Annual Results & Publication of Annual Report

About this update from Pphe Hotel Group Limited

[{"type":"text","content":"\n \n                           \n 26 February 2026 \n   \n PPHE Hotel Group Limited \n (\"PPHE\", \"the Company\" or the \"Group\") \n   \n Audited Annual Results for the financial year ended 31 December 2025 \n Publication of Annual Report & Accounts \n   \n 2025 full-year results in line with market expectations \n   \n PPHE Hotel Group, the international hospitality real estate group which develops, owns and operates hotels and resorts, is pleased to announce its audited annual results for the financial year ended 31 December 2025. \n   \n Key financials \n \n \n \n \n \n \n \n Reported in GBP (£) \n \n \n Like-for-like* 1 in GBP (£) \n \n \n \n \n \n \n \n Year ended \n31 December 2025 \n \n \n Year ended \n 31 December 2024 \n \n \n Variance 2 \n \n \n Year ended \n31 December 2025 \n \n \n Year ended \n 31 December 2024 \n \n \n Variance 2 \n \n \n \n \n Total revenue \n \n \n £466.4 million \n \n \n £442.8 million \n \n \n 5.3% \n \n \n £456.9 million \n \n \n £440.8 million \n \n \n 3.7% \n \n \n \n \n Room revenue 3 \n \n \n £330.4 million \n \n \n £317.2 million \n \n \n 4.2% \n \n \n £323.0 million \n \n \n £315.4 million \n \n \n 2.4% \n \n \n \n \n EBITDA* \n \n \n £138.2 million \n \n \n £136.5 million \n \n \n 1.3% \n \n \n £139.0 million \n \n \n £136.1 million \n \n \n 2.1% \n \n \n \n \n EBITDA Margin* \n \n \n 29.6% \n \n \n 30.8% \n \n \n (120)bps \n \n \n 30.4% \n \n \n 30.9% \n \n \n (50)bps \n \n \n \n \n Reported PBT \n \n \n £1.5 million \n \n \n £30.6 million \n \n \n (95.2)% \n \n \n n/a \n \n \n n/a \n \n \n n/a \n \n \n \n \n Reported basic EPS \n \n \n 32p \n \n \n 67p \n \n \n (53.0)% \n \n \n n/a \n \n \n n/a \n \n \n n/a \n \n \n \n \n Reported diluted EPS \n \n \n 31p \n \n \n 66p \n \n \n (53.0)% \n \n \n n/a \n \n \n n/a \n \n \n n/a \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n EPRA NRV per share* \n \n \n £27.35 \n \n \n £27.51 \n \n \n (0.6)% \n \n \n n/a \n \n \n n/a \n \n \n n/a \n \n \n \n \n Adjusted EPRA earnings per share* \n \n \n 125p \n \n \n 125p \n \n \n 0.0% \n \n \n n/a \n \n \n n/a \n \n \n n/a \n \n \n \n \n Dividend per share \n \n \n 39p \n \n \n 38p \n \n \n 2.6% \n \n \n n/a \n \n \n n/a \n \n \n n/a \n \n \n \n \n Occupancy 3 \n \n \n 75.1% \n \n \n 74.5% \n \n \n 60bps \n \n \n 75.8% \n \n \n 74.5% \n \n \n 130bps \n \n \n \n \n Average room rate* 3 \n \n \n £164.3 \n \n \n £161.5 \n \n \n 1.7% \n \n \n £163.0 \n \n \n £161.9 \n \n \n 0.7% \n \n \n \n \n RevPAR* 3 \n \n \n £123.4 \n \n \n £120.3 \n \n \n 2.6% \n \n \n £123.5 \n \n \n £120.6 \n \n \n 2.4% \n \n \n \n \n   \n 1 The like-for-like figures exclude the 2025 results from the newly opened art'otel Rome Piazza Sallustio, the results of the first three months of 2025 from art'otel London Hoxton and the last four months of 2024 of the recently terminated leasehold of Park Plaza Wallstreet Berlin Mitte. \n 2 Percentage change figures are calculated from actual figures as opposed to the rounded figures included in the above table. \n 3 The room revenue, average room rate*, occupancy and RevPAR* statistics include all accommodation units at hotels and self-catering apartment complexes and exclude campsites and mobile homes. \n   \n * This announcement includes various Alternative Performance Measures (APMs), such as EPRA performance metrics and hospitality operational performance indicators. For definitions, further details, and reconciliations to measures defined under International Financial Reporting Standards (IFRS), please refer to the Appendix: Alternative Performance Measures. \n   \n Commenting on the results, Greg Hegarty, Co-Chief Executive Officer, PPHE Hotel Group said: \n   \n \"2025 was another year of financial and strategic progress, driven by occupancy and average room rate growth, alongside a continued focus on cost management, achieved against a volatile macroeconomic environment and strong prior year comparatives. \n   \n The opening of art'otel Rome Piazza Sallustio, our first hotel in Italy, marked the completion of our largest-ever multi-year investment programme. Meanwhile, our recently opened and repositioned properties, including art'otel London Hoxton, continued to establish their market positions, and we further enhanced our long-term development pipeline, which included a new development site near the City of London. We also recently completed a large refinancing cycle which has further supported the Group's strong balance sheet. \n   \n Following a strong start to the year, forward booking momentum across all regions is encouraging. The Board remains confident in delivering results for 2026 in line with market expectations 4 .\" \n \n Financial highlights \n   \n \n \n \n \n ·    \n \n \n Like-for-like 1 * total revenue grew by 3.7% to £456.9 million. Reported total revenue increased by 5.3% to a record £466.4 million (2024: £442.8 million). \n   \n \n \n \n \n ·    \n \n \n Like-for-like* EBITDA* increased by 2.1% to £139.0 million and reported EBITDA* increased by 1.3% to £138.2 million (2024: £136.5 million). Like-for-like* EBITDA margin* decreased to 30.4% (2024: 30.9%) due to higher national insurance costs in the UK and lower margin contribution from newly opened hotels during their stabilisation period. Reported EBITDA margin reduced to 29.6% (2024: 30.8%). \n   \n \n \n \n \n ·    \n \n \n Adjusted EPRA earnings per share* in line with the prior year at 125 pence (2024: 125 pence). \n   \n \n \n \n \n ·    \n \n \n EPRA NRV per share* was at £27.35 (2024: £27.51), reflecting negative property revaluations in the UK following increases in business rates partially offset by favourable foreign currency movements. \n   \n \n \n \n \n ·    \n \n \n The Group's UK hotels delivered a solid performance in the year, with room revenue and RevPAR growth driven by occupancy growth and stable average room rate delivery. In the Netherlands and Germany, overall trading was more subdued, with pressures on both occupancy and average room rate. In Croatia, the Group's hotels, self-catering apartments and campsites all performed well during the peak summer months, with strong average room rate growth, alongside stable occupancy. \n   \n \n \n \n \n   \n \n \n o  \n \n \n On a like-for-like* basis, occupancy increased by 130 bps to 75.8%. Reported occupancy increased by 60 bps to 75.1% (2024: 74.5%). \n   \n \n \n \n \n   \n \n \n o  \n \n \n Like-for-like* average room rate* increased by 0.7% £163.0. Reported average room rate* increased by 1.7% to at £164.3 (2024: £161.5). \n   \n \n \n \n \n   \n \n \n o  \n \n \n Like-for-like* RevPAR* increased 2.4% to £123.5. Reported RevPAR* improved by 2.6% to £123.4 (2024: £120.3). \n   \n \n \n \n \n ·    \n \n \n The Board has recommended a final proposed dividend of 22p per share. Together with the 17p per share interim dividend paid, the total dividend for 2025 is 39p per share (2024: 38p per share). \n   \n \n \n \n \n ·    \n \n \n The Strategic Review process announced by the Company on 21 November 2025 remains ongoing. The Company will update the market in due course. \n \n \n \n \n   \n Strategic highlights \n   \n \n \n \n \n ·    \n \n \n Refinanced Park Plaza London Riverbank (November 2025) and Park Plaza Victoria London (December 2025), alongside the refinancing of four other UK hotels. Post period end, the Group refinanced art'otel Rome Piazza Salustio (February 2026), which concluded a large refinancing cycle. The Group has a strong balance sheet, and recent refinancing has significantly improved the Group's liquidity profile, with average loan portfolio maturity increasing to 4.2 years. \n   \n \n \n \n \n ·    \n \n \n Acquired the freehold of the Park Plaza London Park Royal and the adjacent development site for £10 million. \n   \n \n \n \n \n ·    \n \n \n Recently opened and refurbished hotels continue to build momentum as these properties ramp up, supported by positive guest feedback. \n   \n \n \n \n \n   \n \n \n o  \n \n \n The Group's first hotel in Italy, art'otel Rome Piazza Sallustio, opened in March 2025 and continues to establish its market position. \n   \n \n \n \n \n   \n \n \n o  \n \n \n The phased opening of art'otel London Hoxton continues to be managed to maximise the long-term financial potential of the property. The 25th-floor French Mediterranean restaurant, Solaya, and the hotel's suites opened in Q4 and the 5,000 sqm of premium office space is currently being marketed to prospective targeted tenants. \n   \n \n \n \n \n ·    \n \n \n Completed the acquisition of a development site near the City of London in September 2025 for £17.5 million (via the European Hospitality Fund). Anticipated to open in 2029, the site is earmarked for PPHE's first select service hotel in London, to be operated as a Radisson RED lifestyle hotel. \n   \n \n \n \n \n ·    \n \n \n Acquired 523,723 shares in the Group's subsidiary Arena Hospitality Group d.d. (''AHG'') from minority shareholders for €18.8 million (c. £15.8 million), reflecting a yield of approximately 10% on 2024 AHG EBITDA*. Following this acquisition, the Group holds 66.1% of the share capital of AHG (31 December 2024: 54.9%). \n \n \n \n \n   \n Post-balance sheet events \n   \n \n \n \n \n ·    \n \n \n On 16 February 2026, the Group entered into a new agreement to refinance its loan