November 2025
WATKINS GLEN, NY
Presentation of Financial Information
Financial information discussed in this presentation includes non-GAAP measures such as Adjusted EBITDA, Adjusted EBITDA margin, Adjusted diluted EPS, Adjusted free cash flow, Adjusted free cash flow conversion, gross VOI sales, Adjusted net income, and Adjusted pre-tax income, which include or exclude certain items, as well as non-GAAP guidance. The Company utilizes non-GAAP measures on a regular basis to assess performance of its reportable segments and allocate resources. These non-GAAP measures differ from reported GAAP results and are intended to illustrate what management believes are relevant period-over-period comparisons and are helpful
to investors when considered with GAAP measures as an additional tool for further understanding and assessing the Company's ongoing operating performance by adjusting for items which in our view do not necessarily reflect ongoing performance. Management also internally uses these measures to assess our operating performance, both absolutely and in comparison to other companies, and in evaluating or making selected compensation decisions. Exclusion of items in the Company's non-GAAP presentation should not be considered an inference that these items are unusual, infrequent or non-recurring. See the appendix to this presentation for definitions of these Non-GAAP measures, and full reconciliations of non-GAAP financial measures to the most directly comparable GAAP financial measures where applicable.
The Company may use its website as a means of disclosing information concerning its operations, results and prospects, including information which may constitute material nonpublic information, and for complying with its disclosure obligations under SEC Regulation FD. Disclosure of such information will be included on the Company's website in the Investor Relations section at travelandleisureco.com/investors. Accordingly, investors should monitor that Investor Relations section of the Company website, in addition to accessing its press releases, its submissions and filings with the SEC, and its publicly noticed conference calls and webcasts.
About Travel + Leisure Co.
Travel + Leisure Co. (NYSE:TNL) is a leading leisure travel company, providing more than six million vacations to travelers around the world every year. The company operates a portfolio of vacation ownership, travel club, and lifestyle travel brands designed to meet the needs of the modern leisure traveler, whether they're traversing the globe or staying a little closer to home. With hospitality and responsible tourism at its heart, the company's nearly 19,000 dedicated associates around the globe help the company achieve its mission to put the world on vacation. Learn more at travelandleisureco.com.
Forward-Looking Statements
This presentation includes "forward-looking statements" as that term is defined by the Securities and Exchange Commission ("SEC"). Forward-looking statements are any statements other than statements of historical fact, including statements regarding our expectations, beliefs, hopes, intentions or strategies regarding the future. In some cases, forward-looking statements can be identified by the use of words such as "may," "will," "expects," "should," "believes," "plans," "anticipates," "estimates," "predicts," "potential," "projects," "continue," "outlook," "guidance," "commitments," "future" or other words of similar meaning. Forward-looking statements are subject to risks and
uncertainties that could cause actual results of Travel + Leisure Co. and its subsidiaries ("Travel + Leisure Co." or "we") to differ materially from those discussed in, or implied by, the forward-looking statements. Factors that might cause such a difference include, but are not limited to, risks associated with: the acquisition of the Travel + Leisure brand and the future prospects and plans for Travel + Leisure Co., including our ability to execute our strategies to grow our cornerstone timeshare and exchange businesses and expand into the broader leisure travel industry through travel clubs; our ability to compete in the highly competitive timeshare and leisure travel industries; uncertainties related to acquisitions, dispositions and other strategic transactions; the health of the travel industry and declines or disruptions caused by adverse economic conditions (including inflation, recent tariff actions and other trade restrictions, higher interest rates, recessionary pressures, and any potential adverse economic impacts resulting from the U.S. federal government shutdown), terrorism or acts of gun violence, political strife, war (including hostilities in Ukraine and the Middle East), pandemics, and severe weather events and other natural disasters; adverse changes in consumer travel and vacation patterns, consumer preferences and demand for our products; increased
or unanticipated operating costs and other inherent business risks; our ability to comply with financial and restrictive covenants under our indebtedness; our ability to access capital and insurance markets on reasonable terms, at a reasonable cost or at all; maintaining the integrity of internal or customer data and protecting our systems from cyber-attacks; the timing and amount of future dividends and share repurchases, if any; and those other factors disclosed as risks under "Risk Factors" in documents we have filed with the SEC, including in Part I, Item 1A of our Annual Report on Form
10-K most recently filed with the SEC. We caution readers that any such statements are based on currently available operational, financial and competitive information, and they should not place undue reliance on these forward-looking statements, which reflect management's opinion only as of the date on which they were made. Except as required by law, we undertake no obligation to review or update these forward-looking statements to reflect events or circumstances as they occur.
