Slide 1: FY25 Results
FY25 RESULTS This document has been labelled as Non-Confidential 1 MAY 2025
Slide 2: Contents
This document has been labelled as Non-Confidential CONTENTS HIGHLIGHTS FINANCIAL REVIEW STRATEGY UPDATE CAPITAL ALLOCATION MANCHESTER PICCADILLY CONCLUSION 2
Slide 3: Highlights
This document has been labelled as Non-Confidential ST PANCRAS – ROOM WITH A VIEW HIGHLIGHTS DOMINIC PAUL І CHIEF EXECUTIVE
Slide 4: Five-year plan: on track, underpinning confidence in delivery
This document has been labelled as Non-Confidential FIVE-YEAR PLAN | ON TRACK, UNDERPINNING CONFIDENCE IN DELIVERY EXCELLENT STRATEGIC PROGRESS COMMERCIAL INITIATIVES DRIVING MARKET OUTPERFORMANCE GERMANY BREAKTHROUGH YEAR: PROFITABILITY IN FY26 £300M+ INCREMENTAL PBT AND £2BN+ SHAREHOLDER RETURNS A
Slide 5: FY25: Robust UK results in a softer market, excellent progress in Germany
This document has been labelled as Non-Confidential FY25 І ROBUST UK RESULTS IN A SOFTER MARKET, EXCELLENT PROGRESS IN GERMANY REVENUE PROFIT & ROCE CASHFLOW & RETURNS CHANGE PHOTO UK ACCOMMODATION SALES PROFIT BEFORE TAX EBITDAR £2.0bn 0% +0.7pp £483m (14)% +35% £1.0bn (3)% +37% FY25 VS FY24 VS M&E
Slide 6: FY26 outlook: Executing at pace
This document has been labelled as Non-Confidential FY26 OUTLOOK | EXECUTING AT PACE EXTENDING OUR UK BECOMING NO.1 ENABLING LONG-TERM MARKET-LEADING POSITION IN GERMANY GROWTH COMMERCIAL INITIATIVES COMMERCIAL INITIATIVES DRIVING £250m - £300m DRIVING OUTPERFORMANCE GROWTH AND MATURITY OF PROPERTY
Slide 7: 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 8: Financial review
This document has been labelled as Non-Confidential PADDINGTON FINANCIAL REVIEW HEMANT PATEL І CHIEF FINANCIAL OFFICER
Slide 9: Financials: Group highlights
This document has been labelled as Non-Confidential FINANCIALS | GROUP HIGHLIGHTS vs • Revenues broadly in line with last year: £m FY25 FY24 FY24 • UK behind last year due to AGP and Statutory revenue 2,922 2,960 (1)% softer market demand • Strong growth in Germany Operating costs (1,892) (1,903) 1%
Slide 10: Financials: UK highlights
This document has been labelled as Non-Confidential FINANCIALS | UK HIGHLIGHTS vs • Accommodation sales in line with last year £m FY25 FY24 FY24 due to estate growth offsetting softer UK market Statutory revenue 2,691 2,770 (3)% Operating costs (1,696) (1,722) 2% • F&B sales 11% behind last year imp
Slide 11: UK: High levels of occupancy; accommodation sales in line with last year
This document has been labelled as Non-Confidential UK | HIGH LEVELS OF OCCUPANCY; ACCOMMODATION SALES IN LINE WITH LAST YEAR OCCUPANCY ARR REVPAR ACCOM SALES £0.9bn 83.1% £2.0bn 81.0% £84.16 78.9% £79.52 £69.93 £74.65 £64.42 £58.92 £1.1bn H1 H2 H1 H2 H1 H2 H1 H2 FY25 FY25 FY25 FY25 FY25 FY25 FY25 F
Slide 12: UK: Accommodation sales ahead, maintaining healthy RevPAR premium
This document has been labelled as Non-Confidential UK | ACCOMMODATION SALES AHEAD, MAINTAINING HEALTHY REVPAR PREMIUM £5.89 £5.49 £5.10 PI RevPAR premium1 vs M&E H1 FY25 H2 FY25 FY25 PI Accom sales performance1 +0.5pp +0.9pp +0.7pp vs M&E PI Occupancy performance1 (1.3)pp (0.8)pp (1.0)pp vs M&E PI
Slide 13: Financials: Germany highlights
This document has been labelled as Non-Confidential FINANCIALS | GERMANY HIGHLIGHTS More established hotels progressing FY25 FY24 vs FY24 vs FY24 towards maturity £m CC1 2 PROFIT BEFORE TAX Statutory revenue 231 190 21% 24% £16m Other income (excl. rental income) 0 3 (96)% (97)% Operating costs (165
Slide 14: Germany: Total estate performing ahead of the M&E market
