International Workplace Group Plc · LSE:IWG
International Workplace — Investor Day (December 2025)
121 slides from International Workplace's investor day presentation, Dec 4, 2025
Slide 1: IWG Investor Day
IWG Investor Day 4 December 2025 th New York City
Slide 2: Caution statement
Caution statement Investor Day - December 2025 2 No representations or warranties, express or implied are given in, or in respect of, this presentation or any further information supplied. In no circumstances, to the fullest extent permitted This presentation may contain forward-looking The Company
Slide 3: Agenda
Agenda Investor Day - December 2025 3 . Mark Thomas Andre Fatima Jeff Charlie Dixon Sinclair Sharpe Koning Doughman Steel Founder & Chief Chief Development Chief Chief Commercial Chief Executive Chief Financial Executive Officer Officer Innovation Officer Officer Officer, North Officer America
Slide 4: Continued delivery from the market leader
Continued delivery from the market leader Investor Day - December 2025 4 The biggest and most extensive Over 1 million network and rooms open coverage in the market Over 228,000 4,434 open rooms in the centres across pipeline1 121 countries1 1 As at 30 September 2025
Slide 5: Undisputed winner in the flexible workspace
Undisputed winner in the Investor Day - December 2025 flexible workspace Numbers of centres under management • IWG has strongly accelerated the number of buildings under management since starting to scale Managed & Franchise IWG’s Managed & Franchised • Competitors have lost their 2019 momentum and
Slide 6: Substantial and capital-light portfolio
Substantial and capital-light Investor Day - December 2025 66 portfolio Significant coverage and network growth in line with strategy 33% Locations 50% Managed & including 20% Franchised pipeline Locations 5786 3989 50% 3514 80% 3345 72% 81% 86% 50% 1 28% 14% 19% FY 2022 FY 2023 FY 2024 Today's Foot
Slide 7: Extensive portfolio reach
Extensive portfolio reach Investor Day - December 2025 7 To best segment and cover the market IWG’s breadth of brand portfolio maximises the attractiveness to all end customers by seeking to capture all relevant price-points and end markets
Slide 8: A changing business
A changing business Investor Day - December 2025 8 IWG will look more like the hotel groups… 2025 % 2025 FCF from EV/EBITDA Revenues M&F Adj EBITDA FY265 Franchising model revolutionised the hotel industry ~80% 1 56% 19x • enabled faster scaling • substantial incremental free cash flow generation ~9
Slide 9: …and better
…and better Investor Day - December 2025 9 Bigger than Longer term Supportive the next 10 in contracted Unique megatrends the market revenue combined
Slide 10: But trades at a significant discount
But trades at a significant discount Investor Day - December 2025 7 25x 20x EV/EBITDA FY26 15x 10x 5x 0x 30% 35% 40% 45% 50% 55% 60% 65% 2025 FCF from Adj EBITDA NB: Bubble size indicates % 2025 Revenues M&F Source – Company filings and reports. Revenues including management, royalty and intellectua
Slide 11: Customer revenue drivers
Customer revenue drivers Investor Day - December 2025 11 Customer pyramid 85% Enterprise Fortune 5001 Smart Increasing speed and reliability growth of new market entry 30% of corporate portfolios will 500,000 SMEs businesses Flexibility comprise flexible workspace by 20302 83% of CEOs already enable
Slide 12: Supportive mega-trends
Supportive mega-trends Investor Day - December 2025 12 Capex to opex Lower costs and higher productivity Platform working Flexibility Real estate valuations moving toward cashflow vs NAV Technology
Slide 13: An accelerating flywheel
An accelerating flywheel Investor Day - December 2025 13 Platform network and coverage Bigger platform • Every new location strengthens & coverage customer reach and partner attraction More • Network effects reinforce scale Customer effective advantages and improve profitability marketing benefits S
Slide 14: Why partners choose us
Why partners choose us Investor Day - December 2025 14 Scale and track-record Revenue Operations Net returns Sales and marketing Supply chain and logistics Increased revenue Customer network Economies of scale Lower costs Real estate valuations Platform Operating platform moving from FCF to NAV Supp
Slide 15: Conclusion
Conclusion Investor Day - December 2025 15 • IWG has continued to deliver on its strategy • Strategic pace set to increase • Focus on cash generation • Sensible investment • D&PS integration • No change to core strategy • Confident on outlook
