Bluegreen Vacations : Q2 2023 Presentation

BLUEGREEN VACATIONS

INVESTOR PRESENTATION SECOND QUARTER 2023

AUGUST 2023

Forward Looking Statements

Certain statements in this press release are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, are forward-looking statements. Forward-looking statements are based on current expectations of management and can be identified by the use of words such as "believe", "may", "could", "should", "plans", "anticipates", "intends", "estimates", "expects", and other words and phrases of similar import. Forward-looking statements involve risks, uncertainties, and other factors, many of which are beyond our control, that may cause actual results or performance to differ from those set forth or implied in the forward-looking statements. These risks and uncertainties include, without limitation, the risk that the Company is a holding company and, accordingly, will be largely dependent on dividends from Bluegreen to fund its expenses and obligations in future periods, and Bluegreen's ability to pay dividends will depend on its results and may be limited by the terms of Bluegreen's indebtedness; risks relating to Bluegreen's business, operations, financial results, business strategy and prospects; risks related to general economic conditions, including increasing interest rates, inflationary trends, a potential recession and supply chain issues, and our ability to successfully navigate any adverse condition; competitive conditions; labor market conditions, including costs and shortages of labor, and its impact on Bluegreen's operations and sales; risks related to changes made to our vacation package programs and their impact on sales, including that the goal of improving the efficiency of Bluegreen's marketing expenditures may not result in the benefits anticipated; risks related to our investments in sales and marketing efforts and infrastructure, including their impact on our cash flow and the risk that they may not result in the benefits anticipated; risks related to resort acquisitions and our pursuit of acquisition and development opportunities, including that acquired resorts may not open when planned, the costs and risks of development and renovation activities, including potential construction delays and environmental issues may be greater than anticipated, that we may not be successful in identifying or consummating acquisition or development opportunities in the future, and that acquired or developed resorts may not be successfully operated or result in the benefits anticipated; risks relating to our liquidity and the availability of capital;, that the Company may not realize the benefits of its securitizations to the extent anticipated or at all, and that the Company's receivable loan portfolio won't perform as anticipated; the risk that our allowance for loan losses may not be adequate and, accordingly, may need to be increased in the future, the risk that Bluegreen's default rates will increase and exceed expectations; risks related to Bluegreen's efforts to address the actions of timeshare exit firms and the increase in default rates associated therewith are not successful, or otherwise; risks related to our indebtedness, including the potential for accelerated maturities and debt covenant violations; the impact of public health and general economic conditions, including inflation, on Bluegreen's consumers, including their income and level of discretionary spending, and on consumer traffic at retail locations; the risk that our core strategy of primarily offering a 'drive-to' network of resorts will not continue to serve as a growth driver; the risk that resort operations and club management segment may not continue to produce recurring EBITDA and free cash flow; risks that Bluegreen's current or future marketing alliances and arrangements, including its marketing arrangements with Bass Pro, NASCAR and the Choice Hotels program, may not be renewed and will expire pursuant to their terms and may not be profitable; the risk that vacation package sales, including those in the pipeline, may not convert to tours and/or VOI sales at anticipated or historical rates; the risk that efforts to reactivate older vacation packages which have not been used may not be successful; the risk that resort occupancies may not continue at current or historical levels or meet expectations; our ability to successfully implement strategic plans and initiatives, generate earnings and long-term growth may not result in increased sales, revenues or efficiencies, or otherwise be successful; risks that construction defects, structural failures or natural disasters at or in proximity to Bluegreen's resort; risks related to expansion of the resort network in existing and to new locations, including that such expansion may not be successful and may increase the Company's debt and decrease the Company's free cash flow; risks related to the mix of sales to new customers and existing owners, including that the level of sales to new customers may not be maintained, or support net owner growth in the future; risks regarding the amount of shares, if any, which may be repurchased by the Company in the future, the benefits to the Company, if any, of repurchasing shares, the timing of any share repurchases, and the availability of funds for the repurchase of shares; the risk that quarterly dividend payments may not be declared at the current level in the future, on a regular basis as anticipated, or at all; and the additional risks and uncertainties described in the Company's filings with the SEC, including, without limitation, the Company's Annual Report on Form 10-K for the year ended December 31, 2022 (including the "Risk Factors" section thereof), which was filed on March 13, 2023, and the Company's Quarterly Report on Form 10-Q for the three months ended June 30, 2023, which is expected to be filed on August 2, 2023. The Company cautions that the foregoing factors are not exclusive. You should not place undue reliance on any forward-looking statement, which speaks only as of the date made. The Company does not undertake, and specifically disclaims any obligation, to update or supplement any forward-looking statements. In addition, past performance may not be indicative of future results.

2

Bluegreen Vacations

Bluegreen Vacations Holding Corporation (NYSE: BVH; OTCQX: BVHBB) (the "Company") is a leading vacation ownership company that markets and sells vacation ownership interests and manages resorts in popular leisure and urban destinations. The Bluegreen Vacation Club is a flexible, points-based, deeded vacation ownership plan with 71 Club and Club Associate Resorts and access to nearly 11,400 other hotels and resorts through partnerships and exchange networks.

3

Second Quarter Overview

$21.9 Million

Net income attributable to shareholders

47,114

Vacation packages sold

$260.6 Million

Total revenue

$23.1 Million

Resort operations and club management segment Adjusted EBITDA

1. See Appendix for reconciliation.
2. As of January 1, 2023, 23 of our Cabela's marketing locations were converted to unmanned, virtual kiosks, of which 4 were reopened during June 2023.

$1.34

Diluted Earnings Per Share ("EPS")

$40.7 Million(1)

Adjusted EBITDA attributable to shareholders

$200.7 Million(1)

System-wide sales of VOIs

66,916

Number of guest tours

130

Marketing operations at 130 (gross) Bass Pro and Cabela's(2) locations.

4

Second Quarter (1) Performance

($ In millions, except vacation packages data)

System-Wide Sales of VOIs

$220
$198.5	$200.7
$200
$180
$160
$140
$120
$100
	2Q 2022		2Q 2023

Adjusted EBITDA(2)

$45
	$40.7
$40
$34.7
$35
$30
$25
$20
$15
$10
$5
$0
2Q 2022	2Q 2023

$280

$260

$240

$220

$200

$180

$160

$140

$120

$100

48,000

46,000

44,000

42,000

40,000

38,000

36,000

Total Revenue

$260.6

$235.6

2Q 2022

2Q 2023

Vacation Packages Sold

47,114

40,395

2Q 2022

2Q 2023

(1)	For the three months ended 6/30/2022 and 6/30/2023.
(2)	See Appendix for reconciliation to net income attributable to shareholders of $17.8 million and $21.9 million for the six months ended 6/30/2022 and 6/30/2023,	5
	respectively.