in relation to art'otel Rome Piazza Sallustio in Italy. Under the terms of the new facility, the €27.6 million (£24.1 million) loan has a five-year term and carries a fixed interest rate of 4.8%, and carries no amortisation through the life of the loan. \n   \n \n \n \n \n ·    \n \n \n On 18 February 2026, the Group announced that one of its subsidiaries had entered into an agreement for the sale of its development site located in Manhattan, New York, for a purchase price of $33.5 million. There are no conditions to completion, and it is expected that the disposal will close in the coming months. \n   \n \n \n \n \n Outlook \n   \n \n \n \n \n ·    \n \n \n Notwithstanding wider macro-economic volatility and fiscal headwinds, the Board expects to build on the Group's 2025 performance and further grow revenue and EBITDA in 2026, driven by the growing contribution from recent investments and its newly opened hotels. \n   \n \n \n \n \n ·    \n \n \n Forward booking momentum across all regions is encouraging following a strong start to 2026. \n   \n \n \n \n \n ·    \n \n \n The Board remains confident in delivering results for the financial year ending 31 December 2026 in line with market expectations 4 . \n \n \n \n \n   \n 4 At 26 February 2026, the Company compiled analyst consensus forecast range for the financial year ending 31 December 2026 showed a revenue range of £473 million to £489 million and an EBITDA range of £147 million to £148 million. \n   \n Publication of Annual Report & Accounts \n   \n PPHE Hotel Group Limited will publish later today its annual report and accounts for the financial year ended 31 December 2025 (the \"Annual Report\"). This document shall be available today on the Company's website:  www.pphe.com \n   \n Pursuant to UK Listing Rule 9.6.1, copies of the Annual Report shall be submitted later today to the National Storage Mechanism and will shortly be available for inspection at:  \n https://data.fca.org.uk/#/nsm/nationalstoragemechanism \n   \n In accordance with Disclosure Guidance and Transparency Rule 6.3.5, the information in the attached Appendix consisting of a Directors' Responsibility Statement, principal risks and uncertainties and related party transactions has been extracted unedited from the Annual Report & Accounts for the financial year ended 31 December 2025. This material is not a substitute for reading the full Annual Report. \n   \n This announcement contains inside information. The person responsible for arranging the release of this announcement on behalf of the Company is Daniel Kos, Chief Financial Officer & Executive Director. \n   \n Enquiries: \n   \n \n \n \n \n PPHE Hotel Group Limited \n Greg Hegarty, Co-Chief Executive Officer \n Daniel Kos, Chief Financial Officer & Executive Director \n Robert Henke, Executive Vice President Commercial Affairs \n \n \n Tel: +31 (0)20 717 8600 \n \n \n \n \n h2Radnor \n Iain Daly / Joshua Cryer \n \n \n Tel: +44 (0) 203 897 1830 \n \n \n \n \n Hudson Sandler \n Wendy Baker / India Laidlaw \n \n \n Tel: +44 (0)20 7796 4133 \nEmail:  [email protected] \n \n \n \n \n   \n Notes to Editors \n   \n PPHE Hotel Group (LSE: PPH) is an international hospitality real estate company, with a £2.2 billion portfolio, valued as at December 2025 by Savills and Zagreb nekretnine Ltd (ZANE), of primarily prime freehold and long leasehold assets in Europe. \n   \n Through its subsidiaries, jointly controlled entities and associates it owns, co-owns, develops, leases, operates and franchises hospitality real estate. Its portfolio includes full-service upscale, upper upscale and lifestyle hotels in major gateway cities and regional centres, as well as hotel, resort and campsite properties in select resort destinations. The Group's strategy is to grow its portfolio of core upper upscale city centre hotels, leisure and outdoor hospitality and hospitality management platform. \n   \n PPHE Hotel Group benefits from having an exclusive and perpetual licence from the Radisson Hotel Group, one of the world's largest hotel groups, to develop and operate Park Plaza® branded hotels and resorts in Europe, the Middle East and Africa. In addition, PPHE Hotel Group wholly owns, and operates under, the art'otel® brand and its Croatian subsidiary owns, and operates under, the Arena Hotels & Apartments® and Arena Campsites® brands. \n   \n PPHE Hotel Group is a Guernsey registered company with shares listed on the London Stock Exchange. PPHE Hotel Group also holds a controlling ownership interest in Arena Hospitality Group ('AHG'), whose shares are listed on the Prime market of the Zagreb Stock Exchange. \n   \n Company websites:  www.pphe.com  |  www.arenahospitalitygroup.com \n   \n For reservations: \n www.parkplaza.com  |  www.artotel.com  |  www.radissonhotels.com  |  www.arenahotels.com  |  www.arenacampsites.com   \n   \n Rule 28 of the Takeover Code \n   \n The UK Panel on Takeovers and Mergers has confirmed that the profit forecast constitutes an ordinary course profit forecast for the purposes of Note 2(b) to Rule 28.1 of the Takeover Code, to which the requirements of Rule 28.1(c)(i) of the Takeover Code apply. \n   \n Directors' confirmation \n   \n The directors have considered the profit forecast contained herein and confirm that it has been properly compiled on the basis of the assumptions set out below and the basis of the accounting used is consistent with the Group's existing accounting policies. \n   \n Basis of preparation \n   \n The profit forecast has been compiled based on the Group's unaudited management accounts for Q1 2026 and has been prepared on a basis consistent with the Group's existing accounting policies, which are consistent with International Financial Reporting Standards measures as approved by the International Accounting Standards Board and adopted by the European Union. \n   \n The profit forecast has been compiled on the basis of the assumptions set out below and should therefore be read in this context and construed accordingly. \n   \n Assumptions \n   \n In confirming the profit forecast, the Directors of the Company have made the following assumptions. \n   \n (i) Assumptions outside of the Company's control or influence: \n   \n \n \n \n \n ·    \n \n \n No material change in the political, economic and/or market environment that would materially affect the Group. \n   \n \n \n \n \n ·    \n \n \n There will be no material changes in market conditions over the period to 31 December 2026, including in relation to either demand or the competitive environment. \n   \n \n \n \n \n ·    \n \n \n No significant or one-off events or litigation that would have a material impact on the operating results or financial position of the Group. \n   \n \n \n \n \n ·    \n \n \n There will be no material adverse change to the Group's client or tenant relationships. \n   \n \n \n \n \n ·    \n \n \n No adverse changes to inflation or interest or tax rates compared with the Group's budgeted estimates. \n   \n \n \n \n \n ·    \n \n \n No material adverse events which will have a significant impact on the operating results or financial position of the Group. \n   \n \n \n \n \n ·    \n \n \n No material adverse outcome from any ongoing or future disputes with any customers, tenants, competitor, regulator or tax authority. \n   \n \n \n \n \n ·    \n \n \n No material change in legislation, taxation, regulatory requirements, applicable standards or the position of any regulatory bodies impacting the Group's operations or accounting policies. \n   \n \n \n \n \n   \n (ii) Assumptions within the Company's control or influence: \n   \n \n \n \n \n ·    \n \n \n No additional significant acquisitions, disposals, developments, partnership or joint venture agreements being entered into by the Company. \n   \n \n \n \n \n ·    \n \n \n No material change in the dividend or capital policies. \n   \n \n \n \n \n ·    \n \n \n No material changes to the Group's management team. \n   \n \n \n \n \n ·    \n \n \n No material changes to the Group's strategy. \n   \n \n \n \n \n ·    \n \n \n No material adverse change to the Group's ability to meet customer, supplier and partner needs and expectations based on current practice. \n   \n \n \n \n \n ·    \n \n \n The Group's accounting policies will be consistently applied in the period ending 31 December 2026. \n \n \n \n \n   \n The profit forecast does not take into account any effects of a possible offer for the Company as part of its ongoing Formal Sale Process. \n   \n Chairman's Statement \n   \n Welcome \n   \n I am pleased to report that the Group continued to make strategic progress during 2025, a year which saw the completion of our largest-ever investment programme, with the opening of our first hotel in Italy and the full opening of our flagship art'otel London Hoxton, the strengthening of our development pipeline and our unwavering commitment to delivering memorable experiences for our guests. \n   \n A key focus for the year has been on optimising our newly and recently opened hotels as they become established in their markets to unlock value, whilst also actively managing costs and driving efficiencies across our operations. \n   \n The strategic progress and revenue growth delivered during the year reflect the attractiveness and strength of our portfolio, which utilises attractive brands across appealing destinations serving diversified