H Hyatt Hotels Corp - 8-K

EX-99.1
2
tm2615108d1_ex99-1.htm
EXHIBIT 99.1

Exhibit 99.1

INVESTOR DAY 2026

INVESTOR DAY 2026
DISCLAIMERS
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 our plans, strategies, positioning, illustrative financial outlook through 2028,
our investment grade credit profile, our incremental debt capacity, growth trends, expectations and investments, growth location opportunities, pipeline expectations, revenue expectations, fee-based earnings expectations, the number of properties we expect to open in the future, any future share
repurchases under the additional repurchase authorization, future dividend expectations, our expectations for the World of Hyatt loyalty program, the amount by which the Company may reduce its real estate asset base and the timeframe for such dispositions, the expected valuations of the Company’s
owned assets, financial performance, prospects or future events, and involve known and unknown risks that are difficult to predict. As a result, our 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, “position” 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 us and our management, are inherently uncertain. Factors that may cause actual results to differ materially from current expectations include, but are not
limited to: general economic uncertainty in key global markets and a worsening of global economic conditions or low levels of economic growth; the rate and pace of economic recovery following economic downturns; global supply chain constraints and interruptions, rising costs of construction-related labor
and materials, and increases in costs due to inflation or other factors that may not be fully offset by increases in revenues in our business; risks affecting the luxury, resort, and all-inclusive lodging segments; levels of spending in business, leisure, and group segments, as well as consumer confidence;
declines in occupancy and average daily rate; limited visibility with respect to future bookings; loss of key personnel; domestic and international political and geopolitical conditions, including political or civil unrest or changes in trade policy; the impact of global tariff policies or regulations; economic
sanctions or other government restrictions that may limit our ability to conduct business or receive payments; hostilities, or fear of hostilities, including the ongoing military conflict in the Middle East and security-related disruptions in Mexico, as well as terrorist attacks or other acts of violence, that affect
travel; travel-related accidents; natural or man-made disasters, weather and climate-related events, such as hurricanes, earthquakes, tsunamis, tornadoes, droughts, floods, wildfires, oil spills, nuclear incidents, and global outbreaks of pandemics or contagious diseases, or fear of such outbreaks; the
impact of government-issued travel advisories, airspace closures, or flight suspensions on international arrivals and hotel bookings in affected regions; our ability to successfully achieve specified levels of operating profits at hotels that have performance tests or guarantees in favor of our third-party owners;
the impact of hotel renovations and redevelopments; risks associated with our capital allocation plans, share repurchase program, and dividend payments, including a reduction in, or elimination or suspension of, repurchase activity or dividend payments; the seasonal and cyclical nature of the real estate
and hospitality businesses; changes in distribution arrangements, such as through internet travel intermediaries; changes in the tastes and preferences of our customers; relationships with colleagues and labor unions and changes in labor laws; the financial condition of, and our relationships with, third-party owners, franchisees, and hospitality venture partners; the possible inability of third-party owners, franchisees, or development partners to access the capital necessary to fund current operations or implement our plans for growth; risks associated with potential acquisitions and dispositions and our
ability to successfully integrate completed acquisitions with existing operations or realize anticipated synergies; failure to successfully complete proposed transactions, including the failure to satisfy closing conditions or obtain required approvals; our ability to maintain effective internal control over financial
reporting and disclosure controls and procedures; declines in the value of our real estate assets; unforeseen terminations of our management and hotel services agreements or franchise agreements; changes in federal, state, local, or foreign tax law; increases in interest rates, wages, and other operating
costs; foreign exchange rate fluctuations or currency restructurings; risks associated with the introduction of new brand concepts, including lack of acceptance of new brands or innovation; general volatility of the capital markets and our ability to access such markets; changes in the competitive
environment in our industry, industry consolidation, and the markets where we operate; our ability to successfully grow the World of Hyatt loyalty program and manage the Unlimited Vacation Club paid membership program; cyber incidents and information technology failures; outcomes of legal or
administrative proceedings; and violations of regulations or laws related to our franchising business and licensing businesses and our international operations; and other risks discussed in the Company's filings with the SEC, including our annual report on Form 10-K, which filings are available from the
SEC. All forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the cautionary statements set forth above. We caution you not to place undue reliance on any forward-looking statements, which are made only as of the date of this
presentation. We do not undertake or assume any obligation to update publicly any of these forward-looking statements to reflect actual results, new information or future events, changes in assumptions or changes in other factors affecting forward-looking statements, except to the extent required by
applicable law. If we update one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to those or other forward-looking statements.
Non-GAAP Financial Measures
This presentation includes references to certain financial measures, each identified with the symbol "†", that are not calculated or presented in accordance with generally accepted accounting principles in the United States ("GAAP"). These non-GAAP financial measures have important limitations and
should not be considered in isolation or as a substitute for measures of the Company's financial performance prepared in accordance with GAAP. In addition, these non-GAAP financial measures, as presented, may not be comparable to similarly titled measures of other companies due to varying methods
of calculations.
During the first quarter of 2026, the Company revised its definition of Adjusted EBITDA to no longer include its pro rata share of unconsolidated owned and leased hospitality ventures' Adjusted EBITDA and recast prior-period results to provide comparability.
Key Business Metrics
This presentation includes references to certain key business metrics used by the Company, each identified with the symbol "◊".
References
Numerical tickmarks noted throughout this presentation correspond to the slide and tickmark numbers included in the Appendix beginning on slide 21 and the references and general disclaimers referenced therein should be read in conjunction with information presented on each slide.
2

WELCOME
DIFFERENTIATION AT SCALE,
POSITIONED TO WIN
ELEVATING OUR BRANDS
BREAK
EXPANDING OUR DIFFERENTIATED
FOOTPRINT
DELIVERING LONG-TERM VALUE
FOR SHAREHOLDERS
BREAK
MANAGEMENT Q&A
CLOSING REMARKS
Mark Hoplamazian
CHAIRMAN, PRESIDENT &
CHIEF EXECUTIVE OFFICER
Joan Bottarini
CHIEF FINANCIAL OFFICER
Mark Vondrasek
CHIEF COMMERCIAL OFFICER
Amar Lalvani
PRESIDENT & CREATIVE DIRECTOR,
HYATT LIFESTYLE
Javier Águila
PRESIDENT, INCLUSIVE COLLECTION
Laurie Blair
SVP, GLOBAL MARKETING
Julienne Smith
HEAD OF AMERICAS GROWTH
Catie Cramer
SVP, HEAD OF DEVELOPMENT
Adam Rohman
SVP, INVESTOR RELATIONS, FP&A, AND
TREASURER

INVESTOR DAY 2026
DIFFERENTIATION AT SCALE,
POSITIONED TO WIN
Mark Hoplamazian
CHAIRMAN, PRESIDENT &
CHIEF EXECUTIVE OFFICER

INVESTOR DAY 2026
HYATT: A COMPELLING LONG-TERM INVESTMENT
Global hospitality company serving
the high-end traveler, with
meaningful growth opportunities
Insights-led and brand-focused
organization drives value through
innovation, agility, and speed
INVESTOR DAY 2026
DIFFERENTIATION
AT SCALE
ELEVATING
PERFORMANCE
POSITIONED TO WIN
5

INVESTOR DAY 2026 6
For nearly 70 years,
we have not followed industry norms –
we have redefined them.

INVESTOR DAY 2026 7

INVESTOR DAY 2026
PURPOSE-DRIVEN CULTURE FUELS PERFORMANCE
COMPETITIVE ADVANTAGES POSITION HYATT TO WIN
Portfolio of
differentiated, premium
brands
Premium guest base
prioritizes travel
Durable owner value
proposition
Meaningful growth
opportunities
Rapidly expanding,
experience-based
loyalty program
8

INVESTOR DAY 2026
PORTFOLIO OF DIFFERENTIATED, HIGH-PERFORMING BRANDS1
9
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
Footnotes:
1 Brand portfolio as of December 31, 2025.

INVESTOR DAY 2026 10
OUR CORE GUESTS IN THE U.S. SPEND ON TRAVEL AND
SPEND MORE WITH HYATT
~75%
of U.S. travel
spend by top two
income quintiles1
>25%
Hyatt guest
spend per stay vs.
competitors2
70%
of Hyatt room
nights originating
from the U.S.3
A L I L A J A B A L A K H D A R

INVESTOR DAY 2026
WORLD OF HYATT DEMONSTRATES LOYALTY IS MORE THAN A TRANSACTION
Strong
Elite Member
Benefits
Transparent
Award
Pricing
High
Redemption
Value
DEEPEN LOYALTY AND INCREASE LIFETIME VALUE
11

INVESTOR DAY 2026
PREMIUM BRANDS, LOYALTY
PROGRAM, AND CUSTOMER BASE
DRIVE VALUE FOR OUR OWNERS
We deliver strong operating results:
Premium RevPAR Index1
Across Every Brand Portfolio
~50%
World of Hyatt
Occupancy
~70%
Direct Channel
Contribution
12
G R A N D H Y A T T S I N G A P O R E

INVESTOR DAY 2026
MEANINGFUL GROWTH OPPORTUNITIES FOR HYATT ACROSS THE WORLD
Open Hotels1 Open & Pipeline Hotels2 Open & Pipeline Hotels
& Identified Markets3
>14,000
>80%
>1,800
13
32%
1,528 2,350
46%
700 1,000
Hotels
Sub-Markets
Global Sub-Market
Representation

INVESTOR DAY 2026
OUR PLAN TO ELEVATE HYATT TO SUSTAIN DURABLE COMPETITIVE
ADVANTAGES
14
BRANDS DRIVE VALUE ENABLED BY TALENT POWERED BY TECHNOLOGY
• Sharpen brand focus to
maximize operating results
• Even more attractive
choice for owners which
leads to enhanced fees
and greater scale
• AI is a strategic enabler
embedded in Hyatt’s
operating model
• Leverage data and insights
to innovate and unlock
further potential
• Talent advantage enabled
by Hyatt’s culture of care
drives future growth
• Enhance leadership
capabilities and develop
next generation of leaders

INVESTOR DAY 2026
ESSENTIALS BRAND FOCUS IN ACTION:
HYATT SELECT
15
H Y A T T S E L E C T
INSIGHTS IDENTIFIED FROM CUSTOMERS AND DEVELOPERS:
• Guests wanted to stay with us in
more locations
• Owners desired a transient-focused
Upper-Midscale Hyatt brand
• Announced the Hyatt Select brand
in 2025 and opened the first property
eight months later
• 200+ properties open, in the pipeline,
or in the funnel

