Hyatt Hotels (H.N): Regional Concerns Partially Mitigate Better 2Q26 Results

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Hyatt Hotels (H.N): Regional Concerns Partially Mitigate Better 2Q26 Results

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30 Jul 2026 08:33:54 ET │ 14 pages

Hyatt Hotels (H.N)

Regional Concerns Partially Mitigate Better 2Q26 Results

CITI'S TAKE

Buy Hyatt turned in 2Q26 adjusted EBITDA of $297M, ahead of consensus at

$280M and Citi’s $283M forecast. We believe better results were Price (29 Jul 26 16:00) US$186.02

somewhat anticipated given strong US RevPAR trends seen over the Target price US$195.00

course of the quarter. Full-year EBITDA outlook unchanged, which is Expected share price return 4.8%

supportive of current consensus forecasts for 2H26, which could see a Expected dividend yield 0.3%

modest upward bias. Full-year RevPAR increased 100bps reflecting 2Q Expected total return 5.1%

strength; positive trends mitigated in part by continued weakness in

Market Cap US$17,516M Mexico as well as Middle East disruption. Rooms growth seen at 6% (vs 6-

7% previously) and we’d look for discussion around pace of openings.

Overall, continued move to an asset light model, outsized rooms growth,

and robust capital return program are supporting factors. That said, Nick JosephAC

slower recovery in Mexico and more conservative view on rooms growth +1-212-816-1909

likely to weigh on shares in the near term. nicholas.joseph@citi.com

Smedes Rose

2Q26 Results — 2Q systemwide RevPAR of +5.9% was ahead of our expectations, +1-212-816-6243

with US up +6.7%. Operating EPS came in at $1.12 vs Citi at $0.82 and $0.91 smedes.rose@citi.com

consensus. EBITDA of $297M was above our expectations ($283M) and FactSet

consensus at $280M. Relative to our forecasts, management/ franchise fees and Lauren R McNichol

distribution revenue were higher, partially offset by lower results from owned hotels. lauren.rose.mcnichol@citi.com