market segments underpinned by our unique 'Buy, Build, Operate' business model, which in turn provides exposure and returns across the entire hospitality real estate value chain. \n   \n Environmental, Social and Governance strategy \n   \n The Board is focused on sustainability and good corporate governance, and we recognise the importance of engagement with all our stakeholders to understand their priorities. The Board and the Executive Leadership Team regularly meet with shareholders, and we actively engage with our team members through engagement surveys and town hall meetings. \n   \n We have continued to advance our Environmental, Social, and Governance (ESG) strategy, further enhancing the sustainability profile of our operations and social impact. We strive to minimise our impact on the environment across our markets, with a focus on having a positive impact on all our stakeholders, including team members, guests, partners and those in our local communities. \n   \n A double materiality assessment was conducted in Q2 2025 to identify a list of material impacts, risks and opportunities (IROs) for our business, and to understand the most important issues for our stakeholders, as well as how societal and environmental factors affect the Group. This was marked by a series of four workshops with senior PPHE leaders, including all relevant teams such as ESG, Legal, Finance, Procurement, Engineering, HR and Operations. The material IROs identified included climate change adaptation, water consumption, investment in energy efficiency measures, gender equality and ethical issues in the supply chain. This double materiality assessment succeeded the one completed in 2022. While PPHE is not yet in scope of the Corporate Sustainability Reporting Directive (CSRD), this assessment was conducted based on the same criteria set out by the regulation, so PPHE is aligned with future compliance requirements. \n   \n The Board \n   \n As announced in January 2025, I succeeded Eli Papouchado as Non-Executive Chairman and Roni Hirsch was appointed a Non-Executive Director. Roni is the CEO of the Red Sea Group, a role he has held since 1993. The Red Sea Group is controlled by Eli Papouchado, who, together with his family trusts, owns 32.93% of the voting rights in PPHE Hotel Group. \n   \n As a Board, we work closely with our highly skilled Executive Leadership Team to drive forward our growth strategy and longer-term development pipeline. Against a challenging backdrop of macro-economic pressures and geo-political uncertainty, I would like to take this opportunity to thank the Board and Executive Leadership Team, as well as our team members, for their contribution and commitment throughout 2025. \n   \n Dividends \n   \n We are committed to delivering value to our shareholders, which is reflected in our progressive dividend policy. \n   \n The Board has declared a proposed final dividend of 22 pence per ordinary share. Together with the interim dividend of 17 pence per ordinary share, the total dividend for the 2025 financial year is 39 pence per ordinary share, an increase of 2.6% compared with 2024. \n   \n Offer Period \n   \n In November 2025, the Board announced that it was undertaking a Strategic Review to consider a range of potential options to maximise value for all shareholders. As part of the Strategic Review, the Board will consider options, including but not limited to, a range of potential actions to improve shareholder value, introducing growth capital into the Group or its portfolio, or a potential sale of all or part of the issued share capital of the Group. \n   \n Well-positioned for future growth \n   \n Following the completion of our largest ever investment cycle, which leveraged our unique 'Buy, Build, Operate' business model expertise, the Group has a well-invested portfolio of 50 operational properties in prime locations, which operates under seven brands, across eight countries in Europe. This, combined with our expert teams, makes our properties attractive and allows us to deliver memorable experiences for our guests. \n   \n Whilst we will remain focused on building profile and establishing the market positions of recently launched properties in the year ahead, the Group also has a longer-term development and asset enhancement pipeline to support future growth. \n   \n   \n Ken Bradley \n Chairman \n   \n   \n CEO Review \n   \n   \n 2025 in review \n   \n 2025 marked the completion of the Group's multi-year development programme, which saw us invest more than £300 million in upgrading and repositioning our existing hospitality real estate portfolio and expanding our footprint in existing and new markets, with the launch of new hotels in London, Zagreb and Rome. Throughout this investment programme, we have been focused on enhancing our hospitality offer and maximising returns for our shareholders over the longer term. \n   \n We are pleased to have delivered a robust performance with reported revenue growth of 5.3% and RevPAR* growth of 2.6%, achieved in a year characterised by cost inflation and a volatile macro-economic and geo-political environment. While cost inflation and stabilised room rates put pressure on margins, we have been focused on driving efficiencies across our markets to help mitigate operational cost pressures, such as government-led wage and social security cost increases. In line with our expectations, reported EBITDA* was up by 1.3% at £138.2 million. Our newly opened hotels had a positive impact on EBITDA*, as they are stabilising, with EBITDA* negatively impacted by the cost pressures outlined earlier. On a like-for-like basis*, revenue was up 3.7%, RevPAR* was up 2.4% and EBITDA* was 2.1% higher. \n   \n Across most of our properties, we saw increased occupancy achieved alongside a stabilisation of room rates, which was proactively managed given the trading environment. The UK delivered a solid performance against strong prior-year comparatives, with increased occupancy and a slight increase in average room rates*. In the Netherlands and Germany, trading was more subdued, with in the Netherlands a strong comparative period, and in both regions due to pressure on occupancy and average room rates. Our operations in Croatia, which are primarily leisure based, performed well during the peak trading months, delivering growth in average room rates*, which more than offset a slight reduction in occupancy. \n   \n Our newly opened hotels performed well, with demand growing month-on-month. All new hotels have received excellent guest feedback. \n   \n With a focus on longer-term growth, we continue to look for opportunities to expand into existing and new markets, capitalising on the strength of our unique 'Buy, Build, Operate' model. In September, we acquired, through our European Hospitality Fund, a development site near the City of London with plans to open our first select service hotel in London. We also acquired the freehold of our leasehold property, Park Royal in London, and the adjacent development site. \n   \n Our recent hotel openings and development plans solidify the successful evolution of PPHE as a pan-European, multi-brand hospitality real estate group, with broad customer appeal (and offerings in different market segments, located in attractive destinations) and the opportunity for attractive long-term growth. \n   \n We increased the Group's holding in Arena Hospitality Group d.d. ('AHG') to 66.1% of the share capital, acquiring shares from minority shareholders, reflecting a yield of approximately 10% on 2024 AHG EBITDA*. \n   \n Completion of £300+ million development pipeline \n   \n We opened our first hotel in Italy, the much-anticipated art'otel Rome Piazza Sallustio, in March 2025, following a major repositioning project. This five-star property is located in the centre of Rome, and features a YEZI Restaurant & Bar, which is inspired by the traditional Asian teahouse style of informal eating, drinking and socialising. The hotel and restaurant have been well received by guests and are steadily building momentum as they continue to establish their market position. \n   \n Our art'otel London Hoxton development is now complete, following the soft opening in April 2024. In September, our 25th floor restaurant and bar, Solaya, opened in collaboration with Michelin chef Kenny Atkinson. The 24th floor meeting and event space launched in May, followed by the signature suites on the 23rd floor in Q4. The 5,000m 2 office space is currently being marketed to prospective tenants through expert agents. Since opening, we have been focused on maximising the long-term financial potential of this property, rather than focusing on short-term performance. \n   \n In addition, in Croatia, we upgraded the Arena Stupice Campsite and the Arena Indije Campsite to four-star properties, with both campsites reopening in time for the summer season. \n   \n The completion of the investment projects above, alongside other recently opened properties, including the development of art'otel Zagreb and the repositioning programmes of the Radisson RED Berlin Kudamm, Radisson RED Belgrade and Grand Hotel Brioni Pula - a Radisson Collection Hotel, marked the completion of the final phase of our multi-year investment programme. \n   \n As we extend our footprint, we will continue to implement our market segment and geographic differentiation strategy, which