Pphe Hotel Group Limited · LSE:PPH
Pphe Hotel — FY2025 Earnings Presentation
45 slides from Pphe Hotel's earnings presentation, Feb 26, 2026
Slide 1: People, Places, Experiences
People, Places, Experiences 2 0 2 5 A N N UA L R E S U LT S A N D C O M PA N Y P R O F I L E PARTNER BRANDS art’otel Rome Piazza Sallustio – Yezi terrace
Slide 2: A unique premium hospitality real estate company with its own scalable operating platform
A unique premium hospitality real estate company with its own scalable operating platform Portfolio Platform Business model • A well-invested in, and • Scalable and award-winning • Our business model provides unencumbered, real estate management platform, led exposure and returns across portfolio, c
Slide 3: Introduction
Introduction Buy, build, operate £2.2 billion hospitality 15,000 accommodation units £ 9,400 guest rooms & 5,600 campsite business model property portfolio Integrated business model has driven 50-strong, well-invested operational pitches, mobile homes & premium lodges. significant value creation. Aw
Slide 4: A 35-year track record of value creation and generating returns
A 35-year track record of value creation and generating returns ble PROPERTIE Sustaina S BUY BUILD Hospitality Real estate real estate development TIES PPHE is focused on growing exposure exposure Forwar COMMUNI GO VE R N AN C E GO V E RN AN CE equity value for its shareholders d-looking PEOPLE Owne
Slide 5: One billion British Pounds of capex spent in last decade
One billion British Pounds of capex spent in last decade £250m 215.4 £200m £150m 115.5 110.6 97.1 £100m 99.1 85.2 85.0 62.2 65.6 60.2 55.2 £50m 21.1 19.2 Maintenance CAPEX* 14.1 14.9 15.0 16.0 17.7 8.8 12.2 9.8 Expansion CAPEX £0m 6.6 EBITDA* 2015 2014 2015 2016 2017 2018 2019 2019 2020 2020 2021 20
Slide 6: High quality assets in prime locations
High quality assets in prime locations Resilient EPRA NRV* based on external valuations 50 Number of assets in operation £2,220m Total Property value 3 £1,570m Freehold value £581m Long leasehold2 Capital cities Secondary cities Resorts and other 73.7% of property value Value Discount 6.5% of proper
Slide 7: Award-winning hospitality management platform
Award-winning hospitality management platform For any hotel – branded or unbranded – PPHE’s platform can be adapted to achieve financial returns for third party hotel owners, or PPHE equity partners through increasing top-line growth and profit maximisation. Our management platform provides control
Slide 8: Secured pipeline including four London projects
Secured pipeline including four London projects Five secured capex projects all benefitting from planning permission, potential to add over 1,000 rooms to the portfolio or divest land for cash proceeds Development opportunities London Park Royal mixed-use development London Westminster Bridge Road m
Slide 9: Full Year 2025 Strategic and Financial Update
Full Year 2025 Strategic and Financial Update art’otel Zagreb PPHE Hotel Group 9 2025 Annual Results and Company Profile
Slide 10: Strategic and operational update
Strategic and operational update Solid performance in challenging environment Strategic highlights Future focus and growth • 5.3% Revenue growth to £466.4m and EBITDA* of £138.2m • Fully opened premium lifestyle art’otel Rome, including • Launching new and improved online and kiosk check-in • RevPAR
Slide 11: Topline growth with new hotels gradually contributing to EBITDA
Topline growth with new hotels gradually contributing to EBITDA * Financial KPIs Total revenue £m EBITDA* £m Adjusted EPRA EPS* pence Dividend per share* pence 2025 466.4 2025 138.2 2025 125 2025 39 2025 (like-for-like)* 456.9 2025 (like-for-like)* 139.0 2024 125 2024 38 2024 442.8 2024 136.5 2023 1
Slide 12: Gradually strengthening performance against challenging macro backdrop
£300m £192.2m £250m Gradually strengthening performance against £200m £150m £100m £202.6m challenging macro backdrop £49.1m £46.6m £50m £20.9m £8.3m £47.8m £49.0m £0m £18.2m £12.8m United Kingdom The Netherlands Croata Germany Italy, Hungary, Serbia and Austria £500m £14.8m (£1.2m) £5.3m (£2.8m) £7.
