Slide 1: Whitbread Capital Market Day 2016
WHITBREAD CAPITAL MARKET DAY 2016
Slide 2: Disclaimer
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Slide 3: Whitbread Capital Market Day 2016
WHITBREAD CAPITAL MARKET DAY 2016
Slide 4: Alison Brittain, Chief Executive
WHITBREAD Alison Brittain Chief Executive a
Slide 5: Capital Market Day agenda
11.30 12.00 12°30 13.00 14.00 15.30 15.50 Capital Market Day — agenda Arrival: tea/coffee WHITBREAD Welcome Property strategy Lunch @) Premier Inn Afternoon break COSTA Drinks and canapés
Slide 6: Whitbread growth plan
WHITBREAD Build capability to support long term growth Grow and innovate Focus on our strengths in core UK to grow internationally <= 2020 Milestones on track Extended runway for growth Long term growth in earnings and dividends combined with strong return on capital
Slide 7: Whitbread financial track record
WHITBREAD £546m 15.3% 90.4p 12.8% 2007/08 2015/16 2007/08 2015/16 2007/08 2015/16 *Before Tax **Returns are calculated by dividing the underlying PBIT for the year by net assets at the balance sheet date, adding back debt, taxation liabilities and the pension deficit 7
Slide 8: Premier Inn structural growth
) Premier Inn structural growth ® Premier inn UK hotel market by segment % of rooms ® Premier inn ¢ Large independents segment Budget branded under pressure from brands and digital disruptors Other branded * Ongoing structural shift to value brands Independents * Premier Inn has broad consumer appea
Slide 9: Costa structural growth
Costa structural growth COSTA Global coffee revenue” CAGR +7% . SX. bn * Global growth of coffee continues CAGR +8% £ 85 bn * Overtaking tea in the UK, with further headroom to international consumption benchmarks * 7% UK outlet growth per year to 2020°*, building habitual purchase behaviour * Costa
Slide 10: Market leading brands
Market leading brands WHITBREAD Premier Inn is clearly differentiated Costa is the UK’s favourite You Brandindex* YouGov™ and TNS Brand Tracking™ 30 @ Hilton 37% 5 4 : © Marriott Premier Inn @®e<e 31% ® 20 4 8 = iS 8 @ Holiday Inn 22% lo . @ Holiday Inn Express Ibis : Travelodge 13% @e AirBnB @ 8 1%
Slide 11: Disciplined capital management
) Disciplined capital management WHITBREAD Strong and stable financial * Strong balance sheet with adjusted net debt” to EBITDAR <3.5 * Good debt funding headroom and spread of maturity position * Strong freehold backing Good returns at premium to * 15% returns our cost of capital * Strong covenant
Slide 12: A clear plan for future growth
A clear plan for future growth WHITBREAD Grow and innovate Focus on our strengths Build capability : : : to support in core UK to grow internationally long term growth el
Slide 13: Premier Inn UK: line of sight beyond 100,000 rooms
Premier Inn UK — @) Premier inn line of sight beyond 100,000 rooms ¢ UK Network strength Network strength 13.3% * Strong return on capital return on capital" Continued growth * Continued growth * Premier Inn and Restaurants UK and Germany only 13
Slide 14: Costa UK: opportunity for 3,000 plus stores
} Costa UK — COSTA opportunity for 3,000 plus UK stores oN Exceptional coffee * Stores perform well across whole of UK Many profitable routes to market — High Street, Retail Park, Shopping Centre, Drive-Thru, Transport Loved brand — Owned and franchised store models — Express, Proud to Serve Like fo
Slide 15: International growth and Express
WHITBREAD \ EXPRESS a f al 0 v ¢ Structurally attractive market * Enormous market potential if we * Unique and technologically * Opportunity to create a scale step change brand awareness advantaged offer budget brand * Plan to focus on major cities * Focus and capital required to double up
Slide 16: Future growth enablers
Future growth enablers WHITBREAD * Efficiency opportunity: Uncertain macro and micro context requires strong disciplines — Labour management. Logistics. Effective procurement. A lean centre - Efficiency target of £150m* over 5 years, to help mitigate sector headwinds * Technology and platform: Touch
Slide 17: Competitive advantage in property
Competitive advantage in property WHITBREAD * Property elevated to Executive Committee Strong * 60%" of Premier Inn rooms are freehold today covenant %\, * Freehold property worth £4.2bn to £5.1bn, and underpins Whitbread covenant Freehold value Access to * Option to secure leasehold and freehold a
