Ryman Hospitality Properties, Inc. — Second Quarter 2026 Earnings Summary

Financial Performance

• Consolidated revenue for the three months ended June 30, 2026, reached an all-time quarterly record of $749.0 million, a 13.6% increase from $659.5 million in the prior year period.
• Consolidated net income was $102.1 million for the quarter, up 34.5% from $75.9 million in the prior year period.
• Consolidated Adjusted EBITDAre was $258.3 million for the quarter, representing a 21.9% increase from $211.9 million in the prior year period.
• Operating income margin for the quarter was 23.3%, an increase of 2.2 percentage points from 21.1% in the prior year period.
• Net income available to common stockholders per diluted share was $1.42 for the quarter, a 26.8% increase from $1.12 in the prior year period.
• For the six months ended June 30, 2026, consolidated revenue was $1,413.6 million (up 13.4% year-over-year), and net income was $171.5 million (up 23.5% year-over-year).
• Adjusted FFO available to common stockholders and unit holders was $181.4 million for the quarter, up 21.9% from $148.8 million in the prior year period.
• As of June 30, 2026, unrestricted cash was $366.1 million, and total debt outstanding was $3,969.5 million.
• There were no amounts drawn under the Company's revolving credit facility or OEG's revolving credit facility, leaving $930.0 million of aggregate borrowing availability.

Guidance and Future Outlook

• The Company raised its full-year 2026 guidance midpoints, citing strong second-quarter Hospitality portfolio performance and a modest increase in expectations for same-store Hospitality business in the second half of 2026.
• Revised 2026 guidance for same-store Hospitality RevPAR growth midpoint is 4.00% (up from 3.00% prior guidance).
• Revised 2026 guidance for same-store Hospitality Total RevPAR growth midpoint is 4.00% (up from 3.00% prior guidance).
• Revised 2026 guidance for consolidated operating income midpoint is $550.4 million (up from $542.1 million prior guidance).
• Revised 2026 guidance for consolidated Adjusted EBITDAre midpoint is $894.0 million (up from $883.0 million prior guidance).
• Revised 2026 guidance for net income available to common stockholders midpoint is $272.0 million (up from $264.0 million prior guidance).
• Revised 2026 guidance for Adjusted FFO available to common stockholders and unit holders midpoint is $604.5 million (up from $592.1 million prior guidance).
• The Company expects to spend approximately $400 to $500 million on capital expenditures in 2026, an increase from the previous estimate of $350 to $450 million.

Business Segments and Product Lines

• Hospitality Segment: Generated all-time quarterly record revenue of $605.0 million (up 17.2% year-over-year). Same-store Hospitality revenue was $544.3 million, up 6.5% year-over-year.
• Entertainment Segment: Generated all-time quarterly record revenue of $144.0 million, up 0.5% year-over-year. Adjusted EBITDAre for the segment was $43.9 million, up 29.5% year-over-year.
• Same-Store Hospitality Metrics: Generated all-time quarterly record RevPAR of approximately $202 (up 5.2% year-over-year) and record Total RevPAR of approximately $524 (up 6.5% year-over-year).
• Booking Pace: The Company booked over 768,000 same-store Hospitality Gross Definite Room Nights for future periods, with an estimated average daily rate (ADR) of approximately $310, an 8.6% increase year-over-year.
• Banquet and AV: Same-store banquet and AV revenue contribution per group room night increased 12.9% year-over-year.
• Gaylord Palms: Revenue increased 21.0% year-over-year to $88.5 million, with operating income margin expanding 5.2 percentage points to 23.9%.
• Gaylord National: Revenue increased 8.4% year-over-year to $90.4 million, with operating income margin expanding 2.6 percentage points to 21.6%.
• Gaylord Rockies: Revenue increased 3.7% year-over-year to $84.7 million, with operating income margin expanding 1.4 percentage points to 28.1%.
• Gaylord Texan: Revenue decreased 0.3% year-over-year to $82.3 million, with operating income margin decreasing 1.7 percentage points to 28.6%.
• JW Marriott Hill Country: Revenue decreased 1.2% year-over-year to $65.8 million, with operating income margin decreasing 1.6 percentage points to 24.3%.
• JW Marriott Desert Ridge: Acquired June 10, 2025; generated $60.6 million in revenue for the quarter.
• Capital Projects: Completed the Foundry Fieldhouse sports bar, pavilion, and event lawn at Gaylord Opryland and the meeting space conversion at JW Marriott Desert Ridge.
• Upcoming Projects: Meeting space expansion at Gaylord Opryland (completion mid-2027), room renovation at Gaylord Texan (completion August 2026), room renovation at JW Marriott Hill Country (completion March 2027), Category 10 Las Vegas (completion October 2026), Category 10 Orlando (completion early 2028), and Ole Red Indianapolis (completion early 2028).

Market and Competitive Landscape

• The Company specializes in group-oriented, upscale convention center resorts and entertainment experiences.
• Strong demand for artist-centered venues and a successful festivals season drove Entertainment segment performance.
• The Company's portfolio includes five of the top seven largest non-gaming convention center hotels in the United States based on total indoor meeting space.
• Marriott International manages the Company's hotel portfolio, which includes a combined total of 12,364 rooms and more than 3 million square feet of total indoor and outdoor meeting space.

Risks and Challenges

• The Company notes that actual results could differ materially from forward-looking statements due to risks including economic conditions, geographic concentration of properties, geopolitical uncertainty, inflation, and changes in trade policy.
• Risks include the Company's ability to remain qualified as a REIT, generate cash flows to support dividends, borrow funds, and refinance indebtedness.
• Risks also include the integration of JW Marriott Desert Ridge and the ability to identify and capitalize on value creation opportunities at that property.
• The Company's dividend policy requires distributing a minimum of 100% of REIT taxable income annually, subject to Board determinations.

Management Commentary and Tone

• Mark Fioravanti, President and CEO, stated the Company delivered record quarterly consolidated revenue and Adjusted EBITDAre, reflecting the success of its premium group customer strategy and strong execution in Entertainment.
• Management highlighted that higher ADR across all customer segments and strong ancillary spending trends drove results above expectations in the same-store Hospitality business.
• Management expressed confidence in the durability of demand for differentiated group-focused hotel assets, supported by healthy booking pace and record estimated ADR for future bookings.
• The Entertainment business delivered record quarterly Adjusted EBITDAre, underscoring opportunities within the multi-year development pipeline.

Other Key Points

• On July 15, 2026, the Company paid a quarterly cash dividend of $1.20 per common share.
• The Company continues to evaluate a path to greater independence for Opry Entertainment Group (OEG), with discussions ongoing regarding potential third-party investment or partnership.
• Atairos' liquidity request rights, including its put right, are currently unexercisable due to the ongoing OEG evaluation process.
• Subsequent to the quarter, Marriott launched marketing for 2026 ice! holiday programming across the Gaylord Hotels portfolio, JW Marriott Hill Country, and JW Marriott Desert Ridge.
• The Company does not expect to update its 2026 guidance before the next quarter's earnings release.