Slide 13: Despite high inflationary environment Group delivered EBITDA growth
Despite high inflationary environment Group delivered EBITDA growth * £160m £3.5m (£1.7m) £5.6m (£2.0m) (£0.1m) (£3.6m) £138.2m £120m £136.5m EBITDA Margin +40 bps Margin (250) bps Margin +240 bps Margin (430) bps Margin (450) bps EBITDA margin* margin* 30.8% 29.6% £80m £40m £0.0m EBITDA* United Kin
Slide 14: EPRA earnings impacted by new openings and refinances
£60.0m £17.3m £106.6m £40.0m £52.9m EPRA earnings impacted by new openings and refinances £20.0m * Per share £1.25 £0.0m Dec 2025 EBITDA* Finance Maintenance capex* reserve Other + tax Dec 2025 reported costs (net) (4%* of total revenues) Adjusted EPRA earnings* reported £70.0m £60.0m £53.2m £0.8m £
Slide 15: Valuations UK impacted by increased business rates
Valuations UK impacted by increased business rates Balance sheet EPRA NRV per share* £m Dec 25 Dec 24 £27.5 (£1.1) £0.3 (£0.4) £1.1 £27.4 Property valuation 2,219.7 2,213.1 Net debt* (775.5) (750.0) Other (incl working capital) 32.6 51.7 Minority (319.4) (351.5) Total NRV* 1,157.4 1,163.3 EPRA NRV p
Slide 16: Free cash flow allocated to expansion and Dividend distributions
Free cash flow allocated to expansion and Dividend distributions £300.0m £155.2m (£84.7m) £250.0m £200.0m (£88.2m) (£17.7m) maintenance capex* (£67.0m) £50.7m (£17.5m) £150.0m expansion capex (£5.6m) £0.4m £123.5m £113.2m £100.0m (£57.9m) interest, rent and unit holder payments (£30.3m) bank loan re
Slide 17: Strong balance sheet & conservative leverage
Strong balance sheet & conservative leverage Conservative LTV*, staggered maturities reduced liquidity risk. All at market value Gross Debt Composition and Metrics Debt Maturity Schedule (£ in millions) Net Bank Debt Leverage (LTV)* Avg. Rate 2.1% 2.3% 3.9% 6.9% 4.1% Avg. LTV* 35.5% 28.9% 34.7% 31.0
Slide 18: Summary and Outlook
Summary and Outlook • 2025 was another year of financial and strategic progress • Completed our largest-ever multi-year investment programme with the opening of art’otel Rome Piazza Sallustio • Strengthened our long-term development pipeline with a new development site near the City of London • Comp
Slide 19: Appendix
Appendix Radisson RED Belgrade (Serbia)
Slide 20: High quality assets in prime locations
High quality assets in prime locations Park Plaza London Westminster Bridge Park Plaza London Riverbank art’otel London Hoxton Park Plaza London Waterloo Park Plaza Victoria Amsterdam art’otel Amsterdam Netherlands UK Germany Radisson RED Berlin Kudamm art’otel Berlin Mitte Capital city Secondary ci
Slide 21: Portfolio breakdown
Portfolio breakdown Portfolio Offering Brands Markets We are an integrated hospitality Hotels real estate group with a £2.2 billion portfolio of Capital cities, Secondary cities, primarily prime freehold and city centre city centre long-leasehold assets in Europe Portfolio value 50 Leisure & Outdoor
Slide 22: Extensive and diverse resort portfolio in prime seaside locations
Extensive and diverse resort portfolio in prime seaside locations with easy access to main guest source markets GROWTH IN I NG CR CK OA LO TI N A U Main guest Portfolio source markets: consists of: Germany 3, 4 and 5-star Hotel Riviera 1 Arena Verdula Beach & Villas, Park Plaza Verudela Pula, PULA P
Slide 23: United Kingdom performance
United Kingdom performance Hotel operations Reported in Pound Sterling (£) Like-for-like*1 GBP (£) Year ended Year ended Year ended Year ended UK 31 Dec 2025 31 Dec 2024 % change2 31 Dec 2025 31 Dec 2024 % change2 Total Revenue £263.4m £248.6m 6.0% £258.6m £248.6m 4.0% Room Revenue £202.6m £192.2m 5