INVESTOR DAY 2026
2
LUXURY BRAND FOCUS IN ACTION:
PARK HYATT NEW YORK
INSIGHTS IDENTIFIED:
• Opportunity to increase
spending from ultra luxury
customers
• Under-utilized space at the
top of the hotel
16
P A R K H Y A T T N E W Y O R K
ACTIONS TAKEN:
• Invested CapEx to build a
unique suite experience
• Revamped commercial go-to-market strategy
PARK HYATT
NEW YORK NOW
RANKS #1 IN ITS
COMPETITIVE SET1
SINCE 20232
:
• RevPAR index
increased 18%
• Adjusted EBITDA†
increased 85%

INVESTOR DAY 2026
Responsiveness
through empowered
teams and rapid
experimentation
Hyatt’s culture as a
competitive advantage
backed by disciplined
investment in capabilities
Deep leadership
bench deployed
across brands
and markets
Brand-level
outperformance
through talent
placement in
highest-value roles
CULTURE OF CARE AND PURPOSE
DIFFERENTIATES AND ELEVATES PERFORMANCE
17

INVESTOR DAY 2026
AI tools streamline
operations and empower
colleagues, improving
service delivery
Data and insights improve
hotel performance, leading
to higher profitability and
owner returns
AI-enabled personalization
at scale enhances the
guest experience and
drives greater loyalty
TECHNOLOGY ENHANCES HOW
HYATT DELIVERS DIFFERENTIATED
EXPERIENCES
INVESTOR DAY 2026 18
H Y A T T S E L E C T

INVESTOR DAY 2026
SUSTAINED DURABLE COMPETITIVE ADVANTAGES
LEAD TO:
19
COMPOUNDING
FEE GROWTH
PREMIUM REVPAR
GROWTH
S E C R E T S T I D E S PUNTA CANA
INVESTOR DAY 2026
INDUSTRY-LEADING
NET ROOMS GROWTH

INVESTOR DAY 2026
HYATT: A COMPELLING LONG-TERM INVESTMENT
Global hospitality company serving
the high-end traveler, with
meaningful growth opportunities
Insights-led and brand-focused
organization drives value through
innovation, agility, and speed
INVESTOR DAY 2026
DIFFERENTIATION
AT SCALE
ELEVATING
PERFORMANCE
POSITIONED TO WIN
20

ELEVATING
OUR BRANDS
A differentiated approach
to driving growth
INVESTOR DAY 2026
Amar Lalvani
PRESIDENT AND
CREATIVE DIRECTOR
HYATT LIFESTYLE
Mark Vondrasek
CHIEF COMMERCIAL OFFICER
Javier Águila
PRESIDENT,
INCLUSIVE COLLECTION
Laurie Blair
SVP, GLOBAL MARKETING
Amar Lalvani
PRESIDENT & CREATIVE DIRECTOR,
HYATT LIFESTYLE

INVESTOR DAY 2026
A DIFFERENTIATED GROWTH ENGINE
Insights-Led
Strategy
Personalization & guest
value at scale
1
22

OUR BRANDS ATTRACT MORE AFFLUENT,
HIGHER-SPENDING GUESTS
More lodging
spend
More spend on
each stay
Growth,
Differentiation,
& Better Owner
Economics
INVESTOR DAY 2026
+26%
In top 20%
affluence category
38% +25%
23

INVESTOR DAY 2026
INSIGHT TO IMPACT:
HOW WE BUILD OUR BRANDS
Start with deep
stakeholder insight
Design differentiated
brand experiences
Deliver measurable
customer & financial impact
L I N D N E R H O T E L A N T W E R P , B E L G I U M | J D V B Y H Y A T T
INVESTOR DAY 2026 24
H Y A T T H O U S E T O K Y O S H I B U Y A

INVESTOR DAY 2026
INFUSING WELLBEING INTO MEETINGS & EVENTS IS DRIVING
DIFFERENTIATION AT SCALE
25
CUSTOMER INSIGHT SCALED WELLBEING PLATFORM
198
hotels
RESULTS
• Wellbeing is increasingly becoming
an expectation in business travel
• Wellness economy growing
at a 7%+ CAGR1
• Miraval guests report 60% lower
stress two months post-stay2
Guest
satisfaction lift +20pt 3
Increased market
share among Top 30
corporate accounts
+70%
4
125+
experiences
1,500+
trained leaders

INVESTOR DAY 2026 26
THE LIFESTYLE GROUP, HYATT

INVESTOR DAY 2026 27
LIFESTYLE OPEN & OPERATING PROPERTIES
Andaz 5th Ave

INVESTOR DAY 2026 28
The Standard, Austin
LIFESTYLE
OPEN &
OPERATING
PROPERTIES
28

INVESTOR DAY 2026 29
LIFESTYLE OPEN & OPERATING PROPERTIES
Thompson Madrid

INVESTOR DAY 2026 30
LIFESTYLE OPEN & OPERATING PROPERTIES
The Standard, Midtown Miami Residence The Standard, Miami

INVESTOR DAY 2026 31
Thompson The Cape
LIFESTYLE OPEN & OPERATING PROPERTIES

INVESTOR DAY 2026 32
THE LIFESTYLE GROUP, HYATT

INVESTOR DAY 2026 33
HYATT’S INCLUSIVE COLLECTION

INVESTOR DAY 2026
NO LONGER NICHE
7 in 10 travelers have tried
all-inclusive1
INCLUSIVE COLLECTION EXPANDS
OUR REACH AND DIFFERENTIATION
A structural shift and a long runway for growth
GENERATIONAL SHIFT
of 18–25s more likely
to choose all-inclusive
vs 5 years ago1
DRIVES STRONG LOYALTY
70%+
repeat rate
80%+
D R E A M S C A P C A N A R E S O R T & S P A
+14,000 rooms vs closest competitor
RESORTS
155
ROOMS
58K+
H Y A T T Z I V A P U E R T O V A L L A R T A
34

INVESTOR DAY 2026
INCLUSIVE COLLECTION EXPANDS
OUR REACH AND DIFFERENTIATION
Differentiated F&B concepts driving guest preference
H Y A T T Z I V A C A P C A N A
S E C R E T S L A R O M A N A R E S O R T & S P A
H Y A T T Z I L A R A C A N C Ú N
35

INVESTOR DAY 2026
A DIFFERENTIATED GROWTH ENGINE
Stronger
Brands
Deeper loyalty with
high-value guests
1
2
3
36

INVESTOR DAY 2026
DEEPER LOYALTY
HIGHER-VALUE
NEW MEMBERS
MORE STAYS,
MORE SPEND
ESTABLISHED
POINTS OF
DIFFERENCE
ELEVATING
LOYALTY
37

INVESTOR DAY 2026
BEYOND TRANSACTIONS TO DRIVE TRUE ENGAGEMENT
Premium point
earning & redemption
Unique, giftable awards
Quality of elite tiers
Member choice
INVESTOR DAY 2026 38

INVESTOR DAY 2026
GUEST OF HONOR DELIVERS NEW
HIGH-VALUE MEMBERS
When gifted a Guest of Honor award,
new members1
:
2x 5x
more spend
per year
more likely to reach an elite
tier than all new members
39
A N D A Z S I N G A P O R E

INVESTOR DAY 2026
THE FASTEST GROWING LOYALTY PROGRAM
DELIVERING SCALE AND IMPACT
MEMBERSHIP GROWTH MEMBER PENETRATION
GROWTH
MEMBERS PER
PROPERTY
+78%
2022 Today
+45%
vs 2022
40
+400bps
vs 2022

INVESTOR DAY 2026
MEMBERS ARE MORE VALUABLE THAN EVER
More spend than
non-members in 2025
93%
Non-Member
Spend
Member
Spend
+20 pts vs. 2022 vs. 2022
41
Increase in members
with 100+ qualifying
stay nights per year
38%

INVESTOR DAY 2026
MORE STAYS, MORE SPEND, AT MORE BRANDS
Stay outside of the
initial brand group1
Stay at an average of
15 unique properties
THE WORLD OF HYATT NETWORK EFFECT
15
NEW LUXURY
MEMBERS NEW MEMBERS GLOBALISTS
50% 2x
Spend across
the network1
MEMBER NIGHTS
90%
Paid nights
(vs award nights)
42

INVESTOR DAY 2026 43
MR & MRS SMITH DRIVES NETWORK EFFECT AND DEEPENS ENGAGEMENT
STAYS
75%
NEW MEMBERS
4x
More likely to stay at
another Hyatt brand
Of member stays were
made by elite members

INVESTOR DAY 2026
A CONNECTED AND GROWING
EXPERIENCES PLATFORM
44
U N D E R C A N V A S G R A N D C A N Y O N | M R & M R S S M I T H

INVESTOR DAY 2026
CREDIT CARD PORTFOLIO DELIVERS
HIGHEST VALUE, PREMIUM GUESTS
More card spend vs comparable
travel co-brand cards +28% 2
Credit Card and similar 3rd
party fees EBITDA in 2027, $105M doubling 2025 contribution
More stays per year than
non-cardholder members +221% 1
45
P A R K H Y A T T M A R R A K E C H , M O R O C C O

INVESTOR DAY 2026
ELEVATING THE
FUTURE OF LOYALTY
46
T H E S T A N D A R D , B A N G K O K M A H A N A K H O N

INVESTOR DAY 2026
A DIFFERENTIATED GROWTH ENGINE
Scaled Through
Technology
Augments and accelerates
performance and growth
3
47

INVESTOR DAY 2026
TECHNOLOGY AS A GROWTH MULTIPLIER
Smarter Decisions
Hotel Heartbeat
Deeper Guest Engagement
Intent-based search & ChatGPT
AI RFP Tool
Scalable Platform
Core Technology – CRS, RMS, PMS
INVESTOR DAY 2026 48
M E A N D A L L H O T E L F L I M S , S W I T Z E R L A N D

INVESTOR DAY 2026
A SCALABLE PLATFORM DRIVES GROWTH AND EFFICIENCY
PROFIT-OPTIMIZED
REVENUE MANAGEMENT SYSTEM
Rates and mix optimized for
profitability drives RGI
BEST-IN-CLASS
CENTRAL RESERVATION SYSTEM
Enables new capabilities and
reducing costs and complexity
SPEED-TO-MARKET
PROPERTY MANAGEMENT SYSTEM
Ease of integration and training
reduces operating friction
A L I L A M A N G G I S , I N D O N E S I A 49
M E A N D A L L H O T E L D U S S E L D O R F
INVESTOR DAY 2026 O B E R K A S S E L , G E R M A N Y

INVESTOR DAY 2026
MEETING
GUESTS WHERE
THEY ARE
50

INVESTOR DAY 2026
UNLOCKING DEEPER ENGAGEMENT AND PRODUCTIVITY
AI-powered RFP streamlines sales
35%
65%
Sales colleagues are
spending 35% of their
time prioritizing,
vetting and gathering
info for proposals
51

