Slide 1: FY26 Results and Outcome of Business Review
HUB OLD BAILEY FY26 RESULTS AND OUTCOME OF BUSINESS REVIEW 30th April 2026
Slide 2: Welcome
CARDIFF NORTH WELCOME Dominic Paul, Chief Executive
Slide 3: Today's Agenda
TODAY’S AGENDA WELCOME AND FY26 FINANCIAL PERFORMANCE Dominic Paul and Hemant Patel pg.4 OUTCOME OF BUSINESS REVIEW Dominic Paul pg.14 NEW FIVE-YEAR PLAN Mark Anderson, Simon Ewins, Joe Garrood, Hemant Patel, Erik Friemuth pg.28 FINANCIALS AND GUIDANCE Hemant Patel pg.90 KEY TAKEAWAYS AND Q&A Domini
Slide 4: FY26: Strong group performance; profits in line with last year
FY26 І STRONG GROUP PERFORMANCE; PROFITS IN LINE WITH LAST YEAR RETURN TO REVPAR GROWTH IN THE UK EXCELLENT ACCELERATING GROWTH PLAN PROGRESS ACCELERATED COST EFFICIENCIES PROFITABLE IN GERMANY STRONG SHAREHOLDER RETURNS 4
Slide 5: New five-year plan: delivering increased margins and returns by FY31
NEW FIVE-YEAR PLAN І DELIVERING INCREASED MARGINS AND RETURNS BY FY31 KEY INITIATIVES DELIVER £275m INCREMENTAL GROUP PBT EXTENDING AGP TO EXIT ALL BRANDED RESTAURANTS1 >£1bn REDUCTION IN NET CAPEX ACCELERATING CASHFLOW AND RETURNS IN GERMANY 500bps INCREMENTAL GROUP ROCE2 £2bn AVAILABLE FOR SHAREHO
Slide 6: FY26 Financial Performance
P+ ROOM, VIENNA FY26 FINANCIAL PERFORMANCE Hemant Patel, Chief Financial Officer
Slide 7: Financials | Group Highlights
FINANCIALS | GROUP HIGHLIGHTS • Revenues: vs • Higher UK accommodation sales £m FY26 FY25 FY25 • UK F&B sales impacted by AGP, slightly better than expected Statutory revenue 2,920 2,922 0% • Continued growth in Germany Operating costs1 (1,846) (1,892) 2% • Adjusted PBT in line with last year: Adjus
Slide 8: Financials | UK Highlights
FINANCIALS | UK HIGHLIGHTS vs £m FY26 FY25 FY25 • Accommodation sales up versus last year • Supported by return to market growth Statutory revenue 2,659 2,691 (1)% from the second quarter Operating costs1 (1,641) (1,695) 3% • F&B sales (8)% versus last year impacted by Adjusted EBITDAR 1,019 997 2%
Slide 9: UK: Return to RevPAR growth; accommodation sales up
UK | RETURN TO REVPAR GROWTH; ACCOMMODATION SALES UP VERSUS LAST YEAR OCCUPANCY ARR REVPAR ACCOM SALES £0.9bn £85.95 80.8% £81.95 79.1% £77.77 £69.48 £2.0bn 77.3% £64.81 £60.14 £1.1bn H1 H2 H1 H2 H1 H2 H1 H2 FY26 FY26 FY26 FY26 FY26 FY26 FY26 FY26 FY26 FY26 FY26 FY26 vs (2)pp (2)pp (2)pp +2% +4% +3%
Slide 10: UK: Accommodation sales and RevPAR growth ahead of the market
UK | ACCOMMODATION SALES AND REVPAR GROWTH AHEAD OF THE MARKET £6.39 £5.88 £5.34 PI RevPAR premium1 vs M&E H1 FY26 H2 FY26 FY26 PI RevPAR performance1 +1.4pp +0.8pp +1.1pp vs M&E PI Accom sales performance1 +1.0pp (0.6)pp +0.3pp vs M&E 1: STR data, standard basis, Premier Inn accommodation sales and
Slide 11: Financials | Germany Highlights: Delivery of profitability in FY26
FINANCIALS | GERMANY HIGHLIGHTS: DELIVERY OF PROFITABILITY IN FY26 More established hotels progressing £m FY26 FY25 vs FY25 vs FY251 towards maturity 2 Statutory revenue PROFIT BEFORE TAX 261 231 13% 11% Other income (excl. rental income) 0 0 >100% >100% £20m Operating costs (177) (165) (7)% (5)% Ad
Slide 12: Germany: Excellent market outperformance
GERMANY | EXCELLENT MARKET OUTPERFORMANCE RevPAR € and RevPAR growth versus FY25 €73 €71 €69 €64 €63 €62 +7% €58 €56 €55 vs (5)% +3% +2% +1% +9% +6% (2)% +6% +4% FY25 H1 FY26 H2 FY26 FY26 1: STR data, standard methodology basis, 28 February 2025 to 26 February 2026, Germany M&E market excluding Prem
Slide 13: Financials | Strong cashflow funding future growth and shareholder returns
FINANCIALS | STRONG CASHFLOW FUNDING FUTURE GROWTH AND SHAREHOLDER RETURNS Net capex of £384m £713m £282m S&LB £31m AGP and BAU £313m £205m £(123)m £(697)m £(169)m £521m expansionary1 £176m non-expansionary £(250)m £(226)m Cashflow FY26 FY26 Capital Property pre- Share Operating Other2 Dividend Net
Slide 14: Outcome of Business Review
THE SOCIAL OUTCOME OF BUSINESS REVIEW Dominic Paul, Chief Executive
Slide 15: New five-year plan: delivering increased margins and returns by FY31
NEW FIVE-YEAR PLAN І DELIVERING INCREASED MARGINS AND RETURNS BY FY31 KEY INITIATIVES DELIVER £275m INCREMENTAL GROUP PBT EXTENDING AGP TO EXIT ALL BRANDED RESTAURANTS1 >£1bn REDUCTION IN NET CAPEX ACCELERATING CASHFLOW AND RETURNS IN GERMANY 500bps INCREMENTAL GROUP ROCE2 £2bn AVAILABLE FOR SHAREHO