This document has been labelled as Non-Confidential GERMANY | TOTAL ESTATE PERFORMING AHEAD OF THE M&E MARKET RevPAR € and RevPAR growth versus FY24 €67 €67 €67 +10% €61 €60 +10% €60 +17% €61 €57 +7% +14% +14% €54 +5% +18% H1 FY25 H2 FY25 FY25 1: STR data, standard methodology basis, 1 March 2024 to
Slide 15: Financials: Cashflow funds growth and shareholder returns
This document has been labelled as Non-Confidential FINANCIALS | CASHFLOW FUNDS GROWTH AND SHAREHOLDER RETURNS £787m Net capex of £351m £723m £137m £260m £(488)m £(110)m £(178)m £241m expansionary £247m non-expansionary £(264)m £(185)m Cashflow FY24 FY25 FY25 Property pre- Share Operating Operating
Slide 16: Outlook: Current trading and FY26 guidance
This document has been labelled as Non-Confidential OUTLOOK І CURRENT TRADING AND FY26 GUIDANCE CURRENT TRADING1 FY26 GUIDANCE • Total accommodation sales (1)% vs FY25 • UK: c.500 new rooms • +2.0pp total accommodation sales and RevPAR NEW UK • UK: 500 - 700 AGP extension rooms growth vs M&E2 ROOMS
Slide 17: Strategy update
This document has been labelled as Non-Confidential KÖLN CITY CENTRE STRATEGY UPDATE DOMINIC PAUL І CHIEF EXECUTIVE
Slide 18: Our formula for success: Internal drivers of our business
This document has been labelled as Non-Confidential OUR FORMULA FOR SUCCESS | INTERNAL DRIVERS OF OUR BUSINESS 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 MODE
Slide 19: UK extending our market-leading position / Germany
This document has been labelled as Non-Confidential CARDIFF CENTRAL UK EXTENDING OUR MARKET-LEADING POSITION GERMANY BECOMING NO.1 HOTEL BRAND ENHANCING CAPABILITIES ENABLING LONG-TERM GROWTH
Slide 20: UK AGP: Optimising guest experience and utilising freehold ownership model
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: OPTIMISING GUEST EXPERIENCE AND UTILISING FREEHOLD OWNERSHIP MODEL A video of a building being built AI-generat
Slide 21: UK AGP: Progress over the last 12 months, executing at pace
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: PROGRESS OVER THE LAST 12 MONTHS, EXECUTING AT PACE • Converting over 100 branded restaurants to unlock BIDEFOR
Slide 22: UK AGP: Driving higher margins and returns for the UK business
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: DRIVING HIGHER MARGINS AND RETURNS FOR THE UK BUSINESS CASE STUDY: HARROGATE SOUTH £100M INCREMENTAL PBT BY FY3
Slide 23: UK Network expansion: Taking advantage of structural shift in supply
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: TAKING ADVANTAGE OF STRUCTURAL SHIFT IN SUPPLY FAVOURABLE SUPPLY ENVIRONMENT1 ON TRACK TO HAVE 98
Slide 24: UK Network expansion: 8,000+ new rooms drive £120m PBT by FY30
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: 8,000+ NEW ROOMS DRIVE £120M PBT BY FY30 COMMITTED PIPELINE1 IS HIGH-RETURNING CASE STUDY: HUB BY
Slide 25: UK Commercial: Extending our reach through marketing and distribution
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 THROUGH MARKETING AND DISTRIBUTION KEEPING US FRONT OF MIND BROADENING ADDRESSABLE M
Slide 26: UK Commercial: Like for like sales momentum contributing to outperformance
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: LIKE FOR LIKE SALES MOMENTUM CONTRIBUTING TO OUTPERFORMANCE REVENUE GROWTH OPPORTUNITIES CONTRIBUTING TO
Slide 27: UK Proposition: Extending our market-leading guest offer
UK ACCELERATING UK NETWORK has been labelled as Non-ConfidentialGERMANY CONTINUING UK EFFICIENCIES This document GROUP CAPITAL GROWTH EXPANSION AND COMMERCIAL MOMENTUM ALLOCATION UK | PROPOSITION: EXTENDING OUR MARKET-LEADING GUEST OFFER UK’S NO.1 HOTEL BRAND UNDERPINNED BY HIGH-QUALITY PROPOSITION
