Travel + Leisure (TNL) Investor presentation summary

Industry leadership and business model

• Recognized as a leader in vacation ownership, with a consolidated industry presence and a points-based product system offering flexibility to owners.

• Maintains a stable owner base, generating significant recurring revenue and margin stability across economic cycles.

• Operates over 270 resorts worldwide, serving 809,000 timeshare owners and 3.4 million exchange members, with nearly 19,000 employees.

• Portfolio includes established and growth brands, appealing to a wide range of consumers at different life stages.

Financial performance and segment results

• Reported $3.9B in net revenue for 2024, with an average adjusted EBITDA margin of 22.6% from 2018–2024.

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

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

• Q2 2025 net revenue reached $1.02B (+3% YOY), gross VOI sales $654M (+8% YOY), and adjusted EBITDA $250M (+2% YOY).

Growth drivers and market trends

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

• 70% of sales are to existing owners, with a 98% annual retention rate among fully paid or current owners.

• 66% of new sales are to Gen X, Millennials, and younger generations, with an average new owner age of ~50.

• Owners can split, borrow, or bank points, enhancing product flexibility and value.