Hyatt Hotels (NYSE: H) grows 2025 EBITDA and guides to stronger 2026 cash flow

Q: How did Hyatt Hotels (H) perform financially in 2025?

Hyatt reported a 2025 net loss of $52 million , but underlying performance was stronger. Adjusted Net Income reached $209 million and Adjusted EBITDA was $1,159 million , up 5.8% from 2024, reflecting growth after excluding one-time items and portfolio gains.

Q: What were Hyatt Hotels (H) key operating metrics like RevPAR in 2025?

Hyatt’s 2025 comparable system-wide hotel RevPAR was $144.63 , up 2.9% from 2024, with occupancy at 70.6% . All-inclusive resorts delivered stronger growth, with Net Package RevPAR of $221.77 , an 8.6% increase year over year.

Q: What guidance did Hyatt Hotels (H) give for 2026 results?

For 2026, Hyatt expects net income of $235–$320 million and Adjusted EBITDA of $1,155–$1,205 million . The company also targets Adjusted Free Cash Flow of $580–$630 million , representing planned double-digit growth versus a recast 2025 baseline.

Q: How fast is Hyatt Hotels (H) growing its room base and pipeline?

Hyatt achieved 7.3% net rooms growth in 2025 and 6.7% excluding acquisitions. The pipeline of executed management and franchise contracts totals about 148,000 rooms , up 7% from 2024, supporting future fee-based revenue expansion.

Q: Why did Hyatt Hotels (H) show a GAAP net loss but positive adjusted earnings?

The 2025 GAAP net loss of $52 million reflects transaction, integration, impairment, and real estate sale items . After removing these special items, Adjusted Net Income was $209 million and Adjusted Diluted EPS was $2.19 , better indicating ongoing operations.

Q: What capital returns to shareholders does Hyatt Hotels (H) plan for 2026?

Hyatt plans $325–$375 million of capital returns to shareholders in 2026. The company expects to use a mix of cash dividends on common stock and share repurchases , funded by growing Adjusted Free Cash Flow and its asset-light strategy.

Filing Impact

(High)

Filing Sentiment

(Neutral)

Form Type

8-K

Rhea-AI Filing Summary

Hyatt Hotels Corporation reported fourth-quarter and full-year 2025 results with solid underlying growth but GAAP losses. Comparable system-wide hotel RevPAR rose 4.0% in the quarter and 2.9% for 2025, while all-inclusive resorts Net Package RevPAR increased 8.3% in the quarter and 8.6% for the year, showing healthy demand. Net income attributable to Hyatt was a loss of $20 million in the quarter and $52 million for 2025, but Adjusted Net Income reached $126 million in Q4 and $209 million for the year as one-time transaction, integration, and impairment items were excluded.

Adjusted EBITDA grew to $292 million in Q4 and $1,159 million for 2025, up 5.8% year over year. Net rooms grew 7.3% with a pipeline of about 148,000 rooms, underscoring continued expansion. For 2026, Hyatt guides to net income of $235–$320 million, Adjusted EBITDA of $1,155–$1,205 million (13–18% above a recast 2025 baseline), Adjusted Free Cash Flow of $580–$630 million, and capital returns to shareholders of $325–$375 million.

Positive

Strong 2026 guidance with double-digit growth targets: Hyatt projects Adjusted EBITDA of $1,155–$1,205 million and Adjusted Free Cash Flow of $580–$630 million for 2026, implying 13–18% EBITDA and 22–33% cash-flow growth versus a recast 2025 baseline.

Negative

None.

Insights

Hyatt posts strong 2025 underlying growth and issues bullish 2026 cash-flow and EBITDA outlook.

Hyatt’s 2025 operating metrics were solid, with comparable system-wide RevPAR up 2.9% and all-inclusive Net Package RevPAR up 8.6%. Adjusted EBITDA rose to $1,159 million, while GAAP results were weighed down by transaction, integration, and impairment charges tied largely to portfolio repositioning.

Strategically, Hyatt continued its shift to an asset-light, fee-driven model. Net rooms grew 7.3% and the executed pipeline reached roughly 148,000 rooms, supporting future fee growth. Management also refined its Adjusted EBITDA definition by excluding unconsolidated owned and leased ventures, which better highlights core, recurring economics.

The 2026 outlook signals confidence: net income of $235–$320 million, Adjusted EBITDA of $1,155–$1,205 million, and Adjusted Free Cash Flow of $580–$630 million, implying a 13–18% Adjusted EBITDA increase versus a recast 2025 base and 22–33% Adjusted Free Cash Flow growth. Planned capital returns of $325–$375 million reinforce the focus on shareholder distributions, though actual impact will depend on macro conditions and travel demand in 2026.

02/12/2026 - 06:58 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): February 12, 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 February 12, 2026, Hyatt Hotels Corporation (the "Company") issued a press release announcing its results for its quarter and fiscal year ended December 31, 2025. 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 February 12, 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 February 12, 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: February 12, 2026	By:	/s/ Joan Bottarini
		Joan Bottarini
		Executive Vice President, Chief Financial Officer

Exhibit 99.1

HYATT REPORTS FOURTH QUARTER AND FULL YEAR 2025 RESULTS

CHICAGO (February 12, 2026) - Hyatt Hotels Corporation ("Hyatt," "the Company," "we," "us," or "our") (NYSE: H) today reported fourth quarter and full year 2025 results. Highlights include:

•Comparable system-wide hotels RevPAR growth was 4.0% in the fourth quarter and 2.9% for the full year of 2025, compared to the same periods in 2024

•Comparable system-wide all-inclusive resorts Net Package RevPAR growth was 8.3% in the fourth quarter and 8.6% for the full year of 2025, compared to the same periods in 2024

•Net rooms growth was 7.3% for the full year of 2025 and net rooms growth excluding acquisitions was 6.7%

•Pipeline of executed management and franchise contracts was approximately 148,000 rooms, up 7% compared to 2024

•Net income (loss) attributable to Hyatt Hotels Corporation was $(20) million in the fourth quarter and $(52) million for the full year of 2025. Adjusted Net Income was $126 million in the fourth quarter and $209 million for the full year of 2025

•Diluted EPS was $(0.21) in the fourth quarter and $(0.55) for the full year of 2025. Adjusted Diluted EPS was $1.33 in the fourth quarter and $2.19 for the full year of 2025

•Gross fees were $307 million in the fourth quarter, an increase of 4.5% compared to the fourth quarter of 2024, and $1,198 million for the full year of 2025, an increase of 9.0% compared to the full year of 2024

•Adjusted EBITDA was $292 million in the fourth quarter, an increase of 14.6% compared to the fourth quarter of 2024, or an increase of 3.8% after adjusting for assets sold in 2024 and the Playa Hotels Acquisition. Full year 2025 Adjusted EBITDA was $1,159 million, an increase of 5.8% compared to the full year of 2024, or an increase of 7.4% after adjusting for assets sold in 2024 and the Playa Hotels Acquisition

•During the first quarter of 2026, the Company adjusted its definition of Adjusted EBITDA and will no longer include Hyatt's pro rata share of unconsolidated owned and leased hospitality ventures' Adjusted EBITDA

Mark S. Hoplamazian, President and Chief Executive Officer of Hyatt, said, "We ended 2025 with great momentum, marked by strong execution against our strategic priorities and continued progress toward becoming a more brand-focused organization. We achieved exceptional commercial and operating performance in 2025 and expanded our portfolio and network effect through disciplined transactions and strong organic growth."

Mark continued, "As we look to the future, we are focused on accelerating this momentum by further advancing the evolution of our brands, our talent, and our use of technology. Together, we believe these priorities will position Hyatt to become the most responsive, most innovative, and best-performing hospitality company—and ultimately, the most chosen by our stakeholders."

Refer to the table on schedule A-10 for a summary of special items impacting Adjusted Net Income (Loss) and Adjusted Diluted EPS in the three months and years ended December 31, 2025 and December 31, 2024.

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

Fourth Quarter Operational Commentary

•RevPAR growth in the fourth quarter was highest among Luxury and Upper Upscale chain scales. Leisure transient continued to be the strongest customer segment, while group also had a strong quarter, helped by the timing of the Rosh Hashanah holiday, which occurred in the third quarter of 2025 compared to the fourth quarter of 2024.

•Net Package RevPAR increased 8.3% in the fourth quarter compared to the same period in 2024, reflecting continued strength in luxury all-inclusive travel.

•Gross fees increased 4.5% in the fourth quarter compared to the same period in 2024, or 5.4% excluding the impact of the Playa Hotels Acquisition.

◦Base management fees: increased 8.1% from the contribution of newly-opened hotels and managed hotel RevPAR growth outside of the United States.

◦Incentive management fees: increased 13.0% led by newly-opened hotels, hotel performance in Asia Pacific, and all-inclusive hotel performance in Europe.

◦Franchise and other fees: decreased 3.8% due to the elimination of franchise fees from the 8 Hyatt Ziva and Hyatt Zilara properties that were part of the Playa Hotels Acquisition and lower demand at select service properties in the United States partially offset by fees from newly opened hotels.

•Owned and leased segment Adjusted EBITDA declined 1.5% in the fourth quarter compared to the fourth quarter of 2024 after adjusting for assets sold in 2024 and the period of ownership of the hotels acquired as part of the Playa Hotels Acquisition due to renovations at certain properties.

•Distribution segment Adjusted EBITDA declined in the fourth compared to the fourth quarter of 2024 due to the impact of Hurricane Melissa and lower booking volumes in four-star and below properties.

Openings and Development

•During the fourth quarter, the Company opened 8,253 rooms, including Park Hyatt Cabo del Sol, marking Hyatt’s first Park Hyatt hotel in Mexico; Andaz One Bangkok, which opened as part of the One Bangkok mixed-use development; and Hyatt Studios Huntsville, reflecting continued expansion of Hyatt's newest extended-stay brand in the United States.

•In 2025, the Company had pipeline growth of 7% compared to 2024. 2025 signings in the United States were up approximately 30% over 2024, including more than 25 Hyatt Select deals signed during the year, and the pipeline of Hyatt Studios properties grew to approximately 70 since announcing the brand in 2023. The pipeline in Asia Pacific increased by 7% compared to 2024, with strong signings activity in Greater China and India, replenishing the pipeline after a strong year of openings.

Transactions

During the fourth quarter, the Company:

•Closed on the sale of Alua Atlántico Golf Resort, Alua Tenerife, and AluaSoul Orotava Valley (the "Alua Portfolio") for a gross purchase price of approximately $140 million and entered into long-term management agreements for each property. Net proceeds were used to repay a portion of the $1.7 billion delayed draw term loan used to finance a portion of the Playa Hotels Acquisition.

