As Chad discussed, our free cash flow for the year has significantly improved, which is due to a reduction in capex to a more normal level following several years of significant reinvestment in our hotel business. It is also due to our revenue earnings growth. We continue to look for opportunities to deploy capital to grow both of our businesses with value of creative investments.

Jul 30, 2026 / receipt, needs a key / Greg Marcus, CEO | earnings call 2026-07-30 | transcript 12b2d636-c880-4eff-b4f7-876c41cc3aa4 | chars 19283-19666 | segment 19

As our hotel division heads into the busier spring and summer travel months, we believe we are well positioned to win in our markets.

Apr 30, 2026 / receipt, needs a key / Greg Marcus, CEO | earnings call 2026-04-30 | transcript df0b455a-569f-4009-93ae-64546d1aaadc | chars 21952-22085 | segment 22

While transient demand has remained healthy, it is important to acknowledge there continues to be an elevated level of economic uncertainty. with recent volatility in key travel costs, including gas prices and airfare.

Apr 30, 2026 / receipt, needs a key / Greg, other | earnings call 2026-04-30 | transcript df0b455a-569f-4009-93ae-64546d1aaadc | chars 22086-22304 | segment 22

As we look ahead to 2026, we're very excited to open our new 11-hole short golf course at the Grand Geneva, known as WeNip. We completed the construction and the growing phase of the course in the late season last year, and play will begin this spring. We believe the course will allow us to capitalize on a growing segment of golf with a great complementary option to our two existing eights and whole courses on the resort, the Brute and the Highlands. With customers looking for distinctive experiential destinations, this added amenity aligns with industry trends, and we expect the short course to enhance the overall appeal of the resort to both leisure customers and group customers looking to mix in another social activity with conferences, training events, and outings. As we look ahead, our outlook for 2026 remains positive with our expectations for low single-digit Rev Park growth. led by modest growth in group business and steady leisure and business travel. Group bookings remain healthy with our group room revenue bookings for fiscal 2026, or group pace in the year for the year, running approximately 3% ahead of where we were at this time last year. Looking a bit further out to 2027, group pace is slightly behind where we were at this time last year for the next year out, although this far out, the timing of bookings can vary significantly. Banquet and catering pace for 2026 and 2027 is ahead of where we were at this time last year. Based on the current demand environment

Feb 26, 2026 / receipt, needs a key / Greg, CEO | earnings call 2026-02-26 | transcript 20d66f9e-8e07-457b-aee0-81780f74e7b6 | chars 27932-29431 | segment 27

Well, you know, hope springs eternal in the theater business, you know, I mean, It certainly, as you said, on paper, it looks good, you know, and it looks like it plays our markets, and it looks, and we talked about, in 25, we didn't have one blockbuster over 500 million. That, you know, is a challenge, and it looks like the potential for these is better. It's an art form. We don't know how it's going to turn out, but we're prepared to capitalize and maximize, you know, on whatever comes our way, and it's a top line and a bottom line. You know, we're very focused on As you know, our pricing strategies and making sure that our prices are market appropriate and that we're offering the right product to the right customer, you know, we have a very significant PLF footprint. It's probably the - on a relative basis, we have the highest penetration of PLFs in the industry. So when those customers are there, we're going to be able to capture them. And yet we've got lots of programs for the customers that don't want to spend as much. We've got our Tuesday program remains very robust. A big push. For us, this year is going to be our movie club that's going to continue to really - if you aren't our theaters now, you will - if you don't join the club, you aren't paying attention. I mean, there's just - we're really working hard to build that base of business. You know, it reminds me a lot of the hotel business where you sometimes fill a hotel with a base of customers to sort of shrink th

Feb 26, 2026 / receipt, needs a key / Greg, CEO | earnings call 2026-02-26 | transcript 20d66f9e-8e07-457b-aee0-81780f74e7b6 | chars 34918-36418 | segment 35

While some industry surveys have seen a pullback in consumer spending on travel nationally, and some markets have seen more significant leisure softening, our own portfolio has generally performed well. We believe our upper upscale positioning and drive-to market locations and a broad segmentation lessening our exposure to any one type of customer will see less volatility if further economic softening occurs.

Aug 1, 2025 / receipt, needs a key / Greg Marcus, CEO | earnings call 2025-08-01 | transcript 5f8ce298-d3aa-439b-b122-fec04cb27c4c | chars 21287-21699 | segment 20

Our first quarter is always a seasonally challenging quarter in both of our businesses with typically a lighter movie slate coming out of Hollywood and slower leisure travel at our Midwestern hotels during the winter months.

