Slide 1: Financial Results Year ending 31 December 2025
Financial Results Year ending 31 December 2025 3 March 2026
Slide 2: Caution statement
2025 FULL YEAR RESULTS 2 Caution statement 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 by This presentation may contain forward-looking statements that
Slide 3: Mark Dixon, Founder & Chief Executive Officer
2025 FULL YEAR RESULTS 3 Mark Dixon Founder & Chief Executive Officer
Slide 4: The biggest and most extensive network
2025 FULL YEAR RESULTS 4 The biggest and most extensive network Continued delivery Over 1 million from the market leader rooms open1 Over 230,000 rooms 4,609 open centres in in the pipeline1 over 120 countries1 1 As at 31 December 2025
Slide 5: Substantial and capital-light portfolio
2025 FULL YEAR RESULTS 55 Substantial and capital- light portfolio Significant coverage and network growth in line with strategy 33% 50% Locations including 12000 Managed & pipeline Franchised 10000 Locations 8000 6000 4000 2000 0 FY 2022A FY 2023A FY 2024A FY 2025A Today's Footprint FY 2030E incl.
Slide 6: Extensive portfolio reach
2025 FULL YEAR RESULTS 6 Extensive portfolio reach 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 7: A changing business
2025 FULL YEAR RESULTS 7 A changing business IWG will look more like the hotel groups… 2025 % Revenues 2026 FCF from EV/EBITDA FY274 M&F Adj EBITDA Franchising model revolutionised the hotel ~80%1 56% 19.7x industry • enabled faster scaling • substantial incremental free cash flow generation ~94%1 4
Slide 8: …and better
2025 FULL YEAR RESULTS 8 …and better Longer term Bigger than the Supportive contracted Unique next 10 in the megatrends revenue market combined
Slide 9: But trades at a significant discount
2025 FULL YEAR RESULTS 7 But trades at a significant discount 25x 20x EV/EBITDA FY27 15x 10x 5x 0x 40% 45% 50% 55% 60% 65% 70% 2026 FCF from Adj EBITDA NB: Bubble size indicates % 2025 Revenues M&F Source – Company filings and reports. Revenues including management, royalty and intellectual property
Slide 10: Supportive mega-trends
2025 FULL YEAR RESULTS 10 Supportive mega-trends Capex to opex Lower costs and higher productivity Platform working Flexibility and uncertainty Real estate valuations moving toward cashflow vs NAV Technology including AI
Slide 11: Significant benefits for our partners
2025 FULL YEAR RESULTS 11 Significant benefits for our partners 01 02 03 04 High value-add, cashflow and Control of longevity and More sustainable revenues Valuations moving towards amenity value from operating future cashflows cashflow from NAV activated property 05 06 07 08 Our scale, brands, Open
Slide 12: Significant benefits for our customers
2025 FULL YEAR RESULTS 12 Significant benefits for our customers 01 02 03 04 Technology changes Demand increases. Capex to opex rules for Tools – new multiple layers of everything – technology Continued growth in majority of our clients software offers dashboards continues to distort work companies
Slide 13: An accelerating flywheel
2025 FULL YEAR RESULTS 13 An accelerating flywheel Platform network and coverage Bigger platform • Every new location strengthens & coverage customer reach and partner attraction • Network effects reinforce scale More advantages and improve profitability effective Customer benefits marketing Scale b
Slide 14: Summary: Market leader in a structurally growing industry
14 Summary: Market leader in a structurally growing industry • IWG has continued to deliver on its strategy • Record year financially and operationally • Strategic pace set to increase • Focus on cash generation • Sensible investments • Capital returned to shareholders • No change to core strategy •
Slide 15: Financial performance
IWG 2025 FULL YEAR RESULTS 15 Financial performance Charlie Steel Chief Financial Officer
Slide 16: What we set out for 2025
16 2025 FULL YEAR RESULTS What we set out for 2025 At our Full Year 2024 results, we set out clear guidance for 2025 which has been delivered KPI pre-IFRS 161 US GAAP2 Result Adjusted EBITDA $585m - $625m $525m - $565m +6% to $531m Cashflow from operations “At least $140m” “At least $140m”3 +60% to
Slide 17: Delivery of the plan with record results
2025 FULL YEAR RESULTS 17 Delivery of the plan with record results • Continued growth with system-wide revenue growth of 4% to $4.5bn (2024: $4.3bn) • Highest-ever adjusted EBITDA with growth of 6% to $531m (2024: $501m) • Highest-ever network growth with 1,132 new centres signed and 782 opened • Ma
Slide 18: Managed & Franchised
2025 FULL YEAR RESULTS Managed & Franchised room evolution through 2025 18 600 1. Managed & 227 534 500 Franchised 400 122 307 k rooms 2.4x growth in recurring management fees 300 185 200 • Total fees growing from new managed centres opening and continued growth in franchise centres 100 • Recurring
Slide 19: Managed & Franchised