•Completed the Playa Real Estate Transaction and used the proceeds to repay the amounts outstanding under the $1.7 billion delayed draw term loan, which was terminated upon repayment. The Company entered into 50-year management agreements for 13 of the 14 properties. The Playa Real Estate Transaction fulfilled Hyatt's commitment announced on February 10, 2025 to sell at least $2 billion of real estate.

Balance Sheet and Liquidity

As of December 31, 2025, the Company reported the following:

•Total debt of $4.3 billion.

•Total liquidity of $2.3 billion, inclusive of:

◦$813 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 $678 million. The Company repurchased $114 million of Class A common stock during the fourth quarter and repurchased a total of $293 million of Class A common stock for the full year of 2025.

•The Company's board of directors has declared a cash dividend of $0.15 per share for the first quarter of 2026. The dividend is payable on March 12, 2026 to Class A and Class B stockholders of record as of March 2, 2026.

2026 Outlook

The Company is providing the following outlook for the 2026 fiscal year. Refer to slides 18 and 19 of the fourth quarter 2025 supplemental investor presentation for further details on Gross Fees and Adjusted EBITDA outlook.

During the first quarter of 2026, the Company adjusted its definition of Adjusted EBITDA and will no longer include Hyatt's pro rata share of unconsolidated owned and leased hospitality ventures' Adjusted EBITDA.

2026 Full Year Outlook

2026 Outlook

2025

Change vs. 2025

System-Wide Hotels RevPAR Growth

1.0% to 3.0%

Net Rooms Growth

6.0% to 7.0%

(in millions)

Net income (loss) attributable to Hyatt Hotels Corporation

$235 - $320

$(52)

552% to 715%

Gross Fees

$1,295 - $1,335

$1,198

8% to 11%

Adjusted G&A Expenses1

$440 - $450

$445

(1)% to 1%

Adjusted EBITDA1

$1,155 - $1,205

$1,0252

13% to 18%2

Capital Expenditures

Approx. $135

$220

Approx. (39)%

Adjusted Free Cash Flow1

$580 - $630

$474

22% to 33%

Capital Returns to Shareholders3

$325 - $375

1 Refer to the tables on schedule A-14 for a reconciliation of estimated net income (loss) 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 Reflects a reduction of $78 million on to 2025 owned and leased segment Adjusted EBITDA to account for period of ownership of the Playa hotels and the impact of sold hotels and $56 million of pro rata share of unconsolidated owned and leased hospitality ventures' Adjusted EBITDA to reflect the updated definition of Adjusted EBITDA. Refer to schedule A-11 for further details.

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

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.

1Adjustments to 2025: JV EBITDA reflects the Company's updated definition of Adjusted EBITDA effective in the first quarter of 2026. Refer to schedule A-6 for 2025 actuals; Playa O&L reflects the period of ownership of the hotels acquired as part of the Playa Hotels Acquisition and sold on December 30, 2025. Other Asset Sales reflects Adjusted EBITDA earned in 2025 for assets that have been sold. Refer to schedule A-11 for further details on Playa O&L and Other Asset Sales

2Adjustments to 2026 outlook: Incremental Playa reflects the incremental Adjusted EBITDA expected from the Playa Hotels Acquisition. These expectations were shared as part of the supplemental presentation published June 30, 2025; Co-Branded Credit Card reflects the impact of the expanded agreement with Chase to the co-branded credit card programs that was announced on November 5, 2025; Hurricane Melissa reflects the temporary closure of hotels in Jamaica due to the hurricane in October 2025 and includes both Playa and non-Playa hotels.

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, February 12, 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, February 12, 2026 at 12:00 p.m. CT until Thursday, February 19, 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; hostilities, or fear of hostilities, including future terrorist attacks, 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; 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 successfully complete dispositions of certain of our owned real estate assets within targeted timeframes and at expected values; 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 December 31, 2025, 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 Principle 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
Consolidated Statements of Income (Loss)			A - 1
Comparable System-wide Hotels Operating Statistics by Geography and Brand			A - 2
Properties and Rooms by Geography			A - 4
Reconciliations of Non-GAAP Financial Measures			A - 6
Adjustments to Owned and Leased Segment from Sold Assets			A - 11
2025 Playa Results by Quarter			A - 12
Pipeline			A - 13
Outlook: Reconciliations of Non-GAAP Financial Measures			A - 14
Definitions			A - 15

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

Hyatt Hotels Corporation

Consolidated Statements of Income (Loss)

(unaudited)


(in millions, except per share amounts)	Three Months Ended December 31,				Year Ended December 31,
	2025		2024		2025		2024
REVENUES:
Base management fees	$	112	$	104	$	446	$	399
Incentive management fees	81		72		272		242
Franchise and other fees	114		118		480		458
Gross fees	307		294		1,198		1,099
Contra revenue	(17)		(13)		(86)		(69)
Net fees	290		281		1,112		1,030
Owned and leased	423		264		1,375		1,174
Distribution	177		205		946		1,023
Other revenues	4		11		39		69
Revenues for reimbursed costs	895		841		3,629		3,352
Total revenues	1,789		1,602		7,101		6,648

DIRECT AND GENERAL AND ADMINISTRATIVE EXPENSES:
General and administrative	139		136		555		548
Owned and leased	336		209		1,122		925
Distribution	169		185		823		875
Other direct costs	7		13		73		94
Transaction and integration costs	43		16		173		42
Depreciation and amortization	80		76		325		333
Reimbursed costs	926		887		3,682		3,457
Total direct and general and administrative expenses	1,700		1,522		6,753		6,274

Net gains (losses) and interest income from marketable securities held to fund rabbi trusts	9		3		50		49
Equity earnings (losses) from unconsolidated hospitality ventures	(6)		(1)		(46)		31
Interest expense	(87)		(52)		(317)		(180)
Gains (losses) on sales of real estate and other	(13)		(22)		(15)		1,245
Asset impairments	(17)		(161)		(40)		(213)
Other income (loss), net	33		105		101		257
Income (loss) before income taxes	8		(48)		81		1,563

Provision for income taxes	(27)		(8)		(130)		(267)
Net income (loss)	$	(19)	$	(56)	$	(49)	$	1,296
Net income attributable to noncontrolling interests	$	1	$	—	$	3	$	—
Net income (loss) attributable to Hyatt Hotels Corporation	$	(20)	$	(56)	$	(52)	$	1,296

EARNINGS (LOSSES) PER CLASS A AND CLASS B SHARE:
Net income (loss) attributable to Hyatt Hotels Corporation—Basic	$	(0.21)	$	(0.58)	$	(0.55)	$	12.99
Net income (loss) attributable to Hyatt Hotels Corporation—Diluted	$	(0.21)	$	(0.58)	$	(0.55)	$	12.65

Basic weighted-average shares outstanding	95.0		96.2		95.5		99.8
Diluted weighted-average shares outstanding	95.0		96.2		95.5		102.4

A - 1

Hyatt Hotels Corporation

Comparable System-wide Hotels Operating Statistics by Geography


	Three Months Ended December 31,
(in constant $)	RevPAR				Occupancy				ADR
	2025		vs. 2024		2025		vs. 2024		2025		vs. 2024
System-wide hotels (a)	$	146.01	4.0	%	69.4	%	0.5	% pts	$	210.47	3.4	%
United States	$	141.91	0.5	%	66.3	%	(1.2)	% pts	$	213.94	2.2	%
Americas (excluding U.S.)	$	176.93	5.0	%	68.5	%	1.6	% pts	$	258.29	2.7	%
Greater China	$	94.14	6.7	%	73.7	%	2.7	% pts	$	127.80	2.8	%
Asia Pacific (excluding Greater China)	$	177.22	13.4	%	77.2	%	3.4	% pts	$	229.66	8.6	%
Europe	$	186.34	8.0	%	71.5	%	2.5	% pts	$	260.62	4.3	%
Middle East & Africa	$	178.91	9.2	%	73.7	%	1.4	% pts	$	242.86	7.2	%

Owned and leased hotels (b)	$	246.55	7.2	%	71.1	%	—	% pts	$	346.84	7.2	%

(in reported $)	Net Package RevPAR				Occupancy				Net Package ADR
	2025		vs. 2024		2025		vs. 2024		2025		vs. 2024
System-wide all-inclusive resorts (c)	$	219.94	8.3	%	74.8	%	1.6	% pts	$	293.94	6.0	%
Americas (excluding U.S.)	$	234.45	7.6	%	73.9	%	2.6	% pts	$	317.36	3.9	%
Europe (d)	$	158.80	13.1	%	78.8	%	(2.5)	% pts	$	201.52	16.8	%

	Year Ended December 31,
(in constant $)	RevPAR				Occupancy				ADR
	2025		vs. 2024		2025		vs. 2024		2025		vs. 2024
System-wide hotels (a)	$	144.63	2.9	%	70.6	%	0.9	% pts	$	204.88	1.6	%
United States	$	147.00	0.9	%	69.7	%	(0.2)	% pts	$	210.98	1.3	%
Americas (excluding U.S.)	$	176.16	2.9	%	69.0	%	(0.4)	% pts	$	255.20	3.4	%
Greater China	$	87.44	2.8	%	72.3	%	3.2	% pts	$	120.87	(1.8)	%
Asia Pacific (excluding Greater China)	$	155.62	9.5	%	74.1	%	3.0	% pts	$	209.91	4.9	%
Europe	$	189.81	4.7	%	70.4	%	1.8	% pts	$	269.52	1.9	%
Middle East & Africa	$	146.13	10.2	%	70.2	%	3.3	% pts	$	208.24	5.1	%

Owned and leased hotels (b)	$	225.37	5.7	%	71.7	%	0.3	% pts	$	314.22	5.1	%

(in reported $)	Net Package RevPAR				Occupancy				Net Package ADR
	2025		vs. 2024		2025		vs. 2024		2025		vs. 2024
System-wide all-inclusive resorts (c)	$	221.77	8.6	%	76.9	%	3.4	% pts	$	288.38	3.8	%
Americas (excluding U.S.)	$	241.08	7.1	%	74.5	%	4.1	% pts	$	323.53	1.2	%
Europe (d)	$	164.40	15.3	%	84.0	%	1.5	% pts	$	195.72	13.3	%

(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 December 31,
(in constant $)	RevPAR				Occupancy				ADR
	2025		vs. 2024		2025		vs. 2024		2025		vs. 2024
Composite Luxury (a)	$	216.95	6.9	%	71.6	%	1.8	% pts	$	302.94	4.2	%
Grand Hyatt	$	182.55	7.6	%	72.4	%	2.9	% pts	$	252.31	3.3	%
Park Hyatt	$	355.66	9.6	%	71.4	%	(0.3)	% pts	$	498.34	10.0	%
The Unbound Collection by Hyatt	$	188.83	6.7	%	66.4	%	2.9	% pts	$	284.54	2.2	%