2C OM PA NY OVER VIEW
QU AR TER LY RE SU LT S AND OUTL O OK
ADDITIONAL FINANCIAL INF ORM AT ION
NON- GAAP
RE C ONCILI AT IONS
WORLDMARK PARK CITY PARK CIT Y, UT
Company Overview
3
C OM PA NY OVER VIEW
QU AR TER LY RE SU LT S AND OUTL O OK
ADDITIONAL FINANCIAL INF ORM AT ION
NON- GAAP
RE C ONCILI AT IONS
Travel + Leisure Co.: The Leader in Vacation OwnershipLEADING THE
TRANSFORMATION OF THE INDUSTRY
Industry has consolidated around large, brand-name companies
Product evolution to points-based system provides greater utility to owners
RESILIENT, PROVEN
BUSINESS MODEL
Long-term stable owner base generates significant recurring revenue
Margin stability in a variety of economic conditions
SHAREHOLDER-FRIENDLY APPROACH TO CAPITAL ALLOCATION
Strong free cash generation supports capital allocation flexibility
Over $2.8B returned to shareholders since spin in 2018 through dividends and share repurchases(1)
(1) As of September 30, 2025.
4
C OM PA NY OVER VIEW
QU AR TER LY RE SU LT S AND OUTL O OK
ADDITIONAL FINANCIAL INF ORM AT ION
NON- GAAP
RE C ONCILI AT IONS
Travel + Leisure Co.: By the Numbers
CLUB WYNDHAM AUSTIN AUSTIN, TX
270+ 809K 391K Resorts Worldwide Timeshare Owners New Owner Tours | ||
2024 | 2024 | 2024 |
3,600 | 3.4M | ~19,000 |
Affiliated RCI Resorts | Avg. Exchange Members | Employees Worldwide |
2024 | 2024 | 2024 |
$3.9B | 22.6% | $2.7B |
Net Revenue | Avg. Adj. EBITDA Margin(1) | Cumulative Adj. FCF(1) |
2024 | 2018 - 2024 | 2018 - 2024 |
5 | ||
(1) Non-GAAP measure: see appendix for definition and reconciliation. Note: All amounts presented as of December 31, 2024.
C OM PA NY OVER VIEW
QU AR TER LY RE SU LT S AND OUTL O OK
ADDITIONAL FINANCIAL INF ORM AT ION
NON- GAAP
RE C ONCILI AT IONS
VAC ATION OWNERSHIP
TR AV EL AND MEMBERSHIP
+ Overview
Sales of vacation ownership interests
Resort management
Consumer financing
+ 2024 Financials
$3,171M
Net Revenue
$764M
Adj. EBITDA(1)
24%
Adj. EBITDA
Margin(1)
+ Overview
Exchange services for timeshare intervals
Travel club membership
+ 2024 Financials
$695M
Net Revenue
$251M
Adj. EBITDA(1)
36%
Adj. EBITDA
Margin(1)
Non-GAAP measure: see appendix for definition and reconciliation.
