Host Hotels & Resorts (HST) investor relations material

Executive summary

• First quarter 2026 results exceeded expectations, with adjusted EBITDAre up 5.6%, adjusted FFO per share up 4.7%, and comparable hotel RevPAR up 4.4%, driven by strong leisure and group demand, especially in San Francisco and Florida markets.

• Net income surged 99.6% to $501 million, primarily due to gains on asset sales, and operating profit margin improved by 150 basis points to 19.4%.

• Operates as a premier U.S. lodging REIT with 76 luxury and upper-upscale hotels totaling 41,700 rooms in 21 top U.S. markets as of March 31, 2026.

• Market capitalization reached $13.3 billion and enterprise value $17.1 billion as of March 31, 2026.

• Resorts in Florida, Phoenix, and San Francisco outperformed, with San Francisco posting 26% RevPAR growth and over 70% EBITDA growth, benefiting from the Super Bowl and market recovery.

Financial highlights

• Adjusted EBITDAre for Q1 was $543 million; adjusted FFO per share was $0.67.

• Comparable hotel EBITDA margin improved by 70 basis points to 32.7% year-over-year.

• Comparable hotel RevPAR for Q1 2026 was $244.11, up from $238.66 in Q1 2025.

• Net income for the year ended December 31, 2025, was $776 million; forecast for 2026 is $932 million.

• F&B revenue grew 5%, other revenue 6%, and outlet revenue 8%, driven by renovated properties and strong consumer spending.

Outlook and guidance

• 2026 comparable hotel RevPAR growth guidance raised to 3%-4.5% over 2025; total RevPAR growth guidance to 3.5%-5%.

• Comparable hotel EBITDA margin expected to be up 20-50 basis points year-over-year; midpoint margin guidance is 29.5%.

• Adjusted EBITDAre midpoint for 2026 is $1.81 billion, a $40 million improvement over prior guidance.

• Net income forecasted at $908–$955 million; Adjusted FFO per diluted share at $2.13.

• Maui expected to contribute $120 million in EBITDA for 2026, with RevPAR growth target near 9%.