Slide 16: Thomas Sinclair
Thomas Sinclair Managed & Franchise
Slide 17: Opportunity and strategy unchanged
Opportunity and strategy unchanged Investor Day - December 2025 17 $2tn TAM Global market leader Partner of choice Building the network Investing for growth
Slide 18: We are delivering
We are delivering Investor Day - December 2025 18 Accelerated growth underpins FCF generation and shareholder returns Set up Execution Delivery Acceleration 2023 2024 2025 Locations Locations Recurring SIGNED OPENED FEES +100% +100% +100%
Slide 19: Brands & Formats
Brands & Formats Investor Day - December 2025 19 19 Centre 1989 #1 1 brand 1 format 1 location
Slide 20: Brands & Formats
Brands & Formats Investor Day - December 2025 20 20 Today Multi-brand Multi-format Growing networks
Slide 21: Brands & Formats
Brands & Formats Investor Day - December 2025 21 21 Future More brands More formats Broader networks Bigger opportunity
Slide 22: Operational Real Estate
Operational Real Estate Investor Day - December 2025 22 22 Customers Owners want flexibility want income and agile solutions and amenities +1,910% Premium On-demand Spoke use cases1 Cash Flow +80% +12% Dedicated Hub use cases1 Higher demand for buildings with amenities3 - 25% Valuation Fixed Footp
Slide 23: IWG Managed & Franchised value proposition
IWG Managed & Franchised value proposition Investor Day - December 2025 23 23 More Less revenue cost Distribution Add-on Marketplace Platform Buying power Supply chain services Network & Scale Higher Outsourced Return Team Experience End-to-end Best ROI Premium Amenity & platform income Asset Valu
Slide 24: Managed & Franchised: Model
Managed & Franchised: Model Investor Day - December 2025 24 Management Fee Customers Network Landlords Distribution & Investors Platform Asset/Portfolio Drive revenue Cash flow Control costs Suppliers Reporting Global platform Scale economies Premium Income Amenity Valuation Productise Operate Mon
Slide 25: Managed & Franchised Flywheel
Managed & Franchised Flywheel Investor Day - December 2025 25 Scale, network and best economics now driving virtuous circle of growth Account Broadest Growth Network Scale Economies New Partners Premium Fees Income Best Best Returns Distribution Cost Maximum Leadership Revenues
Slide 26: Investing for Network Growth
Investing for Network Growth Investor Day - December 2025 26 Ongoing and accelerated investment in our Managed & Franchise programme +23% Sales Team YoY • Sales resource • Management structures FTEs • Supply chain • Partner support H1 2024 H2 2024 H1 2025 Signatures Openings Fees
Slide 27: Delivering Growth: New Locations Signed
Delivering Growth: New Locations Signed Investor Day - December 2025 27 Our investment has driven a meaningful acceleration in Signatures New Locations Signed (10 Yrs) Signatures + 43% YoY (3Q) Delivering ahead of plan Improved breadth of performance 2016 2017 2018 2019 2020 2021 2022 2023 2024 H1
Slide 28: Delivering Growth: New Locations Signed
Delivering Growth: New Locations Signed Investor Day - December 2025 28 Our investment has driven a meaningful acceleration in Signatures New Locations Signed (10 Yrs) Signatures + 43% YoY (3Q) 482 signings Delivering ahead of plan Improved breadth of performance 2016 2017 2018 2019 2020 2021 2022
Slide 29: Delivering Growth: New Locations Signed
Delivering Growth: New Locations Signed Investor Day - December 2025 29 Our investment has driven a meaningful acceleration in Signatures >1,500 run rate New Locations Signed (10 Yrs) Signatures + 43% YoY (3Q) 482 signings Delivering ahead of plan Improved breadth of performance 2016 2017 2018 201
Slide 30: Delivering Growth: New Locations Signed
Delivering Growth: New Locations Signed Investor Day - December 2025 30 Our investment has driven a meaningful acceleration in Signatures New Locations Signed (2022- 25) Signatures + 43% YoY (3Q) Delivering ahead of plan Improved breadth of performance Jan Feb Mar Apr May Jun Jul Aug Sep 2022 2023
Slide 31: Delivering Growth: New Locations Opened
Delivering Growth: New Locations Opened Investor Day - December 2025 31 Signatures now converting into capital- lite openings New Locations Opened, 10 Year View Openings + 41% YoY (3Q) Delivering ahead of plan Strong pipeline into 2026 2016 2017 2018 2019 2020 2021 2022 2023 2024 H1-25 Sep-25 Ann.
