Ryman Hospitality Properties, Inc. Reports Second Quarter 2026 Results

NASHVILLE, Tenn., Aug. 06, 2026 (GLOBE NEWSWIRE) -- Ryman Hospitality Properties, Inc. (NYSE: RHP), a leading lodging real estate investment trust (“REIT”) specializing in group-oriented, upscale convention center resorts and entertainment experiences, today reported financial results for the three and six months ended June 30, 2026.

Second Quarter 2026 Highlights and Recent Developments:

• The Company reported all-time quarterly record consolidated revenue of $749.0 million, driven by record second quarter same-store Hospitality⁽¹⁾ segment revenue of $544.3 million and all-time quarterly record Entertainment segment revenue of $144.0 million.
• The Company generated consolidated net income of $102.1 million and consolidated Adjusted EBITDAre of $258.3 million.
• During the quarter, the Company booked over 768,000 same-store Hospitality Gross Definite Room Nights for all future periods. The estimated average daily rate (ADR) for these bookings was approximately $310, an increase of 8.6% compared to the prior year quarter estimated ADR for future bookings and an all-time quarterly record.
• The Company is raising its full year outlook due to strong second quarter performance for the Hospitality portfolio and a modest increase in its expectations for the same-store Hospitality business for the second half of 2026.

Mark Fioravanti, President and Chief Executive Officer of Ryman Hospitality Properties, said, “We delivered record quarterly consolidated revenue and Adjusted EBITDAre, reflecting the continued success of our premium group customer strategy and strong execution in our Entertainment business. In our same-store Hospitality business, higher ADR across all customer segments and strong ancillary spending trends drove results above our expectations, while healthy booking pace and record estimated ADR for future bookings reinforce our confidence in the durability of demand for our differentiated group-focused hotel assets. Our revised outlook incorporates the second quarter outperformance and a modest increase in our expectations for the second half of 2026.”

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^{(1) Same-store Hospitality excludes JW Marriott Desert Ridge, which was acquired June 10, 2025.}

Second Quarter 2026 Results (as compared to Second Quarter 2025):

		Three Months Ended											Six Months Ended
		June 30,											June 30,
($ in thousands, except per share amounts)										%											%
		2026				2025				Change			2026				2025				Change
Total revenue		$	748,978			$	659,515			13.6	%		$	1,413,550			$	1,246,795			13.4	%
Operating income		$	174,545			$	139,425			25.2	%		$	312,341			$	255,546			22.2	%
Operating income margin			23.3	%			21.1	%		2.2	pts			22.1	%			20.5	%		1.6	pts
Net income		$	102,079			$	75,875			34.5	%		$	171,481			$	138,889			23.5	%
Net income margin			13.6	%			11.5	%		2.1	pts			12.1	%			11.1	%		1.0	pts
Net income available to common stockholders		$	92,750			$	71,753			29.3	%		$	163,225			$	134,714			21.2	%
Net income available to common stockholders margin			12.4	%			10.9	%		1.5	pts			11.5	%			10.8	%		0.7	pts
Net income available to common stockholders per diluted share (1)		$	1.42			$	1.12			26.8	%		$	2.46			$	2.13			15.5	%
Adjusted EBITDAre		$	258,311			$	211,856			21.9	%		$	477,604			$	397,358			20.2	%
Adjusted EBITDAre margin			34.5	%			32.1	%		2.4	pts			33.8	%			31.9	%		1.9	pts
Adjusted EBITDAre, excluding noncontrolling interest		$	241,921			$	200,561			20.6	%		$	457,057			$	380,437			20.1	%
Adjusted EBITDAre, excluding noncontrolling interest margin			32.3	%			30.4	%		1.9	pts			32.3	%			30.5	%		1.8	pts
Funds From Operations (FFO) available to common stockholders and unit holders		$	167,229			$	137,145			21.9	%		$	310,701			$	260,047			19.5	%
FFO available to common stockholders and unit holders per diluted share/unit (1)		$	2.54			$	2.14			18.7	%		$	4.69			$	4.13			13.6	%
Adjusted FFO available to common stockholders and unit holders		$	181,399			$	148,845			21.9	%		$	337,477			$	278,668			21.1	%
Adjusted FFO available to common stockholders and unit holders per diluted share/unit (1)		$	2.77			$	2.35			17.9	%		$	5.11			$	4.44			15.1	%

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^{(1) Diluted weighted average common shares for the three and six months ended June 30, 2026 and 2025 includes the impact of approximately 3.0 million additional shares issued on May 21, 2025. Diluted weighted average common shares for the three months ended June 30, 2026 and 2025 include 4.9 million and 4.2 million, respectively, and for the six months ended June 30, 2026 and 2025 include 4.5 million and 3.7 million, respectively, in equivalent shares related to the currently unexercisable investor put rights associated with the noncontrolling interest in the Company's OEG business, which may be settled in cash or shares at the Company's option.}

^{Note: For the Company’s definitions of Adjusted EBITDAre, Adjusted EBITDAre margin, Adjusted EBITDAre, excluding noncontrolling interest, Adjusted EBITDAre, excluding noncontrolling interest margin, FFO available to common stockholders and unit holders, and Adjusted FFO available to common stockholders and unit holders, as well as a reconciliation of the non-GAAP financial measure Adjusted EBITDAre to Net Income and a reconciliation of the non-GAAP financial measures FFO available to common stockholders and unit holders and Adjusted FFO available to common stockholders and unit holders to Net Income, see “Non-GAAP Financial Measures,” “EBITDAre, Adjusted EBITDAre and Adjusted EBITDAre, Excluding Noncontrolling Interest Definition,” “Adjusted EBITDAre Margin and Adjusted EBITDAre, Excluding Noncontrolling Interest Margin Definition” “FFO, Adjusted FFO, and Adjusted FFO Available to Common Stockholders and Unit Holders Definition” and “Supplemental Financial Results” below.}

Hospitality Segment

		Three Months Ended												Six Months Ended
		June 30,												June 30,
($ in thousands, except ADR, RevPAR, and Total RevPAR)										%												%
		2026				2025				Change				2026				2025				Change
Hospitality revenue		$	604,964			$	516,211			17.2		%		$	1,190,353			$	1,013,941			17.4		%
Same-store Hospitality revenue (1)		$	544,315			$	510,862			6.5		%		$	1,055,836			$	1,008,592			4.7		%
Hospitality operating income		$	153,643			$	126,920			21.1		%		$	298,730			$	243,729			22.6		%
Hospitality operating income margin			25.4	%			24.6	%		0.8		pts			25.1	%			24.0	%		1.1		pts
Hospitality Adjusted EBITDAre		$	223,042			$	186,435			19.6		%		$	435,612			$	359,409			21.2		%
Hospitality Adjusted EBITDAre margin			36.9	%			36.1	%		0.8		pts			36.6	%			35.4	%		1.2		pts
Same-store Hospitality operating income (1)		$	141,711			$	129,503			9.4		%		$	262,543			$	246,312			6.6		%
Same-store Hospitality operating income margin (1)			26.0	%			25.3	%		0.7		pts			24.9	%			24.4	%		0.5		pts
Same-store Hospitality Adjusted EBITDAre (1)		$	202,278			$	187,017			8.2		%		$	382,534			$	359,991			6.3		%
Same-store Hospitality Adjusted EBITDAre margin (1)			37.2	%			36.6	%		0.6		pts			36.2	%			35.7	%		0.5		pts
Hospitality performance metrics:
Occupancy			72.7	%			73.3	%		(0.6	)	pts			70.4	%			71.5	%		(1.1	)	pts
Average Daily Rate (ADR)		$	284.05			$	258.88			9.7		%		$	289.42			$	261.53			10.7		%
RevPAR		$	206.52			$	189.77			8.8		%		$	203.82			$	187.03			9.0		%
Total RevPAR		$	537.69			$	487.62			10.3		%		$	531.91			$	486.10			9.4		%
Same-store Hospitality performance metrics: (1)
Occupancy			72.8	%			74.0	%		(1.2	)	pts			70.2	%			71.8	%		(1.6	)	pts
ADR		$	277.19			$	259.19			6.9		%		$	277.47			$	261.71			6.0		%
RevPAR		$	201.67			$	191.70			5.2		%		$	194.91			$	187.97			3.7		%
Total RevPAR		$	524.05			$	491.84			6.5		%		$	511.07			$	488.20			4.7		%
Gross definite room nights booked			768,697				720,644			6.7		%			1,229,635				1,084,548			13.4		%
Net definite room nights booked			589,929				539,860			9.3		%			832,198				745,054			11.7		%
Group attrition (as % of contracted block)			14.6	%			15.2	%		(0.6	)	pts			16.1	%			15.4	%		0.7		pts
Cancellations ITYFTY (2)			17,515				17,287			1.3		%			44,679				40,066			11.5		%

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^{(1) Same-store Hospitality excludes JW Marriott Desert Ridge, which was acquired June 10, 2025.
(2) “ITYFTY” represents In The Year For The Year.}

^{Note: For the Company’s definitions of Revenue Per Available Room (RevPAR) and Total Revenue Per Available Room (Total RevPAR), see “Calculation of RevPAR and Total RevPAR” below. Property-level results and operating metrics for the applicable period are presented in greater detail below and under “Supplemental Financial Results—Hospitality Segment Adjusted EBITDAre Reconciliation and Operating Metrics,” which includes a reconciliation of the non-GAAP financial measures Hospitality Adjusted EBITDAre to Hospitality Operating Income, and property-level Adjusted EBITDAre to property-level Operating Income for each of the hotel properties.}

Hospitality Segment Highlights

• The same-store Hospitality portfolio generated all-time quarterly record RevPAR of approximately $202 in the second quarter, an increase of 5.2% from the prior year quarter, and record second quarter Total RevPAR of approximately $524, an increase of 6.5% from the prior year quarter.
• The same-store Hospitality portfolio generated second quarter operating income of $141.7 million and Adjusted EBITDAre of $202.3 million.
• Second quarter same-store banquet and AV revenue contribution per group room night, a proxy for catering spend per group guest, increased 12.9% year over year, driven by our premium group customer strategy.
• Second quarter same-store attrition and cancellation fee revenue was approximately $9.0 million, a decrease of $0.4 million compared to the prior year quarter.
• JW Marriott Desert Ridge performance benefited from continued strong demand and the ongoing realization of portfolio-driven synergies.
• Subsequent to quarter-end, Marriott launched the marketing of 2026 ice! holiday programming to be featured across the Gaylord Hotels portfolio, JW Marriott Hill Country and JW Marriott Desert Ridge, including three new themes. Early customer engagement has been encouraging.
  
