighted Avg. FICO 680 722 740 (at
Slide 16: Travel and Membership is a profitable and cash-generative contributor
Travel and Membership is a profitable and cash-generative contributor S E G M E N T H I G H L I G H T S (1) Travel & Membership is a high margin, low capital intensity business, with high adjusted free cash flow $662M $228M 34% 2025 Revenue 2025 Adj. EBITDA(2) Adj. EBITDA margin(2) • 3.3 million mem
Slide 17: Investment Thesis
SPORTS ILLUSTRATED RESORTS NASHVILLE NASHVILLE, TN Investment Thesis: • Travel + Leisure is a vacation company with a clear customer value proposition • Existing owner base drives durable and predictable financial performance • Multiple growth drivers expand addressable market and lifetime customer
Slide 18: Growth starts with new owners, leading to consistent owner upgrades
Growth starts with new owners, leading to consistent owner upgrades and greater lifetime customer value New brands and partnerships widen the addressable market, fueling new owner growth, while existing owners drive consistent upgrade revenue GROWTH TRACK 1 – NEW OWNERS GROWTH TRACK 2 – OWNER UPGRAD
Slide 19: The multi-brand strategy extends growth beyond the core business
The multi-brand strategy extends growth beyond the core business FOUNDATIONAL CORE M ULTI-BRAND STRATEGY GAINING M OMENTUM The largest timeshare owner base in the Revitalize, acquire and create lifestyle-focused branded vacation experiences that reach new world. Steady cash engine with high-visibili
Slide 20: New Owner Growth: More brands and more partnerships expand reach
New Owner Growth: More brands and more partnerships expand top-of-funnel reach Adding new brands expands our addressable market and allows us to reach new consumer segments that TOP OF FUNNEL desire vacation experiences that match their lifestyle. Adding new marketing partnerships allows us to More
Slide 21: Existing resorts & owners provide an upgrade path
Existing resorts & owners provide an upgrade path that supports higher lifetime value and revenue streams U P G R A D E S (2) New owner joins In general, owners typically start with $20k-$25k package(3). As they enjoy their vacations, owners may trade up to larger point packages to get more time, or
Slide 22: Recent results and 2026 targets demonstrate growth strategy is working
Recent results and 2026 targets demonstrate growth strategy is working G R O S S V O I S A L E S (1) A D J . E B I T D A (1) A D J . D I L U T E D E P S (1) 2-YR CAGR, $ in millions 2-YR CAGR, $ in millions 2-YR CAGR +8% +8% +16% Low 20s% $2,650 (2) Growth(2) $1,078 (2) $2,486 $2,293 $990 $929 $6.34
Slide 23: Investment Thesis
Investment Thesis: • Travel + Leisure is a vacation company with a clear customer value proposition • Existing owner base drives durable and predictable financial performance • Multiple growth drivers expand addressable market and lifetime customer value potential • Strong cash generation drives com
Slide 24: From VOI sales growth to a mid-teens annual Total Shareholder Return
From VOI sales growth to a mid-teens annual Total Shareholder Return Each layer of the algorithm compounds into double-digit earnings growth and a mid-teens total return TOTAL SHAREHOLDER RETURN (TSR) BUILD Gross VOI sales(1) growth — supports low-single-digit total 6–8% ecosystem growth Mid-teens a
Slide 25: TNL converts strong Adj. EBITDA into meaningful Adj. free cash flow
TNL converts strong Adj. EBITDA into meaningful Adj. free cash flow 2025 ADJ. FCF BRIDGE ($M) CO NVERSIO N 52% Adj. EBITDA $990 Less: Cash interest ($230) Less: Cash taxes ($87) Net consumer finance ($26) Less: Net inventory spend ($69) Adj. EBITDA → Adj. FCF Capex and working capital ($62) Adj. Fre
Slide 26: Cash flow fuels a disciplined and balanced capital allocation framework
Cash flow fuels a disciplined and balanced capital allocation framework INVEST IN THE BUSINESS CAPITAL RETURNS TO SHAREHOLDERS BALANCE SHEET DISCIPLINE Consistent dividend and buybacks — returning Manage leverage, maintain ample liquidity, Invest in organic or acquired growth, where surplus cash to
Slide 27: Capital allocation is a core part of the investment case
Capital allocation is a core part of the investment case A D J . F R E E C A S H F L O W (1) CAPITAL RETURNED LEVERAGE RATIO $ in millions $ in millions Dividends Repurchases $516 $486 $439 $446 $443 $449 $135 $379 $377 $136 $149 3.5x 3.4x 3.3x 3.1x $142 $351 $307 $300 $235 2022 2023 2024 2025 2022
Slide 28: Why capital allocation works
Why capital allocation works A 26% return on capital, plus buybacks, compounds adjusted free cash flow into per-share value. VALUE CREATION SPREAD THE COMPOUNDING MECHANISM 26% Adj. ROIC(1) (2025) $516M 2025 Adj. Free Cash Flow(1) − cost of capital ~40% Share count reduction since spin (99.5M → 60.3
Slide 29: Why the Spinnaker Resorts and Yes& Vacations deals make sense
Why the Spinnaker Resorts and Yes& Vacations deals make sense Complementary acquisitions that expand our resort footprint and owner base, are immediately accretive, and carry low integration and balance sheet risk 1 2 3 4 5 Adds resorts Adds owners Immediately Low integration Minimal balance sheet t
