Hyatt (NYSE: H) posts Q1 2026 growth and targets 13–18% EBITDA rise

Q: How did Hyatt Hotels (H) perform financially in the first quarter of 2026?

Hyatt generated $1,748 million in total revenues and $38 million in net income attributable to Hyatt. Adjusted EBITDA was $266 million , up 2.1% year over year, while Adjusted Net Income reached $61 million with Adjusted Diluted EPS of $0.63 .

Q: What were Hyatt Hotels (H) key operating metrics like RevPAR in Q1 2026?

Comparable system-wide hotels RevPAR for Hyatt was $143.04 , up 5.4% versus Q1 2025. System-wide all-inclusive resorts delivered Net Package RevPAR of $284.36 , a 7.4% increase, with occupancy at 83.3% and Net Package ADR of $341.43 .

Q: What capital returns to shareholders does Hyatt Hotels (H) anticipate in 2026?

Hyatt plans to return $325–$375 million to shareholders in 2026 through a combination of cash dividends and share repurchases. In Q1 2026, it repurchased 840,249 Class A shares for $135 million , bringing total capital returned, including dividends, to $149 million .

Q: How did Hyatt Hotels (H) fee-based revenues perform in Q1 2026?

Gross fees at Hyatt reached $333 million in Q1 2026, an 8.6% increase compared to Q1 2025. Net fees, after contra revenue, were $310 million , reflecting growth in base management fees, incentive management fees, and franchise and other fees across the portfolio.

Filing Impact

(High)

Filing Sentiment

(Neutral)

Form Type

8-K

Rhea-AI Filing Summary

Hyatt Hotels Corporation reported stronger first quarter 2026 results, driven by higher fees and improving travel demand. Comparable system-wide hotels RevPAR rose 5.4% versus the prior year, while comparable system-wide all-inclusive resorts Net Package RevPAR increased 7.4%, reflecting solid pricing and occupancy trends across most regions.

Gross fees reached $333 million, up 8.6%, and Adjusted EBITDA was $266 million, up 2.1% (2.9% after adjusting for 2025 asset sales). Net income attributable to Hyatt was $38 million and diluted EPS was $0.40, with Adjusted Net Income of $61 million and Adjusted Diluted EPS of $0.63.

Hyatt also laid out an ambitious full-year 2026 outlook. It projects comparable system-wide hotels RevPAR growth of 2.0%–4.0% and net rooms growth of 6.0%–7.0%. Net income attributable to Hyatt is expected between $255 million and $350 million, with Adjusted EBITDA between $1,155 million and $1,205 million, or 13%–18% above the 2025 baseline after adjusting for the Playa Hotels acquisition and asset sales. The company plans capital returns to shareholders of $325 million to $375 million through dividends and share repurchases.

Positive

Strong 2026 earnings outlook: Hyatt projects Adjusted EBITDA between $1,155 million and $1,205 million, representing a 13% to 18% increase versus the 2025 baseline after adjusting for the Playa Hotels acquisition and asset sales.
Healthy capital returns plan: The company expects to return $325 million to $375 million to shareholders in 2026 through a combination of dividends and share repurchases, supported by projected Adjusted Free Cash Flow of $580 million to $630 million.

Negative

None.

Insights

Hyatt posts solid Q1 growth and guides to double‑digit 2026 EBITDA gains.

Hyatt delivered Q1 2026 fee-driven growth with comparable system-wide RevPAR up 5.4% and all-inclusive Net Package RevPAR up 7.4%. Gross fees rose to $333 million, up 8.6%, supporting a largely asset-light earnings mix.

Adjusted EBITDA increased to $266 million, up 2.1% or 2.9% after backing out 2025 asset sales. Net income attributable to Hyatt more than doubled to $38 million, while Adjusted Net Income reached $61 million, helped by higher fees and controlled G&A on an adjusted basis.

For full-year 2026, Hyatt targets Adjusted EBITDA of $1,155–$1,205 million, a 13–18% increase over the recast 2025 baseline of $1,025 million. It also plans capital returns of $325–$375 million, indicating ongoing cash generation. Execution will depend on sustaining RevPAR growth within the projected 2.0–4.0% range and managing regional demand headwinds noted in the outlook commentary.

8-K Event Classification

3 items: 2.02, 7.01, 9.01

3 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 7.01 Regulation FD Disclosure Disclosure

Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, and exhibit attachments filed with this report.

Key Figures

Total revenues: $1,748 million Net income attributable to Hyatt: $38 million Diluted EPS: $0.40 +5 more

8 metrics

Total revenues $1,748 million Three months ended March 31, 2026

Net income attributable to Hyatt $38 million Three months ended March 31, 2026

Diluted EPS $0.40 Three months ended March 31, 2026

Adjusted EBITDA $266 million Q1 2026, up 2.1% vs Q1 2025

Gross fees $333 million Q1 2026, up 8.6% vs Q1 2025

System-wide hotels RevPAR $143.04 Q1 2026, 5.4% growth vs Q1 2025

2026 Adjusted EBITDA outlook $1,155–$1,205 million Full year 2026 guidance, 13–18% above 2025 baseline

2026 capital returns outlook $325–$375 million Planned dividends and share repurchases for 2026

Key Terms

Adjusted EBITDA, RevPAR, Net Package RevPAR, Adjusted Free Cash Flow, +2 more

6 terms

Adjusted EBITDA financial

"Adjusted EBITDA was $266 million, an increase of 2.1%"

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

RevPAR financial

"Comparable system-wide hotels RevPAR increased 5.4%, compared to the first quarter of 2025"

RevPAR, or revenue per available room, is a measure used in the hotel industry to show how much money a hotel earns from each of its rooms over a certain period. It helps investors understand how well a hotel is performing financially, similar to how a store's sales per square foot reveal its profitability. Higher RevPAR indicates better use of resources and stronger financial health.

Net Package RevPAR financial

"Comparable system-wide all-inclusive resorts Net Package RevPAR increased 7.4%"

Net package RevPAR measures the average hotel revenue earned per available room from bundled offers (room plus extras like meals or activities) after deducting distribution costs, commissions and other direct deductions. It matters to investors because it shows the real, cash-generating strength of packaged sales—similar to comparing the take-home pay from a salary after taxes and fees—so it reveals how promotions and third-party channels affect profitability per room.

Adjusted Free Cash Flow financial

"Adjusted Free Cash Flow 1 | | $580 - $630 | | $474 | | 22% to 33%"

Adjusted free cash flow is the amount of money a company generates from its operations after accounting for essential expenses and investments, like maintaining or upgrading equipment. It shows how much cash is truly available to grow the business, pay debts, or return to shareholders, helping investors see the company's financial health more clearly.

Asset impairments financial

"Asset impairments | (21) | | | (4)"

Playa Hotels Acquisition financial

"period of ownership of hotels acquired as part of the Playa Hotels Acquisition"

Earnings Snapshot

Gross fees: $333 million · Guidance included

Three months ended March 31, 2026

Gross fees $333 million +8.6% vs Q1 2025

Net income attributable to Hyatt $38 million vs $20 million in Q1 2025

Adjusted EBITDA $266 million +2.1% vs Q1 2025

Diluted EPS $0.40 vs $0.19 in Q1 2025

Adjusted Diluted EPS $0.63 vs $0.46 in Q1 2025

Comparable system-wide hotels RevPAR growth 5.4% vs Q1 2025

Guidance

For 2026 Hyatt expects net income attributable to Hyatt of $255–$350 million and Adjusted EBITDA of $1,155–$1,205 million, with comparable system-wide hotels RevPAR growth of 2.0–4.0% and net rooms growth of 6.0–7.0%.

Understanding 8-K Material Events →

04/30/2026 - 06:56 AM

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of report (Date of earliest event reported): April 30, 2026

HYATT HOTELS CORPORATION

(Exact Name of Registrant as Specified in Charter)

Delaware

001-34521

20-1480589

(State or Other Jurisdiction
of Incorporation)

(Commission
File Number)

(IRS Employer
Identification No.)

150 North Riverside Plaza

8th Floor

Chicago,

Illinois

60606

(Address of Principal Executive Offices)

(Zip Code)

Registrant’s telephone number, including area code: (312) 750-1234

Former Name or Former Address, if Changed Since Last Report: Not Applicable

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:


☐			Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐			Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol

Name of each exchange on which registered

Class A Common Stock, $0.01 par value

New York Stock Exchange


Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933
(§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company			☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for
complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.			☐

Item 2.02. Results of Operations and Financial Condition.

On April 30, 2026, Hyatt Hotels Corporation (the "Company") issued a press release announcing its results for its quarter ended March 31, 2026. The full text of the press release is attached as Exhibit 99.1 to this Form 8-K and is incorporated herein by reference.

The information in this Form 8-K and Exhibit 99.1 attached hereto shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section and shall not be deemed incorporated by reference in any filing made by the Company under the Securities Act of 1933, as amended (the "Securities Act"), or the Exchange Act, except as set forth by specific reference in such filing.

Item 7.01. Regulation FD Disclosure.

On April 30, 2026, the Company published a supplemental investor presentation which may be accessed through the Company's investor relations website. A copy of the supplemental presentation is furnished herewith as Exhibit 99.2 and is incorporated herein by reference.

The information furnished under Item 7.01 and Exhibit 99.2 in this Form 8-K shall not be deemed "filed" for purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that section and shall not be deemed incorporated by reference in any filing made by the Company under the Securities Act or the Exchange Act, except as set forth by specific reference in such filing.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.



99.1						Hyatt Hotels Corporation Press Release, dated April 30, 2026 (furnished pursuant to Item 2.02)
99.2						Hyatt Hotels Corporation Supplemental Presentation (furnished pursuant to Item 7.01)
101						Interactive Data File - XBRL tags are embedded within the Inline XBRL document
104						Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.



	Hyatt Hotels Corporation

Date: April 30, 2026	By:	/s/ Joan Bottarini
		Joan Bottarini
		Executive Vice President, Chief Financial Officer

Exhibit 99.1

HYATT REPORTS FIRST QUARTER 2026 RESULTS

CHICAGO (April 30, 2026) - Hyatt Hotels Corporation ("Hyatt," "the Company," "we," "us," or "our") (NYSE: H) today reported first quarter 2026 results. Highlights include:

•Comparable system-wide hotels RevPAR increased 5.4%, compared to the first quarter of 2025

•Comparable system-wide all-inclusive resorts Net Package RevPAR increased 7.4%, compared to the first quarter of 2025

•Net rooms growth for the trailing twelve months was 5.0%

•Pipeline of executed management or franchise contracts was approximately 151,000 rooms, an increase of 9.4%, compared to the first quarter of 2025

•Diluted EPS was $0.40 and Adjusted Diluted EPS was $0.63

•Net income attributable to Hyatt Hotels Corporation was $38 million and Adjusted Net Income was $61 million

•Gross fees were $333 million, an increase of 8.6%, compared to the first quarter of 2025

•Adjusted EBITDA was $266 million, an increase of 2.1%, compared to the first quarter of 2025, or an increase of 2.9% after adjusting for assets sold in 2025

◦During the three months ended March 31, 2026, the Company revised its definition of Adjusted EBITDA to no longer include its pro rata share of unconsolidated owned and leased hospitality ventures' Adjusted EBITDA and recast prior-period results to provide comparability

•Repurchased 840,249 shares of Class A common stock for an aggregate purchase price of $135 million, bringing total capital returned to shareholders, including dividends, to $149 million

•Full Year 2026 Outlook:

◦Comparable system-wide hotels RevPAR growth is projected to be between 2.0% and 4.0%, compared to the full year 2025

◦Net rooms growth is projected to be between 6.0% and 7.0%, compared to the full year 2025

◦Net income attributable to Hyatt Hotels Corporation is projected to be between $255 million and $350 million

◦Adjusted EBITDA is projected to be between $1,155 million and $1,205 million, an increase of 13% to 18%, compared to full year 2025, after adjusting for the period of ownership of hotels acquired as part of the Playa Hotels Acquisition and assets sold in 2025

◦Capital returns to shareholders are projected to be between $325 million and $375 million through a combination of dividends and share repurchases

Mark S. Hoplamazian, Chairman, President and Chief Executive Officer, said, "Our strong first quarter results reflect the continued strength of our core fee business and the resilience of our differentiated portfolio of high-quality brands. As we look to the balance of the year and beyond, we are focused on further elevating Hyatt by strengthening the performance of our brands, our talent, and our technology to enhance how we operate and build on our competitive advantages. We believe this foundation, combined with our high-end customer base, robust pipeline with significant opportunities for expansion, and rapidly growing loyalty program, position us to drive sustained growth and create long-term value for shareholders."

Refer to the table on schedule A-8 for a summary of special items impacting Adjusted Net Income and Adjusted Diluted EPS for the three months ended March 31, 2026.

Note: All RevPAR and ADR growth percentage changes are in constant dollars. All Net Package RevPAR and Net Package ADR growth percentage changes are in reported dollars. This release includes references to non-GAAP financial measures; see the reconciliations in the schedules and definitions beginning on schedule A-6.

First Quarter Operational Commentary

•Luxury chain scale led RevPAR growth in the quarter. Leisure transient RevPAR remained the strongest area of growth, while group and business transient RevPAR each grew in the low single-digits. Geopolitical conflict in the Middle East negatively impacted RevPAR growth by approximately 50 bps.

•Net Package RevPAR increased 7.4%, compared to the first quarter of 2025, despite security concerns in Mexico, reflecting continued strong demand of luxury all-inclusive travel.

•Gross fees increased 8.6%, compared to the first quarter of 2025, reflecting strong core business performance.

◦Base management fees increased 10.9%, driven by managed hotel RevPAR and Net Package RevPAR growth outside the United States, strong resort performance in the United States, fees from the Playa Hotels Acquisition, and contributions from newly opened hotels.

◦Incentive management fees increased 13.8%, driven by fees from the Playa Hotels Acquisition, newly opened hotels, and strong performance in Asia Pacific, partially offset by lower fees in the Middle East and Mexico.

◦Franchise and other fees increased 3.1%, driven by Non-RevPAR Fee contributions, RevPAR growth in United States select-service properties, and newly opened hotels, partially offset by franchise fees recognized in 2025 from the eight Hyatt Ziva and Hyatt Zilara properties that were part of the Playa Hotels Acquisition.