Slide 18: Winning teams
Winning teams WHITBREAD Growth creates opportunity, 3,000 Market hawt jobs each year Great 50, 000 Excellent training and guest team members developmen scores ° PP leading brands \\ apprenticeships >) National Awards 2016 THE SUNDAY TIMES Outstanding customer service coil Beles progression ‘ORK FOR
Slide 19: Whitbread growth plan summary
WHITBREAD Build capability to support long term growth Grow and innovate Focus on our strengths in core UK to grow internationally <r 2020 Milestones on track Extended runway for growth term growth in earnings and dividends combined with return on capital
Slide 20: Whitbread Capital Market Day 2016
WHITBREAD CAPITAL MARKET DAY 2016
Slide 21: Property strategy overview
WHITBREAD Whitbread’s balanced and flexible approach to freehold and leasehold > models is a source of competitive advantage Maintaining a strong freehold base is crucial to the future value creation of Premier Inn and Restaurants Leasehold helps secure additional good sites for Premier Inn when fre
Slide 22: What property Premier Inn and Restaurants own and lease
What property does Premier Inn and WHITBREAD Restaurants own and lease? Evolution of estate including pipeline Comparison dynamics % of estate . : . ¢ Freehold mix has declined organically as network has grown with a higher Leasehold proportion of leasehold * Leasehold has enabled Premier Inn to acc
Slide 23: Strong and flexible property approach
— FN EN EN Market access Proven value creation Rational funding choice Strong and flexible WHITBREAD Whitbread can pursue freehold site opportunities without engaging 3" party finance, unlike key competitors Covenant strength is underpinned by freehold, and allows favourable access to leasehold oppo
Slide 24: When Whitbread uses leasehold
When Whitbread uses leasehold WHITBREAD * Many favourable sites are available to us * Costa traditionally operates in small only as Leasehold, especially in London box retail units, where shorter leases and in city centres are the dominant market model * Able to participate in large mixed use * Leas
Slide 25: Site example and extension returns
72 beds, 112 covers, built 1997 NBV £3.8m Profit £750,000 (no P&L rent inflation) Return 20% WHITBREAD * 40 beds, 171 covers, open 2004 * 18 bed extension to 58 in 2014/15 * Extension return 16% Purchased unconditionally April 2015 Forward funded in July 2016 for a realisation of £84.5m Implied 25%
Slide 26: How much property does Whitbread own?
How much property does Whitbread own? WHITBREAD Whitbread freehold portfolio * Whitbread owns £2.6bn NBV of trading freehold property (at end 2015/16), and c.£3.0bn of total freehold property * The current market value of our freehold property is estimated at £4.2bn to £5.1bn: — This is based on a 2
Slide 27: The property lifecycle
What is the property lifecycle WHITBREAD (Premier Inn and Restaurants) Sale & Leaseback Strategy Potential Pipeline Acquisition team finds and secures sites Freehold/leasehold flexibility gives us competitive advantage Tactical only... Exploit opportunities (King’s Cross hub, Farringdon) Immature si
Slide 28: Future value creation in property
Future value creation in property WHITBREAD Estate segmentation Maintenance capex plans Asset intensification Active asset management Analysis of every asset in the portfolio, considering: * Performance * Operational requirements and plans * Preferred ownership tenure That leads to an integrated ass
Slide 29: Small, ongoing sale and leaseback programme
Benefits of a small, ongoing sale and WHITBREAD leaseback programme Sale and leaseback enables Whitbread to recycle capital from mature assets into higher returning opportunities In addition, S&LB proves the value of our covenant to prospective landlords We are planning £50-150m of S&LB per year, de
Slide 30: Balance and value creation
Balance and value creation WHITBREAD Strong yal covenant ~%, Freehold value Access to creation best sites Balanced portfolio Hiigat<dag Majority freehold Good returns Growth Operating funding cashflow a
Slide 31: Key takeaways on our property strategy
: Key takeaways on our property strategy WHITBREAD 1. Retain our balanced approach » Operational flexibility, competitive advantage, majority freehold estate, strong leverage ratio and covenant 2. Work hard to create value » Extension, intensification, relocation, refurbishment 3. Maintain internal