Slide 30: Strong record of buybacks, dividend growth, and per-share compounding
Strong record of buybacks, dividend growth, and per-share compounding Over $3B of capital returned to shareholders post spin(1) $3,325 Diluted Weighted Average Shares Outstanding Repurchases Dividends $2,961 99.2 $2,512 92.4 86.1 87.3 84.2 $2,135 $2,156 75.0 $1,906 70.7 $1,692 66.9 $1,606 63.5 $1,37
Slide 31: The balance sheet supports continued capital return and selective investments
The balance sheet supports continued capital return and selective investments Corporate Debt Maturities(3) STATS As of September 30, 2026 ($ in millions) Revolving Credit Facility Term Loan B 5.66%(1) 69%(1) 3.3x Secured Notes Weighted Average Interest of corporate Leverage ratio Rate on Corporate D
Slide 32: Why TNL screens well
Why TNL screens well A combination of margins, returns, and capital discipline that is rare across the mid-cap universe. TNL BY THE NUMBERS 25% Adj. EBITDA margin 26% Adj. ROIC 52% Adj. EBITDA-to-FCF conversion 3%+ Dividend yield Double-digit Free cash flow yield 90% 2020-2025 5-year Total Sharehold
Slide 33: TNL Investment Thesis
TNL Investment Thesis A proven value proposition drives strong high-quality owner retention 1 97% retention rate for owners that have paid off, or are current, on their loan(1); owners typically spend 2.6x their initial investment. High-quality owner base: 747 avg. FICO, ~$130K household income.(2)
Slide 34: Quarterly Results and Outlook
SPORTS ILLUSTRATED RESORTS NASHVILLE NASHVILLE, TN Quarterly Results and Outlook 34
Slide 35: Q3 2026 Results
Q3 2026 Results Three months ended 9/30/2026 Adj. Diluted Earnings Per Net Revenue Gross VOI Sales(1) Adj. EBITDA(1) Share(1) $1,101M $720M $283M $2.21 +5% YOY growth +6% YOY growth +6% YOY growth +23% YOY growth Highlights + Closed on a $300 million term + Expanded partnership with Wyndham + Opened
Slide 36: Expectations for 2026
Expectations for 2026 SPORTS ILLUSTRATED RESORTS NASHVILLE Full-year NASHVILLE, TN Guidance 2026E (Prior) Adj. EBITDA(1) $1.070B - $1.085B ($1.065B - $1.085B) Gross VOI Sales(1) $2.625B - $2.675B ($2.600B - $2.675B) VPG $3,325 - $3,375 (1) Adjusted EBITDA and Gross VOI Sales are forward looking non-
Slide 37: Appendix: Non-GAAP Reconciliations
SPORTS ILLUSTRATED RESORTS NASHVILLE NASHVILLE, TN Appendix: Non-GAAP Reconciliations 37
Slide 38: Appendix: Non-GAAP Reconciliation
Appendix: Non-GAAP Reconciliation Reconciliation of Net Income to Adjusted Net Income to Adjusted EBITDA ($ in millions except per share data) 2025 EPS Margin % 2024 EPS Margin % 2023 EPS Margin % 2022 EPS Margin% Net income attributable to TNL shareholders $230 $3.44 6% $411 $5.82 11% $396 $5.28 11
Slide 39: Appendix: Non-GAAP Reconciliation
Appendix: Non-GAAP Reconciliation Reconciliation of Net Income to Adjusted Net Income to Adjusted EBITDA ($ in millions except per share data) QTD Q3 2026 EPS Margin % QTD Q3 2025 EPS Margin % Net income attributable to TNL shareholders $108 $1.73 9.8% $111 $1.67 10.6% Acquisition and divestiture re
Slide 40: Appendix: Non-GAAP Reconciliation
Appendix: Non-GAAP Reconciliation Reconciliation of Net Cash Provided by Operating Activities from Continuing Operations to Adjusted Free Cash Flow ($ in millions) 2025 2024 2023 2022 Net cash provided by operating activities from $640 $464 $350 $442 continuing operations Property and equipment addi
Slide 41: Appendix: Non-GAAP Reconciliation
Appendix: Non-GAAP Reconciliation Non-GAAP Measure: Reconciliation of Net VOI Sales to Gross VOI Sales ($ in millions) The Company believes gross VOI sales provide an enhanced understanding of the performance of its vacation ownership business because it directly measures the sales volume of this bu
Slide 42: Appendix: Non-GAAP Reconciliation
Appendix: Non-GAAP Reconciliation Vacation Ownership Net Income to EBITDA Reconciliation ($ in millions) Q3 2026 YTD 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 VO net income/(loss) $376 $324 $443 $429 $373 $309 $(69) $404 $340 $174 $316 $316 $295 $
Slide 43: Appendix: Non-GAAP Reconciliation
Appendix: Non-GAAP Reconciliation Travel and Membership Net Income to Adjusted EBITDA Reconciliation ($ in millions) 2025 T&M net income $139 Provision for income taxes 48 Depreciation and amortization 28 Interest expense 10 Interest (income) (4) Restructuring costs 7 Asset impairments, net 2 Stock-
Slide 44: Appendix: Non-GAAP Reconciliation
Appendix: Non-GAAP Reconciliation Reconciliation of Adjusted ROIC ($ in millions) 2025 Average Corporate Debt $3,471 Less: Average Cash and Cash Equivalents (210) Average Net Debt 3,261 Plus: Average Total Stockholder’s (deficit) and Noncontrolling interest (931) Average Invested Capital(1) $2,330 N
Slide 45: Definitions
Definitions Adjusted Diluted Earnings per Share: A non-GAAP measure, defined by the Company as Adjusted net income divided by the diluted weighted average Adjusted Net Operating Profit After Taxes (NOPAT): A non-GAAP measure, defined by the Company as Adjusted EBIT less associated taxes. We believe
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