Slide 16: Previous five-year plan: excellent strategic progress in FY26
PREVIOUS FIVE-YEAR PLAN | EXCELLENT STRATEGIC PROGRESS IN FY26 UK UK COMMERCIAL GERMANY PROPERTY AND NETWORK ACCELERATING AND CONTINUING CAPITAL EXPANSION GROWTH PLAN EFFICIENCIES MOMENTUM ALLOCATION c.600 c.600 Return to >600 >£300m new rooms extension rooms RevPAR growth new rooms of property-rela
Slide 17: Previous five-year plan update: external challenges over last 18 months
PREVIOUS FIVE-YEAR PLAN UPDATE | EXTERNAL CHALLENGES OVER THE LAST 18 MONTHS £110m £160m MATERIAL INCREASE IN EMPLOYMENT COSTS SIGNIFICANT INCREASE IN BUSINESS RATES £50m £160m ADDITIONAL FUTURE COSTS Employment costs Business rates Total impact 1: Increase in business rates on UK LFL estate 17
Slide 18: Business review: comprehensive assessment of all options to drive value
BUSINESS REVIEW | COMPREHENSIVE ASSESSMENT OF ALL OPTIONS TO DRIVE VALUE OBJECTIVES SCOPE OF REVIEW DRIVE PROFITABLE GROWTH Review all future plans to reflect the impact of recent external challenges INCREASE MARGINS AND RETURNS Challenge whether: • We can further reduce costs and improve margins in
Slide 19: Business review: comprehensive assessment of business model
BUSINESS REVIEW | COMPREHENSIVE ASSESSMENT OF BUSINESS MODEL TO DRIVE VALUE ALL MODELS FOCUS ON ONE OR MORE OF THESE CORE CRITERIA THAT WE HAVE MEASURED AGAINST ELEMENTS OF THE HOTEL VALUE CHAIN VALUE CREATION ABILITY TO ADD CAPACITY OPERATIONS CONTROL OF SITE CONTROL OF EXPERIENCE BRAND CAPITAL REQ
Slide 20: Business review: separating brand or property
BUSINESS REVIEW | SEPARATING BRAND OR PROPERTY SEPARATE BRAND SEPARATE PROPERTY BECOMING A FRANCHISEE BECOMING 100% LEASEHOLD • Sell the Premier Inn brand to third party brand owner • Sell all the property to third party property owner • Whitbread becomes a hotel operating company (with a mix of • W
Slide 21: Business model: integrated model drives competitive advantage
BUSINESS MODEL | AN INTEGRATED MODEL DRIVES SIGNIFICANT COMPETITIVE ADVANTAGE OPERATIONAL COMMERCIAL NETWORK GROWTH STRONG EXCELLENCE STRENGTH OPPORTUNITIES BALANCE SHEET HIGH CONSISTENCY BEST-IN-CLASS FLEXIBLE APPROACH TO HIGH RESILIENCE OF PRODUCT QUALITY REVENUE MANAGEMENT PROPERTY OWNERSHIP THRO
Slide 22: New five-year plan | UK: reallocating capital to highest growth opportunities
NEW FIVE-YEAR PLAN | UK: REALLOCATING CAPITAL TO HIGHEST GROWTH OPPORTUNITIES PURE-PLAY EXTENDING AGP TO EXIT HOTEL ALL BRANDED RESTAURANTS BUSINESS 96,000 OPEN ROOMS DRIVING HIGH- BY FY31 RETURNING HIGH-RETURNING GROWTH WITH COMMITTED PIPELINE LESS CAPITAL REDUCING CAPITAL INTENSITY EXITING LOWER-R
Slide 23: New five-year plan | UK: driving LFL sales momentum and cost savings
NEW FIVE-YEAR PLAN | UK: DRIVING LFL SALES MOMENTUM AND INCREASED COST SAVINGS INCREASING USE OF TECHNOLOGY AND AI POSITIVE LIKE-FOR-LIKE SALES LEVERAGING BEST-IN-CLASS OUR SCALE COMMERCIAL STRATEGY AND MODEL £250m EFFICIENCIES INCREASING LARGEST EVER FY27 TO FY31 EFFICIENCY PROGRAMME 23
Slide 24: New five-year plan | Germany: accelerating cashflow and returns
NEW FIVE-YEAR PLAN | GERMANY: ACCELERATING CASHFLOW AND RETURNS 18,000 REFOCUSING GROWTH OPEN ROOMS ON PROVEN FORMATS BY FY31 OUR MODEL NOW WORKS POSITIVE AND WE ARE REDUCING CAPEX AND CASHFLOW CLEAR ON HOW OPTIMISING OPEN ESTATE BY FY29 TO ACCELERATE GERMANY DOUBLE-DIGIT FUTURE GROWTH VIA LEASEHOLD
Slide 25: New five-year plan | Property and capital allocation
NEW FIVE-YEAR PLAN | PROPERTY AND CAPITAL ALLOCATION: REDUCING CAPITAL INTENSITY >£1bn REFOCUSED GROWTH PLANS REDUCTION IN IN THE UK AND GERMANY NET CAPEX KEEP ADVANTAGES OF 30% to 40% ASSET-BACKED £1bn REDUCTION GROUP BALANCE SHEET IN GROSS CAPEX FREEHOLD MIX BUT WITH LESS CAPITAL REDUCED RECYCLING
Slide 26: New five-year plan | Decisive actions delivering significant growth by FY31
NEW FIVE-YEAR PLAN І DECISIVE ACTIONS DELIVERING SIGNIFICANT GROWTH BY FY31 UK 100% PURE-PLAY Reallocating capex to 8,000 new rooms; NETWORK HOTEL BUSINESS highest-returning growth £110m incremental PBT EXPANSION +£275m INCREMENTAL PBT UK Extending plan to exit all 3,000 extension rooms1; FROM KEY I
