Slide 1: H1 FY26 Results
This document has been labelled as Non-Confidential H1 FY26 RESULTS WÜRZBURG 16 OCTOBER 2025
Slide 2: Highlights
This document has been labelled as Non-Confidential CARDIFF NORTH HIGHLIGHTS DOMINIC PAUL І CHIEF EXECUTIVE
Slide 3: Strategic initiatives underpinning confidence in medium-term
This document has been labelled as Non-Confidential H1 FY26 | STRATEGIC INITIATIVES UNDERPINNING CONFIDENCE IN MEDIUM-TERM PREMIER INN REVPAR CONTINUED OUTPERFORMANCE IN THE UK; YoY GROWTH MARKET RETURNS TO GROWTH 3% FURTHER PROGRESS IN GERMANY; ON TRACK TO DELIVER PROFITABILITY 1% EXECUTING STRATEG
Slide 4: Return to market growth in the UK; positive momentum in Germany
This document has been labelled as Non-Confidential H1 FY26 І RETURN TO MARKET GROWTH IN THE UK; POSITIVE MOMENTUM IN GERMANY REVENUE PROFIT & ROCE CASHFLOW & RETURNS UK ACCOMMODATION SALES PROFIT BEFORE TAX EBITDAR £1.1bn 0% +0.7pp £316m (7)% +34% £0.6bn (2)% +41% H1 FY26 VS H1 FY25 VS M&E1 H1 FY26
Slide 5: FY26 Outlook: making excellent strategic progress
This document has been labelled as Non-Confidential FY26 OUTLOOK | MAKING EXCELLENT STRATEGIC PROGRESS EXTENDING OUR UK BECOMING NO.1 ENABLING LONG-TERM MARKET-LEADING POSITION IN GERMANY GROWTH CURRENT TRADING1: CURRENT TRADING1: £250m - £300m TOTAL ACCOM SALES +3% TOTAL ACCOM SALES +9% OF PROPERTY
Slide 6: Five-year plan: step change in profits, margins and returns by FY30
This document has been labelled as Non-Confidential FIVE-YEAR PLAN | STEP CHANGE IN PROFITS, MARGINS AND RETURNS BY FY30 UK Optimising F&B and +£100m PBT ACCELERATING GROWTH 3,500 rooms +£300m incremental UK 8,000+ new high- Group PBT3 +£120m PBT versus FY25 NETWORK EXPANSION returning rooms GERMANY
Slide 7: Financial Review
This document has been labelled as Non-Confidential HUB BY PREMIER INN FINANCIAL REVIEW HEMANT PATEL І CHIEF FINANCIAL OFFICER
Slide 8: Financials | Group highlights
This document has been labelled as Non-Confidential FINANCIALS | GROUP HIGHLIGHTS • Revenues: vs £m H1 FY26 H1 FY25 H1 FY25 • UK accommodation sales in line with last year Statutory revenue 1,541 1,570 (2)% • UK F&B sales impacted by AGP, in line with expectations Operating costs (941) (960) 2% • Co
Slide 9: Financials | UK highlights
This document has been labelled as Non-Confidential FINANCIALS | UK HIGHLIGHTS vs • Accommodation sales in line with last year £m H1 FY26 H1 FY25 H1 FY25 • Supported by return to market growth in the second quarter Statutory revenue 1,416 1,455 (3)% Operating costs (834) (856) 3% • F&B sales (11)% v
Slide 10: UK | RevPAR inflection in Q2, accommodation sales in line with last year
This document has been labelled as Non-Confidential UK | REVPAR INFLECTION IN Q2, ACCOMMODATION SALES IN LINE WITH LAST YEAR OCCUPANCY ARR REVPAR ACCOM SALES £0.6bn 83.1% £1.1bn 80.8% £92.68 £76.99 78.6% £85.95 £69.48 £78.85 £62.00 £0.5bn Q1 Q2 H1 Q1 Q2 H1 Q1 Q2 H1 Q1 Q2 H1 FY26 FY26 FY26 FY26 FY26
Slide 11: UK | Accommodation sales and RevPAR growth ahead of the market