Composite Upper Upscale (b)	$	142.04	4.7	%	68.1	%	0.7	% pts	$	208.53	3.6	%
Hyatt Centric	$	175.34	3.3	%	76.8	%	0.8	% pts	$	228.16	2.1	%
Hyatt Regency	$	134.52	4.6	%	66.4	%	0.6	% pts	$	202.70	3.8	%
JdV by Hyatt	$	133.26	12.5	%	70.9	%	4.3	% pts	$	188.08	5.7	%

Composite Upscale (c)	$	102.22	(1.5)	%	68.9	%	(1.1)	% pts	$	148.25	—	%
Hyatt House	$	113.16	(2.7)	%	71.2	%	(1.1)	% pts	$	158.88	(1.2)	%
Hyatt Place	$	98.42	(1.5)	%	68.3	%	(1.1)	% pts	$	144.18	0.2	%

Composite Upper Midscale (d)	$	43.08	1.4	%	77.2	%	0.3	% pts	$	55.82	1.0	%
UrCove	$	42.82	1.4	%	78.1	%	0.3	% pts	$	54.81	0.9	%

(in reported $)	Net Package RevPAR				Occupancy				Net Package ADR
	2025		vs. 2024		2025		vs. 2024		2025		vs. 2024
Composite All-inclusive (e)	$	219.94	8.3	%	74.8	%	1.6	% pts	$	293.94	6.0	%
Dreams Resorts & Spas	$	219.69	6.0	%	73.6	%	1.0	% pts	$	298.43	4.5	%
Secrets Resorts & Spas	$	299.01	7.9	%	76.5	%	1.2	% pts	$	390.71	6.2	%
Alua Hotels & Resorts	$	117.48	14.7	%	82.5	%	(2.0)	% pts	$	142.33	17.4	%

	Year Ended December 31,
(in constant $)	RevPAR				Occupancy				ADR
	2025		vs. 2024		2025		vs. 2024		2025		vs. 2024
Composite Luxury (a)	$	207.71	5.8	%	71.3	%	2.2	% pts	$	291.43	2.6	%
Grand Hyatt	$	179.83	5.0	%	72.8	%	2.8	% pts	$	247.16	1.0	%
Park Hyatt	$	314.27	9.1	%	69.7	%	1.7	% pts	$	450.88	6.4	%
The Unbound Collection by Hyatt	$	205.39	6.8	%	65.8	%	2.0	% pts	$	311.99	3.5	%

Composite Upper Upscale (b)	$	140.64	2.6	%	69.2	%	0.7	% pts	$	203.16	1.5	%
Hyatt Centric	$	162.92	2.9	%	76.1	%	1.3	% pts	$	214.17	1.2	%
Hyatt Regency	$	136.90	2.3	%	68.1	%	0.6	% pts	$	201.01	1.4	%
JdV by Hyatt	$	118.08	6.3	%	67.6	%	3.2	% pts	$	174.78	1.4	%

Composite Upscale (c)	$	106.95	(0.7)	%	71.7	%	0.1	% pts	$	149.22	(0.8)	%
Hyatt House	$	120.69	(1.3)	%	74.5	%	(0.1)	% pts	$	162.01	(1.2)	%
Hyatt Place	$	102.77	(0.5)	%	71.0	%	0.1	% pts	$	144.84	(0.6)	%

Composite Upper Midscale (d)	$	41.49	(1.0)	%	76.1	%	2.2	% pts	$	54.55	(3.9)	%
UrCove	$	40.93	(0.8)	%	76.8	%	2.4	% pts	$	53.29	(3.9)	%

(in reported $)	Net Package RevPAR				Occupancy				Net Package ADR
	2025		vs. 2024		2025		vs. 2024		2025		vs. 2024
Composite All-inclusive (e)	$	221.77	8.6	%	76.9	%	3.4	% pts	$	288.38	3.8	%
Dreams Resorts & Spas	$	228.22	4.2	%	75.6	%	1.2	% pts	$	301.91	2.5	%
Secrets Resorts & Spas	$	300.52	9.8	%	75.5	%	4.0	% pts	$	398.25	4.1	%
Alua Hotels & Resorts	$	135.69	15.4	%	87.5	%	1.3	% pts	$	155.03	13.7	%

(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, Impressions by Secrets, Secrets Resorts & Spas, Sunscape Resorts & Spas, and Zoëtry Wellness & Spa 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


	December 31, 2025
	Managed (a)		Franchised		Owned and Leased (b)		Total
	Properties	Rooms	Properties	Rooms	Properties	Rooms	Properties	Rooms
Geography:
United States	178	64,048	544	99,568	14	5,672	736	169,288
Americas (excluding U.S.)	39	10,210	49	7,719	4	1,197	92	19,126
Greater China	115	34,252	98	16,527	—	—	213	50,779
Asia Pacific (excluding Greater China)	145	35,259	12	3,528	—	—	157	38,787
Europe	54	12,310	67	11,629	4	1,059	125	24,998
Middle East & Africa	45	10,493	4	779	—	—	49	11,272
System-wide hotels (c)	576	166,572	774	139,750	22	7,928	1,372	314,250

Americas (excluding U.S.)	107	44,108	—	—	—	—	107	44,108
Europe (d)	43	13,143	—	—	6	1,262	49	14,405
System-wide all-inclusive resorts	150	57,251	—	—	6	1,262	156	58,513

System-wide (e)	726	223,823	774	139,750	28	9,190	1,528	372,763

Mr & Mrs Smith (f)							1,260	42,129
Hyatt Vacation Club							22	1,997
Residential							42	4,696

(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 December 31, 2025, the Mr & Mrs Smith platform included approximately 2,400 properties (or approximately 109,000 rooms) that pay commissions through the Company's distribution segment revenues.

A - 4

Hyatt Hotels Corporation

Properties and Rooms by Brand


	December 31, 2025
	Managed (a)		Franchised		Owned and Leased (b)		Total
Brands by Chain Scale:	Properties	Rooms	Properties	Rooms	Properties	Rooms	Properties	Rooms

Luxury (c)
Alila	17	1,947	—	—	—	—	17	1,947
Andaz	29	6,748	1	715	2	507	32	7,970
Destination by Hyatt	11	2,375	11	4,431	—	—	22	6,806
Grand Hyatt	61	32,232	3	1,331	2	904	66	34,467
Miraval	—	—	—	—	3	383	3	383
Park Hyatt	48	8,827	—	—	3	549	51	9,376
The Unbound Collection by Hyatt	18	3,111	34	6,167	—	—	52	9,278
Thompson Hotels	16	3,382	2	472	—	—	18	3,854

Upper Upscale (c)
Bunkhouse	10	498	—	—	—	—	10	498
Dream Hotels	4	808	1	178	—	—	5	986
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	174	73,056	63	22,694	6	3,355	243	99,105
JdV by Hyatt	14	2,267	38	6,069	—	—	52	8,336
The Standard	9	1,386	3	580	—	—	12	1,966
The StandardX	2	187	—	—	—	—	2	187

Upscale (c)
Caption by Hyatt	3	623	2	377	—	—	5	1,000
Hyatt House	24	3,365	121	17,031	—	—	145	20,396
Hyatt Place	87	14,887	363	51,735	4	794	454	67,416
Me and All Hotels	—	—	8	1,364	—	—	8	1,364
Unscripted by Hyatt	6	1,598	2	256	—	—	8	1,854

Upper Midscale (c)
Hyatt Select	—	—	2	203	—	—	2	203
Hyatt Studios	—	—	2	242	—	—	2	242
UrCove	—	—	72	10,147	—	—	72	10,147

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	543	—	—	—	—	7	543
Bahia Principe Hotels & Resorts	22	11,648	—	—	—	—	22	11,648
Hyatt Vivid Hotels & Resorts	2	924	—	—	—	—	2	924
Sunscape Resorts & Spas	9	4,147	—	—	—	—	9	4,147
Alua Hotels & Resorts	26	7,443	—	—	6	1,262	32	8,705

Other	5	1,405	3	7,235	—	—	8	8,640
System-wide	726	223,823	774	139,750	28	9,190	1,528	372,763

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 Measures: Net Income (Loss) Attributable to Hyatt Hotels Corporation to Adjusted EBITDA and Net Cash Provided by Operating Activities to Free Cash Flow and Adjusted Free Cash Flow


(in millions)	Three Months Ended December 31,				Year Ended December 31,
	2025		2024		2025		2024
Net income (loss) attributable to Hyatt Hotels Corporation	$	(20)	$	(56)	$	(52)	$	1,296
Contra revenue	17		13		86		69
Revenues for reimbursed costs	(895)		(841)		(3,629)		(3,352)
Reimbursed costs	926		887		3,682		3,457
Stock-based compensation expense (a)	9		7		68		62
Transaction and integration costs	43		16		173		42
Depreciation and amortization	80		76		325		333
Equity (earnings) losses from unconsolidated hospitality ventures	6		1		46		(31)
Interest expense	87		52		317		180
(Gains) losses on sales of real estate and other	13		22		15		(1,245)
Asset impairments	17		161		40		213
Other (income) loss, net	(33)		(105)		(101)		(257)
Provision for income taxes	27		8		130		267
Net income attributable to noncontrolling interests	1		—		3		—
Pro rata share of unconsolidated owned and leased hospitality ventures' Adjusted EBITDA	14		14		56		62
Adjusted EBITDA	$	292	$	255	$	1,159	$	1,096

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

The table below provides a breakdown for Adjusted EBITDA:


(in millions)	Three Months Ended December 31,				Year Ended December 31,
	2025		2024		2025		2024
Management and franchising	$	240	$	219	$	940	$	854
Owned and leased	85		57		259		261
Distribution	7		20		120		140
Overhead	(40)		(41)		(160)		(160)
Eliminations	—		—		—		1
Adjusted EBITDA	$	292	$	255	$	1,159	$	1,096


(in millions)	Year Ended December 31,
	2025		2024
Net cash provided by operating activities	$	379	$	633
Capital expenditures	(220)		(170)
Free Cash Flow	$	159	$	463
Cash taxes on asset sales	117		77
Costs associated with the Playa Hotels Acquisition (b)	198		—
Adjusted Free Cash Flow	$	474	$	540

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

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 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)	Three Months Ended December 31,				Year Ended December 31,
	2025		2024		2025		2024
G&A expenses	$	139	$	136	$	555	$	548
Less: Rabbi trust impact	(8)		(3)		(48)		(46)
Less: Stock-based compensation expense	(8)		(6)		(62)		(58)
Adjusted G&A Expenses	$	123	$	127	$	445	$	444

The table below provides a breakdown for Adjusted G&A Expenses:


(in millions)	Three Months Ended December 31,				Year Ended December 31,
	2025		2024		2025		2024
Management and franchising	$	81	$	83	$	275	$	268
Owned and leased	2		3		10		10
Distribution	—		—		—		6
Overhead	40		41		160		160
Adjusted G&A Expenses	$	123	$	127	$	445	$	444

A - 7

Hyatt Hotels Corporation

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


(in millions)	Three Months Ended December 31, 2025
	Hyatt (Ex-Playa)		Playa (b)		Consolidated
Net income (loss) attributable to Hyatt Hotels Corporation	$	60	$	(80)	$	(20)
Contra revenue	17		—		17
Revenues for reimbursed costs	(895)		—		(895)
Reimbursed costs	926		—		926
Stock-based compensation expense (a)	8		1		9
Transaction and integration costs	5		38		43
Depreciation and amortization	80		—		80
Equity (earnings) losses from unconsolidated hospitality ventures	6		—		6
Interest expense	46		41		87
(Gains) losses on sales of real estate and other	(21)		34		13
Asset impairments	17		—		17
Other (income) loss, net	(33)		—		(33)
Provision for income taxes	27		—		27
Net income attributable to noncontrolling interests	1		—		1
Pro rata share of unconsolidated owned and leased hospitality ventures' Adjusted EBITDA	14		—		14
Adjusted EBITDA	$	258	$	34	$	292

(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) Includes amounts incurred specifically related to Playa, including amounts recognized by Playa during Hyatt's period of ownership; amounts recognized by Hyatt prior to and following the completion of the acquisition; and amounts related to the Playa Real Estate Transaction. Refer to the table on schedule A-12 for Playa results by quarter.


(in millions)	Year Ended December 31, 2025
	Hyatt (Ex-Playa)		Playa (d)		Consolidated
Net income (loss) attributable to Hyatt Hotels Corporation	$	161	$	(213)	$	(52)
Contra revenue	86		—		86
Revenues for reimbursed costs	(3,629)		—		(3,629)
Reimbursed costs	3,682		—		3,682
Stock-based compensation expense (c)	64		4		68
Transaction and integration costs	32		141		173
Depreciation and amortization	324		1		325
Equity (earnings) losses from unconsolidated hospitality ventures	46		—		46
Interest expense	206		111		317
(Gains) losses on sales of real estate and other	(19)		34		15
Asset impairments	40		—		40
Other (income) loss, net	(101)		—		(101)
Provision for income taxes	130		—		130
Net income attributable to noncontrolling interests	3		—		3
Pro rata share of unconsolidated owned and leased hospitality ventures' Adjusted EBITDA	56		—		56
Adjusted EBITDA	$	1,081	$	78	$	1,159

(c) Includes amounts recognized in general and administrative expenses, owned and leased expenses, and distribution expenses; excludes amounts recognized in transaction and integration costs.
(d) Includes amounts incurred specifically related to Playa, including amounts recognized by Playa during Hyatt's period of ownership; amounts recognized by Hyatt prior to and following the completion of the acquisition; and amounts related to the Playa Real Estate Transaction. Refer to the table on schedule A-12 for Playa results by quarter.

A - 8

Hyatt Hotels Corporation

Reconciliation of Non-GAAP Financial Measure: Net Cash Provided by Operating Activities to Free Cash Flow and Adjusted Free Cash Flow


(in millions)	Year Ended December 31, 2025
	Hyatt (Ex-Playa)		Playa		Consolidated
Net cash provided by operating activities	$	558	$	(179)	$	379
Capital expenditures	(148)		(72)		(220)
Free Cash Flow	$	410	$	(251)	$	159
Cash taxes on asset sales	117		—		117
Costs associated with the Playa Hotels Acquisition (a)	—		198		198
Adjusted Free Cash Flow	$	527	$	(53)	$	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.

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Hyatt Hotels Corporation

Reconciliation of Non-GAAP Financial Measure: Net Income (Loss) Attributable to Hyatt Hotels Corporation and Diluted Earnings (Losses) 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 December 31,				Year Ended December 31,
	2025		2024		2025		2024
Net income (loss) attributable to Hyatt Hotels Corporation	$	(20)	$	(56)	$	(52)	$	1,296
Diluted earnings (losses) per share	$	(0.21)	$	(0.58)	$	(0.55)	$	12.65
Special items:
Transaction and integration costs (a)	43		16		173		42
Fund deficits (b)	22		30		27		50
Asset impairments (c)	17		161		40		213
(Gains) losses on sales of real estate and other (d)	13		22		15		(1,245)

Utilization of Avendra and other proceeds (e)	6		5		21		20
Restructuring costs (f)	6		5		57		5

Unconsolidated hospitality ventures (g)	—		(15)		36		(84)
(Gains) losses, net on marketable securities (h)	(1)		(58)		(19)		(54)
Contingent consideration liabilities fair value adjustments (i)	(23)		(19)		(37)		(39)

Other	4		7		4		4
Special items - pre-tax	87		154		317		(1,088)
Income tax (provision) benefit for special items	59		(58)		(56)		167
Total special items - after-tax	$	146	$	96	$	261	$	(921)
Special items impact per diluted share	$	1.54	$	1.00	$	2.74	$	(8.99)
Adjusted net income attributable to Hyatt Hotels Corporation	$	126	$	40	$	209	$	375
Adjusted diluted earnings per share	$	1.33	$	0.42	$	2.19	$	3.66

(a) During the three months ended December 31, 2025 (Q4 2025) and the year ended December 31, 2025 (YTD 2025), we recognized transaction and integration costs primarily related to the Playa Hotels Acquisition and integration costs related to Standard International. During the three months ended December 31, 2024 (Q4 2024) and the year ended December 31, 2024 (YTD 2024), we recognized transaction costs primarily related to Bahia Principe and Standard International and integration costs related to Apple Leisure Group and Standard International. Additionally, during YTD 2024, we recognized integration costs related to Dream Hotel Group and Mr & Mrs Smith. The costs were recognized in transaction and integration costs on our consolidated statements of income (loss).

(b) During Q4 2025, YTD 2025, Q4 2024, and YTD 2024, we recognized net deficits, which we intend to recover in future periods on certain funds due to the timing of revenue and expense recognition. During Q4 2025 and YTD 2025, this fund activity was recognized in revenues for reimbursed costs ($198 million and $820 million, respectively), reimbursed costs ($224 million and $855 million, respectively), depreciation and amortization expenses ($4 million and $19 million, respectively), and other income (loss), net ($8 million and $27 million, respectively), and during Q4 2024 and YTD 2024, this fund activity was recognized in revenues for reimbursed costs ($145 million and $619 million, respectively), reimbursed costs ($186 million and $705 million, respectively), and other income (loss), net ($11 million and $36 million, respectively) on our consolidated statements of income (loss). Figures herein 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 consolidated statements of income (loss) but are not considered part of our fund activity.

(c) During Q4 2025, we recognized $17 million of impairment charges related to intangible assets. Additionally, during YTD 2025, we recognized $23 million of impairment charges related to intangible assets, property and equipment, and operating lease right-of-use assets. During Q4 2024, we recognized $161 million of impairment charges related to goodwill and intangible assets. Additionally, during YTD 2024, we recognized $52 million of impairment charges related to property and equipment, definite-lived intangible assets, goodwill, and operating lease right-of-use assets. The impairment charges were recognized in asset impairments on our consolidated statements of income (loss).

(d) During Q4 2025 and YTD 2025, we recognized a $34 million pre-tax loss related to the Playa Real Estate Transaction and a $21 million pre-tax gain related to the sale of the Alua Portfolio. During Q4 2024, we recognized pre-tax losses related to a decrease in the carrying value of the contingent consideration receivable recorded in conjunction with the sale of the Destination Residential Management business in 2023 ($17 million) and related to the sale of Hyatt Regency O'Hare Chicago ($5 million). Additionally, during YTD 2024, we recognized pre-tax gains related to the sales of Hyatt Regency Orlando and an adjacent undeveloped land parcel ($514 million), Park Hyatt Zurich ($257 million), and Hyatt Regency San Antonio Riverwalk ($100 million), the UVC Transaction ($231 million), and the sale of the shares of the entities that own Hyatt Regency Aruba Resort Spa and Casino ($172 million) as well as a $4 million pre-tax loss related to the sale of Hyatt Regency Green Bay. The activity was recognized in gains (losses) on sales of real estate and other on our consolidated statements of income (loss).

(e) During Q4 2025, YTD 2025, Q4 2024, and YTD 2024, we recognized expenses related to the partial utilization of the Avendra LLC sale proceeds for the benefit of our hotels in reimbursed costs ($5 million, $18 million, $5 million, and $19 million, respectively) and depreciation and amortization expenses ($1 million, $3 million, an insignificant amount, and $1 million, respectively) on our consolidated statements of income (loss). The gain recognized in conjunction with the sale of Avendra LLC was included as a special item during the year ended December 31, 2017.

(f) During Q4 2025 and YTD 2025, we recognized restructuring costs as a result of organizational changes in other income (loss), net on our consolidated statements of income (loss).

(g) During YTD 2025, we recognized impairment charges related to certain investments in unconsolidated hospitality ventures. During Q4 2024, we recognized $20 million of gains related to the sale of our ownership interest in two equity method investments and a $5 million impairment charge related to an unconsolidated hospitality venture. Additionally, during YTD 2024, we recognized a $79 million non-cash pre-tax gain related to the dilution of our ownership interest in an unconsolidated hospitality venture and a $10 million impairment charge related to one of our unconsolidated hospitality ventures. The activity was recognized in equity earnings (losses) from unconsolidated hospitality ventures on our consolidated statements of income (loss).

(h) During Q4 2025, YTD 2025, Q4 2024, and YTD 2024, we recognized net gains due to the change in fair value of our marketable securities. Additionally, during YTD 2025, we recognized realized gains on our previously-held ordinary shares in Playa Hotels. The activity was recognized in other income (loss), net on our consolidated statements of income (loss).

(i) During Q4 2025 and YTD 2025, we recognized fair value adjustments related to Dream Hotel Group, Bahia Principe, and Standard International. During Q4 2024 and YTD 2024, we recognized fair value adjustments primarily related to Dream Hotel Group. The fair value adjustments were recognized in other income (loss), net on our consolidated statements of income (loss).

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Hyatt Hotels Corporation

Adjustments to Owned and Leased Segment from Sold Assets

The schedule below represents the following sold assets including the following owned and leased hotels: Hyatt Regency Aruba Resort Spa and Casino (Q1 2024), Park Hyatt Zurich (Q2 2024), Hyatt Regency San Antonio Riverwalk (Q2 2024), Hyatt Regency Green Bay (Q2 2024), Hyatt Regency Orlando (Q3 2024), Hyatt Regency O'Hare Chicago (Q4 2024), Alua Atlántico Golf Resort (Q4 2025), Alua Tenerife (Q4 2025), and AluaSoul Orotava Valley (Q4 2025) as well as the following unconsolidated hospitality ventures: Park Hyatt Cabo del Sol (Q4 2024) and Hyatt Centric Downtown Nashville (Q4 2024).