Slide 27: New five-year plan | Key strategic initiatives underpin growth
NEW FIVE-YEAR PLAN | KEY STRATEGIC INITIATIVES UNDERPIN GROWTH UK UK COMMERCIAL GERMANY PROPERTY AND NETWORK ACCELERATING AND ACCELERATING CAPITAL EXPANSION GROWTH EFFICIENCIES RETURNS ALLOCATION Joe Garrood Mark Anderson Simon Ewins Erik Friemuth Hemant Patel Hemant Patel INCREASED MARGINS AND RETU
Slide 28: UK Network Expansion
THE STRAND HUB UK NETWORK EXPANSION Mark Anderson, Managing Director – Property & International
Slide 29: UK market: taking advantage of structural supply shift
UK NETWORK UK ACCELERATING UK COMMERCIAL GERMANY ACCELERATING PROPERTY AND EXPANSION GROWTH PLAN AND EFFICIENCIES RETURNS CAPITAL ALLOCATION UK MARKET | TAKING ADVANTAGE OF STRUCTURAL SUPPLY SHIFT STRUCTURAL GROWTH OPPORTUNITY MORE FAVOURABLE SUPPLY ENVIRONMENT1 Hotel rooms supply1 730k 753k 735k In
Slide 30: UK network expansion: driving high-returning growth with less capital
UK NETWORK UK ACCELERATING UK COMMERCIAL GERMANY ACCELERATING PROPERTY AND EXPANSION GROWTH PLAN AND EFFICIENCIES RETURNS CAPITAL ALLOCATION UK NETWORK EXPANSION | DRIVING HIGH-RETURNING GROWTH WITH LESS CAPITAL OPTIMISED PORTFOLIO STRATEGY TARGETED GROWTH OPPORTUNITIES DYNAMIC PORTFOLIO MANAGEMENT
Slide 31: Optimised portfolio strategy: extensive network planning
UK NETWORK UK ACCELERATING UK COMMERCIAL GERMANY ACCELERATING PROPERTY AND EXPANSION GROWTH PLAN AND EFFICIENCIES RETURNS CAPITAL ALLOCATION OPTIMISED PORTFOLIO STRATEGY | EXTENSIVE NETWORK PLANNING ASSESS CATCHMENT OPPORTUNITY REVIEW CURRENT CATCHMENT CONFIRM CATCHMENT STRATEGY • Calculate total ro
Slide 32: Optimised portfolio strategy: actively managing our estate
UK NETWORK UK ACCELERATING UK COMMERCIAL GERMANY ACCELERATING PROPERTY AND EXPANSION GROWTH PLAN AND EFFICIENCIES RETURNS CAPITAL ALLOCATION OPTIMISED PORTFOLIO STRATEGY | ACTIVELY MANAGING OUR ESTATE CASE STUDY: CENTRAL MANCHESTER DRIVING VALUE CREATION ASSET INTENSIFICATION • 1,014-unit student ac
Slide 33: Targeted growth opportunities: London high-returning growth
UK NETWORK UK ACCELERATING UK COMMERCIAL GERMANY ACCELERATING PROPERTY AND EXPANSION GROWTH PLAN AND EFFICIENCIES RETURNS CAPITAL ALLOCATION TARGETED GROWTH OPPORTUNITIES | LONDON: HIGH-RETURNING GROWTH SIGNIFICANT GROWTH OPPORTUNITY DELIVERING HIGH PROFITS AND RETURNS London: 2025 total open rooms1
Slide 34: Key growth opportunities: Hub performance underpins confidence
UK NETWORK UK ACCELERATING UK COMMERCIAL GERMANY ACCELERATING PROPERTY AND EXPANSION GROWTH PLAN AND EFFICIENCIES RETURNS CAPITAL ALLOCATION KEY GROWTH OPPORTUNITIES | HUB: PERFORMANCE TO DATE UNDERPINS CONFIDENCE STRONG FINANCIAL PERFORMANCE CLEAR LINE OF SIGHT TO >5,000 ROOMS BY FY31 • Higher dens
Slide 35: Dynamic portfolio management: proactive action to increase returns
UK NETWORK UK ACCELERATING UK COMMERCIAL GERMANY ACCELERATING PROPERTY AND EXPANSION GROWTH PLAN AND EFFICIENCIES RETURNS CAPITAL ALLOCATION DYNAMIC PORTFOLIO MANAGEMENT | TAKING PROACTIVE ACTION TO INCREASE RETURNS EXITING LOWER RETURNING PROJECTS NEW FIVE-YEAR PLAN • Detailed assessment of busines
Slide 36: Dynamic portfolio management: recent projects and committed pipeline
UK NETWORK UK ACCELERATING UK COMMERCIAL GERMANY ACCELERATING PROPERTY AND EXPANSION GROWTH PLAN AND EFFICIENCIES RETURNS CAPITAL ALLOCATION DYNAMIC PORTFOLIO MANAGEMENT | RECENT PROJECTS AND COMMITTED PIPELINE RECENT OPENINGS DRIVING SIMILAR ROCE TO MATURE SITES COMMITTED PIPELINE CHARACTERISTICS2
Slide 37: New five-year plan: 96,000 open rooms and incremental PBT of £110m
UK NETWORK UK ACCELERATING UK COMMERCIAL GERMANY ACCELERATING PROPERTY AND EXPANSION GROWTH PLAN AND EFFICIENCIES RETURNS CAPITAL ALLOCATION NEW FIVE-YEAR PLAN | 96,000 OPEN ROOMS AND INCREMENTAL PBT OF £110M BY FY31 £110m INCREMENTAL 125,000 PBT2 BY FY31 8,000 96,000 3,000 (1,500) 86,500 FY26 Exten
Slide 38: UK Accelerating Growth
MARGATE UK ACCELERATING GROWTH Simon Ewins, Managing Director – UK Hotels & Restaurants
Slide 39: AGP: transforming to a pure-play hotel business
UK NETWORK UK ACCELERATING UK COMMERCIAL GERMANY ACCELERATING PROPERTY AND EXPANSION GROWTH PLAN AND EFFICIENCIES RETURNS CAPITAL ALLOCATION AGP | TRANSFORMING TO A PURE-PLAY HOTEL BUSINESS AND BETTER GUEST EXPERIENCE PRE-AGP FUTURE c.450 branded restaurants, c.400 integrated restaurants >850 integr