Slide 24: The Netherlands performance
The Netherlands performance Financial performance Reported in Pound Sterling (£) Reported in local currency Euro1 (€) Year ended Year ended Year ended Year ended The Netherlands 31 Dec 2025 31 Dec 2024 % change2 31 Dec 2025 31 Dec 2024 % change2 Total Revenue £65.0m £66.2m (1.8)% €75.9m €78.4m (3.2)
Slide 25: Croatia performance
Croatia performance Financial performance Reported in Pound Sterling (£) Reported in local currency Euro1(€) Year ended Year ended Year ended Year ended 31 Dec 31 Dec 31 Dec 31 Dec Croatia 2025 2024 % change2 2025 2024 % change2 Total revenue £89.4m £84.1m 6.4% €104.4m €99.6m 4.9% Room revenue3 £49.
Slide 26: Germany performance
Germany performance Financial performance Reported in Pound Sterling (£) Like-for-like*1 in Pound Sterling (£) Year ended Year ended Year ended Year ended Germany 31 Dec 2025 31 Dec 2024 % change3 31 Dec 2025 31 Dec 2024 % change3 Total revenue £21.6m £24.4m (11.7)% £21.5m £22.4m (4.0)% Room revenue
Slide 27: Other Markets performance
Other Markets performance Financial performance Reported in Pound Sterling (£) Like-for-like*1 in Pound Sterling (£) Year ended Year ended Year ended Year ended Italy, Hungary, Serbia and Austria 31 Dec 2025 31 Dec 2024 % change2 31 Dec 2025 31 Dec 2024 % change2 Total revenue £16.2m £10.7m 52.2% £1
Slide 28: Management platform
Management platform Reported in Pound Sterling (£) Year ended 31 Dec 2025 Listed Development Management Arena Hospitality Company Projects Platform Group Total Management revenue – – £39.5m – £39.5m Central Services revenue – – – £15.9m £15.9m Revenues within the consolidated Group – – £(29.9)m £(14
Slide 29: Our ESG strategic progress
Our ESG strategic progress Strong local communities Sustainable properties stainable PROPERTIE Measuring contributions to local communities Su S SBTi and building certifications in donations, in-kind support and volunteering. • Set SBTi targets for Scopes 1 and 2 • £190,000 donated to Just a Drop in
Slide 30: Board of Directors
Board of Directors Kenneth Bradley Boris Ivesha Greg Hegarty Daniel Kos Nigel Keen Stephanie Coxon Marcia Bakker Roni Hirsch Chairman1 President & Co-CEO & Co-CEO & Executive Chief Financial Officer & Non-Executive Director & Non-Executive Director Non-Executive Director Non-Executive Director C Exe
Slide 31: Leadership team
Leadership team PPHE Hotel Group Arena Hospitality Group Boris Ivesha Greg Hegarty Daniel Kos Inbar Zilberman Reuel (“Reli”) Slonim Devansh Bakshi President & Chief Co-Chief Chief Financial Officer Chief Corporate President of the Chief Financial Officer Executive Officer Executive Officer & Executi
Slide 32: art'otel London Hoxton (UK)
Our recent openings and pipeline art’otel London Hoxton (UK) Opened April 2024 April 2024 saw the phased soft opening of this iconic new landmark hotel, located in Hoxton. 2025 saw the launch of the 24th floor events space and the 25th floor Solaya Restaurant & Bar. The 5,000 square metres of office
Slide 33: art'otel Rome Piazza Sallustio (Italy)
Our recent openings and pipeline art’otel Rome Piazza Sallustio (Italy) Opened March 2025 This completely repositioned 99-bedroom luxury lifestyle property opened its doors in March 2025. PPHE Hotel Group 33 2025 Annual Results and Company Profile
Slide 34: art'otel Zagreb (Croatia)
Our recent openings and pipeline art’otel Zagreb (Croatia) Completed in May 2024 Marking the Group’s debut in the Croatian capital, art’otel Zagreb is a former office which we converted to a 110-room premium lifestyle hotel in the heart of the city. The hotel soft opened in October 2023 and was full
