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    RHP
    Earnings call· Dec 2025(Q4 FY25)

    Ryman Hospitality Properties Q4 FY25 earnings call RHP

    Feb 24, 2026 Source

    Executive summary

    Ryman Hospitality Properties Q4 FY25 — Strong Holiday Performance and Strategic Growth Initiatives

    Ryman Hospitality Properties concluded Q4 FY25 with strong performance, exceeding guidance across key metrics, driven by robust holiday programming and strategic investments. The company maintains a measured outlook for 2026 due to macroeconomic uncertainties, while continuing to advance its long-term growth strategy through portfolio enhancements and entertainment segment expansion. Management expressed confidence in the underlying strength of its business model and its ability to navigate market shifts.

    Highlights

    5

    • Full year results exceeded midpoints of guidance ranges, with Entertainment segment, AFFO, and AFFO per share above the high end.

    • Same-store hospitality segment delivered record Q4 adjusted EBITDAre and highest total revenue, driven by strong holiday programming and leisure volumes.

    • ICE! ticket sales increased over 14% to a record 1.5 million, with Gaylord Opryland and Rockies achieving best seasons ever.

    • Same-store portfolio achieved its highest RevPAR index to Marriott competitive set (143% in Q4, 127% for FY25) excluding COVID-impacted periods.

    • Refinanced corporate revolving credit facility, increasing size from $700 million to $850 million and extending maturity to January 2030, boosting total liquidity to $1.4 billion.

    Concerns

    4

    • Q1 FY26 RevPAR and total RevPAR for same-store hospitality are expected to be roughly flat, with adjusted EBITDAre margin declining approximately 100 basis points.

    • Q1 FY26 Entertainment adjusted EBITDAre is expected to decline by several million dollars due to challenging comparisons and winter storm impact.

    • Macroeconomic uncertainty and its impact on meeting planner sentiment are primary drivers for potential variance in full-year results, leading to a measured view of demand.

    • Construction disruption from ongoing projects is expected to have an impact on results in 2026, similar to the $23 million EBITDA disruption experienced in 2025.

    Guidance & targets

    14
    CategoryTargetConfidence
    Initiation of major capital projects
    all major capital projects in the plan initiated
    high materiality
    High
    OEG growth platform expansion
    meaningfully expanded
    high materiality
    High
    Same-store hospitality RevPAR growth
    2.5%
    high materiality
    Medium
    Same-store hospitality Total RevPAR growth
    2.5%
    high materiality
    Medium
    Same-store hospitality operating expense growth
    approximately 2.5%
    medium materiality
    Medium
    JW Marriott Desert Ridge adjusted EBITDAre
    midpoint of guidance range
    medium materiality
    Medium
    Entertainment business adjusted EBITDAre growth
    nearly 10% year-over-year
    high materiality
    Medium
    Q1 FY26 Same-store hospitality RevPAR
    roughly flat
    medium materiality
    Medium
    Q1 FY26 Same-store hospitality Total RevPAR
    roughly flat
    medium materiality
    Medium
    Q1 FY26 Same-store hospitality adjusted EBITDAre margin
    decline approximately 100 basis points
    medium materiality
    Medium
    Q1 FY26 Entertainment adjusted EBITDAre
    decline by several million dollars
    medium materiality
    Medium
    Capital expenditures
    $350 million to $450 million
    high materiality
    High
    Dividend payout policy
    continue to pay 100% of our REIT taxable income
    high materiality
    High
    2027 Investor Day targets
    remain well within that guidance range
    high materiality
    High

    Segment performance

    3
    SegmentRevenueYoYQoQMargin
    Hospitality (Same-store)
    Driven by strong demand from holiday programming and higher leisure volumes. Leisure performance at Opryland was a bright spot. Group business performed well with improved attrition trends and record bookings production in December. New leads and late-stage opportunities remain near record levels.
    ICE! ticket sales: 1.5 million (record, +14%)Same-store banquet and AV revenues: up nearly 5%Same-store banquet and AV contribution per group room night: increased more than 10% year-over-yearGross group room nights booked for all future years (Q4): >1.2 millionDecember bookings ADR: up more than 10% compared to December 2024Same-store group rooms revenue on books for 2026: up approximately 6% compared to same time last year for 2025Same-store group rooms revenue on books for 2027: up approximately 5% compared to same time last yearSame-store group ADR on books for 2027: pacing up in the mid-single digits rangeSame-store group ADR on books for 2028+: up over 5% (mid-single digits)Q4 RevPAR index: 143% (vs comp set, +1,200 bps YoY)FY25 RevPAR index: 127% (vs comp set, +610 bps YoY, +410 bps vs 2023)Group business mix (entering FY26): 3 points higher corporate mixGovernment room nights on books (as of Jan 1): 0.4% of total group room nightsMultiyear room nights booked (JW relationship): ~22,000
    		highest total revenue of any quarter——highest adjusted EBITDAre of any fourth quarter
    JW Marriott Desert Ridge
    Fourth quarter results were in line with expectations, supported by expanded holiday programming. Management is bullish on its long-term potential.
    Transient demand: increased nearly 10% year-over-year
    		————
    Entertainment
    Delivered strong Q4 results behind Opry's record October birthday month programming and attendance, strong show calendar at the Ryman, and improved volume in downtown Nashville venues.
    Opry 100 October programming: record monthly revenue and adjusted EBITDAre
    		nearly 12% growthnearly 12%—nearly 13% adjusted EBITDAre growth