Slide 40: AGP: highest-returning growth opportunity in the UK
UK NETWORK UK ACCELERATING UK COMMERCIAL GERMANY ACCELERATING PROPERTY AND EXPANSION GROWTH PLAN AND EFFICIENCIES RETURNS CAPITAL ALLOCATION AGP | HIGHEST-RETURNING GROWTH OPPORTUNITY IN THE UK WHY DOES IT WORK? CASE STUDY: MARGATE NETWORK 64-bed hotel with loss-making branded restaurant EXPANSION •
Slide 41: AGP existing plan: Margate case study
UK NETWORK UK ACCELERATING UK COMMERCIAL GERMANY ACCELERATING PROPERTY AND EXPANSION GROWTH PLAN AND EFFICIENCIES RETURNS CAPITAL ALLOCATION AGP | EXISTING PLAN: MARGATE CASE STUDY EXTENSION ROOMS DRIVING COMMERCIAL BENEFITS HIGHER GUEST SCORES VERSUS PRE-AGP Margate: moving annual total accommodati
Slide 42: AGP existing plan: progress to date
UK NETWORK UK ACCELERATING UK COMMERCIAL GERMANY ACCELERATING PROPERTY AND EXPANSION GROWTH PLAN AND EFFICIENCIES RETURNS CAPITAL ALLOCATION AGP | EXISTING PLAN: PROGRESS TO DATE • Converting over 100 branded restaurants to unlock higher MANCHESTER returning extension rooms • New tailored, integrate
Slide 43: AGP: extending plan to exit all remaining branded restaurants
UK NETWORK UK ACCELERATING UK COMMERCIAL GERMANY ACCELERATING PROPERTY AND EXPANSION GROWTH PLAN AND EFFICIENCIES RETURNS CAPITAL ALLOCATION AGP | EXTENDING PLAN TO EXIT ALL REMAINING BRANDED RESTAURANTS TRANSFORMING F&B PROPOSITION OPTIMISING CATCHMENT RETURNS SIMPLIFYING OPERATING MODEL • 197 rema
Slide 44: AGP extended plan: 3,000 extension rooms and £100m incremental PBT
UK NETWORK UK ACCELERATING UK COMMERCIAL GERMANY ACCELERATING PROPERTY AND EXPANSION GROWTH PLAN AND EFFICIENCIES RETURNS CAPITAL ALLOCATION AGP | EXTENDED PLAN: 3,000 EXTENSION ROOMS AND £100M INCREMENTAL PBT BY FY31 TOTAL PLAN DRIVES £100m INCREMENTAL PBT BY FY31 TOP PRIORITY FOR GROWTH Extended A
Slide 45: UK Commercial Programme
BRAND CAMPAIGN UK COMMERCIAL PROGRAMME Joe Garrood, Chief Commercial Officer
Slide 46: Commercial: unrivalled market position in the UK
UK NETWORK UK ACCELERATING UK COMMERCIAL GERMANY ACCELERATING PROPERTY AND EXPANSION GROWTH PLAN AND EFFICIENCIES RETURNS CAPITAL ALLOCATION COMMERCIAL | UNRIVALLED MARKET POSITION IN THE UK MARKET-LEADING PROPOSITION UNDERPINS POSITION AS NO.1 BRAND IN THE UK 1 c.850 HOTELS ACROSS THE UK AND IRELAN
Slide 47: Commercial: integrated model has driven commercial success
UK NETWORK UK ACCELERATING UK COMMERCIAL GERMANY ACCELERATING PROPERTY AND EXPANSION GROWTH PLAN AND EFFICIENCIES RETURNS CAPITAL ALLOCATION COMMERCIAL | INTEGRATED MODEL HAS DRIVEN OUR COMMERCIAL SUCCESS TO DATE STRONG BRAND BEST-IN-CLASS DIRECT STRONG WITH OVER 90% REVENUE CUSTOMER CONTROL OF AWAR
Slide 48: Commercial: strong commercial plan underpinned by key initiatives
UK NETWORK UK ACCELERATING UK COMMERCIAL GERMANY ACCELERATING PROPERTY AND EXPANSION GROWTH PLAN AND EFFICIENCIES RETURNS CAPITAL ALLOCATION COMMERCIAL | STRONG COMMERCIAL PLAN UNDERPINNED BY KEY INITIATIVES STRENGTHENING BRAND AND GROWING DEMAND INCREASING REVENUES MAINTAINING AND EVOLVING PROPOSIT
Slide 49: Strengthening brand and growing demand: new brand campaign
UK NETWORK UK ACCELERATING UK COMMERCIAL GERMANY ACCELERATING PROPERTY AND EXPANSION GROWTH PLAN AND EFFICIENCIES RETURNS CAPITAL ALLOCATION STRENGTHENING BRAND AND GROWING DEMAND | “YOU KNOW WHAT YOU’RE GETTING” WATCH OUR NEW BRAND CAMPAIGN SCAN THE QR CODE TO WATCH THE VIDEO 49
Slide 50: Strengthening brand: transforming marketing strategies
UK NETWORK UK ACCELERATING UK COMMERCIAL GERMANY ACCELERATING PROPERTY AND EXPANSION GROWTH PLAN AND EFFICIENCIES RETURNS CAPITAL ALLOCATION STRENGTHENING BRAND AND GROWING DEMAND | TRANSFORMING MARKETING STRATEGIES DRIVING AWARENESS EVOLVING DIGITAL MARKETING CAPABILITIES Paid search (brand) vs FY2
Slide 51: Profitably expanding distribution
UK NETWORK UK ACCELERATING UK COMMERCIAL GERMANY ACCELERATING PROPERTY AND EXPANSION GROWTH PLAN AND EFFICIENCIES RETURNS CAPITAL ALLOCATION STRENGTHENING BRAND AND GROWING DEMAND | PROFITABLY EXPANDING DISTRIBUTION ENHANCING B2B PROPOSITION INCREASING INTERNATIONAL ADDRESSABLE BASE Premier Inn Busi