This document has been labelled as Non-Confidential UK | ACCOMMODATION SALES AND REVPAR GROWTH AHEAD OF THE MARKET £6.40 £5.88 £6.10 PI RevPAR premium1 vs M&E Q1 FY26 Q2 FY26 H1 FY26 PI RevPAR performance1 +1.6pp +0.6pp +1.0pp vs M&E PI Accom sales performance1 +1.6pp 0.0pp +0.7pp vs M&E 1: STR data
Slide 12: Financials | Germany highlights
This document has been labelled as Non-Confidential FINANCIALS | GERMANY HIGHLIGHTS More established hotels progressing H1 H1 vs H1 towards maturity £m FY26 FY25 FY251 2 PROFIT BEFORE TAX Statutory revenue 125 115 9% MOVING ANNUAL TOTAL Other income (excl. rental income) 0 0 0% £17m Operating costs
Slide 13: Germany | Excellent market outperformance
This document has been labelled as Non-Confidential GERMANY | EXCELLENT MARKET OUTPERFORMANCE RevPAR € and RevPAR growth versus H1 FY25 €72 €69 €66 €64 €62 €61 +7% €57 €58 €58 vs +3% +17% +12% (11)% (8)% (6)% (5)% +3% +2% FY25 Q1 FY26 Q2 FY26 H1 FY26 1: STR data, standard methodology basis, 28 Febru
Slide 14: Financials | Strong cashflow funding future growth and shareholder returns
This document has been labelled as Non-Confidential FINANCIALS | STRONG CASHFLOW FUNDING FUTURE GROWTH AND SHAREHOLDER RETURNS Net capex of £233m £411m £406m £95m £102m £(328)m £(72)m £(107)m £227m expansionary £101m non-expansionary £(75)m £(79)m Cashflow H1 FY25 H1 FY26 H1 FY26 Property pre- Share
Slide 15: Outlook | Current trading and FY26 guidance
This document has been labelled as Non-Confidential OUTLOOK І CURRENT TRADING AND FY26 GUIDANCE UK GERMANY • Total accom sales 9% vs FY25 • Total accom sales and RevPAR 3% vs FY25 CURRENT • Total estate RevPAR 3% to €82, more established TRADING1 • Positive forward booked position cohort RevPAR 8% t
Slide 16: Capital allocation | Disciplined framework and approach
UK ACCELERATING UK NETWORK has been labelled as Non-ConfidentialGERMANY CONTINUING UK EFFICIENCIES This document GROUP CAPITAL GROWTH EXPANSION AND COMMERCIAL MOMENTUM ALLOCATION CAPITAL ALLOCATION | DISCIPLINED FRAMEWORK AND APPROACH MAINTAIN INVESTMENT Investment grade rating1 GRADE METRICS Mainta
Slide 17: Property | Updated valuation; excellent progress on property proceeds
UK ACCELERATING UK NETWORK has been labelled as Non-ConfidentialGERMANY CONTINUING UK EFFICIENCIES This document GROUP CAPITAL GROWTH EXPANSION AND COMMERCIAL MOMENTUM ALLOCATION PROPERTY | UPDATED VALUATION; EXCELLENT PROGRESS ON PROPERTY PROCEEDS UPDATED PROPERTY VALUATION RECYCLING CAPITAL £5.5bn
Slide 18: Strategy Update
This document has been labelled as Non-Confidential NEW TWIN FORMAT STRATEGY UPDATE DOMINIC PAUL І CHIEF EXECUTIVE
Slide 19: UK extending our market-leading position; Germany
This document has been labelled as Non-Confidential THE SOCIAL UK EXTENDING OUR MARKET-LEADING POSITION GERMANY BECOMING NO.1 HOTEL BRAND ENHANCING CAPABILITIES ENABLING LONG-TERM GROWTH
Slide 20: UK | AGP: strong progress over the last 18 months
UK ACCELERATING UK NETWORK has been labelled as Non-ConfidentialGERMANY CONTINUING UK EFFICIENCIES This document GROUP CAPITAL GROWTH EXPANSION AND COMMERCIAL MOMENTUM ALLOCATION UK | AGP: STRONG PROGRESS OVER THE LAST 18 MONTHS 80% >90% UNLOCKING 3,500 EXTENSION ROOMS 70% SUBMITTED APPLICATIONS 30%