INVESTOR DAY 2026
A DIFFERENTIATED GROWTH ENGINE
Insights-Led
Strategy
Personalization & guest
value at scale
Stronger
Brands
Deeper loyalty with
high-value guests
Scaled Through
Technology
Augments and accelerates
performance and growth
1
2
3
52

INVESTOR DAY 2026
WE WIN THE GAME DIFFERENTLY
— AND IT’S WORKING
53
M I R A V A L A U S T I N R E S O R T A N D S P A
Global hospitality company serving
the high-end traveler, with
meaningful growth opportunities
Insights-led and brand-focused
organization drives value through
innovation, agility, and speed
DIFFERENTIATION
AT SCALE
ELEVATING
PERFORMANCE
POSITIONED TO WIN

EXPANDING OUR
DIFFERENTIATED FOOTPRINT
INVESTOR DAY 2026
Mark Hoplamazian
CHAIRMAN, PRESIDENT &
CHIEF EXECUTIVE OFFICER

INVESTOR DAY 2026 55
Hyatt’s intentional growth strategy has
delivered industry-leading net rooms
growth for 9 consecutive years

INVESTOR DAY 2026
HYATT HAS BUILT A DIFFERENTIATED GROWTH PLATFORM
2017
186K
EXISTING
ROOMS
70K
PIPELINE
ROOMS
STRATEGIC GROWTH PLATFORMS
LUXURY &
LIFESTYLE
2018 2024
RESORTS
ESSENTIALS
2020 2023 2025
2021
2025
373K
EXISTING
ROOMS
148K
PIPELINE
ROOMS
TOTAL
9.1%
NET ROOMS GROWTH CAGR1
ORGANIC2
7.0%
2024 & 2025
56

INVESTOR DAY 2026
HYATT IS WELL POSITIONED IN PREMIUM SEGMENTS
Figures as of fiscal year ends 2017 and 2025 and calculated based on Smith Travel Research classifications.
Luxury and lifestyle hotels as defined by Smith Travel Research. Resort hotels as defined by Hyatt based on hotel type attributes.
2x LUXURY ROOMS
4x RESORT ROOMS
6x LIFESTYLE ROOMS
57
127K
190K
59K
183K
2017 2025
186K
373K
15.3%
CAGR
Luxury, Lifestyle, or Resort
All Other
49%
Luxury, Lifestyle, or Resort rooms as % of portfolio 2017–2025
Luxury, Lifestyle,
or Resort Rooms
portfolio mix of
Luxury, Lifestyle, or Resort

INVESTOR DAY 2026
HYATT HAS STRENGTHENED TOP MARKET COVERAGE, WITH SIGNIFICANT
WHITESPACE FOR CONTINUED GROWTH
Hyatt Existing Existing + Pipeline
Markets where there is currently at least one hotel
GLOBAL
MARKETS1
HYATT GLOBAL MARKET COVERAGE
Hyatt has opportunity to increase hotel density per market
HOTELS PER MARKET
EXISTING2 + PIPELINE2 PEERS3
TOP 50 10 16 33
51 – 150 5 7 19
151 – 674 3 3 12
92%
77%
46%
84%
56%
HYATT
58

INVESTOR DAY 2026
GROWTH AT HYATT DRIVES HIGH-QUALITY, DURABLE VALUE CREATION
FOR ALL STAKEHOLDERS
59
Shareholder
Value
White-space
for Growth
Compounding
Cash Flow
Highest
Fees/Room1
Guest &
Owner Value
Owner
Preference
Fastest
Growing Loyalty
Program
Premium
Guests
Net Rooms
Growth

INVESTOR DAY 2026
DIFFERENTIATED WAYS HYATT CAN DELIVER COMPOUNDING, HIGH-QUALITY,
DURABLE GROWTH
6% TO 8% NET ROOMS GROWTH
(2026 through 2028)
60
HIGHER FEES
PER ROOM
FASTER, CAPITAL-LIGHT
GROWTH
BROADER
NETWORK REACH
PREMIUM SEGMENTS SCALABLE BRANDS HIGH-GROWTH REGIONS

INVESTOR DAY 2026
LONG-TERM NET ROOMS GROWTH DRIVERS
Positioned to accelerate growth in the
world’s largest travel markets
High-Growth Regions
Intentional growth in segments where
demand, fee generation and network
effects are strongest
Premium Segments
Portfolio of brands that enable faster,
lower-capital expansion into
underpenetrated markets
Scalable Brands
61
THE STANDARD, MALDIVES HYATT PLACE ATLANTA ALPHARETTA HYATT REGENCY XI'AN CHANBA, CHINA

INVESTOR DAY 2026
PREMIUM SEGMENTS: LUXURY, LIFESTYLE, &
RESORTS REMAIN A CRUCIAL VALUE LEVER
190K
278K
183K
373K 243K
521K
2025 2025 + Pipeline
(49%)
(47%) +33%
(51%)
(53%)
Luxury, Lifestyle, or Resort
All Other
Luxury, Lifestyle, or Resort
rooms as % of portfolio
Higher Fees
per Room
2.0x
vs. non-Luxury, Lifestyle
and Resort properties
New Member
Spend
1.8x
vs. non-Luxury, Lifestyle
and Resort properties1
Skew towards
Top 50 Markets
30%+
of Existing & Pipeline Hotels
vs. ~20% across peers2
62

INVESTOR DAY 2026
SCALABLE BRANDS: ESSENTIALS DRIVING
ACCELERATED NET ROOMS GROWTH
Upscale Upper Midscale
55K
101K
2017 2025
2025
165K+
2025
+Pipeline
Pipeline
>60% of
Existing
Rooms
ESSENTIALS PORTFOLIO ROOMS
1
EXPANDED PORTFOLIO ENABLES
ENTRY INTO NEW MARKETS WITH
LOWER COST AND FASTER SPEED
2017
63

INVESTOR DAY 2026
POSITIONED TO WIN IN HIGH-GROWTH REGIONS
300+
Submarkets where Hyatt doesn’t have a
brand presence1
UNITED
STATES
120%+
Pipeline as % of existing hotels
GREATER
CHINA
90%
Increase in signings2
INDIA
64
70%
of existing pipeline

INVESTOR DAY 2026
WHERE WE ARE TODAY…
H YATT’S EXISTIN G FO O TPR IN T
Sub-Markets
780+
Hotel Rooms
373K
Hotels
1,528
65

INVESTOR DAY 2026 66
HYATT’S DIFFERENTIATED BRANDS AND STRONG PERFORMANCE
POSITION IT TO CAPTURE SHARE IN UNDERREPRESENTED MARKETS
Markets where Hyatt
is underrepresented vs.
our closest peers
G LO B A L O PPO R TU NITY:

INVESTOR DAY 2026
HYATT: A COMPELLING LONG-TERM INVESTMENT
Global hospitality company serving
the high-end traveler, with
meaningful growth opportunities
Insights-led and brand-focused
organization drives value through
innovation, agility, and speed
INVESTOR DAY 2026
DIFFERENTIATION
AT SCALE
ELEVATING
PERFORMANCE
POSITIONED TO WIN
67

EXPANDING OUR
DIFFERENTIATED
FOOTPRINT
INVESTOR DAY 2026
Joan Bottarini
CHIEF FINANCIAL OFFICER
Julienne Smith
HEAD OF AMERICAS
GROWTH
Catie Cramer
SVP, HEAD OF
DEVELOPMENT
Javier Águila
PRESIDENT,
INCLUSIVE COLLECTION
GROWTH PANEL

INVESTOR DAY 2026
Joan Bottarini
CHIEF FINANCIAL OFFICER
DELIVERING SUSTAINABLE
LONG-TERM VALUE FOR
SHAREHOLDERS

INVESTOR DAY 2026
HYATT: A COMPELLING LONG-TERM INVESTMENT
70
Global hospitality company serving
the high-end traveler, with
meaningful growth opportunities
Insights-led and brand-focused
organization drives value through
innovation, agility, and speed
DIFFERENTIATION
AT SCALE
ELEVATING
PERFORMANCE
POSITIONED TO WIN

INVESTOR DAY 2026
GROSS FEE REVENUE
+14.0%
CAGR
1,088
808
1,198
2022 2025
~10%
Organic
CAGR1
ASSET-LIGHT EARNINGS MIX◊2
+1,300bps
76%
89%
2022 2025
ADJ. FREE CASH FLOW†
55%
Adj. Free Cash Flow
Conversion %†3
3 Year Average
473
527
2022 2025
NET ROOMS GROWTH
+7.0%
CAGR
304
373
2022 2025
SINCE INVESTOR DAY 2023, WE HAVE TRANSFORMED
THE BUSINESS AND DELIVERED STRONG RESULTS
71
in thousands $ in millions $ in millions

INVESTOR DAY 2026
WHILE RETURNING SIGNIFICANT CAPITAL TO SHAREHOLDERS
AND REDUCING SHARE COUNT BY 11% SINCE 2022
>90%
of Net Capital
Returned to
Shareholders
Free Cash Flow† Net Proceeds
from Debt
Proceeds from Asset Sales;
net of M&A Investments1
Net Total Capital Capital Returns to
Shareholders
72
$1.2B
$0.1B
$1.0B $2.3B
$2.1B
$ in billions 2023 – 2025 Cumulative

INVESTOR DAY 2026
Premium RevPAR growth and industry-leading Net Rooms Growth fuels
compounding fee growth
Unlock further value through highly-valued owned portfolio and other
investments
Predictable asset-light business model
drives Free Cash Flow conversion
DRIVES GREATER FREE
CASH FLOW† AND
ENHANCES VALUE
INVESTOR DAY 2026 P A R K H Y A T T M A L D I V E S H A D A H A A 73
ENHANCING SHAREHOLDER VALUE INTO THE FUTURE

INVESTOR DAY 2026
PREMIUM REVPAR GROWTH AND STRONG
NET ROOMS GROWTH DRIVES FEES
2025A to 2028E
3-Year CAGR
Low High
System-wide
RevPAR◊
Growth 2
% 4
%
Net Rooms
Growth 6
% 8
%
G R A N D H Y A T T B A L I 74
8
% - 12%
Core Gross Fee Growth
3-Year CAGR
RevPAR◊ Growth + Net
Rooms Growth Fee
Algorithm

INVESTOR DAY 2026
GROSS FEES CONTINUE TO DELIVER STRONG GROWTH RATES
• Gross fees 3-Year CAGR benefits from new
management agreements from Playa Hotels Acquisition
• Base and Franchise & Other fees account for ~75% of
Gross fees
• Incentive fees expand on the strength of international
RevPAR growth
• Gross fees benefit from license fees from co-branded
credit card programs and branded residential license
fees
Gross Fees Modeling Assumptions
75
2028
+9
% to +13%
2025-2028 3-Year CAGR
~$1.5B -
$1.7B
$1.2B
$ in billions
+9
%
2026-2028 2-Year CAGR
+13%
2025