Slide 52: Increasing revenues: levers to grow conversion and engagement
UK NETWORK UK ACCELERATING UK COMMERCIAL GERMANY ACCELERATING PROPERTY AND EXPANSION GROWTH PLAN AND EFFICIENCIES RETURNS CAPITAL ALLOCATION INCREASING REVENUES | LEVERS TO GROW CONVERSION AND ENGAGEMENT CONTINUOUSLY OPTIMISING OUR WEBSITE AND APP INCREASING ENGAGEMENT • Leveraging large CRM databas
Slide 53: Increasing revenues: best-in-class revenue management
UK NETWORK UK ACCELERATING UK COMMERCIAL GERMANY ACCELERATING PROPERTY AND EXPANSION GROWTH PLAN AND EFFICIENCIES RETURNS CAPITAL ALLOCATION INCREASING REVENUES | BEST-IN-CLASS REVENUE MANAGEMENT UNDERPINS SUCCESS AUTOMATED PRICING ENGINE: COMPETITIVE ADVANTAGE CASE STUDY: MARKET OUTPERFOMANCE1 83.0
Slide 54: Increasing revenues: enhanced guest offer and choice
UK NETWORK UK ACCELERATING UK COMMERCIAL GERMANY ACCELERATING PROPERTY AND EXPANSION GROWTH PLAN AND EFFICIENCIES RETURNS CAPITAL ALLOCATION INCREASING REVENUES | THROUGH ENHANCED GUEST OFFER AND CHOICE ROOM UPGRADES ANCILLARIES: INCREASING THE VALUE OF EACH STAY PREMIER PLUS • 7,000 rooms across th
Slide 55: Maintaining and evolving proposition: more for a lower cost
UK NETWORK UK ACCELERATING UK COMMERCIAL GERMANY ACCELERATING PROPERTY AND EXPANSION GROWTH PLAN AND EFFICIENCIES RETURNS CAPITAL ALLOCATION MAINTAINING AND EVOLVING PROPOSITION | PROVIDING MORE FOR A LOWER COST INVESTING IN PROPOSITION DATA-DRIVEN REFURBISHMENT PROGRAMME • Guest-led approach to ref
Slide 56: Investing in guest experience: enhancing digital journey
UK NETWORK UK ACCELERATING UK COMMERCIAL GERMANY ACCELERATING PROPERTY AND EXPANSION GROWTH PLAN AND EFFICIENCIES RETURNS CAPITAL ALLOCATION INVESTING IN GUEST EXPERIENCE | ENHANCING DIGITAL JOURNEY 56
Slide 57: Accelerating Hub growth: opportunity to grow the brand
UK NETWORK UK ACCELERATING UK COMMERCIAL GERMANY ACCELERATING PROPERTY AND EXPANSION GROWTH PLAN AND EFFICIENCIES RETURNS CAPITAL ALLOCATION ACCELERATING HUB GROWTH | EXCITING OPPORTUNITY TO GROW THE BRAND STRONG BRAND PROPOSITION RESULTING IN HIGH GUEST SCORES NPS: Likelihood to Recommend /10, % of
Slide 58: Accelerating Hub growth: brand and RevPAR potential
UK NETWORK UK ACCELERATING UK COMMERCIAL GERMANY ACCELERATING PROPERTY AND EXPANSION GROWTH PLAN AND EFFICIENCIES RETURNS CAPITAL ALLOCATION ACCELERATING HUB GROWTH | SIGNIFICANT BRAND AND REVPAR POTENTIAL DRIVING BRAND AWARENESS AND CONSIDERATION INCREASING REVPAR PERFORMANCE • Sharper brand positi
Slide 59: Commercial: significant levers to drive revenues
UK NETWORK UK ACCELERATING UK COMMERCIAL GERMANY ACCELERATING PROPERTY AND EXPANSION GROWTH PLAN AND EFFICIENCIES RETURNS CAPITAL ALLOCATION COMMERCIAL | SIGNIFICANT LEVERS TO DRIVE REVENUES INCREASING PERFORMANCE VERSUS MARKET KEY INITIATIVES UNDERPIN FUTURE GROWTH Premier Inn RevPAR YoY growth ver
Slide 60: Efficiencies
BIRMINGHAM NEC EFFICIENCIES Hemant Patel, Chief Financial Officer
Slide 61: Efficiencies: integrated model underpins high-quality operations
UK NETWORK UK ACCELERATING UK COMMERCIAL GERMANY ACCELERATING PROPERTY AND EXPANSION GROWTH PLAN AND EFFICIENCIES RETURNS CAPITAL ALLOCATION EFFICIENCIES | INTEGRATED MODEL UNDERPINS HIGH-QUALITY OPERATIONS SIGNIFICANT SCALE AND OPERATIONS BREAKDOWN OF UK COST BASE FY26 UK operating costs of c.£1.7b
Slide 62: Efficiencies: significant savings whilst maintaining guest scores
UK NETWORK UK ACCELERATING UK COMMERCIAL GERMANY ACCELERATING PROPERTY AND EXPANSION GROWTH PLAN AND EFFICIENCIES RETURNS CAPITAL ALLOCATION EFFICIENCIES | SIGNIFICANT SAVINGS WHILST MAINTAINING HIGH GUEST SCORES EFFICIENCIES ARE EMBEDDED IN BUSINESS CULTURE TRACK RECORD OF SAVINGS AND HIGH GUEST SC
Slide 63: Efficiencies: FY26 case studies
UK NETWORK UK ACCELERATING UK COMMERCIAL GERMANY ACCELERATING PROPERTY AND EXPANSION GROWTH PLAN AND EFFICIENCIES RETURNS CAPITAL ALLOCATION EFFICIENCIES | FY26 CASE STUDIES TRANSFORMING SUPPLY CHAIN AI-ENABLED GUEST SUPPORT • New F&B distribution model • AI chatbot and voicebot • Reflecting best pr
Slide 64: Efficiencies: use of technology and AI unlocks benefits