•Owned and leased segment Adjusted EBITDA decreased $2 million compared to the first quarter of 2025, after adjusting for 2025 asset sales.

•Distribution segment Adjusted EBITDA declined compared to the first quarter of 2025, due to temporary factors, including hotel closures in Jamaica related to Hurricane Melissa, lower demand in Mexico due to security concerns, and lower demand in four-star properties.

Openings and Development

During the first quarter, the Company:

•Opened 3,966 rooms. Notable openings included:

◦Andaz Lisbon, strengthening Hyatt’s lifestyle brand presence in Europe;

◦Andaz Shanghai ITC, strengthening Hyatt’s luxury lifestyle brand presence in Greater China;

◦The Livingston in Brooklyn, New York, expanding Hyatt’s brand footprint in a key urban market as the first Hyatt-branded hotel in the borough.

•Pipeline of executed management or franchise contracts grew 9.4%, compared to the first quarter of 2025, reaching a new record of 151,000 rooms.

Balance Sheet and Liquidity

As of March 31, 2026, the Company reported the following:

•Total debt of $4.3 billion.

•Total liquidity of $2.2 billion, inclusive of:

◦$671 million of cash and cash equivalents, and short-term investments, and

◦$1,497 million of borrowing capacity under Hyatt's revolving credit facility, net of letters of credit outstanding.

•Total remaining share repurchase authorization of $543 million. The Company repurchased $135 million of Class A common stock during the first quarter.

•The Company's board of directors has declared a cash dividend of $0.15 per share for the second quarter of 2026. The dividend is payable on June 11, 2026 to Class A and Class B stockholders of record as of May 29, 2026.

2026 Outlook

The Company is providing the following outlook for the 2026 fiscal year:

2026 Outlook

2025

Change vs. 2025

System-Wide Hotels RevPAR Growth

2.0% to 4.0%

Net Rooms Growth

6.0% to 7.0%

(in millions)

Net income attributable to Hyatt Hotels Corporation

$255 - $350

$(52)

Gross Fees

$1,305 - $1,335

$1,198

9% to 11%

Adjusted G&A Expenses1

$440 - $450

$445

(1)% to 1%

Adjusted EBITDA1,2

$1,155 - $1,205

$1,0253

13% to 18%3

Capital Expenditures

Approx. $135

$220

Approx. (39)%

Adjusted Free Cash Flow1

$580 - $630

$474

22% to 33%

Capital Returns to Shareholders4

$325 - $375

1 Refer to the tables on schedule A-12 for a reconciliation of estimated net income attributable to Hyatt Hotels Corporation to Adjusted EBITDA, G&A expenses to Adjusted G&A Expenses, and net cash provided by operating activities to Free Cash Flow and Adjusted Free Cash Flow.

2 During the three months ended March 31, 2026, the Company revised its definition of Adjusted EBITDA to no longer include its pro rata share of unconsolidated owned and leased hospitality ventures' Adjusted EBITDA and recast prior-period results to provide comparability.

3 Reflects a reduction of $78 million in 2025 owned and leased segment Adjusted EBITDA to account for period of ownership of hotels acquired as part of the Playa Hotels Acquisition and the impact of assets sold in 2025. Refer to schedule A-11 for further details.

4 The Company expects to return capital to shareholders through a combination of cash dividends on its common stock and share repurchases.

•The increase in the System-wide Hotels RevPAR growth outlook reflects improving trends in the United States with RevPAR in the United States expected to grow between 2% to 3% for the full year. It also assumes moderately higher growth in international markets compared to the United States but lower growth compared to expectations provided during the fourth quarter 2025 earnings call primarily due to the impact of the conflict in the Middle East.

•The increase in the Gross Fees outlook reflects the strength in the core fee business, partially offset by the impact of the conflict in the Middle East and lower demand into Mexico due to isolated security concerns.

•Adjusted EBITDA outlook reflects the increase in the Gross Fees outlook offset by lower Distribution segment Adjusted EBITDA compared to expectations provided during the fourth quarter 2025 earnings call. The Company now expects Distribution segment Adjusted EBITDA to decline by approximately $25 million for the full year compared to 2025, driven by lower demand into Mexico in the first and second quarters of 2026 due to isolated security concerns that emerged in February 2026.

No disposition or acquisition activity beyond what has been completed as of the date of this release has been included in the 2026 outlook. The Company's 2026 outlook is based on a number of assumptions that are subject to change and many of which are outside the control of the Company. If actual results vary from these assumptions, the Company's expectations may change. There can be no assurance that Hyatt will achieve these results.

Conference Call Information

The Company will hold an investor conference call this morning, April 30, 2026, at 9:00 a.m. CT.

Participants may listen to a simultaneous webcast of the conference call, which may be accessed through the Company's website at investors.hyatt.com. Alternatively, participants may access the live call by dialing: 800.715.9871 (U.S. Toll-Free) or 646.307.1963 (International Toll Number) using conference ID# 2303828 approximately 15 minutes prior to the scheduled start time.

A replay of the call will be available Thursday, April 30, 2026 at 12:00 p.m. CT until Thursday, May 7, 2026 at 11:59 p.m. CT by dialing: 800.770.2030 (U.S. Toll-Free) or 647.362.9199 (International Toll Number) using conference ID# 2303828. An archive of the webcast will be available on the Company's website for 90 days.

Investor Contacts

•Adam Rohman, 312.780.5834, adam.rohman@hyatt.com

•Ryan Nuckols, 312.780.5784, ryan.nuckols@hyatt.com

Media Contact

•Franziska Weber, 312.780.6106, franziska.weber@hyatt.com

Forward-Looking Statements

Forward-Looking Statements in this press release, which are not historical facts, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include statements about the Company's plans, strategies, outlook, the number of properties we expect to open in the future, the expected timing and payment of dividends, the Company's 2026 outlook, including the Company's expected System-wide Hotels RevPAR Growth, Net Rooms Growth, Net Income, Gross Fees, Adjusted G&A Expenses, Adjusted EBITDA, Capital Expenditures, and Adjusted Free Cash Flow, expected capital returns to shareholders, financial performance, prospective or future events and involve known and unknown risks that are difficult to predict. As a result, the Company's actual results, performance or achievements may differ materially from those expressed or implied by these forward-looking statements. In some cases, you can identify forward-looking statements by the use of words such as "may," "could," "expect," "intend," "plan," "seek," "anticipate," "believe," "estimate," "predict," "potential," "continue," "likely," "will," "would" and variations of these terms and similar expressions, or the negative of these terms or similar expressions. Such forward-looking statements are necessarily based upon estimates and assumptions that, while considered reasonable by the Company and the Company's management, are inherently uncertain. Factors that may cause actual results to differ materially from current expectations include, but are not limited to: general economic uncertainty in key global markets and a worsening of global economic conditions or low levels of economic growth; the rate and pace of economic recovery following economic downturns; global supply chain constraints and interruptions, rising costs of construction-related labor and materials, and increases in costs due to inflation or other factors that may not be fully offset by increases in revenues in our business; risks affecting the luxury, resort, and all-inclusive lodging segments; levels of spending in business, leisure, and group segments, as well as consumer confidence; declines in occupancy and average daily rate; limited visibility with respect to future bookings; loss of key personnel; domestic and international political and geopolitical conditions, including political or civil unrest or changes in trade policy; the impact of global tariff policies or regulations; economic sanctions or other government restrictions that may limit our ability to conduct business or receive payments; hostilities, or fear of hostilities, including the ongoing military conflict in the Middle East and security-related disruptions in Mexico, as well as terrorist attacks or other acts of violence, that affect travel; travel-related accidents; natural or man-made disasters, weather and climate-related events, such as hurricanes, earthquakes, tsunamis, tornadoes, droughts, floods, wildfires, oil spills, nuclear incidents, and global outbreaks of pandemics or contagious diseases, or fear of such outbreaks; the impact of government-issued travel advisories, airspace closures, or flight suspensions on international arrivals and hotel bookings in affected regions; our ability to successfully achieve specified levels of operating profits at hotels that have performance tests or guarantees in favor of our third-party owners; the impact of hotel renovations and redevelopments; risks associated with our capital allocation plans, share repurchase program, and dividend payments, including a reduction in, or elimination or suspension of, repurchase activity or dividend payments; the seasonal and cyclical nature of the real estate and hospitality businesses; changes in distribution arrangements, such as through internet travel intermediaries; changes in the tastes and preferences of our customers; relationships with colleagues and labor unions and changes in labor laws; the financial condition of, and our relationships with, third-party owners, franchisees, and hospitality venture partners; the possible inability of third-party owners, franchisees, or development partners to access the capital necessary to fund current operations or implement our plans for growth; risks associated with potential acquisitions and dispositions and our ability to successfully integrate completed acquisitions with existing operations or realize anticipated synergies; failure to successfully complete proposed transactions, including the failure to satisfy closing conditions or obtain required approvals; our ability to maintain effective internal control over financial reporting and disclosure controls and procedures; declines in the value of our real estate assets; unforeseen terminations of our management and hotel services agreements or franchise agreements; changes in federal, state, local, or foreign tax law; increases in interest rates, wages, and other operating costs; foreign exchange rate fluctuations or currency restructurings; risks associated with the introduction of new brand concepts, including lack of acceptance of new brands or innovation; general volatility of the capital markets and our ability to access such markets; changes in the competitive environment in our industry, industry consolidation, and the markets where we operate; our ability to successfully grow the World of Hyatt loyalty program and manage the Unlimited Vacation Club paid membership program; cyber incidents and information technology failures; outcomes of legal or administrative proceedings; and violations of regulations or laws related to our franchising business and licensing businesses and our international operations; and other risks discussed in the Company's filings with the SEC, including our annual reports on Form 10-K and quarterly reports on Form 10-Q, which filings are available from the SEC. All forward-looking statements attributable to the Company or persons acting on our behalf are expressly qualified in their entirety by the cautionary statements set forth above. We caution you not to place undue reliance on any forward-looking statements, which are made only as of the date of this press release. We do not undertake or assume any obligation to update publicly any of these forward-looking statements to reflect actual results, new information or future events, changes in assumptions or changes in other factors affecting forward-looking statements, except to the extent required by applicable law. If we update one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to those or other forward-looking statements.

Non-GAAP Financial Measures

The Company refers to certain financial measures that are not recognized under U.S. generally accepted accounting principles ("GAAP") in this press release, including: Adjusted Net Income; Adjusted Diluted EPS; Adjusted EBITDA; Adjusted G&A Expenses; Free Cash Flow; and Adjusted Free Cash Flow. See the schedules to this earnings release, including the "Definitions" section, for additional information and reconciliations of such non-GAAP financial measures.

Availability of Information on Hyatt's Website and Social Media Channels

Investors and others should note that Hyatt routinely announces material information to investors and the marketplace using U.S. Securities and Exchange Commission (SEC) filings, press releases, public conference calls, webcasts, and the Hyatt Investor Relations website. The Company uses these channels as well as social media channels (e.g., the Hyatt Facebook account (facebook.com/hyatt); the Hyatt Instagram account (instagram.com/hyatt); the Hyatt LinkedIn account (linkedin.com/company/hyatt); the Hyatt TikTok account (tiktok.com/@hyatt); the Hyatt X account (x.com/hyatt); and the Hyatt YouTube account (youtube.com/user/hyatt)) as a means of disclosing information about the Company's business to its guests, customers, colleagues, investors, and the public. While not all of the information that the Company posts to the Hyatt Investor Relations website or on the Company's social media channels is of a material nature, some information could be deemed to be material. Accordingly, the Company encourages investors, the media, and others interested in Hyatt to review the information that it shares at the Investor Relations link located at the bottom of the page on hyatt.com and on the Company's social media channels. Users may automatically receive email alerts and other information about the Company when enrolling an email address by visiting "Investor Email Alerts" in the "Resources" section of Hyatt's website at investors.hyatt.com. The contents of these websites are not incorporated by reference into this press release or any report or document Hyatt files with the SEC, and any references to the websites are intended to be inactive textual references only.

About Hyatt Hotels Corporation

Hyatt Hotels Corporation, headquartered in Chicago, is a leading global hospitality company guided by its purpose – to care for people so they can be their best. As of March 31, 2026, the Company's portfolio included more than 1,500 hotels and all-inclusive properties in 83 countries across six continents. The Company's offering includes brands in the Luxury Portfolio, including Park Hyatt®, Alila®, Miraval®, Impression by Secrets, and The Unbound Collection by Hyatt®; the Lifestyle Portfolio, including Andaz®, Thompson Hotels®, The Standard®, Dream® Hotels, The StandardX®, Breathless Resorts & Spas®, JdV by Hyatt®, Bunkhouse® Hotels, and Me and All Hotels; the Inclusive Collection, including Zoëtry® Wellness & Spa Resorts, Hyatt Ziva®, Hyatt Zilara®, Secrets® Resorts & Spas, Dreams® Resorts & Spas, Hyatt Vivid® Hotels & Resorts, Bahia Principe Hotels & Resorts, Alua Hotels & Resorts®, and Sunscape® Resorts & Spas; the Classics Portfolio, including Grand Hyatt®, Hyatt Regency®, Destination by Hyatt®, Hyatt Centric®, Hyatt Vacation Club®, and Hyatt®; and the Essentials Portfolio, including Caption by Hyatt®, Unscripted by Hyatt, Hyatt Place®, Hyatt House®, Hyatt Studios®, Hyatt Select, and UrCove. Subsidiaries of the Company operate the World of Hyatt® loyalty program, ALG Vacations®, Mr & Mrs Smith, Unlimited Vacation Club®, Amstar® DMC destination management services, and Trisept Solutions® technology services. For more information, please visit www.hyatt.com.

Hyatt Hotels Corporation

Table of Contents

Financial Information

(unaudited)


Schedule			Page
Condensed Consolidated Statements of Income			A - 1
Comparable System-wide Hotels Operating Statistics by Geography and Brand			A - 2
Properties and Rooms by Geography and Brand			A - 4
Reconciliations of Non-GAAP Financial Measures			A - 6
2025 Reconciliations of Non-GAAP Financial Measures			A - 9
Adjustments to Owned and Leased Segment from Sold Assets			A - 11
Outlook: Reconciliations of Non-GAAP Financial Measures			A - 12
Definitions			A - 13

Percentages on the following schedules may not recompute due to rounding. Not meaningful percentage changes are presented as "NM".