INVESTOR DAY 2026
OTHER MODEL ASSUMPTIONS
+2% to 3
%
Adjusted G&A†
3-Year CAGR
+2% to 4
%
Owned & Leased
Segment 3-Year CAGR
+2% to 4
%
Distribution Segment
3-Year CAGR
$150M to $170M
Key Money
per Year
$135Mto $140M
Capital Expenditures
per Year
76
~27% to 30%
Effective Tax Rate %
T H E S T A N D A R D , I B I Z A
P A R K H Y A T T S T . K I T T S C H R I S T O P H E H A R B O U R A L I L A W U Z H E N
T H E B E E K M A N
2025 - 2028

INVESTOR DAY 2026
2028 ILLUSTRATIVE ADJUSTED EBITDA† AND ADJUSTED FREE CASH FLOW†
OUTLOOK
ADJUSTED
EBITDA†
ADJUSTED
FREE CASH
FLOW†
+11% to +16%
2025-2028 3-Year CAGR
20251
2028
20252
2028
$0.5B
~$1.4B to $1.6B
$1.0B
77
$ in billions
~$0.8B to $0.9B
+14% to +18%
2025-2028 3-Year CAGR

INVESTOR DAY 2026
COMMITTED TO INVESTMENT GRADE WITH CAPACITY FOR ADDITIONAL DEBT
STARTING IN 2028
2026 2027 2028 2029 2030 & Beyond
SENIOR NOTES MATURITIES BY YEAR1
$4.2B
Total Senior Notes
$1.5B
Revolver Capacity Available
Net of Letters of Credit
Outstanding
78
$0
$600
$899
$600
$2,140 $ in millions

INVESTOR DAY 2026
DURABLE EARNINGS AND FREE CASH FLOW† TO ENHANCE SHAREHOLDER
VALUE
79
Incremental
Debt Capacity
~$0.2B –
$0.5B
Adjusted
EBITDA†
~$3.8B –
$4.2B
Free Cash Flow† ~$2.0B –
$2.2B
2026-2028 Cumulative Totals

INVESTOR DAY 2026
BALANCED CAPITAL ALLOCATION STRATEGY TO ENHANCE SHAREHOLDER
VALUE
Accretive Investments in Growth
Maintain Investment Grade Profile
Steady Dividend Payment
Use Excess Cash for Share Repurchases
~$2.2B -
$2.7B
CASH AVAILABLE TO
ENHANCE VALUE
80
2026 - 2028

INVESTOR DAY 2026
OTHER OPPORTUNITIES TO ENHANCE VALUE
M I R A V A L A R I Z O N A R E S O R T & S P A 81
Highly Valued Owned Portfolio
Other Investments
FURTHER VALUE
UNLOCKS

INVESTOR DAY 2026
HIGHLY VALUED OWNED HOTEL PORTFOLIO
~$ ~$125M ~18x - 20x 25M
$2.2B -
$2.5B
17 Wholly Owned Hotels2
(excludes leases)
ESTIMATED VALUE
OF OWNED ASSETS1
P A R K H Y A T T C H I C A G O M I R A V A L A U S T I N R E S O R T A N D S P A H Y A T T R E G E N C Y I R V I N E
LUXURY WELLBEING BUSINESS/CONVENTION
4 HOTELS 3 HOTELS 10 HOTELS
Implied 2025 Run-Rate Fees
Adjusted EBITDA† Multiple
2025 Adjusted
EBITDA†3
82

INVESTOR DAY 2026
~$175M
Juniper Common
Equity Value1
$200M
Tortuga
Preferred Equity
$315M
Hyatt Regency Orlando Preferred
Equity and Seller Financing
H Y A T T R E G E N C Y O R L A N D O H Y A T T Z I V A C A N C U N A N D A Z D E L H I
$690M
OTHER
INVESTMENTS
WE HAVE INVESTMENTS TO UNLOCK FURTHER VALUE
83

INVESTOR DAY 2026
S E C R E T S T I D E S PUNTA CANA
SUSTAINED DURABLE COMPETITIVE ADVANTAGES
LEAD TO:
84
COMPOUNDING
FEE GROWTH
PREMIUM REVPAR
GROWTH
INDUSTRY-LEADING
NET ROOMS GROWTH

INVESTOR DAY 2026
HYATT: A COMPELLING LONG-TERM INVESTMENT
85
Global hospitality company serving
the high-end traveler, with
meaningful growth opportunities
Insights-led and brand-focused
organization drives value through
innovation, agility, and speed
DIFFERENTIATION
AT SCALE
ELEVATING
PERFORMANCE
POSITIONED TO WIN

INVESTOR DAY 2026
Mark Hoplamazian
CHAIRMAN, PRESIDENT &
CHIEF EXECUTIVE OFFICER
Joan Bottarini
CHIEF FINANCIAL OFFICER
Mark Vondrasek
CHIEF COMMERCIAL OFFICER
Adam Rohman
SVP, INVESTOR RELATIONS,
FP&A, AND TREASURER
MANAGEMENT Q&A

INVESTOR DAY 2026
REFERENCES
SLIDE 9: PORTFOLIO OF DIFFERENTIATED, HIGH-PERFORMING BRANDS
1 Brand portfolio as of March 31, 2026.
SLIDE 10: OUR CORE GUESTS IN THE U.S. SPEND ON TRAVEL AND SPEND MORE WITH HYATT
1 The Federal Reserve and Bureau of Economic Analysis. U.S. income distribution and GDP growth data (latest available).
2 Aggregated data based on a Visa Consulting and Analytics study, based on consumer data on Hyatt consumer co-brands acquired in 2025, compared to a relevant benchmark acquired in the same period.
3 For the year ended December 31, 2025.
SLIDE 12: PREMIUM BRANDS, LOYALTY PROGRAM, AND CUSTOMER BASE DRIVE VALUE FOR OUR OWNERS
Figures for the year ended December 31, 2025, unless otherwise noted.
1 Represents RevPAR Index from Smith Travel Research for each respective brand group for the year ended December 31, 2025.
SLIDE 13: MEANINGFUL GROWTH OPPORTUNITIES FOR HYATT ACROSS THE WORLD
The Company’s illustrative financial outlook through 2028 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 illustrative outlook.
1 Represents hotels that were open as of December 31, 2025.
2 Represents hotels that were open or part of the executed hotel pipeline as of December 31, 2025.
3 Identified markets represent growth opportunities based on Hyatt’s runway for growth, primarily in markets where Hyatt is underrepresented relative to its closest peers across Hyatt’s existing brand portfolio.
Markets as defined by Smith Travel Research: “A geographic area normally composed of a Metropolitan Statistical Area.”
SLIDE 15: ESSENTIALS BRAND FOCUS IN ACTION: HYATT SELECT
Figures as of March 31, 2026, unless otherwise noted.
SLIDE 16: LUXURY BRAND FOCUS IN ACTION: PARK HYATT NEW YORK
1 As of March 31, 2026, for the trailing 12 months.
2 Figures for the year ended December 31, 2023, compared to the year ended December 31, 2025.
SLIDE 19: SUSTAINED DURABLE COMPETITIVE ADVANTAGES LEAD TO:
The Company’s illustrative financial outlook through 2028 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 illustrative outlook.

INVESTOR DAY 2026
REFERENCES
SLIDE 23: OUR BRANDS ATTRACT MORE AFFLUENT, HIGHER-SPENDING GUESTS
Aggregated data based on a Visa Consulting and Analytics study, based on consumer data on Hyatt consumer co-brands acquired in 2025, compared to a relevant benchmark acquired in the same period.
SLIDE 25: INFUSING WELLBEING INTO MEETINGS & EVENTS IS DRIVING DIFFERENTIATION AT SCALE
1 Global Wellness Institute, Global Wellness Economy Monitor, 2025.
2 Miraval Humin Study, 2026.
3 Hyatt Guest Satisfaction Study, 2025.
4 Hyatt Salesforce global enterprise consumer data, 2025.
SLIDE 34: INCLUSIVE COLLECTION EXPANDS OUR REACH AND DIFFERENTIATION
Figures for the year ended December 31, 2025, unless otherwise noted.
1 Hyatt-commissioned Skift survey (U.S. & Canada), 2025.
SLIDE 39: GUEST OF HONOR DELIVERS NEW HIGH-VALUE MEMBERS
1 Trailing 24 months ending March 31, 2026.
SLIDE 40: THE FASTEST GROWING LOYALTY PROGRAM DELIVERING SCALE AND IMPACT
Growth rate figures are for periods ending March 31, 2026, compared to the period ending December 31, 2022.
SLIDE 41: MEMBERS ARE MORE VALUABLE THAN EVER
Growth rate figures are for the full year for periods ending December 31, 2025, compared to the period ending December 31, 2022.
SLIDE 42: MORE STAYS, MORE SPEND, AT MORE BRANDS
Figures for the year ended December 31, 2025, unless otherwise noted.
1 New active members whose first stay occurred between March 31, 2024 and February 28, 2026, and who have stayed two or more times in the past two years.
SLIDE 45: CREDIT CARD PORTFOLIO DELIVERS HIGHEST VALUE, PREMIUM GUESTS
The Company’s illustrative financial outlook through 2028 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 illustrative outlook.
1 For the year ended December 31, 2025.
2 Aggregated data based on a Visa Consulting and Analytics study, based on consumer data on Hyatt consumer co-brands acquired in 2025, compared to a relevant benchmark acquired in the same period.