Slide 32: Delivering Growth: New Locations Opened
Delivering Growth: New Locations Opened Investor Day - December 2025 32 Signatures now converting into capital- lite openings New Locations Opened, 10 Year View Openings + 41% YoY (3Q) Delivering ahead 314 openings of plan Strong pipeline into 2026 2016 2017 2018 2019 2020 2021 2022 2023 2024 H1-2
Slide 33: Delivering Growth: New Locations Opened
Delivering Growth: New Locations Opened Investor Day - December 2025 33 Signatures now converting into capital- lite openings >1,000 run rate New Locations Opened, 10 Year View Openings + 41% YoY (3Q) Delivering ahead 314 openings of plan Strong pipeline into 2026 2016 2017 2018 2019 2020 2021 202
Slide 34: Delivering Growth: New Locations Opened
Delivering Growth: New Locations Opened Investor Day - December 2025 34 Signatures now converting into capital- lite openings New Locations Opened, 10 Year View Openings + 41% YoY (3Q) $1bn Delivering ahead growth capex of plan Strong pipeline into 2026 2016 2017 2018 2019 2020 2021 2022 2023 2024
Slide 35: Delivering Growth: New Locations Opened
Delivering Growth: New Locations Opened Investor Day - December 2025 35 Signatures now converting into capital- lite openings New Locations Opened, 10 Year View $7m growth capex Openings + 41% YoY (3Q) $1bn Delivering ahead growth capex of plan Strong pipeline into 2026 2016 2017 2018 2019 2020 20
Slide 36: Delivering Growth: New Locations Opened
Delivering Growth: New Locations Opened Investor Day - December 2025 36 Signatures now converting into capital- lite openings New Locations Opened, 2022- 25 Openings + 41% YoY (3Q) Delivering ahead of plan Strong pipeline into 2026 Jan Feb Mar Apr May Jun Jul Aug Sep 2022 2023 2024 2025 Signatures
Slide 37: Delivering Growth: New Location Trading
Delivering Growth: New Location Trading Investor Day - December 2025 37 New locations trading up in- line with expectations New Centre Fill Curve 80% Product/market fit 60% Network and scale 40% Platform, experience and know-how 20% 0% M1 M2 M3 M4 M5 M6 M7 M8 M9 M10 M11 M12 M13 M14 M15 M16 M17 M18
Slide 38: Delivering Growth: New Location Trading
Delivering Growth: New Location Trading Investor Day - December 2025 38 New locations trading up in- line with expectations 300 RevPAR 250 Product/market fit 200 Network and scale 150 Platform, experience and know-how 100 50 - 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 HY25 YE
Slide 39: Delivering Growth: Fee Income
Delivering Growth: Fee Income Investor Day - December 2025 39 Signatures → Openings → Fee Income as we delivery on the strategy Managed System Revenue ($m) • Revenue driven by Openings + 90 Trading Performance 80 104% 70 CAGR 60 • Mid-teens drop-though to 50 Management Fees 40 30 20 Continue to ad
Slide 40: Diverse partner base
Diverse partner base Investor Day - December 2025 40 Accelerating growth of multi- site and institutional partners >80% <20% c25% of partners own Multi-site partners Institutional multiple buildings
Slide 41: Case Study: Europe
Case Study: Europe Investor Day - December 2025 41 Image 1 Image 2 Asset Manager, €500bn AUM 12 open IWG locations across 4 brands Adding multiple locations p.a. Image 3 Image 4
Slide 42: Case Study: USA
Case Study: USA Investor Day - December 2025 42 Image 1 Investment Manager, 33m sqft under management 13 IWG locations across 3 brands Multiple new opportunities in flight
Slide 43: Case Study: Europe
Case Study: Europe Investor Day - December 2025 43 Image 1 Insurance company, €55bn AUM Regeneration of an iconic shopping mall IWG managing 135k sqft including multiple amenities
Slide 44: Company Owned growth
Company Owned growth Investor Day - December 2025 44 Continue to see opportunities to add selective Company Owned assets on attractive terms Strategic assets Limited risk Minimal capital deployed Imagery here needs to talk to strategic locations – big, beautiful, famous buildings etc etc
Slide 45: Conclusion
Conclusion Investor Day - December 2025 45 Network growth strategy unchanged Opportunity continues to grow We are delivering as planned Further investment now driving accelerated growth Fee income and FCF will continue to grow