Slide 21: UK | AGP: executing at pace; on track to deliver increasing profits and returns
UK ACCELERATING UK NETWORK has been labelled as Non-ConfidentialGERMANY CONTINUING UK EFFICIENCIES This document GROUP CAPITAL GROWTH EXPANSION AND COMMERCIAL MOMENTUM ALLOCATION UK | AGP: EXECUTING AT PACE; ON TRACK TO DELIVER INCREASING PROFITS AND RETURNS OPTIMISING F&B GUEST EXPERIENCE £100M INC
Slide 22: UK | Network expansion: extending market-leading position
UK ACCELERATING UK NETWORK has been labelled as Non-ConfidentialGERMANY CONTINUING UK EFFICIENCIES This document GROUP CAPITAL GROWTH EXPANSION AND COMMERCIAL MOMENTUM ALLOCATION UK | NETWORK EXPANSION: EXTENDING MARKET-LEADING POSITION TAKING ADVANTAGE OF STRUCTURAL SUPPLY SHIFT1 FIVE YEAR PLAN: 98
Slide 23: UK | Hub by Premier Inn: exciting growth opportunity
UK ACCELERATING UK NETWORK has been labelled as Non-ConfidentialGERMANY CONTINUING UK EFFICIENCIES This document GROUP CAPITAL GROWTH EXPANSION AND COMMERCIAL MOMENTUM ALLOCATION UK | HUB BY PREMIER INN: EXCITING GROWTH OPPORTUNITY EXTENDING OUR BRAND FOOTPRINT • High occupancy levels at a great pri
Slide 24: UK | Commercial: extending our reach
UK ACCELERATING UK NETWORK has been labelled as Non-ConfidentialGERMANY CONTINUING UK EFFICIENCIES This document GROUP CAPITAL GROWTH EXPANSION AND COMMERCIAL MOMENTUM ALLOCATION UK | COMMERCIAL: EXTENDING OUR REACH DRIVING COST-EFFECTIVE CUSTOMER ACQUISITION PROFITABLY EXPANDING DISTRIBUTION CHANNE
Slide 25: UK | Commercial: driving like-for-like sales momentum
UK ACCELERATING UK NETWORK has been labelled as Non-ConfidentialGERMANY CONTINUING UK EFFICIENCIES This document GROUP CAPITAL GROWTH EXPANSION AND COMMERCIAL MOMENTUM ALLOCATION UK | COMMERCIAL: DRIVING LIKE-FOR-LIKE SALES MOMENTUM STRONG REVENUE MANAGEMENT ENHANCING DIGITAL EXPERIENCE INCREASING G
Slide 26: UK | Investment in high quality and great value guest proposition
UK ACCELERATING UK NETWORK has been labelled as Non-ConfidentialGERMANY CONTINUING UK EFFICIENCIES This document GROUP CAPITAL GROWTH EXPANSION AND COMMERCIAL MOMENTUM ALLOCATION UK | INVESTMENT IN HIGH QUALITY AND GREAT VALUE GUEST PROPOSITION HIGH-QUALITY PROPOSITION UNDERPINS MARKET-LEADING POSIT
Slide 27: UK | Efficiencies: accelerating delivery in FY26 helping to mitigate inflation
UK ACCELERATING UK NETWORK has been labelled as Non-ConfidentialGERMANY CONTINUING UK EFFICIENCIES This document GROUP CAPITAL GROWTH EXPANSION AND COMMERCIAL MOMENTUM ALLOCATION UK | EFFICIENCIES: ACCELERATING DELIVERY IN FY26 HELPING TO MITIGATE INFLATION LARGEST EVER EFFICIENCY PROGRAMME ACROSS A
Slide 28: UK extending our market-leading position; Germany
This document has been labelled as Non-Confidential KÖLN CITY CENTRE UK EXTENDING OUR MARKET-LEADING POSITION GERMANY BECOMING NO.1 HOTEL BRAND ENHANCING CAPABILITIES ENABLING LONG-TERM GROWTH
Slide 29: Germany | Well placed to take opportunity of highly attractive market
