Pphe Hotel Group Limited · LSE:PPH
Pphe Hotel — H1 2026 Earnings Presentation
50 slides from Pphe Hotel's earnings presentation, Aug 27, 2026
Slide 1: 2026 Half Year Results
2026 Half Year Results 2 7 AU G U S T 2 0 2 6 PARTNER BRANDS
Slide 2: PPHE overview
PPHE overview 1 *This presentation includes various Alternative Performance Measures (APMs), such as EPRA performance metrics and hospitality operational performance indicators. For definitions, further details, and reconciliations to measures defined under International Financial Reporting Standard
Slide 3: Introduction
Introduction Buy, build, operate business model £2.4 billion hospitality property portfolio Integrated business model has driven 50-strong, well-invested operational portfolio significant value creation. Award-winning of freehold and long leasehold properties. integrated Hospitality Operating Platfo
Slide 4: 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 £2,363m Total Property value 3 £1,763m Freehold value £523m Long leasehold2 Capital cities Secondary cities Resorts and other 75.5% of property value Value Discount 6.0% of proper
Slide 5: Value creation and returns
Value creation and returns PPHE is focused on growing equity value for its shareholders BUY BUILD Hospitality Real estate • We (re)develop, redesign and continuously improve real estate development exposure exposure assets, creating significant value along every part of the value chain. Value create
Slide 6: Results & outlook
Results & outlook 2 art’otel Zagreb
Slide 7: Solid performance across core metrics
Solid performance across core metrics Financial KPIs Operating KPIs Total revenue £m Adjusted EPRA EPS*3 pence RevPAR*1 £ Average room rate*1 £ 2026 H1 reported 209.3 2026 H1 (LTM*) 125 2026 H1 reported 113.5 2026 H1 reported 157.3 2026 H1 LfL*2 208.3 2025 (LTM*) 125 2026 H1 LfL*2 113.8 2026 H1 LfL*
Slide 8: Strengthening performance led by solid growth in the United Kingdom
Strengthening performance led by solid growth in the United Kingdom £220m £2.3m (£1.5m) £1.1m £0.2m £209.3m £210m £8.1m (£0.8m) £199.9m £200m OCC (10) bps OCC (330) bps OCC +50 bps OCC +100 bps OCC +600 bps ARR* +5.3% ARR* (0.4)% ARR* (3.4)% ARR* +2.6% ARR* +4.3% RevPAR* +5.2% RevPAR* (4.4)% RevPAR*
Slide 9: Group delivered EBITDA growth despite fiscal headwinds
Group delivered EBITDA* growth despite fiscal headwinds £50m £2.6m £2.7m £48.4m (£0.8m) £45.5m (£1.2m) (£0.3m) (£0.1m) £45m £40m EBITDA EBITDA Margin +40 bps Margin (340) bps Margin (110) bps Margin (10) bps Margin +1,750 bps margin* margin* 22.8% 23.1% £35m £30m £25m £20m EBITDA* United Kingdom Cro
Slide 10: Stable EPRA earnings despite higher refinance costs
£60.0m £108.5m £18.2m £40.0m £52.7m Stable EPRA earnings* despite higher (re)finance costs £20.0m Per share £1.25 £0.0m Jun 2026 EBITDA* Finance Maintenance capex* reserve Other + tax Jun 2026 (12 mth rolling*) reported (12 mth rolling*) costs (net) (4%* of total revenues) Adjusted EPRA earnings* re
Slide 11: Strong operating cashflow supporting balance sheet simplification
Strong operating cashflow supporting balance sheet simplification £250.0m £155.3m £200.0m (£67.0m) £150.0m (£19.8m) maintenance capex* (£47.2m) expansion £43.3m capex £100.0m £4.5m £91.6m £79.6m (£85.4m) (£18.2m) (£59.4m) interest, £50.0m rent and (£20.5m) unit holder payments (£26.0m) bank loan rep
Slide 12: Strong balance sheet and conservative leverage
Strong balance sheet & conservative leverage Conservative LTV*, staggered maturities lower the Group’s interest rate and 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% 4.0% 7.4% 4.9% Avg.
