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Wyndham Hotels & Resorts, Inc. — WH+Q2+2026+Investor+Presentation (company IR deck)
Wyndham Hotels & Resorts, Inc. (WH) · 35 slides · Filed Oct 23, 2026
Every slide of this earnings presentation, with the text as published. Open the original deck ↗ · All WH deck slides
Slide 1 — Investor
Investor Presentation July 22, 2026 Wyndham Grand Carvoeiro Algarve Carvoeiro, Portugal Opened April 2026
Slide 2 — Introduction to Wyndham Hotels & Resorts
Introduction to Wyndham Hotels & Resorts 2 One of the largest hotel franchisors worldwide Asset -light business model generating significant free cash flow 873 ,000+ Current Rooms ~8,400 Hotels 126M+ Loyalty Members ~100 Countries Leading brands in the resilient select -service segment Primarily leisure -focused, “drive to” portfolio of hotels ~261,000 Rooms in the P ipeline 25 Brands ~90% Drive to Destinations ~70% Leisure Guest Mix See footnotes in Appendix.
Slide 3 — Technology Forward Foundation Powering AI Initiatives
3 Technology Forward Foundation Powering AI Initiatives Harnessing the power of i ndustry -leading AI on optimized cloud infrastructure through technology p artnerships AI Improving Wyndham Value Proposition Guest Agentic AI Solutions Agentic Voice AI and AI Messaging enhancing guest experiences from inspiration to check -out Cloud Optimized Innovation 1st major hotel company to be 100% in the Cloud driving scalability, performance, reduced cost and capability for early AI business value Technology Driving Owner Value Technology and AI deployed at scale to increase owner value , revenue and direct contribution AI Powered Solutions Increasing Performance AI powered personalization and marketing resulting in increased performance to baseline Stable – Scalable – Optimized Modern Technology Stack +400bps Customer Satisfaction +500bps Voice Conversion >4 Million Interactions All Calls Answered +$100K of YTD Revenue for Most Engaged Hotel +28% YTD Growth in Owner Upsell Revenues through Wyndham Connect +15% ADR with AI bookings 4X Click -Through -Rate on Social Media Ads 76% Increase in Conversion of Personalized Guest Journeys
Slide 4 — Well Positioned for Multi
4 Well Positioned for Multi -Year Demand Opportunity Created by Data Center Expansion TAPPING INTO THE U.S. DATA CENTER EXPANSION ▪ 300+ planned data center projects in the United States with a heavy Wyndham presence ▪ Well positioned to capture hotel demand, with more than 400 hotels within a 10 -mile radius of these projects ▪ In 1H 2026, these hotels outperformed properties outside the 10 -mile radius by approximately 200 basis points Known data center projects Wyndham hotels in states with data center projects STRONG OVERLAP OF WH FOOTPRINT AND DATA CENTER PROJECTS
Slide 5 — Leading the Industry with Best
5 83% 77% 75% 64% 54% 33% BEST -IN -INDUSTRY MARGINS 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% 26% 7.5% 4.7% 4.5% 4.0% 3.7% 3.4% FREE CASH FLOW YIELD EXCEEDS PEERS Adj. Free Cash Flow Yield (c) Leading the Industry with Best -in-Class Profitability and Superior Returns Dazzler Residences by Wyndham Santiago Las Condes Santiago, Chile Opened May 2026
Slide 6 — WH Investment Thesis
WH Investment Thesis ASSET -LIGHT, HIGHLY -RESILIENT, FEE -BASED FRANCHISE BUSINESS MODEL GENERATING HIGH MARGINS AND PRODIGIOUS FREE CASH FLOW La Quinta Inn & Suites and Hawthorn Extended Stay by Wyndham Mebane, North Carolina, USA Opened May 2026 6
Slide 7 — Q2 2026
Q2 2026 Performance Recap 7 ECHO Suites Extended Stay by Wyndham Bozeman, Montana, USA Opened April 2026
Slide 8 — 4%
4% Global pipeline growth YOY (b) 8 Second Quarter 2026 Performance Recap 4 % Net room growth YOY (b) F ree cash flow (d) $105M U.S. RevPAR vs. 2025 compared to 1% expectations 2% $212M Adjusted EBITDA (c) $86M Capital returned to shareholders (1%) Global RevPAR vs. 2025 (a)
Slide 9 — Pipeline Expansion Continues
