Vacation Ownership Sector: Key takeaways from management meetings with Vacation Ownership companies HGV, TNL, VAC

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Vacation Ownership Sector: Key takeaways from management meetings with Vacation Ownership companies HGV, TNL, VAC

Truist Securities

The company sees the 17 bps y/y uptick in delinquencies as “immaterial to the company’s financials” and reiterated they expect

the Loan Loss Provision (LLP) to be down y/y in 2026 and the LLP continues to be performing within a predictable band. 17 bps.

equates to approx. $5M of EBITDA on a company expected to generate over $1B of EBITDA this year.

Regarding “enhanced experiences”, concurrent with the conference TNL announced the official launch of Eddie Bauer

Adventure Club with the first property in Moab, UT. This vacation product was created in partnership with Authentic Brands Group

(Authentic), owner of the Eddie Bauer brand. Regarding the Sport Illustrated brand, these being properties located near college sports-

centric university locations, sales began two weeks ago at their first property.

VAC

The company has identified that owner-arrival propensity to tour has been a significant underperformer to peers. Subsequently,

focus is on increasing owner engagements via introduction of events:

• Will be launching Inner Circle on June 22nd in Palm Beach, FL.

○For 2026 planning on holding 40 events, all music (concerts).

■2026 locations: Las Vegas, Orlando, Palm Beach.

■The process:

■Schedule events

■Sales reaches out to “qualified arrivals”

■Event(s) are offered to the qualified arrivals (expect approx. 85% of event attendees) with the attendee needing to take a

sales presentation after the event.

■Not offering these events to first-time buyers as “high VPGs” needed to support cost of holding the events.

■Once the above “proof of concept” is established in 2026, it will be scaled-up in 2027. By comparison, Diamond Resorts did