UK ACCELERATING UK NETWORK has been labelled as Non-ConfidentialGERMANY CONTINUING UK EFFICIENCIES This document GROUP CAPITAL GROWTH EXPANSION AND COMMERCIAL MOMENTUM ALLOCATION GERMANY | WELL PLACED TO TAKE OPPORTUNITY OF HIGHLY ATTRACTIVE MARKET OPPORTUNITY TO REPLICATE UK SUCCESS CLOSER TO AMBIT
Slide 30: Germany | Network expansion: becoming a business of scale
UK ACCELERATING UK NETWORK has been labelled as Non-ConfidentialGERMANY CONTINUING UK EFFICIENCIES This document GROUP CAPITAL GROWTH EXPANSION AND COMMERCIAL MOMENTUM ALLOCATION GERMANY | NETWORK EXPANSION: BECOMING A BUSINESS OF SCALE CASE STUDY: HAMBURG CATCHMENT • Driving better property decisio
Slide 31: Germany | Increasing RevPAR performance
UK ACCELERATING UK NETWORK has been labelled as Non-ConfidentialGERMANY CONTINUING UK EFFICIENCIES This document GROUP CAPITAL GROWTH EXPANSION AND COMMERCIAL MOMENTUM ALLOCATION GERMANY | INCREASING REVPAR PERFORMANCE GROWING REVPAR AHEAD OF THE MARKET OPTIMISING PERFORMANCE ON EVENT NIGHTS 1 YoY R
Slide 32: Germany | Progress underpins confidence in five-year plan
UK ACCELERATING UK NETWORK has been labelled as Non-ConfidentialGERMANY CONTINUING UK EFFICIENCIES This document GROUP CAPITAL GROWTH EXPANSION AND COMMERCIAL MOMENTUM ALLOCATION GERMANY | PROGRESS UNDERPINS CONFIDENCE IN FIVE-YEAR PLAN CONTINUED STRATEGIC PROGRESS UNDERPINNING CONFIDENCE IN FIVE-YE
Slide 33: UK extending our market-leading position; Germany
This document has been labelled as Non-Confidential LONDON CITY BANK HUB UK EXTENDING OUR MARKET-LEADING POSITION GERMANY BECOMING NO.1 HOTEL BRAND ENHANCING CAPABILITIES ENABLING LONG-TERM GROWTH
Slide 34: Property | Flexible ownership driving value creation opportunities
This document has been labelled as Non-Confidential PROPERTY | FLEXIBLE OWNERSHIP DRIVING VALUE CREATION OPPORTUNITIES FLEXIBLE OWNERSHIP STRATEGY VALUE CREATION CYCLE HOW WE SEGMENT THE ESTATE Strategic to hold: 0-5% Need to retain or charged to Pension Trustee Flexibility maximises access to new
Slide 35: Force for Good | Making strong progress towards targets
This document has been labelled as Non-Confidential FORCE FOR GOOD | MAKING STRONG PROGRESS TOWARDS TARGETS OPPORTUNITY COMMUNITY RESPONSIBILITY Expanded Thrive programme Most low-carbon hotel >£27m raised for GOSH since supporting SEN students into rooms in the UK & Ireland; 2012 employment c.2,300
Slide 36: Conclusion
This document has been labelled as Non-Confidential WÜRZBURG CONCLUSION DOMINIC PAUL І CHIEF EXECUTIVE
Slide 37: Outlook | Strategic initiatives underpinning confidence in medium-term
This document has been labelled as Non-Confidential OUTLOOK | STRATEGIC INITIATIVES UNDERPINNING CONFIDENCE IN MEDIUM-TERM PREMIER INN REVPAR CONTINUED OUTPERFORMANCE IN THE UK; YoY GROWTH MARKET RETURNS TO GROWTH 3% FURTHER PROGRESS IN GERMANY; ON TRACK TO DELIVER PROFITABILITY 1% EXECUTING STRATEG
Slide 38: Appendices | Additional slides
This document has been labelled as Non-Confidential APPENDICES I Additional slides p39 VII Definitions p45 VIII Supplementary information p46 IX Cautionary statement p47 Whitbread ADR programme – WTDBY Whitbread has established a sponsored Level I American Depositary Receipt (ADR) programme for whic
