Slide 1: No other provider comes close to our directly-sourced global sample
No other provider comes close to our directly-sourced global sample. 40 92K years of partnership participating hotels with the industry around the world 12M 52% Rooms in our of rooms global sample globally © 2026 CoStar Group 24
Slide 2: Agenda
Agenda KPIs are positive at year end Regional and Class Variations Persist Investment in the Sector is set to continue Multiple factors drive a positive outlook © 2026 CoStar Group 26
Slide 3: First up, the Global Perspective
First up, the Global Perspective.
Slide 4: Demand for hotel rooms stronger than ever
Demand for hotel rooms stronger than ever. Global room demand indexed to 2019 108,0 106,8 104,3 100,0 2019 2023 2024 2025 © 2026 CoStar Group 28
Slide 5: With the Eastern Hemisphere leading growth
With the Eastern Hemisphere leading growth. Global demand indexed to 2019, FY 2025 125 120 115 110 105 100 95 90 Asia Pacific Middle East & Africa Europe Americas Global © 2026 CoStar Group 29
Slide 6: Room demand up sharply around the globe
Room demand up sharply around the globe. Global room demand YoY % change, FY 2025 Total Country/Region Africa GCC Japan 2,4% India Australia LATAM Rest of Europe Germany Spain Canada 1,1% U.K. Rest of Asia Italy China France Caribbean Mexico U.S. 2024 2025 (1%) 0% 1% 2% 3% 4% 5% © 2026 CoStar Group
Slide 7: There is a 'favourable' backdrop with slow supply growth
There is a ‘favourable’ backdrop with slow supply growth. Global supply, % chg. YoY, Jan 2023 – Dec 2025 3% 2% 1.6 1% 0% jan-23 jul-23 jan-24 jul-24 jan-25 jul-25 © 2026 CoStar Group 31
Slide 8: With demand mostly positive and supply muted, occupancy can grow
With demand mostly positive and supply muted, occupancy can grow. Occupancy, YTD Dec 2025 Europe North America Mainland China 71% 63% 1% 63% -1% Middle East -3% Northern Africa Central America Asia (excl. Mainland China) 65% 71% 70% 60% 6% 4% 1% 1% Australia & Oceania 61% 72% 58% 3% 3% South America
Slide 9: ADR follows suit with positive growth across all continents
ADR follows suit with positive growth across all continents. ADR, USD & CC, YTD Dec 2025 Europe North America Mainland China 159 160 2% 53 1% Middle East -1% Northern Africa Central America Asia (excl. Mainland China) 130 182 129 173 14% 6% 7% 2% Australia & Oceania 112 159 152 10% 3% South America
Slide 10: Performance varies significantly by market
Performance varies significantly by market. © 2026 CoStar Group 34
Slide 11: After a summer of challenging comps, Europe had a strong finish
After a summer of challenging comps, Europe had a strong finish. Europe, KPI (EUR, CC) % change YoY, Dec YTD 2025 8% 7% 7% 6% 6% 5% 5% 5% 4% 4% 4% 3% 3% 2% 2% 2% 1% 1% 1% 0% 0% -1% -2% jan-25 feb-25 mar-25 apr-25 maj-25 jun-25 jul-25 aug-25 sep-25 okt-25 nov-25 dec-25 © 2026 CoStar Group 35
Slide 12: Although variations persist, the majority of Europe is in growth mode
Although variations persist, the majority of Europe is in growth mode. Europe, % of submarkets growing monthly RevPAR (local currency), % chg. YoY, 2008 and 2025 FY 2008 2025 80% 70% 60% 50% 40% 30% 20% 10% 0% Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec © 2026 CoStar Group 36
Slide 13: Higher occupancy regions report slower occupancy growth
Higher occupancy regions report slower occupancy growth. Europe, occupancy and occupancy % chg. YoY, 2025 80% Occupancy Occ % chg. 3,5 2,9% 3,0 75% 2,5 2,0 70% 1,5 1,0% 1,0 65% 0,5% 0,5 0,4% 60% 0,0 Northern Europe Southern Europe Western Europe Eastern Europe © 2026 CoStar Group 37
Slide 14: Availability and affordability determine low growth patterns
