RHP · Ryman Hospitality Properties, Inc.

Ryman Hospitality Properties delivered record first quarter 2026 results with consolidated revenue reaching $664.6 million, up 13.2% from the prior year, driven primarily by the Hospitality segment's $585.4 million revenue, including $511.5 million from same-store properties. Same-store Hospitality RevPAR grew 2.1% to $188.07, supported by 5.1% ADR growth despite a 2.0 point occupancy decline, amid resilient group demand evidenced by record bookings of over 460,000 gross definite room nights at a record $303 ADR, up 6.7% year-over-year. Adjusted EBITDAre hit a record $219.3 million, with margins expanding 1.4 points to 33.0%, reflecting favorable group mix boosting ADR and outside-the-room spending, plus higher attrition and cancellation fees. Winter Storm Fern impacted Gaylord National, Texan, and Opryland in January, but excluding that period, group attrition improved and cancellations were flat. Property performance varied: Gaylord Opryland and Palms showed strong growth in RevPAR and Total RevPAR, while National and Texan faced weather-related occupancy declines. The Entertainment segment revenue fell 11.6% to $79.2 million due to tough comps. CEO Mark Fioravanti highlighted meeting planner resilience and strong forward indicators, prompting raised full-year guidance. Capital allocation included refinancing $700 million 2027 notes with new 2034 notes, extending maturities. Post-quarter, developments at Opry and Desert Ridge enhance capacity. These results underscore asset quality and group-oriented strategy amid dynamic conditions.