  

Gaylord Opryland

		Three Months Ended												Six Months Ended
		June 30,												June 30,
($ in thousands, except ADR, RevPAR, and Total RevPAR)										%												%
		2026				2025				Change				2026				2025				Change
Revenue		$	125,190			$	116,465			7.5		%		$	253,569			$	226,643			11.9	%
Operating income		$	36,567			$	35,144			4.0		%		$	76,389			$	65,242			17.1	%
Operating income margin			29.2	%			30.2	%		(1.0	)	pts			30.1	%			28.8	%		1.3	pts
Adjusted EBITDAre		$	45,956			$	43,710			5.1		%		$	94,472			$	81,858			15.4	%
Adjusted EBITDAre margin			36.7	%			37.5	%		(0.8	)	pts			37.3	%			36.1	%		1.2	pts
Performance metrics:
Occupancy			74.2	%			75.2	%		(1.0	)	pts			72.0	%			70.1	%		1.9	pts
ADR		$	266.96			$	246.17			8.4		%		$	272.09			$	253.72			7.2	%
RevPAR		$	198.18			$	185.19			7.0		%		$	195.89			$	177.88			10.1	%
Total RevPAR		$	476.36			$	443.16			7.5		%		$	485.09			$	433.58			11.9	%

Gaylord Palms

		Three Months Ended												Six Months Ended
		June 30,												June 30,
($ in thousands, except ADR, RevPAR, and Total RevPAR)										%												%
		2026				2025				Change				2026				2025				Change
Revenue		$	88,491			$	73,113			21.0		%		$	186,137			$	161,506			15.3		%
Operating income		$	21,118			$	13,671			54.5		%		$	50,861			$	37,453			35.8		%
Operating income margin			23.9	%			18.7	%		5.2		pts			27.3	%			23.2	%		4.1		pts
Adjusted EBITDAre		$	30,946			$	23,236			33.2		%		$	70,420			$	56,183			25.3		%
Adjusted EBITDAre margin			35.0	%			31.8	%		3.2		pts			37.8	%			34.8	%		3.0		pts
Performance metrics:
Occupancy			75.0	%			78.9	%		(3.9	)	pts			76.1	%			77.4	%		(1.3	)	pts
ADR		$	270.06			$	243.35			11.0		%		$	285.86			$	259.34			10.2		%
RevPAR		$	202.49			$	192.00			5.5		%		$	217.65			$	200.80			8.4		%
Total RevPAR		$	566.02			$	467.66			21.0		%		$	598.59			$	519.38			15.3		%

Gaylord Texan

		Three Months Ended												Six Months Ended
		June 30,												June 30,
($ in thousands, except ADR, RevPAR, and Total RevPAR)										%												%
		2026				2025				Change				2026				2025				Change
Revenue		$	82,259			$	82,494			(0.3	)	%		$	165,630			$	168,871			(1.9	)	%
Operating income		$	23,528			$	25,002			(5.9	)	%		$	47,333			$	52,697			(10.2	)	%
Operating income margin			28.6	%			30.3	%		(1.7	)	pts			28.6	%			31.2	%		(2.6	)	pts
Adjusted EBITDAre		$	31,209			$	31,159			0.2		%		$	62,339			$	64,783			(3.8	)	%
Adjusted EBITDAre margin			37.9	%			37.8	%		0.1		pts			37.6	%			38.4	%		(0.8	)	pts
Performance metrics:
Occupancy			69.9	%			72.0	%		(2.1	)	pts			67.7	%			72.5	%		(4.8	)	pts
ADR		$	268.51			$	253.06			6.1		%		$	266.01			$	255.16			4.3		%
RevPAR		$	187.60			$	182.32			2.9		%		$	179.96			$	185.04			(2.7	)	%
Total RevPAR		$	498.32			$	499.74			(0.3	)	%		$	504.46			$	514.33			(1.9	)	%

Gaylord National

		Three Months Ended											Six Months Ended
		June 30,											June 30,
($ in thousands, except ADR, RevPAR, and Total RevPAR)										%											%
		2026				2025				Change			2026				2025				Change
Revenue		$	90,422			$	83,413			8.4	%		$	164,649			$	164,242			0.2		%
Operating income		$	19,550			$	15,818			23.6	%		$	25,775			$	25,292			1.9		%
Operating income margin			21.6	%			19.0	%		2.6	pts			15.7	%			15.4	%		0.3		pts
Adjusted EBITDAre		$	29,063			$	25,420			14.3	%		$	44,805			$	44,451			0.8		%
Adjusted EBITDAre margin			32.1	%			30.5	%		1.6	pts			27.2	%			27.1	%		0.1		pts
Performance metrics:
Occupancy			71.3	%			67.8	%		3.5	pts			67.2	%			70.1	%		(2.9	)	pts
ADR		$	280.70			$	263.97			6.3	%		$	274.10			$	256.29			6.9		%
RevPAR		$	200.10			$	178.85			11.9	%		$	184.16			$	179.59			2.5		%
Total RevPAR		$	497.82			$	459.23			8.4	%		$	455.74			$	454.62			0.2		%

Gaylord Rockies

		Three Months Ended												Six Months Ended
		June 30,												June 30,
($ in thousands, except ADR, RevPAR, and Total RevPAR)										%												%
		2026				2025				Change				2026				2025				Change
Revenue		$	84,735			$	81,722			3.7		%		$	156,984			$	152,670			2.8	%
Operating income		$	23,792			$	21,798			9.1		%		$	38,237			$	36,621			4.4	%
Operating income margin			28.1	%			26.7	%		1.4		pts			24.4	%			24.0	%		0.4	pts
Adjusted EBITDAre		$	38,933			$	36,695			6.1		%		$	68,566			$	66,370			3.3	%
Adjusted EBITDAre margin			45.9	%			44.9	%		1.0		pts			43.7	%			43.5	%		0.2	pts
Performance metrics:
Occupancy			79.4	%			80.3	%		(0.9	)	pts			77.4	%			76.3	%		1.1	pts
ADR		$	275.43			$	259.78			6.0		%		$	267.28			$	258.52			3.4	%
RevPAR		$	218.64			$	208.62			4.8		%		$	206.93			$	197.21			4.9	%
Total RevPAR		$	620.35			$	598.29			3.7		%		$	577.82			$	561.94			2.8	%

JW Marriott Hill Country

		Three Months Ended												Six Months Ended
		June 30,												June 30,
($ in thousands, except ADR, RevPAR, and Total RevPAR)										%												%
		2026				2025				Change				2026				2025				Change
Revenue		$	65,762			$	66,573			(1.2	)	%		$	116,057			$	121,849			(4.8	)	%
Operating income		$	15,982			$	17,250			(7.4	)	%		$	23,190			$	28,099			(17.5	)	%
Operating income margin			24.3	%			25.9	%		(1.6	)	pts			20.0	%			23.1	%		(3.1	)	pts
Adjusted EBITDAre		$	24,175			$	25,169			(3.9	)	%		$	39,545			$	43,849			(9.8	)	%
Adjusted EBITDAre margin			36.8	%			37.8	%		(1.0	)	pts			34.1	%			36.0	%		(1.9	)	pts
Performance metrics:
Occupancy			70.9	%			75.6	%		(4.7	)	pts			64.8	%			71.8	%		(7.0	)	pts
ADR		$	344.31			$	342.79			0.4		%		$	341.31			$	332.79			2.6		%
RevPAR		$	244.21			$	259.31			(5.8	)	%		$	221.24			$	238.96			(7.4	)	%
Total RevPAR		$	721.22			$	730.11			(1.2	)	%		$	639.92			$	671.85			(4.8	)	%

JW Marriott Desert Ridge⁽¹⁾

		Three Months Ended				Six Months Ended				Period Ended
		June 30,				June 30,				June 30,
($ in thousands, except ADR, RevPAR, and Total RevPAR)
		2026				2026				2025
Revenue		$	60,649			$	134,517			$	5,349
Operating income (loss)		$	11,932			$	36,187			$	(2,583	)
Operating income (loss) margin			19.7	%			26.9	%			(48.3	)	%
Adjusted EBITDAre		$	20,764			$	53,078			$	(582	)
Adjusted EBITDAre margin			34.2	%			39.5	%			(10.9	)	%
Performance metrics:
Occupancy			72.2	%			72.6	%			39.3		%
ADR		$	367.08			$	428.43			$	228.50
RevPAR		$	264.85			$	310.88			$	89.76
Total RevPAR		$	701.55			$	782.30			$	268.11

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^{(1) JW Marriott Desert Ridge was acquired by the Company on June 10, 2025, therefore results are not comparable to the prior year period.}

Entertainment Segment

		Three Months Ended											Six Months Ended
		June 30,											June 30,
($ in thousands)										%											%
		2026				2025				Change			2026				2025				Change
Revenue		$	144,014			$	143,304			0.5	%		$	223,197			$	232,854			(4.1	)	%
Operating income		$	32,404			$	23,495			37.9	%		$	36,657			$	33,811			8.4		%
Operating income margin			22.5	%			16.4	%		6.1	pts			16.4	%			14.5	%		1.9		pts
Adjusted EBITDAre		$	43,918			$	33,908			29.5	%		$	59,599			$	54,847			8.7		%
Adjusted EBITDAre margin			30.5	%			23.7	%		6.8	pts			26.7	%			23.6	%		3.1		pts

Fioravanti continued, “Our Entertainment business delivered record quarterly Adjusted EBITDAre driven by a successful festivals season and continued strong demand for our artist-centered venues. The continued strength in demand for these experiences underscores the opportunities ahead within our multi-year development pipeline.”