9 Pipeline Expansion Continues 35% of New Construction pipeline in the ground, an increase of +380bps YOY 78% 22% New Construction Conversion GLOBAL COMPOSITION TOTAL PIPELINE @ 6/30/2026 58% 42% International YOY Growth (a) Global +410 bps U.S. +230 bps Sequential Growth Global +50 bps, U.S. +10 bps 78% 22% Midscale+ Brands Economy Brands ~261K Global rooms >2,200 Global hotels Pipeline as a % of current portfolio: 30% U.S. 17% 69% 14% Midscale+ Brands Economy Brands +4% YOY midscale+ growth (a) SEGMENT MIX Covers 66 countries, including 12 without existing WH presence ECHO Suites U.S Pipeline FEEPAR PREMIUM ~30% vs Current System International Pipeline ~30% vs Current System
Slide 10 — Focused on Midscale+ and FeePAR Expansion
10 +6% Midscale+ YOY System Growth Midscale+ YTD Openings vs. Existing System RECORD LEVEL OPENINGS Continued Openings Momentum Focused on Midscale+ and FeePAR Expansion FEEPAR EXPANSION Gross Room Openings + 11% EMEA/LATAM YOY System Growth (a) 30.5K 31.7K INCREASINGLY MIDSCALE+ PIPELINE Q2 24 Q2 25 Q2 26 170K 178K 180K + 45 % U.S. FeePAR Premium +25 % Intl FeePAR Premium 1H 25 Midscale+ Pipeline Rooms (a) 1H 26
Slide 11 — RevPAR Recovery
11 RevPAR Recovery Driven by ADR and Occupancy Improvement Q2 sequential improvement reflects a ~700 bps benefit from TX/FL/ CA and strength in both leisure and business trends (2.3%) (2.6%) 0.2% 1.6% (2.8%) (3.6%) (0.1%) 0.6% (5.0%) (6.1%) 0.1% 2.2% Q3 25 Q4 25 Q1 26 Q2 26 ADR OCC RevPAR U.S. RevPAR (Normalized)
Slide 12 — Expanding Globally
Expanding Globally in Key Markets Wyndham Macaé Rio de Janeiro, Brazil Opened June 2026 Wyndham Hotel & Conference Center Jacksonville, Florida, USA Opened June 2026 The Winfield Lofts, a Wyndham Hotel Los Angeles, California, USA Opened June 2026 Days Hotel by Wyndham Bortala Jinghe Jinghe, China Opened June 2026 Wyndham Mallorca Portocolom Resort Majorca, Spain Opened April 2026 Hotel Troy, Trademark Collection by Wyndham Parsippany, NJ, USA Opened June 2026 Vienna House by Wyndham Ho Chi Minh, Vietnam Opened April 2026
Slide 13 — Maximizing Capital Allocation For All Stakeholders
13 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 FY 2026E key money deployment: ~$110 million Key money deals achieve ~40% FeePAR premium versus our current system Targeting mid -30s dividend payout ratio Up to ~$ 170 million of available capital (after dividends and development advances) for share repurchases/ strategic transactions in 2H 26 ~$2.9 billion of capital returned to shareholders since spin -off (~4 9% of market cap at spin -off) ~$170 million of remaining share repurchase authorization ~$1 billion of liquidity Total leverage at the midpoint of 3 -4x stated range Weighted average maturity of ~4.5 years; nearly all debt is fixed -rate; significant room under all debt covenants 35% 36% 36% 0% 10% 20% 30% 40% 2024 2025 2026 Dividend Payout Ratio (a) (a) (b) Only 3 out of every 10 deals include key money Selective investment of key money to high -quality deals ($ in millions) $0 $500 $1,000 $1,500 2026 2027 2028 2029 2030 2031 2033 Unsecured 2028 Notes Revolving Credit Facility Term Loan B Unsecured 2033 Notes Other Debt
Slide 14 — 2026 Focus
14 2026 Focus BUILDING BLOCKS IN PLACE TO MAXIMIZE NEAR -TERM GROWTH Wyndham Garden Durango, Mexico Opened June 2026
Slide 15 — 2026 Key Priorities
15 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 elevated 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
Slide 16 — Global RevPAR Outlook
16 Global RevPAR Outlook Raised to 0% – 1% Driven by Strong 1H U.S. RevPAR Recovery Q2 26 U.S. REVPAR GREW 2.2% or ~120 BPS ABOVE +1% EXPECTATIONS… ▪Continued public/private sector investment in infrastructure and AI ▪Sustained preference for leisure experience ▪Increased government stimulus ▪Geopolitical stability ▪Stronger cross -border demand …WITH KEY DEMAND DRIVERS FOR POTENTIAL FURTHER OUTPERFORMANCE See footnotes in Appendix. U.S. RevPAR (Normalized) (2.3%) (5.0%) (6.1%) 0.1% 2.2% ~2% Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 2H 26