19 2025 FULL YEAR RESULTS 1. Managed & Franchised Managed Partnership RevPAR as expected RevPAR evolution ($) • RevPAR of new Managed Partnerships evolving in line with 300 previous cohorts 250 • At the end of 2025, revenue is being delivered from 307,000 rooms and 1,891 locations in the managed and
Slide 20: Managed & Franchised
20 2025 FULL YEAR RESULTS 1. Managed & Franchised Very strong growth in recurring management fees 700 Estimated number of Managed & Franchised rooms open 625 • Recurring management fees generated from Managed 600 535 Partnerships expected to grow significantly due to the Rooms open (000) 500 455 mat
Slide 21: Company-owned
2025 FULL YEAR RESULTS Adjusted gross profit margin (%) 2. Company-owned 30% 28% 25.4% 26.4% 26% Price momentum into 2026 24% 22% 20% • In line with the strategy to drive occupancy via promotional activity 2024 2025 as price discounts roll off pricing continues to improve adjusted Gross profit margi
Slide 22: Disciplined cost control and targeted investment
2025 FULL YEAR RESULTS 22 Disciplined cost control and targeted investment • Total overheads increased driven 500 Core Overheads Investment Overheads by the increase in investment 454 450 450 overheads 400 • Investment overheads are those which are incurred on 350 a discretionary basis to 300 drive
Slide 23: Operational Cashflow Overview
2025 FULL YEAR RESULTS 23 Operational Cashflow Overview Continued growth in system revenue driving fee income $m Company owned Managed & Franchised Both divisions are performing strongly Divisional Free Cash Flow 723 150 Growth capex and acquisitions (75) (7) • Managed & Franchised network growth an
Slide 24: Record system revenue and cost control driving EBITDA
2025 FULL YEAR RESULTS 24 Record system revenue and cost control driving EBITDA 600 580 4 42 560 540 531 Adjusted EBITDA ($m) 20 -36 520 501 500 480 460 440 420 400 Adjusted EBITDA 2024 Company Owned Managed & Franchised Core Investment Adjusted EBITDA 2025 Overheads Overheads
Slide 25: Capex remains well below historic levels
2025 FULL YEAR RESULTS 25 Capex remains well below historic levels Reported capex higher in 2025 than 2024 due to differences between US GAAP and IFRS Capital Managed & Company Managed & Company 2025 2024 expenditure - $m Franchised Owned Franchised Owned • Our capital-light strategy allows us to gr
Slide 26: Statement of operations (P&L)
2025 FULL YEAR RESULTS 26 Statement of operations (P&L) Second year of positive net income Change Preliminary results - $m 2025 2024 (%) System-wide revenue 4,453 4,297 4% • System-wide revenue growth of 4% to a record $4.5bn Group revenue 3,762 3,756 0% continues to drive capital-light income and t
Slide 27: Capital-light delivers significant free cash flow
2025 FULL YEAR RESULTS 27 Capital-light delivers significant free cash flow Record returns to shareholders • Continued to grow our business and revenues whilst $m 2025 2024 managing the cost base resulting in a cash inflow of $360m Adjusted EBITDA 531 501 • Maintenance capex increased year-on-year i
Slide 28: Evolution of capital-structure and reporting continued in 2025
2025 FULL YEAR RESULTS 28 Evolution of capital- structure and reporting continued in 2025 • In May 2025, IWG successfully priced a seven-year Corporate bond backed by an Investment Grade credit rating and spreads continue to tighten significantly • Post the Investor Put in December on the Convertibl
Slide 29: Net Debt / EBITDA fallen further
2025 FULL YEAR RESULTS 29 Net Debt / EBITDA fallen further Leverage continued to fall whilst returning $144m to shareholders 1.45x Net debt/ EBITDA 1.35x Net debt/ EBITDA 729 130 715 13 567 7 14 69 34 485 (3) 82 92 (452) DISCRETIONARY NON-CASH/ FINANCING ITEMS ($82m) ($148m) Cashflow before Growth N
Slide 30: Significant returns to shareholders
2025 FULL YEAR RESULTS 30 Significant returns to shareholders Fully executed $130m buyback programme augments healthy dividend 1000 2.40 900 2.30 800 Shares repurchased (k) 2.20 700 2.10 Share price (£) 600 2.00 500 1.90 400 1.80 300 1.70 200 1.60 100 1.50 0 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25
Slide 31: Disciplined and clear capital allocation: Buyback continuing in 2026
2025 FULL YEAR RESULTS 31 Disciplined and clear capital allocation to return surplus capital to shareholders: Buyback continuing in 2026 #1: #2: #4: Financial Investing in #3: Dividends Share buyback resilience the business to return capital Maintaining BBB Investment Grade credit rating Strong bala
Slide 32: Delivery of expectations to continue
2025 FULL YEAR RESULTS 32 Delivery of expectations to continue Continued delivery on our capital-light strategy 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 manag
Slide 33: Outlook
33 2025 FULL YEAR RESULTS Outlook FY 2026: Short term outlook • EBITDA growth in 2026 expected to be driven primarily by revenue growth rather than cost reduction • Net debt expected to increase slightly in 2026 • Adjusted EBITDA guidance of $585m - $625m • Key assumptions • At least 4% growth in Co
Slide 34: Thank you
Investor Day - December 2025 Thank you
Slide 35: Q&A
Investor Day - December 2025 Q&A