RHP

• Business Model Resilience & Core Strategy

  • Management reports strong, resilient demand for the company's experiential offerings despite a dynamic broader economic environment
  • Core strategic themes: healthy demand for high-quality group meeting experiences, traction from targeting higher-value customers across all segments, and ongoing portfolio investments strengthening competitive position and long-term earnings power
  • The company's scale and differentiated offerings enable it to attract premium customers, deepen relationships, and drive stronger spending, which provides greater demand visibility to support confident capital allocation that reinforces competitive advantages

• Capital Project Milestones

  • Gaylord Opryland completed the structural framework for its meeting space expansion project; when complete, the expansion will enable the property to attract more premium groups. Gaylord Opryland is on track to exceed $200 million in adjusted EBITDA RE in 2026, up from $57 million 25 years ago with the same room count, demonstrating the success of the company's transformation strategy
  • 2026 capital expenditure guidance increased by $50 million at the midpoint to $400-$500 million, reflecting acceleration of projects originally planned for 2027 (including facade work at JW Hill Country and water amenity improvements at Gaylord Texan) to minimize operational disruption; the overall multi-year capital plan scope remains unchanged, and all ongoing projects are on time and on budget

• OEG Strategic Review

  • The board, advised by Morgan Stanley, continues to evaluate bringing in new investors/partners for OEG to give the business greater independence while creating shareholder value, with Ryman remaining a stakeholder. No definitive agreements have been reached, and discussions are ongoing with selected potential parties
  • The review was initiated following multiple unsolicited inbound inquiries from investors attracted to the live entertainment/music space; any transaction would be structured to comply with REIT rules, and proceeds would likely be distributed as dividends given the business' low tax basis

• JW Marriott Acquisition Integration

  • Early progress from the JW Marriott acquisition strategy confirms the original investment thesis: portfolio synergies and targeted capital repositioning are driving value creation at the high-quality assets
  • Rotational group strategy across the JW portfolio and between JWs and Gaylord properties is delivering strong early results, with growing booked room nights and share gains

• Industry & Demand Trends

  • Global country music growth is driving increased long-term demand for Nashville visitation, benefiting OEG and the company's hospitality assets; Luke Combs' record-breaking three sold-out Wembley Stadium shows demonstrate this global expansion
  • Group demand remains broadly healthy, with SMRF (social, military, educational, religious, fraternal) groups delivering particularly strong rate growth in Q2, and premium corporate groups driving strong catering spend

• Full-year 2026 same-store hospitality adjusted EBITDA RE guidance midpoint increased by $10 million, incorporating the $7 million Q2 outperformance and a $3 million upward revision to the second half outlook driven by a stronger group booking base
• Full-year 2026 JW Desert Ridge adjusted EBITDA RE guidance midpoint increased by $1 million, reflecting only the Q2 outperformance due to the hotel's first-half weighted seasonality
• The company remains on track to hit its 2027 financial targets set in early 2024
• For the back half of 2026: same-store REVPAR growth is expected to be low-to-mid single-digit in Q3 and mid-single-digit in Q4, with sequential acceleration driven by higher group occupancy growth in Q4 and increased room availability at Gaylord Texan following completion of renovations in August 2026. Total revenue is expected to grow low-to-mid single-digit in both remaining quarters
• Management maintains a conservative outlook for ICE (Indoor Christmas Experience) despite strong early consumer reception to the three new 2026 themes (Home Alone, Harry Potter, and Nightmare Before Christmas), as most ICE season success is determined in the final two weeks of the year
• OEG adjusted EBITDA RE is expected to remain heavily weighted to the fourth quarter of 2026, consistent with historical seasonality
• As of end of July 2026, 2027 group room revenue on the books is 3.2% higher than 2026 revenue was at the same point last year, while 2028 revenue on the books is down just 50 basis points, with ADR pacing mid-single-digit growth for both years

