J P M O R G A N North America Equity Research 22 July 2026 Wyndham Hotels & Resorts, Inc. First Look at 2Q26 Results 2Q adj. EBITDA of $212m was +1-2% vs. our $209m/Str's $208m, as lower than forecast costs more than offset downside revenues, which were 5-7% below JPMe/ Street. There were several moving pieces in the 2Q, but in a nutshell, lower corporate/other expenses ($5-6m from insurance recoveries, variable cost timing) and $2m from a higher than forecast marketing surplus more than offset downside Roy ...