Corporate and Other Segment

		Three Months Ended														Six Months Ended
		June 30,														June 30,
($ in thousands)												%														%
		2026					2025					Change				2026					2025					Change
Operating loss		$	(11,502	)			$	(10,990	)			(4.7	)	%		$	(23,046	)			$	(21,994	)			(4.8	)	%
Adjusted EBITDAre		$	(8,649	)			$	(8,487	)			(1.9	)	%		$	(17,607	)			$	(16,898	)			(4.2	)	%

Capital Expenditures

In 2026, the Company expects to spend approximately $400 to $500 million on capital expenditures, an increase from the previous estimate of $350 to $450 million. The increase reflects the timing of cash flows and the acceleration of a portion of projected spending previously expected in 2027, now expected to occur in 2026, and does not reflect a change in overall project scope. Capital expenditures for the first half of 2026 were approximately $241 million.

In the second quarter, the Company completed the Foundry Fieldhouse sports bar, pavilion, and event lawn development at Gaylord Opryland and the meeting space conversion project at JW Marriott Desert Ridge.

Additional capital expenditure activity in 2026 includes:

• Continuation of the meeting space expansion at Gaylord Opryland, which is expected to be completed by mid-year 2027;
• Renovation of the rooms at Gaylord Texan, which began in July 2025 and is expected to be completed in August 2026;
• Renovation of the rooms at JW Marriott Hill Country, which began in April 2026 and is expected to be completed in March 2027;
• The development of Category 10 Las Vegas, which is expected to be completed in October 2026;
• The development of Category 10 in Orlando, which is expected to begin in fall 2026 and is expected to be completed in early 2028; and
• The development of Ole Red Indianapolis, which is expected to be completed by our development partner Pacer Sports & Entertainment in early 2028.
  
  

2026 Guidance

The Company is updating its 2026 business performance outlook based on current information as of August 6, 2026. The Company does not expect to update the guidance provided below before next quarter’s earnings release. However, the Company may update or withdraw its full business outlook or any portion thereof at any time for any reason.

Fioravanti concluded, “We are pleased to raise the midpoints of our 2026 guidance ranges to reflect the stronger second quarter results in our Hospitality portfolio, including JW Marriott Desert Ridge. Our outlook also incorporates a more constructive view on second-half group business trends, supported by the business we have on the books.”

		Guidance Range																Prior Guidance Range
(in millions, except per share figures)		For Full Year 2026 (1)																Full Year 2026 (1)																Change to
		Low					High					Midpoint						Low					High					Midpoint						Midpoint
Same-store Hospitality RevPAR growth(2)			3.50		%			4.50		%			4.00		%				2.25		%			3.75		%			3.00		%				1.00	%
Same-store Hospitality Total RevPAR growth(2)			3.50		%			4.50		%			4.00		%				2.25		%			3.75		%			3.00		%				1.00	%
Operating income:
Hospitality (same-store) (2)		$	484.5				$	489.5				$	487.0					$	475.5				$	485.5				$	480.5					$	6.5
JW Marriott Desert Ridge			35.0					37.0					36.0						33.5					35.0					34.3						1.8
Entertainment			74.8					79.5					77.1						74.8					79.5					77.1						-
Corporate and Other			(50.5	)				(49.0	)				(49.8	)					(50.5	)				(49.0	)				(49.8	)					-
Consolidated operating income		$	543.8				$	557.0				$	550.4					$	533.3				$	551.0				$	542.1					$	8.3
Adjusted EBITDAre:
Hospitality (same-store) (2)		$	728.0				$	742.0				$	735.0					$	715.0				$	735.0				$	725.0					$	10.0
JW Marriott Desert Ridge			69.0					73.0					71.0						68.0					72.0					70.0						1.0
Entertainment			120.0					130.0					125.0						120.0					130.0					125.0						-
Corporate and Other			(39.0	)				(35.0	)				(37.0	)					(39.0	)				(35.0	)				(37.0	)					-
Consolidated Adjusted EBITDAre		$	878.0				$	910.0				$	894.0					$	864.0				$	902.0				$	883.0					$	11.0
Net income		$	280.5				$	285.5				$	283.0					$	271.0				$	279.0				$	275.0					$	8.0
Net income available to common stockholders		$	270.5				$	273.5				$	272.0					$	261.0				$	267.0				$	264.0					$	8.0
FFO available to common stockholders and unit holders		$	565.5				$	582.0				$	573.8					$	552.0				$	572.5				$	562.3					$	11.5
Adjusted FFO available to common stockholders and unit holders		$	592.3				$	616.8				$	604.5					$	577.3				$	607.0				$	592.1					$	12.4
Net income available to common stockholders per diluted share (3)		$	4.10				$	4.11				$	4.11					$	3.96				$	4.02				$	3.99					$	0.12
Adjusted FFO available to common stockholders and unit holders per diluted share/unit (3)		$	8.98				$	9.28				$	9.13					$	8.77				$	9.14				$	8.96					$	0.17
Weighted average shares outstanding - diluted (3)			68.4					68.4					68.4						68.4					68.4					68.4						-
Weighted average shares and OP units outstanding - diluted (3)			68.8					68.8					68.8						68.8					68.8					68.8						-

___________________
^{(1) Includes JW Marriott Desert Ridge, except as otherwise noted. Amounts are calculated based on unrounded numbers.
(2) Same-store Hospitality excludes JW Marriott Desert Ridge, which was acquired June 10, 2025.
(3) Includes shares related to the currently unexercisable investor put rights associated with the noncontrolling interest in the Company’s OEG business, which may be settled in cash or shares at the Company’s option.}

^{Note: For reconciliations of Consolidated Adjusted EBITDAre guidance to Net Income, segment-level Adjusted EBITDAre to segment-level Operating Income, and FFO and Adjusted FFO available to common stockholders and unit holders to Net Income available to common stockholders, see “Reconciliation of Forward-Looking Statements.”}

Dividend Update

On July 15, 2026, the Company paid the previously announced quarterly cash dividend of $1.20 per common share, which was paid to stockholders of record as of June 30, 2026.

The Company’s dividend policy provides that it will distribute minimum dividends of 100% of REIT taxable income annually. Future dividends are subject to the Board’s future determinations as to amount and timing.

Balance Sheet/Liquidity Update

As of June 30, 2026, the Company had unrestricted cash of $366.1 million and total debt outstanding of $3,969.5 million, net of unamortized deferred financing costs. As of June 30, 2026, there were no amounts drawn under the Company’s revolving credit facility or OEG’s revolving credit facility, which left $930.0 million of aggregate borrowing availability under the Company’s revolving credit facility and OEG’s revolving credit facility.

Opry Entertainment Group Update

The Company continues to evaluate a path to greater independence for Opry Entertainment Group (“OEG”), and discussions continue with select potential investors related to an investment in or partnership with OEG. The Company has not entered into any agreements with respect to a potential investment by a third party in OEG, and there can be no assurance that any definitive agreement will ultimately be reached.

As a result of this ongoing process, Atairos’ liquidity request rights, including its put right, are currently unexercisable under the Company’s agreement with Atairos.

Earnings Call Information

Ryman Hospitality Properties will hold a conference call to discuss this release tomorrow, August 7, at 10:00 a.m. ET. Investors can listen to the conference call over the Internet at www.rymanhp.com. To listen to the live call, please go to the Investor Relations section of the website (Investor Relations/News & Events/Events & Presentation) at least 15 minutes prior to the call to register and download any necessary audio software. For those who cannot listen to the live broadcast, a replay will be available shortly after the call and will be available for at least 30 days.

About Ryman Hospitality Properties, Inc.

Ryman Hospitality Properties, Inc. (NYSE: RHP) is a leading lodging and hospitality real estate investment trust that specializes in group-oriented, upscale convention center resorts and entertainment experiences. The Company’s holdings include Gaylord Opryland Resort & Convention Center; Gaylord Palms Resort & Convention Center; Gaylord Texan Resort & Convention Center; Gaylord National Resort & Convention Center; and Gaylord Rockies Resort & Convention Center, five of the top seven largest non-gaming convention center hotels in the United States based on total indoor meeting space. The Company also owns JW Marriott Phoenix Desert Ridge Resort & Spa and JW Marriott San Antonio Hill Country Resort & Spa as well as two ancillary hotels adjacent to the Company’s Gaylord Hotels properties. The Company’s hotel portfolio is managed by Marriott International and includes a combined total of 12,364 rooms as well as more than 3 million square feet of total indoor and outdoor meeting space in top convention and leisure destinations across the country. RHP also owns an approximate 70% controlling ownership interest in Opry Entertainment Group (OEG), which is composed of entities owning a growing collection of iconic and emerging country music brands, including the Grand Ole Opry; Ryman Auditorium; WSM 650 AM; Ole Red; Category 10; Nashville-area attractions; and Block 21, a mixed-use entertainment, lodging, office and retail complex, including the W Austin Hotel and the ACL Live at the Moody Theater, located in downtown Austin, Texas. OEG manages select outdoor live music venues, including Ascend Federal Credit Union Amphitheater in Nashville and CCNB Amphitheatre in Simpsonville, South Carolina. OEG also owns a majority interest in Southern Entertainment, a leading festival and events business. RHP operates OEG as its Entertainment segment in a taxable REIT subsidiary, and its results are consolidated in the Company’s financial results.