Slide 35: Radisson RED Belgrade (Serbia)
Our recent openings and pipeline Radisson RED Belgrade (Serbia) Opened February 2024 Our first Radisson RED branded property opened in the Serbian capital in February following an extensive repositioning programme. PPHE Hotel Group 35 2025 Annual Results and Company Profile
Slide 36: Radisson RED Berlin Kudamm (Germany)
Our recent openings and pipeline Radisson RED Berlin Kudamm (Germany) Completed in September 2024 Our first Radisson RED property in Germany soft opened in June following an extensive repositioning programme and was fully completed in September. PPHE Hotel Group 36 2025 Annual Results and Company Pr
Slide 37: Arena Indije Campsite (Croatia)
Our recent openings and pipeline Arena Indije Campsite (Croatia) Completed investment programme We significantly improved the offering of the Arena Indije Campsite, with several investments completed ahead of the 2025 summer season. These included the introduction of new upscale mobile homes, the cr
Slide 38: Arena Stupice Campsite (Croatia)
Our recent openings and pipeline Arena Stupice Campsite (Croatia) Elevated rating to four-star Equally, upgrades of the Arena Stupice Campsite included the addition of new upscale mobile homes, the creation of luxury pitches, new sanitary blocks, upgraded beach bar, water sports and recreation centr
Slide 39: Appendices: Subsidiaries included in the Group
Appendices Subsidiaries included in the Group Direct and Direct and Country of indirect Country of indirect Name of company Principal activity incorporation holdings % Name of company Principal activity incorporation holdings % 1 Westminster Bridge Plaza Management Company Limited Hotel operation Un
Slide 40: Appendices continued
Appendices continued Direct and Direct and Country of indirect Country of indirect Name of company Principal activity incorporation holdings % Name of company Principal activity incorporation holdings % PPHE Germany Holdings GmbH Holding company Germany 66.1 TOZI Restaurant Operator Limited Hotel op
Slide 41: Appendices continued: Jointly controlled entities and pipeline projects
Appendices continued Jointly controlled entities Direct and Country of indirect Name of company Principal activity incorporation holdings % ABM Hotel Holding B.V.1 Holding company Netherlands 50 art’otel berlin mitte/Park Plaza betriebsgesellschaft mbH 1 Hotel operation Germany 50 Park Plaza betrieb
Slide 42: Glossary
Glossary Arena Located in eight beachfront sites across Board Ken Bradley (Non-Executive Chairman), EPRA The EPRA reporting metrics analyse Campsites® the Southern coast of Istria, Croatia. They Boris Ivesha (President & Chief Executive (European performance (value, profit and cash flow) operate und
Slide 43: Glossary continued
Glossary continued Park Plaza® Upper upscale hotel brand. PPHE Hotel Radisson Created in early 2018, one of the largest Alternative Performance Measures Group is master franchisee of the Park Hotel Group hotel companies in the world. Hotel brands In order to aid stakeholders and investors in analysi
Slide 44: Glossary continued
Glossary continued EPRA Shareholders’ earnings from operational Like-for-like Results achieved through operations that are earnings activities adjusted to remove changes in (LfL) comparable with the operations of the fair value of financial instruments and previous period. Current period’s reported
Slide 45: Partner Brands
T: +31 (0)20 717 8600 E: info@pphe.com pphe.com PPHE Hotel Group PARTNER BRANDS HNK Amsterdam Sloterdijk, Radarweg 60, Floor 9, 1043 NT Amsterdam, The Netherlands