(in millions)	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)

	Fiscal Year 2024
	First Quarter		Second Quarter		Third Quarter		Fourth Quarter		Full Year
Total adjustment to segment revenues from sold assets (a)	$	(119)	$	(82)	$	(42)	$	(24)	$	(267)

Adjustment to segment Adjusted EBITDA from sold hotels (c)	$	(37)	$	(28)	$	(11)	$	(2)	$	(78)
Adjustment to segment Adjusted EBITDA from sold unconsolidated hospitality ventures (d)	(1)		(1)		(1)		—		(3)
Total adjustment to segment Adjusted EBITDA from sold assets	$	(38)	$	(29)	$	(12)	$	(2)	$	(81)

(a) Represents the owned and leased segment revenues contribution in each period for hotels that have been sold as of December 31, 2025 and for which the Company entered into long-term management or franchise agreements upon sale.

(b) Includes certain tax expenses during the Company's period of ownership relating to a hotel sold in 2024.

(c) Represents the owned and leased segment Adjusted EBITDA contribution in each period for hotels that have been sold as of December 31, 2025 and for which the Company entered into long-term management or franchise agreements upon sale; excludes gross fee revenues retained following the sale.

(d) Represents Hyatt's pro rata share of unconsolidated hospitality ventures' Adjusted EBITDA contribution in each period for unconsolidated hospitality ventures that have been sold as of December 31, 2025. Includes the net impact from an unconsolidated hospitality venture, for which our ownership percentage was diluted from 50.0% to 38.8% as a result of its initial public offering.

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.

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Hyatt Hotels Corporation

2025 Playa Results by Quarter


(in millions)	Playa Results by Quarter (a)
REVENUES:	Q2 2025		Q3 2025		Q4 2025		Full Year 2025
Gross fees (b)	$	—	$	(2)	$	(3)	$	(5)
Owned and leased	$	47	$	159	$	157	$	363
Distribution	$	—	$	—	$	—	$	—



EXPENSES:
Adjusted G&A Expenses	$	—	$	4	$	4	$	8
Owned and leased (c)	$	33	$	126	$	120	$	279
Distribution	$	—	$	1	$	—	$	1

(a) Includes amounts incurred specifically related to the Playa Hotels Acquisition, including amounts recognized by Playa during Hyatt's period of ownership.

(b) In Q2 2025, Q3 2025, and Q4 2025, gross fees were adjusted to remove an insignificant amount, $4 million, and $4 million, respectively, of intercompany franchise fee revenues earned for properties that were acquired in the Playa Hotels Acquisition and were eliminated in consolidation.

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Hyatt Hotels Corporation

Pipeline Approximate Mix


	December 31, 2025
	Approx. Hotels	Approx. Rooms
Geography:
United States	250	31,000
Americas (excluding U.S.)	80	18,000
Greater China	265	54,000
Asia Pacific (excluding Greater China)	165	29,000
Europe	45	9,000
Middle East & Africa	25	7,000
System-wide	830	148,000

Chain Scale: (a)
Luxury (b)	180	39,000
Upper Upscale (c)	190	44,000
Upscale (d)	265	43,000
Upper Midscale (e)	195	22,000
System-wide	830	148,000

Contract Type:

Managed	380	85,000
Franchised	450	63,000
System-wide	830	148,000

(a) Chain scale classification as defined by Smith Travel Research.

(b) Includes Alila, ATONA, Andaz, Breathless Resorts & Spas, Destination by Hyatt, Dreams Resorts & Spas, Grand Hyatt, Hyatt Zilara, Hyatt Ziva, Miraval, Park Hyatt, Secrets Resorts & Spas, The Unbound Collection by Hyatt, Thompson Hotels, and Zoëtry Wellness & Spa Resorts.

(c) Includes Bunkhouse Hotels, Dream Hotels, Hyatt Centric, Hyatt Regency, Hyatt Vivid Hotels & Resorts, JdV by Hyatt, The Standard, and The StandardX.

(d) Includes Alua Hotels & Resorts, Caption by Hyatt, Hyatt House, Hyatt Place, Me and All Hotels, and Unscripted by Hyatt.

(e) Includes Hyatt Studios, Hyatt Select, and UrCove.

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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 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 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	$	235	$	320
Contra revenue	65		65
Reimbursed costs, net (a)	95		55
Stock-based compensation expense (b)	65		65
Transaction and integration costs	45		35
Depreciation and amortization	310		310
Equity (earnings) losses from unconsolidated hospitality ventures	5		5
Interest expense	260		260


Other (income) loss, net	(110)		(130)
Provision for income taxes	185		215
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, owned and leased expenses, and distribution expenses; excludes amounts recognized in transaction and integration costs


	Low Case		High Case
G&A expenses	$	502	$	512
Less: Rabbi trust impact	—		—
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

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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 measure that is not recognized in accordance with accounting principles generally accepted in the United States of America ("GAAP"). We define Adjusted EBITDA as net income (loss) attributable to Hyatt Hotels Corporation plus net income (loss) attributable to noncontrolling interests and our pro rata share of unconsolidated owned and leased hospitality ventures' Adjusted EBITDA, primarily based on our ownership percentage of each owned and leased venture, 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 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.

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

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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 G&A Expenses, as we define it, is a non-GAAP measure. Adjusted G&A Expenses excludes the impact of deferred compensation plans funded through rabbi trusts and stock-based compensation expense. Adjusted G&A 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 that have not sustained substantial damage, business interruption, or undergone large-scale renovations 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 sustained substantial damage, business interruption, or undergone large-scale renovations 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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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.

UVC Transaction

During the year ended December 31, 2024, we completed a restructuring of the entity that owns the Unlimited Vacation Club paid membership program business and sold 80% of the entity to an unrelated third party for $80 million. As a result of the transaction, we deconsolidated the entity as we no longer have a controlling financial interest, and we account for our remaining 20% ownership interest as an equity method investment in an unconsolidated hospitality venture. We continue to manage the Unlimited Vacation Club business under a long-term management agreement and license and royalty agreement. The operating results of the Unlimited Vacation Club business prior to the UVC Transaction are reported within our distribution segment.

A - 18

Investor Presentation FOURTH QUARTER 2025 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 Hyatt Hotels Corporation’s (“Hyatt,” “the Company,” “we,”, “us,”, or “our”) 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; hostilities, or fear of hostilities, including future terrorist attacks, 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; 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 successfully complete dispositions of certain of our owned real estate assets within targeted timeframes and at expected values; 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 adjusted its definition of Adjusted EBITDA and will no longer include Hyatt's pro rata share of unconsolidated owned and leased hospitality ventures' Adjusted EBITDA. 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 28 and the references and general disclaimers referenced therein should be read in conjunction with information presented on each slide.

3 GLOBAL HOSPITALITY COMPANY FOCUSED ON SERVING THE HIGH-END TRAVELER 83 Countr ies Around the World and 6 Cont inents 372,763 Rooms 36 Global Brands1 1,528 Hotels and Al l - Inclusive Propert ies ~148,000 Rooms in Pipel ine A Company Record 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 December 31, 2025 Colleagues as of December 31, 2025: 242,000 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 December 31, 2025. 1 Global brands inclusive of December 31, 2025 brand bar, displayed on slide 6. 2 Source: Smith Travel Research Global Census as of December 31, 2025. 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

Source Notes: Shareholder Returns (div + repurchases): – 2017: 743M – 2018: 1,014M – 2019: 501M – 2020: 89M – 2021: 0 – 2022: 369M – 2023: 491M – 2024: 1,250M Share file: CHICO-Team- Corporate FPA - Documents\Fact Pack and QA Document\2024\Investor Consideration Deck Support\Annual 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: HYATT KEY INVESTMENT CONSIDERATIONS 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

Fortune World’s Most Admired Companies 2026 Fortune 100 Best Companies To Work For 2025 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 December 31, 2025.

WORLD OF HYATT: REDEFINING LOYALTY 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 30: – H: – HLT: – MAR: – IHG: World of Hyatt Membership: – YE 2023: 43.8M – YE 2024: 53.5M (YoY Growth 22.1%) – YE 2025: XXX Award-Winning Recognition 7 ~63M World of Hyatt Members Hilton Marriott IHG Accor High-Quality Scale 43% More Members per Hotel vs. Closest Competitor1 19% Membership Growth Since 2024 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 2024 Best Hotel Credit Card Rewards Program Kiplingers Readers’ Choice THEPOINTSGUY AWARDS 2026 Footnotes: Figures as of December 31, 2025 unless otherwise noted, and growth rates represent year-over-year comparisons from years ended December 31, 2024 and December 31, 2025. 1 Members per hotel figures calculated based on public filings as of September 30, 2025.

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% 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. 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

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

Footnotes: 1 Figures calculated from January 1, 2017 - December 31, 2025. 2 Aggregate Adjusted EBITDA† multiple based on the Adjusted EBITDA† for each respective year for sales prior to 2020, based on 2019 fiscal year for sales in 2021 and 2022, and based on the trailing 12 months prior to the sale for sales in 2024 and 2025. 3 Adjusted EBITDA† reduction of ~$410M from the assets sold netted against ~$50M of run-rate fees from the long-term management or franchise agreements signed as part of the asset sales. 4 Asset-Light Acquisitions includes Two Roads Hospitality, Apple Leisure Group, inclusive of the UVC Transaction, Dream Hotel Group, Mr & Mrs Smith, Me and All Hotels, Standard International, the Bahia Principe Transaction, and the net purchase price of Playa Hotels and Resorts after the completion of the Playa Real Estate Transaction. 5 Includes base consideration paid and assumption for variable consideration to be paid; variable consideration for Dream Hotel Group, Standard International, and Bahia Principe Transaction based on stabilized estimates. 6 Incremental Adjusted EBITDA† based on stabilized Adjusted EBITDA† estimates for Two Roads Hospitality, Apple Leisure Group, inclusive of the UVC Transaction, Dream Hotel Group, Mr & Mrs Smith, Me and All Hotels, Standard International, Playa Hotels & Resorts, and the Bahia Principe Transaction. 10 $5.7B Tota l D ispos i t ion Proceeds, Net o f Purchases ~15x Aggregate Ad j . EBITDA † Mul t ip le 2 Asset Dispositions ~($360M) Adj . EBITDA † Reduct ion 3 $4.4B Tota l Asset -L ight Acqu is i t ions 5 ~9.5x Aggregate Ad j . EBITDA † Mul t ip le Asset-Light Acquisitions4 ~$460M Incrementa l Ad j . EBITDA †6 $4.8B Through Div idends & Share Repurchases S ince 2017 Shareholder Returns 49.8M Tota l Shares Repurchased S ince 2017 $90.12 Weighted-Average Purchase Pr ice Per Share S ince 2017 Source Notes: Shareholder Returns $ (div + repurchases): – 2017: 743M – 2018: 1,014M – 2019: 501M – 2020: 89M – 2021: 0 – 2022: 369M – 2023: 492M – 2024: 1,250M Total # Shares Repurchased: – 2017: 12.19M – 2018: 12.72M – 2019: 5.62M – 2020: 0.83M – 2021: 0 – 2022: 4.23M – 2023: 4.12M – 2024: 7.99M CHICO-Team-Corporate FPA - Documents\Fact Pack and QA Document\2024\Investor Consideration Deck Support\Annual SINCE 20171: DISCIPLINED ASSET-LIGHT EXECUTION DRIVING SHAREHOLDER VALUE