6C OM PA NY OVER VIEW
QU AR TER LY RE SU LT S AND OUTL O OK
ADDITIONAL FINANCIAL INF ORM AT ION
NON- GAAP
RE C ONCILI AT IONS
Consolidation + Product Evolution Driving Industry TransformationBranded hospitality developers with ~92% of sales tied to top four brands(1)
Mono-Brand
HISTORICAL
TODAY: SCALED & POISED FOR ACCELERATED GROWTH
FOOTPRINT
Fragmented, Regional Developers
Consolidated industry with large global networks
BRAND
CAPITAL
INTENSITY
Real Estate Focused/ Capital Intensive
Capital efficient with inventory spend ~10% of annual sales(2)
PRODUCT
Flexibility with points-based system to curate unique vacation experiences
Fixed Week, Fixed Unit
Source: ARDA 2025 H1 Pulse Survey.
Average presented as a percentage of gross VOI sales from 2018-2024.
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C OM PA NY OVER VIEW
QU AR TER LY RE SU LT S AND OUTL O OK
ADDITIONAL FINANCIAL INF ORM AT ION
NON- GAAP
RE C ONCILI AT IONS
Favorable Trends in the Business+ Secular Growth In Travel
Global leisure travel market is forecasted to grow at a CAGR of 7% (2024-2032)(1)
~25% of our guests surveyed in 2025 worked during their stay at our resorts(2)(3)
+ Strong Owner Satisfaction
Owners buy more-
~70% of sales are to existing owners(3)
97% annual retention of owners who fully paid off their purchase or are current on their loan(4)
+ Attractive Product
"Best of both" with spacious accommodations of vacation rental with consistent, safe experience similar to hotel
Split points into multiple stays, borrow from the future, or bank points into next year
Strong value proposition vs hotel stay or vacation rental
+ Generational Shift
Average age of new owner is ~50 years old(3)
~70% of sales are to Gen X, Millennials, and younger generations(3)
Source: Expert Market Research.com
Wyndham Destinations post-stay surveys of guests 68 and younger.
Information provided for the three months ended September 30, 2025.
Ten year average as of September 30, 2025.
CLUB WYNDHAM EMERALD GRANDE
DE STIN, FL
8C OM PA NY OVER VIEW
QU AR TER LY RE SU LT S AND OUTL O OK
ADDITIONAL FINANCIAL INF ORM AT ION
NON- GAAP
RE C ONCILI AT IONS
New Owner Sales Create Solid Foundation for Future Revenue GrowthSTRONG PIPELINE OF POTENTIAL FUTURE REVENUE(1)
$19.7B$11.5B
Gross VOI Sales(2)
Owner upgrade potential of current members
$5.0B
Consumer Financing
Interest revenue on existing and potential upgrade loans
$3.2B
Club + Resort Management Fees
10 Year Revenue Potential (Not Discounted)
MORE THAN 75% OF REVENUES
ARE PREDICTABLE AND/OR RECURRING(1)
> 75% of TotalSubscription Revenue
Exchange Transactions
Consumer Financing
$3.2B portfolio with weighted average interest rate of 15%
Property Management
Resort management fees Cost plus pass through
VOI Upgrade
Owners consistently buy 2.6X their initial purchase
Other
New owner sales
As of December 31, 2024.
Gross VOI Sales, a forward looking non-GAAP measure, the reconciliation of which is not available without unreasonable effort. See appendix for definition. 9
C OM PA NY OVER VIEW
QU AR TER LY RE SU LT S AND OUTL O OK
ADDITIONAL FINANCIAL INF ORM AT ION
NON- GAAP
RE C ONCILI AT IONS
Stable of Brands to Appeal to a Wide Range of Consumers Throughout the Stages of Their LivesPROVEN BRANDS
BRANDS WITH EXPANDED GROWTH POTENTIAL
BRANDS IN
DEVELOPMENT
Newer, faster-growing brands augment growth in mature brands
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Disclaimer
Travel + Leisure Co. published this content on November 12, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on November 12, 2025 at 15:53 UTC.