Availability and affordability determine low growth patterns. Occupancy, actual and % chg. YoY, Dec YTD 2025 Occ % chg Occ 5% 90 78% 80 4% 76% 78% 73% 71% 71% 70% 68% 70% 70 65% 67% 67% 65% 3% 60 50 2% 40 1% 30 20 0% 10 -1% 0 Nordics Switzerland CEE Benelux Austria Ireland Greece Germany Spain Italy
Slide 15: Limited hotel supply growth in Europe supports occupancy growth
Limited hotel supply growth in Europe supports occupancy growth. Europe, Census rooms and supply % chg. YoY, 2025 Census Rooms Supply % chg. 2 500 000 1,4 1,2% 1,2 2 000 000 1,0 1,0% 1 500 000 0,8 0,8% 0,6 1 000 000 0,6% 0,4 500 000 0,2 0 0,0 Eastern Europe Northern Europe Western Europe Southern Eu
Slide 16: And they continue to grow
And they continue to grow. ADR (EUR, CC) % chg. YoY, Dec YTD 2025 4,8% 4,2% 2,8% 2,3% 2,2% 2,0% 1,9% 1,6% 1,1% 1,0% -0,5% -1,7% -1,8% Spain CEE Portugal Nordics Greece Ireland Italy Austria United Switzerland Benelux France Germany Kingdom Nordics = Denmark, Finland, Iceland, Norway, Sweden © 2026 C
Slide 17: Southern European countries report highest ADR levels
Southern European countries report highest ADR levels. ADR (EUR), 2025 350 € 300 € 250 € 200 € 150 € 100 € 50 € 0€ © 2026 CoStar Group 41
Slide 18: Occupancy and ADR growth in Pandox markets varies
Occupancy and ADR growth in Pandox markets varies. Pandox markets, KPI (local currency) % chg. YoY, 2025 Benelux Germany Nordics UK + I 8% 6% Cardiff Copenhagen Ireland Provincial 4% Liverpool Newcastle Edinburgh Baltic Coast Germany ADR % chg. 2% Sweden 0% London Dublin Amsterdam -2% Leeds Brussels
Slide 19: UK & Ireland Special
UK & Ireland Special © 2026 CoStar Group 43
Slide 20: No downturn in 2025 but that doesn't mean we're out of the woods
No downturn in 2025 but that doesn’t mean we’re out of the woods. UK, % of submarkets growing monthly RevPAR (local currency), % chg. YoY, 2001, 2008 and 2025 2001 2008 2025 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec © 2026 CoStar Group 44
Slide 21: The bounce back in H2 is showing some signs of weakening
The bounce back in H2 is showing some signs of weakening. UK, KPI, % change YoY, YTD 2025 7% 6% 6% 5% 4% 4% 4% 3% 2% 2% 1% 1% 1% 1% 0% 0% -1% -1% -2% -2% -3% -3% -3% -4% jan-25 feb-25 mar-25 apr-25 maj-25 jun-25 jul-25 aug-25 sep-25 okt-25 nov-25 dec-25 © 2026 CoStar Group 45
Slide 22: Not much room for growth outside of the luxury segment
Not much room for growth outside of the luxury segment. U.K., KPI (GBP) % chg. YoY, YTD 2025 Occ ADR RevPAR 5% 4% 3% 2% 1% 0% -1% -2% Luxury Class Upper Upscale Class Upscale Class Upper Midscale Class Midscale Class Economy Class © 2026 CoStar Group 46
Slide 23: London: international travel, cost-of-living, events lead to challenging 2025
London: international travel, cost-of-living, events lead to challenging 2025. London, KPI (GBP) % change YoY, Jan – Dec 2025 Occupancy % Chg. ADR % Chg. RevPAR % Chg. 10% 8% 8% 6% 4% 3% 3% 3% 2% 0% 0% -1% -1% -2% -3% -3% -4% -4% -5% -5% -6% -8% jan-25 feb-25 mar-25 apr-25 maj-25 jun-25 jul-25 aug-2
Slide 24: Pricing power missing for five of six classes
Pricing power missing for five of six classes. London, KPIs (GBP) % chg. YoY, 2025 Occ ADR RevPAR 3% 2% 1% 0% -1% -2% -3% -4% -5% Luxury Class Upper Upscale Class Upscale Class Upper Midscale Class Midscale Class Economy Class © 2026 CoStar Group 48
Slide 25: Softer demand and rising supply curb prospects of major growth
Softer demand and rising supply curb prospects of major growth. UK current and active pipeline rooms & % of active pipeline relative to existing, Dec 2025 London Existing rooms Active pipeline rooms % active pipeline 200 000 45% 40 000 45% 180 000 40% 35 000 39% 39% 40% 35% 160 000 35% 30 000 30% 14
Slide 26: We expect more markets to regain pricing power in the second half of 2026