    Operational metrics

    17
    Adjusted EBITDAre
    above the high endabove high end of guidance
    FY25

    for the Entertainment segment as well as AFFO and AFFO per share

    AFFO
    above the high endabove high end of guidance
    FY25

    for the Entertainment segment as well as AFFO and AFFO per share

    AFFO per share
    above the high endabove high end of guidance
    FY25

    for the Entertainment segment as well as AFFO and AFFO per share

    Unrestricted cash on hand
    $471 million
    Q4 FY25

    Ended the fourth quarter

    Total available liquidity
    nearly $1.3 billion
    Q4 FY25

    Including undrawn revolving credit facilities

    Total available liquidity (pro forma)
    approximately $1.4 billionincreased from $1.3 billion
    Q1 FY26

    Pro forma for the refinancing of the corporate revolving credit facility

    Revolving credit facility size
    $850 millionincreased from $700 million
    Q1 FY26

    Refinanced in January 2026

    Revolving credit facility maturity
    January 2030extended from May 2027
    Q1 FY26

    Refinanced in January 2026

    Corporate Term Loan B interest rate margin
    175 basis pointslowered from 200 basis points
    Q4 FY25

    Following Fitch upgrade of corporate family rating to BB from BB-

    Dividend per share
    $1.20
    Q1 FY26

    Declared for first quarter, payable April 15, 2026

    Stock annualized return
    nearly 12.5%2.5x greater than next highest REIT peer
    since 2012

    Including reinvested dividends, since REIT conversion announcement

    EBITDA disruption from construction
    $23 million
    FY25

    Expected to be similar in 2026

    Group business mix (corporate)
    3 points highervs last year
    entering FY26

    Higher level of corporate mix on the books, decline in SMERF Association

    Group room night cancellations
    up about 3,000 room nightsdown significantly versus Q3
    Q4 FY25

    In line with pre-COVID levels (2016-2019), primarily due to company-specific reasons like C-suite turnover, not macroeconomic concerns.

    Government business exposure
    0.4%
    Q4 FY25

    Of production in Q4 and of total group room nights on the books as of January 1

    Opryland EBITDA
    $200 million
    FY26

    Expected to push this amount, making it the most successful convention resort in the US

    Multiyear rotational room nights booked (JW relationship)
    about 22,000
    Q4 FY25

    Manufactured as a result of the JW relationship between the two hotels (Desert Ridge and Hill Country) and pushing to Gaylords

    Industry KPIs

    5
    MetricValueDetails
    Occupancy rateapproximately 50 points
    Net debt adjusted EBITDA4.3xx
    Leasing bookings volume signedmore than 1.2 millionroom nights
    Ffo core ffo normalized ffo per shareabove the high end
    Development pipeline under construction100,000 square feetsq ft

    Deals & partnerships

    3
    JW Marriott Desert RidgeAcquisition of a hotel property.

    An asset that's long been at the top of our acquisition list.

    City of Simpsonville, Southern EntertainmentProgram and manage CCNB amphitheater.

    Latest win to program and manage the 14,000-seater capacity CCNB amphitheater in Simpsonville, South Carolina. Partnership with Southern Entertainment.

    Luke CombsExpansion of Category 10 brand.

    Continuing the expansion of the Category 10 brand with our friend and superstar, Luke Combs, with a Las Vegas location opening in the fourth quarter of '26. And with a third location to be developed at Universal City Walk in Orlando.

    Capital programs

    5
    Gaylord Opryland Meeting Space Expansionunderway
    Spent to date: nearly halfway through

    Benefit: 100,000 square feet meeting space

    Will open next year, nearly halfway through the expansion.

    Foundry Fieldhouse (Gaylord Opryland)underway

    Benefit: new sports bar development with premium indoor, outdoor reception space

    Will open in April of this year. Part of a multiyear F&B refresh and expansion to increase seat count and capture demand.

    JW Marriott Desert Ridge Meeting Space Conversionunder construction

    Remains on track to open in April of 2026.

    Gaylord Texan Rooms Renovationnearing completion

    Wrapping up at the Gaylord Texan.

    JW Hill Country Rooms Renovationunderway
    Start: midyear or post April

    Will kick off midyear or post April after the Valero open.