Hyatt Hotels Corporation

Condensed Consolidated Statements of Income

(unaudited)


(in millions, except per share amounts)	Three Months Ended March 31,
	2026		2025
REVENUES:
Base management fees	$	127	$	114
Incentive management fees	86		76
Franchise and other fees	120		117
Gross fees	333		307
Contra revenue	(23)		(20)
Net fees	310		287
Owned and leased	219		219
Distribution	274		315
Other revenues	—		11
Revenues for reimbursed costs	945		886
Total revenues	1,748		1,718

DIRECT AND GENERAL AND ADMINISTRATIVE EXPENSES:
General and administrative	130		126
Owned and leased	200		194
Distribution	245		266
Other direct costs	—		24
Transaction and integration costs	16		23
Depreciation and amortization	76		80
Reimbursed costs	963		902
Total direct and general and administrative expenses	1,630		1,615

Net gains (losses) and interest income from marketable securities held to fund rabbi trusts	(12)		(12)
Equity earnings (losses) from unconsolidated hospitality ventures	(13)		(12)
Interest expense	(65)		(66)

Asset impairments	(21)		(4)
Other income (loss), net	50		43
Income before income taxes	57		52

Provision for income taxes	(16)		(28)
Net income	$	41	$	24
Net income attributable to noncontrolling interests	$	3	$	4
Net income attributable to Hyatt Hotels Corporation	$	38	$	20

EARNINGS PER CLASS A AND CLASS B SHARE:
Net income attributable to Hyatt Hotels Corporation—Basic	$	0.41	$	0.20
Net income attributable to Hyatt Hotels Corporation—Diluted	$	0.40	$	0.19

Basic weighted-average shares outstanding	94.5		96.0
Diluted weighted-average shares outstanding	96.9		98.1

A - 1

Hyatt Hotels Corporation

Comparable System-wide Hotels Operating Statistics by Geography


	Three Months Ended March 31,
(in constant $)	RevPAR				Occupancy				ADR
	2026		vs. 2025		2026		vs. 2025		2026		vs. 2025
System-wide hotels (a)	$	143.04	5.4	%	67.7	%	1.5	% pts	$	211.39	3.2	%
United States	$	143.41	3.3	%	66.2	%	0.2	% pts	$	216.76	3.1	%
Americas (excluding U.S.)	$	206.48	6.4	%	69.7	%	2.5	% pts	$	296.36	2.6	%
Greater China	$	91.01	12.4	%	70.2	%	4.9	% pts	$	129.63	4.6	%
Asia Pacific (excluding Greater China)	$	172.21	11.3	%	76.1	%	3.8	% pts	$	226.35	5.8	%
Europe	$	152.87	7.5	%	62.1	%	3.0	% pts	$	246.07	2.2	%
Middle East & Africa	$	148.05	(3.9)	%	62.0	%	(5.3)	% pts	$	238.91	4.4	%

Owned and leased hotels (b)	$	204.91	4.5	%	68.3	%	1.0	% pts	$	300.24	3.0	%

(in reported $)	Net Package RevPAR				Occupancy				Net Package ADR
	2026		vs. 2025		2026		vs. 2025		2026		vs. 2025
System-wide all-inclusive resorts (c)	$	284.36	7.4	%	83.3	%	0.7	% pts	$	341.43	6.5	%
Americas (excluding U.S.)	$	308.32	7.5	%	84.0	%	1.3	% pts	$	367.15	5.9	%
Europe (d)	$	170.83	6.0	%	80.0	%	(2.0)	% pts	$	213.53	8.7	%

(a) Consists of hotels that the Company manages, franchises, owns, leases, or provides services to, excluding all-inclusive properties.

(b) Excludes unconsolidated hospitality ventures and all-inclusive leased properties.

(d) Certain resorts in Europe operate under a hybrid all-inclusive model, which includes various all-inclusive package options as well as rooms-only options.

A - 2

Hyatt Hotels Corporation

Comparable System-wide Hotels Operating Statistics by Brand


Chain scale classification as defined by Smith Travel Research	Three Months Ended March 31,
(in constant $)	RevPAR				Occupancy				ADR
	2026		vs. 2025		2026		vs. 2025		2026		vs. 2025
Composite Luxury (a)	$	218.15	8.5	%	70.1	%	2.5	% pts	$	311.17	4.6	%
Grand Hyatt	$	204.95	9.7	%	73.4	%	3.4	% pts	$	279.20	4.7	%
Park Hyatt	$	343.86	10.3	%	67.8	%	(0.1)	% pts	$	506.89	10.4	%
The Unbound Collection by Hyatt	$	161.66	10.4	%	60.9	%	5.3	% pts	$	265.42	0.7	%

Composite Upper Upscale (b)	$	137.57	4.2	%	65.9	%	0.8	% pts	$	208.61	2.8	%
Hyatt Centric	$	149.96	8.4	%	71.9	%	4.1	% pts	$	208.66	2.3	%
Hyatt Regency	$	135.68	3.7	%	65.0	%	0.3	% pts	$	208.60	3.2	%
JdV by Hyatt	$	103.86	5.2	%	62.1	%	3.0	% pts	$	167.25	0.2	%

Composite Upscale (c)	$	99.76	2.6	%	67.7	%	0.8	% pts	$	147.26	1.3	%
Hyatt House	$	115.33	3.0	%	70.1	%	0.5	% pts	$	164.59	2.3	%
Hyatt Place	$	94.76	2.2	%	67.1	%	0.9	% pts	$	141.32	1.0	%

Composite Upper Midscale (d)	$	41.29	13.2	%	72.9	%	7.6	% pts	$	56.65	1.5	%
UrCove	$	41.02	13.5	%	73.4	%	7.6	% pts	$	55.85	1.6	%

(in reported $)	Net Package RevPAR				Occupancy				Net Package ADR
	2026		vs. 2025		2026		vs. 2025		2026		vs. 2025
Composite All-inclusive (e)	$	284.36	7.4	%	83.3	%	0.7	% pts	$	341.43	6.5	%
Dreams Resorts & Spas	$	290.81	6.0	%	81.5	%	1.9	% pts	$	356.73	3.5	%
Secrets Resorts & Spas	$	427.07	6.1	%	81.5	%	(0.7)	% pts	$	523.95	7.0	%
Alua Hotels & Resorts	$	116.85	3.3	%	84.2	%	(4.0)	% pts	$	138.78	8.2	%

(a) Includes Alila, Andaz, Destination by Hyatt, Grand Hyatt, Miraval, Park Hyatt, The Unbound Collection by Hyatt, and Thompson Hotels.

(b) Includes Dream Hotels, Hyatt, Hyatt Centric, Hyatt Regency, and JdV by Hyatt.

(d) Includes Hyatt Select and UrCove.

(e) Includes Alua Hotels & Resorts, Breathless Resorts & Spas, Dreams Resorts & Spas, Hyatt Zilara, Hyatt Ziva, Impression by Secrets, Secrets Resorts & Spas, Sunscape Resorts & Spas, Zoëtry Wellness & Spa Resorts, Hyatt Vivid Hotels & Resorts, and Bahia Principe Hotels & Resorts. Certain resorts in Europe operate under a hybrid all-inclusive model, which includes various all-inclusive package options as well as rooms-only options.

A - 3

Hyatt Hotels Corporation

Properties and Rooms by Geography


	March 31, 2026
	Managed (a)		Franchised		Owned and Leased (b)		Total
	Properties	Rooms	Properties	Rooms	Properties	Rooms	Properties	Rooms
Geography:
United States	178	64,319	553	100,447	14	5,672	745	170,438
Americas (excluding U.S.)	39	10,271	50	7,848	4	1,197	93	19,316
Greater China	118	35,023	103	17,168	—	—	221	52,191
Asia Pacific (excluding Greater China)	146	34,866	13	4,029	—	—	159	38,895
Europe	54	12,177	69	12,100	4	1,059	127	25,336
Middle East & Africa	45	10,463	4	779	—	—	49	11,242
System-wide hotels (c)	580	167,119	792	142,371	22	7,928	1,394	317,418

Americas (excluding U.S.)	105	43,437	—	—	—	—	105	43,437
Europe (d)	43	13,143	—	—	6	1,262	49	14,405
System-wide all-inclusive resorts	148	56,580	—	—	6	1,262	154	57,842

System-wide (e)	728	223,699	792	142,371	28	9,190	1,548	375,260

Mr & Mrs Smith (f)							1,272	42,843
Hyatt Vacation Club							22	1,997
Residential							44	4,903

(a) Includes properties that the Company manages or provides services to.

(b) Figures do not include unconsolidated hospitality ventures.

(d) Certain resorts in Europe operate under a hybrid all-inclusive model, which includes various all-inclusive package options as well as rooms-only options.

(e) Figures do not include Hyatt Vacation Club, Mr & Mrs Smith, and certain residential units.

(f) Represents unaffiliated Mr & Mrs Smith properties available through hyatt.com, which are not reflected in the system-wide figures above. At March 31, 2026, the Mr & Mrs Smith platform included approximately 2,400 properties (or approximately 110,000 rooms) that pay commissions through the Company's distribution segment revenues.

A - 4

Hyatt Hotels Corporation

Properties and Rooms by Brand


	March 31, 2026
	Managed (a)		Franchised		Owned and Leased (b)		Total
Brands by Chain Scale:	Properties	Rooms	Properties	Rooms	Properties	Rooms	Properties	Rooms

Luxury (c)
Alila	18	2,129	—	—	—	—	18	2,129
Andaz	29	6,667	2	1,018	2	507	33	8,192
Destination by Hyatt	12	2,667	12	4,464	—	—	24	7,131
Grand Hyatt	61	31,755	4	1,491	2	904	67	34,150
Miraval	—	—	—	—	3	383	3	383
Park Hyatt	48	8,827	—	—	3	549	51	9,376
The Unbound Collection by Hyatt	18	3,099	35	6,174	—	—	53	9,273
Thompson Hotels	16	3,382	2	472	—	—	18	3,854

Upper Upscale (c)
Bunkhouse	9	454	—	—	—	—	9	454
Dream Hotels	4	809	1	178	—	—	5	987
Hyatt	7	1,206	6	969	1	1,298	14	3,473
Hyatt Centric	35	7,269	37	7,554	1	138	73	14,961
Hyatt Regency	175	73,425	64	23,294	6	3,355	245	100,074
JdV by Hyatt	14	2,267	38	6,053	—	—	52	8,320
The Standard	9	1,386	3	580	—	—	12	1,966
The StandardX	2	187	—	—	—	—	2	187

Upscale (c)
Caption by Hyatt	3	623	3	500	—	—	6	1,123
Hyatt House	24	3,365	123	17,254	—	—	147	20,619
Hyatt Place	89	15,204	366	52,149	4	794	459	68,147
Me and All Hotels	—	—	8	1,364	—	—	8	1,364
Unscripted by Hyatt	6	1,598	3	391	—	—	9	1,989

Upper Midscale (c)
Hyatt Select	—	—	2	203	—	—	2	203
Hyatt Studios	—	—	3	357	—	—	3	357
UrCove	—	—	76	10,599	—	—	76	10,599

All-inclusive
Breathless Resorts & Spas	6	2,311	—	—	—	—	6	2,311
Dreams Resorts & Spas	34	14,712	—	—	—	—	34	14,712
Hyatt Zilara	4	1,320	—	—	—	—	4	1,320
Hyatt Ziva	6	2,578	—	—	—	—	6	2,578
Impression by Secrets	2	323	—	—	—	—	2	323
Secrets Resorts & Spas	28	10,697	—	—	—	—	28	10,697
Zoëtry Wellness & Spa Resorts	7	546	—	—	—	—	7	546
Bahia Principe Hotels & Resorts	22	11,624	—	—	—	—	22	11,624
Hyatt Vivid Hotels & Resorts	2	924	—	—	—	—	2	924
Sunscape Resorts & Spas	7	3,497	—	—	—	—	7	3,497
Alua Hotels & Resorts	26	7,443	—	—	6	1,262	32	8,705

Other	5	1,405	4	7,307	—	—	9	8,712
System-wide	728	223,699	792	142,371	28	9,190	1,548	375,260

Property and rooms counts categorized by brand include properties in our system that are not yet operating under such brand, but are expected to rebrand to such brand at a future date.

(a) Includes properties that the Company manages or provides services to.

(b) Figures do not include unconsolidated hospitality ventures.

A - 5

Hyatt Hotels Corporation

Reconciliation of Non-GAAP Financial Measure: Reconciliation of Net Income Attributable to Hyatt Hotels Corporation to Adjusted EBITDA


(in millions)	Three Months Ended March 31,
	2026		2025
Net income attributable to Hyatt Hotels Corporation	$	38	$	20
Contra revenue	23		20
Revenues for reimbursed costs	(945)		(886)
Reimbursed costs	963		902
Stock-based compensation expense (a)	27		31
Transaction and integration costs	16		23
Depreciation and amortization	76		80
Equity (earnings) losses from unconsolidated hospitality ventures	13		12
Interest expense	65		66

Asset impairments	21		4
Other (income) loss, net	(50)		(43)
Provision for income taxes	16		28
Net income attributable to noncontrolling interests	3		4
Adjusted EBITDA (b)	$	266	$	261

(a) Includes amounts recognized in general and administrative expenses and distribution expenses; excludes amounts recognized in transaction and integration costs.

(b) During the three months ended March 31, 2026, the Company revised its definition of Adjusted EBITDA to no longer include its pro rata share of unconsolidated owned and leased hospitality ventures' Adjusted EBITDA and recast prior-period results to provide comparability. Refer to page A-13 for an explanation of how the Company utilizes Adjusted EBITDA, why the Company presents it, and material limitations on its usefulness.

The table below provides a breakdown for Adjusted EBITDA:


(in millions)	Three Months Ended March 31,
	2026		2025
Management and franchising	$	264	$	236
Owned and leased	10		15
Distribution	29		49
Overhead	(37)		(40)
Eliminations	—		1
Adjusted EBITDA (c)	$	266	$	261

(c) Results for the three months ended March 31, 2025 have been recast for comparability as a result of the Company's revised definition of Adjusted EBITDA.

