Ryman Hospitality (RHP) Earnings Call Transcript

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Tuesday, Feb. 24, 2026 astatine 10 a.m. ET

• Executive Chairman — Colin V. Reed

• President and Chief Executive Officer — Mark Fioravanti

• Chief Financial Officer and Executive Vice President — Jennifer L. Hutcheson

• Chief Operating Officer — Patrick Chaffin

• President, Opry Entertainment Group — Patrick Q. Moore

Colin V. Reed: Thanks, Jen. Good morning, everyone, and acknowledgment for joining america today. We are pleased to study full-year results supra the midpoints of our guidance ranges and for the amusement segment, arsenic good arsenic AFFO and AFFO per share, supra the precocious ends of our guidance ranges. The 4th fourth came successful up of our expectations astatine the commencement of the 4th owed to beardown reception for our vacation programming successful our edifice portfolio, and better-than-expected volumes successful our Downtown Nashville amusement venues. Looking backmost astatine however we expected 2025 to play retired erstwhile we archetypal provided guidance a twelvemonth ago, our results excluding the JW Desert Ridge acquisition are astir close connected the midpoints of that archetypal guidance range.

To beryllium successful the presumption we beryllium successful contiguous is an unthinkable accomplishment successful what was a challenging twelvemonth and a testament to some the spot of our concern exemplary and the prime of our people.

Importantly, we managed past year’s volatility portion continuing to beforehand our semipermanent strategy, our investments successful the portfolio proceed to differentiate our level from our competitors and pull much premium radical customers. In our edifice portfolio, we acquired the JW Desert Ridge, an plus that’s agelong been astatine the apical of our acquisition list, which expands our rotational radical lawsuit strategy into a caller apical 10 meetings marketplace and creates accidental for a rotational signifier wrong the JW Marriott brand. Also, we continued to advancement our multiyear concern program for Gaylord Opryland.

Today, we person present refreshed astir 40% of the hotel’s existing carpeted gathering space, and we are astir halfway done the 100,000 quadrate feet gathering abstraction enlargement which volition unfastened adjacent year. Foundry Field House, the caller sports barroom improvement with premium indoor/outdoor reception space, volition unfastened successful April.

Our precocious completed investments are generating aboriginal returns. Gaylord Palms and Gaylord Rockies, which received meaningful investments successful 2024, some delivered grounds top- and bottom-line performances successful 2025. And fixed the rotational quality of our lawsuit base, these improvements are driving meaningful stock gains for the portfolio arsenic a whole. For the trailing 12 months done December, the same-store portfolio achieved the highest RevPAR scale to the Marriott-defined competitory acceptable successful the portfolio’s history, excluding, of course, the COVID-impacted periods.