Slide 32: Whitbread Capital Market Day 2016
WHITBREAD CAPITAL MARKET DAY 2016
Slide 33: The Premier Inn team
The team ® Premier Inn Simon Jones Mark Anderson Managing Director Managing Director Premier Inn & Restaurants Property & UK Premier Inn International Phil Birbeck Bhavesh Mistry Managing Director Finance Director Restaurants Premier Inn and Restaurants Russell Braterman Innovation and Business Deve
Slide 34: Agenda
2 ) Investing in the Core - Runway for growth 3 ) Focus to win internationally 4) Sustaining good returns eh
Slide 35: About Premier Inn
About Premier Inn Great long-term outlook Unique business model Future growth runway
Slide 36: UK's leading hotel brand
| PREMIER INN UK’s leading hotel brand & MillwardBrown ‘First Choice’ % of customers selecting “it would be my first choice”” Premier Inn ® Hilton Travelodge Holiday Inn/Express Best Western Ibis Ramada / EXCELLENCE \ \ oO advisor’ 2) Premier Inn puverds 2076 Which? = Travel brand ranking Powiemeaee
Slide 37: Most comprehensive network
O WIN IN , INN B RETURN Most comprehensive network @) Premier inn 746 Hotels 532 Hotels 137 Hotels 60 Hotels Travelodge Holiday Inn/Express Ibis re ae ‘ aes: : ; bee ase fee te ge = | ie Z wattde weet 4 > 1% 4 ees 3 eo: oe 2o RB, wa)
Slide 38: Only brand that delivers on quality and value
, O WIN INTERNATIONA A OOD RETURN Only brand that delivers on quality and value ® Premier inn YouGov Brandindex 30 7 Hilton @ 25 4 ; . >) e * Quality: “Which of the following 7 e@ Marriott Premier Inn brands do you think represents 5 2 4 Good/Poor quality” £ * Value: “Which of the following s 3 4 br
Slide 39: Consistent capacity, occupancy and profit growth
© WIN IN PREMIER INN R A A A R R ) Consistent capacity, occupancy and profit growth ® Premier inn We have maintained occupancy while ..and increased earnings in line with sales growing room nights available... at good returns (m, %) (£m, %) 1,818 Sales 22.2 1,656 0.1% 1,492 CAGR 1,359 1,238 515 572
Slide 40: Leverage unique business model to drive returns
PREMIER INN © WIN IN Leverage unique business model to drive returns @) Premier inn * Organic Premier Inn growth * Roll-out of hub by Premier Inn Network * Extensions strength 40% more sites than * Format and Joint Site Closest competitor . ; £2-2.50 F&B RevPAR innovation — Value for money >80% occu
Slide 41: Visibility of beyond 100,000 UK rooms
We > currently have visibility of beyond 100,000 @) Premier inn UK rooms and 12-13% market share * Represents c.48% of opportunity beyond current ic) pipeline - c.9,000 rooms Broaden * Represents c.38% of . opportunity beyond current penetration pipeline — c.7,250 rooms New catchments ¢ Unlocking ne
Slide 42: Premier Inn growth opportunity
aaa NVESTING INTHE COR WIN INTERNATIONA INISIIN RETURN Premier Inn growth opportunity @) Premier inn Extensive structural Unique Well-placed opportunities business model for continued growth
Slide 43: Agenda
Agen da ® Premier Inn 1) Introduction Value for (2) Investing in the Core - Runway for growth @aiavae strength money 3 ) Focus to win internationally Good returns 4) Sustaining good returns Digital direct Consistent distribution quality delivery
Slide 44: Structural shift to value brands
Structural shift to value brands @) Premier inn UK hotel market share by segment (% of total rooms) Continued shift to branded hotels ® Premier Inn 6% * Economies of scale of branded networks fo Budget branded 12% . Superior proposition of brands and importance of ‘value’ * OTAs reducing independent
Slide 45: Premier Inn winning market share
PREMIER INN I INVESTING IN THE CORE Premier Inn winning market share @) Premier inn O WIN IN Number of UK hotels 746" 704" 660° 681 Gap of 185 Gap of 158 502 H1 2013/14 H1 2014/15 H1 2015/16 H1 2016/17 @ ibis @ Holiday inn Express @ Travelodge ® Premier inn ’
Slide 46: Disrupters and Premier Inn customers
Disrupters will gain market share, but appeal to @)Premierinn different customers and trip types ® Premier Inn Disrupter + Premier Inn competes through Market segment Economy / budget Wide range — Product consistency — Reliability and trust Trip type Business / leisure mix Predominantly leisure? — C
Slide 47: Tried and tested network plan