We expect more markets to regain pricing power in the second half of 2026. Key UK + Ireland markets KPI (local currency) % chg YoY, 2026 forecast as of Nov 2025 Occ ADR RevPAR 5% 4% 3% 2% 1% 0% -1% -2% -3% -4% Glasgow Gatwick Birmingham Leeds RegionalUK Heathrow London Dublin Belfast Edinburgh Manch
Slide 27: Dublin's volatility is a story of supply and demand
Dublin's volatility is a story of supply and demand. Dublin, KPI (EUR) % change YoY, Jan – Dec 2025 Occupancy % Chg. ADR % Chg. RevPAR % Chg. 12% 10% 9% 8% 8% 6% 5% 5% 4% 3% 2% 2% 1% 1% 0% -1% -2% -2% -2% -3% -4% -6% jan-25 feb-25 mar-25 apr-25 maj-25 jun-25 jul-25 aug-25 sep-25 okt-25 nov-25 dec-25
Slide 28: 2025 was positive – for the economy class in particular
2025 was positive – for the economy class in particular. Dublin, KPIs (EUR) % chg. YoY, 2025 Occ ADR RevPAR 12% 10% 8% 6% 4% 2% 0% -2% -4% Luxury Class Upper Upscale Class Upscale Class Upper Midscale Class Midscale Class Economy Class © 2026 CoStar Group 52
Slide 29: The Road Ahead
The Road Ahead Source: STR. © 2025 CoStar Group 53
Slide 30: Europe looks steady in 2026
Europe looks steady in 2026. Europe markets*, KPI % chg. YoY, Q2 2025 – Q1 2027 Occ ADR RevPAR 4% 3% 2% 1% 0% -1% -2% -3% Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Q4 2026 Q1 2027 *Aggregated performance of Amsterdam, Barcelona, Belfast, Berlin, Birmingham, Brussels, Budapest, Cologne, Dublin,
Slide 31: It will be a story of supply, event offsets – and tourism tax for some
It will be a story of supply, event offsets – and tourism tax for some. Europe markets, RevPAR (local currency) % chg. YoY, 2026F Occ ADR 8% Event offsets Event offsets VAT increase New supply New supply New supply New supply New supply 6% 4% 2% 0% -2% -4% -6% -8% © 2026 CoStar Group 55
Slide 32: 2026 looks set to add more luxury rooms
2026 looks set to add more luxury rooms. Europe, rooms in construction w/ 2026 opening dates and as % of existing rooms, Nov 2025 In construction % of existing 40 000 5,0% 35 000 4,5% 4,5% 4,0% 30 000 3,5% 25 000 3,0% 2,7% 20 000 2,5% 2,3% 2,3% 1,9% 2,0% 15 000 1,5% 10 000 1,4% 0,9% 1,0% 5 000 0,5%
Slide 33: Short-haul travel is expected to return in 2026
Short-haul travel is expected to return in 2026. International overnight arrivals, year over year change Global International Arrivals 2026 2025 8,5% Rest of Asia Australia China Rest of Europe Italy GCC 5,6% LATAM Germany Canada Japan Africa India Caribbean Spain U.K. Mexico U.S. France 2025 2026 (
Slide 34: US inbound travel grew by 5% in 2025 despite the dollar tanking
US inbound travel grew by 5% in 2025 -despite the dollar tanking. U.S. citizen departures to Europe, 2019, 2024 and 2025 2019 2024 2025 U.S. 3 500 000 outbound 3 000 000 to Europe +5% 2 500 000 2 000 000 1 500 000 1 000 000 500 000 0 January February March April May June July August September Octobe
Slide 35: Though top destinations are shifting
Though top destinations are shifting. U.S. citizen departures to U.K., Italy, and Europe, % chg. YoY Jan 2024 – Dec 2025 Departures to U.K. Departures to Europe Departures to Italy 25,0% 20,0% 15,0% 10,0% 5,0% 0,0% -5,0% -10,0% -15,0% jan-25 feb-25 mar-25 apr-25 maj-25 jun-25 jul-25 aug-25 sep-25 ok
Slide 36: Takeaways
Takeaways Global growth is slowing, but remains positive Hotel market performance remains on two speeds Groups and Events are a welcome base. International demand is a necessary driver of rate premium Uncertainty remains, yet trading is stable © 2026 CoStar Group 60
Slide 37: European Economic Growth is set to expand in 2026
European Economic Growth is set to expand in 2026. Inflation-adjusted consumer spending expands in 2026, supporting further growth in Europe. • Although uncertainty is heightened, confidence in travel outlook remains. • Travel growth will pick up in 2026 with short-haul source markets a key driver.
