Hilton Grand Vacations : Earnings Supplement Slides

Published: 2026-04-30 07:37:03 ET HGV

Published on 04/30/2026 at 07:37 am EDT

April 30, 2026

Reported GAAP metrics 1

Net deferral activity 2

Net-deferral-adjusted metrics 3

as referenced on earnings call

Total revenue

Real Estate Business

Sales of VOI, net Cost of VOI sales

Sales & marketing expense, net

Net construction deferrals

Adj. EBITDA to stockholders

$1,285M

$455M ($45M) ($347M)

$249M

$25M

$25M ($2M)

($5M)

$18M

$1,310M

$480M ($47M) ($352M)

$267M

YoY Growth

2.8%

7.7%

As reported in earnings press release and 10Q

As reported in T-1 Net Construction Deferral Activity in earnings press release 2

Amounts reflect impact of net deferral activity of revenue and direct expenses related to projects under construction

First Quarter cash conversion impacted by seasonal timing of ABS financing, as expected

$ millions

($5M)

($6M)

($37M)

($71M)

($191M)

($68M)

$47M

$267M

($10M)

Q1 2026 Adj.

EBITDA to

stockholders excluding net deferrals

Cost of VOI Sales Addback

Cash Taxes

Interest Payments

on Corporate Debt

Net Consumer Finance

Inventory

Capital

Non-Inventory

Capital

Working Capital & Other

Q1 2026

Adjusted FCF

Free cash flow conversion

Capital returned to shareholders

Adjusted Free Cash Flow 2

Free Cash Flow Conversion Rate 3

Lower half of

long-term 55% - 65% target

66%

52%

$837M

$756M

$532M

$71M

76%

69%

52%

79%

~75% - 90%

Long-term Target: 55% - 65%

$ Shares Repurchased

% of FCF Returned to Shareholders via Share Repurchase

$600M

$432M

$368M

$283M

~$600M

2019 2023 2024 2025 2026

Target

2019 2023 2024 2025 2026

Target

Adjusted EBITDA to stockholders excluding net deferrals

Adjusted FCF defined as net cash provided by operating activities minus capex for property and equipment and software capitalization costs, plus non-recourse debt activity, litigation settlement payment, acquisitions and integration-related expense, capitalized acquisition and integration-related costs and other one-time adjustments

FCF conversion is defined as Adjusted FCF divided by Adjusted EBITDA to stockholders excluding net deferrals 4

Guidance Range

$1,185M - $1,225M

Midpoint

~$1,205M

Previous 2026 Guidance

Updated 2026 Guidance

Guidance Range

$1,225M - $1,265M

Midpoint

~$1,245M

Adjusted EBITDA net of deferrals of revenue and direct expenses related to the Sales of VOIs under construction

GUIDANCE UPDATE

Driven by our Q1 performance and contribution from full ownership of our Elara property

$20M

Adj. EBITDA

$1,225M - $1,265M

Adj. EBITDA

$1,185M - $1,225M

Previous 2026 Guidance

Adjusted EBITDA to stockholders excluding net deferrals

Q1 Performance Elara

Contribution

Updated 2026 Guidance

‌APPENDIX:

NON-GAAP RECONCILIATIONS

Adjusted EBITDA and Adjusted EBITDA Attributable to Stockholders

Definition

EBITDA, presented herein, is a financial measure that is not recognized under U.S. GAAP that reflects net income (loss), before interest expense (excluding non-recourse debt), a provision for income taxes and depreciation and amortization.

Adjusted EBITDA, presented herein, is calculated as EBITDA, as previously defined, further adjusted to exclude certain items, including, but not limited to, gains, losses and expenses in connection with: (i) other gains or losses, including asset dispositions and foreign currency transactions; (ii) debt restructurings/retirements; (iii) non-cash impairment losses; (iv) share-based and other compensation expenses; and (v) other items, including but not limited to costs associated with acquisitions, restructuring, amortization of premiums and discounts resulting from purchase accounting, and other non-cash and one-time charges.

Adjusted EBITDA Attributable to Stockholders is calculated as Adjusted EBITDA, as previously defined, excluding amounts attributable to the noncontrolling interest in Bluegreen/Big

Cedar Vacations in which HGV owns a 51% interest ("Big Cedar").