Slide 17 — System Projected to Increase 4.0%
System Projected to Increase 4.0% - 4.5% 17 SUSTAINED PIPELINE GROWTH… …PROVIDES RUNWAY TO FURTHER SYSTEM EXPANSION 239,500 251,500 258,700 260,800 2023 2024 2025 Q2 26 803,700 835,700 868,900 4.0% - 4.5% (a) 2023 2024 2025 2026E Global Pipeline Global System
Slide 18 — Ancillary Fee Growth
+15% 18 ▪ Co -branded credit card generating revenue from all cardholder spend including non -travel purchases, which provides a stable, recurring revenue base ▪ New co -branded domestic credit and debit card products, as well as international card expansion, extend access to additional consumer segments ▪ Additional partnerships and affiliate relationships leveraging WH’s size, scale and distribution platforms ▪ NYSE: TNL 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 m id -teens growth SIGNIFICANT GROWTH POISED TO CONTINUE… $3 17M(a)
Slide 19 — Shareholder Returns Despite Economic Headwinds
19 (in millions) ~6-7% 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 $735 - $745 $44 - $54 (~$15) (~$12) 2025 (a) Operational Growth Return of Variable Costs 2026E Revo Hospitality Group Fee Deferral
Slide 20 — Appendix
20 Appendix The Monarch Hotel, HQ Collection New Orleans, Louisiana, USA Opened April 2026
Slide 21 — Revo Update and Impact
21 Revo Update and Impact APPENDIX ▪ During the preparation of its year -end 2025 financial statements, Wyndham learned that Revo Hospitality Group (“Revo”), a large European franchisee, filed for insolvency proceedings under self -administration. ▪ The Company removed all Revo -related revenue recognition from its 2026 outlook and reported results given the uncertainty on expected outcomes and collectability. In full year 2024, Revo -related royalties and franchise fees represented less than 3% of the Company’s consolidated royalties and franchise fees. ▪ In addition, the Company's 2026 net room growth outlook of 4.0% - 4.5% excluded any impact associated with Revo's ongoing insolvency proceedings in which Revo hotels will change ownership and/or brands. As a result, the Company's year -over -year net room growth metrics are also presented excluding Revo -related rooms. ▪ The Revo insolvency process is nearing conclusion and we expect to retain a subset of the Revo -related rooms with the majority of the portfolio expected to terminate in the third and fourth quarter. We plan to enter into franchise agreements with the retained hotels’ operators and will revisit the deferral of revenue for these hotels and any financial upside to our full -year results at that time. The table below includes information about room count related to Revo: BACKGROUND & IMPACT TO NET ROOM GROWTH June 30, 2025 June 30, 2026 % change Global rooms (a) 846,700 873,400 3% Global rooms ex. Revo 824,200 853,600 4%
Slide 22 — 2026 Planning
22 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 0.0% – 1.0%, 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%
Slide 23 — Compelling Value Proposition for Franchisees . . .
23 Industry -leading central reservation systems deliver ~$8 out of every $10 to U.S. franchisees Industry’s #1 hotel loyalty program with 126+ 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 One of the world’s largest hotel franchisors leverages pricing power to deliver on - property cost savings for owners New AI on -property technology tools lower hotel operating costs and drive incremental revenues and direct bookings 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.
Slide 24 — . . . That Continues to Deliver Strong Returns
24 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.
Slide 25 — “Drive to” Destinations Not Reliant on
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% 25 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.
Slide 26 — Our U.S. Guests are Middle
26 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.