A - 6

Hyatt Hotels Corporation

Reconciliation of Non-GAAP Financial Measure: G&A Expenses to Adjusted G&A Expenses

Results of operations as presented on the condensed consolidated statements of income include expenses recognized with respect to deferred compensation plans funded through rabbi trusts. Certain of these expenses are recognized in G&A expenses and are completely offset by the corresponding net gains (losses) and interest income from marketable securities held to fund rabbi trusts, thus having no impact to net income. G&A expenses also include expenses related to stock-based compensation. Below is a reconciliation of this measure excluding the impact of our rabbi trust investments and stock-based compensation expense.


(in millions)	Three Months Ended March 31,
	2026		2025
G&A expenses	$	130	$	126
Less: Rabbi trust impact	12		12
Less: Stock-based compensation expense	(25)		(29)
Adjusted G&A Expenses	$	117	$	109

A - 7

Hyatt Hotels Corporation

Reconciliation of Non-GAAP Financial Measures: Net Income Attributable to Hyatt Hotels Corporation and Diluted Earnings Per Class A and Class B Share to Adjusted Net Income Attributable to Hyatt Hotels Corporation and Adjusted Diluted Earnings Per Class A and Class B Share


(in millions, except per share amounts)	Three Months Ended March 31,
		2026		2025
Net income attributable to Hyatt Hotels Corporation		$	38	$	20
Diluted earnings per share		$	0.40	$	0.19
Special items:
Asset impairments		21		4
Transaction and integration costs		16		23
Fund deficits (a)		11		12
Utilization of Avendra and other proceeds (b)		5		5
Restructuring costs (c)		3		6


(Gains) losses, net on marketable securities (c)		—		(10)
Contingent consideration liabilities fair value adjustments (c)		(31)		(5)
Other		5		2
Special items - pre-tax		30		37
Income tax provision for special items		(7)		(11)
Total special items - after-tax		$	23	$	26
Special items impact per diluted share		$	0.23	$	0.27
Adjusted net income attributable to Hyatt Hotels Corporation		$	61	$	46
Adjusted diluted earnings per share		$	0.63	$	0.46

(a) Represents net deficits recognized that we intend to recover in future periods on certain funds due to the timing of revenue and expense recognition. During the three months ended March 31, 2026 (Q1 2026) and March 31, 2025 (Q1 2025), this fund activity was recognized in revenues for reimbursed costs ($222 million and $201 million, respectively), reimbursed costs ($236 million and $213 million, respectively), depreciation and amortization expenses ($4 million and $5 million, respectively), and other income (loss), net ($7 million and $5 million, respectively). These figures exclude revenues and expenses related to payroll at managed properties where we are the employer and other expenses, which were recognized in revenues for reimbursed costs and reimbursed costs on our condensed consolidated statements of income but are not considered part of our fund activity.

(b) During Q1 2026 and Q1 2025, we recognized expenses related to the partial utilization of the Avendra LLC sale proceeds for the benefit of our hotels in reimbursed costs ($4 million and $4 million, respectively) and depreciation and amortization expenses ($1 million and $1 million, respectively) on our condensed consolidated statements of income. The gain recognized in conjunction with the sale of Avendra LLC was included as a special item during the year ended December 31, 2017.

A - 8

Hyatt Hotels Corporation

2025 Reconciliation of Non-GAAP Financial Measure: Reconciliation of Net Income (Loss) Attributable to Hyatt Hotels Corporation to Adjusted EBITDA; and 2025 Adjusted EBITDA As Reported to 2025 Adjusted EBITDA Baseline After Adjusting for Asset Sales


(in millions)	Fiscal Year 2025
	First Quarter		Second Quarter		Third Quarter		Fourth Quarter		Full Year
Net income (loss) attributable to Hyatt Hotels Corporation	$	20	$	(3)	$	(49)	$	(20)	$	(52)
Contra revenue	20		15		34		17		86
Revenues for reimbursed costs	(886)		(945)		(903)		(895)		(3,629)
Reimbursed costs	902		949		905		926		3,682
Stock-based compensation expense (a)	31		14		14		9		68
Transaction and integration costs	23		82		25		43		173
Depreciation and amortization	80		82		83		80		325
Equity (earnings) losses from unconsolidated hospitality ventures	12		(6)		34		6		46
Interest expense	66		74		90		87		317
(Gains) losses on sales of real estate and other	—		2		—		13		15
Asset impairments	4		10		9		17		40
Other (income) loss, net	(43)		(29)		4		(33)		(101)
Provision for income taxes	28		42		33		27		130
Net income (loss) attributable to noncontrolling interests	4		(1)		(1)		1		3
Adjusted EBITDA As Recast (b)	$	261	$	286	$	278	$	278	$	1,103

(a) Includes amounts recognized in general and administrative expenses, owned and leased expenses, and distribution expenses; excludes amounts recognized in transaction and integration costs.
(b) During the three months ended March 31, 2026, the Company revised its definition of Adjusted EBITDA to no longer include its pro rata share of unconsolidated owned and leased hospitality ventures' Adjusted EBITDA and recast prior-period results to provide comparability. Refer to page A-13 for an explanation of how the Company utilizes Adjusted EBITDA, why the Company presents it, and material limitations on its usefulness.


(in millions)	Fiscal Year 2025
	First Quarter		Second Quarter		Third Quarter		Fourth Quarter		Full Year
2025 Adjusted EBITDA As Reported (c)	$	273	$	303	$	291	$	292	$	1,159
Less: Pro rata share of unconsolidated owned and leased hospitality ventures' Adjusted EBITDA	(12)		(17)		(13)		(14)		(56)
2025 Adjusted EBITDA As Recast (d)	$	261	$	286	$	278	$	278	$	1,103


Adjustment to owned and leased segment Adjusted EBITDA from sold assets (e)	(2)		—		(3)		—		(5)
Adjustment to owned and leased segment Adjusted EBITDA from sold Playa assets (f)	—		(14)		(27)		(32)		(73)
Total adjustment to owned and leased segment Adjusted EBITDA from sold assets	(2)		(14)		(30)		(32)		(78)

2025 Adjusted EBITDA Baseline	$	259	$	272	$	248	$	246	$	1,025

(d) During the three months ended March 31, 2026, the Company revised its definition of Adjusted EBITDA to no longer include its pro rata share of unconsolidated owned and leased hospitality ventures' Adjusted EBITDA and recast prior-period results to provide comparability. Refer to page A-13 for an explanation of how the Company utilizes Adjusted EBITDA, why the Company presents it, and material limitations on its usefulness.

(e) Represents the owned and leased segment Adjusted EBITDA contribution in each period for hotels that have been sold as of March 31, 2026 and for which the company entered into long-term management or franchise agreements upon sale; excludes gross fee revenues retained following the sale. Refer to page A-11 for further details.

(f) Represents the owned and leased segment Adjusted EBITDA contribution in each period for hotels acquired as part of the Playa Hotels Acquisition that were sold as part of the Playa Real Estate Transaction; excludes gross fee revenues retained following the sale. Refer to page A-11 for further details.

A - 9

Hyatt Hotels Corporation

2025 Reconciliation of Non-GAAP Financial Measures: G&A Expenses to Adjusted G&A Expenses and Net Cash Provided by Operating Activities to Free Cash Flow and Adjusted Free Cash Flow

Results of operations as presented on the consolidated statements of income (loss) include expenses recognized with respect to deferred compensation plans funded through rabbi trusts. Certain of these expenses are recognized in G&A expenses and are completely offset by the corresponding net gains (losses) and interest income from marketable securities held to fund rabbi trusts, thus having no impact to net income (loss). G&A expenses also include expenses related to stock-based compensation. Below is a reconciliation of this measure excluding the impact of our rabbi trust investments and stock-based compensation expense.


(in millions)	Year Ended December 31,
	2025
G&A expenses	$	555
Less: Rabbi trust impact	(48)
Less: Stock-based compensation expense	(62)
Adjusted G&A Expenses	$	445


(in millions)	Year Ended December 31,
	2025
Net cash provided by operating activities	$	379
Capital expenditures	(220)
Free Cash Flow	$	159
Cash taxes on asset sales	117
Costs associated with the Playa Hotels Acquisition (a)	198
Adjusted Free Cash Flow	$	474

(a) Includes cash paid for transaction and integration costs, interest on the delayed draw term loan facility, and other costs associated with the acquisition.

A - 10

Hyatt Hotels Corporation

Adjustments to Owned and Leased Segment from Sold Assets

The schedule below represents the following sold assets: Alua Atlántico Golf Resort (Q4 2025), Alua Tenerife (Q4 2025), and AluaSoul Orotava Valley (Q4 2025).


(in millions)	Fiscal Year 2026
	First Quarter		Second Quarter		Third Quarter		Fourth Quarter		Year to Date
Total adjustment to segment revenues from sold assets (a)	$	—							$	—

Total adjustment to segment Adjusted EBITDA from sold assets (b)	$	—							$	—

	Fiscal Year 2025
	First Quarter		Second Quarter		Third Quarter		Fourth Quarter		Full Year
Total adjustment to segment revenues from sold assets (a)	$	(12)	$	(10)	$	(14)	$	(11)	$	(47)

Total adjustment to segment Adjusted EBITDA from sold assets (b) (c)	$	(2)	$	—	$	(3)	$	—	$	(5)

(a) Represents the owned and leased segment revenues contribution in each period for hotels that have been sold as of March 31, 2026 and for which the Company entered into long-term management or franchise agreements upon sale.

(b) Represents the owned and leased segment Adjusted EBITDA contribution in each period for hotels that have been sold as of March 31, 2026 and for which the Company entered into long-term management or franchise agreements upon sale; excludes gross fee revenues retained following the sale.

(c) Includes certain tax expenses during the Company's period of ownership of Hyatt Regency O'Hare Chicago, which was sold in Q4 2024.

The schedule below represents the sold assets that were acquired as part of the Playa Hotels Acquisition for their period of ownership in 2025.


(in millions)	Fiscal Year 2025
	First Quarter		Second Quarter		Third Quarter		Fourth Quarter		Full Year
Total adjustment to segment revenues from sold Playa assets (a)	$	—	$	(47)	$	(159)	$	(157)	$	(363)

Total adjustment to segment Adjusted EBITDA from sold Playa assets (a)	$	—	$	(14)	$	(27)	$	(32)	$	(73)

(a) Represents the owned and leased segment revenues and Adjusted EBITDA contribution in each period for hotels acquired as part of the Playa Hotels Acquisition that were sold as part of the Playa Real Estate Transaction; excludes gross fee revenues retained following the sale.

A - 11

Hyatt Hotels Corporation

Reconciliation of Non-GAAP Financial Measures: Outlook: Net Income Attributable to Hyatt Hotels Corporation to Adjusted EBITDA; G&A Expenses to Adjusted G&A Expenses; and Net Cash Provided by Operating Activities to Free Cash Flow and Adjusted Free Cash Flow

No additional disposition or acquisition activity beyond what has been completed as of the date of this release has been included in the 2026 outlook. The Company's 2026 outlook is based on a number of assumptions that are subject to change and many of which are outside the control of the Company. If actual results vary from these assumptions, the Company's expectations may change. There can be no assurance that the Company will achieve these results. Results of operations as presented on the condensed consolidated statements of income include expenses recognized with respect to deferred compensation plans funded through rabbi trusts. Certain of these expenses are recognized in G&A expenses and are completely offset by the corresponding net gains (losses) and interest income from marketable securities held to fund rabbi trusts, thus having no impact to net income. G&A expenses also include expenses related to stock-based compensation. Below is a reconciliation of this forecasted measure excluding the impact of our rabbi trust investments and forecasted stock-based compensation expense.


(in millions)	Year Ending December 31, 2026 Outlook Range
	Low Case		High Case
Net income attributable to Hyatt Hotels Corporation	$	255	$	350
Contra revenue	74		74
Reimbursed costs, net (a)	110		70
Stock-based compensation expense (b)	65		65
Transaction and integration costs	50		40
Depreciation and amortization	310		310
Equity (earnings) losses from unconsolidated hospitality ventures	5		5
Interest expense	260		260

Asset impairments	21		21
Other (income) loss, net	(125)		(145)
Provision for income taxes	130		150
Net income attributable to noncontrolling interests	—		5
Adjusted EBITDA	$	1,155	$	1,205
(a) Reimbursed costs are presented net of revenues for reimbursed costs as the Company cannot forecast the gross amounts without unreasonable effort.
(b) Includes amounts recognized in general and administrative expenses and distribution expenses; excludes amounts recognized in transaction and integration costs.

	Low Case		High Case
G&A expenses	$	490	$	500
Less: Rabbi trust impact	12		12
Less: Stock-based compensation expense	(62)		(62)
Adjusted G&A Expenses	$	440	$	450

	Low Case		High Case
Net cash provided by operating activities	$	628	$	678
Capital expenditures	(135)		(135)
Free Cash Flow	$	493	$	543
Cash taxes on asset sales	4		4
Costs associated with the Playa Hotels Acquisition (c)	83		83
Adjusted Free Cash Flow	$	580	$	630
(c) Includes taxes and other costs related to the Playa Hotels Acquisition.

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Definitions

Adjusted Earnings Before Interest Expense, Taxes, Depreciation, and Amortization ("Adjusted EBITDA")

We use the term Adjusted EBITDA throughout this earnings release. Adjusted EBITDA, as we define it, is a non-GAAP measure. We define Adjusted EBITDA as net income (loss) attributable to Hyatt Hotels Corporation plus net income (loss) attributable to noncontrolling interests, adjusted to exclude the following items:

•payments to customers ("contra revenue"), including performance cure payments and amortization of management and hotel services agreement and franchise agreement assets ("key money assets");

•revenues for reimbursed costs;

•reimbursed costs that we intend to recover over the long term;

•stock-based compensation expense;

•transaction and integration costs;

•depreciation and amortization;

•equity earnings (losses) from unconsolidated hospitality ventures;

•interest expense;

•gains (losses) on sales of real estate and other;

•asset impairments;

•other income (loss), net; and

•benefit (provision) for income taxes.

We calculate consolidated Adjusted EBITDA by adding the Adjusted EBITDA of each of our reportable segments and eliminations to unallocated overhead expenses.

