Ryman Hospitality Properties, Inc. Q4 FY2025 earnings call

• Colin Reed noted full year results above guidance midpoints, Entertainment segment AFFO and AFFO per share above high end. • Investments in portfolio, like JW Desert Ridge acquisition, Gaylord Opryland upgrades, Foundry Fieldhouse opening. • Entertainment business expanded growth platform, including CCNB amphitheater win, Category 10 brand expansion. • Mark Fioravanti discussed hospitality segment strong demand from holiday programming, group business performance, and Entertainment segment growth. • Jennifer Hutcheson talked about liquidity, balance sheet, capital expenditures, and dividend declaration.

Hospitality segment: Same-store hospitality delivered highest total revenue and adjusted EBITDAre in Q4; Gaylord Palms and Gaylord Rockies had record performances. Entertainment segment: Fourth quarter revenue grew nearly 12% and adjusted EBITDAre grew nearly 13%, with Opry having record quarter. Revenue contribution: Hospitality and Entertainment segments are key parts of the business.

• Same-store hospitality: Midpoint RevPAR growth 2.5%, adjusted EBITDAre midpoint implies ~2.5% operating expense growth. • JW Marriott Desert Ridge: Midpoint of adjusted EBITDAre reflects first full year contribution. • Entertainment business: Midpoint of adjusted EBITDAre guidance reflects nearly 10% growth year-over-year. • First quarter: Same-store hospitality expected RevPAR and total RevPAR roughly flat, adjusted EBITDAre margin decline ~100 basis points; Entertainment business expected first quarter adjusted EBITDAre decline by several million dollars.

• Macroeconomic uncertainty impacting meeting volumes and meeting planner sentiment. • Construction disruption from ongoing projects at Opryland, Gaylord Texan, JW Hill Country. • Potential impact of political and economic environment on demand and business performance.

Q: Update on group business mix and RevPAR guide; A: Patrick Chaffin and Mark Fioravanti discussed group business mix and RevPAR guide details.

Q: Thoughts on Rockies expansion and cancellations; A: Mark Fioravanti and Patrick Chaffin talked about Rockies expansion and cancellation reasons.

Q: Holiday programming results and construction disruption; A: Patrick Chaffin and Jennifer Hutcheson answered questions on holiday programming and construction disruption.

Q: Entertainment business cadence and earnings power; A: Patrick Moore and Colin Reed discussed Entertainment business cadence and earnings power.

Q: Group demand perspective and mood of meeting planner; A: Patrick Chaffin and Mark Fioravanti answered questions on group demand and meeting planner mood.

Q: Sports bar at Opryland and franchising of Entertainment brands; A: Patrick Chaffin and Colin Reed talked about sports bar at Opryland and franchising of Entertainment brands.

Q: Total RevPAR guide and rotational benefits with JWDR; A: Jennifer Hutcheson and Patrick Chaffin answered questions on Total RevPAR guide and rotational benefits with JWDR.

Q: Appetite for another deal and impact of AI on hospitality; A: Mark Fioravanti and Colin Reed discussed appetite for another deal and impact of AI on hospitality.

Q: Government business and sector exposure; A: Patrick Chaffin answered question on government business and sector exposure.

Q: Room rate and bookings trend for out years; A: Patrick Chaffin and Colin Reed talked about room rate and bookings trend for out years.

Q: RevPAR index share and impact of AI; A: Colin Reed, Patrick Chaffin, and Mark Fioravanti answered questions on RevPAR index share and impact of AI