Slide 13: Balance Sheet Simplification – Waterloo freehold repurchase
Balance Sheet Simplification – Waterloo freehold repurchase Stronger Balance Sheet. Increased long-term cash flows. Enhanced Long-Term Value 2017 – Sale & Leaseback Key investment considerations Longer term cashflow profile Freehold sold for • Amortising debt facility sees annual interest expense de
Slide 14: Strategic & operational update
Strategic & operational update 3 art’otel Rome Via Veneto – Yezi Terrace
Slide 15: Strategic and operational update
Strategic and operational update Refinancing activity Development pipeline Future focus and growth • Acquisition of the freehold of Park Plaza Four longer term development sites in London • Full launch of art’otel London Hoxton 5,000 sqm of London Waterloo for £147.9m, funded by a • City of London b
Slide 16: Strategic Review and Offer Period
Strategic Review and Offer Period • November 2025, start of Strategic Review and Offer Period • May 2026, indicative offer received from Fattal Hotel Group @ £22 per share • Feedback received through consultation of significant proportion of shareholders • During this consultation, Euro Plaza Holdin
Slide 17: Current trading & outlook
Current trading & outlook Park Plaza Westminster Bridge London Park Plaza London Waterloo Park Plaza London Riverbank Park Plaza County Hall London Westminster Bridge Road development site 4 The Group has >2,500 rooms in operation on London’s South Bank
Slide 18: Current trading & outlook
Current trading & outlook • Summer trading across city locations were comparable to trends observed in H1 and are modestly improving as H2 progresses • UK properties performing strongly, with the gradual improvement in momentum seen in the first half in Croatia expected to continue through the summe
Slide 19: Appendix
Appendix 5 View from Solaya London
Slide 20: United Kingdom performance
United Kingdom performance Hotel operations Reported in GBP Six months ended Six months ended UK 30-Jun-26 30-Jun-25 Total revenue £126.9 million £118.8 million Room revenue £95.1 million £90.4 million EBITDA* £35.0 million £32.3 million EBITDA margin* 27.6% 27.2% Occupancy 83.8% 83.9% Average room
Slide 21: The Netherlands performance
The Netherlands performance Hotel operations Reported in GBP Reported in local currency EUR1 Six months ended Six months ended Six months ended Six months ended The Netherlands 30-Jun-26 30-Jun-25 30-Jun-26 30-Jun-25 Total revenue £30.5 million £31.3 million €35.2 million €37.1 million Room revenue
Slide 22: Croatia performance
Croatia performance Hotel operations Reported in GBP Reported in local currency EUR1 Six months ended Six months ended Six months ended Six months ended Croatia 30-Jun-26 30-Jun-25 30-Jun-26 30-Jun-25 Total revenue £28.1 million £27.0 million €32.4 million €32.1 million Room revenue2 £15.4 million £
Slide 23: Germany performance
Germany performance Hotel operations Reported in Pound Sterling (£) Like-for-like*2 in Pound Sterling (£) Six months ended Six months ended Six months ended Six months ended Germany 30-Jun-26 30-Jun-25 30-Jun-26 30-Jun-25 Total revenue £8.7 million £10.8 million £8.7 million £8.5 million Room revenu
Slide 24: Other Markets performance
Other Markets performance Hotel operations Reported in GBP Like-for-like*1 in GBP Six months ended Six months ended Six months ended Six months ended Other Markets: Austria, Hungary, Italy and Serbia 30-Jun-26 30-Jun-25 30 June 2026 30-Jun-25 Total revenue £9.7 million £7.6 million £8.8 million £7.5
Slide 25: Management platform
Management platform Reported in GBP (£) Six months ended 30 June 2026 Listed Development Management Arena Hospitality Company Projects Platform Group Total Management revenue - £0.2 million £18.6 million - £18.8 million Central Services revenue - - - £7.0 million £7.0 million Revenues within the con
Slide 26: Why invest in PPHE
Why invest in PPHE Business Model Unique Capital Structure Operating Platform Control Integrated developer, owner and operator Unique approach to capital structure All disciplines under one roof • Our business model provides • Raising capital (both third-party • Scalable platform offering growth exp
Slide 27: 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 28: Pipeline
Pipeline 2024/2025 openings Available for development Book value of landsites +£50m art’otel Zagreb Completed Radisson RED Belgrade Undeveloped assets Park Royal London May ‘24 Opened February ‘24 Croatia land site Radisson RED Berlin Kudamm art’otel London Hoxton art’otel Rome Via Veneto City of Lo