Our board of directors and executive management team focus on Adjusted EBITDA as one of the key performance and compensation measures both on a segment and on a consolidated basis. Adjusted EBITDA assists us in comparing our performance over various reporting periods on a consistent basis because it removes from our operating results the impact of items that do not reflect our core operations both on a segment and on a consolidated basis. Our Chairman, President and Chief Executive Officer, who is our chief operating decision maker, also evaluates the performance of each of our reportable segments and determines how to allocate resources to those segments, in part, by assessing the Adjusted EBITDA of each segment. In addition, the talent and compensation committee of our board of directors determines the annual variable compensation and long-term incentive compensation for certain members of our management based in part on financial measures including and/or derived from consolidated Adjusted EBITDA, segment Adjusted EBITDA, or some combination of both.

We believe Adjusted EBITDA is useful to investors because it provides investors with the same information that we use internally for purposes of assessing our operating performance and making compensation decisions and facilitates our comparison of results with our prior-period and forecasted results as well as our industry and competitors.

Adjusted EBITDA excludes certain items that can vary widely across different industries and among companies within the same industry, including interest expense and benefit or provision for income taxes, which are dependent on company specifics, including capital structure, credit ratings, tax policies, and jurisdictions in which they operate; depreciation and amortization, which are dependent on company policies including how the assets are utilized as well as the lives assigned to the assets; contra revenue, which is dependent on company policies and strategic decisions regarding payments to hotel owners; and stock-based compensation expense, which varies among companies as a result of different compensation plans companies have adopted.

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We exclude revenues for reimbursed costs and reimbursed costs which relate to the reimbursement of payroll costs and system-wide services and programs that we operate for the benefit of our hotel owners as contractually we do not provide services or operate the related programs to generate a profit or bear a loss over the long term. If we collect amounts in excess of amounts spent, we have a commitment to our hotel owners to spend these amounts on the related system-wide services and programs. Additionally, if we spend in excess of amounts collected, we have a contractual right to adjust future collections or expenditures to recover prior-period costs. These timing differences are due to our discretion to spend in excess of revenues earned or less than revenues earned in a single period to ensure that the system-wide services and programs are operated in the best long-term interests of our hotel owners. Over the long term, these programs and services are not designed to impact our economics, either positively or negatively, and instead are designed to result in a cumulative break-even balance. Therefore, we exclude the net impact when evaluating period-over-period changes in our operating results. Adjusted EBITDA includes reimbursed costs related to system-wide services and programs that we do not intend to recover from hotel owners.

Finally, we exclude other items that are not core to our operations and may vary in frequency or magnitude, such as transaction and integration costs, asset impairments, unrealized and realized gains and losses on marketable securities, and gains and losses on sales of real estate and other.

Adjusted EBITDA is not a substitute for net income (loss) attributable to Hyatt Hotels Corporation, net income (loss), or any other measure prescribed by GAAP. There are limitations to using non-GAAP measures such as Adjusted EBITDA. Although we believe that Adjusted EBITDA can make an evaluation of our operating performance more consistent because it removes items that do not reflect our core operations, other companies in our industry may define Adjusted EBITDA differently than we do. As a result, it may be difficult to use Adjusted EBITDA or similarly named non-GAAP measures that other companies may use to compare the performance of those companies to our performance. Because of these limitations, Adjusted EBITDA should not be considered as a measure of the income or loss generated by our business. Our management compensates for these limitations by referencing our GAAP results and using Adjusted EBITDA supplementally.

Adjusted General and Administrative ("G&A") Expenses

Adjusted general and administrative expenses, as we define it, is a non-GAAP measure. Adjusted general and administrative expenses excludes the impact of deferred compensation plans funded through rabbi trusts and stock-based compensation expense. Adjusted general and administrative expenses assists us in comparing our performance over various reporting periods on a consistent basis because it removes from our operating results the impact of items that do not reflect our core operations, both on a segment and consolidated basis.

Adjusted Net Income (Loss) and Adjusted Diluted Earnings (Losses) Per Class A and Class B Share ("EPS")

Adjusted Net Income (Loss) and Adjusted Diluted EPS, as we define them, are non-GAAP measures. We define Adjusted Net Income (Loss) as net income (loss) attributable to Hyatt Hotels Corporation excluding special items, which are those items deemed not to be reflective of ongoing operations. We define Adjusted Diluted EPS as Adjusted Net Income (Loss) per diluted share. We consider Adjusted Net Income (Loss) and Adjusted Diluted EPS to be an indicator of operating performance because excluding special items allows for period-over-period comparisons of our ongoing operations.

Adjusted Net Income (Loss) and Adjusted Diluted EPS are not a substitute for Net Income (Loss) attributable to Hyatt Hotels Corporation, net income (loss), diluted earnings (losses) per share (EPS), or any other measure prescribed by GAAP. There are limitations to using non-GAAP measures such as Adjusted Net Income (Loss) and Adjusted Diluted EPS. Although we believe that Adjusted Net Income (Loss) and Adjusted Diluted EPS can make an evaluation of our operating performance more consistent because they remove special items that are deemed not to be reflective of ongoing operations, other companies in our industry may define Adjusted Net Income (Loss) and Adjusted Diluted EPS differently than we do. As a result, it may be difficult to use Adjusted Net Income (Loss) or Adjusted Diluted EPS or similarly named non-GAAP measures that other companies may use to compare the performance of those companies to our performance. Because of these limitations, Adjusted Net Income (Loss) and Adjusted Diluted EPS should not be considered as measures of the income (loss) and earnings (losses) per share generated by our business. Our management compensates for these limitations by reference to its GAAP results and using Adjusted Net Income (Loss) and Adjusted Diluted EPS supplementally.

Average Daily Rate ("ADR")

ADR represents hotel room revenues divided by the total number of rooms sold in a given period. ADR measures the average room price attained by a property, and ADR trends provide useful information concerning the pricing environment and the nature of the customer base of a property or group of properties. ADR is a commonly used performance measure in our industry, and we use ADR to assess the pricing levels that we are able to generate by customer group, as changes in rates have a different effect on overall revenues and incremental profitability than changes in occupancy, as described below.

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Comparable system-wide and Comparable owned and leased

"Comparable system-wide" represents all properties we manage, franchise, or provide services to, including owned and leased properties, that are operated for the entirety of the periods being compared and have not experienced business interruption or undergone large-scale capital projects during the periods being compared. Comparable system-wide also excludes properties for which comparable results are not available. We may use variations of comparable system-wide to specifically refer to comparable system-wide hotels or our all-inclusive resorts, for those properties that we manage, franchise, or provide services to within our management and franchising segment. "Comparable owned and leased" represents owned or leased hotels and/or all-inclusive resorts that are operated and consolidated for the entirety of the periods being compared and have not experienced business interruption or undergone large-scale capital projects during the periods being compared. Comparable owned and leased also excludes properties for which comparable results are not available. Comparable system-wide and comparable owned and leased are commonly used as a basis of measurement in our industry. "Non-comparable system-wide" or "non-comparable owned and leased" represent all properties, including those that do not meet the above definition of "comparable."

Constant Dollar Currency

We report the results of our operations both on an as reported basis, as well as on a constant dollar basis. Constant Dollar Currency, which is a non-GAAP measure, excludes the effects of movements in foreign currency exchange rates between comparative periods. We believe constant dollar analysis provides valuable information regarding our results as it removes currency fluctuations from our operating results. We calculate Constant Dollar Currency by restating prior-period local currency financial results at current-period exchange rates. These restated amounts are then compared to our current-period reported amounts to provide operationally driven variances in our results.

Free Cash Flow and Adjusted Free Cash Flow

Free Cash Flow represents net cash provided by operating activities less capital expenditures. Adjusted Free Cash Flow represents Free Cash Flow less estimated cash taxes on asset sales and costs associated with the Playa Hotels Acquisition. We believe Free Cash Flow and Adjusted Free Cash Flow to be useful liquidity measures to us and investors to evaluate the ability of our operations to generate cash for uses other than capital expenditures, cash taxes on asset sales, and costs associated with the Playa Hotels Acquisition and, after debt service and other obligations, our ability to grow our business through acquisitions and investments, as well as our ability to return cash to shareholders through dividends and share repurchases. Free Cash Flow and Adjusted Free Cash Flow are not necessarily representative of how we will use excess cash. Free Cash Flow and Adjusted Free Cash Flow are not substitutes for net cash provided by operating activities or any other measure prescribed by GAAP. There are limitations to using non-GAAP measures such as Free Cash Flow and Adjusted Free Cash Flow, and management compensates for these limitations by referencing our GAAP results and using Free Cash Flow and Adjusted Free Cash Flow supplementally.

Net Package ADR

Net Package ADR represents net package revenues divided by the total number of rooms sold in a given period. Net package revenues generally include revenue derived from the sale of packages at all-inclusive resorts comprised of rooms, food and beverage, and entertainment revenues, net of compulsory tips paid to employees. Net Package ADR measures the average room price attained by a property, and Net Package ADR trends provide useful information concerning the pricing environment and the nature of the customer base of a property or group of properties. Net Package ADR is a commonly used performance measure in our industry, and we use Net Package ADR to assess the pricing levels that we are able to generate by customer group, as changes in rates have a different effect on overall revenues and incremental profitability than changes in occupancy, as described below.

Net Package Revenue Per Available Room ("RevPAR")

Net Package RevPAR is the product of the Net Package ADR and the average daily occupancy percentage. Net Package RevPAR generally includes revenue derived from the sale of packages comprised of rooms, food and beverage, and entertainment revenues, net of compulsory tips paid to employees. Our management uses Net Package RevPAR to identify trend information with respect to room revenues from comparable properties and to evaluate property performance on a geographical and segment basis. Net Package RevPAR is a commonly used performance measure in our industry.

Net Package RevPAR changes that are driven predominantly by changes in occupancy have different implications for overall revenue levels and incremental profitability than do changes that are driven predominantly by changes in average room rates. For example, increases in occupancy at a property would lead to increases in net package revenues and additional variable operating costs, including housekeeping services, utilities, and room amenity costs. In contrast, changes in average room rates typically have a greater impact on margins and profitability as average room rate changes result in minimal direct impacts to variable operating costs.

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Non-RevPAR Fees

Non-RevPAR Fees represent fee revenues that are not derived from hotel operating performance. Non-RevPAR Fees include license fees received primarily in connection with the licensing of the Hyatt brand names through our co-branded credit card programs, and residential and vacation units; management and royalty fees related to the management and licensing of certain of our brands to the Unlimited Vacation Club business; fees related to hotel services provided to certain all-inclusive resorts within Latin America and the Caribbean; initial application fees from franchisees; design services fees from third-party owners and franchisees; and termination fees. We use Non-RevPAR Fees to assess fee streams that are not directly correlated with hotel-level operating results.

Occupancy

Occupancy represents the total number of rooms sold divided by the total number of rooms available at a property or group of properties. Occupancy measures the utilization of a property's available capacity. We use occupancy to gauge demand at a specific property or group of properties in a given period. Occupancy levels also help us determine achievable ADR levels as demand for property rooms increases or decreases.

Playa Hotels Acquisition

On June 17, 2025, the Company completed the acquisition of Playa Hotels & Resorts N.V. ("Playa Hotels" or "Playa"), a leading owner, operator, and developer of all-inclusive resorts in Mexico, the Dominican Republic, and Jamaica, for a purchase price of $13.50 per share, or an enterprise value of approximately $2.6 billion, including approximately $900 million of debt, net of cash acquired.

Playa Real Estate Transaction

On December 30, 2025, affiliates of the Company closed on the sale of the real estate portfolio previously acquired from Playa for approximately $2 billion to Tortuga Resorts ("Tortuga"), As previously disclosed, the Company sold one of these properties to a separate third-party buyer on September 18, 2025 for $22 million. Between the completion of the earlier sale and the Tortuga transaction, Hyatt has sold the entire Playa real estate portfolio for a total of $2 billion. Hyatt and Tortuga entered into 50-year management agreements for 13 of 14 properties in the portfolio, with terms consistent with Hyatt's existing all-inclusive fee structure. The remaining property is subject to a separate contractual arrangement.

RevPAR

RevPAR is the product of the ADR and the average daily occupancy percentage. RevPAR does not include non-room revenues, which consist of ancillary revenues generated by a property, such as food and beverage, parking, and other guest service revenues. Our management uses RevPAR to identify trend information with respect to room revenues from comparable properties and to evaluate property performance on a geographical and segment basis. RevPAR is a commonly used performance measure in our industry.

RevPAR changes that are driven predominantly by changes in occupancy have different implications for overall revenue levels and incremental profitability than do changes that are driven predominantly by changes in average room rates. For example, increases in occupancy at a property would lead to increases in room revenues and additional variable operating costs, including housekeeping services, utilities, and room amenity costs, and could also result in increased ancillary revenues, including food and beverage. In contrast, changes in average room rates typically have a greater impact on margins and profitability as average room rate changes result in minimal direct impacts to variable operating costs.