1. Same-store Hospitality: Same-store REVPAR and total REVPAR growth outperformed expectations by ~2.5 percentage points each, with adjusted EBITDA RE exceeding guidance by $7 million. Group ADR increased 7.5% year-over-year, and catering contribution per group room night rose nearly 13% year-over-year. Several properties achieved record Q2 performance: Gaylord Palms, Gaylord Rockies, and Gaylord National posted record Q2 revenue, with Gaylord Palms also delivering record Q2 adjusted EBITDA RE. Trailing 12-month average REVPAR index reached 130% of fair share, up 6 percentage points year-over-year. As of end of July 2026, same-store group room revenue on the books for all future periods was up 8.8% year-over-year, with room nights on the books at an all-time high for this point in the year.
2. JW Marriott Portfolio (JW Desert Ridge and JW Hill Country): JW Desert Ridge delivered a strong quarter, with group mix increasing nearly 13 percentage points year-over-year, driving higher catering revenue and compressed leisure inventory that supported stronger-than-expected leisure ADR. The hotel outperformed its competitive set, with RevPAR index share increasing 18 percentage points year-over-year. To date, 129,000 multi-year rotational group room nights have been booked across the two JW properties, with growing cross-rotation between the JWs and overlap with the Gaylord portfolio.
3. Opry Entertainment Group (OEG / Entertainment): Adjusted EBITDA RE increased nearly 30% year-over-year to a new quarterly record, driven by strong execution on recent growth investments. The segment's two largest festivals outperformed expectations, and artist-centered venues (Old Red and Category 10) delivered strong results, with Category 10 Nashville posting its highest ever monthly revenue in June 2026.

• Broader macroeconomic uncertainty around interest rates, inflation, and overall economic conditions exists, though to date there has been no meaningful impact on demand trends, customer behavior, or future booking activity
• There is no guarantee that a definitive agreement for a third-party investment/partnership in OEG will ultimately be reached
• Forward-looking financial performance may differ materially from projections due to unforeseen changes in market conditions, demand trends, or operating costs, as noted in the company's SEC filings
• Planned light-touch meeting space renovation at Gaylord National in Q4 2026 is expected to cause modest operational disruption, creating a difficult year-over-year comparison against 2025's record catering contribution at the property
• ICE seasonal performance has high variability, with success heavily dependent on consumer ticket sales in the final two weeks of the year, creating limited visibility for full-season results

Q: What is the status of Ryman's relationship with Marriott, and how are you approaching brand management fee discussions? / A: Management stated the overall relationship with Marriott is quite positive, with alignment on most core business objectives. Like all hotel owners, Ryman remains focused on managing cost structure and maximizing property profitability, but there are no major outstanding conflicts to report at this time.

Q: Why pursue a minority investment/partnership for OEG now, and how would proceeds be used if a deal closes? / A: The process was initiated after multiple unsolicited inbound inquiries from investors attracted to the fast-growing live entertainment space, so Ryman chose to explore strategic options to support OEG's continued growth while Ryman retains a stake. Any deal is not linked to funding for hotel acquisitions, and proceeds would likely be distributed as dividends to comply with REIT rules given OEG's low tax basis. No deal has been finalized.

Q: Which group business segment offers the largest pricing opportunity going forward? / A: Ryman is actively shifting mix to higher-rated corporate group room nights, which has shown strong growth in booked volumes, but is driving price increases across all group segments. Lower-rated groups across segments are being either moved up to higher pricing or rotated out, replaced by higher-value groups, and investments in hotel assets are supporting higher pricing across the board. SMRF group bookings grew strongly in Q2 at much higher rates than historical levels, so the strategy is delivering broad-based price growth rather than only benefiting corporate groups.

Q: What is Ryman's current appetite for hospitality acquisitions? / A: Management maintains a highly focused acquisition strategy, with only a small number of assets meeting Ryman's specific criteria. The company does not comment on market rumors, and has no interest in the common strategy of buying small to mid-sized full-service hotels at elevated prices in fragmented markets. Ryman will only pursue targets that align with its existing large-scale group resort portfolio model.

Q: What share gains is Ryman capturing, and how are these measured? / A: Share gains are measured against defined competitive sets for each property, matched by size, scale, and function rather than just local proximity. Unique large-scale properties like Gaylord Opryland are compared against similar large group resorts nationally rather than just local Nashville hotels. Opryland and Gaylord National posted the strongest share gains in Q2, with broad-based improvements across the entire portfolio.