47% 85% 2017 2025 +101% +140% +111% +530% +3,800 bps SYSTEM-WIDE ROOMS GROSS FEE REVENUE2 PIPELINE LOYALTY MEMBERS ASSET-LIGHT EARNINGS MIX◊ Source Notes: Updated Annually Support: Hyatt Hotels\CHICO-Team-Corporate FPA - Documents\Fact Pack and QA Document\2024\Investor Consideration Deck Support\Annual \ Strategic Growth support file -2009 Data can be found under 2009 folder System-wide rooms based on Inventory as of December 31, 2009 Fee Revenue, pipeline, and loyalty members based on Hyatt 2009 Annual Report -2017 Data can be found under 2017 folder System-wide rooms based on Inventory as of December 31, 2017 Fee Revenue and pipeline based on Q4 2017 Earnings Release Loyalty members based on 10-K 2017 -2023 Data System-wide rooms based on Inventory as of December 31, 2023 Fee Revenue and pipeline based on Q4 2023 Earnings Release Loyalty members based on 10-K 2023 as well as Enrollment and Program member count Q4 2023 Footnotes: 1 Calculated growth comparisons based on years ended December 31, 2017 and December 31, 2025. 2 Gross fee revenue in 2017 represents management, franchise, and other fees following the adoption of ASC 606 during the year ended December 31, 2018 as disclosed in our 2018 Form 10-K. 3 Excludes the impact of the period of ownership of the Playa assets in 2025. 186K 373K 2017 2025 $498M $1,198M 2017 2025 70K 148K 2017 2025 10M 63M 2017 2025 B A H I A P R I N C I P E G R A N D L A R O M A N A 11 3 STRATEGIC GROWTH1 ACROSS MULTIPLE DIMENSIONS

Footnotes: 1 Gross fees in 2017 represents management, franchise, and other fees following the adoption of ASC 606 during the year ended December 31, 2018 as disclosed in our 2018 Form 10-K. 2 Fees excluding acquisitions calculated as total fees excluding fees earned from the asset-light acquisitions of Two Roads Hospitality, Apple Leisure Group, inclusive of the UVC Transaction, Dream Hotel Group, Mr & Mrs Smith, Me and All Hotels, Standard International, Playa Hotels, and the Bahia Principe Transaction. STRONG ORGANIC FEE GROWTH FROM CORE OPERATING PERFORMANCE $498M $893M $1,198M 2017 Gross Fees 2025 Fees Excluding Acquisitions 2025 Total Fees (2017 - 2025 CAGR) L A Z A M B R A R E S O R T Gross Fee Growth 7.6% Organic Fee Growth CAGR 11.6% Total Fee Growth CAGR 2 12 1

EVOLUTION TO ASSET-LIGHT BUSINESS MODEL DRIVING ADJUSTED FREE CASH FLOW† EXPANSION Adjusted EBITDA† used to calculate Adjusted Free Cash Flow† Conversion % has been adjusted for all years to exclude the pro rata share of unconsolidated owned and leased hospitality ventures’ Adjusted EBITDA†. $289M $527M 2017 2025 Adjusted Free Cash Flow† Conversion % 1 T H O M P S O N C E N T R A L P A R K 51%40% 3 Adj. Free Cash Flow† 13 Footnotes: 1 Adjusted Free Cash Flow Conversion % calculated as Adjusted Free Cash Flow divided by Adjusted EBITDA. 2 Adjusted EBITDA in 2017 represents Adjusted EBITDA following the adoption of ASC 606 during the year ended December 31, 2018 as disclosed in our 2018 Form 10-K 3 2025 figures exclude the impact of the Playa Hotels Acquisition. Full details of the Company’s 2026 outlook can be found in its fourth quarter and full year 2025 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. 2

14 P A R K H Y A T T C A B O D E L S O L R E C E N T L Y O P E N E D I N Q 4 2 0 2 5 FULL YEAR HIGHLIGHTS

ADJUSTED EBITDA† DILUTED EPS2 GROSS FEES $(52)M NET INCOME (LOSS)2 $(0.55) $1,159M $1,198M OPERATIONAL RESULTS FINANCIAL RESULTS +7.2% PIPEL INE ROOMS GROWTH +7.3%+2.9% SYSTEM-WIDE HOTELS REVPAR ◊ GROWTH +19% WORLD OF HYATT MEMBER GROWTH ~6 3 M | 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 – 2024 Q1: 129K 15 FULL YEAR 2025 HIGHLIGHTS1 T H E S T A N D A R D P A T T A Y A N A J O M T I E N R E C E N T L Y O P E N E D I N Q 4 2 0 2 5 NET ROOMS GROWTH 6 . 7 % N R G E X C L U D I N G A C Q U I S I T I O N S Footnotes: 1 Figures as of December 31, 2025, and growth rates represent year-over-year comparisons from years ended December 31, 2024 and December 31, 2025. 2 Represents amounts attributable to Hyatt Hotels Corporation.

2025 GROSS FEE MIX 2025 Gross Fees : $1 ,198M 16 REVPAR◊ FEE MIX3 BY GEOGRAPHY P A R K H Y A T T M A L D I V E S H A D A H A A Source Notes: Footnotes: Figures as of December 31, 2025. 1 Other RevPAR fees primarily includes fees from hotel services provided to certain all-inclusive resorts. 2 Non-RevPAR fees includes license fees received in connection with the licensing of the Hyatt brand names through our co-branded credit card programs and vacation units; management and royalty fees related to the management and licensing of certain of our brands to the Unlimited Vacation Club business; termination fees; and all other fees. 3 Fee mix by geography is inclusive of base, incentive, franchise, and other RevPAR fees earned in the respective geographical regions. 44% 24% 12% 9% 7% 4% United States Americas (excluding U.S.) Asia Pacific (excluding Greater China) Europe Greater China Middle East & Africa 37% 23% 23% 17% Base Fees Incentive Fees Franchise Fees + Other RevPAR Fees Non-RevPAR Fees2 1

A L I L A W U Z H E N Footnotes: 1 Reflects a reduction of $78 million to 2025 owned and leased segment Adjusted EBITDA to account for period of ownership of the Playa hotels and the impact of sold hotels and $56 million of pro rata share of unconsolidated owned and leased hospitality ventures' Adjusted EBITDA to reflect the updated definition of Adjusted EBITDA. Refer to schedule A-11 in the fourth quarter and full year 2025 earnings release for furthers details. Full details of the Company’s 2026 outlook can be found in its fourth quarter 2025 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. 8% 11% Low Case High Case 17 HYATT FULL YEAR 2026 OUTLOOK 2026 OUTLOOK GROWTH VS. FULL YEAR 2025 LOW CASE HIGH CASE System-Wide Hote ls RevPAR◊ Growth 1.0% 3.0% Net Rooms Growth 6.0% 7.0% Net Income $235M $320M Gross Fees $1,295M $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

2025 Actual RevPAR + NRG Contribution Incremental Playa Co-Branded Credit Card Hurricane Melissa 2026 Gross Fees Outlook GROSS FEES EXPECTED TO INCREASE 10% IN 2026 AT MID-POINT OF OUTLOOK RANGE COMPARED TO 2025S E C R E T S B A H I A M I T A S U R F & S P A R E S O R T 2025 to 2026 Gross Fees Outlook Bridge $(10) $55 $65 - $105 $1,295 - $1,335 $1,198 (in Millions) 18 vs. 2025 +7.0% to +10.0% +8% to +11% Footnotes: 1 Incremental Playa reflects the incremental Gross Fees expected from the Playa Hotels Acquisition. Expectations were previously shared as part of the supplemental presentation published June 29, 2025. These expectations are adjusted for the impact of FX and the delayed re-opening of a hotel in Mexico after a renovation. 2 Co-Branded Credit Card reflects the impact of the expanded agreement with Chase to the Co-Branded Credit Card program that was announced on November 5, 2025. 3 Hurricane Melissa reflects the temporary closure of hotels in Jamaica due to the hurricane in October 2025 and includes both Playa and non-Playa hotels. Full details of the Company’s 2026 outlook can be found in its fourth quarter and full year 2025 earnings release. The Company’s 2026 outlook is based on a number of assumptions that are subject to change and many of which are outside the control of the Company. If actual results vary from these assumptions, the Company's expectations may change. There can be no assurance that the Company will achieve these results. No disposition or acquisition activity beyond what has been completed as of the date of this release has been included in the 2026 Outlook. 2 ~$(15) Includes estimated FX headwind of ~$5 1 3

2025 Actual JV EBITDA Playa O&L Other Asset Sales 2025 Adjusted Baseline Core Operating Performance Incremental Playa Co-Branded Credit Card Hurricane Melissa 2026 Outlook 2025 to 2026 Adjusted EBITDA† Outlook Bridge $1,159 $(56) $(73) $(5) $1,025 $55 - $60 $40 $55 - $95 $1,155 - $1,205 (in Millions) 19 7 P I N E S R E S O R T S S A R D I N I A ADJUSTED EBITDA† EXPECTED TO INCREASE 15% IN 2026 AT MID-POINT OF OUTLOOK RANGE COMPARED TO 2025 ADJUSTED BASELINE Footnotes: 1 Adjustments to 2025: JV EBITDA Reflects updated Adjusted EBITDA definition effective in the first quarter of 2026. Please see schedule A-6 in the fourth quarter and full year 2025 earnings release; Playa O&L reflects the period of ownership of the hotels acquired as part of the Playa Hotels Acquisition and sold on December 30, 2025. Other Asset Sales reflect Adjusted EBITDA earned in 2025 for assets that have been sold. Please see schedule A-11 in the fourth quarter and full year 2025 earnings release for details on Playa O&L and Other Asset Sales 2 Adjustments to 2026 Outlook: Incremental Playa reflects the incremental Adjusted EBITDA expected from the Playa Hotels Acquisition. These expectations were shared as part of the supplemental presentation published June 30, 2025; Co-Branded Credit Card reflects the impact of the expanded agreement with Chase to the Co-Branded Credit Card program that was announced on November 5, 2025; Hurricane Melissa reflects the temporary closure of hotels in Jamaica due to the hurricane in October 2025 and includes both Playa and non-Playa hotels. Full details of the Company’s 2026 outlook can be found in its fourth quarter and full year 2025 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. 1 $(20) - $(15) Includes estimated FX headwind of ~$5 1 1 2 2 2