INVESTOR DAY 2026
REFERENCES
SLIDE 56: HYATT HAS BUILT A DIFFERENTIATED GROWTH PLATFORM
1 Net Rooms Growth CAGR is calculated from the year ended December 31, 2017 to the year ended December 31, 2025.
2 Organic Net Room Growth CAGR excludes rooms associated with the asset-light acquisitions of Two Roads Hospitality, Apple Leisure Group (inclusive of the UVC Transaction), Dream Hotel Group, Me and All Hotels, Standard International, Playa
Hotels, and the Bahia Principe Transaction.
SLIDE 57: HYATT IS WELL POSITIONED IN PREMIUM SEGMENTS
Luxury and resort rooms as defined by Smith Travel Research chain scale classification. Lifestyle includes Alila, Andaz, Bunkhouse Hotels, Dream Hotels, Hyatt Centric, JdV by Hyatt, Me and All Hotels, The Standard, The Standard X, The Unbound
Collection by Hyatt, and Thompson Hotels brands.
SLIDE 58: HYATT HAS STRENGTHENED TOP MARKET COVERAGE, WITH SIGNIFICANT WHITESPACE FOR CONTINUED 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.”
2 As of December 31, 2025.
3 Peers referenced include Hilton Worldwide Holdings Inc., Marriott International Inc., and IHG Hotels & Resorts.
SLIDE 59: GROWTH AT HYATT DRIVES HIGH-QUALITY, DURABLE VALUE CREATION FOR ALL STAKEHOLDERS
1 Calculated as gross fees divided by total room count for the year ended December 31, 2025. Peers referenced include Hilton Worldwide Holdings Inc., Marriott International Inc., and IHG Hotels & Resorts.
SLIDE 60: DIFFERENTIATED WAYS HYATT CAN DELIVER COMPOUNDING, HIGH-QUALITY, DURABLE GROWTH
The Company’s illustrative financial outlook through 2028 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 illustrative outlook.
SLIDE 62: PREMIUM SEGMENTS: LUXURY, LIFESTYLE, & RESORTS REMAIN A CRUCIAL VALUE LEVER
Figures for the year ended December 31, 2025, unless otherwise noted.
1 Based on member spend for the period from March 31, 2024 through February 28, 2026 for the Luxury, Lifestyle, and Inclusive classifications according to Hyatt’s brand portfolio grouping as of March 31, 2026.
2 Based on Smith Travel Research Global Census as of December 31, 2025. Global market ranking determined by aggregate room count. Peers referenced include Hilton Worldwide Holdings Inc., Marriott International Inc., and IHG Hotels & Resorts.
SLIDE 63: SCALABLE BRANDS: ESSENTIALS DRIVING ACCELERATED NET ROOMS GROWTH
The Company’s illustrative financial outlook through 2028 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 illustrative outlook.
Figures for the respective years ended December 31, unless otherwise noted.
1 Summerfield Suites was acquired in 2006 and rebranded to Hyatt House in 2011.

INVESTOR DAY 2026
REFERENCES
SLIDE 64: POSITIONED TO WIN IN HIGH-GROWTH REGIONS
The Company’s illustrative financial outlook through 2028 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 illustrative outlook.
Figures for the year ended December 31, 2025, unless otherwise noted.
1 Based on Smith Travel Research Global Census as of December 31, 2025. Sub-markets as defined by Smith Travel Research.
2 Year ended December 31, 2025 compared to year ended December 31, 2024.
SLIDE 65: WHERE WE ARE TODAY
Figures for the year ended December 31, 2025.
Sub-markets as defined by Smith Travel Research. Closest peers referenced include Hilton Worldwide Holdings Inc., Marriott International Inc., and IHG Hotels & Resorts.
SLIDE 66: HYATT’S DIFFERENTIATED BRANDS AND STRONG PERFORMANCE POSITION IT TO CAPTURE SHARE IN UNDERREPRESENTED MARKETS
The Company’s illustrative financial outlook through 2028 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 illustrative outlook.
Global opportunity represents Hyatt’s runway for growth, primarily in markets where Hyatt is underrepresented relative to its closest peers across Hyatt’s existing brand portfolio.
SLIDE 71: SINCE INVESTOR DAY 2023, WE HAVE TRANSFORMED THE BUSINESS AND DELIVERED STRONG RESULTS
1 Organic CAGR excludes fees associated with the asset-light acquisitions of Dream Hotel Group, Me and All Hotels, Standard International, Playa Hotels, the Bahia Principe Transaction, and the UVC Transaction.
2 Excludes the impact of the period of ownership of the Playa assets in 2025. Asset-Light Earnings Mix has been adjusted for all years to exclude the pro rata share of JV EBITDA.
3 2025 figures exclude impact of the Playa Hotel Acquisition. Three-year average for full years 2023, 2024, and 2025.
SLIDE 72: WHILE RETURNING SIGNIFICANT CAPITAL TO SHAREHOLDERS AND REDUCING SHARE COUNT BY 11% SINCE 2022
1 Net of cash disposed, cash paid for transaction costs, cash paid or received for proration adjustments, and/or debt assumed by the buyer, as applicable.
SLIDE 73: ENHANCING SHAREHOLDER VALUE INTO THE FUTURE
The Company’s illustrative financial outlook through 2028 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 illustrative outlook.
SLIDE 74: PREMIUM REVPAR GROWTH AND STRONG NET ROOMS GROWTH DRIVES FEES
The Company’s illustrative financial outlook through 2028 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 illustrative outlook.

INVESTOR DAY 2026
REFERENCES
SLIDE 75: GROSS FEES CONTINUE TO DELIVER STRONG GROWTH RATES
The Company’s illustrative financial outlook through 2028 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 illustrative outlook.
SLIDE 76: OTHER MODEL ASSUMPTIONS
The Company’s illustrative financial outlook through 2028 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 illustrative outlook.
SLIDE 77: 2028 ILLUSTRATIVE ADJUSTED EBITDA† AND ADJUSTED FREE CASH FLOW† OUTLOOK
The Company’s illustrative financial outlook through 2028 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 illustrative outlook.
1 Reflects a reduction of $78 million in 2025 owned and leased segment Adjusted EBITDA to account for the period of ownership of hotels acquired as part of the Playa Hotels Acquisition and the impact of assets sold in 2025.
2 Reflects Adjusted Free Cash excluding the impact of the Playa Hotels Acquisition.
SLIDE 78: COMMITTED TO INVESTMENT GRADE WITH CAPACITY FOR ADDITIONAL DEBT STARTING IN 2028
The Company’s illustrative financial outlook through 2028 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 illustrative outlook.
Total debt figures as of March 31, 2026.
1 Chart excludes $51 million of variable rate term loan, $19 million of floating average rate loan, $3 million of finance lease obligations, $32 million of unamortized discounts and deferred financing fees, as well as Hyatt’s revolving credit facility.
SLIDE 79: DURABLE EARNINGS AND FREE CASH FLOW† TO ENHANCE SHAREHOLDER VALUE
The Company’s illustrative financial outlook through 2028 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 illustrative outlook.
SLIDE 80: BALANCED CAPITAL ALLOCATION STRATEGY TO ENHANCE SHAREHOLDER VALUE
The Company’s illustrative financial outlook through 2028 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 illustrative outlook.
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.
SLIDE 82: HIGHLY VALUED OWNED HOTEL PORTFOLIO
1 Value is based on the estimated gross sales price of the asset and does not include the value of the fee stream that Hyatt could retain upon sale of the asset.
2 Number of hotels remaining in the owned and leased portfolio. Leases are not included in the estimated value remaining or the hotel count.
3 Reflects a reduction of $78 million in 2025 owned and leased segment Adjusted EBITDA to account for period of ownership of hotels acquired as part of the Playa Hotels Acquisition and the impact of assets sold in 2025.

INVESTOR DAY 2026
REFERENCES
SLIDE 83: WE HAVE INVESTMENTS TO UNLOCK FURTHER VALUE
1 Approximate value as of March 31, 2026.
SLIDE 84: SUSTAINED DURABLE COMPETITIVE ADVANTAGES LEAD TO
The Company’s illustrative financial outlook through 2028 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 illustrative outlook.

APPENDIX
INVESTOR DAY 2026

INVESTOR DAY 2026
DISCLAIMERS
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 our plans, strategies, positioning, illustrative
financial outlook through 2028, our investment grade credit profile, our incremental debt capacity, growth trends, expectations and investments, growth location opportunities, pipeline expectations, revenue expectations, fee-based earnings expectations, the number of properties
we expect to open in the future, any future share repurchases under the additional repurchase authorization, future dividend expectations, our expectations for the World of Hyatt loyalty program, the amount by which the Company may reduce its real estate asset base and the
timeframe for such dispositions, the expected valuations of the Company’s owned assets, financial performance, prospects or future events, and involve known and unknown risks that are difficult to predict. As a result, our 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, “position” 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
us and our management, are inherently uncertain. Factors that may cause actual results to differ materially from current expectations include, but are not limited to: general economic uncertainty in key global markets and a worsening of global economic conditions or low levels of
economic growth; the rate and pace of economic recovery following economic downturns; global supply chain constraints and interruptions, rising costs of construction-related labor and materials, and increases in costs due to inflation or other factors that may not be fully offset by
increases in revenues in our business; risks affecting the luxury, resort, and all-inclusive lodging segments; levels of spending in business, leisure, and group segments, as well as consumer confidence; declines in occupancy and average daily rate; limited visibility with respect to
future bookings; loss of key personnel; domestic and international political and geopolitical conditions, including political or civil unrest or changes in trade policy; the impact of global tariff policies or regulations; economic sanctions or other government restrictions that may limit
our ability to conduct business or receive payments; hostilities, or fear of hostilities, including the ongoing military conflict in the Middle East and security-related disruptions in Mexico, as well as terrorist attacks or other acts of violence, that affect travel; travel-related accidents;
natural or man-made disasters, weather and climate-related events, such as hurricanes, earthquakes, tsunamis, tornadoes, droughts, floods, wildfires, oil spills, nuclear incidents, and global outbreaks of pandemics or contagious diseases, or fear of such outbreaks; the impact of
government-issued travel advisories, airspace closures, or flight suspensions on international arrivals and hotel bookings in affected regions; our ability to successfully achieve specified levels of operating profits at hotels that have performance tests or guarantees in favor of our
third-party owners; the impact of hotel renovations and redevelopments; risks associated with our capital allocation plans, share repurchase program, and dividend payments, including a reduction in, or elimination or suspension of, repurchase activity or dividend payments; the
seasonal and cyclical nature of the real estate and hospitality businesses; changes in distribution arrangements, such as through internet travel intermediaries; changes in the tastes and preferences of our customers; relationships with colleagues and labor unions and changes in
labor laws; the financial condition of, and our relationships with, third-party owners, franchisees, and hospitality venture partners; the possible inability of third-party owners, franchisees, or development partners to access the capital necessary to fund current operations or
implement our plans for growth; risks associated with potential acquisitions and dispositions and our ability to successfully integrate completed acquisitions with existing operations or realize anticipated synergies; failure to successfully complete proposed transactions, including
the failure to satisfy closing conditions or obtain required approvals; our ability to maintain effective internal control over financial reporting and disclosure controls and procedures; declines in the value of our real estate assets; unforeseen terminations of our management and
hotel services agreements or franchise agreements; changes in federal, state, local, or foreign tax law; increases in interest rates, wages, and other operating costs; foreign exchange rate fluctuations or currency restructurings; risks associated with the introduction of new brand
concepts, including lack of acceptance of new brands or innovation; general volatility of the capital markets and our ability to access such markets; changes in the competitive environment in our industry, industry consolidation, and the markets where we operate; our ability to
successfully grow the World of Hyatt loyalty program and manage the Unlimited Vacation Club paid membership program; cyber incidents and information technology failures; outcomes of legal or administrative proceedings; and violations of regulations or laws related to our
franchising business and licensing businesses and our international operations; and other risks discussed in the Company's filings with the SEC, including our annual report on Form 10-K, which filings are available from the SEC. All forward-looking statements attributable to us or
persons acting on our behalf are expressly qualified in their entirety by the cautionary statements set forth above. We caution you not to place undue reliance on any forward-looking statements, which are made only as of the date of this presentation. We do not undertake or
assume any obligation to update publicly any of these forward-looking statements to reflect actual results, new information or future events, changes in assumptions or changes in other factors affecting forward-looking statements, except to the extent required by applicable law. If
we update one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to those or other forward-looking statements.
Non-GAAP Financial Measures
This presentation includes references to certain financial measures, each identified with the symbol "†", that are not calculated or presented in accordance with generally accepted accounting principles in the United States
("GAAP"). These non-GAAP financial measures have important limitations and should not be considered in isolation or as a substitute for measures of the Company's financial performance prepared in accordance with GAAP. In
addition, these non-GAAP financial measures, as presented, may not be comparable to similarly titled measures of other companies due to varying methods of calculations.
During the first quarter of 2026, the Company revised its definition of Adjusted EBITDA to no longer include its pro rata share of unconsolidated owned and leased hospitality ventures' Adjusted EBITDA and recast prior-period
results to provide comparability.
Key Business Metrics
This presentation includes references to certain key business metrics used by the Company; each identified with the symbol "◊". For how we define these metrics, please refer to the definitions beginning on slide 3 of this
presentation.
2

