Travel & Leisure Co.

Highlights and outlook include Net income of $111 million, $1.67 diluted earnings per share, on net revenue of $1.04 billion Adjusted EBITDA of $266 million and Adjusted diluted earnings per share of $1.80 (1) Vacation Ownership revenue of $876 million, up 6 percent year-over-year Volume per guest (VPG) of $3,304, a 10 percent increase year-over-year Increasing mid-point of full year Adjusted EBITDA guidance to $975 million, with a new range of $965 million to $985 million Returned $106 million to shareholders through $36 million of dividends and $70 million of share repurchases Travel + Leisure Co.

SEC original ↗Travel & Leisure Co. — Earnings release (8-K exhibit)EX-99Oct 22, 2025

2 Balance Sheet and Liquidity Net Debt As of September 30, 2025, the Company's leverage ratio for covenant purposes was 3.3x.

SEC original ↗Travel & Leisure Co. — Earnings release (8-K exhibit)EX-99Oct 22, 2025

The Company had $3.6 billion of corporate debt outstanding as of September 30, 2025, which excluded $2.0 billion of non-recourse debt related to its securitized notes receivables portfolio.

SEC original ↗Travel & Leisure Co. — Earnings release (8-K exhibit)EX-99Oct 22, 2025

The proceeds were used to redeem all of our $350 million 6.60% secured notes due October 2025, toward repayment of outstanding borrowings under the revolving credit facility, to pay fees and expenses incurred with the issuance and for other general corporate purposes.

SEC original ↗Travel & Leisure Co. — Earnings release (8-K exhibit)EX-99Oct 22, 2025

Adjusted free cash flow was $326 million for the nine months ended September 30, 2025 compared to $266 million in the same period of 2024 due to a decrease in cash utilization for working capital items, partially offset by higher net payments on non-recourse debt.

SEC original ↗Travel & Leisure Co. — Earnings release (8-K exhibit)EX-99Oct 22, 2025

Share Repurchases During the third quarter of 2025, the Company repurchased 1.2 million shares of common stock for $70 million at a weighted average price of $59.90 per share.

SEC original ↗Travel & Leisure Co. — Earnings release (8-K exhibit)EX-99Oct 22, 2025

Thanks to the incredible work of our associates, we continue to execute on our strategy and drive long-term value for our shareholders.

SEC original ↗Travel & Leisure Co. — Earnings release (8-K exhibit)EX-99Oct 22, 2025

This quarter marked exciting progress in our multi-brand strategy with the launch of the Eddie Bauer Adventure Club and the announcement of a new Sports Illustrated Resort in Chicago.

SEC original ↗Travel & Leisure Co. — Earnings release (8-K exhibit)EX-99Oct 22, 2025

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.

SEC original ↗Travel & Leisure Co. — Earnings release (8-K exhibit)EX-99Oct 22, 2025

, including our ability to execute our strategies to grow our cornerstone timeshare and exchange businesses and expand into the broader leisure travel industry through our 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 and other trade restrictions, higher interest rates, recessionary pressures, and any potential adverse economic impacts resulting from the U.

SEC original ↗Travel & Leisure Co. — Earnings release (8-K exhibit)EX-99Oct 22, 2025

We use this non-GAAP performance measure to assist in evaluating our operating performance and the quality of our earnings as represented by adjusted EBITDA, and to evaluate the performance of our current and prospective operating and strategic initiatives in generating cash flows from our earnings performance.

SEC original ↗Travel & Leisure Co. — Earnings release (8-K exhibit)EX-99Oct 22, 2025

prior outlook of $3,200 to $3,250) This guidance is presented only on a non-GAAP basis because not all of the information necessary for a quantitative reconciliation of forward-looking non-GAAP financial measures to the most directly comparable GAAP financial measure is available without unreasonable effort, primarily due to uncertainties relating to the occurrence or amount of these adjustments that may arise in the future.

SEC original ↗Travel & Leisure Co. — Earnings release (8-K exhibit)EX-99Oct 22, 2025

Forward-looking statements are subject to risks and uncertainties that could cause actual results of Travel + Leisure Co.

SEC original ↗Travel & Leisure Co. — Earnings release (8-K exhibit)EX-99Oct 22, 2025

, including our ability to execute our strategies to grow our cornerstone timeshare and exchange businesses and expand into the broader leisure travel industry through our 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 and other trade restrictions, higher interest rates, recessionary pressures, and any potential adverse economic impacts resulting from the U.

SEC original ↗Travel & Leisure Co. — Earnings release (8-K exhibit)EX-99Oct 22, 2025

Legal Proceedings 30 Item 4.

SEC original ↗Travel & Leisure Co. — 10-K Annual report10-KFeb 18, 2026