Slide 29: 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 United Kingdom The Netherlands Germany Radisson RED Berlin Kudamm Austria art’otel Berlin Mitte H
Slide 30: At a glance
At a glance We are an integrated hospitality real estate group with a £2.4 billion portfolio of primarily prime freehold and long‑leasehold assets in Europe. Value split by geography1 Hotels and resorts by geography £126m £48m 4 Other Austria, Hungary, Under development2 Italy, Serbia 12 £364m Unite
Slide 31: Portfolio breakdown
Portfolio breakdown Portfolio Offering Brands Markets We are an integrated hospitality Hotels real estate group with a £2.4 billion portfolio of primarily prime freehold and long- Capital cities, Secondary cities, city centre city centre leasehold assets in Europe Portfolio value 50 Leisure & Outdoo
Slide 32: Extended strategic partnership with Radisson Hotel Group
Extended strategic partnership with Radisson Hotel Group Following our successful 20 year+ strategic Exclusive and perpetual EMEA partnership with Radisson Hotel Group (which Licence for Park Plaza remains intact is owned by Jin Jiang and combined represent the world’s 2nd largest hotel group), addi
Slide 33: Multi-brand, multi-segment strategy
Multi-brand, multi-segment strategy Brand positioning Brand Brand agreements Flagship locations Luxury Radisson Collection: preferential franchise Pula (Croatia) terms Upper Upscale, Premium Lifestyle art’otel: PPHE owned brand, marketed London, Amsterdam, Rome, Zagreb through Radisson Hotel Group.
Slide 34: Extensive and diverse resort portfolio
Extensive and diverse resort portfolio in prime seaside locations with easy access to main guest source markets Prague Hotel Riviera Total value of the Croatia property Amsterdam Vienna 1 portfolio £364m Munich Brussels Budapest Ljubljana Zurich Trieste Horizont Resort (2025: £370m) Zagreb 2 Venice
Slide 35: Our ESG strategic progress
Our ESG strategic progress Strong local communities Sustainable properties P ROP ER Measuring contributions to local communities stainable TI E Building performance and certifications Su S • Over £500,000 raised for Just a Drop since • SBTi targets for our buildings validated in April 2026, includin
Slide 36: 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 37: Leadership team
Leadership team PPHE Hotel Group Arena Hospitality Group Boris Ivesha Greg Hegarty Daniel Kos Reuel (“Reli”) Slonim Devansh Bakshi President & Co-CEO & Co-CEO & Chief Financial Officer President of the Chief Financial Officer Executive Director Executive Director & Executive Director Management Boar
Slide 38: 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 Solaya Restaurant located on the 25th floor. PPHE Hotel Group 38 H1 Results 2026
Slide 39: art'otel Rome Via Veneto (Italy)
Our recent openings and pipeline art’otel Rome Via Veneto (Italy) Opened March 2025 This completely repositioned 99-bedroom luxury lifestyle property opened its doors in March 2025. PPHE Hotel Group 39 H1 Results 2026
Slide 40: 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 41: 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 41 H1 Results 2026
Slide 42: 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 42 H1 Results 2026
Slide 43: 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 44: 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 45: Appendices
Appendices Direct and Country of indirect Subsidiaries included in the Group Name of company Principal activity incorporation holdings % Direct and Grandis Netherlands Holding B.V. Holding company Netherlands 100 Country of indirect Name of company Principal activity incorporation holdings % Hotel C
Slide 46: 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 % Parkvondel Hotel Holding B.V. Holding company Netherlands 100 Signature Top II Ltd Holding compan
Slide 47: 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 48: 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 49: Glossary continued
Glossary continued EPRA Shareholders’ earnings from operational Loan-to-value Interest-bearing liabilities after deducting earnings activities adjusted to remove changes in (LTV) cash and cash equivalents as a percentage fair value of financial instruments and of the properties’ market value at the
Slide 50: 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