Travel + Leisure (TNL) Investor presentation summary

Industry leadership and business model

• Consolidated industry with large, branded players and a shift to points-based vacation ownership systems for greater owner flexibility.

• Stable owner base and recurring revenue streams provide margin stability across economic cycles.

• Over $2.8B returned to shareholders since 2018 through dividends and share repurchases.

Financial performance and segment results

• 2024 net revenue reached $3.9B with an average adjusted EBITDA margin of 22.6% from 2018-2024.

• Vacation Ownership segment posted $3.17B net revenue and $764M adjusted EBITDA (24% margin) in 2024.

• Travel and Membership segment delivered $695M net revenue and $251M adjusted EBITDA (36% margin) in 2024.

Growth drivers and market trends

• Global leisure travel market forecasted to grow at a 7% CAGR from 2024-2032.

• 70% of sales are to existing owners, with 97% annual retention among fully paid or current owners.

• Average age of new owners is around 50, with 70% of sales to Gen X, Millennials, and younger generations.