Marriott International, Inc. - Ordinary Shares - Class A

Q2 performance: strong demand + RevPAR beats (good) - Marriott reported Q2 global RevPAR +3.4% YoY, and U.S. & Canada RevPAR +5% YoY (best quarterly increase in 13 quarters), with strength across chain scales and segments (including select-service RevPAR +4%+). - Leisure RevPAR +5% globally (+7% U.S./Canada); Group RevPAR +3% globally (+4% U.S./Canada); Business transient RevPAR +2% globally (+3% U.S./Canada). - Net rooms growth +4.5% over the 12 months to June 30, expanding system to 1.8M+ rooms across 10,000+ properties. - Good/surprising: World Cup-related strength and broad demand drove the beat; management highlighted strength persisting into July.

International/EMEA drag: Middle East remains a key headwind (bad/ongoing risk) - EMEA RevPAR declined just over 5% YoY: Europe +4%+ (leisure-led), but Middle East RevPAR -43% YoY. - Middle East impact is improving vs earlier expectations due to better-than-expected domestic leisure demand, but remains a major swing factor—especially for the Q4 comparison because the region is entering peak tourism in October and Q4 2025 had multiple events boosting ADR.

Guidance raised for 2026: growth outlook improves (good) - Full-year 2026 global RevPAR guidance raised to +3.0% to +3.5% (from the prior range), reflecting Q2 outperformance and stronger second-half regional outlook. - Q3 global RevPAR forecast: +3.5% to +4.0%. - Regional expectations: - U.S./Canada: strong demand trend expected to continue; Q3 helped by World Cup, possible small negative in Q4 due to November midterm elections. - Greater China: +2% to +3% RevPAR for full year, supported by inbound leisure recovery. - APEC: +5%+ earlier pace; continued strength expected in back half with improved flight capacity and intra-regional demand. - EMEA: still pressured by Middle East; management expects YOY improvement in Q3 vs Q2, then moderation in Q4.