HGV believes that EBITDA, Adjusted EBITDA and Adjusted EBITDA Attributable to Stockholders provide useful information to investors about us and our financial condition and results of operations for the following reasons: (i) EBITDA, Adjusted EBITDA and Adjusted EBITDA Attributable to Stockholders are among the measures used by our management team to evaluate our operating performance and make day-to-day operating decisions; and (ii) EBITDA, Adjusted EBITDA and Adjusted EBITDA Attributable to Stockholders are frequently used by securities analysts, investors and other interested parties as a common performance measure to compare results or estimate valuations across companies in our industry.

EBITDA, Adjusted EBITDA and Adjusted EBITDA Attributable to Stockholders have limitations as analytical tools and should not be considered either in isolation or as a substitute for net income (loss), cash flow or other methods of analyzing our results as reported under U.S. GAAP. Some of these limitations are:

EBITDA, Adjusted EBITDA and Adjusted EBITDA Attributable to Stockholders do not reflect changes in, or cash requirements for, our working capital needs;

EBITDA, Adjusted EBITDA and Adjusted EBITDA Attributable to Stockholders do not reflect our interest expense (excluding interest expense on non-recourse debt), or the cash requirements necessary to service interest or principal payments on our indebtedness;

EBITDA, Adjusted EBITDA and Adjusted EBITDA Attributable to Stockholders do not reflect our tax expense or the cash requirements to pay our taxes;

EBITDA, Adjusted EBITDA and Adjusted EBITDA Attributable to Stockholders do not reflect historical cash expenditures or future requirements for capital expenditures or contractual commitments;

EBITDA, Adjusted EBITDA and Adjusted EBITDA Attributable to Stockholders do not reflect the effect on earnings or changes resulting from matters that we consider not to be

indicative of our future operations;

EBITDA, Adjusted EBITDA and Adjusted EBITDA Attributable to Stockholders do not reflect any cash requirements for future replacements of assets that are being depreciated and amortized; and

EBITDA, Adjusted EBITDA and Adjusted EBITDA Attributable to Stockholders may be calculated differently from other companies in our industry limiting their usefulness as comparative measures.

Definition

Free Cash Flow represents cash from operating activities less non-inventory capital spending.

Adjusted Free Cash Flow represents free cash flow further adjusted for net non-recourse debt activities and other one-time adjustment items including, but not limited to, costs associated with acquisitions.

We consider Free Cash Flow and Adjusted Free Cash Flow to be liquidity measures not recognized under U.S. GAAP that provide useful information to both management and investors about the amount of cash generated by operating activities that can be used for investing and financing activities, including strategic opportunities and debt service. We do not believe these non-GAAP measures to be a representation of how we will use excess cash.

‌Hilton Grand Vacations Inc.

Adjusted EBITDA Attributable to Stockholders Reconciliation(1)

(in millions)

Three Months Ended March 31,

2026

Net income attributable to stockholders

$66

Net income attributable to noncontrolling interest

Net income

Interest expense

Income tax expense

Depreciation and amortization

EBITDA

218

Other loss

Share-based compensation expense

Acquisition and integration-related expense

Other adjustment items(2)

Adjusted EBITDA

251

Adjusted EBITDA attributable to noncontrolling interest

Adjusted EBITDA attributable to stockholders

$249

(1) As reported in T-7 Adjusted EBITDA Attributable to Stockholders Reconciliation in earnings release

(2) Includes costs associated with restructuring, one-time charges, other non-cash items and the amortization of fair value premiums and discounts resulting from purchase accounting.

‌Hilton Grand Vacations Inc.

Free Cash Flow Reconciliation(1)

(in millions)

Three Months Ended March 31,

2026

Net cash provided by operating activities

$128

Capital expenditures for property and equipment

(6)

Software capitalization costs

(14)

Free Cash Flow

108

Non-recourse debt activity, net

(167)

Acquisition and integration-related expense

Other adjustment items(2)

Adjusted Free Cash Flow

($37)

(1) As reported in T-5 Free Cash Flow Reconciliation in earnings release

(2) Includes capitalized acquisition and integration-related costs.

Disclaimer

Hilton Grand Vacations Inc. published this content on April 30, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on April 30, 2026 at 11:32 UTC.