Slide 46: Andre Sharpe, Chief Innovation Officer
Andre Sharpe Chief Innovation Officer
Slide 47: Occupancy x price
Locations deliver breadth. Product delivers depth. Investor Day - December 2025 47 Grow locations. Grow occupancy. Grow share of wallet Occupancy x price Share of Product wallet # of locations
Slide 48: Occupancy x price
Locations deliver breadth. Product delivers depth. Investor Day - December 2025 48 Grow locations. Grow occupancy. Grow share of wallet Additional Occupancy x price value Share of wallet # of locations Product
Slide 49: What we do specifically
What we do specifically 49 Create a smarter way to work for everyone • Products: formats and solutions clients buy • Services: everything Service Digital that wraps around them development platform Product development Virtual service Apps • Digital platform: how delivery Websites those products are
Slide 50: How we deliver
How we deliver 50 We create, test, package and launch new products and services into the platform of work Features Client needs Benefits Market insights Packages Ideation Design Release Test Build Learn &test Go to market Refine
Slide 51: We deliver the proposition & digital platform for two main groups
We deliver the proposition & digital platform for Investor Day - December 2025 51 two main groups Property owners Clients For landlords, our productised platform is Private – Family offices – Individuals – SME – Enterprise helping to accelerate the Institutional landlords build-out of the national
Slide 52: Our proposition for clients
Our proposition for clients Investor Day - December 2025 52 We have tripled the range of products, services and tools we offer to Our focus: clients in the last year • Solving the full set of challenges that client’s face • More specialised formats and functional space • Outsourced large-team solu
Slide 53: Our digital platform for clients
Our digital platform for clients Investor Day - December 2025 • 27 digital properties • 3 million monthly visitors • 80,000 monthly downloads
Slide 54: Our digital platform for clients
Our digital platform for clients Investor Day - December 2025 • One platform, many entry points • Single gateway to search, book, access and manage workspace • API layer lets brokers, partners and enterprises integrate directly • AI optimise inventory, pricing and client experience across the netw
Slide 55: Our proposition for landlords
Our proposition for landlords 55 55 • Advisory: using data and operating experience to advise property owners • Certification services for occupant wellbeing, sustainability, operational excellence – which drives demand and pricing. • Portfolio of workspace products: from office and managed suites t
Slide 56: Our digital platform for landlords
Our digital platform for landlords Investor Day - December 2025 56 56 On Demand: Real-time insight into who’s searching, for what, and which products are resonating – a live pulse on market demand. On Market Insights: Benchmarking against city, region and global network – what formats sell, where
Slide 57: Proposition: More products and services to come
Proposition: More products and services to Investor Day - December 2025 come • New Membership packages Own digital • New Service bundles platform • New On demand Digital channel • New market presence partners packages Direct sales teams • New office range to clients • New outsourced formats Strate
Slide 58: Proposition Client Benefits at scale
Proposition Investor Day - December 2025 Client Benefits at scale Eco-system of curated partners to deliver best in market offer to clients Travel services Insurance Gifting Health & Wellness Operational Supplies Business Services Technology
Slide 59: AI
AI Investor Day - December 2025 59 59 Marketing Platform engineering Pricing optimisation Business intelligence Sales acceleration AI Staff productivity Client service Decision support
Slide 60: We have the critical pillars in place