Cautionary Note Regarding Forward-Looking Statements

This press release contains statements as to the Company’s beliefs and expectations of the outcome of future events that are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. You can identify these statements by the fact that they do not relate strictly to historical or current facts. Examples of these statements include, but are not limited to, statements regarding the future performance of the Company’s business, anticipated business levels and anticipated financial results for the Company during future periods, the Company’s expected cash dividend, and other business or operational issues. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from the statements made. These include the risks and uncertainties associated with economic conditions affecting the hospitality business generally, the geographic concentration of the Company’s hotel properties, business levels at the Company’s hotels, geopolitical uncertainty and the effects of inflation and changes in international, national, regional and local economic and market conditions (such as the imposition of trade barriers or other changes in trade policy) on the Company’s business, including the effects on costs of labor and supplies and effects on group customers at the Company’s hotels and customers in OEG’s businesses, the Company’s ability to remain qualified as a REIT, the Company’s ability to execute our strategic goals as a REIT, the Company’s ability to generate cash flows to support dividends, future board determinations regarding the timing and amount of dividends and changes to the dividend policy, the Company’s ability to borrow funds pursuant to its credit agreements and to refinance indebtedness and/or to successfully amend the agreements governing its indebtedness in the future, changes in interest rates, the Company’s integration of the JW Marriott Desert Ridge, the Company’s ability to identify and capitalize on additional value creation opportunities at the JW Marriott Desert Ridge and the occurrence of any event, change or other circumstance that could limit the Company’s ability to capitalize on any additional value creation opportunities it identifies at the JW Marriott Desert Ridge. Other factors that could cause operating and financial results to differ are described in the filings made from time to time by the Company with the U.S. Securities and Exchange Commission (SEC) and include the risk factors and other risks and uncertainties described in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025, and subsequent filings. Except as required by law, the Company does not undertake any obligation to release publicly any revisions to forward-looking statements made by it to reflect events or circumstances occurring after the date hereof or the occurrence of unanticipated events.

Additional Information

This release should be read in conjunction with the consolidated financial statements and notes thereto included in our most recent Annual Report on Form 10-K. Copies of our reports are available on our website at no expense at www.rymanhp.com and through the SEC’s Electronic Data Gathering Analysis and Retrieval System (“EDGAR”) at www.sec.gov.

Calculation of RevPAR and Total RevPAR
We calculate revenue per available room (“RevPAR”) for our hotels by dividing room revenue by room nights available to guests for the period. We calculate total revenue per available room (“Total RevPAR”) for our hotels by dividing the sum of room revenue, food & beverage, and other ancillary services revenue by room nights available to guests for the period. Hospitality metrics do not include the results of the W Austin, which is included in the Entertainment segment.

Calculation of GAAP Margin Figures
We calculate net income available to common stockholders margin by dividing GAAP consolidated net income available to common stockholders by GAAP consolidated total revenue. We calculate consolidated, segment or property-level operating income margin by dividing consolidated, segment or property-level GAAP operating income by consolidated, segment or property-level GAAP revenue.

Non-GAAP Financial Measures
We present the following non-GAAP financial measures we believe are useful to investors as key measures of our operating performance:

EBITDAre, Adjusted EBITDAre and Adjusted EBITDAre, Excluding Noncontrolling Interest Definition
We calculate EBITDAre, which is defined by the National Association of Real Estate Investment Trusts (“NAREIT”) in its September 2017 white paper as net income (calculated in accordance with GAAP) plus interest expense, income tax expense, depreciation and amortization, gains or losses on the disposition of depreciated property (including gains or losses on change in control), impairment write-downs of depreciated property and of investments in unconsolidated affiliates caused by a decrease in the value of depreciated property of the affiliate, and adjustments to reflect the entity’s share of EBITDAre of unconsolidated affiliates.

Adjusted EBITDAre is then calculated as EBITDAre, plus to the extent the following adjustments occurred during the periods presented:

• preopening costs;
• non-cash lease expense;
• equity-based compensation expense;
• impairment charges that do not meet the NAREIT definition above;
• credit losses on held-to-maturity securities;
• transaction costs of acquisitions;
• interest income on bonds;
• loss on extinguishment of debt;
• pension settlement charges;
• pro rata Adjusted EBITDAre from unconsolidated joint ventures; and
• any other adjustments we have identified herein.

We then exclude the pro rata share of Adjusted EBITDAre related to noncontrolling interests to calculate Adjusted EBITDAre, Excluding Noncontrolling Interest.

We use EBITDAre, Adjusted EBITDAre and Adjusted EBITDAre, Excluding Noncontrolling Interest and segment or property-level EBITDAre and Adjusted EBITDAre to evaluate our operating performance. We believe that the presentation of these non-GAAP financial measures provides useful information to investors regarding our operating performance and debt leverage metrics, and that the presentation of these non-GAAP financial measures, when combined with the primary GAAP presentation of net income or operating income, as applicable, is beneficial to an investor’s complete understanding of our operating performance. We make additional adjustments to EBITDAre when evaluating our performance because we believe that presenting Adjusted EBITDAre and Adjusted EBITDAre, Excluding Noncontrolling Interest provides useful information to investors regarding our operating performance and debt leverage metrics.

Adjusted EBITDAre Margin and Adjusted EBITDAre, Excluding Noncontrolling Interest Margin Definition
We calculate consolidated Adjusted EBITDAre, Excluding Noncontrolling Interest Margin by dividing consolidated Adjusted EBITDAre, Excluding Noncontrolling Interest by GAAP consolidated total revenue. We calculate consolidated, segment or property-level Adjusted EBITDAre Margin by dividing consolidated, segment-, or property-level Adjusted EBITDAre by consolidated, segment-, or property-level GAAP revenue. We believe Adjusted EBITDAre, Excluding Noncontrolling Interest Margin is useful to investors in evaluating our operating performance because this non-GAAP financial measure helps investors evaluate and compare the results of our operations from period to period by presenting a ratio showing the quantitative relationship between Adjusted EBITDAre, Excluding Noncontrolling Interest and GAAP consolidated total revenue or segment or property-level GAAP revenue, as applicable.

FFO, Adjusted FFO, and Adjusted FFO Available to Common Stockholders and Unit Holders Definition
We calculate FFO, which definition is clarified by NAREIT in its December 2018 white paper as net income (calculated in accordance with GAAP) excluding depreciation and amortization (excluding amortization of deferred financing costs and debt discounts), gains and losses from the sale of certain real estate assets, gains and losses from a change in control, impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciated real estate held by the entity, income (loss) from consolidated joint ventures attributable to noncontrolling interest, and pro rata adjustments from unconsolidated joint ventures.

To calculate Adjusted FFO available to common stockholders and unit holders, we then exclude, to the extent the following adjustments occurred during the periods presented:

• right-of-use asset amortization;
• impairment charges that do not meet the NAREIT definition above;
• write-offs of deferred financing costs;
• amortization of debt discounts or premiums and amortization of deferred financing costs;
• loss on extinguishment of debt;
• non-cash lease expense;
• credit loss on held-to-maturity securities;
• pension settlement charges;
• additional pro rata adjustments from unconsolidated joint ventures;
• (gains) losses on other assets;
• transaction costs of acquisitions;
• deferred income tax expense (benefit); and
• any other adjustments we have identified herein.

FFO available to common stockholders and unit holders and Adjusted FFO available to common stockholders and unit holders exclude the ownership portion of the joint ventures not controlled or owned by the Company.

We present Adjusted FFO available to common stockholders and unit holders per diluted share/unit as a non-GAAP measure of our performance in addition to net income available to common stockholders per diluted share (calculated in accordance with GAAP). We calculate Adjusted FFO available to common stockholders and unit holders per diluted share/unit as Adjusted FFO (defined as set forth above) for a given operating period, as adjusted for the effect of dilutive securities, divided by the number of diluted shares and units outstanding during such period.

We believe that the presentation of these non-GAAP financial measures provides useful information to investors regarding the performance of our ongoing operations because each presents a measure of our operations without regard to specified non-cash items such as real estate depreciation and amortization, gain or loss on sale of assets and certain other items, which we believe are not indicative of the performance of our underlying hotel properties. We believe that these items are more representative of our asset base than our ongoing operations. We also use these non-GAAP financial measures as measures in determining our results after considering the impact of our capital structure.

We caution investors that non-GAAP financial measures we present may not be comparable to similar measures disclosed by other companies, because not all companies calculate these non-GAAP measures in the same manner. The non-GAAP financial measures we present, and any related per share measures, should not be considered as alternative measures of our net income, operating performance, cash flow or liquidity. These non-GAAP financial measures may include funds that may not be available for our discretionary use due to functional requirements to conserve funds for capital expenditures and property acquisitions and other commitments and uncertainties. Although we believe that these non-GAAP financial measures can enhance an investor’s understanding of our results of operations, these non-GAAP financial measures, when viewed individually, are not necessarily better indicators of any trend as compared to GAAP measures such as net income, operating income, or cash flow from operations.