allows us to flex our offer and brand properties appropriately by location and target markets. This brand diversification approach includes our core upper upscale Park Plaza branded properties, our upper upscale and premium lifestyle art'otel branded properties, and more recently our Radisson Collection branded hotel and select service lifestyle Radisson RED properties in Berlin and Belgrade, and our first Radisson RED development project in London. In addition, in Croatia, our properties utilise the midscale to upscale Arena Hotels & Resorts and Arena Campsites brands (campsites, premium lodges and glamping). \n   \n Investing in people \n   \n People and culture are at the heart of our business. Our approach is focused on colleague wellbeing, engagement, learning and development, and retention, all of which support the execution of the Group's growth strategy and help our team members create memorable experiences for our guests. \n   \n We actively engage with our teams and, during 2025, we conducted two team member engagement surveys at PPHE and one at AHG. We are pleased to report that average engagement scores increased to 86.5% (2024: 84.5%) and 77% (2024: 75%) respectively, with engagement scores in the UK and the Netherlands outperforming the sector by 5%. Wellbeing scores improved by 4.5% compared with 2024, supported by initiatives such as our Employee Assistance Programme in the UK. \n   \n We continue to invest in a range of innovative learning and development programmes to support growth and development throughout colleagues' careers, including programmes to build a pipeline of future leaders, such as our 2023 Graduate Managers Cohort, who completed their programme in March 2025, our NextGen programme for team leaders, and a new format for people development workshops to enhance knowledge sharing and collaboration. In the UK, our degree apprenticeship programme continues with eight team members currently taking part, three of whom will graduate by the end of 2026. \n   \n During the year, we actively expanded our internal and external initiatives to positively impact the communities in which we operate, for example, by helping young people and those facing barriers to employment embark on a career in hospitality. In the UK, we partnered with the charity, Only A Pavement Away, which works with people facing homelessness, and prison leavers and veterans who are struggling to get into work, overcome hurdles by finding jobs within the hospitality industry. In the Netherlands, our partnership with JINC helps more than 80,000 young people each year enter the job market through education and career guidance projects. Across the Netherlands and Italy, we launched a quarterly career development campaign to showcase career development opportunities both at PPHE and externally. In Rome, we collaborated with the local government to recruit approximately 19% of the overall team members for art'otel Rome Plazza Sallustio, helping the long-term unemployed re-enter the workforce. \n   \n Industry recognition \n   \n We are delighted that our properties, brands and concepts continue to be recognised through industry awards and accreditations. Notably, in London, art'otel London Battersea Power Station was awarded 'Hotel of the Year' at The Cateys 2025 and 'Best Luxury Rooftop View Hotel' at the Luxury Lifestyle Awards 2025. Our TOZI restaurant in Victoria, London, received an 'Authentic Italian Restaurant' award from the Italian Chamber of Commerce and 'Best International Cuisine' at the British Restaurant Awards 2025. In Croatia, Arena Grand Kazela Campsite, Arena One 99 Glamping and Arena Stoja Campsite have all been awarded 'Croatia's Best Campsite' by the Croatian Camping Union. art'otel Rome Piazza Sallustio was ranked among the 'Top 50 Best Hotels in Italy' by Travel + Leisure. \n   \n Technology transformation \n   \n We are continuing to adopt technologies that simplify back-office functions, support our operations, and drive guest experience and topline growth. Notably, we are well advanced in transitioning to a new cloud-based core infrastructure for our properties, with our migration to a new Oracle cloud-based Property Management System. Our hotels in the Netherlands, Italy and most of the hotels in the UK have been migrated to this new platform in recent months, which is envisioned to bring efficiency benefits, unlock third party software integrations, and leverage data to improve the guest experience and drive efficiencies and growth. \n   \n As part of this transformation, we have developed a new suite of Digital Experience solutions, some of which we have started to roll out already. This includes the development of a new self-service kiosk option for the UK and the Netherlands, which provides guests with a choice of how they wish to check in and out, by either using their mobile phone or these new kiosks, or going to the reception desk. By offering our guests a choice, we can better meet expectations and deliver a faster and more personalised service. New functionalities in our online check in experience will include Google Wallet and Apple Wallet mobile keys for guests to use. Our newly developed guest experience platform includes an improved room service ordering system, which is anticipated to improve conversion, and real-time guest messaging options, for which the back-end lends itself for integrations with our operations ticketing system and will unlock further opportunities to leverage Artificial Intelligence (AI) and Robotic Process Automation (RPA). \n   \n Across the operation, in back of house, in support functions and in our customer service centre, we have identified significant opportunities to leverage AI and RPA to drive efficiency, simplify processes and positively impact the guest experience. A dedicated team drives this transformation of our operation, working closely with the business units to ensure optimum results are delivered. Successes in the year include the introduction of AI and RPA in the customer service centre, where over 50% of emails are now managed through AI and with the vast majority of guest surveys and guest feedback responded to by AI. This has enabled our team to provide greater focus on more complex matters and value generating initiatives. \n   \n In 2026, we will be implementing Dayforce, which is an AI-powered platform, bringing together our HR, payroll, compensation and benefits, workforce management and talent management functions into a single application to streamline people operations. By introducing this new platform, we anticipate benefiting from tasks automation, and data, analytics, and self-service tools for our team members. \n   \n While technology is an important enabler to enhance guests' overall experience and improve efficiencies, we remain highly focused on ensuring our guests are warmly welcomed to our hotels, and technology helps our teams continue to deliver high levels of service. \n   \n Guest experience \n   \n Our expert teams are dedicated to delivering unparalleled hospitality experiences, seamlessly blending exceptional service with premium products and thoughtfully designed offerings. Our unwavering commitment to excellence ensures that every guest enjoys unforgettable moments tailored to their needs and expectations, fostering lasting impressions and inspiring loyalty. In 2025, our teams achieved a robust and consistent guest experience across our portfolio. Despite ongoing cost pressures and increasing guest expectations, overall guest satisfaction rose from 87.8% to 88.1% (on a scale of 1-100%). This improvement can be attributed to the excellent feedback received by our newly opened properties and the rigorous service focus maintained by our established locations. Service quality and cleanliness remain the most significant drivers of positive guest sentiment. Additionally, we have increased the number of guest responses and implemented a more consistent approach to service recovery, supported by refreshed brand standards and comprehensive training programmes. \n   \n Longer-term development pipeline \n   \n We are always identifying and assessing new opportunities where we can leverage our unique business model and drive value for our stakeholders through the hospitality real estate value chain. This includes reviewing opportunities to enhance existing assets in existing markets, as well as exploring opportunities to expand our portfolio in existing and new markets. \n   \n Our longer-term development pipeline in London currently comprises four development sites, of which three sites have planning. \n   \n In September 2025, through a subsidiary of our European Hospitality Real Estate Fund, we acquired a prime mixed-use development site near the City of London for £17.5 million. The project, which is expected to be completed in 2029, will feature a select service Radisson RED lifestyle hotel. The hotel will have a minimum of 182 rooms, a restaurant, bar and gym, as well as approximately 4,000m 2 of office space. The total investment in the project is expected to be approximately £90 million, including the site acquisition price, with an expected running unlevered annual yield of high single digits at stabilisation. The development will focus on sustainability, targeting a BREEAM 'Excellent' environmental accreditation. \n   \n In the South Bank area of London, close to our Park Plaza London