Travel + Leisure Co. Adds Premier Resort Destinations and Expands Owner Base by Over 10% with the Acquisitions of Yes& Vacations and Spinnaker Resorts

ORLANDO, Fla.–(BUSINESS WIRE)–Travel + Leisure Co. (NYSE: TNL), a number one leisure journey firm, at present introduced the closing of the acquisition of Yes& Vacations and, individually, coming into right into a definitive settlement to amass Spinnaker Resorts, for a mixed upfront buy worth of $343 million, topic to customary changes and contingent performance-based funds of as much as $10 million. The Spinnaker Resorts acquisition is anticipated to shut within the third quarter of 2026, topic to customary closing situations. The transactions are anticipated to be instantly accretive to Adjusted EBITDA, Adjusted Diluted EPS and Adjusted Free Cash Flow. The Company is funding the acquisitions by money and present debt capability and expects to finish the yr at a 3.2x leverage ratio, whereas sustaining share repurchases at comparable ranges to 2025.

Together, the transactions add greater than 100,000 house owners and 23 resorts to Travel + Leisure Co.’s trip possession community, increasing its presence in two of leisure journey’s most sought-after locations, Maui and Hilton Head. Yes& Vacations added seven properties in Maui, and a flagship island-inspired resort on the Las Vegas Strip. Spinnaker Resorts will add six properties in Hilton Head, in addition to resorts in engaging drive-to leisure locations together with Ormond Beach, Branson, and Williamsburg.

“Acquiring these companies strategically expands our presence in premier leisure destinations, adding quality inventory in markets where new development is challenging,” stated Michael D. Brown, President and CEO of Travel + Leisure Co. “Combined, these transactions significantly expand our resort and owner base, creating meaningful opportunities to generate incremental revenue across our vacation ownership ecosystem.”

The upfront money buy worth of $343 million is anticipated to be lowered by securitizing roughly $80 million of acquired shopper financing receivables, leading to web capital deployed of roughly $263 million. On a full yr foundation, inclusive of recognized synergies, these acquisitions are anticipated to contribute roughly $50 million of Adjusted EBITDA. Additional particulars relating to the strategic advantages and monetary affect of those acquisitions shall be mentioned through the upcoming earnings name on July 22, 2026.

“These acquisitions reflect our approach to capital allocation – deploying capital where we believe it can generate attractive long-term returns while maintaining balance sheet flexibility and continuing our consistent approach to returning capital to shareholders,” added Erik Hoag, Chief Financial Officer at Travel + Leisure Co. “They are immediately accretive and create meaningful opportunities through owner monetization, receivables optimization and recurring management fee growth.”

“We are proud of what our team has built and deeply grateful to the owners and associates who have been part of this journey,” stated Anthony Twist, CEO of Yes& Companies. “Joining Travel + Leisure Co. creates extraordinary opportunities for our people, our owners and our resorts. The company is a recognized leader in vacation ownership, shares our commitment to hospitality and has the scale and resources to carry Yes& Vacations into its next chapter.”

PJT Partners served as unique monetary advisor to Travel + Leisure Co. in reference to the transactions. BofA Securities, Inc. served as unique monetary advisor to Yes& Companies and J.P. Morgan served as unique monetary advisor to Spinnaker Resorts.

To study extra about Travel + Leisure Co., please go to travelandleisureco.com.

Forward Looking Statements

This press launch consists of “forward-looking statements” as that time period is outlined by the Securities and Exchange Commission (“SEC”). Forward-looking statements are any statements aside from statements of historic reality, together with statements relating to our expectations, beliefs, hopes, intentions or methods in regards to the results of the strategic transactions and shutting of the Spinnaker Resorts transaction mentioned on this press launch and the longer term. In some instances, forward-looking statements might be recognized by means of phrases equivalent to “will,” “intends,” or “expects,” or different phrases of comparable that means. Forward-looking statements are topic to dangers and uncertainties that would trigger precise outcomes of Travel + Leisure Co. and its subsidiaries (“Travel + Leisure Co.” or “we”) to vary materially from these mentioned in, or implied by, the forward-looking statements. Factors which may trigger such a distinction embody, however should not restricted to, dangers related to: the longer term prospects and plans for Travel + Leisure Co., together with our potential to compete within the extremely aggressive timeshare and leisure journey industries; the well being of the journey business and declines or disruptions attributable to antagonistic financial situations (together with inflation, current tariff and different commerce restrictions, increased rates of interest, recessionary pressures, and any potential antagonistic financial impacts ensuing from the U.S. federal authorities shutdown), journey restrictions, terrorism or acts of gun violence, political strife, battle (together with hostilities in Ukraine and the Middle East), pandemics, and extreme climate occasions and different pure disasters; antagonistic modifications in shopper journey and trip patterns, shopper preferences and demand for our merchandise; elevated or unanticipated working prices and different inherent enterprise dangers; our potential to adjust to monetary and restrictive covenants below our indebtedness; our potential to entry capital and insurance coverage markets on affordable phrases, at an inexpensive price or in any respect; sustaining the integrity of inside or buyer information and defending our programs from cyber-attacks; and people different elements disclosed as dangers below “Risk Factors” in paperwork we now have filed with the SEC, together with in Part I, Item 1A of our Annual Report on Form 10-Ok for the fiscal yr ended December 31, 2025, filed with the SEC on February 18, 2026. We warning readers that any such statements are primarily based on at the moment obtainable operational, monetary and aggressive info, and they need to not place undue reliance on these forward-looking statements, which mirror administration’s opinion solely as of the date on which they have been made. Except as required by legislation, we undertake no obligation to assessment or replace these forward-looking statements to mirror occasions or circumstances as they happen.