, IN THE CORE BNATIONA A RETURN We have a tried and tested network plan @) Premier inn that is continuously updated and optimised Phase 1 Phase 2 Phase 3 Determine current UK Forecast future UK Calculate Premier Inn hotel market by catchment hotel market by catchment end-state opportunity Input [| C
Slide 48: Three growth models
, IN THE CORE O WIN INTERNATIONA A Our three growth models allow us to access a wide range of network opportunities Hotels: 746* Ss Rooms: 65,770 Average rooms: 88 * Entry to smaller catchments (<80 rooms) * Restaurant appeals to (e.g. London, Edinburgh) non-Premier Inn customer * Smaller bedrooms w
Slide 49: 2020 milestone secure, visibility beyond 100,000 rooms
2020 milestone secure with visibility beyond @) Premier inn 100,000 rooms Premier Inn UK room growth Growth to beyond 100,000 rooms (‘000 rooms) 14 oO — ° | | Broaden -— catchments penetration Format development Existing Secured Total Further —_ Yet to find 2020 estate pipeline committed extension M
Slide 50: Fast maturity in regions
TNSMaSEINISMM INVESTING IN THE CORE | O WIN IN Fast maturity — c.3 years in regions ® Premier inn Occupancy 91% * Fast maturity due to high 87% 84% 84% nationwide levels of brand awareness and network effects from the UK estate 77% 81% * London sites mature in c.1 year Year 1 Year 2 Year 3 RevPAR ¢
Slide 51: Extensions are low risk and deliver good returns
yr IN THE CORE BNATIONA A RETUR Extensions are low risk and deliver good returns @) Premier inn Milton Keynes South example - before and after 20-bed extension £57.48 £13m 92% £1.1m £50.66 £49.81 88% £0.8m 86% Year 0 Year 1 Year 2 Year 0 Year 1 Year 2 Year 0 Year 1 Year 2 Extensions are a secure mea
Slide 52: Premier Inn catchment share
PREMIER INN | INVESTING IN THE CORE Premier Inn catchment share ® Premier inn O WIN IN Example: Birmingham City Centre 8: existing sites (555 rooms) 3 target sites (440 new rooms) 30% 25% 20% Opportunity to drive ay share 10% 5% Current PI% of Market Supply (excl. pipeline sites) 0% 1 11 21 31 41 51
Slide 53: Adding capacity to drive sales and profit
PREMIER INN INVESTING IN THE CORE Adding capacity to drive total sales and profit Inverness example * Medium-sized tourist town, population c.47,000 * Total supply (including 2 Premier Inns) of 2,518 rooms and Premier Inn share of 12.1% * Added two new sites at end of FY 2011/12 * Existing sites’ Re
Slide 54: hub by Premier Inn
Drives attractive returns from high cost locations (notably London) through greater site efficiency . . trip Flexible format enables us to access buildings not suitable for Premier Inn Benefits from Premier Inn scale (i.e. digital, property expertise, operational excellence) Occupancy performance co
Slide 55: Key takeaways: network strength
fire IN THE CORE BNATIONA A RETURN Key takeaways — network strength @® Premier inn Robust network plan Further opportunity Provides a scientific basis for identifying growth opportunities, whilst maintaining returns Three proven growth models and property flexibility allows access to a broad range o
Slide 56: Agenda
Agen da ® Premier Inn 1) Introduction Value for (2) Investing in the Core - Runway for growth ever strength money 3 ) Focus to win internationally Good returns 4) Sustaining good returns Digital direct Consistent distribution quality delivery
Slide 57: Driving occupancy and maximising yield
fis IN THE CORE N INTERNATIONA A RETUR Our objective is to drive occupancy, maximising @)Premierinn yield within our “brand value principles” Brand value principles Rooms available vs days left to stay date . a . 100 4 * Prices rising towards date of arrival =, | % * Range of easy to understand : |
Slide 58: Automated Trading Engine revenue management
, IN THE CORE BNATIONA A RETURN We have our own Revenue Management @® Premier inn system — the “Automated Trading Engine” Conceptual pricing curve Now (2016 onwards) Price Once a day in arrears = Real time, 5 times a day Old system 18 month development | eee > 6 week development cycle Offline optimi
Slide 59: Filling more of our hotels
ae Tis kee) FOCUS TO WIN INTERNATIONALLY) SUSTAININ We are filling more of our hotels Occupancy profile of Premier Inn hotels” 2012/13 647 hotels 2015/16 737 hotels <70% 70-80% 80-85% 85-90% >90% 59 * Total UK & Ireland estate at end of financial year
Slide 60: ATE delivers commercial and guest benefit
fiir IN THE CORE Mize oy BNATIONA Automated Trading Engine delivers commercial and guest benefit Commercial objectives ¢ Accurate room pricing * Prices up quickly in response to observed demand * Builds volume on off-peak nights * New sites mature faster * Consistently conforms to pricing principles