INVESTOR DAY 2026
DEFINITIONS
Adjusted Earnings Before Interest Expense, Taxes, Depreciation, and Amortization ("Adjusted EBITDA"): We use the term Adjusted EBITDA throughout this Investor Presentation. Adjusted EBITDA, as we define it, is a non-GAAP measure. We define Adjusted EBITDA as
net income (loss) attributable to Hyatt Hotels Corporation plus net income (loss) attributable to noncontrolling interests, adjusted to exclude the following items:
• payments to customers (“contra revenue”), including performance cure payments and amortization of management and hotel services agreement and franchise agreement assets (“key money assets”);
• revenues for reimbursed costs;
• reimbursed costs that we intend to recover over the long term;
• stock-based compensation expense;
• transaction and integration costs;
• depreciation and amortization;
• equity earnings (losses) from unconsolidated hospitality ventures;
• interest expense;
• gains (losses) on sales of real estate and other;
• asset impairments;
• other income (loss), net; and
• benefit (provision) for income taxes.
We calculate consolidated Adjusted EBITDA by adding the Adjusted EBITDA of each of our reportable segments and eliminations to unallocated overhead expenses.
Our board of directors and executive management team focus on Adjusted EBITDA as one of the key performance and compensation measures both on a segment and on a consolidated basis. Adjusted EBITDA assists us in comparing our performance over various reporting
periods on a consistent basis because it removes from our operating results the impact of items that do not reflect our core operations both on a segment and on a consolidated basis. Our Chairman, President and Chief Executive Officer, who is our chief operating decision maker
(“CODM”), also evaluates the performance of each of our reportable segments and determines how to allocate resources to those segments, in part, by assessing the Adjusted EBITDA of each segment. In addition, the talent and compensation committee of our board of directors
determines the annual variable compensation and long-term incentive compensation for certain members of our management based in part on financial measures including and/or derived from consolidated Adjusted EBITDA, segment Adjusted EBITDA, or some combination of
both.
We believe Adjusted EBITDA is useful to investors because it provides investors with the same information that we use internally for purposes of assessing our operating performance and making compensation decisions and facilitates our comparison of results with our prior-period and forecasted results as well as our industry and competitors.
Adjusted EBITDA excludes certain items that can vary widely across different industries and among companies within the same industry, including interest expense and benefit or provision for income taxes, which are dependent on company specifics, including capital structure,
credit ratings, tax policies, and jurisdictions in which they operate; depreciation and amortization, which are dependent on company policies including how the assets are utilized as well as the lives assigned to the assets; contra revenue, which is dependent on company policies
and strategic decisions regarding payments to hotel owners; and stock-based compensation expense, which varies among companies as a result of different compensation plans companies have adopted.
We exclude revenues for reimbursed costs and reimbursed costs which relate to the reimbursement of payroll costs and system-wide services and programs that we operate for the benefit of our hotel owners as contractually we do not provide services or operate the related
programs to generate a profit or bear a loss over the long term. If we collect amounts in excess of amounts spent, we have a commitment to our hotel owners to spend these amounts on the related system-wide services and programs. Additionally, if we spend in excess of
amounts collected, we have a contractual right to adjust future collections or expenditures to recover prior-period costs. These timing differences are due to our discretion to spend in excess of revenues earned or less than revenues earned in a single period to ensure that the
system-wide services and programs are operated in the best long-term interests of our hotel owners. Over the long term, these programs and services are not designed to impact our economics, either positively or negatively, and instead are designed to result in a cumulative
break-even balance. Therefore, we exclude the net impact when evaluating period-over-period changes in our operating results. Adjusted EBITDA includes reimbursed costs related to system-wide services and programs that we do not intend to recover from hotel owners.
Finally, we exclude other items that are not core to our operations and may vary in frequency or magnitude, such as transaction and integration costs, asset impairments, unrealized and realized gains and losses on marketable securities, and gains and losses on sales of real
estate and other.
Adjusted EBITDA is not a substitute for net income (loss) attributable to Hyatt Hotels Corporation, net income (loss), or any other measure prescribed by GAAP. There are limitations to using non-GAAP measures such as Adjusted EBITDA. Although we believe that Adjusted
EBITDA can make an evaluation of our operating performance more consistent because it removes items that do not reflect our core operations, other companies in our industry may define Adjusted EBITDA differently than we do. As a result, it may be difficult to use Adjusted
EBITDA or similarly named non-GAAP measures that other companies may use to compare the performance of those companies to our performance. Because of these limitations, Adjusted EBITDA should not be considered as a measure of the income or loss generated by our
business. Our management compensates for these limitations by referencing our GAAP results and using Adjusted EBITDA supplementally.
3

INVESTOR DAY 2026
DEFINITIONS
Adjusted General and Administrative Expenses: Adjusted general and administrative expenses, as we define it, is a non-GAAP measure. Adjusted general and administrative expenses excludes the impact of deferred compensation plans funded through rabbi trusts and stock-based compensation expense. Adjusted general and administrative expenses assists us in comparing our performance over various reporting periods on a consistent basis because it removes from our operating results the impact of items that do not reflect our core operations,
both on a segment and consolidated basis.
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.
Free Cash Flow and Adjusted Free Cash Flow: Free Cash Flow represents net cash provided by operating activities less capital expenditures. Adjusted Free Cash Flow represents Free Cash Flow less estimated cash taxes on asset sales and costs associated with the Playa
Hotels Acquisition. We believe Free Cash Flow and Adjusted Free Cash Flow to be useful liquidity measures to us and investors to evaluate the ability of our operations to generate cash for uses other than capital expenditures, cash taxes on asset sales, and costs associated
with the Playa Hotels Acquisition and, after debt service and other obligations, our ability to grow our business through acquisitions and investments, as well as our ability to return cash to shareholders through dividends and share repurchases. Free Cash Flow and Adjusted Free
Cash Flow are not necessarily representative of how we will use excess cash. Free Cash Flow and Adjusted Free Cash Flow are not substitutes for net cash provided by operating activities or any other measure prescribed by GAAP. There are limitations to using non-GAAP
measures such as Free Cash Flow and Adjusted Free Cash Flow, and management compensates for these limitations by referencing our GAAP results and using Free Cash Flow and Adjusted Free Cash Flow supplementally.
Net Package ADR: Net Package ADR represents net package revenues divided by the total number of rooms sold in a given period. Net package revenues generally include revenue derived from the sale of packages at all-inclusive resorts comprised of rooms, food and
beverage, and entertainment revenues, net of compulsory tips paid to employees. Net Package ADR measures the average room price attained by a property, and Net Package ADR trends provide useful information concerning the pricing environment and the nature of the
customer base of a property or group of properties. Net Package ADR is a commonly used performance measure in our industry, and we use Net Package ADR to assess the pricing levels that we are able to generate by customer group, as changes in rates have a different
effect on overall revenues and incremental profitability than changes in occupancy, as described below.
Net Package Revenue Per Available Room ("RevPAR"): Net Package RevPAR is the product of the Net Package ADR and the average daily occupancy percentage. Net Package RevPAR generally includes revenue derived from the sale of packages comprised of rooms,
food and beverage, and entertainment revenues, net of compulsory tips paid to employees. Our management uses Net Package RevPAR to identify trend information with respect to room revenues from comparable properties and to evaluate property performance on a
geographical and segment basis. Net Package RevPAR is a commonly used performance measure in our industry. Net Package RevPAR changes that are driven predominantly by changes in occupancy have different implications for overall revenue levels and incremental
profitability than do changes that are driven predominantly by changes in average room rates. For example, increases in occupancy at a property would lead to increases in net package revenues and additional variable operating costs, including housekeeping services, utilities,
and room amenity costs. In contrast, changes in average room rates typically have a greater impact on margins and profitability as average room rate changes result in minimal direct impacts to variable operating costs.
Occupancy: Occupancy represents the total number of rooms sold divided by the total number of rooms available at a property or group of properties. Occupancy measures the utilization of a property's available capacity. We use occupancy to gauge demand at a specific
property or group of properties in a given period. Occupancy levels also help us determine achievable ADR levels as demand for property rooms increases or decreases.
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.
4

INVESTOR DAY 2026
DEFINITIONS
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 (the “UVC Transaction”). 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.
5

INVESTOR DAY 2026
2028 ILLUSTRATIVE OUTLOOK
(a) Reflects a reduction of $78 million in 2025 owned and leased segment Adjusted EBITDA to account for period of ownership of hotels acquired as part of the Playa Hotels Acquisition and the
impact of assets sold in 2025. During the three months ended March 31, 2026, the Company revised its definition of Adjusted EBITDA to no longer include pro rata share of unconsolidated
hospitality owned and leased ventures’ Adjusted EBITDA and recast prior-period results to provide comparability.
(b) Reflects Capital Expenditures and Adjusted Free Cash Flow for year ended December 31, 2025 for Hyatt (ex-Playa). Please see slide 8 for details.
6
Illustrative
2028 Outlook 2025 2025-2028 CAGR
System-wide Hotels RevPAR Growth 2.0% to 4.0%
Net Rooms Growth 6.0% to 8.0%
(in millions)
Net income (loss) attributable to Hyatt Hotels Corporation $490 - $635 $(52)
Gross Fees $1,550 - $1,710 $1,198 9% to 13%
Adjusted G&A Expenses $465 - $475 $445 (2)% to (1)%
Adjusted EBITDA (a) $1,400 - $1,585 $1,025 11% to 16%
Capital Expenditures (b) Approx. $140 $148 Approx. (2)%
Adjusted Free Cash Flow (b) $775 - $875 $527 14% to 18%