Slide 38: Thank you!
Thank you! Aoife Roche I Regional Vice President, Sales – EMEA aroche@str.com © 2026 CoStar Group 62
Slide 39: Nordic Hotel Market Data
Nordic Hotel Market Data Market data and trends from the nordic hotel industry 2026-02-05
Slide 40: Who are we?
Who are we? We measure the hotel industry • Largest supplier of Hotel Market Data and daily benchmarking for hotels in the Nordics • Our goal – highest possible coverage in all markets • Started in 2010 in Stockholm • We offer benchmarking for hotels, conference venues, spa and camping
Slide 41: Nordics
BENCHMARK|NG ALL|ANCE Hotel Market Data Nordics
Slide 42: Nordics and Baltics RevPAR development
+ 3,5% + 7,7% Nordics and Baltics RevPAR development + 1,1% 2025 vs LY (Jan – Dec) + 1,4 % Q3 YTD 2025 vs LY (Jan – Sep) + 7,8% + 9,4 % + 5,7% + 3,6% + 6,5 % + 2,9 % + 16,8% + 20,4 % + 9,3% + 9,9% + 8,9 % + 8,9 %
Slide 43: Nordic and Baltic capitals RevPAR development
+1,9% +1,2% Nordic and Baltic capitals RevPAR development 2025 vs LY (Jan – Dec) Q3 YTD 2025 vs LY (Jan – Sep) +4,0% +10,5% +2,1% +4,8% +7,4% +13,2% -0,1% +8,5% +17,5% +21,6% +13,1% +9,8% +6,0% +8,7%
Slide 44: Capitals development 2025
Capitals development 2025 25,0% 20,0% 15,0% 10,0% . i lt Lil J Stockholm Copenhagen Oslo Helsiell Reykjavik Tallinn Riga -5,0% Available rooms Sold rooms Occupancy sAverage Daily Rate mRevPAR
Slide 45: Capitals development 2025
Capitals development 2025 25,0% 20,0% 15,0% 10,0% ee |e ee | oom = i =. Stockholm Copenhagen Helsinki Reykjavik Tallinn -5,0% mRevPAR = TRevPAR
Slide 46: Scandinavian Capitals by Segment
Hotel Market Data Scandinavian Capitals by Segment
Slide 47: Stockholm segments 2025
Stockholm segments 2025 15,0% 10,0% 5,0% 0,0% -5,0% STO LUX Av. rooms STO UPSCALE = Sold rooms Occ. STO MIDSCALE =ADR #RevPAR STO BU =
Slide 48: Oslo segments 2025
Oslo segments 2025 15,0% 10,0% 5,0% 0,0% -5,0% -10,0% OSL LUX OSL UPSCALE Av.rooms #Sold rooms Occ. OSL MIDSCALE =ADR #RevPAR @suGeT
Slide 49: Copenhagen segments 2025
Copenhagen segments 2025 15,0% 10,0% 0,0% GF LUX CPH UPSCALE CPH MIDSCALE HllsuDGeET -5,0% Av.rooms sSoldrooms sOcc. sADR sRevPAR
Slide 50: Helsinki segments 2025
Helsinki segments 2025 30,0% 20,0% 10,0% 0.0% o | = HEL LUXGBY HEL UPSGRBE HEL MIDSCALBBODGET -10,0% Av.rooms sSoldrooms sOcc. sADR sRevPAR
Slide 51: Weekday/Weekend pattern changes Scandinavian Capitals
Weekday/Weekend pattern changes Scandinavian Capitals RevPAR change% 2025 vs LY Weekday Weekend
Slide 52: Day of week trends Stockholm