Slide 61: Key takeaways: value for money
fire IN THE CORE BNATIONA A RETUR Key takeaways — value for money @) Premier inn * Track record of success by evolving our dynamic pricing capability * Bespoke pricing system a critical source of competitive advantage Automated * Applies parameters, algorithms and data to deliver a broad range of Tr
Slide 62: Agenda
Agen da ® Premier Inn 1) Premier Inn Value for (2) Investing in the Core - Runway for growth ever strength money 3 ) Focus to win internationally Good returns 4) Sustaining good returns Digital direct Consistent distribution quality delivery
Slide 63: Digital is critical in the battle for the customer
INVESTING IN THE CORE O O WIN INTERNATIONA AINING GOOD R Digital is critical — there is an on-going battle for the digital customer... * Our digital competitors are global in scale and digital specialists ¢ We have built an in-house digital capability to compete * Our core objective is to maintain o
Slide 64: Improvements in traffic and conversion support direct model
PREMIER INN INVESTING IN THE CORE Sustainable improvements in traffic and ® Premier inn conversion support direct model Premier Inn web visits and conversion Volume of reservations by channel MAT October 2014 to September 2016, October 2014 = 100 us 8% 6% Indirect channels 9% 8% 110 105 100 Premier
Slide 65: Digital strategy: three key pillars
O WIN IN fia IN THE CORE BNATIONA A RETUR Our digital strategy is focused on three key pillars ® Premier inn Supported by in house teams Marketing Optimisation of existing New product optimisation digital assets development * Improving efficiency of + “Agile” optimisation of web * New desktop and mo
Slide 66: New Business Booker product
, IN THE CORE RNA A A RETURN New ‘Business Booker’ product to increase @) Premier inn share of wallet and stickiness Premierinn . * Currently live with large corporate clients * Good revenue upside to-date sy bookings for you or your team ¢ Planned rollout to SME audience Objectives — Increase satis
Slide 67: Key takeaways: direct digital distribution
ihre BNATIONA A RETURN Key takeaways — direct digital distribution @) Premier inn Context * The hotel sector is engaged in a battle for the consumer with a range of online competitors * Weare investing in building capability across three core areas — Capability digital marketing, online optimisation
Slide 68: Agenda
Agen da ® Premier Inn 1) Introduction Value for (2) Investing in the Core - Runway for growth ever strength money 3 ) Focus to win internationally Good returns 4) Sustaining good returns Digital direct Consistent distribution quality delivery
Slide 69: We focus on the product essentials
We focus on the product essentials Bedroom Bathroom and shower Ongoing investment to maintain Brand Standard Hypnos mattress ensures world-class sleep experience Hot powerful showers Modern bathrooms supported by ongoing investment programme Unique pay for progression approach ensuring service deliv
Slide 70: ID4 rooms designed for cost, guest and operating efficiency
NN INVESTING IN THE CORE Our ID4 rooms are designed for cost, guest and @)Premierinn operating efficiency O WIN IN A Great Pures la — Bed as the ‘hero’ night’s sleep ; 1,000 pocket sprung Full length ——$——— Peiead ai Blackoutcureine King’s size bed with integrated wool topper. Pressure mappin; with
Slide 71: A consistently superior product
fie THE CORE O WIN INTERNATIONA A RETUR A consistently superior product ® Premier inn Average NPS Room type evolution score” Ongoing product investment Be tg . . . Hi o3 53.8 * Product consistency is key to Premier Inn’s Fy 2018/ io Bios 58.0 offering ; Gi hub 58.5 0% * Our continued investment supp
Slide 72: Investing in our teams
MataMaa Me INVESTING IN THE CORE Ml Investing in our teams to drive ailisg ntage @) Premier inn * Pay for Progression — * Empowered teams — Beyond NLW surprise and delight * Skills development — * Detailed guest tracking WISE and Apprentices New guest insight too * Engagement — c.1m responses/year 5
Slide 73: Operational excellence
, IN THE CORE BNATIONA A RETURN Operational excellence — @® Premier inn cornerstone to our brand Brand Standards Operational Efficiency * Standards manual ¢ Labour models * Reinforced via line accountability * Systematic tracking of * Clear KPls and incentives — performance organisational alignment