UK NETWORK UK ACCELERATING UK COMMERCIAL GERMANY ACCELERATING PROPERTY AND EXPANSION GROWTH PLAN AND EFFICIENCIES RETURNS CAPITAL ALLOCATION EFFICIENCIES | USE OF TECHNOLOGY AND AI UNLOCKS OPERATIONAL AND GUEST BENEFITS WE WILL DELIVER FUTURE BENEFITS A SEAMLESS ENHANCING DIGITAL JOURNEY GUEST EXPER
Slide 65: Efficiencies: enhanced digital guest journey unlocks savings
UK NETWORK UK ACCELERATING UK COMMERCIAL GERMANY ACCELERATING PROPERTY AND EXPANSION GROWTH PLAN AND EFFICIENCIES RETURNS CAPITAL ALLOCATION EFFICIENCIES | ENHANCED DIGITAL GUEST JOURNEY UNLOCKS OPERATIONAL SAVINGS ONLINE CHECK-IN CHECK-IN KIOSKS MOBILE ROOM KEYS • Available across UK and Germany es
Slide 66: Efficiencies: new technology will unlock future benefits
UK NETWORK UK ACCELERATING UK COMMERCIAL GERMANY ACCELERATING PROPERTY AND EXPANSION GROWTH PLAN AND EFFICIENCIES RETURNS CAPITAL ALLOCATION EFFICIENCIES | NEW TECHNOLOGY WILL UNLOCK FUTURE BENEFITS OPERATIONAL PRODUCTIVITY TRANSFORMING HOUSEKEEPING OPTIMISING F&B OPERATIONS • Upgraded tools to ensu
Slide 67: Efficiencies: increasing and extending our largest ever programme
UK NETWORK UK ACCELERATING UK COMMERCIAL GERMANY ACCELERATING PROPERTY AND EXPANSION GROWTH PLAN AND EFFICIENCIES RETURNS CAPITAL ALLOCATION EFFICIENCIES | INCREASING AND EXTENDING OUR LARGEST EVER PROGRAMME STRONG TRACK RECORD £190m £250m £83m DELIVERED IN FY261 FURTHER OPPORTUNITIES £60m £250m COS
Slide 68: Germany: Accelerating Returns
STUTTGART GERMANY: ACCELERATING RETURNS Erik Friemuth, Chief Executive Officer – Germany
Slide 69: Germany: our journey so far
UK NETWORK UK ACCELERATING UK COMMERCIAL GERMANY ACCELERATING PROPERTY AND EXPANSION GROWTH PLAN AND EFFICIENCIES RETURNS CAPITAL ALLOCATION GERMANY | OUR JOURNEY SO FAR LEARN MORE ABOUT OUR PROGRESS IN GERMANY SCAN THE QR CODE TO WATCH THE VIDEO 69
Slide 70: Germany: well placed to take share in an attractive market
UK NETWORK UK ACCELERATING UK COMMERCIAL GERMANY ACCELERATING PROPERTY AND EXPANSION GROWTH PLAN AND EFFICIENCIES RETURNS CAPITAL ALLOCATION GERMANY | WELL PLACED TO TAKE SHARE IN A HIGHLY ATTRACTIVE MARKET LARGE AND FRAGMENTED MARKET ATTRACTIVE MARKET DYNAMICS HOTEL ROOMS SUPPLY1 735k rooms 996k ro
Slide 71: Germany: key learnings to reach profitability
UK NETWORK UK ACCELERATING UK COMMERCIAL GERMANY ACCELERATING PROPERTY AND EXPANSION GROWTH PLAN AND EFFICIENCIES RETURNS CAPITAL ALLOCATION GERMANY | KEY LEARNINGS TO REACH PROFITABILITY WHERE WE STARTED WE HAVE FUNDAMENTALLY CHANGED OUR APPROACH • Expensive acquisitions IMPROVED • Enabling acceler
Slide 72: Germany cohort analysis: newer openings deliver higher RevPAR
UK NETWORK UK ACCELERATING UK COMMERCIAL GERMANY ACCELERATING PROPERTY AND EXPANSION GROWTH PLAN AND EFFICIENCIES RETURNS CAPITAL ALLOCATION GERMANY | COHORT ANALYSIS: NEWER OPENINGS DELIVERING HIGHER LEVELS OF REVPAR €71 €67 €63 €60 €61 €61 €57 €57 €58 €52 €51 €52 €48 €40 €26 Yr1 Yr2 Yr3 Yr4 Yr5 1
Slide 73: Germany cohort analysis: more established hotels performing strongly
UK NETWORK UK ACCELERATING UK COMMERCIAL GERMANY ACCELERATING PROPERTY AND EXPANSION GROWTH PLAN AND EFFICIENCIES RETURNS CAPITAL ALLOCATION GERMANY | COHORT ANALYSIS: MORE ESTABLISHED HOTELS PERFORMING STRONGLY STRONG REVPAR AND PROFIT GROWTH DELIVERING DOUBLE-DIGIT RETURNS BY FY27 Cohort of more e
Slide 74: Germany cohort analysis: Hamburg case study
UK NETWORK UK ACCELERATING UK COMMERCIAL GERMANY ACCELERATING PROPERTY AND EXPANSION GROWTH PLAN AND EFFICIENCIES RETURNS CAPITAL ALLOCATION GERMANY | COHORT ANALYSIS: HAMBURG CASE STUDY BECOMING A BUSINESS OF SCALE HAMBURG ESTATE DELIVERING STRONG PERFORMANCE1 HAMBURG €86 £12m 10% CITY ALSTER RevPA
Slide 75: Germany: focus now is to accelerate cashflow and returns
UK NETWORK UK ACCELERATING UK COMMERCIAL GERMANY ACCELERATING PROPERTY AND EXPANSION GROWTH PLAN AND EFFICIENCIES RETURNS CAPITAL ALLOCATION GERMANY | FOCUS NOW IS TO ACCELERATE CASHFLOW AND RETURNS REFINING PORTFOLIO STRATEGY EXECUTING MULTI-CHANNEL STRATEGY ENHANCING COMMERCIAL PERFORMANCE ACCELER
Slide 76: Refining portfolio strategy: clear focus on proven formats
UK NETWORK UK ACCELERATING UK COMMERCIAL GERMANY ACCELERATING PROPERTY AND EXPANSION GROWTH PLAN AND EFFICIENCIES RETURNS CAPITAL ALLOCATION REFINING PORTFOLIO STRATEGY | CLEAR FOCUS ON PROVEN FORMATS DETAILED PORTFOLIO REVIEW REFINING OUR APPROACH IN GERMANY Larger hotels OPTIMISING TOP OPEN ESTA