Footnotes: Additional details relating to the adjustments to owned and leased segment Adjusted EBITDA† from sold assets can be found on schedule A-11 in the fourth quarter and full year 2025 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 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 4 Adjusted EBITDA contribution for hotels that have been sold as of December 31, 2025 and for which the Company entered into long-term management or franchise agreements; excludes gross fees retained following the sale. $259 $(73) $(5) $181 2025 Reported Playa 2025 Legacy H Asset Sales 2025 Net of Dispositions IMPACT OF 2025 ASSET SALES TO OWNED AND LEASED SEGMENT ADJUSTED EBITDA † 20 Estimated Value of Remaining Owned Assets1 Source Notes: Updated at YE, based on ER schedule Adjustments from sold owned and leased hotels 20 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 3 4

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 21

P A R K H Y A T T P A R I S - V E N D Ô M E CAPITAL ALLOCATION STRATEGY 22 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 First quarter dividend payable on March 12, 2026 to shareholders of record as of March 2, 2026. 2 The Company expects to return capital to shareholders through a combination of cash dividends on its common stock and share repurchases. 3 Remaining share repurchase authorization as of December 31, 2025. 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 share repurchase program does not obligate the Company to repurchase any dollar amount or number of shares, and the program may be suspended or discontinued at any time and does not have an expiration date. 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. 23 H Y A T T R E G E N C Y İ Z M İ R İ S T İ N Y E P A R K Source Notes:COMMITTED TO RETURNING CAPITAL THROUGH DIVIDENDS & SHARE REPURCHASES $0.15 QUARTERLY DIVIDEND1 $325M - $375M $678M SHARE REPURCHASE AUTHORIZATION3SHAREHOLDER RETURNS 2026 OUTLOOK2

COMMITTED TO INVESTMENT GRADE 24 Credit Ratings BBB- Stab le BBB- Stab le Baa3 Stab le Liquidi ty $0.8B 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 R E C E N T L Y O P E N E D I N Q 2 2 0 2 5 $— $600 $899 $600 $2,140 2026 2027 2028 2029 2030 & Beyond Source Notes: Senior Notes Maturities by Year1 Total Senior Notes: $4.2B Footnotes: Total debt and liquidity figures as of December 31, 2025. 1 Chart excludes a $51 million variable rate term loan, a $19 million floating average rate loan, $3 million of finance lease obligations, $34 million of unamortized discounts and deferred financing fees as well as Hyatt's revolving credit facility. At December 31, 2025, the Company had $1,497 million of borrowing capacity available under the revolving credit facility, net of letters of credit outstanding.

Award-winning loyalty program and focused portfol io of brands drive commercial results WHAT TO EXPECT IN 2026… Growth strategy enhances network effect , creating value for al l stakeholders Asset-Light Earnings Mix◊ of ~90% 25 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

27 APPENDIX

28 References SLIDE 3: GLOBAL HOSPITALITY COMPANY FOCUSED ON SERVING THE HIGH-END TRAVELER Figures as of December 31, 2025. 1 Global brands inclusive of December 31, 2025 brand bar, displayed on slide 6. 2 Source: Smith Travel Research Global Census as of December 31, 2025. Luxury branded rooms as defined by Smith Travel Research chain scale classification. SLIDE 6: BRAND PORTFOLIOS DEMONSTRATE FOCUS & DIFFERENTIATION 1 As of December 31, 2025. SLIDE 7: WORLD OF HYATT: REDEFINING LOYALTY Figures as of December 31, 2025 unless otherwise noted, and growth rates represent year-over-year comparisons from years ended December 31, 2024 and December 31, 2025. 1 Members per hotel figures calculated based on public filings as of September 30, 2025. SLIDE 8: WELL REPRESENTED IN THE TOP GLOBAL 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 STATES 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 10: SINCE 2017: DISCIPLINED ASSET-LIGHT EXECUTION DRIVING SHAREHOLDER VALUE 1 Figures calculated from January 1, 2017 - December 31, 2025. 2 Aggregate Adjusted EBITDA† multiple based on the Adjusted EBITDA† for each respective year for sales prior to 2020, based on 2019 fiscal year for sales in 2021 and 2022, and based on the trailing 12 months prior to the sale for sales in 2024 and 2025. 3 Adjusted EBITDA† reduction of ~$410M from the assets sold netted against ~$50M of run-rate fees from the long-term management or franchise agreements signed as part of the asset sales. 4 Asset-Light Acquisitions includes Two Roads Hospitality, Apple Leisure Group, inclusive of the UVC Transaction, Dream Hotel Group, Mr & Mrs Smith, Me and All Hotels, Standard International, the Bahia Principe Transaction, and the net purchase price of Playa Hotels and Resorts after the completion of the Playa Real Estate Transaction. 5 Includes base consideration paid and assumption for variable consideration to be paid; variable consideration for Dream Hotel Group, Standard International, and Bahia Principe Transaction based on stabilized estimates. 6 Incremental Adjusted EBITDA† based on stabilized Adjusted EBITDA† estimates for Two Roads Hospitality, Apple Leisure Group, inclusive of the UVC Transaction, Dream Hotel Group, Mr & Mrs Smith, Me and All Hotels, Standard International, Playa Hotels & Resorts, and the Bahia Principe Transaction. SLIDE 11: STRATEGIC GROWTH ACROSS MULTIPLE DIMENSIONS 1 Calculated growth comparisons based on years ended December 31, 2017 and December 31, 2025. 2 Gross fee revenue in 2017 represents management, franchise, and other fees following the adoption of ASC 606 during the year ended December 31, 2018 as disclosed in our 2018 Form 10-K. 3 Excludes the impact of the period of ownership of the Playa assets in 2025.

References SLIDE 12: STRONG ORGANIC FEE GROWTH FROM CORE OPERATING PERFORMANCE 1 Gross fees in 2017 represents management, franchise, and other fees following the adoption of ASC 606 during the year ended December 31, 2018 as disclosed in our 2018 Form 10-K. 2 Fees excluding acquisitions calculated as total fees excluding fees earned from the asset-light acquisitions of Two Roads Hospitality, Apple Leisure Group, inclusive of the UVC Transaction, Dream Hotel Group, Mr & Mrs Smith, Me and All Hotels, Standard International, Playa Hotels, and the Bahia Principe Transaction. SLIDE 13: EVOLUTION TO ASSET-LIGHT BUSINESS MODEL DRIVING ADJUSTED FREE CASH FLOW EXPANSION 1 Adjusted Free Cash Flow Conversion % calculated as Adjusted Free Cash Flow divided by Adjusted EBITDA. 2 Adjusted EBITDA in 2017 represents Adjusted EBITDA following the adoption of ASC 606 during the year ended December 31, 2018 as disclosed in our 2018 Form 10-K 3 2025 figures exclude the impact of the Playa Hotels Acquisition. Full details of the Company’s 2026 outlook can be found in its fourth quarter and full year 2025 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. SLIDE 15: FULL YEAR 2025 HIGHLIGHTS 1 Figures as of December 31, 2025, and growth rates represent year-over-year comparisons from years ended December 31, 2024 and December 31, 2025. 2 Represents amounts attributable to Hyatt Hotels Corporation. SLIDE 16: 2025 GROSS FEE MIX Figures as of December 31, 2025. 1 Other RevPAR fees primarily includes fees from hotel services provided to certain all-inclusive resorts. 2 Non-RevPAR fees primarily includes license fees received in connection with the licensing of the Hyatt brand names through our co-branded credit card programs and vacation units; management and royalty fees related to the management and licensing of certain of our brands to the Unlimited Vacation Club business; and termination fees. 3 Fee mix by geography is inclusive of base, incentive, franchise, and other RevPAR fees earned in the respective geographical regions. SLIDE 17: HYATT FULL YEAR 2026 OUTLOOK 1 Reflects a reduction of $78 million to 2025 owned and leased segment Adjusted EBITDA to account for period of ownership of the Playa hotels and the impact of sold hotels and $56 million of pro rata share of unconsolidated owned and leased hospitality ventures' Adjusted EBITDA to reflect the updated definition of Adjusted EBITDA. Refer to schedule A-11 in the fourth quarter and full year 2025 earnings release for furthers details. Full details of the Company’s 2026 outlook can be found in its fourth quarter and full year 2025 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. SLIDE 18: GROSS FEES EXPECTED TO INCREASE 10% IN 2026 AT MID-POINT OF OUTLOOK RANGE COMPARED TO 2025 1 Incremental Playa reflects the incremental gross fees expected from the Playa Hotels Acquisition. Expectations were previously shared as part of the supplemental presentation published June 29, 2025. These expectations are adjusted for the impact of FX and the delayed re-opening of a hotel in Mexico after a renovation. 2 Co-branded credit card reflects the expanded agreement with Chase that was announced on November 5, 2025. 3 Hurricane Melissa reflects the temporary closure of hotels in Jamaica due to the hurricane in October 2025 and includes both Playa and non-Playa hotels. Full details of the Company's 2026 outlook can be found in its fourth quarter and full year 2025 earnings release. The Company' 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. 29