Investor Relations Contacts: Mark Fioravanti, President and Chief Executive Officer (615) 316-6588 mfioravanti@rymanhp.com Jennifer Hutcheson, Chief Financial Officer (615) 316-6320 jhutcheson@rymanhp.com Sarah Martin, Vice President, Investor Relations (615) 316-6011 sarah.martin@rymanhp.com

Media Contact: Shannon Sullivan, Vice President, Corporate and Brand Communications (615) 316-6725 ssullivan@rymanhp.com

Ryman Hospitality Properties, Inc. and Subsidiaries Condensed Consolidated Statements of Operations Unaudited (In thousands, except per share data)
		Three Months Ended								Six Months Ended
		June 30,								June 30,
		2026				2025				2026				2025
Revenues:
Rooms		$	232,366			$	200,900			$	456,124			$	390,132
Food and beverage			296,437				250,391				585,784				503,654
Other hotel revenue			76,161				64,920				148,445				120,155
Entertainment			144,014				143,304				223,197				232,854
Total revenues			748,978				659,515				1,413,550				1,246,795
Operating expenses:
Rooms			52,581				47,238				103,175				93,527
Food and beverage			159,120				136,152				317,283				274,291
Other hotel expenses			150,260				130,588				294,882				254,512
Management fees, net			22,142				17,916				43,057				36,379
Total hotel operating expenses			384,103				331,894				758,397				658,709
Entertainment			101,563				110,376				166,672				180,146
Corporate			11,245				10,759				22,530				21,529
Preopening costs			438				98				825				185
Depreciation and amortization			77,084				66,963				152,785				130,680
Total operating expenses			574,433				520,090				1,101,209				991,249
Operating income			174,545				139,425				312,341				255,546
Interest expense, net of amounts capitalized			(63,875	)			(58,534	)			(127,994	)			(112,817	)
Interest income			3,727				5,583				8,913				11,042
Loss on extinguishment of debt			–				(2,542	)			(2,200	)			(2,542	)
Income (loss) from unconsolidated joint ventures			4				(13	)			4				(29	)
Other gains and (losses), net			(259	)			(196	)			(621	)			(304	)
Income before income taxes			114,142				83,723				190,443				150,896
Provision for income taxes			(12,063	)			(7,848	)			(18,962	)			(12,007	)
Net income			102,079				75,875				171,481				138,889
Net income attributable to noncontrolling interest in OEG			(4,050	)			(2,094	)			(3,462	)			(2,805	)
Net income attributable to other noncontrolling interests			(5,279	)			(2,028	)			(4,794	)			(1,370	)
Net income available to common stockholders		$	92,750			$	71,753			$	163,225			$	134,714
Basic income per share available to common stockholders(1)		$	1.47			$	1.17			$	2.59			$	2.22
Diluted income per share available to common stockholders(1)		$	1.42			$	1.12			$	2.46			$	2.13
Weighted average common shares for the period:
Basic(1)			63,114				61,352				63,069				60,639
Diluted(1)			68,143				65,732				67,799				64,577

___________________
^{(1) Basic and diluted weighted average common shares for the three and six months ended June 30, 2026 and 2025 includes the impact of approximately 3.0 million additional shares issued on May 21, 2025. Diluted weighted average common shares for the three months ended June 30, 2026 and 2025 include 4.9 million and 4.2 million, respectively, and for the six months ended June 30, 2026 and 2025 include 4.5 million and 3.7 million, respectively, in equivalent shares related to the currently unexercisable investor put rights associated with the noncontrolling interest in the Company's OEG business, which may be settled in cash or shares at the Company's option.}

Ryman Hospitality Properties, Inc. and Subsidiaries Condensed Consolidated Balance Sheets Unaudited (In thousands)
		June 30,			December 31,
		2026			2025
ASSETS:
Property and equipment, net of accumulated depreciation		$	5,078,259		$	4,970,429
Cash and cash equivalents - unrestricted			366,125			471,421
Cash and cash equivalents - restricted			31,695			28,759
Notes receivable, net			53,634			53,503
Trade receivables, net			122,120			105,903
Deferred income tax assets, net			51,150			67,669
Prepaid expenses and other assets			211,266			196,798
Intangible assets and goodwill, net			277,587			286,701
Total assets		$	6,191,836		$	6,181,183
LIABILITIES AND EQUITY:
Debt and finance lease obligations		$	3,969,453		$	3,976,913
Accounts payable and accrued liabilities			505,529			517,708
Distributions payable			78,229			78,819
Deferred management rights proceeds			162,541			162,901
Operating lease liabilities			163,143			158,815
Other liabilities			77,745			74,251
Noncontrolling interest in OEG			444,096			422,691
Total equity			791,100			789,085
Total liabilities and equity		$	6,191,836		$	6,181,183

Ryman Hospitality Properties, Inc. and Subsidiaries Supplemental Financial Results Adjusted EBITDAre Reconciliation Unaudited (In thousands)
		Three Months Ended														Six Months Ended
		June 30,														June 30,
		2026							2025							2026							2025
		$				Margin			$				Margin			$				Margin			$				Margin
Consolidated:
Revenue		$	748,978						$	659,515						$	1,413,550						$	1,246,795
Net income		$	102,079			13.6	%		$	75,875			11.5	%		$	171,481			12.1	%		$	138,889			11.1	%
Interest expense, net			60,148							52,951							119,081							101,775
Provision for income taxes			12,063							7,848							18,962							12,007
Depreciation and amortization			77,084							66,963							152,785							130,680
Pro rata EBITDAre from unconsolidated joint ventures			1							1							2							2
EBITDAre			251,375			33.6	%			203,638			30.9	%			462,311			32.7	%			383,353			30.7	%
Preopening costs			438							98							825							185
Non-cash lease expense			1,649							945							2,592							1,834
Equity-based compensation expense			3,827							3,495							7,629							7,117
Interest income on Gaylord National bonds			1,026							1,113							2,051							2,227
Loss on extinguishment of debt			–							2,542							2,200							2,542
Transaction costs of acquisitions			–							25							–							100
Pro rata adjusted EBITDAre from unconsolidated joint ventures			(4	)						–							(4	)						–
Adjusted EBITDAre			258,311			34.5	%			211,856			32.1	%			477,604			33.8	%			397,358			31.9	%
Adjusted EBITDAre of noncontrolling interest			(16,390	)						(11,295	)						(20,547	)						(16,921	)
Adjusted EBITDAre, excluding noncontrolling interest		$	241,921			32.3	%		$	200,561			30.4	%		$	457,057			32.3	%		$	380,437			30.5	%
Hospitality segment:
Revenue		$	604,964						$	516,211						$	1,190,353						$	1,013,941
Operating income		$	153,643			25.4	%		$	126,920			24.6	%		$	298,730			25.1	%		$	243,729			24.0	%
Depreciation and amortization			67,218							57,397							133,226							111,503
Non-cash lease expense			1,163							1,005							1,613							1,950
Interest income on Gaylord National bonds			1,026							1,113							2,051							2,227
Other gains and (losses), net			(8	)						–							(8	)						–
Adjusted EBITDAre		$	223,042			36.9	%		$	186,435			36.1	%		$	435,612			36.6	%		$	359,409			35.4	%
Same-store Hospitality segment: (1)
Revenue		$	544,315						$	510,862						$	1,055,836						$	1,008,592
Operating income		$	141,711			26.0	%		$	129,503			25.3	%		$	262,543			24.9	%		$	246,312			24.4	%
Depreciation and amortization			58,640							55,454							116,132							109,560
Non-cash lease expense			909							947							1,816							1,892
Interest income on Gaylord National bonds			1,026							1,113							2,051							2,227
Other gains and (losses), net			(8	)						–							(8	)						–
Adjusted EBITDAre		$	202,278			37.2	%		$	187,017			36.6	%		$	382,534			36.2	%		$	359,991			35.7	%
Entertainment segment:
Revenue		$	144,014						$	143,304						$	223,197						$	232,854
Operating income		$	32,404			22.5	%		$	23,495			16.4	%		$	36,657			16.4	%		$	33,811			14.5	%
Depreciation and amortization			9,609							9,335							19,043							18,712
Preopening costs			438							98							825							185
Non-cash lease (revenue) expense			486							(60	)						979							(116	)
Equity-based compensation			981							1,028							2,095							2,048
Other gains and (losses), net			–							–							–							136
Transaction costs of acquisitions			–							25							–							100
Pro rata adjusted EBITDAre from unconsolidated joint ventures			–							(13	)						–							(29	)
Adjusted EBITDAre		$	43,918			30.5	%		$	33,908			23.7	%		$	59,599			26.7	%		$	54,847			23.6	%
Corporate and Other segment:
Operating loss		$	(11,502	)					$	(10,990	)					$	(23,046	)					$	(21,994	)
Depreciation and amortization			257							231							516							465
Other gains and (losses), net			(250	)						(195	)						(611	)						(438	)
Equity-based compensation			2,846							2,467							5,534							5,069
Adjusted EBITDAre		$	(8,649	)					$	(8,487	)					$	(17,607	)					$	(16,898	)

___________________
^{(1) Same-store Hospitality excludes JW Marriott Desert Ridge, which was acquired June 10, 2025.}

Ryman Hospitality Properties, Inc. and Subsidiaries Supplemental Financial Results Funds From Operations (“FFO”) and Adjusted FFO Reconciliation Unaudited (In thousands, except per share data)
		Three Months Ended								Six Months Ended
		June 30,								June 30,
		2026				2025				2026				2025
Net income available to common stockholders		$	92,750			$	71,753			$	163,225			$	134,714
Noncontrolling interest in OP Units			581				1,532				1,022				874
Net income available to common stockholders and unit holders			93,331				73,285				164,247				135,588
Depreciation and amortization			76,974				66,906				152,554				130,582
Adjustments for noncontrolling interest			(3,076	)			(3,046	)			(6,100	)			(6,123	)
FFO available to common stockholders and unit holders			167,229				137,145				310,701				260,047
Right-of-use asset amortization			110				57				231				98
Non-cash lease expense			1,649				945				2,592				1,834
Pro rata adjustments from joint ventures			(4	)			–				(4	)			–
Amortization of deferred financing costs			3,105				2,900				6,352				5,607
Amortization of debt discounts and premiums			476				430				859				988
Loss on extinguishment of debt			–				2,542				2,200				2,542
Adjustments for noncontrolling interest			(2,023	)			(1,736	)			(2,065	)			(2,018	)
Transaction costs of acquisitions			–				25				–				100
Deferred tax provision			10,857				6,537				16,611				9,470
Adjusted FFO available to common stockholders and unit holders		$	181,399			$	148,845			$	337,477			$	278,668
Basic net income per share(1)		$	1.47			$	1.17			$	2.59			$	2.22
Diluted net income per share(1)		$	1.42			$	1.12			$	2.46			$	2.13
FFO available to common stockholders and unit holders per basic share/unit(1)		$	2.63			$	2.22			$	4.90			$	4.26
Adjusted FFO available to common stockholders and unit holders per basic share/unit(1)		$	2.86			$	2.41			$	5.32			$	4.57
FFO available to common stockholders and unit holders per diluted share/unit (1)		$	2.54			$	2.14			$	4.69			$	4.13
Adjusted FFO available to common stockholders and unit holders per diluted share/unit (1)		$	2.77			$	2.35			$	5.11			$	4.44
Weighted average common shares and OP units for the period:
Basic(1)			63,509				61,747				63,464				61,034
Diluted (1)			68,538				66,127				68,194				64,972