Certain Financial Measures

The Company calculates its leverage ratio as its web debt (complete debt excellent, much less non-recourse trip possession debt and money and money equivalents) divided by Adjusted EBITDA as outlined in its credit score settlement. Adjusted Diluted Earnings Per Share (EPS), Adjusted Free Cash Flow, EBITDA and Adjusted EBITDA are non-GAAP monetary measures. EBITDA is outlined by the Company as web earnings from persevering with operations earlier than depreciation and amortization, curiosity expense (excluding shopper financing curiosity), early extinguishment of debt, curiosity earnings (excluding shopper financing revenues) and earnings taxes, every of which is offered on the condensed consolidated statements of earnings. Adjusted EBITDA additionally excludes stock-based compensation prices, separation and restructuring prices, legacy objects, transaction and integration prices related to mergers, acquisitions, and divestitures, asset impairments/recoveries and stock write-downs related to the Company’s resort optimization initiative, beneficial properties and losses on sale/disposition of enterprise, and objects that meet the situations of bizarre and/or rare. Legacy objects embody the decision of and changes to sure contingent belongings and liabilities associated to acquisitions of constant companies and inclinations, together with the separation of Wyndham Hotels & Resorts, Inc. and Avis Budget Group, Inc. (ABG), and the sale of the holiday leases companies. Integration prices signify sure non-recurring prices straight incurred to combine mergers and/or acquisitions into the present enterprise. We consider that when thought of with GAAP measures, Adjusted EBITDA is helpful to help our traders in evaluating our ongoing working efficiency for the present reporting interval and, the place offered, over totally different reporting intervals. We additionally internally use this measure to evaluate our working efficiency, each completely and compared to different firms, and in evaluating or making chosen compensation selections. Adjusted EBITDA shouldn’t be thought of in isolation or as an alternative choice to web earnings/(loss) or different earnings assertion information ready in accordance with GAAP and our presentation of Adjusted EBITDA will not be akin to similarly-titled measures utilized by different firms. Adjusted Free Cash Flow is outlined by the Company as web money offered by working actions from persevering with operations much less property and tools additions (capital expenditures) plus the sum of proceeds and principal funds of non-recourse trip possession debt, whereas additionally including again money paid for transaction prices for acquisitions and divestitures, separation changes related to the spin-off of Wyndham Hotels, and sure changes associated to COVID-19. TNL believes adjusted FCF to be a helpful working efficiency measure to judge the power of its operations to generate money for makes use of aside from capital expenditures and, after debt service and different obligations, its potential to develop its enterprise by acquisitions and fairness investments, in addition to its potential to return money to shareholders by dividends and share repurchases. A limitation of utilizing Adjusted free money circulation versus the GAAP measure of web money offered by working actions as a method for evaluating TNL is that Adjusted free money circulation doesn’t signify the entire money motion for the interval as detailed within the consolidated assertion of money flows. Adjusted Diluted EPS is outlined by the Company as Adjusted web earnings divided by the diluted weighted common variety of frequent shares. Adjusted Diluted EPS is helpful to help our traders in evaluating our ongoing working efficiency for the present reporting interval and, the place offered, over totally different reporting intervals.

About Travel + Leisure Co.

Travel + Leisure Co. (NYSE: TNL) is a number one leisure journey firm, offering greater than six million holidays to vacationers all over the world yearly. The firm operates a various portfolio of trip possession, journey membership, and way of life journey manufacturers designed to satisfy the wants of the fashionable leisure traveler, whether or not they’re traversing the globe or having fun with locations nearer to residence. This consists of experiential manufacturers equivalent to Sports Illustrated Resorts, Eddie Bauer Adventure Club, Margaritaville Vacation Club, and Accor Vacation Club, in addition to cornerstone manufacturers, Club Wyndham, WorldMark, and RCI. With hospitality and accountable tourism at its coronary heart, the corporate’s greater than 19,000 devoted associates worldwide assist fulfill its mission to place the world on trip. Learn extra at travelandleisureco.com.

About Yes& Companies

Yes& Companies is an working and funding platform with an extended historical past of founding, buying, scaling and monetizing companies throughout a number of industries. Rooted in hospitality, the corporate applies a long time of entrepreneurial and operational expertise to create, purchase and develop companies, develop scalable platforms and create long-term enterprise worth. Through its trip possession platform, Yes& Vacations, the corporate has developed, owned and managed premier resort communities in among the world’s most sought-after leisure locations. Today, Yes& Companies continues to personal, function and put money into companies by disciplined execution, considerate capital allocation and a long-term method to worth creation. Learn extra at www.yesandco.com or contact The Ferraro Group – Holly@theferrarogroup.com.

About Spinnaker Resorts

Spinnaker operates 11 resorts, every providing a distinct expertise and the native taste of the distinctive places. From the low-key coastal paradise of Hilton Head Island, South Carolina, to the sunny shores of Ormond Beach, Florida to the neon/pure draw of the Ozarks in Branson, Missouri and the historic playground of Williamsburg, Virginia – Spinnaker has developed resorts you’ll like to return to yr after yr. Our each day purpose is to be sure you have the very best trip expertise. Learn extra at spinnakerresorts.com.