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Investor PresentationHyatt FIRST QUARTER 2026 Exhibit 99.2

Disclaimers 2 Forward-Looking Statements Forward-Looking Statements in this presentation, which are not historical facts, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include statements about the Company's plans, strategies, outlook, the number of properties we expect to open in the future, the expected timing and payment of dividends, the Company's 2026 outlook, including the Company's expected System-wide Hotels RevPAR Growth, Net Rooms Growth, Net Income, Gross Fees, Adjusted G&A Expenses, Adjusted EBITDA, Capital Expenditures, and Adjusted Free Cash Flow, expected capital returns to shareholders, financial performance, prospective or future events and involve known and unknown risks that are difficult to predict. As a result, the Company's actual results, performance or achievements may differ materially from those expressed or implied by these forward-looking statements. In some cases, you can identify forward-looking statements by the use of words such as "may," "could," "expect," "intend," "plan," "seek," "anticipate," "believe," "estimate," "predict," "potential," "continue," "likely," "will," "would" and variations of these terms and similar expressions, or the negative of these terms or similar expressions. Such forward-looking statements are necessarily based upon estimates and assumptions that, while considered reasonable by the Company and the Company's management, are inherently uncertain. Factors that may cause actual results to differ materially from current expectations include, but are not limited to: general economic uncertainty in key global markets and a worsening of global economic conditions or low levels of economic growth; the rate and pace of economic recovery following economic downturns; global supply chain constraints and interruptions, rising costs of construction-related labor and materials, and increases in costs due to inflation or other factors that may not be fully offset by increases in revenues in our business; risks affecting the luxury, resort, and all-inclusive lodging segments; levels of spending in business, leisure, and group segments, as well as consumer confidence; declines in occupancy and average daily rate; limited visibility with respect to future bookings; loss of key personnel; domestic and international political and geopolitical conditions, including political or civil unrest or changes in trade policy; the impact of global tariff policies or regulations; economic sanctions or other government restrictions that may limit our ability to conduct business or receive payments; hostilities, or fear of hostilities, including the ongoing military conflict in the Middle East and security-related disruptions in Mexico, as well as terrorist attacks or other acts of violence, that affect travel; travel-related accidents; natural or man-made disasters, weather and climate-related events, such as hurricanes, earthquakes, tsunamis, tornadoes, droughts, floods, wildfires, oil spills, nuclear incidents, and global outbreaks of pandemics or contagious diseases, or fear of such outbreaks; the impact of government-issued travel advisories, airspace closures, or flight suspensions on international arrivals and hotel bookings in affected regions; our ability to successfully achieve specified levels of operating profits at hotels that have performance tests or guarantees in favor of our third-party owners; the impact of hotel renovations and redevelopments; risks associated with our capital allocation plans, share repurchase program, and dividend payments, including a reduction in, or elimination or suspension of, repurchase activity or dividend payments; the seasonal and cyclical nature of the real estate and hospitality businesses; changes in distribution arrangements, such as through internet travel intermediaries; changes in the tastes and preferences of our customers; relationships with colleagues and labor unions and changes in labor laws; the financial condition of, and our relationships with, third-party owners, franchisees, and hospitality venture partners; the possible inability of third-party owners, franchisees, or development partners to access the capital necessary to fund current operations or implement our plans for growth; risks associated with potential acquisitions and dispositions and our ability to successfully integrate completed acquisitions with existing operations or realize anticipated synergies; failure to successfully complete proposed transactions, including the failure to satisfy closing conditions or obtain required approvals; our ability to maintain effective internal control over financial reporting and disclosure controls and procedures; declines in the value of our real estate assets; unforeseen terminations of our management and hotel services agreements or franchise agreements; changes in federal, state, local, or foreign tax law; increases in interest rates, wages, and other operating costs; foreign exchange rate fluctuations or currency restructurings; risks associated with the introduction of new brand concepts, including lack of acceptance of new brands or innovation; general volatility of the capital markets and our ability to access such markets; changes in the competitive environment in our industry, industry consolidation, and the markets where we operate; our ability to successfully grow the World of Hyatt loyalty program and manage the Unlimited Vacation Club paid membership program; cyber incidents and information technology failures; outcomes of legal or administrative proceedings; and violations of regulations or laws related to our franchising business and licensing businesses and our international operations; and other risks discussed in the Company's filings with the SEC, including our annual reports on Form 10-K and quarterly reports on Form 10-Q, which filings are available from the SEC. All forward-looking statements attributable to the Company or persons acting on our behalf are expressly qualified in their entirety by the cautionary statements set forth above. We caution you not to place undue reliance on any forward-looking statements, which are made only as of the date of this presentation. We do not undertake or assume any obligation to update publicly any of these forward-looking statements to reflect actual results, new information or future events, changes in assumptions or changes in other factors affecting forward-looking statements, except to the extent required by applicable law. If we update one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to those or other forward-looking statements. Non-GAAP Financial Measures This presentation includes references to certain financial measures, each identified with the symbol "†", that are not calculated or presented in accordance with generally accepted accounting principles in the United States ("GAAP"). These non-GAAP financial measures have important limitations and should not be considered in isolation or as a substitute for measures of the Company's financial performance prepared in accordance with GAAP. In addition, these non-GAAP financial measures, as presented, may not be comparable to similarly titled measures of other companies due to varying methods of calculations. During the first quarter of 2026, the Company revised its definition of Adjusted EBITDA to no longer include its pro rata share of unconsolidated owned and leased hospitality ventures' Adjusted EBITDA and recast prior-period results to provide comparability. Key Business Metrics This presentation includes references to certain key business metrics used by the Company, each identified with the symbol "◊". References Numerical tickmarks noted throughout this presentation correspond to the slide and tickmark numbers included in the Appendix beginning on slide 21 and the references and general disclaimers referenced therein should be read in conjunction with information presented on each slide.

3 83 Countr ies Around the World and 6 Cont inents 375,260 Rooms 36 Global Brands1 1,548 Hotels and Al l - Inclusive Propert ies ~151,000 Rooms in Pipel ine A Company Record P A R K H Y A T T L O N D O N R I V E R T H A M E S Footnotes: Figures as of March 31, 2026. 1 Global brands inclusive of March 31, 2026 brand bar, displayed on slide 6. 2 Source: Smith Travel Research Global Census as of March 31, 2026. Luxury branded rooms as defined by Smith Travel Research chain scale classification. #1 World 's Largest Port fo l io of Luxury Branded Rooms in Resort Locat ions 2 GLOBAL HOSPITALITY COMPANY FOCUSED ON SERVING THE HIGH-END TRAVELER Source Notes: Slide Updated Quarterly Countries, Rooms, Hotel count, and Pipeline linked to ER Body and Consolidations workbook. Manually update Global brands based on Brand Bar and Ranking of Luxury branded rooms in Resort Locations. -Luxury branded rooms in Resort Locations based on STR census as of March 31, 2026 Colleagues as of December 31, 2025: 242,000

S E C R E T S H U A T U L C O R E S O R T & S P A Footnotes: 4 • Purpose driven company: We Care For People So They Can Be Their Best • Global portfolio of premium brands • World of Hyatt’s differentiated membership benefits drive loyalty • Significant white space enables long-term organic growth • Asset-light business model designed to drive compounding Free Cash Flow† growth HYATT KEY INVESTMENT CONSIDERATIONS

Fortune World’s Most Admired Companies 2026 Fortune 100 Best Companies To Work For 2026 Glassdoor Best Places To Work 2025 TIME World’s Best Companies of 2025 People 100 Companies That Care List 2025 AWARD-WINNING HOSPITALITY UNDERPINNED BY PURPOSE 5

BRAND PORTFOLIOS 1 DEMONSTRATE FOCUS & DIFFERENTIATION L u x u r y L i f e s t y l e I n c l u s i v e C l a s s i c s E s s e n t i a l s 6 Footnotes: 1 Brand portfolio as of March 31, 2026.

Source Notes: Updated semi-annually based on filings for IHG, MAR, and HLT At June 30: – H: ~36K members per hotel – HLT: ~25K members per hotel – MAR: ~23K members per hotel – IHG: ~20K members per hotel At Sept 30: – H: ~37.4K members per hotel (51M members/ 326,845) – HLT: ~26.0K members per hotel – MAR: ~24.4K members per hotel – IHG: ~20.7K members per hotel H 37.4K vs HLT 26.0K = 43.8% At Dec 31: – H: ~41.2k – HLT: ~26.5k – MAR: ~27.6k – IHG: ~23.0k H 41.2K vs HLT 26.5K = 55.4% World of Hyatt Membership: – YE 2023: 43.8M – YE 2024: 53.5M (YoY Growth 22.1%) – YE 2025: 63.5M WORLD OF HYATT: REDEFINING LOYALTY Award-Winning Recognition ~66M World of Hyatt Members High-Quality Scale 55% More Members per Hotel vs. Closest Competitor1 18% Membership Growth Since 2025 2026 Best Hotel Elite Status 2026 Best Hotel Rewards Program T H E S T A N D A R D M A L D I V E S THEPOINTSGUY AWARDS 2026 Footnotes: Figures as of March 31, 2026 unless otherwise noted. Growth rates represent year-over-year comparisons from periods ending March 31, 2025 and March 31, 2026. 1 Members per hotel figures calculated based on public filings as of December 31, 2025. 7

Global Markets Global Market Coverage Hotels per Market As de f ined by Smi th T rave l Research marke ts Hya t t has s ign i f i can t oppor tun i t y to expand in to marke ts where i t cu r ren t l y has no b rand p resence Char t be low represen ts marke ts where there i s cu r ren t l y a t l eas t one ho te l Hyat t i s under represen ted in marke ts where i t has a b rand p resence Hyat t Peers Peers Top 50 10 33 51 to 150 5 19 151 to 674 3 12 99% 94% 76% 92% 77% 46% 8 M I R A V A L A R I Z O N A R E S O R T & S P A WELL REPRESENTED IN THE TOP GLOBAL 1 MARKETS WITH SIGNIFICANT OPPORTUNITY FOR FUTURE GROWTH Footnotes: 1 Based on Smith Travel Research Global Census as of December 31, 2025. Global market ranking determined by aggregate room count. Markets as defined by Smith Travel Research: “A geographic area normally composed of a Metropolitan Statistical Area.” Peers referenced include Hilton Worldwide Holdings Inc., Marriott International Inc., and IHG Hotels & Resorts.

Market Tracts Market Tract Coverage Hotels per Tract As de f ined by Smi th T rave l Research marke t t rac ts Hya t t has s ign i f i can t oppor tun i t y to expand in to t rac ts where i t cu r ren t l y has no b rand p resence Char t be low represen ts t rac ts where there i s cu r ren t l y a t l eas t one ho te l Hyat t i s under represen ted in t rac ts where i t has a b rand p resence Hyat t Peers Peers Top 150 3 11 151 to 400 2 9 401 to 691 1 5 MEANINGFUL GROWTH OPPORTUNITIES IN THE UNITED STATES 1 100% 99% 99% 71% 54% 41% Footnotes: 1 Based on Smith Travel Research Global Census as of December 31, 2025. Market tract ranking determined by aggregate room count. Market Tracts as defined by Smith Travel Research: “A geographic subset of a STR market”. Peers referenced include Hilton Worldwide Holdings Inc., Marriott International Inc., and IHG Hotels & Resorts. 9 T H O M P S O N P A L M S P R I N G S t t s:

H O T E L X T O R O N T O 10 QUARTERLY HIGHLIGHTS

ADJUSTED EBITDA† DILUTED EPS2 GROSS FEES $38M NET INCOME2 $0.40 $266M $333M OPERATIONAL RESULTS FINANCIAL RESULTS +9.4% PIPEL INE ROOMS GROWTH +5.0% NET ROOMS GROWTH +5.4% SYSTEM-WIDE HOTELS REVPAR ◊ GROWTH WORLD OF HYATT MEMBER GROWTH ~66M | N E W R E C O R D Source Notes: Operational Results: RevPAR and NRG are linked to ER. Pipeline increase should be calculated vs prior year’s ER (rounded pipeline) vs current year rounded pipeline #. World of Hyatt Member growth: Teams\Hyatt Hotels\CHICO-Team- Corporate FPA - Documents\Hotel FP&A\World of Hyatt Enrollments Reported Pipeline: – 2023 YE: 127K – 2024 YE: 138K – 2025 YE: 148k 11 Q1 2026 HIGHLIGHTS1 H Y A T T R E G E N C Y Z A D A R +18% Footnotes: 1 Figures as of March 31, 2026, and growth rates represent year-over-year comparisons from quarters ended March 31, 2025 and March 31, 2026. 2 Represents amounts attributable to Hyatt Hotels Corporation.

Footnotes: 1 Reflects a reduction of $78 million in 2025 owned and leased segment Adjusted EBITDA to account for period of ownership of hotels acquired as part of the Playa hotels and the impact of assets sold in 2025 . Refer to schedule A-11 in the first quarter 2026 earnings release for further details. Full details of the Company’s 2026 outlook can be found in its first quarter 2026 earnings release. The Company’s 2026 outlook is based on a number of assumptions that are subject to change and many of which are outside the control of the Company. If actual results vary from these assumptions, the Company's expectations may change. There can be no assurance that the Company will achieve these results. No disposition or acquisition activity beyond what has been completed as of the date of this release has been included in the 2026 Outlook. A L I L A W U Z H E N 9% 11% Low Case High Case 12 HYATT FULL YEAR 2026 OUTLOOK 2026 OUTLOOK GROWTH VS. FULL YEAR 2025 LOW CASE HIGH CASE System-Wide Hote ls RevPAR◊ Growth 2.0% 4.0% Net Rooms Growth 6.0% 7.0% Net Income $255M $350M Gross Fees $1,305M $1,335M Adjusted EBITDA †1 $1,155M $1,205M Adjusted Free Cash Flow † $580M $630M Capi ta l Returns to Shareholders $325M $375M Gross Fees Growth Adjusted EBITDA†1 Growth Adjusted for Asset Sales and period of ownership of Playa 13% 18% Low Case High Case

IMPACT OF 2025 ASSET SALES TO OWNED AND LEASED SEGMENT ADJUSTED EBITDA † $203 $(73) $(5) $125 2025 Playa 2025 Legacy H Asset Sales 2025 Net of Dispositions 13 Estimated Value of Remaining Owned Assets1 Source Notes: Updated at YE, based on ER schedule Adjustments from sold owned and leased hotels 13 M I R A V A L T H E R E D S E A R E S O R T & S P A $2.2B - $2.5B (in Millions) 7 hotels Luxury and Luxury Wellness2 10 hotels Business and Convention2 Excludes leases 4 5 Footnotes: Additional details relating to the adjustments to owned and leased segment Adjusted EBITDA† from sold assets can be found on schedule A-9 in the first quarter 2026 earnings release. 1 Value is based on the estimated gross sales price of the asset and does not include the value of the fee stream that Hyatt could retain upon sale of the asset. 2 Number of hotels remaining in the owned and leased portfolio. Leases are not included in the estimated value remaining or the hotel count. 3 Reflects revised definition of Adjusted EBITDA that excludes the pro rata share of unconsolidated owned and leased hospitality ventures’ Adjusted EBITDA. 4 Adjusted EBITDA contribution for hotels acquired as part of the Playa Hotels Acquisition that were sold as part of the Playa Real Estate transaction; excludes gross fees retained following the sale 5 Adjusted EBITDA contribution for hotels that have been sold as of March 31, 2026 and for which the Company entered into long-term management or franchise agreements; excludes gross fees retained following the sale. 3