___________________
^{(1) Basic and diluted weighted average common shares for the three and six months ended June 30, 2026 and 2025 includes the impact of approximately 3.0 million additional shares issued on May 21, 2025. Diluted weighted average common shares for the three months ended June 30, 2026 and 2025 include 4.9 million and 4.2 million, respectively, and for the six months ended June 30, 2026 and 2025 include 4.5 million and 3.7 million, respectively, in equivalent shares related to the currently unexercisable investor put rights associated with the noncontrolling interest in the Company's OEG business, which may be settled in cash or shares at the Company's option.}

Ryman Hospitality Properties, Inc. and Subsidiaries Supplemental Financial Results Hospitality Segment Adjusted EBITDAre Reconciliation and Operating Metrics Unaudited ($ in thousands, except for performance metrics)
		Three Months Ended														Six Months Ended
		June 30,														June 30,
		2026							2025							2026							2025
		$				Margin			$				Margin			$				Margin			$				Margin
Hospitality segment:
Revenue		$	604,964						$	516,211						$	1,190,353						$	1,013,941
Operating income		$	153,643			25.4	%		$	126,920			24.6	%		$	298,730			25.1	%		$	243,729			24.0	%
Depreciation and amortization			67,218							57,397							133,226							111,503
Non-cash lease expense			1,163							1,005							1,613							1,950
Interest income on Gaylord National bonds			1,026							1,113							2,051							2,227
Other gains and (losses), net			(8	)						–							(8	)						–
Adjusted EBITDAre		$	223,042			36.9	%		$	186,435			36.1	%		$	435,612			36.6	%		$	359,409			35.4	%
Performance metrics:
Occupancy			72.7		%					73.3		%					70.4		%					71.5		%
ADR		$	284.05						$	258.88						$	289.42						$	261.53
RevPAR		$	206.52						$	189.77						$	203.82						$	187.03
OtherPAR		$	331.16						$	297.85						$	328.09						$	299.07
Total RevPAR		$	537.69						$	487.62						$	531.91						$	486.10
Same-store Hospitality segment: (1)
Revenue		$	544,315						$	510,862						$	1,055,836						$	1,008,592
Operating income		$	141,711			26.0	%		$	129,503			25.3	%		$	262,543			24.9	%		$	246,312			24.4	%
Depreciation and amortization			58,640							55,454							116,132							109,560
Non-cash lease expense			909							947							1,816							1,892
Interest income on Gaylord National bonds			1,026							1,113							2,051							2,227
Other gains and (losses), net			(8	)						–							(8	)						–
Adjusted EBITDAre		$	202,278			37.2	%		$	187,017			36.6	%		$	382,534			36.2	%		$	359,991			35.7	%
Performance metrics:
Occupancy			72.8		%					74.0		%					70.2		%					71.8		%
ADR		$	277.19						$	259.19						$	277.47						$	261.71
RevPAR		$	201.67						$	191.70						$	194.91						$	187.97
OtherPAR		$	322.38						$	300.14						$	316.16						$	300.23
Total RevPAR		$	524.05						$	491.84						$	511.07						$	488.20
Gaylord Opryland:
Revenue		$	125,190						$	116,465						$	253,569						$	226,643
Operating income		$	36,567			29.2	%		$	35,144			30.2	%		$	76,389			30.1	%		$	65,242			28.8	%
Depreciation and amortization			9,396							8,575							18,099							16,635
Non-cash lease revenue			(7	)						(9	)						(16	)						(19	)
Adjusted EBITDAre		$	45,956			36.7	%		$	43,710			37.5	%		$	94,472			37.3	%		$	81,858			36.1	%
Performance metrics:
Occupancy			74.2		%					75.2		%					72.0		%					70.1		%
ADR		$	266.96						$	246.17						$	272.09						$	253.72
RevPAR		$	198.18						$	185.19						$	195.89						$	177.88
OtherPAR		$	278.18						$	257.97						$	289.19						$	255.70
Total RevPAR		$	476.36						$	443.16						$	485.09						$	433.58
Gaylord Palms:
Revenue		$	88,491						$	73,113						$	186,137						$	161,506
Operating income		$	21,118			23.9	%		$	13,671			18.7	%		$	50,861			27.3	%		$	37,453			23.2	%
Depreciation and amortization			8,912							8,609							17,727							16,819
Non-cash lease expense			916							956							1,832							1,911
Adjusted EBITDAre		$	30,946			35.0	%		$	23,236			31.8	%		$	70,420			37.8	%		$	56,183			34.8	%
Performance metrics:
Occupancy			75.0		%					78.9		%					76.1		%					77.4		%
ADR		$	270.06						$	243.35						$	285.86						$	259.34
RevPAR		$	202.49						$	192.00						$	217.65						$	200.80
OtherPAR		$	363.53						$	275.66						$	380.94						$	318.58
Total RevPAR		$	566.02						$	467.66						$	598.59						$	519.38

___________________
^{(1) Same-store Hospitality excludes JW Marriott Desert Ridge, which was acquired June 10, 2025.}

Ryman Hospitality Properties, Inc. and Subsidiaries Supplemental Financial Results Hospitality Segment Adjusted EBITDAre Reconciliation and Operating Metrics Unaudited ($ in thousands, except for performance metrics)
		Three Months Ended													Six Months Ended
		June 30,													June 30,
		2026							2025						2026							2025
		$				Margin			$			Margin			$				Margin			$			Margin
Gaylord Texan:
Revenue		$	82,259						$	82,494					$	165,630						$	168,871
Operating income		$	23,528			28.6	%		$	25,002		30.3	%		$	47,333			28.6	%		$	52,697		31.2	%
Depreciation and amortization			7,681							6,157						15,006							12,086
Adjusted EBITDAre		$	31,209			37.9	%		$	31,159		37.8	%		$	62,339			37.6	%		$	64,783		38.4	%
Performance metrics:
Occupancy			69.9		%					72.0	%					67.7		%					72.5	%
ADR		$	268.51						$	253.06					$	266.01						$	255.16
RevPAR		$	187.60						$	182.32					$	179.96						$	185.04
OtherPAR		$	310.72						$	317.42					$	324.50						$	329.29
Total RevPAR		$	498.32						$	499.74					$	504.46						$	514.33
Gaylord National:
Revenue		$	90,422						$	83,413					$	164,649						$	164,242
Operating income		$	19,550			21.6	%		$	15,818		19.0	%		$	25,775			15.7	%		$	25,292		15.4	%
Depreciation and amortization			8,495							8,489						16,987							16,932
Interest income on Gaylord National bonds			1,026							1,113						2,051							2,227
Other gains and (losses), net			(8	)						–						(8	)						–
Adjusted EBITDAre		$	29,063			32.1	%		$	25,420		30.5	%		$	44,805			27.2	%		$	44,451		27.1	%
Performance metrics:
Occupancy			71.3		%					67.8	%					67.2		%					70.1	%
ADR		$	280.70						$	263.97					$	274.10						$	256.29
RevPAR		$	200.10						$	178.85					$	184.16						$	179.59
OtherPAR		$	297.72						$	280.38					$	271.59						$	275.03
Total RevPAR		$	497.82						$	459.23					$	455.74						$	454.62
Gaylord Rockies:
Revenue		$	84,735						$	81,722					$	156,984						$	152,670
Operating income		$	23,792			28.1	%		$	21,798		26.7	%		$	38,237			24.4	%		$	36,621		24.0	%
Depreciation and amortization			15,141							14,897						30,329							29,749
Adjusted EBITDAre		$	38,933			45.9	%		$	36,695		44.9	%		$	68,566			43.7	%		$	66,370		43.5	%
Performance metrics:
Occupancy			79.4		%					80.3	%					77.4		%					76.3	%
ADR		$	275.43						$	259.78					$	267.28						$	258.52
RevPAR		$	218.64						$	208.62					$	206.93						$	197.21
OtherPAR		$	401.71						$	389.67					$	370.90						$	364.73
Total RevPAR		$	620.35						$	598.29					$	577.82						$	561.94
JW Marriott Hill Country:
Revenue		$	65,762						$	66,573					$	116,057						$	121,849
Operating income		$	15,982			24.3	%		$	17,250		25.9	%		$	23,190			20.0	%		$	28,099		23.1	%
Depreciation and amortization			8,193							7,919						16,355							15,750
Adjusted EBITDAre		$	24,175			36.8	%		$	25,169		37.8	%		$	39,545			34.1	%		$	43,849		36.0	%
Performance metrics:
Occupancy			70.9		%					75.6	%					64.8		%					71.8	%
ADR		$	344.31						$	342.79					$	341.31						$	332.79
RevPAR		$	244.21						$	259.31					$	221.24						$	238.96
OtherPAR		$	477.00						$	470.80					$	418.68						$	432.89
Total RevPAR		$	721.22						$	730.11					$	639.92						$	671.85