Slide 27 — Leisure Guests Power Our Business,
70% <1% 20% 2% Corporate Transient Logistics/ Other Leisure Travel Group Business 27 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
Slide 28 — Q2 2026 Corporate Responsibility Update
28 Q2 2026 Corporate Responsibility Update APPENDIX ▪ Released 2026 Corporate Responsibility Report, which showcases our core values - Integrity, Accountability, Inclusive, Caring, and Fun – that continue to shape how we do business and help us create opportunity and impact. ▪ Updated human trafficking prevention training to annual requirement and hosted a Business Ending Slavery and Trafficking (BEST) led prevention webinar for team members and franchisees with ~1,000 participants. ▪ Hosted Bring Your Child to Work Day, themed “Building a Better Future.” Activities included a LEED certification tour, financial wellness session, CANstruction activity, and Wyndham Jeopardy. ▪ Strengthened our inclusive culture through Enterprise Resource Group -led Spotlight Months, including April (Autism Awareness, Stress Awareness, and Earth Month) by GenCONNECT, May (Asian American, Native Hawaiian and Pacific Islander Heritage Month) by LOTUS, and June (Pride Month) by PRIDE and MOSAIC, and celebrated America250 with events hosted by SALUTES .
Slide 29 — Strong and Experienced Leadership Team
SCOTT STRICKLAND CHIEF COMMERCIAL OFFICER 34 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 24 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 • Served as Chief Development Officer of Wyndham Hotels & Resorts (2024 – 2026) • Served as Senior Vice President, Strategic and Corporate Development of Wyndham Hotels & Resorts (2021 – 2024) • Served as Vice President, Finance and Capital Markets of RLJ Lodging Trust (2018 -2021) • Served as Vice President, Global Investment Banking of Deutsche Bank (2009 -2017) MONICA MELANCON CHIEF HUMAN RESOURCE OFFICER 28 Years of Human Resource Experience PAUL CASH GENERAL COUNSEL 21 Years of Industry Experience AMIT SRIPATHI CHIEF FINANCIAL OFFICER 17 Years of Industry Experience 29 GUSTAVO VIESCAS PRESIDENT, LATAMC 27 Years of Industry Experience Strong and Experienced Leadership Team DIMITRIS MANIKIS PRESIDENT, EMEA 35 Years of Industry Experience DAVID WILNER CHIEF DEVELOPMENT OFFICER 29 Years of Industry Experience MARK NIZIOLEK HEAD OF STRATEGY 20 Years of Industry Experience
Slide 30 — Wyndham Family of Brands
Wherever people go, Wyndham will be there to welcome them. 30 Vienna House brand acquisition also included Vienna House Easy midscale brand; Dazzler brand includes extension Dazzler Selec t i n the economy segment. APPENDIX Wyndham Family of Brands
Slide 31 — Footnotes
31 APPENDIX Footnotes Page 2 Data is approximated as of 6/30/26. Page 5 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, Hyatt and Choice was $19.2B, $7.1B, $2.7B, $3.6B and $616M, respectively. For WH, operating income margin for 2025 was 28%. (b) 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. (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 2025 costs associated with the Playa Hotels acquisition were $198M. FY 2025 net cash from operating activities for Hyatt was $379M. For Choice, calculated as FY 2025 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 12/31/25. FY 2025 development advances (or otherwise referred to as “franchise agreement acquisition costs”) for Choice was $83M. FY 2025 net cash from operating activities for Choice was $270M. 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 8 Reconciliations of non-GAAP financial measures to the most directly comparable GAAP financial measures can be found in the Appendix. (a) In constant currency. (b) Excludes Revo Hospitality Group room count. (c) Net income was $102M for Q226. (d) Net cash from operating, investing and financing activities for Q226 was $91M, ($15M) and ($65M), respectively. Page 9/10 (a) Excludes Revo Hospitality Group pipeline in comparable periods. Page 11/16 U.S. RevPAR data normalized for eclipse and Easter impacts in Q225 and hurricane impacts in Q425 and Q126. Page 13 Maturity schedule as of 6/30/26. Key money stats for FY 2025. (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 17 (a) Outlook excludes impact of Revo rooms. Page 18 (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 19 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 21 (a) Approximately 20,000 rooms operated by Revo remain under the Company’s brands and distributed on its channel as of June 30, 2026. As such, they will remain in the Company’s global room count and RevPAR operating statistics for so long as the underlying agreements remain in effect. The historical impact of Revo’s net room additions on the Company’s global annual organic net room growth has been immaterial. Page 22 Does not include potential bad debt impacts from uncollectible accounts, if any, in the event of a distressed environment, which cannot be predicted. Page 23 All data as of 6/30/26. Chainscale market share as per most recent Franchise Disclosure Documents. Page 24 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 stabilized basis. Cost per room excludes land costs. Operating expenses are based on current 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 25 Data for “drive to” locations based on STR census December 2025. Data for U.S. guest originations based on FY 2025 data. Page 26 Represents average WH U.S. guest household income in FY 2025. Page 27 All data as of 12/31/25.