INVESTOR DAY 2026
NON-GAAP MEASURES RECONCILIATION
RECONCILIATION OF NET INCOME (LOSS) ATTRIBUTABLE TO HYATT HOTELS CORPORATION TO ADJUSTED EBITDA
2022 – 2025
(a) Includes amounts recognized in general and administrative expenses, owned and leased expenses, and distribution expenses; excludes amounts recognized in transaction and integration costs.
(b) During the three months ended March 31, 2026, the Company revised its definition of Adjusted EBITDA to no longer include pro rata share of unconsolidated hospitality owned and leased ventures’
Adjusted EBITDA and recast prior-period results to provide comparability.
7
(in millions) Year Ended December 31,
2022 2023 2024 2025
Net income (loss) attributable to Hyatt Hotels Corporation $ 455 $ 220 $ 1,296 $ (52)
Contra revenue 31 47 69 86
Revenues for reimbursed costs (2,620) (3,058) (3,352) (3,629)
Reimbursed costs 2,632 3,144 3,457 3,682
Stock-based compensation expense (a) 60 75 62 68
Transaction and integration costs 35 42 42 173
Depreciation and amortization 426 397 333 325
Equity (earnings) losses from unconsolidated hospitality ventures (5) 1 (31) 46
Interest expense 150 145 180 317
(Gains) losses on sales of real estate and other (263) (18) (1,245) 15
Asset impairments 38 30 213 40
Other (income) loss, net 34 (124) (257) (101)
(Benefit) provision for income taxes (92) 90 267 130
Net income attributable to noncontrolling interests — — — 3
Adjusted EBITDA (b) $ 881 $ 991 $ 1,034 $ 1,103

INVESTOR DAY 2026
NON-GAAP MEASURES RECONCILIATION
RECONCILIATION OF NET INCOME (LOSS) ATTRIBUTABLE TO HYATT HOTELS CORPORATION TO ADJUSTED EBITDA
2025
(a) 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.
(b) Includes amounts recognized in general and administrative expenses, owned and leased expenses, and distribution expenses; excludes amounts recognized in
transaction and integration costs.
(c) During the three months ended March 31, 2026, the Company revised its definition of Adjusted EBITDA to no longer include pro rata share of unconsolidated hospitality
owned and leased ventures’ Adjusted EBITDA and recast prior-period results to provide comparability.
8
(in millions)
Hyatt (ex-Playa) Playa (a) 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 (b) 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
Adjusted EBITDA (c) $ 1,025 $ 78 $ 1,103
Year Ended December 31, 2025

INVESTOR DAY 2026
NON-GAAP MEASURES RECONCILIATION
2025 ADJUSTED EBITDA AS REPORTED TO 2025 ADJUSTED EBITDA BASELINE AFTER ADJUSTING FOR ASSET SALES
(a) During the three months ended March 31, 2026, the Company revised its definition of Adjusted EBITDA to no longer include its pro rata share of unconsolidated owned and leased hospitality
ventures' Adjusted EBITDA and recast prior-period results to provide comparability.
(b) Represents the owned and leased segment Adjusted EBITDA contribution in each period for hotels that have been sold as of March 31, 2026 and for which the company entered into long-term
management or franchise agreements upon sale; excludes gross fee revenues retained following the sale.
(c) Represents the owned and leased segment 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.
9
(in millions)
2025 Adjusted EBITDA As Recast (a) $ 1,103
Adjustment to owned and leased segment Adjusted EBITDA from sold assets (b) (5)
Adjustment to owned and leased segment Adjusted EBITDA from sold Playa assets (c) (73)
Total adjustment to owned and leased segment Adjusted EBITDA from sold assets (78)
2025 Adjusted EBITDA Baseline $ 1,025
Year Ended
December 31, 2025

INVESTOR DAY 2026
NON-GAAP MEASURES RECONCILIATION
RECONCILIATION OF NET CASH PROVIDED BY OPERATING ACTIVITIES TO FREE CASH FLOW AND ADJUSTED FREE CASH FLOW
2022 – 2025
(a) Includes cash paid for transaction and integration costs, interest on the delayed draw term loan facility, and other costs associated with the acquisition.
10
(in millions) Year Ended December 31,
2022 2023 2024 2025
Net cash provided by operating activities $ 674 $ 800 $ 633 $ 379
Capital expenditures (201) (198) (170) (220)
Free Cash Flow $ 473 $ 602 $ 463 $ 159
Cash taxes on asset sales — — 77 117
Costs associated with the Playa Hotel Acquisition (a) — — — 198
Adjusted Free Cash Flow $ 473 $ 602 $ 540 $ 474

INVESTOR DAY 2026
NON-GAAP MEASURES RECONCILIATION
RECONCILIATION OF NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES TO FREE CASH FLOW AND ADJUSTED FREE CASH FLOW
2025
(a) Includes cash paid for transaction and integration costs, interest on the delayed draw term loan facility, and other costs associated with the acquisition.
11
(in millions)
Hyatt (ex-Playa) Playa Consolidated
Net cash provided by (used in) 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 Hotel Acquisition (a) — 198 198
Adjusted Free Cash Flow $ 527 $ (53) $ 474
Year Ended December 31, 2025

INVESTOR DAY 2026
NON-GAAP MEASURES RECONCILIATION
ILLUSTRATIVE OUTLOOK: NET INCOME ATTRIBUTABLE TO HYATT HOTELS CORPORATION TO ADJUSTED EBITDA
2028E
(a) Reimbursed costs are presented net of revenues for reimbursed costs as the Company cannot forecast the gross amounts without unreasonable effort.
(b) Includes amounts recognized in general and administrative expenses and distribution expenses; excludes amounts recognized in transaction and integration costs.
The Company’s illustrative financial outlook through 2028 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 illustrative outlook. 12
(in millions)
Low Case High Case
Net income attributable to Hyatt Hotels Corporation $ 490 $ 635
Contra revenue 75 85
Reimbursed costs, net (a) 110 70
Stock-based compensation expense (b) 60 70
Transaction and integration costs 20 10
Depreciation and amortization 310 310
Equity (earnings) losses from unconsolidated hospitality ventures 5 5
Interest expense 265 290
Asset impairments — —
Other (income) loss, net (140) (160)
Provision for income taxes 205 265
Net income attributable to noncontrolling interests — 5
Adjusted EBITDA $ 1,400 $ 1,585
Year Ending December 31, 2028
Outlook Range

INVESTOR DAY 2026
NON-GAAP MEASURES RECONCILIATION
ILLUSTRATIVE OUTLOOK: NET INCOME ATTRIBUTABLE TO HYATT HOTELS CORPORATION TO ADJUSTED EBITDA
2026E – 2028E
(a) Reimbursed costs are presented net of revenues for reimbursed costs as the Company cannot forecast the gross amounts without unreasonable effort.
(b) Includes amounts recognized in general and administrative expenses, and distribution expenses; excludes amounts recognized in transaction and integration costs.
The Company’s illustrative financial outlook through 2028 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 illustrative outlook. 13
(in millions)
Low Case High Case
Net income attributable to Hyatt Hotels Corporation $ 1,170 $ 1,505
Contra revenue 219 239
Reimbursed costs, net (a) 330 210
Stock-based compensation expense (b) 185 205
Transaction and integration costs 90 60
Depreciation and amortization 930 930
Equity (earnings) losses from unconsolidated hospitality ventures 15 15
Interest expense 785 820
Asset impairments 21 21
Other (income) loss, net (400) (460)
Provision for income taxes 485 605
Net income attributable to noncontrolling interests — 15
Adjusted EBITDA $ 3,830 $ 4,165
2026-2028 Cumulative Illustrative
Outlook Ranges

INVESTOR DAY 2026
NON-GAAP MEASURES RECONCILIATION
ILLUSTRATIVE OUTLOOK: NET CASH PROVIDED BY OPERATING ACTIVITIES TO FREE CASH FLOW AND ADJUSTED FREE CASH FLOW
2028E
(a) Includes taxes and other costs related to the Playa Hotels Acquisition.
The Company’s illustrative financial outlook through 2028 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 illustrative outlook. 14
(in millions)
Low Case High Case
Net cash provided by operating activities $ 910 $ 1,015
Capital expenditures (135) (140)
Free Cash Flow $ 775 $ 875
Cash taxes on asset sales — —
Costs associated with the Playa Hotels Acquisition (a) — —
Adjusted Free Cash Flow $ 775 $ 875
Year Ending December 31, 2028
Outlook Range

INVESTOR DAY 2026
NON-GAAP MEASURES RECONCILIATION
ILLUSTRATIVE OUTLOOK: NET CASH PROVIDED BY OPERATING ACTIVITIES TO FREE CASH FLOW AND ADJUSTED FREE CASH FLOW
2026E - 2028E
(a) Includes taxes and other costs related to the Playa Hotels Acquisition.
The Company’s illustrative financial outlook through 2028 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 illustrative outlook. 15
(in millions)
Low Case High Case
Net cash provided by operating activities $ 2,373 $ 2,603
Capital expenditures (405) (420)
Free Cash Flow $ 1,968 $ 2,183
Cash taxes on asset sales 4 4
Costs associated with the Playa Hotels Acquisition (a) 83 83
Adjusted Free Cash Flow $ 2,055 $ 2,270
2026-2028 Cumulative Illustrative
Outlook Ranges

16

EX-99.2
3
tm2615108d1_ex99-2.htm
EXHIBIT 99.2

Exhibit 99.2

Hyatt Hotels Corporation Investor Day Highlights
Strategy Driven by Premium Position and Differentiation at Scale

Premium brand and differentiation at scale position
Hyatt to build on strong momentum, compound durable growth and expand long-term shareholder value

Illustrative financial outlook includes 11-16%
Adjusted EBITDA growth and 14-18% Adjusted Free Cash Flow growth annually over three-year period through 2028

$1 billion increase in share repurchase authorization

CHICAGO, IL - May 28, 2026 - Hyatt Hotels Corporation (the
“Company”) (NYSE: H) today will highlight its strategy and illustrative financial outlook at its 2026 Investor Day, outlining
the Company’s competitive advantages and how they position Hyatt to deliver durable long-term value to colleagues, guests, owners,
and shareholders.

“For nearly 70 years, Hyatt has made bold moves, set new standards,
and redefined norms,” said Mark Hoplamazian, Chairman, President and Chief Executive Officer of Hyatt. “Today, Hyatt’s
differentiated premium positioning is stronger than ever. As we continue to elevate our brands, talent, and technology, we believe Hyatt
is uniquely positioned to win by being the most responsive, innovative, and highest-performing hospitality company.”

