Adjusted EBITDA

Q3 2025

$245M to $255M "

$250M to $260M "

raised

Vacation Ownership Gross VOI Sales

Q3 2025

$620M to $640M "

$650M to $680M "

raised

VPG (Volume Per Guest)

Q3 2025

3,050 to 3,150 "

$3,200 to $3,250 "

raised

Adjusted EBITDA

FY 2025

$955M to $985M "

$955M to $985M "

no change

Gross VOI Sales

FY 2025

no prior guidance [N/A]

$2.4B to $2.5B "

no prior guidance

VPG (Volume Per Guest)

FY 2025

no prior guidance [N/A]

$3,200 to $3,250 "

no prior guidance

New Owner Acquisition

In Q1 2025, mix was around 31% with expectations to reach 35%. " " In Q4 2024, new owner transactions were around 35%–37% with a focus on partnerships. " " In Q3 2024 the mix was consistently above 35%, highlighting strong performance and higher lifetime value. " "

Q2 2025 reported a 30% new owner mix along with strong performance metrics (close rates, VPG, transaction sizes) and new partnerships supporting incremental growth. " "

Slightly lower mix in Q2 versus prior periods but with robust performance indicators and strategic initiatives to drive growth; a temporary fluctuation amid long‑term target focus. " " " " " " " "

Tour Flow Performance

Q1 2025 showed a 1% decline with expectations of future acceleration. " " In Q4 2024, tour flow grew by about 2% with adjustments due to channel culling. " " In Q3 2024 overall tours increased by 4% though new owner channels, with noted challenges in Las Vegas affecting growth. " "

Q2 2025 recorded a 3% year‑over‑year increase with sequential acceleration and emphasis on new partnerships and in‑house channels to maintain momentum. " " "

Consistent improvement in tour flow performance with evidence of sequential acceleration; challenges remain regionally but overall growth trajectory is positive. " " " " " " " " "

Credit Quality & Delinquency Trends & Loan Loss Provision Risks

In Q1 2025, elevated delinquencies led to a full‑year provision of 21% despite strong credit quality. " " " Q4 2024 highlighted high average FICO scores (744) and a steady push to keep delinquencies in check with a guidance around 20% provision. " " " " Q3 2024 emphasized rising FICO standards and stable delinquency outcomes with a forecast of full‑year provisions around 20%, trending below 19% over time. " " " "

In Q2 2025, credit quality remained strong (originations above 740) with moderated delinquencies throughout the quarter and a maintained 21% loan loss provision, along with prospects for improvement over time. " " "

Stable credit quality with disciplined underwriting and gradually moderating delinquencies; continued vigilance with provisions while aiming for efficiency improvements. " " " " " " " " " " " " "

Travel & Membership Segment Performance

Q1 2025 saw a 7% revenue decline and 9% drop in adjusted EBITDA due to weaker exchange transactions. " " " In Q4 2024, revenues were nearly flat with modest adjusted EBITDA growth, aided by cost management and improved Travel Club transactions. " " " In Q3 2024, the segment was in transformation with flat EBITDA and pricing pressure from industry consolidation. " "

Q2 2025 reported a 6% revenue decline and 11% drop in adjusted EBITDA, attributed to industry consolidation headwinds and M&A disruptions, while initiatives like a 7% rise in TravelClub transactions offer some mitigation. " " "

Ongoing structural headwinds with consistent underperformance in exchange channels; gradual shift towards improving Travel Club business, though challenges persist across periods. " " " " " " " " " " "

Capital Allocation, Cash Flow & Shareholder Returns

Q1 2025 emphasized share repurchases, dividend increases, and consistent capital allocation with strong operating cash flow. " " Q4 2024 reported robust returns with $377 million total capital returned and notable efficiency metrics. " " " Q3 2024 highlighted steady capital return through buybacks and dividends with disciplined M&A and strong free cash flow generation. " " "

Q2 2025 focused on reinvesting in high‑return growth, reported $123 million adjusted free cash flow in H1, returned $107 million to shareholders, and maintained over $800 million in liquidity. "

Maintaining disciplined capital allocation and strong cash flow generation with consistent shareholder returns; liquidity remains robust and strategy is steady across periods. " " " " " " " " "

Strategic Brand Expansion & Diversification (Sports Illustrated)