Slide 77: Refining portfolio strategy: refocused network expansion plan to FY31
UK NETWORK UK ACCELERATING UK COMMERCIAL GERMANY ACCELERATING PROPERTY AND EXPANSION GROWTH PLAN AND EFFICIENCIES RETURNS CAPITAL ALLOCATION REFINING PORTFOLIO STRATEGY | REFOCUSED NETWORK EXPANSION PLAN TO FY31 CHANGES TO OUR PORTFOLIO BECOMING ONE OF THE TOP HOTEL BRANDS IN GERMANY1 • Optimising o
Slide 78: Multi-channel strategy: growing awareness and high guest scores
UK NETWORK UK ACCELERATING UK COMMERCIAL GERMANY ACCELERATING PROPERTY AND EXPANSION GROWTH PLAN AND EFFICIENCIES RETURNS CAPITAL ALLOCATION EXECUTING MULTI-CHANNEL STRATEGY | GROWING AWARENESS AND HIGH GUEST SCORES INCREASING BRAND AWARENESS GREAT GUEST SCORES2 Germany YouGov Brand Awareness1 4.25
Slide 79: Multi-channel strategy: driving awareness and conversion
UK NETWORK UK ACCELERATING UK COMMERCIAL GERMANY ACCELERATING PROPERTY AND EXPANSION GROWTH PLAN AND EFFICIENCIES RETURNS CAPITAL ALLOCATION EXECUTING MULTI-CHANNEL STRATEGY | DRIVING AWARENESS AND CONVERSION GROWING THE BRAND BEST EXPERIENCE BOOKING DIRECT ACCESSING NEW GUESTS • Unique market posit
Slide 80: Enhancing commercial performance: increasing revenues
UK NETWORK UK ACCELERATING UK COMMERCIAL GERMANY ACCELERATING PROPERTY AND EXPANSION GROWTH PLAN AND EFFICIENCIES RETURNS CAPITAL ALLOCATION ENHANCING COMMERCIAL PERFORMANCE | INCREASING REVENUES IMPROVING TRADING STRATEGIES INCREASING ANCILLARY REVENUES PI REVPAR RELATIVE GROWTH INDEX PERFORMANCE V
Slide 81: Germany: positive cashflow by FY29 and double-digit returns by FY31
UK NETWORK UK ACCELERATING UK COMMERCIAL GERMANY ACCELERATING PROPERTY AND EXPANSION GROWTH PLAN AND EFFICIENCIES RETURNS CAPITAL ALLOCATION GERMANY | POSITIVE CASHFLOW BY FY29 AND DOUBLE-DIGIT RETURNS BY FY31 Germany incremental adjusted PBT1 Total estate RevPAR +£65m Open rooms DOUBLE- POSITIVE DI
Slide 82: Break
Premier Inn a) HUB OLD BAILEY
Slide 83: Property and Capital Allocation
MARGATE PROPERTY AND CAPITAL ALLOCATION Hemant Patel, Chief Financial Officer
Slide 84: Property strategy: flexible approach underpins value creation
UK NETWORK UK ACCELERATING UK COMMERCIAL GERMANY ACCELERATING PROPERTY AND EXPANSION GROWTH PLAN AND EFFICIENCIES RETURNS CAPITAL ALLOCATION PROPERTY STRATEGY | FLEXIBLE APPROACH UNDERPINS VALUE CREATION OPPORTUNITIES FLEXIBLE OWNERSHIP STRATEGY ADVANTAGES OUR VALUE CREATION CYCLE Strong covenant
Slide 85: Property strategy: freehold opportunities drive long-term returns
UK NETWORK UK ACCELERATING UK COMMERCIAL GERMANY ACCELERATING PROPERTY AND EXPANSION GROWTH PLAN AND EFFICIENCIES RETURNS CAPITAL ALLOCATION PROPERTY STRATEGY | FREEHOLD OPPORTUNITIES DRIVE LONG-TERM RETURNS HOW WE SEGMENT THE ESTATE HOW OUR HOTEL MIX WILL CHANGE Strategic to hold % of freehold / lo
Slide 86: Capital allocation: release value through recycling capital
UK NETWORK UK ACCELERATING UK COMMERCIAL GERMANY ACCELERATING PROPERTY AND EXPANSION GROWTH PLAN AND EFFICIENCIES RETURNS CAPITAL ALLOCATION CAPITAL ALLOCATION | OPPORTUNITY TO RELEASE VALUE THROUGH RECYCLING CAPITAL S&LB PROCEEDS IN FY26 NEW FIVE-YEAR PLAN • Completed transactions for 22 hotels • £
Slide 87: Capital allocation: disciplined framework remains unchanged
UK NETWORK UK ACCELERATING UK COMMERCIAL GERMANY ACCELERATING PROPERTY AND EXPANSION GROWTH PLAN AND EFFICIENCIES RETURNS CAPITAL ALLOCATION CAPITAL ALLOCATION | DISCIPLINED FRAMEWORK REMAINS UNCHANGED MAINTAIN INVESTMENT Investment grade rating1 GRADE METRICS Maintaining leverage within threshold o
Slide 88: Capital allocation: maintaining strong balance sheet whilst recycling capital
UK NETWORK UK ACCELERATING UK COMMERCIAL GERMANY ACCELERATING PROPERTY AND EXPANSION GROWTH PLAN AND EFFICIENCIES RETURNS CAPITAL ALLOCATION CAPITAL ALLOCATION | MAINTAINING STRONG BALANCE SHEET WHILST RECYCLING CAPITAL STRONG ASSET-BACKED BALANCE SHEET WHILST RECYCLING MORE CAPITAL TO FUND GROWTH G
Slide 89: Capital allocation: unlocking £2bn available for shareholder returns