We have the critical pillars in place Investor Day - December 2025 60 Team, structure & capabilities Strategy Proposition Technology Operating model A clear, coherent Modern, API-first, A productised with the leadership, plan for what we’re data-rich stack that platform for clients, skills and pro
Slide 61: Conclusion
Conclusion Investor Day - December 2025 Our proposition Network is Our digital has tripled in continuing to platform is scale grow delivering
Slide 62: Fatima Koning, Chief Commercial Officer
Fatima Koning Chief Commercial Officer
Slide 63: Commercial focus remains sharp
Commercial focus remains sharp Investor Day - December 2025 63 Revenue Grow Drive Grow share of Accelerate demand conversion wallet enterprise
Slide 64: The Commercial engine in place
The Commercial engine in place Investor Day - December 2025 64 64 Strategy Marketing Commercial Go to strategy & market Digital Marketing planning Revenue Performance Sales Analytics Performance Sales Sales & insights management Enablement Execution
Slide 65: We’ve made progress since 2023
We’ve made progress since 2023 Investor Day - December 2025 65 65 More More sales Higher sales force demand volume effectiveness
Slide 66: We’ve made progress since 2023
We’ve made progress since 2023 Investor Day - December 2025 66 66 New clients Brand sentiment People excellence 2025 2023
Slide 67: Why we are winning
Why we are winning Investor Day - December 2025 67 National & local networks Proposition & range 24/7 sales engine Effective marketing Local market strategy
Slide 68: Proposition & range
Proposition & range Investor Day - December 2025 68 Consultancy Access a full services offices range Booking Meet, confer platform The & collaborate A wide range Workspace platform for of workspace strategy tools products, and Insights smarter solutions and Real time working Build services insight
Slide 69: Proposition & range
Proposition & range Investor Day - December 2025 69
Slide 70: Proposition & range
Proposition & range Investor Day - December 2025 70
Slide 71: The marketing is more effective
The marketing is more effective Investor Day - December 2025 71 Familiar It’s a no- brainer Simple & Seamless & & valued & convenient effortless on- demand ✓ Local ✓ Relevant for everyone ✓ Valued ✓ Effortless ✓ On demand, anytime, anywhere ✓ Convenient for everyone
Slide 72: Local market strategy
Local market strategy Investor Day - December 2025 72 Localised Channels Willkommen Bienvenido स्वागत है ようこそ Sveiki atvykę خوش آمدید 欢迎 مرحبا স্বাগতম Soo dhowow Bem-vindo Bienvenue Selamat datang Karibu स्वागत आहे స్వా గతం Hoş geldiniz እንኳን ደህና መጡ 환영합니다 நல் வரவு Chào mừng Localised contact To
Slide 73: 24/7 sales engine
24/7 sales engine Investor Day - December 2025 73 24/7, Follow On-demand Sales force the Sun sales journey
Slide 74: It’s working
It’s working Investor Day - December 2025 74 $ Individuals $ Small Medium Enterprises $Enterprise 84% Use multiple products1 35% of the base 47% of base 18% of base Home On the road Office Collaborative Hybrid 30% Use multiple locations1 1 of total client base
Slide 75: We’re a partner of choice for Individuals
We’re a partner of choice for Investor Day - December 2025 75 Individuals Hana Ostapchuk, Headquarters Hey Hana Design USA • Consultant Professional base • Business address • Network access • Meeting rooms on Brand identity demand • Offices on demand Support system
Slide 76: We’re a partner of choice for SMEs
We’re a partner of choice for Investor Day - December 2025 76 SMEs Kyle Walters, Uprise Solar, USA Infrastructure • Sales team • Dedicated workspace Growth enabler • Network access • Flex Coworking • Meeting rooms on Agility enabler demand
Slide 77: We’re a partner of choice for large enterprise
We’re a partner of choice for large Investor Day - December 2025 77 enterprise Simon Walter, Real Estate Platform of work Leader, Nokia • Company wide Employee job programme satisfaction & productivity • Access plan • Hubs Cost saving Capex light operating model Insights
Slide 78: It’s working
It’s working Investor Day - December 2025 78 2023 49 Hubs 20 Countries