References SLIDE 19: ADJUSTED EBITDA EXPECTED TO INCREASE 15% IN 2026 AT MID-POINT OF OUTLOOK RANGE COMPARED TO 2025 ADJUSTED BASELINE 1 Adjustments to 2025: JV EBITDA Reflects updated Adjusted EBITDA definition effective in the first quarter of 2026. Please see schedule A-6 in the fourth quarter and full year 2025 earnings release; Playa O&L reflects the period of ownership of the hotels acquired as part of the Playa Hotels Acquisition and sold on December 30, 2025. Other Asset Sales reflect Adjusted EBITDA earned in 2025 for assets that have been sold. Please see schedule A-11 in the fourth quarter and full year 2025 earnings release for details on Playa O&L and Other Asset Sales 2 Adjustments to 2026 Outlook: Incremental Playa reflects the incremental Adjusted EBITDA expected from the Playa Hotels Acquisition. These expectations were shared as part of the supplemental presentation published June 30, 2025; Co-Branded Credit Card reflects the impact of the expanded agreement with Chase to the Co-Branded Credit Card program that was announced on November 5, 2025; Hurricane Melissa reflects the temporary closure of hotels in Jamaica due to the hurricane in October 2025 and includes both Playa and non-Playa hotels. Full details of the Company's 2026 outlook can be found in its fourth quarter and full year 2025 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. SLIDE 20: 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-11 of the fourth quarter and full year 2025 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 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 fee revenues retained following the sale. 4 Adjusted EBITDA contribution for hotels that have been sold as of December 31, 2025 and for which the Company entered into long-term management or franchise agreements; excludes gross fee revenues retained following the sale. SLIDE 21: 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 23: COMMITTED TO RETURNING CAPITAL THROUGH DIVIDENDS & SHARE REPURCHASES 1 First quarter dividend payable on March 12, 2026 to shareholders of record as of March 2, 2026. 2 The Company expects to return capital to shareholders through a combination of cash dividends on its common stock and share repurchases. 3 Remaining share repurchase authorization as of December 31, 2025. 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 share repurchase program does not obligate the Company to repurchase any dollar amount or number of shares, and the program may be suspended or discontinued at any time and does not have an expiration date. 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. 30

References SLIDE 24: COMMITTED TO INVESTMENT GRADE Total debt and liquidity figures as of December 31, 2025. 1 Chart excludes a $51 million variable rate term loan, a $19 million floating average rate loan, $3 million of finance lease obligations, $34 million of unamortized discounts and deferred financing fees as well as Hyatt's revolving credit facility. At December 31, 2025, the Company had $1,497 million million of borrowing capacity available under the revolving credit facility, net of letters of credit outstanding. SLIDE 25: 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. No disposition or acquisition activity beyond what has been completed as of the date of this presentation has been included in the 2026 Outlook. 31

32 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 measure that is not recognized in accordance with accounting principles generally accepted in the United States of America ("GAAP"). We define Adjusted EBITDA as net income (loss) attributable to Hyatt Hotels Corporation plus net income (loss) attributable to noncontrolling interests and our pro rata share of unconsolidated owned and leased hospitality ventures' Adjusted EBITDA, primarily based on our ownership percentage of each owned and leased venture, 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 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. 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.

33 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. Bahia Principe Transaction: During the year ended December 31, 2024, the Company entered into a shareholders' agreement with an unrelated third party and acquired 50% of the outstanding shares of Management Hotelero Piñero, S.L. The joint venture, which is a variable interest entity, owns the Bahia Principe brand and manages Bahia Principe Hotels & Resorts-branded properties. As we are the primary beneficiary of the joint venture, we consolidate the operating results and financial position of the entity in our consolidated financial statements. 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 that have not sustained substantial damage, business interruption, or undergone large-scale renovations 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 sustained substantial damage, business interruption, or undergone large-scale renovations 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.

34 Definitions 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. UVC Transaction: During the year ended December 31, 2024, we completed a restructuring of the entity that owns the Unlimited Vacation Club paid membership program business and sold 80% of the entity to an unrelated third party for $80 million. As a result of the transaction, we deconsolidated the entity as we no longer have a controlling financial interest, and we account for our remaining 20% ownership interest as an equity method investment in an unconsolidated hospitality venture. We continue to manage the Unlimited Vacation Club business under a long-term management agreement and license and royalty agreement. The operating results of the Unlimited Vacation Club business prior to the UVC Transaction are reported within our distribution segment.

Non-GAAP Reconciliations 35 (in millions) Three Months Ended December 31, Year Ended December 31, 2025 2024 2025 2024 Net income (loss) attributable to Hyatt Hotels Corporation $ (20) $ (56) $ (52) $ 1,296 Contra revenue 17 13 86 69 Revenues for reimbursed costs (895) (841) (3,629) (3,352) Reimbursed costs 926 887 3,682 3,457 Stock-based compensation expense (a) 9 7 68 62 Transaction and integration costs 43 16 173 42 Depreciation and amortization 80 76 325 333 Equity (earnings) losses from unconsolidated hospitality ventures 6 1 46 (31) Interest expense 87 52 317 180 (Gains) losses on sales of real estate and other 13 22 15 (1,245) Asset impairments 17 161 40 213 Other (income) loss, net (33) (105) (101) (257) Provision for income taxes 27 8 130 267 Net income attributable to noncontrolling interests 1 — 3 — Pro rata share of unconsolidated owned and leased hospitality ventures' Adjusted EBITDA 14 14 56 62 Adjusted EBITDA $ 292 $ 255 $ 1,159 $ 1,096 Source Notes: linked to ER schedule (a) Includes amounts recognized in general and administrative expenses, owned and leased expenses, and distribution expenses; excludes amounts recognized in transaction and integration costs.

Non-GAAP Reconciliations 36 (in millions) Three Months Ended December 31, Year Ended December 31, 2025 2024 2025 2024 Management and franchising $ 240 $ 219 $ 940 $ 854 Owned and leased 85 57 259 261 Distribution 7 20 120 140 Overhead (40) (41) (160) (160) Eliminations — — — 1 Adjusted EBITDA $ 292 $ 255 $ 1,159 $ 1,096 (in millions) Year Ended December 31, 2025 2024 Net cash provided by operating activities $ 379 $ 633 Capital expenditures (220) (170) Free Cash Flow $ 159 $ 463 Cash taxes on asset sales 117 77 Costs associated with the Playa Hotels Acquisition (a) 198 — Adjusted Free Cash Flow $ 474 $ 540 (a) Includes cash paid for transaction and integration costs, interest on the delayed draw term loan facility, and other costs associated with the acquisition. Source Notes: linked to ER schedule

Non-GAAP Reconciliations 37 (in millions) Year Ending December 31, 2017 Net income attributable to Hyatt Hotels Corporation $ 389 Contra revenue 18 Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties (1,762) Costs incurred on behalf of managed and franchised properties 1,782 Stock-based compensation expense 29 Depreciation and amortization 348 Equity (earnings) losses from unconsolidated hospitality ventures (219) Interest expense 80 (Gains) losses on sales of real estate (236) Asset impairments — Other (income) loss, net (42) Provision for income taxes 332 Pro rata share of unconsolidated hospitality ventures Adjusted EBITDA 73 Adjusted EBITDA $ 792 (in millions) Year Ended December 31, Year Ended December 31, 2017 2025 Consolidated Hyatt (ex-Playa) Playa Consolidated Net cash provided by operating activities $ 587 $ 558 $ (179) $ 379 Capital expenditures (298) (148) (72) (220) Free Cash Flow $ 289 $ 410 $ (251) $ 159 Cash taxes on asset sales — 117 — 117 Costs associated with the Playa Hotels Acquisition (a) — — 198 198 Adjusted Free Cash Flow $ 289 $ 527 $ (53) $ 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. Source Notes: linked to ER schedule

Non-GAAP Reconciliations 38 (in millions) Year Ending December 31, 2026 Outlook Range Low Case High Case Net income attributable to Hyatt Hotels Corporation $ 235 $ 320 Contra revenue 65 65 Reimbursed costs, net (a) 95 55 Stock-based compensation expense (b) 65 65 Transaction and integration costs 45 35 Depreciation and amortization 310 310 Equity (earnings) losses from unconsolidated hospitality ventures 5 5 Interest expense 260 260 Other (income) loss, net (110) (130) Provision for income taxes 185 215 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, owned and leased expenses, and distribution expenses; excludes amounts recognized in transaction and integration costs. (in millions) Year Ending December 31, 2026 Outlook Range 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 Notes: linked to ER schedule During the first quarter of 2026, the Company adjusted its definition of Adjusted EBITDA and will no longer include Hyatt's pro rata share of unconsolidated owned and leased hospitality ventures' Adjusted EBITDA.

Source: View Original Filing on SEC EDGAR

FAQ

How did Hyatt Hotels (H) perform financially in 2025?

Hyatt reported a 2025 net loss of $52 million, but underlying performance was stronger. Adjusted Net Income reached $209 million and Adjusted EBITDA was $1,159 million, up 5.8% from 2024, reflecting growth after excluding one-time items and portfolio gains.

What were Hyatt Hotels (H) key operating metrics like RevPAR in 2025?

Hyatt’s 2025 comparable system-wide hotel RevPAR was $144.63, up 2.9% from 2024, with occupancy at 70.6%. All-inclusive resorts delivered stronger growth, with Net Package RevPAR of $221.77, an 8.6% increase year over year.

What guidance did Hyatt Hotels (H) give for 2026 results?

For 2026, Hyatt expects net income of $235–$320 million and Adjusted EBITDA of $1,155–$1,205 million. The company also targets Adjusted Free Cash Flow of $580–$630 million, representing planned double-digit growth versus a recast 2025 baseline.

How fast is Hyatt Hotels (H) growing its room base and pipeline?

Hyatt achieved 7.3% net rooms growth in 2025 and 6.7% excluding acquisitions. The pipeline of executed management and franchise contracts totals about 148,000 rooms, up 7% from 2024, supporting future fee-based revenue expansion.

Why did Hyatt Hotels (H) show a GAAP net loss but positive adjusted earnings?

The 2025 GAAP net loss of $52 million reflects transaction, integration, impairment, and real estate sale items. After removing these special items, Adjusted Net Income was $209 million and Adjusted Diluted EPS was $2.19, better indicating ongoing operations.

What capital returns to shareholders does Hyatt Hotels (H) plan for 2026?

Hyatt plans $325–$375 million of capital returns to shareholders in 2026. The company expects to use a mix of cash dividends on common stock and share repurchases, funded by growing Adjusted Free Cash Flow and its asset-light strategy.

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Hyatt Hotels (NYSE: H) grows 2025 EBITDA and guides to stronger 2026 cash flow

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How did Hyatt Hotels (H) perform financially in 2025?

What were Hyatt Hotels (H) key operating metrics like RevPAR in 2025?

What guidance did Hyatt Hotels (H) give for 2026 results?

How fast is Hyatt Hotels (H) growing its room base and pipeline?

Why did Hyatt Hotels (H) show a GAAP net loss but positive adjusted earnings?

What capital returns to shareholders does Hyatt Hotels (H) plan for 2026?

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Hyatt Hotels (NYSE: H) grows 2025 EBITDA and guides to stronger 2026 cash flow

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FAQ

How did Hyatt Hotels (H) perform financially in 2025?

What were Hyatt Hotels (H) key operating metrics like RevPAR in 2025?

What guidance did Hyatt Hotels (H) give for 2026 results?

How fast is Hyatt Hotels (H) growing its room base and pipeline?

Why did Hyatt Hotels (H) show a GAAP net loss but positive adjusted earnings?

What capital returns to shareholders does Hyatt Hotels (H) plan for 2026?

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