Q1 2025 focused on initiating Sports Illustrated sales and finalizing a SI Trust conversion. " " " Q4 2024 detailed a robust SI pipeline with a focus on conversion properties and learning from initial operations. " " " Q3 2024 communicated long‑term vision of scaling SI to a $300–$400 million business with incremental growth starting at $25–$30 million. "

Q2 2025 introduced a new Sports Illustrated resort in Nashville (185 units) with sales starting in Q4 2025, and noted a delayed Tuscaloosa project due to permitting, with further SI projects to be announced. " " "

A clear evolution toward aggressive brand expansion, with expanded project announcements and refined timelines; strategic diversification to drive long‑term revenue growth is increasingly emphasized. " " " " " " " " " "

Accor Vacation Club Integration

Q4 2024 showcased a seamless integration with Accor delivering $6 million in adjusted EBITDA and enabling organic growth through a replacement mode. " " " Q3 2024 reported integration ahead of schedule with four reopened sales sites and early revenue synergies, contributing over $3 million in EBITDA. " " " Q1 2025 did not mention the integration.

Q2 2025 highlighted strong support from Accor's Asia‑Pacific teams, leading to the announcement of a new Novotel Nusadua resort in Indonesia, underscoring Accor’s role as a supplementary growth avenue. " "

Integration remains a key growth driver with increasing focus on leveraging international brands; performance and synergy targets continue to be met, reinforcing its role in organic growth. " " " " " " "

Technology & Digital Engagement Initiatives

Q1 2025 reported significant adoption of the Club Wyndham app (nearly 100,000 downloads) with high conversion rates and deployed texting enhancing on-site satisfaction. " " Q4 2024 noted the launch of the Club Wyndham app with 40,000 downloads and a planned revamp of the WorldMark website, indicating early positive feedback. " Q3 2024 mentioned forthcoming technology enhancements. "

In Q2 2025, investments in AI on web and app channels were highlighted; the Club Wyndham app reached 162,000 downloads (accounting for 19% of bookings) and a WorldMark app is scheduled for a Q4 launch. "

Continuous digital evolution with accelerating adoption and higher conversion; from early rollout stages to advanced AI investments, technology initiatives are deepening customer engagement. " " " " "

Project Delivery Timelines & Execution Risks

Q1 2025 briefly mentioned progress on a Sports Illustrated Trust project with quick sales conversion plans. " Q4 2024 had no specific discussion, while Q3 2024 emphasized strong sales force execution and integration synergies without detailed project timelines. "

Q2 2025 provided detailed updates on Sports Illustrated projects (Nashville conversion on‑time; Tuscaloosa delayed by one quarter due to permitting) and stressed balancing tour flow with VPG, highlighting execution risks in permitting and inventory alignment. "

Emerging focus on execution risk management in project delivery, with Q2 2025 providing more granular details on timeline adjustments and associated regulatory risks compared to prior minimal coverage. " " "

Volume Per Guest & Consumer Demand Consistency

Q1 2025 reported a VPG of $3,212 with resilient consumer demand and only modest changes in booking windows despite macro uncertainty. " Q4 2024 recorded a VPG of $3,284 and noted consistency in consumer behavior despite mix adjustments; forward guidance for 2025 was provided. " " Q3 2024 highlighted VPG remaining above $3,000 (nearly 30% higher than 2019) and steady consumer demand, bolstered by improved credit standards. " "

Q2 2025 achieved a VPG of $3,251, a 7% increase year‑over‑year, and raised full‑year guidance to $3,200–$3,250, supported by strong consumer demand with consistent booking windows (109 days) and resilient owner engagement despite broader challenges. " " " "

VPG remains robust and consistently above key thresholds across all periods; consumer demand is stable and resilient, with incremental improvement in value metrics reinforcing confidence in the underlying business model. " " " " " " " " "

Market‑Specific Sales & Marketing Challenges

Q3 2024 noted weakness in Las Vegas leading to lower new owner tour growth and impacting gross VOI sales; Q4 2024 also highlighted softness in Las Vegas and adjustments via culling low‑performing channels. " " " Q1 2025 did not mention any market‑specific issues.

Q2 2025 did not mention any specific market‑specific challenges such as those in Las Vegas, suggesting either resolution or de‑emphasis this period.

While past calls flagged challenges in key markets like Las Vegas, these issues are not highlighted in Q2 2025, indicating a possible temporary improvement or a shift in focus away from regional difficulties. " " "