Ryman Hospitality Properties, Inc. and Subsidiaries Supplemental Financial Results Hospitality Segment Adjusted EBITDAre Reconciliation and Operating Metrics Unaudited ($ in thousands, except for performance metrics)
		Three Months Ended																Six Months Ended
		June 30,																June 30,
		2026								2025								2026								2025
		$				Margin				$				Margin				$				Margin				$				Margin
JW Marriott Desert Ridge: (1)
Revenue		$	60,649							$	5,349							$	134,517							$	5,349
Operating income (loss)		$	11,932			19.7		%		$	(2,583	)		(48.3	)	%		$	36,187			26.9		%		$	(2,583	)		(48.3	)	%
Depreciation and amortization			8,578								1,943								17,094								1,943
Non-cash lease (revenue) expense			254								58								(203	)							58
Adjusted EBITDAre		$	20,764			34.2		%		$	(582	)		(10.9	)	%		$	53,078			39.5		%		$	(582	)		(10.9	)	%
Performance metrics:
Occupancy			72.2		%						39.3		%						72.6		%						39.3		%
ADR		$	367.08							$	228.50							$	428.43							$	228.50
RevPAR		$	264.85							$	89.76							$	310.88							$	89.76
OtherPAR		$	436.70							$	178.35							$	471.42							$	178.35
Total RevPAR		$	701.55							$	268.11							$	782.30							$	268.11
The AC Hotel at National Harbor:
Revenue		$	4,220							$	3,562							$	6,556							$	6,260
Operating income		$	1,250			29.6		%		$	757			21.3		%		$	1,033			15.8		%		$	871			13.9		%
Depreciation and amortization			230								223								451								445
Adjusted EBITDAre		$	1,480			35.1		%		$	980			27.5		%		$	1,484			22.6		%		$	1,316			21.0		%
Performance metrics:
Occupancy			72.9		%						59.8		%						59.3		%						57.3		%
ADR		$	300.09							$	286.90							$	280.12							$	271.75
RevPAR		$	218.68							$	171.54							$	166.24							$	155.71
OtherPAR		$	22.77							$	32.33							$	22.40							$	24.43
Total RevPAR		$	241.45							$	203.87							$	188.64							$	180.14
The Inn at Opryland: (2)
Revenue		$	3,236							$	3,520							$	6,254							$	6,551
Operating income (loss)		$	(76	)		(2.3	)	%		$	63			1.8		%		$	(275	)		(4.4	)	%		$	37			0.6		%
Depreciation and amortization			592								585								1,178								1,144
Adjusted EBITDAre		$	516			15.9		%		$	648			18.4		%		$	903			14.4		%		$	1,181			18.0		%
Performance metrics:
Occupancy			46.1		%						58.1		%						45.2		%						51.0		%
ADR		$	193.63							$	168.74							$	195.93							$	177.02
RevPAR		$	89.27							$	98.04							$	88.48							$	90.29
OtherPAR		$	28.10							$	29.63							$	25.57							$	29.15
Total RevPAR		$	117.37							$	127.67							$	114.05							$	119.44

___________________
^{(1) JW Marriott Desert Ridge was acquired by the Company on June 10, 2025, therefore results are not comparable to the prior year period.
(2) Includes other hospitality revenue and expense.}

Ryman Hospitality Properties, Inc. and Subsidiaries Supplemental Financial Results Earnings Per Share, FFO Per Share and Adjusted FFO Per Share Calculations Unaudited (in thousands, except per share data)
		Three Months Ended						Six Months Ended
		June 30,						June 30,
		2026			2025			2026			2025
Earnings per share:
Numerator:
Net income available to common stockholders		$	92,750		$	71,753		$	163,225		$	134,714
Net income attributable to noncontrolling interest in OEG			4,050			2,094			3,462			2,805
Net income available to common stockholders - if-converted method		$	96,800		$	73,847		$	166,687		$	137,519
Denominator:
Weighted average shares outstanding - basic			63,114			61,352			63,069			60,639
Effect of dilutive equity-based compensation			169			147			187			194
Effect of dilutive put rights (1)			4,860			4,233			4,543			3,744
Weighted average shares outstanding - diluted			68,143			65,732			67,799			64,577
Basic income per share available to common stockholders		$	1.47		$	1.17		$	2.59		$	2.22
Diluted income per share available to common stockholders (1)		$	1.42		$	1.12		$	2.46		$	2.13
FFO per share/unit:
Numerator:
FFO available to common stockholders and unit holders		$	167,229		$	137,145		$	310,701		$	260,047
Net income attributable to noncontrolling interest in OEG			4,050			2,094			3,462			2,805
FFO adjustments for noncontrolling interest in OEG			2,703			2,601			5,354			5,234
FFO available to common stockholders and unit holders - if-converted method		$	173,982		$	141,840		$	319,517		$	268,086
Denominator:
Weighted average shares and OP units outstanding - basic			63,509			61,747			63,464			61,034
Effect of dilutive equity-based compensation			169			147			187			194
Effect of dilutive put rights (1)			4,860			4,233			4,543			3,744
Weighted average shares and OP units outstanding - diluted			68,538			66,127			68,194			64,972
FFO available to common stockholders and unit holders per basic share/unit		$	2.63		$	2.22		$	4.90		$	4.26
FFO available to common stockholders and unit holders per diluted share/unit (1)		$	2.54		$	2.14		$	4.69		$	4.13
Adjusted FFO per share/unit:
Numerator:
Adjusted FFO available to common stockholders and unit holders		$	181,399		$	148,845		$	337,477		$	278,668
Net income attributable to noncontrolling interest in OEG			4,050			2,094			3,462			2,805
FFO adjustments for noncontrolling interest in OEG			2,703			2,601			5,354			5,234
Adjusted FFO adjustments for noncontrolling interest in OEG			2,023			1,736			2,065			2,018
Adjusted FFO available to common stockholders and unit holders - if-converted method		$	190,175		$	155,276		$	348,358		$	288,725
Denominator:
Weighted average shares and OP units outstanding - basic			63,509			61,747			63,464			61,034
Effect of dilutive equity-based compensation			169			147			187			194
Effect of dilutive put rights (1)			4,860			4,233			4,543			3,744
Weighted average shares and OP units outstanding - diluted			68,538			66,127			68,194			64,972
Adjusted FFO available to common stockholders and unit holders per basic share/unit		$	2.86		$	2.41		$	5.32		$	4.57
Adjusted FFO available to common stockholders and unit holders per diluted share/unit (1)		$	2.77		$	2.35		$	5.11		$	4.44

___________________
^{(1) Basic and diluted weighted average common shares for the three and six months ended June 30, 2026 and 2025 includes the impact of approximately 3.0 million additional shares issued on May 21, 2025. Diluted weighted average common shares for the three months ended June 30, 2026 and 2025 include 4.9 million and 4.2 million, respectively, and for the six months ended June 30, 2026 and 2025 include 4.5 million and 3.7 million, respectively, in equivalent shares related to the currently unexercisable investor put rights associated with the noncontrolling interest in the Company's OEG business, which may be settled in cash or shares at the Company's option.}

Ryman Hospitality Properties, Inc. and Subsidiaries Reconciliation of Forward-Looking Statements Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate (“Adjusted EBITDAre”) Unaudited ($ in thousands, except per share data)
		Guidance Range
		For Full Year 2026(1)
		Low				High				Midpoint
Consolidated:
Net income		$	280,500			$	285,500			$	283,000
Provision for income taxes			13,000				14,500				13,750
Interest expense, net			246,250				253,500				249,875
Depreciation and amortization			306,500				318,000				312,250
EBITDAre		$	846,250			$	871,500			$	858,875
Non-cash lease expense			2,750				4,000				3,375
Preopening costs			4,500				5,500				5,000
Equity-based compensation expense			15,000				17,000				16,000
Pension settlement charge			4,000				4,500				4,250
Interest income on Gaylord National bonds			3,500				4,500				4,000
Loss on extinguishment of debt			2,000				3,000				2,500
Adjusted EBITDAre		$	878,000			$	910,000			$	894,000
Hospitality segment:
Operating income		$	519,500			$	526,500			$	523,000
Depreciation and amortization			268,000				276,000				272,000
Non-cash lease expense			3,000				4,000				3,500
Interest income on Gaylord National bonds			3,500				4,500				4,000
Other gains and (losses), net			3,000				4,000				3,500
Adjusted EBITDAre		$	797,000			$	815,000			$	806,000
Hospitality segment (same-store)(2)
Operating income		$	484,500			$	489,500			$	487,000
Depreciation and amortization			234,000				240,000				237,000
Non-cash lease expense			3,000				4,000				3,500
Interest income on Gaylord National bonds			3,500				4,500				4,000
Other gains and (losses), net			3,000				4,000				3,500
Adjusted EBITDAre		$	728,000			$	742,000			$	735,000
JW Marriott Desert Ridge
Operating income		$	35,000			$	37,000			$	36,000
Depreciation and amortization			34,000				36,000				35,000
Non-cash lease expense			–				–				–
Adjusted EBITDAre		$	69,000			$	73,000			$	71,000
Entertainment segment:
Operating income		$	74,750			$	79,500			$	77,125
Depreciation and amortization			36,500				39,500				38,000
Non-cash lease revenue			(250	)			–				(125	)
Preopening costs			4,500				5,500				5,000
Equity-based compensation			4,500				5,500				5,000
Adjusted EBITDAre		$	120,000			$	130,000			$	125,000
Corporate and Other segment:
Operating loss		$	(50,500	)		$	(49,000	)		$	(49,750	)
Depreciation and amortization			2,000				2,500				2,250
Equity-based compensation			10,500				11,500				11,000
Pension settlement charge			4,000				4,500				4,250
Other gains and (losses), net			(5,000	)			(4,500	)			(4,750	)
Adjusted EBITDAre		$	(39,000	)		$	(35,000	)		$	(37,000	)

___________________
^{(1) Includes JW Marriott Desert Ridge, except as otherwise noted. Amounts are calculated based on unrounded numbers.
(2) Same-store Hospitality excludes JW Marriott Desert Ridge, which was acquired June 10, 2025.}