Slide 79: It’s working
It’s working Investor Day - December 2025 79 2023 2025 49 375 Hubs Hubs 20 24 Countries Countries
Slide 80: It’s working
It’s working Investor Day - December 2025 80 2023 50 Hubs 20 Countries
Slide 81: It’s working
It’s working Investor Day - December 2025 81 2023 2025 50 230 Hubs Hubs 20 30 Countries Countries
Slide 82: Conclusion
Conclusion Investor Day - December 2025 82 National Team, talent, & local Proposition Marketing Technology capabilities strategy networks
Slide 83: 4 December 2025 New York City
4 December 2025 th New York City
Slide 84: Jeff Doughman, CEO North America
Jeff Doughman Chief Executive Officer North America
Slide 85: The total growth opportunity
The total growth opportunity Investor Day - December 2025 85 End state – covering every county/city down to 5K population 15,000 15,000 18,300 locations centers locations
Slide 86: The North American business today
The North American business today Investor Day - December 2025 86 System Wide Revenue of $30M in Fee Revenue1 and $1.5b Building 29% 2026 Doubled YoY Overall Strong Growth & Scale Will More Than 2025 Double in 2026 Fly Wheel Engaged Contribution Good Cost Management Total Cost In Check Exit 2025 wit
Slide 87: Overhead as an investment
Overhead as an investment Investor Day - December 2025 87 Core overhead down – managing all costs tightly • Supply chain management – leveraging scale and efficiencies • Leverage technology and centralization to manage states/cities/clusters more effectively • My Regus- client app • Support centers
Slide 88: Efficient region/state/city management
Efficient region/state/city management Investor Day - December 2025 88 Region State City City Manager (Running 4-6 Centers) Deputy City Manager Community Community Associate Associate Community Community Associate Associate Community Associate North Region
Slide 89: Medium-term plan
Medium-term plan Investor Day - December 2025 89 Strong growth -2K locations set to double – opportunity for continued growth Objective over medium-term • Location In Every County/City With 20K+ Population Base • Brand Expansion • New Formats • Muti-Location Portfolio Deals • Acquisitions
Slide 90: Investment planning
Investment planning Investor Day - December 2025 90 • Seasoned North America Investment Committee (IC) • CEO, CIO, CFO work in concert with operational business • Strategic plans developed for every state and province isolated all the way to city & county level – growth dashboard • Every new opportu
Slide 91: Strong growth example: Wisconsin state plan
Strong growth example: Wisconsin state plan Investor Day - December 2025 91 Total population 6M 2022 Today Future 10 Locations 50 Locations 300 Locations
Slide 92: Strong growth example: Brown County plan
Strong growth example: Brown County plan Investor Day - December 2025 92 Total Population: 274K (13 locations end state) Green Bay Population (largest city): 104K (5 locations – plan complete) Today 6 new locations in Brown County Pulaski Suamico • 1 Location Opened in 2023 Howard • 3 Location Opene
Slide 93: The path forward – clear runway for continued growth & margin expansion
The path forward – clear runway Investor Day - December 2025 93 for continued growth & margin expansion Market Opportunity Business Model & Differentiation • Sustained Demand Momentum – • North America as Growth Engine – Adoption of flexible workspace solutions Region leads the company in revenue co
Slide 94: Charlie Steel, Chief Financial Officer
Charlie Steel Chief Financial Officer
Slide 95: The Plan in December 2023
The Plan in December 2023 Investor Day - December 2025 95 We set out a clear plan at the Investor Day in December 2023, and we are delivering it What we said1 What we have delivered Open centre location count increased by 32% to 4,434 since the end of 2023 and over 1 million rooms open; Growth of
Slide 96: Continuation of the plan
Continuation of the plan Investor Day - December 2025 96 What we intend to deliver from here • Continue the journey toward our EBITDA target of at least $1bn in the medium term • Massive growth in recurring management fee income • Delivery towards the 30% gross margin target in Company-owned • Con