UK NETWORK UK ACCELERATING UK COMMERCIAL GERMANY ACCELERATING PROPERTY AND EXPANSION GROWTH PLAN AND EFFICIENCIES RETURNS CAPITAL ALLOCATION CAPITAL ALLOCATION | UNLOCKING £2BN AVAILABLE FOR SHAREHOLDER RETURNS BY FY31 RECYCLING £1.5bn OF PROPERTY1 STRONG OPERATING CASHFLOW £2bn BY FY31 £1bn AVAILAB
Slide 90: Financials and Guidance
WOLFSBURG FINANCIALS AND GUIDANCE Hemant Patel, Chief Financial Officer
Slide 91: Financials | FY27 current trading and outlook
FINANCIALS | FY27 CURRENT TRADING AND OUTLOOK CURRENT TRADING1 UPDATES TO FY27 GUIDANCE3 • Total accom sales 1.9% vs FY26 NEW • UK: c.1,000 new rooms, 750 AGP extension rooms • RevPAR 0.9% vs FY26 ROOMS • Germany: c.2,300 new rooms UK • Outperforming the M&E market2 • F&B sales (4.2)% vs FY26 • Exte
Slide 92: New five-year plan: key initiatives deliver incremental profits of £275m
NEW FIVE-YEAR PLAN І KEY INITIATIVES DELIVER INCREMENTAL PROFITS OF £275M BY FY31 UK LFLs AND £250m EFFICIENCIES +£275m incremental PBT by FY31 £65m £100m £483m £110m NON-BUSINESS RATES INFLATION AND £(110)m FINANCE COSTS FY26 Impact of UK network Extended Germany business rates 1 expansion AGP +500
Slide 93: Key Takeaways
HUB OLD BAILEY KEY TAKEAWAYS Dominic Paul, Chief Executive
Slide 94: New five-year plan: delivering increased margins and returns by FY31
NEW FIVE-YEAR PLAN І DELIVERING INCREASED MARGINS AND RETURNS BY FY31 KEY INITIATIVES DELIVER £275m INCREMENTAL GROUP PBT EXTENDING AGP TO EXIT ALL BRANDED RESTAURANTS1 >£1bn REDUCTION IN NET CAPEX ACCELERATING CASHFLOW AND RETURNS IN GERMANY 500bps INCREMENTAL GROUP ROCE2 £2bn AVAILABLE FOR SHAREHO
Slide 95: Q&A
ier Inn = Q MANCHESTER = 2 oa ve
Slide 96: Appendices
APPENDICES I Additional slides p97 V Definitions p101 VI Supplementary information p102 VII Cautionary statement p103 Whitbread ADR programme – WTDBY Whitbread has established a sponsored Level I American Depositary Receipt (ADR) programme for which JP Morgan perform the role of depositary bank. The
Slide 97: Appendix I | FY27 guidance overview
APPENDIX I | FY27 GUIDANCE OVERVIEW UK ACCELERATING GROWTH PLAN • Accommodation sales: 1% Δ vs H1 FY26 = £16.5m - £17.5m PBT • Extension of the Accelerating Growth Plan, subject to • Unaffected1 F&B sales: 1% Δ vs H1 FY26 = c.£1m PBT employee consultation, to include all remaining 197 branded restau
Slide 98: Appendix II | FY27 guidance overview
APPENDIX II | FY27 GUIDANCE OVERVIEW GERMANY OTHER • Capex spend: • Room openings: 2,300 • Gross capex: £700m - £750m • Latest acquisition and going concerns: 1,300 rooms • Including £200m - £250m relating to extended AGP (c.100% leasehold) • Property proceeds: £450m - £500m • Organic openings: c.1,
Slide 99: Appendix III | FY27 unit cost guidance
APPENDIX III | FY27 UNIT COST GUIDANCE • New rooms: c.1,000 (80% freehold) • Average cost per room: • Operating costs (EBITDAR): £15k UK – NEW ROOMS • Depreciation (non-IFRS 16): £1.5k • Cash rent: £8k (IFRS 16: 25% premium) • F&B sales: 15% of accommodation sales • New rooms: c.2,300 (70% leasehold
Slide 100: Appendix IV | FY26 freehold: leasehold mix
APPENDIX IV | FY26 FREEHOLD : LEASEHOLD MIX1 Freehold Leasehold UK Open 53% 47% Open and committed 54% 46% Germany Open 24% 76% Open and committed 23% 77% Group Open 49% 51% Open and committed 49% 51% 1: As at 26 February 2026 100
Slide 101: Appendix V | Definitions
APPENDIX V | DEFINITIONS Accommodation sales Premier Inn accommodation revenue excluding non-room income such as food and beverage Profit before adjusting items, interest, tax, depreciation of property, plant and equipment and right-of-use assets, amortisation, variable lease Adjusted EBITDAR paymen
Slide 102: Appendix VI | Supplementary information
APPENDIX VI | SUPPLEMENTARY INFORMATION Further information is available in a supporting supplementary information pack (in Microsoft Excel format) from www.whitbread.co.uk/investors/results-reports-and-presentations. This information includes: A. Hotel estate B. Segmental income statement, UK and G
Slide 103: Appendix VII | Cautionary statement
APPENDIX VII | CAUTIONARY STATEMENT Nothing contained in this announcement is intended to constitute an offer, invitation or inducement to engage in an investment activity for the purposes of the prohibition on financial promotions under the Financial Services and Markets Act 2000. In making this an