Slide 28: UK Efficiencies: Scale and model enable significant cost control
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: SCALE AND MODEL ENABLE SIGNIFICANT COST CONTROL TRACK RECORD OF DELIVERING EFFICIENCIES ACROSS ALL ARE
Slide 29: UK extending our market-leading position / Germany
This document has been labelled as Non-Confidential HAMBURG CITY CENTRE UK EXTENDING OUR MARKET-LEADING POSITION GERMANY BECOMING NO.1 HOTEL BRAND ENHANCING CAPABILITIES ENABLING LONG-TERM GROWTH
Slide 30: Germany: Investment case is highly attractive
UK ACCELERATING UK NETWORK has been labelled as Non-ConfidentialGERMANY CONTINUING UK EFFICIENCIES This document GROUP CAPITAL GROWTH EXPANSION AND COMMERCIAL MOMENTUM ALLOCATION GERMANY | INVESTMENT CASE IS HIGHLY ATTRACTIVE OPPORTUNITY TO REPLICATE UK SUCCESS MARKET DYNAMICS HOTEL ROOMS SUPPLY1 La
Slide 31: Germany Network expansion: Ambition to become No.1
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: AMBITION TO BECOME NO.1 FASTEST GROWING BRAND IN GERMANY1 SIGNIFICANT GROWTH OVER THE NEXT F
Slide 32: Germany: Building the Premier Inn brand
UK ACCELERATING UK NETWORK has been labelled as Non-ConfidentialGERMANY CONTINUING UK EFFICIENCIES This document GROUP CAPITAL GROWTH EXPANSION AND COMMERCIAL MOMENTUM ALLOCATION GERMANY | BUILDING THE PREMIER INN BRAND GROWING BRAND AWARENESS GREAT GUEST SATISFACTION SCORES YouGov Brand Awareness1
Slide 33: Germany: Breakthrough year, delivering profitability
UK ACCELERATING UK NETWORK has been labelled as Non-ConfidentialGERMANY CONTINUING UK EFFICIENCIES This document GROUP CAPITAL GROWTH EXPANSION AND COMMERCIAL MOMENTUM ALLOCATION GERMANY | BREAKTHROUGH YEAR, DELIVERING PROFITABILITY ENHANCING COMMERCIAL STRATEGY ON TRACK TO DELIVER PROFIT IN FY26 GE
Slide 34: Germany: On track with five-year plan; continuing maturity thereafter
UK ACCELERATING UK NETWORK has been labelled as Non-ConfidentialGERMANY CONTINUING UK EFFICIENCIES This document GROUP CAPITAL GROWTH EXPANSION AND COMMERCIAL MOMENTUM ALLOCATION GERMANY | ON TRACK WITH FIVE-YEAR PLAN; CONTINUING MATURITY THEREAFTER MORE ESTABLISHED HOTELS1 UNDERPINNING CONFIDENCE F
Slide 35: 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 36: Property: Value creation opportunities underpinning our growth strategy
This document has been labelled as Non-Confidential PROPERTY | VALUE CREATION OPPORTUNITIES UNDERPINNING OUR GROWTH STRATEGY FLEXIBLE OWNERSHIP STRATEGY ADVANTAGES OUR VALUE CREATION CYCLE ✓ Flexibility maximises access to new sites Strong ✓ Control over estate optimisation e.g. AGP extensions coven
Slide 37: Property: Freehold opportunities drive long-term returns
This document has been labelled as Non-Confidential PROPERTY | FREEHOLD OPPORTUNITIES DRIVE LONG-TERM RETURNS HOW WE SEGMENT THE ESTATE… … AND HOW OUR HOTEL MIX1 HAS CHANGED Strategic to hold 5-10% 0-5% Need to retain or charged to Pension Trustee 5-10% Strategic to hold Not yet mature 30-40% Still
Slide 38: Property: Proven expertise generating value; recycling of at least £1bn
This document has been labelled as Non-Confidential PROPERTY | PROVEN EXPERTISE GENERATING VALUE; RECYCLING OF AT LEAST £1BN CASE STUDIES: VALUE CREATION RECYCLING AT LEAST £1BN OF PROPERTY1 MANCHESTER DEANSGATE £137m MARYLEBONE HUB FY25 • 200-bed Premier Inn • 1,014-unit student accommodation and o
Slide 39: Property: Force for good: Environmentally conscious growth