Slide 74: Restaurants supporting Premier Inn
PREMIER INN INVESTING IN THE CORE O WIN IN Restaurants supporting Premier Inn ms: Cap we Table Joint site restaurants increase Premier Inn RevPAR and returns * Good progress rejuvenating our brands in H1 — 113 Beefeaters under the new “Orange Cow” brand proposition — Bar + Block — good guest feedbac
Slide 75: Bar + Block extending the Joint Site model
NIN OOD R y. INVESTING IN THE CORE Mille! N RNATIONA A BN Bar + Block — extending the Joint Site model @) Premier inn BAR+EjEUH, * Modern high street STEAKHOUSE format... ° ...enhancing returns for city centre Premier Inns * Kings Cross opening December 2016 ¢ Promising early signs 75
Slide 76: Key takeaways: consistent quality delivery
PREMIER INN INVESTING IN THE CORE Key takeaways — consistent quality delivery Product Consistency Restaurants Balanced Investment Our investment programme ensures product consistency, differentiates the brand and supports pricing over the long-term We carefully design the product to trade-off cost,
Slide 77: Agenda
Agen da ® Premier Inn 1) Introduction 2 ) Runway for growth G) Focus to win internationally 4) Sustaining good returns
Slide 78: Germany is a structurally attractive hotel market
| FOCUS TO WIN INTERNATIONALLY AINING GOOD R R Germany is a structurally attractive market for @® Premier inn budget branded hotels Germany vs UK hotel market (000 rooms; 2015) * The German hotel market is larger than the UK 955 ¢ There is an ongoing structural shift from independents to brands, wit
Slide 79: Opportunity to create a scale budget branded offering
| FOCUS TO WIN INTERNATIONALLY AINING GOOD R Clear opportunity to create a scale budget @) Premier inn branded offering Largest branded budget chains (number of hotels, 2016) Premier Inn @) 746 * The largest branded budget players in the German market are 10-20% the Travelodge . r UK size of scale U
Slide 80: Premier Inn brand positioned to win in Germany
PREMIER INN | INVESTING INTHE CORE | Mela MOR MDE) Wile) VAM A SUSTAINING GOOD R Premier Inn brand is positioned to win in the @) Premier inn German market Great proposition Brand positioning Brand awareness building and experience Achieves consistently * Premium economy positioning * Great location
Slide 81: Significant growth opportunity in immature hotel market
Slide 82: Agenda
Slide 83: Sustaining good returns and margins
Slide 84: Driving efficiency across the business to enable investment
Slide 85: Capital management efficiencies: optimising refurbishments
Slide 86: Procurement efficiencies: improving service levels and reducing costs
Slide 87: Key takeaways: Sustaining good returns
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Slide 89: Premier Inn growth opportunity
Slide 90: Q&As
Slide 91: Whitbread Capital Market Day 2016
Slide 92: Costa
Slide 93: Agenda
Slide 94: The Costa team
Slide 95: Costa's evolution: the last 20 years
Slide 96: What makes Costa great
Slide 97: Consistently delivered shareholder value
Slide 98: Costa has significant opportunities
Slide 99: A plan delivering across four pillars
Slide 100: We will achieve our Milestones
Slide 101: Agenda
Slide 102: Summary: a giant step forward
Slide 103: Powerful brand and deep UK network presence
Slide 104: Continue to win share
Slide 105: Convenience and quality remain fundamental drivers
Slide 106: The UK population continues to drink more coffee
Slide 107: Global demand trends indicate significantly more growth to come
Slide 108: Significant runway for high returning growth
Slide 109: Driving sustainable like for like on multiple fronts
Slide 110: Brand: amplify our coffee credentials
Slide 111: Coffee credentials: innovation driving sales
Slide 112: Food: a fresh approach
Slide 113: Store experience: the right format for the occasion
Slide 114: Store experience: investing in the customer
Slide 115: Building digital from a foundation of loyal customers
Slide 116: Significant runway for high returning growth
Slide 117: Insight-led approach to network planning
Slide 118: Significant white space for new Costa stores
Slide 119: Multiple routes to access
Slide 120: New locations: higher growth channels driving future opportunities
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