Footnotes: 1 System-wide hotels RevPAR◊ growth includes comparable hotels. 2 Adjusted Free Cash Flow Conversion % calculated as Adjusted Free Cash Flow divided by Adjusted EBITDA. The Company's illustrative outlook for 2026 is based on a number of assumptions that are subject to change and many of which are outside the control of the Company. If actual results vary from these assumptions, the Company's expectations may change. There can be no assurance that the Company will achieve these results. No disposition or acquisition activity beyond what has been completed as of the date of this release has been included in the 2026 Outlook. System-Wide Hotels RevPAR◊ Growth1 Net Rooms Growth EARNINGS GROWTH MODEL DRIVES FREE CASH FLOW† EARNINGS GROWTH MODEL SENSITIVITIES FOR 2026 $10M – $18M $8M – $10M 1.0% – 1.8% 0.8% – 1.0% ADJUSTED EBITDA† Adj. EBITDA† growth after adjust ing for 2025 Playa and legacy Hyatt asset sales ADJ. EBITDA† GROWTH + / - 1 POINT OTHER 2026 OUTLOOK CONSIDERATIONS >50% Adj . EBITDA † to Ad j . Free Cash F low † Convers ion 2 ~90% Asset -L ight Earn ings Mix ◊ ~3.0x Gross Debt to Ad j . EBITDA † Target for Investment Grade Rat ing P A R K H Y A T T S H A N G H A I 14

P A R K H Y A T T P A R I S - V E N D Ô M E CAPITAL ALLOCATION STRATEGY 15 WE HAVE AND WILL CONTINUE TO: Invest in growth to increase shareholder value Return excess cash to shareholders Maintain an investment-grade profile Footnotes:

Footnotes: 1 Second quarter dividend payable on June 11, 2026 to shareholders of record as of May 29, 2026. 2 Inclusive of dividends and share repurchases for the three months ended March 31, 2026. 3 The Company expects to return capital to shareholders through a combination of cash dividends on its common stock and share repurchases. 4 Remaining share repurchase authorization as of March 31, 2026. Share repurchases may be made from time to time in the open market, in privately negotiated transactions, or otherwise, including pursuant to a Rule 10b5-1 plan or an accelerated share repurchase transaction, at prices that the Company deems appropriate and subject to market conditions, applicable law and other factors deemed relevant in the Company’s sole discretion. The common stock repurchase program applies to the Company’s Class A Common Stock and/or the Company’s Class B Common Stock. The common stock repurchase program does not obligate the Company to repurchase any dollar amount or number of shares of common stock and the program may be suspended or discontinued at any time. The Company’s 2026 outlook is based on a number of assumptions that are subject to change and many of which are outside the control of the Company. If actual results vary from these assumptions, the Company's expectations may change. There can be no assurance that the Company will achieve these results. No disposition or acquisition activity beyond what has been completed as of the date of this presentation has been included in the 2026 Outlook. 16 A O L U G U Y A , T H E U N B O U N D C O L L E C T I O N Source Notes: $0.15 QUARTERLY DIVIDEND1 SHAREHOLDER RETURNS $543M SHARE REPURCHASE AUTHORIZATION4 $149M YEAR-TO-DATE2 $325 - $375M 2026 OUTLOOK3 COMMITTED TO RETURNING CAPITAL THROUGH DIVIDENDS & SHARE REPURCHASES

17 Credit Ratings BBB- Stab le BBB- Stab le Baa3 Stab le Liquidi ty $0.7B Cash and Cash Equ iva len ts , & Shor t -Term Inves tments $1.5B Revo lver Capac i ty Ava i lab le , Net o f Le t te rs o f Cred i t Outs tand ing STRONG POSIT ION WITH: A L U A S O U L S U N N Y B E A C H $— $600 $899 $600 $2,140 2026 2027 2028 2029 2030 & Beyond Source Notes: Senior Notes Maturities by Year1 Total Senior Notes: $4.2B $M USD COMMITTED TO INVESTMENT GRADE Footnotes: Total debt and liquidity figures as of March 31, 2026. 1 Chart excludes $51 million of variable rate term loan, $19 million of floating average rate loan, $3 million of finance lease obligations, $32 million of unamortized discounts and deferred financing fees, as well as Hyatt’s revolving credit facility.

Award-winning loyalty program and focused portfol io of brands drive commercial results Growth strategy enhances network effect , creating value for al l stakeholders Asset-Light Earnings Mix◊ of ~90% 18 Footnotes: The Company’s 2026 outlook is based on a number of assumptions that are subject to change and many of which are outside the control of the Company. If actual results vary from these assumptions, the Company's expectations may change. There can be no assurance that the Company will achieve these results. H O T E L F L Ü E L A D A V O S WHAT TO EXPECT IN 2026…

20 APPENDIX

21 References SLIDE 3: GLOBAL HOSPITALITY COMPANY FOCUSED ON SERVING THE HIGH-END TRAVELER Figures as of March 31, 2026. 1 Global brands inclusive of March 31, 2026 brand bar, displayed on slide 6. 2 Source: Smith Travel Research Global Census as of March 31, 2026. Luxury branded rooms as defined by Smith Travel Research chain scale classification. SLIDE 6: BRAND PORTFOLIOS 1 DEMONSTRATE FOCUS & DIFFERENTIATION 1 Brand portfolio as of March 31, 2026. SLIDE 7: WORLD OF HYATT: REDEFINING LOYALTY Figures as of March 31, 2026 unless otherwise noted. Growth rates represent year-over-year comparisons from periods ending March 31, 2025 and March 31, 2026. 1 Members per hotel figures calculated based on public filings as of December 31, 2025. SLIDE 8: WELL REPRESENTED IN THE TOP GLOBAL1 MARKETS WITH SIGNIFICANT OPPORTUNITY FOR FUTURE GROWTH 1 Based on Smith Travel Research Global Census as of December 31, 2025. Global market ranking determined by aggregate room count. Markets as defined by Smith Travel Research: “A geographic area normally composed of a Metropolitan Statistical Area.” Peers referenced include Hilton Worldwide Holdings Inc., Marriott International Inc., and IHG Hotels & Resorts. SLIDE 9: MEANINGFUL GROWTH OPPORTUNITIES IN THE UNITED STATES1 1 Based on Smith Travel Research Global Census as of December 31, 2025. Market tract ranking determined by aggregate room count. Market Tracts as defined by Smith Travel Research: “A geographic subset of a STR market”. Peers referenced include Hilton Worldwide Holdings Inc., Marriott International Inc., and IHG Hotels & Resorts. SLIDE 11: Q1 2026 HIGHLIGHTS1 1 Figures as of March 31, 2026, and growth rates represent year-over-year comparisons from quarters ended March 31, 2025 and March 31, 2026. 2 Represents amounts attributable to Hyatt Hotels Corporation. SLIDE 12: HYATT FULL YEAR 2026 OUTLOOK 1 Reflects a reduction of $78 million in 2025 owned and leased segment Adjusted EBITDA to account for period of ownership of hotels acquired as part of the Playa hotels and the impact of assets sold in 2025 . Refer to schedule A-11 in the first quarter 2026 earnings release for further details. Full details of the Company’s 2026 outlook can be found in its first quarter 2026 earnings release. The Company’s 2026 outlook is based on a number of assumptions that are subject to change and many of which are outside the control of the Company. If actual results vary from these assumptions, the Company's expectations may change. There can be no assurance that the Company will achieve these results. No disposition or acquisition activity beyond what has been completed as of the date of this release has been included in the 2026 Outlook.

References SLIDE 13: IMPACT OF 2025 ASSET SALES TO OWNED AND LEASED SEGMENT ADJUSTED EBITDA† Additional details relating to the adjustments to owned and leased segment Adjusted EBITDA† from sold assets can be found on schedule A-9 in the first quarter 2026 earnings release. 1 Value is based on the estimated gross sales price of the asset and does not include the value of the fee stream that Hyatt could retain upon sale of the asset. 2 Number of hotels remaining in the owned and leased portfolio. Leases are not included in the estimated value remaining or the hotel count. 3 Reflects revised definition of Adjusted EBITDA that excludes the pro rata share of unconsolidated owned and leased hospitality ventures’ Adjusted EBITDA. 4 Adjusted EBITDA contribution for hotels acquired as part of the Playa Hotels Acquisition that were sold as part of the Playa Real Estate transaction; excludes gross fees retained following the sale 5 Adjusted EBITDA contribution for hotels that have been sold as of March 31, 2026 and for which the Company entered into long-term management or franchise agreements; excludes gross fees retained following the sale. SLIDE 14: EARNINGS GROWTH MODEL DRIVES FREE CASH FLOW† 1 System-wide hotels RevPAR◊ growth includes comparable hotels. 2 Adjusted Free Cash Flow Conversion % calculated as Adjusted Free Cash Flow divided by Adjusted EBITDA. The Company's illustrative outlook for 2026 is based on a number of assumptions that are subject to change and many of which are outside the control of the Company. If actual results vary from these assumptions, the Company's expectations may change. There can be no assurance that the Company will achieve these results. No disposition or acquisition activity beyond what has been completed as of the date of this release has been included in the 2026 Outlook. SLIDE 16: COMMITTED TO RETURNING CAPITAL THROUGH DIVIDENDS & SHARE REPURCHASES 1 Second quarter dividend payable on June 11, 2026 to shareholders of record as of May 29, 2026. 2 Inclusive of dividends and share repurchases for the three months ended March 31, 2026. 3 The Company expects to return capital to shareholders through a combination of cash dividends on its common stock and share repurchases. 4 Remaining share repurchase authorization as of March 31, 2026. Share repurchases may be made from time to time in the open market, in privately negotiated transactions, or otherwise, including pursuant to a Rule 10b5-1 plan or an accelerated share repurchase transaction, at prices that the Company deems appropriate and subject to market conditions, applicable law and other factors deemed relevant in the Company’s sole discretion. The common stock repurchase program applies to the Company’s Class A Common Stock and/or the Company’s Class B Common Stock. The common stock repurchase program does not obligate the Company to repurchase any dollar amount or number of shares of common stock and the program may be suspended or discontinued at any time. The Company’s 2026 outlook is based on a number of assumptions that are subject to change and many of which are outside the control of the Company. If actual results vary from these assumptions, the Company's expectations may change. There can be no assurance that the Company will achieve these results. No disposition or acquisition activity beyond what has been completed as of the date of this presentation has been included in the 2026 Outlook. SLIDE 17: COMMITTED TO INVESTMENT GRADE Total debt and liquidity figures as of March 31, 2026. 1 Chart excludes $51 million of variable rate term loan, $19 million of floating average rate loan, $3 million of finance lease obligations, $32 million of unamortized discounts and deferred financing fees, as well as Hyatt’s revolving credit facility. SLIDE 18: WHAT TO EXPECT IN 2026 The Company’s 2026 outlook is based on a number of assumptions that are subject to change and many of which are outside the control of the Company. If actual results vary from these assumptions, the Company's expectations may change. There can be no assurance that the Company will achieve these results. 22

23 Definitions Adjusted Earnings Before Interest Expense, Taxes, Depreciation, and Amortization ("Adjusted EBITDA"): We use the term Adjusted EBITDA throughout this Investor Presentation. Adjusted EBITDA, as we define it, is a non-GAAP measure. We define Adjusted EBITDA as net income (loss) attributable to Hyatt Hotels Corporation plus net income (loss) attributable to noncontrolling interests, adjusted to exclude the following items: • payments to customers (“contra revenue”), including performance cure payments and amortization of management and hotel services agreement and franchise agreement assets (“key money assets”); • revenues for reimbursed costs; • reimbursed costs that we intend to recover over the long term; • stock-based compensation expense; • transaction and integration costs; • depreciation and amortization; • equity earnings (losses) from unconsolidated hospitality ventures; • interest expense; • gains (losses) on sales of real estate and other; • asset impairments; • other income (loss), net; and • benefit (provision) for income taxes. We calculate consolidated Adjusted EBITDA by adding the Adjusted EBITDA of each of our reportable segments and eliminations to unallocated overhead expenses. Our board of directors and executive management team focus on Adjusted EBITDA as one of the key performance and compensation measures both on a segment and on a consolidated basis. Adjusted EBITDA assists us in comparing our performance over various reporting periods on a consistent basis because it removes from our operating results the impact of items that do not reflect our core operations both on a segment and on a consolidated basis. Our Chairman, President and Chief Executive Officer, who is our chief operating decision maker (“CODM”), also evaluates the performance of each of our reportable segments and determines how to allocate resources to those segments, in part, by assessing the Adjusted EBITDA of each segment. In addition, the talent and compensation committee of our board of directors determines the annual variable compensation and long-term incentive compensation for certain members of our management based in part on financial measures including and/or derived from consolidated Adjusted EBITDA, segment Adjusted EBITDA, or some combination of both. We believe Adjusted EBITDA is useful to investors because it provides investors with the same information that we use internally for purposes of assessing our operating performance and making compensation decisions and facilitates our comparison of results with our prior- period and forecasted results as well as our industry and competitors. Adjusted EBITDA excludes certain items that can vary widely across different industries and among companies within the same industry, including interest expense and benefit or provision for income taxes, which are dependent on company specifics, including capital structure, credit ratings, tax policies, and jurisdictions in which they operate; depreciation and amortization, which are dependent on company policies including how the assets are utilized as well as the lives assigned to the assets; contra revenue, which is dependent on company policies and strategic decisions regarding payments to hotel owners; and stock-based compensation expense, which varies among companies as a result of different compensation plans companies have adopted. We exclude revenues for reimbursed costs and reimbursed costs which relate to the reimbursement of payroll costs and system-wide services and programs that we operate for the benefit of our hotel owners as contractually we do not provide services or operate the related programs to generate a profit or bear a loss over the long term. If we collect amounts in excess of amounts spent, we have a commitment to our hotel owners to spend these amounts on the related system-wide services and programs. Additionally, if we spend in excess of amounts collected, we have a contractual right to adjust future collections or expenditures to recover prior-period costs. These timing differences are due to our discretion to spend in excess of revenues earned or less than revenues earned in a single period to ensure that the system-wide services and programs are operated in the best long-term interests of our hotel owners. Over the long term, these programs and services are not designed to impact our economics, either positively or negatively, and instead are designed to result in a cumulative break-even balance. Therefore, we exclude the net impact when evaluating period-over-period changes in our operating results. Adjusted EBITDA includes reimbursed costs related to system-wide services and programs that we do not intend to recover from hotel owners. Finally, we exclude other items that are not core to our operations and may vary in frequency or magnitude, such as transaction and integration costs, asset impairments, unrealized and realized gains and losses on marketable securities, and gains and losses on sales of real estate and other. Adjusted EBITDA is not a substitute for net income (loss) attributable to Hyatt Hotels Corporation, net income (loss), or any other measure prescribed by GAAP. There are limitations to using non-GAAP measures such as Adjusted EBITDA. Although we believe that Adjusted EBITDA can make an evaluation of our operating performance more consistent because it removes items that do not reflect our core operations, other companies in our industry may define Adjusted EBITDA differently than we do. As a result, it may be difficult to use Adjusted EBITDA or similarly named non-GAAP measures that other companies may use to compare the performance of those companies to our performance. Because of these limitations, Adjusted EBITDA should not be considered as a measure of the income or loss generated by our business. Our management compensates for these limitations by referencing our GAAP results and using Adjusted EBITDA supplementally.