This document has been labelled as Non-Confidential PROPERTY | FORCE FOR GOOD: ENVIRONMENTALLY CONSCIOUS GROWTH NEW CAMBRIDGE CITY CENTRE HOTEL FORCE FOR GOOD • First city centre location in Cambridge • Conversion of a vacant office space OPPORTUNITY COMMUNITY RESPONSIBILITY Creation of Positive imp
Slide 40: Capital allocation
This document has been labelled as Non-Confidential THE SOCIAL CAPITAL ALLOCATION HEMANT PATEL І CHIEF FINANCIAL OFFICER
Slide 41: Capital allocation: Disciplined framework
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 MAINTAIN INVESTMENT Investment grade rating1 GRADE METRICS Maintaining leverag
Slide 42: Capital return: Accelerating £2bn for share buy-backs and dividends
UK ACCELERATING UK NETWORK has been labelled as Non-ConfidentialGERMANY CONTINUING UK EFFICIENCIES This document GROUP CAPITAL GROWTH EXPANSION AND COMMERCIAL MOMENTUM ALLOCATION CAPITAL RETURN | ACCELERATING £2BN FOR SHARE BUY-BACKS AND DIVIDENDS £1.2BN RETURNED TO SHAREHOLDERS1 FIVE-YEAR PLAN £164
Slide 43: Conclusion
This document has been labelled as Non-Confidential CARDIFF NORTH CONCLUSION DOMINIC PAUL І CHIEF EXECUTIVE
Slide 44: Five-year plan: On track, underpinning confidence in delivery
This document has been labelled as Non-Confidential FIVE-YEAR PLAN | ON TRACK, UNDERPINNING CONFIDENCE IN DELIVERY EXCELLENT STRATEGIC PROGRESS COMMERCIAL INITIATIVES DRIVING MARKET OUTPERFORMANCE GERMANY BREAKTHROUGH YEAR: PROFITABILITY IN FY26 £300M+ INCREMENTAL PBT AND £2BN+ SHAREHOLDER RETURNS A
Slide 45: Appendices
This document has been labelled as Non-Confidential APPENDICES I Additional slides p46 VII Definitions p52 VIII Supplementary information p53 IX Cautionary statement p54 Whitbread ADR programme – WTDBY Whitbread has established a sponsored Level I American Depositary Receipt (ADR) programme for whic
Slide 46: Appendix I: Significant strategic progress in FY25
This document has been labelled as Non-Confidential APPENDIX I | SIGNIFICANT STRATEGIC PROGRESS IN FY25 : EXECUTING AT PACE ACCELERATING GROWTH PLAN Progressing well NETWORK EXPANSION UK Growing our high-returning pipeline GERMANY 94,000 COMMERCIAL INITIATIVES 18,000 ROOMS OPEN AND Driving our marke
Slide 47: 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 FY25 = £16m - £17m PBT • Unaffected F&B sales: 1% Δ vs FY25 = £2.5m PBT • £75m - £90m reduction in F&B revenue • Gross inflation: 5 – 6% • £20m - £25m rev
Slide 48: 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 49: Appendix IV: FY25 freehold : leasehold mix
This document has been labelled as Non-Confidential APPENDIX IV | FY25 FREEHOLD : LEASEHOLD MIX Freehold Leasehold UK Open 55% 45% Open and committed 57% 43% Germany Open 23% 77% Open and committed 30% 70% Group Open 52% 48% Open and committed 52% 48% 49
Slide 50: Appendix V: UK returns
This document has been labelled as Non-Confidential APPENDIX V | 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% 10.9% 1.4% 84k 85k 86k 79k 79k 82k 76k 72k 65k 68k 59k 52k 55k 47k (14.4)% 42k 43k FY10 FY11 FY12 FY13 FY14 FY15 FY16
Slide 51: Appendix VI: Premier Inn UK: Proven resilience in previous downturns
This document has been labelled as Non-Confidential APPENDIX VI | PREMIER INN UK: PROVEN RESILIENCE IN PREVIOUS DOWNTURNS M&E SECTOR OUTPERFORMS UNIQUE OPERATING MODEL LED TO MARKET OUTPERFORMANCE 90% £70 81% 80% 78% 78% 78% 76% 76% 76% • M&E sector tends to outperform the 73% £60 69% wider hotel ma
Slide 52: 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 53: 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 54: 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