May 6, 2025 / receipt, needs a key / Chad Parris, CFO | earnings call 2025-05-06 | transcript 71917774-adc3-4416-96de-81c8fea6452a | chars 3209-3433 | segment 3

As our hotel division heads into the busier spring and summer travel months, we believe the investments we are making in our properties puts us in a great position to win in our markets.

May 6, 2025 / receipt, needs a key / Greg Parris, CEO | earnings call 2025-05-06 | transcript 71917774-adc3-4416-96de-81c8fea6452a | chars 27434-27620 | segment 27

According to data received from Smith Travel Research, When comparing our REVPAR results to comparable upper upscale hotels throughout the United States, the upper upscale segment experienced an increase in REVPAR of 2.2% during our fourth quarter compared to the fourth quarter of fiscal 2023, indicating that our hotels outperformed the industry by 1.4 percentage points, despite the negative impact of the Hilton Milwaukee renovation.

Feb 27, 2025 / receipt, needs a key / Chad Parris, CFO | earnings call 2025-02-27 | transcript 5aa89286-1e93-4b12-a358-b4f5bd738bfd | chars 12474-12911 | segment 12

Our success in group business also speaks to the versatility of our special assets. With the investments that we've made in maintaining and enhancing our room product and amenities in our hotels, we have the unique ability to appeal to customers across market segments, including leisure, group, and business travel. And we can adapt our sales focus based on market conditions.

Feb 27, 2025 / receipt, needs a key / Greg, CEO | earnings call 2025-02-27 | transcript 5aa89286-1e93-4b12-a358-b4f5bd738bfd | chars 26572-26949 | segment 27

You know, now we've seen that business soften, but it's been, it's been, replaced as with more business travel, more group travel, and we're getting back to a more normal cadence.

Feb 27, 2025 / receipt, needs a key / Richard Schauffler, other | earnings call 2025-02-27 | transcript 5aa89286-1e93-4b12-a358-b4f5bd738bfd | chars 45302-45481 | segment 46

The renovation of the guest rooms began in November as we headed into the seasonally slower winter months, and we are able to shift business to our two other hotels, the Pfister and St. Kate, to mitigate the impact of the renovation on the overall portfolio. However, On peak weekend nights, there was some rate displacement as we turned away higher rate transient business due to our commitments for groups and airline crew business, as well as occupancy displacement from business turned away due to the reduced available rooms. And we estimate that the renovation negatively impacted our RevPar growth by approximately 1.3 percentage points during the fourth quarter.

Feb 27, 2025 / receipt, needs a key / Chad Parris, CFO | earnings call 2025-02-27 | transcript 5aa89286-1e93-4b12-a358-b4f5bd738bfd | chars 11729-12399 | segment 12

In the near term, we expect business travel demand and our group business to remain stable. Leisure travel demand has softened in the midscale and economy segments of the market, while generally remaining stable in the upper upscale segment of the market that includes most of our properties.

filing / Jul 30, 2026 / receipt

Leisure travel demand has softened in the midscale and economy segments of the market, while generally remaining stable in the upper upscale segment of the market that includes most of our properties.

filing / Jul 30, 2026 / receipt

Our theatre division Adjusted EBITDA and Adjusted EBITDA margin increased during the second quarter of fiscal 2026 compared to the second quarter of fiscal 2025 driven by improved operating leverage from increased revenues and higher labor efficiency, partially offset by increased repairs & maintenance, and general administrative expenses.

filing / Jul 30, 2026 / receipt

In the near term, we expect business travel demand to soften, and we expect our group business to remain stable. Leisure travel demand has softened in the midscale and economy segments of the market, while generally remaining stable in the upper upscale segment of the market that includes most of our properties.

filing / Apr 30, 2026 / receipt

Leisure travel demand has softened in the midscale and economy segments of the market, while generally remaining stable in the upper upscale segment of the market that includes most of our properties.

filing / Apr 30, 2026 / receipt

Acquire hotel management companies to scale our management platform

ir_statement / Sep 17, 2026 / receipt

Expansion of our independent hotel brands

ir_statement / Sep 17, 2026 / receipt

Invest in HR and technology to drive labor efficiency

ir_statement / Sep 17, 2026 / receipt

Target attractive growth or recovering markets

ir_statement / Sep 17, 2026 / receipt

Acquisitions/New Builds

ir_statement / Sep 17, 2026 / receipt

Cost Rationalization

ir_statement / Sep 17, 2026 / receipt

Operational Excellence

ir_statement / Sep 17, 2026 / receipt