can deliver mid-single-digit EBITDA growth and Teams EPS growth while investing in our brand expansion strategy and navigating travel and membership headwinds. For the first quarter, we expect gross VOI sales to be in the range of $

Jul 22, 2026 / receipt

2026 is shaping up to be another great year for Travel and Leisure.

Jul 22, 2026 / receipt / Mr. Brown, CEO | earnings call 2026-07-22 | transcript 493a8a4d-e43a-46b9-ab6d-d1f9b113d088 | chars 4804-4871 | segment 4

Turning to the Resort Optimization Initiative we announced last quarter, this effort involves removing a small number of aging, lower-demand resorts to strengthen our overall resort system for owners while also improving the financial health of travel and leisure in our club HOAs.

Apr 22, 2026 / receipt, needs a key / Michael Brown, CEO | earnings call 2026-04-22 | transcript 0c947f6f-fa77-437f-90b4-5055cfbbef46 | chars 7357-7638 | segment 7

We would expect a little bit of conservatism in the consumer travel behavior. First and foremost, your booking windows would shrink. They have not so far this year. I would expect people to transition away from air travel to drive-to destinations. That has not transpired so far this year.

Apr 22, 2026 / receipt, needs a key / Eric, other | earnings call 2026-04-22 | transcript 0c947f6f-fa77-437f-90b4-5055cfbbef46 | chars 35952-36241 | segment 36

And unrelated, but just a follow-up, could you guys just talk about the travel and membership business going forward, just expectations for when that kind of bases out, or do you expect that one to continue to just have some top-line pressure for the foreseeable future? Thanks. Thanks. Yeah, so the travel and membership business, you know, we're modeling 2026 very consistent with the 2025 trend line. No heroic assumptions, just disciplined cost management.

Feb 18, 2026 / receipt, needs a key / Trey Bowers, analyst | earnings call 2026-02-18 | transcript 30830f07-1e70-4205-8ff6-fc7457361ed0 | chars 40707-41167 | segment 42

The anticipation on the back half of the year is that we would be lapping tough comps in the first half of the year on tour flow. So year-on-year tour flow increases in the latter half of this year. You combine that acceleration to an increase of BPG guidance, Diving back into Lizzie's question there is that you start to see a lot more confidence on the high end of the VOI range, which in turn gives us confidence that continued softness on the travel and membership segment can be covered, ultimately leading us to confirmation of our guidance range on adjusted EBITDA.

Jul 23, 2025 / receipt, needs a key / Michael, CEO | earnings call 2025-07-23 | transcript f4dd3391-14b7-446e-aefa-f1ee9778e1d3 | chars 33422-33995 | segment 34

We are taking targeted revenue and cost actions to mitigate the headwinds in our travel and membership segment, leaving us well-positioned to deliver sustainable growth and consistent returns.

Jul 23, 2025 / receipt, needs a key / Michael Brown, CEO | earnings call 2025-07-23 | transcript f4dd3391-14b7-446e-aefa-f1ee9778e1d3 | chars 6733-6925 | segment 6

We expect travel and membership to remain challenged through year end.

Jul 23, 2025 / receipt, needs a key / Michael Brown, CEO | earnings call 2025-07-23 | transcript f4dd3391-14b7-446e-aefa-f1ee9778e1d3 | chars 14213-14283 | segment 14

We do have nearing 10% that's in the Asia Pacific region. So, when you look at both sales and bookings, we're not seeing any impact as it relates to the international travel impact.

Apr 23, 2025 / receipt, needs a key / Mike Hugg, CFO | earnings call 2025-04-23 | transcript 04985188-13e3-4827-814a-04b66380fd61 | chars 27074-27255 | segment 27

Revenue in our travel and membership segment was $180 million, down 7%. and adjusted EBITDA of $68 million for this segment was down 9%, driven by a 13% decline in exchange transactions. While Travel Club transactions were up year-over-year, the growth in these transactions are not yet sufficient to cover the drop in exchange propensity.

Apr 23, 2025 / receipt, needs a key / Mike Hugg, CFO | earnings call 2025-04-23 | transcript 04985188-13e3-4827-814a-04b66380fd61 | chars 9304-9643 | segment 9

Our owners showed continued demand for vacation ownership in the first quarter. This was most clearly reflected in our best daily measure, volume per guest, or VPG. Our VPG was $3,212, up from 2024 and notably above $3,000. We also measure consumer demand through our owner's desire to visit our properties, as shown in resort bookings. We saw an acceleration of resort bookings as the quarter progressed. Mike will speak to a third important KPI, performance of the portfolio, during his overview. Our performance in Q1 is a great reminder of the characteristics of the timeshare business. that are often overlooked, starting with the reality that our owners continue to prioritize their travel and generally do not view vacations as discretionary. Travel patterns do tend to shift with economic conditions, and in that regard, we monitor drive-to versus fly-to arrival percentages, as well as booking windows. There's been no change in the percent of owners driving to our resorts, and we have only seen a modest reduction in our booking window. Compared to the same time last year, the booking window has decreased from 130 to 116 days. We see strong build for the upcoming months, and our second quarter reservations on the books are in line with expectations. When you combine VPGs, forward bookings, and travel trends, we currently see our consumer as quite resilient.

Apr 23, 2025 / receipt, needs a key / Michael Brown, CEO | earnings call 2025-04-23 | transcript 04985188-13e3-4827-814a-04b66380fd61 | chars 3956-5330 | segment 3

The other thing I'd point out about Q4, similar to Q1, is it's our second heaviest owner travel quarter. When you look at the summer months being the heaviest new owner travels as a percentage.

Apr 23, 2025 / receipt, needs a key / Mike Hugg, CFO | earnings call 2025-04-23 | transcript 04985188-13e3-4827-814a-04b66380fd61 | chars 25751-25944 | segment 26

As we shared, we launched a travel club business. And although it can't offset the exchange reductions, we are seeing growth in that space. We mentioned there will be an acceleration.

Apr 23, 2025 / receipt, needs a key / Mike Hugg, CFO | earnings call 2025-04-23 | transcript 04985188-13e3-4827-814a-04b66380fd61 | chars 30882-31065 | segment 31

more targeted approach will drive higher quality service and better efficiency

ir_statement / Sep 17, 2026 / receipt

Pressure on volumes as industry has consolidated and points-based products expand

ir_statement / Sep 17, 2026 / receipt

Resized footprint

ir_statement / Sep 17, 2026 / receipt

expansion of Accor Vacation Club into Indonesia

ir_statement / Sep 17, 2026 / receipt

Driving mix toward higher margin transactions

ir_statement / Sep 16, 2026 / receipt

Resized footprint and more targeted approach will drive higher quality service and better efficiency

ir_statement / Sep 16, 2026 / receipt

expansion of Accor Vacation Club into Indonesia

ir_statement / Sep 16, 2026 / receipt

Driving mix toward higher margin transactions

ir_statement / Sep 16, 2026 / receipt

Resized footprint and more targeted approach will drive higher quality service and better efficiency

ir_statement / Sep 16, 2026 / receipt

expansion of Accor Vacation Club into Indonesia

ir_statement / Sep 16, 2026 / receipt

Driving mix toward higher margin transactions

ir_statement / Sep 16, 2026 / receipt

Resized footprint and more targeted approach will drive higher quality service and better efficiency

ir_statement / Sep 16, 2026 / receipt