Key themes include:

·

Differentiation at Scale: Hyatt’s global portfolio of premium
brands positions the company to serve high-end travelers in each brand segment across a wide range of stay occasions

·

Elevating Our Brands: Hyatt’s insights-led, brand-focused organization
drives performance, enabled by talent and powered by technology

·

Expanding Our Differentiated Footprint: Hyatt is well represented
in key global markets, with significant pipeline and substantial opportunity for further expansion

·

Delivering Sustainable Long-Term Value for Shareholders: Hyatt’s
asset-light model and global brand footprint support consistent, capital-efficient growth and long-term value creation

Illustrative Financial Outlook

“Hyatt’s competitive advantages have positioned the Company
to continue the industry-leading RevPAR growth experienced over the past five years, industry-leading net rooms growth, and compounding
fee growth,” said Joan Bottarini, Chief Financial Officer of Hyatt. “We believe our

compelling growth strategy paves a clear path for consistent compounding
free cash flow growth and significant shareholder value creation well into the future.”

The Company reaffirms its 2026 fiscal year financial outlook previously
provided on April 30, 2026, and introduces its illustrative financial outlook through 2028, along with three-year compounded annual growth
rates (“CAGRs”) from 2025 to 2028 for certain key metrics:

Illustrative

2028 Outlook

2025

2025-2028

CAGR

System-wide Hotels RevPAR Growth

2.0% to 4.0%

Net Rooms Growth

6.0% to 8.0%

(in millions)

Net income (loss) attributable to Hyatt Hotels Corporation

$490 - $635

$

(52

)

Gross Fees

$1,545 - $1,710

$

1,198

9% to 13%

Adjusted EBITDA (a)

$1,400 - $1,585

$

1,025

11% to 16%

Adjusted Free Cash Flow (b)

$775 - $875

$

527

14% to 18%

(a) Reflects a reduction of $78 million in 2025 owned and leased segment Adjusted EBITDA to account for period of ownership of hotels acquired as part of the Playa Hotels Acquisition and the impact of assets sold in 2025. During the three months ended March 31, 2026, the Company revised its definition of Adjusted EBITDA to no longer include pro rata share of unconsolidated hospitality owned and leased ventures’ Adjusted EBITDA and recast prior-period results to provide comparability.​

(b) Reflects Capital Expenditures and Adjusted Free Cash Flow for year ended December 31, 2025 for Hyatt (ex-Playa).

No disposition or acquisition activity beyond what has been completed as of the date of this release has been included in the illustrative financial outlook through 2028. The Company’s long-term 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.

The Company also announced a $1 billion increase to Hyatt’s share
repurchase authorization, resulting in a total repurchase authorization of approximately $1.5 billion.

Event and Presentation Details

The Investor Day event will begin at 8:30 a.m. CT and will include
presentations from Hyatt’s leadership team.

Attendance is in person by invitation only. A live webcast and presentation
materials will be available on Hyatt’s Investor Relations website at investors.hyatt.com.

An archive of the webcast will be available on the Company's website.

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 our plans, strategies, positioning, illustrative financial outlook through 2028 including
expected Adjusted EBITDA and expected Adjusted Free Cash Flow, growth trends and expectations, pipeline expectations, the number of
properties we expect to open in the future, any future share repurchases under the additional repurchase
authorization, financial performance, prospects or future events and involve known and unknown risks that are difficult to
predict. As a result, our 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," “position” 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 us and our management, are inherently uncertain. Factors that may cause actual results to differ
materially from current expectations include, but are not limited to: general economic uncertainty in key global markets and a
worsening of global economic conditions or low levels of economic growth; the rate and pace of economic recovery following economic
downturns; global supply chain constraints and interruptions, rising costs of construction-related labor and materials, and
increases in costs due to inflation or other factors that may not be fully offset by increases in revenues in our business; risks
affecting the luxury, resort, and all-inclusive lodging segments; levels of spending in business, leisure, and group segments, as
well as consumer confidence; declines in occupancy and average daily rate; limited visibility with respect to future bookings; loss
of key personnel; domestic and international political and geopolitical conditions, including political or civil unrest or changes
in trade policy; the impact of global tariff policies or regulations; economic sanctions or other government restrictions that may
limit our ability to conduct business or receive payments; hostilities, or fear of hostilities, including the ongoing military
conflict in the Middle East and security-related disruptions in Mexico, as well as terrorist attacks or other acts of violence, that
affect travel; travel-related accidents; natural or man-made disasters, weather and climate-related events, such as hurricanes,
earthquakes, tsunamis, tornadoes, droughts, floods, wildfires, oil spills, nuclear incidents, and global outbreaks of pandemics or
contagious diseases, or fear of such outbreaks; the impact of government-issued travel advisories, airspace closures, or flight
suspensions on international arrivals and hotel bookings in affected regions; our ability to successfully achieve specified levels
of operating profits at hotels that have performance tests or guarantees in favor of our third-party owners; the impact of hotel
renovations and redevelopments; risks associated with our capital allocation plans, share repurchase program, and dividend payments,
including a reduction in, or elimination or suspension of, repurchase activity or dividend payments; the seasonal and cyclical
nature of the real estate and hospitality businesses; changes in distribution arrangements, such as through internet travel
intermediaries; changes in the tastes and preferences of our customers; relationships with colleagues and labor unions and changes
in labor laws; the financial condition of, and our relationships with, third-party owners, franchisees, and hospitality venture
partners; the possible inability of third-party owners, franchisees, or development partners to access the capital necessary to fund
current operations or implement our plans for growth; risks associated with potential acquisitions and dispositions and our ability
to successfully integrate completed acquisitions with existing operations or realize anticipated synergies; failure to successfully
complete proposed transactions, including the failure to satisfy closing conditions or obtain required approvals; our ability to
maintain effective internal control over financial reporting and disclosure controls and procedures; declines in the value of our
real estate assets; unforeseen terminations of our management and hotel services agreements or franchise agreements; changes in
federal, state, local, or foreign tax law; increases in interest rates, wages, and other operating costs; foreign exchange rate
fluctuations or currency restructurings; risks associated with the introduction of new brand concepts, including lack of acceptance
of new brands or innovation; general volatility of the capital markets and our ability to access such markets; changes in the
competitive environment in our industry, industry consolidation, and the markets where we operate; our ability to successfully grow
the World of Hyatt loyalty program and manage the Unlimited Vacation Club paid membership program; cyber incidents and information
technology failures; outcomes of legal or administrative proceedings; and violations of regulations or laws related to our
franchising business and licensing businesses and our international operations; and other risks discussed in the Company's filings
with the SEC, including our annual report on Form 10-K, which filings are available from the SEC. All forward-looking statements
attributable to us 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.

About Hyatt Hotels Corporation

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

The term “Hyatt” is used for convenience in this release
to refer to Hyatt Hotels Corporation and/or one or more of its affiliates.

HHC-FIN

Investor Contacts

Adam Rohman, 312.780.5834, [email protected]

Ryan Nuckols, 312.780.5784, [email protected]

Media Contact

Franziska Weber, 312.780.6106, [email protected]

Hyatt Hotels Corporation

Reconciliation of Non-GAAP Financial Measure:
2025 Net Income (Loss) Attributable to Hyatt Hotels Corporation to Adjusted EBITDA

(in millions)

Year Ended December 31, 2025

Hyatt (ex-Playa)

Playa (a)

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 (b)

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

Adjusted EBITDA (c)

$

1,025

$

78

$

1,103

(a) 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.

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

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

Hyatt Hotels Corporation

Reconciliation of Non-GAAP Financial Measure:
2025 Adjusted EBITDA As Reported to 2025 Adjusted EBITDA Baseline After Adjusting for Asset Sales

(in millions)

2025

2025 Adjusted EBITDA As Recast (a)

$

1,103

Adjustment to owned and leased segment Adjusted EBITDA from sold assets (b)

(5

)

Adjustment to owned and leased segment Adjusted EBITDA from sold Playa assets (c)

(73

)

Total adjustment to owned and leased segment Adjusted EBITDA from sold assets

(78

)

2025 Adjusted EBITDA Baseline

$

1,025

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

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

(c) Represents the owned and leased segment 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.

Hyatt Hotels Corporation

Reconciliation of Non-GAAP Financial Measure:
2025 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 (used in) 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.

Hyatt Hotels Corporation

Reconciliation of Non-GAAP Financial Measures:
2028 Outlook: Net Income Attributable to Hyatt Hotels Corporation to Adjusted EBITDA 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 2028 outlook. The Company's outlook is based on
a number of assumptions that are subject to change and many of which are outside the control of the Company. If actual results vary from
these assumptions, the Company's expectations may change. There can be no assurance that the Company will achieve these results. Results
of operations as presented on the condensed consolidated statements of income include expenses recognized with respect to deferred compensation
plans funded through rabbi trusts. 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, 2028

Outlook
Range

Low Case

High Case

Net income attributable to Hyatt Hotels Corporation

$

490

$

635

Contra revenue

75

85

Reimbursed costs, net (a)

110

70

Stock-based compensation expense (b)

60

70

Transaction and integration costs

20

10

Depreciation and amortization

310

310

Equity (earnings) losses from unconsolidated hospitality ventures

5

5

Interest expense

265

290

Asset impairments

-

-

Other (income) loss, net

(140

)

(160

)

Provision for income taxes

205

265

Net income attributable to noncontrolling interests

-

5

Adjusted EBITDA

$

1,400

$

1,585

(a) Reimbursed costs are presented net of revenues for reimbursed costs as the Company cannot forecast the gross amounts without unreasonable effort.

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

(in millions)

Low Case

High Case

Net cash provided by operating activities

$

910

$

1,015

Capital expenditures

(135

)

(140

)

Free Cash Flow

$

775

$

875

Cash taxes on asset sales

-

-

Costs associated with the Playa Hotels Acquisition (a)

-

-

Adjusted Free Cash Flow

$

775

$

875

(a) Includes taxes and other costs related to the Playa
Hotels Acquisition.

Definitions

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

We use the term Adjusted EBITDA throughout this
press release. Adjusted EBITDA, as we define it, is a measure that is not recognized under U.S. generally accepted accounting principles
(“GAAP”). We define Adjusted EBITDA as net income (loss) attributable to Hyatt Hotels Corporation plus net income (loss) attributable
to noncontrolling interests, adjusted to exclude the following items:

·

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

·

revenues for reimbursed costs;

·

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

·

stock-based compensation expense;

·

transaction and integration costs;

·

depreciation and amortization;

·

equity earnings (losses) from unconsolidated hospitality ventures;

·

interest expense;

·

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

·

asset impairments;

·

other income (loss), net; and

·

benefit (provision) for income taxes.

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

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

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

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

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

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

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.

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.

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.

Revenue Per Available Room (“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.