Slide 97: Evolution of EBITDA to $1bn target
Evolution of EBITDA to $1bn target Investor Day - December 2025 97 1,200 Combination of revenue growth 1,000 via price and new product offerings coupled with efficiency- based cost savings 800 Continued tight cost control however some administrative overheads expected to increase as network and co
Slide 98: Further clarity in reporting
Further clarity in reporting Investor Day - December 2025 98 We are continuing to make the financials easier to understand • We changed our functional and reporting currency to USD in Jan 2024 and in H1 2025 we Managed Lease Agreements transitioned accounting standards to US GAAP • IWG operates th
Slide 99: Digital & Professional Services
Digital & Professional Services Investor Day - December 2025 99 Integration and impact on financials Impact of integrating D&PS • No impact on group financials or cash, we are As Reported Company- Managed & FY 2023 ($m) owned Franchised adjusting how we present the numbers to System Revenue 473 40
Slide 100: 1. Managed & Franchised
1. Managed & Franchised Investor Day - December 2025 100 Breakdown of the income streams Recurring Management Fees Franchise & JV Fees Other Services Driver / KPI • Rooms • Rooms • Openings • RevPAR • RevPAR • Signings • Customers FY 2024 H1 2025 FY 2024 H1 2025 FY 2024 H1 2025 Revenue ($m) 21 22
Slide 101: 1. Managed & Franchised
1. Managed & Franchised Investor Day - December 2025 101 Now includes all our capital-light business lines FY 2023 ($m) Prior Proforma Change System Revenue 427 498 17% • Novation of Managed Lease Agreements: Group Revenue 61 132 116% Adjusted Gross Profit 61 132 116% Adj GP Margin 100.0% 100.0% •
Slide 102: 2. Company-owned
2. Company-owned Investor Day - December 2025 102 Receives virtual office revenues and costs for its locations FY 2023 ($m) Prior Proforma Change System Revenue 3,230 3,632 12% Group Revenue 3,230 3,632 12% Adjusted Gross Profit 689 846 23% • Virtual Office revenue will now be reported with the Ad
Slide 103: Transition to capital-light network continues at a faster pace
No change to strategy Investor Day - December 2025 103 Transition to capital-light network continues at a faster pace H1 2023 H1 2025 System • As we continue our evolution into an increasingly Revenue 12% 19% capital-light business; our plans, and targets remain unchanged +7ppt • Expand margins in
Slide 104: 1. Managed & Franchised
1. Managed & Franchised Investor Day - December 2025 104 Unprecedented growth continues Managed partnerships room evolution since 2023 • Open rooms doubled between Dec 2023 and June 500 2025 to 247k rooms 450 400 +2x Including pipeline this increases by an additional c.90% 221 • 350 Rooms (‘000) t
Slide 105: 1. Managed & Franchised
1. Managed & Franchised Investor Day - December 2025 105 Managed Partnership RevPAR as expected RevPAR evolution • RevPAR of new Managed Partnerships evolving in line 300 with previous cohorts but slightly slower than the original 18 month expectations 250 • At the end of June 2025, revenue is bei
Slide 106: 1. Managed & Franchised
1. Managed & Franchised Investor Day - December 2025 106 Very strong growth in recurring management fees 700 Estimated number of Managed & Franchised rooms open • Recurring management fees generated from 600 625 Managed Partnerships expected to grow 535 Rooms open (000) significantly due to the ma
Slide 107: How we will drive margins to 30%
2. Company owned Investor Day - December 2025 107 How we will drive margins to 30% 40.00% Strategy to drive occupancy higher supported by recent promotional activity resulting in higher occupancy and pricing 35.00% 30.00% 25.00% Property taxes and contractual 20.00% increases outside of IWG’s cont
Slide 108: 2. Company owned
2. Company owned Investor Day - December 2025 108 Pricing evolution gives confidence for further revenue growth in 2026 • Our strategy in Company-owned to drive revenue has been to increase occupancy via promotions for 110.0 76.0% new customers 109.0 75.5% 108.0 75.0% • Occupancy, for customers si