Slide 32 — Non
32 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 i ndustry. Explanations for adjustments within the reconciliations can be found in our second quarter 2026 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 -6/30/26 $ 2,913 Divided: Market capitalization at May 31, 2018 $ 5,920 Total capital return as a % of market capitalization 49% Three Months Ended June 30, 2026 Year Ended December 31, 2025 Year Ended December 31, 2024 Net income $ 102 $ 193 $ 289 Provision for income taxes 36 70 79 Depreciation and amortization 15 62 71 Interest expense, net 36 139 124 Stock -based compensation 8 41 41 Development advance notes amortization 9 32 24 Restructuring and other -related 5 18 15 Transaction -related 1 2 47 Revo -related - 74 - Separation -related - 1 ( 11) Impairment - 86 12 Extinguishment of debt - - 3 Adjusted EBITDA $ 212 $ 718 $ 694
Slide 33 — Non
33 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 se rvice and other obligations. Notwithstanding cash on hand and incremental borrowing capacity, free cash flow reflects our ability to grow our business thr oug h 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 ean s 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 men t of cash flows. (a) Includes separation -related net tax payments. 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% Three Months Ended June 30, 2026 Year Ended December 31, 2025 Cash Flow: Net cash provided by operating activities $ 91 $ 367 Net cash used in investing activities ( 15) ( 103 ) Net cash used in financing activities ( 65 ) ( 314 ) Effect of changes in exchange rates on cash, cash equivalents and restricted cash ( 1) 1 Net decrease in cash, cash equivalents and restricted cash $ 10 $ ( 49 ) Three Months Ended June 30, 2026 Year Ended December 31, 2025 Net cash provided by operating activities $ 91 $ 367 Less: Property and equipment additions ( 14) ( 46 ) Plus: Payments of development advance notes, net 28 105 Free cash flow 105 426 Plus: Adjusting items (a) - 7 Adjusted free cash flow $ 105 $ 433
Slide 34 — Definitions
APPENDIX Adjusted EBITDA: Represents net income excluding net interest expense, depreciation and amortization, early extinguishment of debt charges, im pa irment and other -related charges (including Revo -related charges), restructuring and other -related charges, contract termination costs, separation -related items, transaction -related items (acquisition -, dispos ition -, 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 def inition 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 whi ch 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 oth er 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 l oya lty fees. Adjusted Free Cash Flow : Represents free cash flow excluding payments related to 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 hot els 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 ca sh 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 se rvice 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 ca sh 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 provi ded 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 w e a re 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 an d 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 res ervation 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 o f t he 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 yea r b ut are designed such that, in the long -term, our marketing funds are expected to break even. RevPAR: Represents revenue per available franchised or managed/owned 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, exc luding all rooms associated with our Super 8 master licensee in China, (ii) Company -owned, and (iii) 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 t he impact of amortization of development advance notes, by total room revenues. 34 Definitions
Slide 35 — Disclaimer
APPENDIX Disclaimer: This presentation and the information contained herein are solely for informational purposes. The information contained in th is 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 curren t the information contained in this presentation. The information in this presentation should be read in conjunction with the consolidated financial statements and accompanyin g n otes 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 19, 2026 and subsequent reports filed with the SE C. 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 i nde pendent 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, wh ich 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 pl ace 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 19, 2026 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 obli gat ion 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 th e 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 mos t 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 prescribe d b y 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 Appe ndix. 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 potenti al 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 be en applicable, such excluded items could be material, individually or in the aggregate, to the reported results. 35 Disclaimer