    Risks & headwinds

    4
    Macroeconomic uncertainty and geopolitical issuesFY26

    difficult to predict where we're going to be tonight after the state of the union, let alone 6 months from now

    Mitigation: measured view of demand is prudent in guidance; strong relative positioning means 'our business will be just fine'

    Challenging Q1 FY26 comparisons and winter storm impactQ1 FY26

    first quarter RevPAR and total RevPAR to be roughly flat and adjusted EBITDAre margin to decline approximately 100 basis points for same-store hospitality; first quarter adjusted EBITDAre to decline by several million dollars for Entertainment

    Mitigation: recent winter storm fern was a modest drag on January results

    Construction disruptionFY26

    $23 million of EBITDA disruption in '25

    Mitigation: expected to be similar in '26 from ongoing projects at Opryland, Texan, and Hill Country

    Government business exposureFY26

    less than 0.4% of what's on the books for us

    Mitigation: pivoting away from it due to past challenges

    What to watch in Q1 FY26

    5

    Gaylord Rockies expansion decision

    next 1 or 2 quarters
    Currentworking through a number of issues at the local level
    Targetmore to say on that over the next few quarters

    Why it matters

    Significant capital project that could drive future growth and value for a high-performing asset.

    But I think we'll have more to say on that over the next few quarters.

    Q&A highlights

    6

    Seeking additional detail on the 2.5% RevPAR growth midpoint given the 6% group pace for 2026, especially considering last year's higher initial RevPAR guidance on lower group pace.

    Management explained that RevPAR growth typically actualizes lower than initial group pace due to in-year bookings, attrition, cancellations, and leisure business. They are taking a conservative view on demand for the year due to macroeconomic uncertainty and geopolitical issues, which influence meeting planner sentiment.

    “Historically, it's typical for RevPAR growth to actualize lower than the group pace at the beginning of the year.”

    asked by Cooper Clark · answered by Mark Fioravanti

    3 min read6 chapters

    Detailed Narrative

    01

    Strategic Investments Driving Performance

    Ryman's recent investments in its hotel portfolio, including the JW Desert Ridge acquisition and ongoing enhancements at Gaylord Opryland, are yielding early returns. Gaylord Palms and Rockies, which received significant investments in 2024, delivered record top and bottom-line performances in 2025, contributing to meaningful share gains across the portfolio. The 100,000 square feet meeting space expansion at Gaylord Opryland is nearly halfway complete and set to open next year, alongside the new Foundry Fieldhouse sports bar opening in April.

    02

    Entertainment Segment Expansion

    The Opry Entertainment Group (OEG) continues to expand its growth platform, particularly in festivals and amphitheaters, securing a win to program and manage the 14,000-seater CCNB amphitheater in Simpsonville, South Carolina. The Category 10 brand is also expanding with new locations planned for Las Vegas (Q4 2026) and Universal CityWalk in Orlando, adjacent to Islands of Adventure Theme Park. Early returns from Opry 100 programming in October produced record monthly revenue and adjusted EBITDAre for the brand.

    03

    Strong Group Business Momentum

    The same-store portfolio booked over 1.2 million gross group room nights for all future years in Q4 2025, with December seeing record room night revenue and ADR bookings production. ADR on December bookings was up over 10% compared to December 2024. For 2026, same-store group rooms revenue on the books is up approximately 6% year-over-year, and for 2027, it's up approximately 5%, with ADR pacing in the mid-single digits. The number of new leads and late-stage opportunities remains near record levels.

    04

    Balance Sheet Strength and Capital Allocation

    The company ended Q4 with $471 million in unrestricted cash and nearly $1.3 billion in total available liquidity. Pro forma net leverage ratio was 4.3x. Fitch upgraded the corporate family rating to BB from BB-, lowering the interest rate margin on the corporate Term Loan B. Ryman also successfully refinanced its corporate revolving credit facility, increasing its size to $850 million and extending maturity to January 2030, boosting total available liquidity to $1.4 billion. The company declared a Q1 dividend of $1.20, maintaining its intention to pay 100% of REIT taxable income.

    05

    Leisure Performance and Holiday Programming

    Holiday programming, particularly ICE! ticket sales, saw strong reception, increasing over 14% to a record 1.5 million tickets across the portfolio. Gaylord National had its best season since 2010, and Opryland and Rockies achieved their best seasons ever. Leisure performance at Opryland was a bright spot, with both leisure demand and ADR increasing year-over-year. Management noted a strategic shift in marketing to encourage early bookings and bundling opportunities, which proved successful in a cost-conscious consumer environment.

    06

    AI and Operational Efficiency

    Management is actively exploring the impact of AI on the hospitality business, focusing on three primary areas: sales transaction efficiency, revenue management with dynamic pricing, and labor management tools. The company is pressuring Marriott to accelerate investments and progress in these areas, aiming for improved operational efficiency over the next 1-2 years. They also view live entertainment and in-person meetings as an "anti-AI play," suggesting AI could be a tailwind by increasing the value of face-to-face interactions.

    AI-generated summary of the company’s earnings call. Not investment advice.