Slide 109: Overheads and evolution
Overheads and evolution Investor Day - December 2025 109 Core overheads 300 261 250 • IWG maintains tight cost control which has 200 historically kept cost growth below inflation $m 150 Growing around inflation • As network and coverage grows there will be 100 some additions in core overheads for
Slide 110: Capex will continue to be controlled
Capex will continue to be controlled Investor Day - December 2025 110 Maintenance capex to be $100m and grow with inflation • Historical capex has been weighted towards growth capex for new locations • Capex spent on new locations is depreciated over the term of the Example of Company-owned centre
Slide 111: As a result, depreciation set to fall markedly
As a result, depreciation set to fall markedly Investor Day - December 2025 111 Incremental to earnings 600 • Depreciation is significantly higher than capex 500 today • Centre fit out capex is depreciated over the life 400 of the first lease, typically 10 years despite many of our centres being o
Slide 112: Landlord contribution on leased buildings amortisation
Landlord contribution on leased buildings amortisation Investor Day - December 2025 112 3 Also set to decline • Historically, when IWG signed a lease with a landlord in the Company-owned division, the landlord would contribute How Landlord contribution on leased buildings amortisation is set to ev
Slide 113: Cashflow conversion
Cashflow conversion Investor Day - December 2025 600 113 FY 2024 500 Improves as EBITDA grows 400 300 200 100 • As EBITDA grows, cashflow is expected to increase as incremental EBITDA is cash 0 • Many of the line items below EBITDA are not expected to scale linearly • Capex will remain stable 1,20
Slide 114: IWG’s current $130m share buyback programme
IWG’s current $130m share buyback programme Investor Day - December 2025 114 Stable buyback programme which has also taken advantage of share price weaknesses 1,000 2.40 900 2.30 800 Shares repurchased (k) 2.20 700 Share price (£) 2.10 600 2.00 500 1.90 400 1.80 300 1.70 200 1.60 100 1.50 0 Mar-25
Slide 115: Evolution of capital allocation priorities
Evolution of capital allocation priorities Investor Day - December 2025 115 Old IWG New IWG Capital required for… Capital flexibility… Real estate leases and growth Disciplined capital expenditure capex Debt paydown Maintaining financial resilience M&A activity Targeted investments for growth
Slide 116: Disciplined and clear capital allocation to return surplus capital to shareholders
Investor Day - December 2025 Disciplined and clear capital allocation to return surplus capital to 116 shareholders: Buyback to continue into 2026 # 4: # 1: # 2: Share buyback Financial Investing in # 3: Dividends to return resilience the business capital Maintaining BBB Investment Grade credit ra
Slide 117: The Plan from December 2025
The Plan from December 2025 Investor Day - December 2025 117 Continued accelerating growth over the next few years What we expect to deliver KPIs for delivery Growth of coverage and network Continue to sign and open more locations Rapid growth in Managed & Franchised Continued growth in recurring
Slide 118: Outlook
Outlook Investor Day - December 2025 118 FY 2026: Short term outlook • EBITDA growth in 2026 expected to be driven by primarily by revenue increase rather than cost reduction • Adjusted EBITDA guidance of $585m - $625m • Key assumption is at least 4% growth in Company-owned revenue - this is perfo
Slide 119: Conclusion
Conclusion Investor Day - December 2025 119 New text • IWG has continued to deliver on its strategy • Strategic pace set to increase • Focus on cash generation • Sensible investment • D&PS integration • No change to core strategy • Confident on outlook
Slide 120: Investor Day - December 2025
Investor Day - December 2025
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Investor Day - December 2025
International Workplace Group — Investor Day (December 2025) on 6ix