Day of week trends Stockholm 10,0% 8,0% 6,0% 4,0% 2,0% Occupancy 0,0% —@ RevPAR -2,0% Tu We Fr Sa Su —@— Average Daily Rate ~-4,0% ~6,0% -8,0% -10,0%
Slide 53: Sweden
BENCHMARK|NG ALL|ANCE Hotel Market Data Sweden
Slide 54: Swedish cities 2025
Swedish cities 2025 1550 Stockholm (952) Vastervik (851) 1450 GH Varberg (916) Lidingo (634) Visby (623) Halmstad (680) Sweden (792) 1250 Pites (482) 1150 1050 950 Sundsvall (537) Eskilstuna (572) 850 35% 40% 45% 50% 55% 60% 65% 70% 75%
Slide 55: Swedish cities RevPAR Diff 2025 vs LY
Swedish cities RevPAR Diff 2025 vs LY
Slide 56: Norway
BENCHMARK|NG ALL|ANCE Hotel Market Data Norway
Slide 57: Norwegian cities 2025
Norwegian cities 2025 Troms¢ (1 30: 1900 1700 Alesund (954) 1500 Kristiansand “e Bergen (1010) @. (903) rondheim (946) Oslo (1 130) Gardermoen (765) 7300 o"6é (733) Stavanger (876 Lillehammer m_) Kristiansund (808) 1100 Harstad-Narvik (681) "2 ) Bodo (640) 900 50% 55% 60% 65% 70%
Slide 58: Norwegian cities RevPAR Diff 2025 vs LY
Norwegian cities RevPAR Diff 2025 vs LY
Slide 59: Denmark
BENCHMARK|NG ALL|ANCE Hotel Market Data Denmark
Slide 60: Danish cities 2025 Q3 YTD
Danish cities 2025 Q3 YTD 1500 1400 1300 1200 1100 1000 900 800 700 600 50% @- (808) Danmark “@ arhus (630) Odense (520) @ (517) 6 ‘Aalborg (424) @ Kolding (513) 55% 60% 65% 70% 75% 80% 85% ‘Copenhagen (954) 90%
Slide 61: Danish cities RevPAR Diff 2025 Q3 YTD vs LY
Danish cities RevPAR Diff 2025 Q3 YTD vs LY
Slide 62: Finland
BENCHMARK|NG ALL|ANCE Hotel Market Data malaleclare
Slide 63: Finnish cities 2025 Q3 YTD
Finnish cities 2025 Q3 YTD 170,00 160,00 _— Rovaniemi 150,00 140,00 130,00 120,00 Helsinki (72) Kuopio (75) Oulu (78) 110,00 Lahti (49) (78) 100,00 i askyia Pori «@O yensnu (sey Turku (69) 90,00 Espoo (43) 80,00 70,00 60,00 40% 45% 50% 55% 60% 65% 70% 75% 80%
Slide 64: Finnish cities RevPAR Diff 2025 Q3 vs LY
Finnish cities RevPAR Diff 2025 Q3 vs LY
Slide 65: Future bookings
BENCHMARK|NG ALL|ANCE On The Books Future bookings
Slide 66: On the Books – Stockholm
On the Books – Stockholm 1st of February vs LY +10,2% 7 days rolling numbers
Slide 67: On the Books – Oslo
On the Books – Oslo 1st of February vs LY -3,8% 7 days rolling numbers
Slide 68: On the Books – Copenhagen
On the Books – Copenhagen 1st of February vs LY 7 days rolling numbers +14,1%
Slide 69: On the Books – Helsinki
On the Books – Helsinki 1st of February vs LY +7,8 7 days rolling numbers
Slide 70: Thank you!
Thank you! benchmarkingalliance.com rasmus.kjellman@benchmarkingalliance.com