Ryman Hospitality Properties, Inc. and Subsidiaries Reconciliation of Forward-Looking Statements Funds From Operations (“FFO”) and Adjusted FFO Unaudited ($ in thousands, except per share data)
		Guidance Range
		For Full Year 2026(1)
		Low				High				Midpoint
Consolidated:
Net income available to common stockholders		$	270,500			$	273,500			$	272,000
Noncontrolling interest in OP units			1,000				2,000				1,500
Net income available to common stockholders and unit holders		$	271,500			$	275,500			$	273,500
Depreciation and amortization			306,500				318,000				312,250
Adjustments for noncontrolling interest			(12,500	)			(11,500	)			(12,000	)
FFO available to common stockholders and unit holders		$	565,500			$	582,000			$	573,750
Right-of-use asset amortization			–				500				250
Non-cash lease expense			2,750				4,000				3,375
Pension settlement charge			4,000				4,500				4,250
Loss on extinguishment of debt			2,000				3,000				2,500
Adjustments for noncontrolling interest			(5,000	)			(4,000	)			(4,500	)
Amortization of deferred financing costs			12,500				14,000				13,250
Amortization of debt discounts and premiums			1,500				2,500				2,000
Deferred tax provision			9,000				10,250				9,625
Adjusted FFO available to common stockholders and unit holders		$	592,250			$	616,750			$	604,500
Net income available to common stockholders per diluted share (2)		$	4.10			$	4.11			$	4.11
Adjusted FFO available to common stockholders and unit holders per diluted share/unit (2)		$	8.98			$	9.28			$	9.13
Estimated weighted average shares outstanding - diluted (in millions) (2)			68.4				68.4				68.4
Estimated weighted average shares and OP units outstanding - diluted (in millions) (2)			68.8				68.8				68.8

___________________
^{(1) Includes JW Marriott Desert Ridge. Amounts are calculated based on unrounded numbers.
(2) Includes the impact of approximately 3.0 million additional shares issued on May 21, 2025. Includes equivalent shares related to the currently unexercisable investor put rights associated with the noncontrolling interest in the Company’s OEG business, which may be settled in cash or shares at the Company’s option.}

Ryman Hospitality Properties, Inc. and Subsidiaries Reconciliation of Forward-Looking Statements Earnings Per Share and Adjusted FFO Per Share Unaudited ($ in thousands, except per share data)
		Guidance Range
		For Full Year 2026
		Low			High			Midpoint
Earnings per share:
Numerator:
Net income available to common stockholders		$	270,500		$	273,500		$	272,000
Net income attributable to noncontrolling interest in OEG			10,000			8,000			9,000
Net income available to common stockholders - if-converted method		$	280,500		$	281,500		$	281,000
Denominator:
Estimated weighted average shares outstanding - diluted (in millions) (1)			68.4			68.4			68.4
Diluted income per share available to common stockholders		$	4.10		$	4.11		$	4.11
Adjusted FFO per share:
Numerator:
Adjusted FFO available to common stockholders and unit holders		$	592,250		$	616,750		$	604,500
Net income attributable to noncontrolling interest in OEG			10,000			8,000			9,000
FFO adjustments for noncontrolling interest in OEG			11,000			10,000			10,500
Adjusted FFO Adjustments for noncontrolling interest in OEG			5,000			4,000			4,500
Adjusted FFO available to common stockholders and unit holders - if-converted method		$	618,250		$	638,750		$	628,500
Denominator:
Estimated weighted average shares and OP units outstanding - diluted (in millions) (1)			68.8			68.8			68.8
Adjusted FFO available to common stockholders and unit holders per diluted share/unit		$	8.98		$	9.28		$	9.13

___________________
^{(1) Includes the impact of approximately 3.0 million additional shares issued on May 21, 2025. Includes equivalent shares related to the currently unexercisable investor put rights associated with the noncontrolling interest in the Company’s OEG business, which may be settled in cash or shares at the Company’s option.}

Ryman Hospitality Properties, Inc. and Subsidiaries Reconciliation of Forward-Looking Statements Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate (“Adjusted EBITDAre”) Unaudited ($ in thousands, except per share data)
		Prior Guidance Range
		For Full Year 2026(1)
		Low				High				Midpoint
Consolidated:
Net income		$	271,000			$	279,000			$	275,000
Provision for income taxes			11,500				13,000				12,250
Interest expense, net			246,750				255,500				251,125
Depreciation and amortization			302,500				315,000				308,750
EBITDAre		$	831,750			$	862,500			$	847,125
Non-cash lease expense			3,250				5,000				4,125
Preopening costs			4,500				5,500				5,000
Equity-based compensation expense			15,000				17,000				16,000
Pension settlement charge			4,000				4,500				4,250
Interest income on Gaylord National bonds			3,500				4,500				4,000
Loss on extinguishment of debt			2,000				3,000				2,500
Adjusted EBITDAre		$	864,000			$	902,000			$	883,000
Hospitality segment:
Operating income		$	509,000			$	520,500			$	514,750
Depreciation and amortization			264,000				273,000				268,500
Non-cash lease expense			3,500				5,000				4,250
Interest income on Gaylord National bonds			3,500				4,500				4,000
Other gains and (losses), net			3,000				4,000				3,500
Adjusted EBITDAre		$	783,000			$	807,000			$	795,000
Hospitality segment (same-store)(2)
Operating income		$	475,500			$	485,500			$	480,500
Depreciation and amortization			230,000				237,000				233,500
Non-cash lease expense			3,000				4,000				3,500
Interest income on Gaylord National bonds			3,500				4,500				4,000
Other gains and (losses), net			3,000				4,000				3,500
Adjusted EBITDAre		$	715,000			$	735,000			$	725,000
JW Marriott Desert Ridge
Operating income		$	33,500			$	35,000			$	34,250
Depreciation and amortization			34,000				36,000				35,000
Non-cash lease expense			500				1,000				750
Adjusted EBITDAre		$	68,000			$	72,000			$	70,000
Entertainment segment:
Operating income		$	74,750			$	79,500			$	77,125
Depreciation and amortization			36,500				39,500				38,000
Non-cash lease revenue			(250	)			–				(125	)
Preopening costs			4,500				5,500				5,000
Equity-based compensation			4,500				5,500				5,000
Adjusted EBITDAre		$	120,000			$	130,000			$	125,000
Corporate and Other segment:
Operating loss		$	(50,500	)		$	(49,000	)		$	(49,750	)
Depreciation and amortization			2,000				2,500				2,250
Equity-based compensation			10,500				11,500				11,000
Pension settlement charge			4,000				4,500				4,250
Other gains and (losses), net			(5,000	)			(4,500	)			(4,750	)
Adjusted EBITDAre		$	(39,000	)		$	(35,000	)		$	(37,000	)

___________________
^{(1) Includes JW Marriott Desert Ridge, except as otherwise noted. Amounts are calculated based on unrounded numbers.
(2) Same-store Hospitality excludes JW Marriott Desert Ridge, which was acquired June 10, 2025.}

Ryman Hospitality Properties, Inc. and Subsidiaries Reconciliation of Forward-Looking Statements Funds From Operations (“FFO”) and Adjusted FFO Unaudited ($ in thousands, except per share data)
		Prior Guidance Range
		For Full Year 2026(1)
		Low				High				Midpoint
Consolidated:
Net income available to common stockholders		$	261,000			$	267,000			$	264,000
Noncontrolling interest in OP units			1,000				2,000				1,500
Net income available to common stockholders and unit holders		$	262,000			$	269,000			$	265,500
Depreciation and amortization			302,500				315,000				308,750
Adjustments for noncontrolling interest			(12,500	)			(11,500	)			(12,000	)
FFO available to common stockholders and unit holders		$	552,000			$	572,500			$	562,250
Right-of-use asset amortization			–				500				250
Non-cash lease expense			3,250				5,000				4,125
Pension settlement charge			4,000				4,500				4,250
Loss on extinguishment of debt			2,000				3,000				2,500
Adjustments for noncontrolling interest			(5,000	)			(4,000	)			(4,500	)
Amortization of deferred financing costs			12,500				14,000				13,250
Amortization of debt discounts and premiums			1,500				2,500				2,000
Deferred tax provision			7,000				9,000				8,000
Adjusted FFO available to common stockholders and unit holders		$	577,250			$	607,000			$	592,125
Net income available to common stockholders per diluted share (2)		$	3.96			$	4.02			$	3.99
Adjusted FFO available to common stockholders and unit holders per diluted share/unit (2)		$	8.77			$	9.14			$	8.96
Estimated weighted average shares outstanding - diluted (in millions) (2)			68.4				68.4				68.4
Estimated weighted average shares and OP units outstanding - diluted (in millions) (2)			68.8				68.8				68.8

___________________
^{(1) Includes JW Marriott Desert Ridge. Amounts are calculated based on unrounded numbers.
(2) Includes equivalent shares related to the currently unexercisable investor put rights associated with the noncontrolling interest in the Company’s OEG business, which may be settled in cash or shares at the Company’s option.}

Ryman Hospitality Properties, Inc. and Subsidiaries Reconciliation of Forward-Looking Statements Earnings Per Share and Adjusted FFO Per Share Unaudited ($ in thousands, except per share data)
		Prior Guidance Range
		For Full Year 2026
		Low			High			Midpoint
Earnings per share:
Numerator:
Net income available to common stockholders		$	261,000		$	267,000		$	264,000
Net income attributable to noncontrolling interest in OEG			10,000			8,000			9,000
Net income available to common stockholders - if-converted method		$	271,000		$	275,000		$	273,000
Denominator:
Estimated weighted average shares outstanding - diluted (in millions) (1)			68.4			68.4			68.4
Diluted income per share available to common stockholders		$	3.96		$	4.02		$	3.99
Adjusted FFO per share:
Numerator:
Adjusted FFO available to common stockholders and unit holders		$	577,250		$	607,000		$	592,125
Net income attributable to noncontrolling interest in OEG			10,000			8,000			9,000
FFO adjustments for noncontrolling interest in OEG			11,000			10,000			10,500
Adjusted FFO Adjustments for noncontrolling interest in OEG			5,000			4,000			4,500
Adjusted FFO available to common stockholders and unit holders - if-converted method		$	603,250		$	629,000		$	616,125
Denominator:
Estimated weighted average shares and OP units outstanding - diluted (in millions) (1)			68.8			68.8			68.8
Adjusted FFO available to common stockholders and unit holders per diluted share/unit		$	8.77		$	9.14		$	8.96

___________________
^{(1) Includes equivalent shares related to the currently unexercisable investor put rights associated with the noncontrolling interest in the Company’s OEG business, which may be settled in cash or shares at the Company’s option.}