Slide 39: Appendix I | Our formula for success
This document has been labelled as Non-Confidential APPENDIX I | OUR FORMULA FOR SUCCESS SCALE BRAND COMMERCIAL OPERATIONS PROPERTY FINANCIALS UK’S >90% BRAND CENTRALISED STRONG SIGNIFICANT STRONG LARGEST HOTEL AWARENESS PRICING OPERATIONAL PROPERTY BALANCE BRAND IN THE UK MODEL EXCELLENCE EXPERTISE
Slide 40: Appendix II | FY26 guidance overview
This document has been labelled as Non-Confidential APPENDIX II | FY26 GUIDANCE OVERVIEW Accelerating Growth Plan: • Accommodation sales: 1% Δ vs H1 FY26 = £16m - £17m PBT • Unaffected F&B sales: 1% Δ vs H1 FY26 = £2.5m PBT • £75m - £90m reduction in F&B revenue • £20m - £25m reversal of FY25 one-of
Slide 41: Appendix III | FY26 unit cost guidance
This document has been labelled as Non-Confidential APPENDIX III | FY26 UNIT COST GUIDANCE • New rooms: c.500 (100% freehold) • Average cost per room: • Operating costs (EBITDAR): £13.5k UK – NEW ROOMS • Depreciation (non-IFRS 16): £1.5k • Cash rent: £8k (IFRS 16: 25% premium) • F&B sales: 15% of ac
Slide 42: Appendix IV | UK committed pipeline
This document has been labelled as Non-Confidential APPENDIX IV | UK COMMITTED PIPELINE UK OPEN AND COMMITTED ESTATE BREAKDOWN Open 19% 81% London LOCATION Regions Committed 43% 57% Open 54% 46% Freehold FREEHOLD/ LEASEHOLD Leasehold Committed 67% 33% Open 101 SIZE # Rooms Committed 180 Open 96% 4%
Slide 43: Appendix V | H1 FY26 freehold : leasehold mix
This document has been labelled as Non-Confidential APPENDIX V | H1 FY26 FREEHOLD : LEASEHOLD MIX Freehold Leasehold UK Open 54% 46% Open and committed 56% 44% Germany Open 23% 77% Open and committed 27% 73% Group Open 51% 49% Open and committed 51% 49% 43
Slide 44: Appendix VI | UK returns
This document has been labelled as Non-Confidential APPENDIX VI | UK RETURNS PI UK ROCE COVID-19 15.5% pandemic 13.3% 13.5% 12.9% 13.0% 13.4% 13.3% 11.2% 12.9% 12.9% 12.3% 12.4% 12.4% 11.8% 10.9% 1.4% 84k 85k 86k 86k 79k 79k 82k 76k 72k 65k 68k 59k 52k 55k 47k (14.4)% 42k 43k FY10 FY11 FY12 FY13 FY1
Slide 45: Appendix VII | Definitions
This document has been labelled as Non-Confidential APPENDIX VII | DEFINITIONS Accommodation sales Premier Inn accommodation revenue excluding non-room income such as food and beverage Profit before adjusting items, interest, tax, depreciation of property, plant and equipment and right-of-use assets
Slide 46: Appendix VIII | Supplementary information
This document has been labelled as Non-Confidential APPENDIX VIII | SUPPLEMENTARY INFORMATION Further information is available in a supporting supplementary information pack (in Microsoft Excel format) from www.whitbread.co.uk/investors/results-reports-and-presentations. This information includes: A
Slide 47: Appendix IX | Cautionary statement
This document has been labelled as Non-Confidential APPENDIX IX | CAUTIONARY STATEMENT Nothing contained in this presentation is intended to constitute an offer, invitation or inducement to engage in an investment activity for the purposes of the prohibition on financial promotions under the Financi