24 Definitions Asset-Light Earnings Mix: Asset-Light Earnings Mix is calculated as Adjusted EBITDA from the management and franchising segment and distribution segment divided by Adjusted EBITDA, excluding overhead and eliminations. Our management uses this calculation to assess the composition of the Company's earnings. Average Daily Rate ("ADR"): ADR represents hotel room revenues divided by the total number of rooms sold in a given period. ADR measures the average room price attained by a property, and ADR trends provide useful information concerning the pricing environment and the nature of the customer base of a property or group of properties. ADR is a commonly used performance measure in our industry, and we use ADR to assess the pricing levels that we are able to generate by customer group, as changes in rates have a different effect on overall revenues and incremental profitability than changes in occupancy, as described below. Comparable system-wide and Comparable owned and leased: "Comparable system-wide" represents all properties we manage, franchise, or provide services to, including owned and leased properties, that are operated for the entirety of the periods being compared and have not experienced business interruption or undergone large-scale capital projects during the periods being compared. Comparable system-wide also excludes properties for which comparable results are not available. We may use variations of comparable system-wide to specifically refer to comparable system-wide hotels or our all-inclusive resorts, for those properties that we manage, franchise, or provide services to within our management and franchising segment. "Comparable owned and leased" represents owned or leased hotels and/or all-inclusive resorts that are operated and consolidated for the entirety of the periods being compared and have not experienced business interruption or undergone large-scale capital projects during the periods being compared. Comparable owned and leased also excludes properties for which comparable results are not available. Comparable system-wide and comparable owned and leased are commonly used as a basis of measurement in our industry. "Non-comparable system-wide" or "non-comparable owned and leased" represent all properties, including those that do not meet the above definition of "comparable." Constant Dollar Currency: We report the results of our operations both on an as reported basis, as well as on a constant dollar basis. Constant Dollar Currency, which is a non-GAAP measure, excludes the effects of movements in foreign currency exchange rates between comparative periods. We believe constant dollar analysis provides valuable information regarding our results as it removes currency fluctuations from our operating results. We calculate Constant Dollar Currency by restating prior-period local currency financial results at current- period exchange rates. These restated amounts are then compared to our current-period reported amounts to provide operationally driven variances in our results. Free Cash Flow and Adjusted Free Cash Flow: Free Cash Flow represents net cash provided by operating activities less capital expenditures. Adjusted Free Cash Flow represents Free Cash Flow less estimated cash taxes on asset sales and costs associated with the Playa Hotels Acquisition. We believe Free Cash Flow and Adjusted Free Cash Flow to be useful liquidity measures to us and investors to evaluate the ability of our operations to generate cash for uses other than capital expenditures, cash taxes on asset sales, and costs associated with the Playa Hotels Acquisition and, after debt service and other obligations, our ability to grow our business through acquisitions and investments, as well as our ability to return cash to shareholders through dividends and share repurchases. Free Cash Flow and Adjusted Free Cash Flow are not necessarily representative of how we will use excess cash. Free Cash Flow and Adjusted Free Cash Flow are not substitutes for net cash provided by operating activities or any other measure prescribed by GAAP. There are limitations to using non-GAAP measures such as Free Cash Flow and Adjusted Free Cash Flow, and management compensates for these limitations by referencing our GAAP results and using Free Cash Flow and Adjusted Free Cash Flow supplementally. Net Package ADR: Net Package ADR represents net package revenues divided by the total number of rooms sold in a given period. Net package revenues generally include revenue derived from the sale of packages at all-inclusive resorts comprised of rooms, food and beverage, and entertainment revenues, net of compulsory tips paid to employees. Net Package ADR measures the average room price attained by a property, and Net Package ADR trends provide useful information concerning the pricing environment and the nature of the customer base of a property or group of properties. Net Package ADR is a commonly used performance measure in our industry, and we use Net Package ADR to assess the pricing levels that we are able to generate by customer group, as changes in rates have a different effect on overall revenues and incremental profitability than changes in occupancy, as described below. Net Package Revenue Per Available Room ("RevPAR"): Net Package RevPAR is the product of the Net Package ADR and the average daily occupancy percentage. Net Package RevPAR generally includes revenue derived from the sale of packages comprised of rooms, food and beverage, and entertainment revenues, net of compulsory tips paid to employees. Our management uses Net Package RevPAR to identify trend information with respect to room revenues from comparable properties and to evaluate property performance on a geographical and segment basis. Net Package RevPAR is a commonly used performance measure in our industry. Net Package RevPAR changes that are driven predominantly by changes in occupancy have different implications for overall revenue levels and incremental profitability than do changes that are driven predominantly by changes in average room rates. For example, increases in occupancy at a property would lead to increases in net package revenues and additional variable operating costs, including housekeeping services, utilities, and room amenity costs. In contrast, changes in average room rates typically have a greater impact on margins and profitability as average room rate changes result in minimal direct impacts to variable operating costs. Occupancy: Occupancy represents the total number of rooms sold divided by the total number of rooms available at a property or group of properties. Occupancy measures the utilization of a property's available capacity. We use occupancy to gauge demand at a specific property or group of properties in a given period. Occupancy levels also help us determine achievable ADR levels as demand for property rooms increases or decreases.

25 Definitions Playa Hotels Acquisition: On June 17, 2025, the Company completed the acquisition of Playa Hotels & Resorts N.V. ("Playa Hotels" or "Playa"), a leading owner, operator, and developer of all-inclusive resorts in Mexico, the Dominican Republic, and Jamaica, for a purchase price of $13.50 per share, or an enterprise value of approximately $2.6 billion, including approximately $900 million of debt, net of cash acquired. Playa Real Estate Transaction: On December 30, 2025, affiliates of the Company closed on the sale of the real estate portfolio previously acquired from Playa for approximately $2 billion to Tortuga Resorts ("Tortuga"), As previously disclosed, the Company sold one of these properties to a separate third-party buyer on September 18, 2025 for $22 million. Between the completion of the earlier sale and the Tortuga transaction, Hyatt has sold the entire Playa real estate portfolio for a total of $2 billion. Hyatt and Tortuga entered into 50-year management agreements for 13 of 14 properties in the portfolio, with terms consistent with Hyatt's existing all-inclusive fee structure. The remaining property is subject to a separate contractual arrangement. RevPAR: RevPAR is the product of the ADR and the average daily occupancy percentage. RevPAR does not include non-room revenues, which consist of ancillary revenues generated by a property, such as food and beverage, parking, and other guest service revenues. Our management uses RevPAR to identify trend information with respect to room revenues from comparable properties and to evaluate property performance on a geographical and segment basis. RevPAR is a commonly used performance measure in our industry. RevPAR changes that are driven predominantly by changes in occupancy have different implications for overall revenue levels and incremental profitability than do changes that are driven predominantly by changes in average room rates. For example, increases in occupancy at a property would lead to increases in room revenues and additional variable operating costs, including housekeeping services, utilities, and room amenity costs, and could also result in increased ancillary revenues, including food and beverage. In contrast, changes in average room rates typically have a greater impact on margins and profitability as average room rate changes result in minimal direct impacts to variable operating costs.

Non-GAAP Reconciliations 26 (in millions) Three Months Ended March 31, 2026 2025 Net income attributable to Hyatt Hotels Corporation $ 38 $ 20 Contra revenue 23 20 Revenues for reimbursed costs (945) (886) Reimbursed costs 963 902 Stock-based compensation expense (a) 27 31 Transaction and integration costs 16 23 Depreciation and amortization 76 80 Equity (earnings) losses from unconsolidated hospitality ventures 13 12 Interest expense 65 66 Asset impairments 21 4 Other (income) loss, net (50) (43) Provision for income taxes 16 28 Net income attributable to noncontrolling interests 3 4 Adjusted EBITDA (b) $ 266 $ 261 (a) Includes amounts recognized in general and administrative expenses and distribution expenses; excludes amounts recognized in transaction and integration costs. (b) During the three months ended March 31, 2026, the Company revised its definition of Adjusted EBITDA to no longer include its pro rata share of unconsolidated owned and leased hospitality ventures' Adjusted EBITDA and recast prior-period results to provide comparability. Refer to the definitions within the appendix for an explanation of how the Company utilizes Adjusted EBITDA, why the Company presents it, and material limitations on its usefulness. The table below provides a breakdown for Adjusted EBITDA: Three Months Ended March 31, 2026 2025 Management and franchising $ 264 $ 236 Owned and leased 10 15 Distribution 29 49 Overhead (37) (40) Eliminations — 1 Adjusted EBITDA (c) $ 266 $ 261 (c) Results for the three months ended March 31, 2025 have been recast for comparability as a result of the Company's revised definition of Adjusted EBITDA. Source Notes: linked to ER schedule

Non-GAAP Reconciliations 27 Source Notes: linked to ER schedule (in millions) Year Ended December 31, 2026 Outlook Range Low Case High Case Net income attributable to Hyatt Hotels Corporation $ 255 $ 350 Contra revenue 74 74 Reimbursed costs, net (a) 110 70 Stock-based compensation expense (b) 65 65 Transaction and integration costs 50 40 Depreciation and amortization 310 310 Equity (earnings) losses from unconsolidated hospitality ventures 5 5 Interest expense 260 260 Asset impairments 21 21 Other (income) loss, net (125) (145) Provision for income taxes 130 150 Net income attributable to noncontrolling interests — 5 Adjusted EBITDA $ 1,155 $ 1,205 (a) Reimbursed costs are presented net of revenues for reimbursed costs as the Company cannot forecast the gross amounts without unreasonable effort. (b) Includes amounts recognized in general and administrative expenses and distribution expenses; excludes amounts recognized in transaction and integration costs. Low Case High Case Net cash provided by operating activities $ 628 $ 678 Capital expenditures (135) (135) Free Cash Flow $ 493 $ 543 Cash taxes on asset sales 4 4 Costs associated with the Playa Hotels Acquisition (c) 83 83 Adjusted Free Cash Flow $ 580 $ 630 (c) Includes taxes and other costs related to the Playa Hotels Acquisition.

Source: View Original Filing on SEC EDGAR

FAQ

How did Hyatt Hotels (H) perform financially in the first quarter of 2026?

Hyatt generated $1,748 million in total revenues and $38 million in net income attributable to Hyatt. Adjusted EBITDA was $266 million, up 2.1% year over year, while Adjusted Net Income reached $61 million with Adjusted Diluted EPS of $0.63.

What were Hyatt Hotels (H) key operating metrics like RevPAR in Q1 2026?

Comparable system-wide hotels RevPAR for Hyatt was $143.04, up 5.4% versus Q1 2025. System-wide all-inclusive resorts delivered Net Package RevPAR of $284.36, a 7.4% increase, with occupancy at 83.3% and Net Package ADR of $341.43.

What 2026 outlook did Hyatt Hotels (H) provide for revenue and earnings metrics?

Hyatt expects 2026 net income attributable to Hyatt between $255 million and $350 million. It projects Gross Fees of $1,305–$1,335 million and Adjusted EBITDA of $1,155–$1,205 million, implying 13–18% growth versus the recast 2025 Adjusted EBITDA baseline.

How is Hyatt Hotels (H) planning to grow rooms and RevPAR in 2026?

For 2026, Hyatt projects comparable system-wide hotels RevPAR growth of 2.0%–4.0% compared with 2025. Net rooms growth is forecast between 6.0% and 7.0%, supported by its approximately 151,000-room pipeline of executed management or franchise contracts.

What capital returns to shareholders does Hyatt Hotels (H) anticipate in 2026?

Hyatt plans to return $325–$375 million to shareholders in 2026 through a combination of cash dividends and share repurchases. In Q1 2026, it repurchased 840,249 Class A shares for $135 million, bringing total capital returned, including dividends, to $149 million.

How did Hyatt Hotels (H) fee-based revenues perform in Q1 2026?

Gross fees at Hyatt reached $333 million in Q1 2026, an 8.6% increase compared to Q1 2025. Net fees, after contra revenue, were $310 million, reflecting growth in base management fees, incentive management fees, and franchise and other fees across the portfolio.

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Hyatt (NYSE: H) posts Q1 2026 growth and targets 13–18% EBITDA rise

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FAQ

How did Hyatt Hotels (H) perform financially in the first quarter of 2026?

What were Hyatt Hotels (H) key operating metrics like RevPAR in Q1 2026?

What 2026 outlook did Hyatt Hotels (H) provide for revenue and earnings metrics?

How is Hyatt Hotels (H) planning to grow rooms and RevPAR in 2026?

What capital returns to shareholders does Hyatt Hotels (H) anticipate in 2026?

How did Hyatt Hotels (H) fee-based revenues perform in Q1 2026?

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Hyatt (NYSE: H) posts Q1 2026 growth and targets 13–18% EBITDA rise

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Equity analyst – lodging & leisure positive

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FAQ

How did Hyatt Hotels (H) perform financially in the first quarter of 2026?

What were Hyatt Hotels (H) key operating metrics like RevPAR in Q1 2026?

What 2026 outlook did Hyatt Hotels (H) provide for revenue and earnings metrics?

How is Hyatt Hotels (H) planning to grow rooms and RevPAR in 2026?

What capital returns to shareholders does Hyatt Hotels (H) anticipate in 2026?

How did Hyatt Hotels (H) fee-based revenues perform in Q1 2026?

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