Waterloo and Park Plaza London Westminster Bridge properties, we have planning permission for a hotel-led, mixed-use development at 79-87 Westminster Bridge Road, purchased for £12.9 million in 2019. The hotel will be a midscale, design-led concept comprising up to 186 rooms over 15 floors, and it will include two floors of office and light industrial space (approximately 800m 2 ), activated by a flexible-use ground floor public space featuring an all-day dining bar and café. The building's design will focus heavily on sustainability, transforming a former brownfield site, and will also target a BREEAM 'Excellent' environmental accreditation. \n   \n In central London, at our Park Plaza London Victoria property, we are advancing our design scheme to create an additional 79 subterranean rooms. By amending our originally consented scheme of 179 subterranean rooms, we are fully optimising value through retaining the meeting and event spaces, which have seen good demand since the pandemic. \n   \n In west London, for the landsite adjacent to our Park Plaza London Park Royal property, our original design scheme for the development of a 465-room hotel (for which planning was granted) has been amended to develop a 616-room co-living aparthotel. This new scheme has been granted planning consent and we are currently exploring further value generating options for this development project. \n   \n In New York, where we own a landsite near Hudson Yards, we demolished the existing structures in 2024 and acquired the air rights in 2025, creating further value for the development site. Post balance sheet, this site has been sold to a real estate developer for $33.5 million. \n   \n Focus on sustainability \n   \n We made further progress against our sustainability commitments. As planned, we submitted the Group's emission reduction targets to the Science Based Targets initiative (SBTi). This includes both 2035 near-term targets and 2050 long-term and net zero targets, covering Scopes 1, 2 and 3. The submission was backed by an extensive decarbonisation plan developed in collaboration with the Engineering and Procurement teams, with support from external specialists, which provides a clear roadmap to achieve the targets. Another area of progress in 2025 is waste management, with an increase in recycling rates across many of our hotels. This was achieved by introducing food waste bins in more properties and running training sessions on waste segregation with our team members. We also made further progress towards BREEAM In-Use building certifications, with three of our properties expected to be certified in early 2026 and more to follow later in the year. \n   \n We have expanded our engagement with local communities through more structured partnerships with charities, such as The Children's Society in the UK and JINC in the Netherlands, and we have seen an increased uptake of the volunteering day by team members. We have also stepped up communication of sustainability efforts, both internally and externally, through more regular use of social media and our internal communications platform Youniverse. \n   \n Looking ahead \n   \n Notwithstanding wider macro-economic volatility and fiscal headwinds, the Board expects to build on the Group's 2025 performance and further grow revenue and EBITDA in 2026, driven by the growing contribution from recent investments and our newly opened hotels. \n   \n As at the end of February 2026, forward booking momentum across all regions is encouraging following a strong start to the year, and the Board remains confident in delivering results for the financial year ending 31 December 2026 in line with market expectations 4 . \n   \n We extend our heartfelt gratitude to all our team members for their dedication and exceptional service, which has resulted in high levels of guest satisfaction. Furthermore, we want to thank our shareholders for their support.     \n   \n 4 At 26 February 2026, the Company compiled analyst consensus forecast range for the financial year ending 31 December 2026 showed a revenue range of £473 million to £489 million and an EBITDA range of £147 million to £148 million. \n   \n Boris Ivesha \n President & Chief Executive Officer \n   \n Greg Hegarty \n Co-Chief Executive Officer \n   \n   \n Financial Review \n   \n Overview of 2025 \n   \n The year unfolded as a story of gradually strengthening performance, strategic expansion and improving balance sheet resilience amid a still volatile macro-economic backdrop.  The Group reported a 5.3% increase in total revenue through rate and occupancy growth. \n   \n The Group experienced a slow start to the first half of the year, with ongoing normalisation of room rates across several markets. Strong occupancy growth, particularly in the second quarter, resulted in overall RevPAR* and total revenue growth in the first six months of the year. The second half of the year saw average room rates* increasing and, with occupancy growth, this resulted in an acceleration of the revenue growth for the year. \n   \n Whilst occupancy is an important contributor to RevPAR*, margins remain sensitive to movements in room rates and cost inflation. EBITDA* increased by 1.3%, the EBITDA margin declined by 120 basis points, particularly due to the dilutive effect that newly opened hotels have with a maturing EBITDA* profile. Operational efficiency initiatives helped mitigate the impact of cost inflation and government-driven wage and tax increases. \n   \n The art'otel London Hoxton continued to ramp up, with the office space actively marketed and the top-floor restaurant and suites opening in the fourth quarter. The art'otel successfully opened in April, receiving strong guest feedback, and the Group further strengthened its future pipeline through the acquisition of a landsite near the City of London.  \n   \n Liquidity and balance sheet resilience improved through a series of refinancings, extending average maturities and enhancing the Group's funding position. The Group also acquired the freehold of an existing leasehold hotel and adjacent development site located at Park Royal in London. \n   \n Financial results \n   \n Key financial statistics for the financial year ended 31 December 2025. \n   \n \n \n \n \n \n \n \n Reported \n \n \n Like-for-like* 1 \n \n \n \n \n \n \n \n Year ended 31 December 2025 \n \n \n Year ended 31 December 2024 \n \n \n % \n change 2 \n \n \n Year ended 31 December 2025 \n \n \n Year ended 31 December 2024 \n \n \n % \n change 2 \n \n \n \n \n Occupancy 3 \n \n \n 75.1% \n \n \n 74.5% \n \n \n 60bps \n \n \n 75.8% \n \n \n 74.5% \n \n \n 130bps \n \n \n \n \n Average room rate* 3 \n \n \n £164.3 \n \n \n £161.5 \n \n \n 1.7% \n \n \n £163.0 \n \n \n £161.9 \n \n \n 0.7% \n \n \n \n \n RevPAR* 3 \n \n \n £123.4 \n \n \n £120.3 \n \n \n 2.6% \n \n \n £123.5 \n \n \n £120.6 \n \n \n 2.4% \n \n \n \n \n Total revenue \n \n \n £466.4 million \n \n \n £442.8 million \n \n \n 5.3% \n \n \n £456.9 million \n \n \n £440.8 million \n \n \n 3.7% \n \n \n \n \n Total room revenue 3 \n \n \n £330.4 million \n \n \n £317.2 million \n \n \n 4.2% \n \n \n £323.0 million \n \n \n £315.4 million \n \n \n 2.4% \n \n \n \n \n EBITDA* \n \n \n £138.2 million \n \n \n £136.5 million \n \n \n 1.3% \n \n \n £139.0 million \n \n \n £136.1 million \n \n \n 2.1% \n \n \n \n \n EBITDA margin* \n \n \n 29.6% \n \n \n 30.8% \n \n \n (120)bps \n \n \n 30.4% \n \n \n 30.9% \n \n \n (50)bps \n \n \n \n \n Adjusted EPRA EPS* \n \n \n 125p \n \n \n 125p \n \n \n (0.7)% \n \n \n n/a \n \n \n n/a \n \n \n n/a \n \n \n \n \n EPRA NRV per share* \n \n \n £27.35 \n \n \n £27.51 \n \n \n (0.6)% \n \n \n n/a \n \n \n n/a \n \n \n n/a \n \n \n \n \n Reported PBT \n \n \n £1.5 million \n \n \n £30.6 million \n \n \n (95.2)% \n \n \n n/a \n \n \n n/a \n \n \n n/a \n \n \n \n \n Normalised PBT* \n \n \n £34.2 million \n \n \n £38.8 million \n \n \n (11.9)% \n \n \n n/a \n \n \n n/a \n \n \n n/a \n \n \n \n \n Reported EPS \n \n \n 32p \n \n \n 67p \n \n \n (53.0)% \n \n \n n/a \n \n \n n/a \n \n \n n/a \n \n \n \n \n Reported diluted EPS \n \n \n 31p \n \n \n 66p \n \n \n (53.0)% \n \n \n n/a \n \n \n n/a \n \n \n n/a \n \n \n \n \n   \n \n \n \n \n 1 \n \n \n The like-for-like figures exclude the 2025 results from the newly opened art'otel Rome Piazza Sallustio, the results of the first three months of 2025 from art'otel London Hoxton and the last four months of 2024 of the recently terminated leasehold of Park Plaza Wallstreet Berlin Mitte. \n \n \n \n \n 2 \n \n \n Percentage change figures are calculated from actual figures as opposed to the rounded figures included in the above table. \n \n \n \n \n 3 \n \n \n The room revenue, average room rate*,  occupancy and RevPAR* statistics include all accommodation units at hotels and self-catering apartment complexes and exclude campsites and mobile homes. \n \n \n \n \n   \n   \n Revenue \n   \n Reported total revenue was up 5.3% to £466.4 million and like-for-like total revenue rose 3.7% to £456.9 million. Like-for-like* revenue was supported by increased RevPAR* levels and solid meetings and events revenue growth and reported revenues were further positively impacted by the increased contribution of newly opened hotels. \n   \n 2025 RevPAR* was £123.4, an increase of 2.6%. This reflected good growth in occupancy and an 1.7% increase in average room rates* to £164.3. \n   \n EBITDA*, profit and earnings per share \n   \n The Group reported EBITDA* of £138.2 million for 2025, compared to £136.5 million in the previous year. The EBITDA margin* showed a marginal year-on-year decline to 29.6%, down from 30.8% in 2024. This decline was largely caused due to the dilutive effect that newly opened hotels have with a maturing EBITDA* profile. As was the case last year, the Group this year focused on enhancing efficiencies within back-office functions through automation and increasing productivity levels.  \n   \n Reported basic earnings per share for the period was 32 pence, compared to 67 pence in 2024. Depreciation for the year, including impairments of £23.7 million, amounted to £72.3 million (2024: £47.1 million). While depreciation is recorded in accordance with IFRS, internally, we consider the ongoing average capital expenditure (CAPEX) over the lifespan of our hotels as a more pertinent measure for determining profit. In the hospitality industry, this is approximately 4% of total revenue. Our EPRA earnings* are calculated using this 4% rate instead of the reported non-cash depreciation charge (refer to the EPRA earnings* table on below). \n   \n Normalised profit before tax* declined to £34.2 million, compared to £38.8 million in 2024. Reported profit before tax decreased by £29.1 million to £1.5 million (2024: £30.6 million), mainly due to impairments of £23.7 million recorded this year. Further details can be found in the normalisation adjustments table below. \n   \n Cash flow and EPRA earnings* \n   \n In 2025, the Group had a positive operational cash flow of £155.2 million. Debt service costs decreased to £88.2 million (2024: £95.2 million), mainly due to a decrease of loan amortisation to £30.3 million  (2024: £41.2 million) offset by an increase in net interest expenses to £54.0 million (2024: £49.9 million). Main driver for the change compared to last year is the refinance of the Dutch hotel portfolio last year and the finance costs contribution of newly opened hotels. \n   \n Investment cash flows reported an outflow of £84.7 million, with around £67 million due to developments and acquisitions and £17.7 million dedicated to maintenance CAPEX* projects. The £300+ million investment pipeline is now largely complete. \n   \n The Group reported adjusted EPRA earnings* of £52.9 million (2024: £53.2 million), with adjusted EPRA earnings per share* of 125 pence (2024: 125 pence). Adjusted EPRA earnings* was affected by the increase in the net interest expenses offset by the increased ownership stake of the Group in Arena Hospitality Group. \n   \n Normalised profit \n   \n \n \n \n \n £million \n \n \n 12 months ended 31 December 2025 \n \n \n 12 months ended 31 December 2024 \n \n \n \n \n Reported profit before tax \n \n \n 1.5 \n \n \n 30.6 \n \n \n \n \n Loss on buy-back of units in Park Plaza London Westminster Bridge from private investors \n \n \n 1.1 \n \n \n 1.5 \n \n \n \n \n Non-cash re-measurement of lease liability \n \n \n 4.1 \n \n \n 4.0 \n \n \n \n \n Refinance expenses \n \n \n - \n \n \n 2.6 \n \n \n \n \n Gain on lease termination \n \n \n (2.1) \n \n \n - \n \n \n \n \n Non-cash changes in fair value of Park Plaza County Hall London Income Units \n \n \n (0.2) \n \n \n (0.5) \n \n \n \n \n Pre-opening expenses and other non-recurring expenses \n \n \n 1.5 \n \n \n 3.9 \n \n \n \n \n Capital loss on disposal of fixed assets and inventory, net \n \n \n 0.2 \n \n \n 0.2 \n \n \n \n \n Non-cash changes in fair value of financial instruments \n \n \n 4.4 \n \n \n (3.5) \n \n \n \n \n Property impairment \n \n \n 23.7 \n \n \n - \n \n \n \n \n Normalised profit before tax* \n \n \n 34.2 \n \n \n 38.8 \n \n \n \n \n   \n Real estate performance \n   \n Valuations \n   \n The Group is an integrated developer, owner and operator of hotels, resorts and campsites with a business model centred on real estate. We generate returns and enhance value for all stakeholders by developing our owned assets and optimising the operation of our properties. Certain EPRA performance measures are disclosed to assist investors in analysing the Group's performance and assessing the value of its assets and earnings from a property perspective.  \n   \n In December 2025, the Group's properties (excluding operating leases and managed and franchised properties) were independently valued primarily by Savills for properties in the Netherlands, the UK, Germany and Italy, and by Zagreb Nekretnine Ltd (Zane) for the properties in Croatia. \n   \n Based on these valuations, we have calculated the Group's EPRA NRV*, EPRA NTA* and EPRA NDV*. As of 31 December 2025, the EPRA NRV*, as detailed in the EPRA performance measurement section below, amounts to £1,157.4 million (2024: £1,163.3), equating to £27.35 per share (2024: £27.51 per share). \n   \n The EPRA NRV* was positively impacted by the £13.2 million profit for the year, as well as a £22.2 million increase resulting from favourable foreign currency translation to the British Pound and the increased ownership stake in Arena Hospitality Group. However, this was offset by a £15.9 million reduction due to dividend distributions and £75 million due to negative property revaluations in the UK following increases in business rates. \n   \n The table below provides additional information regarding the discount and cap rates used. \n   \n Actualised trading versus assumption in 2024 valuations \n   \n \n \n \n \n \n \n \n Discount rates \n \n \n Cap rates \n \n \n \n \n \n \n \n 2025 \nValuations \n \n \n 2024 \nValuations \n \n \n 2025 \nValuations \n \n \n 2024 \nValuations \n \n \n \n \n United Kingdom \n \n \n 7.75%-10.75% \n \n \n 7.75%-10.50% \n \n \n 5.25%-8.25% \n \n \n 5.25%-8.00% \n \n \n \n \n The Netherlands \n \n \n 8.00%-10.25% \n \n \n 8.25%-9.75% \n \n \n 5.50%-7.75% \n \n \n 5.75%-7.25% \n \n \n \n \n Germany \n \n \n 8.25%-9.25% \n \n \n 8.25%-9.25% \n \n \n 5.75%-6.75% \n \n \n 5.75%-6.75% \n \n \n \n \n Croatia \n \n \n 8.00%-11.00% \n \n \n 8.00%-11.00% \n \n \n 6.00%-9.00% \n \n \n 6.00%-9.00% \n \n \n \n \n   \n   \n EPRA performance measurement \n   \n EPRA summary \n   \n \n \n \n \n \n \n \n Summary of EPRA performance indicators \n   \n \n \n \n \n Year ended 31 December 2025 \n \n \n Year ended 31 December 2024 \n \n \n \n \n £ million \n \n \n Per share \n \n \n £ million \n \n \n Per share \n \n \n \n \n EPRA NRV (Net Reinstatement Value)* \n \n \n 1,157.4 \n \n \n £27.35 \n \n \n 1,163.3 \n \n \n £27.51 \n \n \n \n \n EPRA NTA (Net Tangible Assets)* \n \n \n 1,129.1 \n \n \n £26.69 \n \n \n 1,134.1 \n \n \n £26.82 \n \n \n \n \n EPRA NDV (Net Disposal Value)* \n \n \n 1,076.8 \n \n \n £25.45 \n \n \n 1,101.3 \n \n \n £26.05 \n \n \n \n \n EPRA earnings* \n \n \n 66.9 \n \n \n 160p \n \n \n 60.7 \n \n \n 143p \n \n \n \n \n Adjusted EPRA earnings* \n \n \n 52.9 \n \n \n 125p \n \n \n 53.2 \n \n \n 125p \n \n \n \n \n   \n EPRA NRV* \n   \n \n \n \n \n \n \n \n 31 December 2025 \n \n \n 31 December 2024 \n \n \n \n \n £ million \n \n \n EPRA NRV* \n \n \n EPRA NTA* 4 \n \n \n EPRA NDV* \n \n \n EPRA NRV* \n \n \n EPRA NTA* 4 \n \n \n EPRA NDV* \n \n \n \n \n NAV per the financial statements \n \n \n 321.4 \n \n \n 321.4 \n \n \n 321.4 \n \n \n 312.7 \n \n \n 312.7 \n \n \n 312.7 \n \n \n \n \n Effect of exercise of options \n \n \n 0.7 \n \n \n 0.7 \n \n \n 0.7 \n \n \n 0.5 \n \n \n 0.5 \n \n \n 0.5 \n \n \n \n \n Diluted NAV, after the exercise of options 1 \n \n \n 322.1 \n \n \n 322.1 \n \n \n 322.1 \n \n \n 313.2 \n \n \n 313.2 \n \n \n 313.2 \n \n \n \n \n Includes: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Revaluation of owned properties in operation (net of non-controlling interest) 2 \n \n \n 803.2 \n \n \n 803.2 \n \n \n 803.2 \n \n \n 824.5 \n \n \n 824.5 \n \n \n 824.5 \n \n \n \n \n Revaluation of the joint venture interest held in two German properties \n(net of non-controlling interest) 2 \n \n \n 8.1 \n \n \n 8.1 \n \n \n 8.1 \n \n \n 6.3 \n \n \n 6.3 \n \n \n 6.3 \n \n \n \n \n Fair value of fixed interest rate debt \n \n \n - \n \n \n - \n \n \n (11.5) \n \n \n - \n \n \n - \n \n \n (6.8) \n \n \n \n \n Deferred tax on revaluation of properties \n \n \n - \n \n \n - \n \n \n (45.1) \n \n \n - \n \n \n - \n \n \n (35.9) \n \n \n \n \n Real estate transfer tax 3 \n \n \n 21.7 \n \n \n - \n \n \n - \n \n \n 21.6 \n \n \n - \n \n \n - \n \n \n \n \n Excludes: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Fair value of financial instruments \n \n \n 14.3 \n \n \n 14.3 \n \n \n - \n \n \n 18.3 \n \n \n 18.3 \n \n \n - \n \n \n \n \n Deferred tax \n \n \n (16.6) \n \n \n (16.6) \n \n \n - \n \n \n (16.0) \n \n \n (16.0) \n \n \n - \n \n \n \n \n Intangibles as per the IFRS balance sheet \n \n \n - \n \n \n 6.6 \n \n \n - \n \n \n - \n \n \n 7.6 \n \n \n - \n \n \n \n \n NAV \n \n \n 1,157.4 \n \n \n 1,129.1 \n \n \n 1,076.8 \n \n \n 1,163.3 \n \n \n 1,134.1 \n \n \n 1,101.3 \n \n \n \n \n Fully diluted number of shares (in thousands) 1 \n \n \n 42,311 \n \n \n 42,311 \n \n \n 42,311 \n \n \n 42,288 \n \n \n 42,288 \n \n \n 42,288 \n \n \n \n \n NAV per share (in £) \n \n \n 27.35 \n \n \n 26.69 \n \n \n 25.45 \n \n \n 27.51 \n \n \n 26.82 \n \n \n 26.05 \n \n \n \n \n   \n \n \n \n \n 1 \n \n \n The fully diluted number of shares excludes treasury shares but includes 454,824 outstanding dilutive options (as at 31 December 2024: 498,248). \n \n \n \n \n 2 \n \n \n The fair values of the properties were determined on the basis of independent external valuations prepared in December 2025. \n \n \n \n \n 3 \n \n \n EPRA NTA* and EPRA NDV* reflect fair value net of transfer costs. Transfer costs are added back when calculating EPRA NRV*. \n \n \n \n \n 4 \n \n \n NTA is calculated under the assumption that the Group does not intend to sell any of its properties in the long run. \n \n \n \n \n   \n   \n EPRA earnings* \n   \n \n \n \n \n \n \n \n 12 months ended 31 December 2025 \n£ million \n \n \n 12 months ended 31 December 2024 \n£ million \n \n \n \n \n Earnings attributed to equity holders of the parent company \n \n \n 13.2 \n \n \n 28.2 \n \n \n \n \n Depreciation, amortisation and impairment \n \n \n 72.3 \n \n \n 47.1 \n \n \n \n \n Revaluation of Park Plaza County Hall London Income Units \n \n \n (0.2) \n \n \n (0.5) \n \n \n \n \n Changes in fair value of financial instruments \n \n \n 4.4 \n \n \n (3.5) \n \n \n \n \n Non-controlling interests in respect of the above 3 \n \n \n (22.8) \n \n \n (10.6) \n \n \n \n \n EPRA earnings* \n \n \n 66.9 \n \n \n 60.7 \n \n \n \n \n Weighted average number of ordinary shares outstanding (in thousands) \n \n \n 41,840 \n \n \n 42,045 \n \n \n \n \n EPRA earnings per share* (in pence) \n \n \n 160 \n \n \n 143 \n \n \n \n \n Company specific adjustments: 1 \n \n \n \n \n \n \n \n \n \n \n Capital loss on buy-back of Income Units in Park Plaza London Westminster Bridge \n \n \n 1.1 \n \n \n 1.5 \n \n \n \n \n Re-measurement of lease liability 4 \n \n \n 4.1 \n \n \n 4.0 \n \n \n \n \n Disposals and other non-recurring expenses (including pre-opening expenses) 7 \n \n \n 1.7 \n \n \n 4.1 \n \n \n \n \n Refinance expenses \n \n \n - \n \n \n 2.6 \n \n \n \n \n Adjustment of lease payments 5 \n \n \n (2.5) \n \n \n (2.6) \n \n \n \n \n One-off tax adjustments 6 \n \n \n (0.7) \n \n \n (1.7) \n \n \n \n \n Maintenance CAPEX* 2 \n \n \n (18.7) \n \n \n (17.7) \n \n \n \n \n Lease termination 8 \n \n \n (2.1) \n \n \n - \n \n \n \n \n Non-controlling interests in respect of maintenance CAPEX* and the adjustments above 3 \n \n \n 3.1 \n \n \n 2.3 \n \n \n \n \n Company specific adjusted EPRA earnings* \n \n \n 52.9 \n \n \n 53.2 \n \n \n \n \n Company specific adjusted EPRA earnings per share* (in pence) \n \n \n 125 \n \n \n 125 \n \n \n \n \n Reconciliation Company adjusted EPRA earnings* to normalised PBT*: \n \n \n \n \n \n \n \n \n \n \n Company adjusted EPRA earnings*: \n \n \n 52.9 \n \n \n 53.2 \n \n \n \n \n Reported depreciation and amortisation \n \n \n (72.3) \n \n \n (47.1) \n \n \n \n \n Non-controlling interest in respect of reported depreciation \n \n \n 22.8 \n \n \n 10.6 \n \n \n \n \n Maintenance CAPEX* 2 \n \n \n 18.7 \n \n \n 17.7 \n \n \n \n \n Non-controlling interest on Maintenance CAPEX* and the Company specific adjustments 3 \n \n \n (3.1) \n \n \n (2.3) \n \n \n \n \n Adjustment of lease payments 5 \n \n \n 2.5 \n \n \n 2.6 \n \n \n \n \n One-off tax adjustments 6 \n \n \n 0.7 \n \n \n 1.7 \n \n \n \n \n Profit attributable to non-controlling interest 3 \n \n \n (12.6) \n \n \n (0.5) \n \n \n \n \n Impairment 9 \n \n \n 23.7 \n \n \n - \n \n \n \n \n Reported tax \n \n \n 0.9 \n \n \n 2.9 \n \n \n \n \n Normalised profit before tax* \n \n \n 34.2 \n \n \n 38.8 \n \n \n \n \n   \n \n \n \n \n 1 \n \n \n The 'Company specific adjustments' represent adjustments of non-recurring or non-trading items. \n \n \n \n \n 2 \n \n \n Calculated as 4% of revenues, which represents the expected average maintenance capital expenditure required in the operating properties. \n \n \n \n \n 3 \n \n \n Non-controlling interests include the non-controlling shareholders in Arena, third party investors in Income Units of Park Plaza London Westminster Bridge and the non-controlling shareholders in the partnerships with Clal that were entered into in June 2021 and in March 2023. \n \n \n \n \n 4 \n \n \n Non-cash revaluation of finance lease liability relating to minimum future CPI/RPI increases. \n \n \n \n \n 5 \n \n \n Lease cash payments which are not recorded as an expense in the Group's income statement due to the implementation of IFRS 16. \n \n \n \n \n 6 \n \n \n Mainly relates to deferred tax asset on carry forward losses recorded in 2024 and 2025. \n \n \n \n \n 7 \n \n \n Mainly relates to pre-opening expense and net profit and loss on disposal of property, plant and equipment. \n \n \n \n \n 8 \n \n \n Profit recorded as a result of the early termination of the Park Plaza Wallstreet Berlin Mitte lease. \n \n \n \n \n 9 \n \n \n Impairments of PP&E (see Note 4b in the 2025 Report consolidated financial statements) \n \n \n \n \n \n   \n   \n \n \n \n \n Category \n \n \n Year ended 31 December 2025 \n £ million \n Group 1 \n \n \n Year ended 31 December 2024 \n £ million \n Group 1 \n \n \n \n \n Acquisitions \n \n \n 18.4 \n \n \n - \n \n \n \n \n Development \n \n \n 41.6 \n \n \n 53.3 \n \n \n \n \n Investment properties \n \n \n 17.7 \n \n \n 16.0 \n \n \n \n \n Incremental lettable space \n \n \n - \n \n \n - \n \n \n \n \n No incremental lettable space \n \n \n 17.7 \n \n \n 16.0 \n \n \n \n \n Tenant incentives \n \n \n - \n \n \n - \n \n \n \n \n Other material non-allocated types of expenditure \n \n \n - \n \n \n - \n \n \n \n \n Capitalised interest \n \n \n 0.2 \n \n \n 1.9 \n \n \n \n \n Total CAPEX \n \n \n 77.9 \n \n \n 71.2 \n \n \n \n \n Conversion from accrual to cash basis \n \n \n 1.9 \n \n \n 2.9 \n \n \n \n \n Total CAPEX on cash basis \n \n \n 79.8 \n \n \n 74.1 \n \n \n \n \n   \n \n \n \n \n 1 \n \n \n Proportionate consolidation was not applied to the joint ventures as it is considered as not material. \n \n \n \n \n   \n Other EPRA measurements \n   \n Given that the Group's asset portfolio is comprised of hotels, resorts and campsites which are also operated by the Group, a few of EPRA's performance measurements, which are relevant to real estate companies with passive rental income, have not been disclosed as they are not relevant or non-existent. Those EPRA performance measurements include EPRA Net Initial Yield (NIY), EPRA 'Topped-up' NIY, EPRA Vacancy Rate and EPRA Cost Ratios.  \n   \n Capital structure \n   \n As part of our strategy, we unlock capital from our assets through various methods. This includes raising debt, securing equity via multiple partnership forms or sometimes entering into ground rent structures exceeding 100 years. This funding approach allows us to leverage the fair value of our assets, while balancing liquidity and interest rate risk within our capital structure. \n   \n Our partnerships, including third party unit holders in Park Plaza London Westminster Bridge, shareholders in our listed Croatian subsidiary and individual professional partners across several assets, provide long-term equity, thereby sharing the risks and returns on each asset. In 2025, the Group acquired a further stake in its subsidiary Arena Hospitality Group d.d. ('AHG') from minority shareholders and, following this acquisition, the Group holds 66.1% of the share capital of AHG. \n   \n The 100+ year ground rent structures offer long-term access to capital without covenants, recourse to the Group, refinance risk or interest rate exposure. These arrangements are typically linked to inflation, often capped at approximately 4-5% annually. \n   \n In 2025, the Group bought back the freehold of the existing leasehold hotel and adjacent development site located at Park Royal in London for £10 million, equating to a yield of 4.8%. \n Furthermore, our asset-backed mortgages are mainly established with long-standing banking partners, featuring one- to ten-year maturities and either fixed or variable rates with hedging arrangements. These mortgages include covenants relating to asset value (loan-to-value) and trading performance (interest or debt service cover ratios). The debt raised on trading assets generally represents about up to 50% of their value, with appropriate buffers maintained towards loan covenants. Additionally, some loans are amortised annually with a fixed percentage of the nominal amount over the term. The current net bank debt leverage (EPRA LTV*) percentage stands at 34.8%. \n   \n During the year, the Group successfully refinanced three loan facilities totalling approximately £220 million that were due to mature in early 2026. The £88 million facility previously financed by MassMutual was refinanced with ABN AMRO Bank and Santander. Importantly, the interest rate on this facility had been pre-hedged in 2022 - prior to the significant uplift in global interest rates-locking in an all-in rate of 3.9%. The remaining two maturing loans were refinanced with existing lenders at prevailing market rates. \n   \n The Group's average interest is now 4.2% (89.1% fixed or hedged), with an average remaining maturity of 4.2 years. \n \n Net debt* leverage/EPRA LTV* reconciliation \n   \n \n \n \n \n \n \n \n Group as reported under IFRS £ million \n \n \n Adjustments to arrive at EPRA Group LTV* £ million \n \n \n Group EPRA LTV* before non-controlling interest adjustment £ million \n \n \n Proportionate consolidation (non-controlling interest) £ million \n \n \n Combined EPRA LTV* £ million \n \n \n \n \n Include: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Borrowings (short-/long-term) \n \n \n 913.5 \n \n \n - \n \n \n 913.5 \n \n \n (187.2) \n \n \n 726.3 \n \n \n \n \n Exclude: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Cash and cash equivalents and restricted cash \n \n \n (138.0) \n \n \n - \n \n \n (138.0) \n \n \n 18.3 \n \n \n (119.7) \n \n \n \n \n Net debt* (a) \n \n \n 775.5 \n \n \n - \n \n \n 775.5 \n \n \n (168.9) \n \n \n 606.6 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Include: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Property, plant and equipment \n \n \n 1,460.7 \n \n \n 759.0 \n \n \n 2,219.7 \n \n \n (485.0) \n \n \n 1,734.7 \n \n \n \n \n Right-of-use assets \n \n \n 222.9 \n \n \n (222.9) \n \n \n - \n \n \n - \n \n \n - \n \n \n \n \n Lease liabilities \n \n \n (281.6) \n \n \n 281.6 \n \n \n - \n \n \n - \n \n \n - \n \n \n \n \n Liability to Income Units at Westminster Bridge hotels \n \n \n (108.0) \n \n \n 108.0 \n \n \n - \n \n \n - \n \n \n - \n \n \n \n \n Intangible assets \n \n \n 6.6 \n \n \n - \n \n \n 6.6 \n \n \n (0.4) \n \n \n 6.2 \n \n \n \n \n Investments in joint ventures 1 \n \n \n 8.1 \n \n \n 12.3 \n \n \n 20.4 \n \n \n (7.0) \n \n \n 13.4 \n \n \n \n \n Other assets and liabilities, net \n \n \n (20.6) \n \n \n (1.5) \n \n \n (22.1) \n \n \n 9.4 \n \n \n (12.7) \n \n \n \n \n Total property value (b) \n \n \n 1,288.1 \n \n \n 936.5 \n \n \n 2,224.6 \n \n \n (483.0) \n \n \n 1,741.6 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n EPRA LTV* (a/b) \n \n \n 60.2% \n \n \n \n \n \n 34.9% \n \n \n \n \n \n 34.8% \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Adjustments to reported EPRA NRV*: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Real estate transfer tax \n \n \n - \n \n \n 27.0 \n \n \n 27.0 \n \n \n (5.3) \n \n \n 21.7 \n \n \n \n \n Effect of exercise of options \n \n \n - \n \n \n 0.7 \n \n \n 0.7 \n \n \n - \n \n \n 0.7 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Total property value after adjustments (c) \n \n \n 1,288.1 \n \n \n 964.2 \n \n \n 2,252.3 \n \n \n (488.3) \n \n \n 1,764.0 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Total equity (c-a) \n \n \n 512.6 \n \n \n 964.2 \n \n \n 1,476.8 \n \n \n (319.4) \n \n \n 1,157.4 \n \n \n \n \n   \n \n \n \n \n 1 \n \n \n Proportionate consolidation was not applied to the joint ventures as it is considered as not material. \n \n \n \n \n   \n   \n Capital expenditure/development pipeline update \n   \n With the tail of our expansion CAPEX of £60.2 million, we have now come to an end of a multi-year £300+ million expansion, with five hotels opening in the last 24 months. \n   \n The construction phase of our new hotel in Hoxton, London (art'otel London Hoxton) was largely completed in December 2025, following a phased opening and continues to be carefully managed to maximise the long-term financial potential of the property. The 25th-floor French Mediterranean restaurant, Solaya, opened in September. The 5,000m 2 of premium office space is currently being marketed to prospective tenants. \n   \n In Rome, the full repositioning and construction of art'otel Rome Piazza Sallustio was completed, and the hotel opened in March. The hotel continues to establish its market position and to receive excellent feedback. \n   \n We are continuously striving to enhance our existing portfolio and seek out promising opportunities to acquire additional assets to expand the Group's holdings. In 2025, the Group, via the European Hospitality Fund, acquired a development site near the City of London for £17.5 million, earmarked for PPHE's first select service hotel in London.  The Group expects an investment of c.£90 million for this project, including the site acquisition price, with an expected running unlevered yield of a high single digit at stabilisation. \n   \n Dividend \n   \n The Board proposes increasing the final dividend to 22 pence per share (2024: 21 pence). Combined with the interim dividend of 17 pence, the total for the financial year will be 39 pence per share, a 2.6% increase from 2024.  \n   \n Pending approval at the 2026 Annual General Meeting, the final dividend will be paid on 29 May 2026 to all shareholders who are on the register as of 24 April 2026. \n   \n This follows the Company's policy of distributing around 30% of adjusted EPRA earnings*, supporting both returns and future growth investments. \n   \n   \n Daniel Kos \n Chief Financial Officer & Executive Director \n   \n \n   \n Business Review \n   \n   \n the United Kingdom \n   \n Property portfolio \n   \n Total value of the UK property portfolio 2 £1,253 million (2024: £1,328 million) \n   \n The Group has a well-invested 12-strong property portfolio of more than 4,200 rooms in the upper upscale segment of the UK hotel market. This consists of four hotels located in London's popular South Bank area and further properties in Hoxton, Victoria, Marylebone, Battersea and Park Royal. Three of the Group's properties are in the UK regional cities of Nottingham, Leeds and Cardiff. \n   \n The Group has an ownership interest in ten properties: Park Plaza London Westminster Bridge, Park Plaza London Riverbank, Park Plaza London Waterloo, Park Plaza County Hall London 3 , Park Plaza Victoria London, Park Plaza London Park Royal, art'otel London Hoxton, Holmes Hotel London, Park Plaza Leeds and Park Plaza Nottingham. Park Plaza Cardiff 3 operates under a franchise agreement and art'otel London Battersea Power Station 3 operates under a long-term management agreement through the Group's hospitality platform. \n   \n The Group also has four development sites in London, which are expected to add more than 1,100 rooms to its UK portfolio over the medium term. \n   \n Financial performance \n   \n \n \n \n \n \n \n \n Reported in Pound Sterling (£) \n \n \n Like-for-like* 1 in Pound Sterling (£) \n \n \n \n \n UK \n \n \n Year ended 31 Dec 2025 \n \n \n Year ended 31 Dec 2024 \n \n \n % change 4 \n \n \n Year ended 31 Dec 2025 \n \n \n Year ended 31 Dec 2024 \n \n \n % change 4 \n \n \n \n \n Total revenue \n \n \n £263.4m \n \n \n £248.6m \n \n \n 6.0% \n \n \n £258.6m \n \n \n £248.6m \n \n \n 4.0% \n \n \n \n \n Room revenue \n \n \n £202.6m \n \n \n £192.2m \n \n \n 5.4% \n \n \n £198.9m \n \n \n £192.2m \n \n \n 3.5% \n \n \n \n \n EBITDA* \n \n \n £83.0m \n \n \n £77.4m \n \n \n 7.3% \n \n \n £83.1m \n \n \n £77.4m \n \n \n 7.4% \n \n \n \n \n EBITDA margin* \n \n \n 31.5% \n \n \n 31.1% \n \n \n 40 bps \n \n \n 32.1% \n \n \n 31.1% \n \n \n 100 bps \n \n \n \n \n Occupancy \n \n \n 85.3% \n \n \n 83.0% \n \n \n 230 bps \n \n \n 85.9% \n \n \n 83.0% \n \n \n 290 bps \n \n \n \n \n Average room rate* \n \n \n £185.1 \n \n \n £186.0 \n \n \n (0.5)% \n \n \n £185.2 \n \n \n £186.0 \n \n \n (0.4)% \n \n \n \n \n RevPAR* \n \n \n £158.0 \n \n \n £154.4 \n \n \n 2.3% \n \n \n £159.1 \n \n \n £154.4 \n \n \n 3.1% \n \n \n \n \n   \n \n \n \n \n 1 \n \n \n The like-for-like* figures exclude the results of the first three months of 2025 and 2024 from art'otel London Hoxton. \n \n \n \n \n 2 \n \n \n Independent valuation by Savills in December 2025, excluding the London development sites at Westminster Bridge Road and Leman St. \n \n \n \n \n 3 \n \n \n Revenues derived from these hotels are accounted for in Management and Holdings, and their values and results are excluded from the data provided in this section. \n \n \n \n \n 4 \n \n \n Percentage change figures are calculated from actual figures as opposed to the rounded figures included in the above table. \n \n \n \n \n   \n Portfolio performance \n   \n The United Kingdom remains the most significant operating region for the Group, in terms of revenue generated and the value of its property portfolio. \n   \n The solid performance was characterised by a continued increase in occupancy throughout the year as the business mix normalised, with increasing demand from corporates, groups, and meetings and events alongside the leisure segment. Alongside this, the average room rate* was flat compared to 2024. \n   \n During the year, art'otel London Hoxton further enhanced its profile in the London market and continues to be very well received by guests, with excellent guest feedback and reviews, recognised with a 9.2 score on Booking.com (on a scale of 1-10), earning a 4.7-star score on Tripadvisor.com (on a scale of 1-5) and ranked in 89th position on Tripadvisor.com (out of 1,186 hotels in London as listed on Tripadvisor.com). \n   \n In April 2025, the 24th floor meetings and events space provided the opportunity to expand corporate and meeting and event activities at the hotel. Offering diners stunning panoramic views of London, the 25th floor French Mediterranean restaurant, Solaya, in partnership with Michelin-starred chef Kenny Atkinson, opened in September 2025. The 5,000m 2 of premium office space is being marketed to prospective tenants, and the premium 23th floor suites became fully operational in the fourth quarter. \n   \n While, as previously communicated, the carefully managed phased opening has resulted in a slower initial profit contribution from this asset, the Group believes this phased approach will maximise the long-term financial potential of the property. \n   \n Reported revenue grew by 6% to £263.4 million, (2024: £248.6 million), driven by improved occupancy from 83.0% to 85.3%, and a slightly lower average room rate* at £185.1 (2024: £186.0). This resulted in RevPAR* of £158.0, an increase of 2.3% (2024: £154.4). \n   \n Reported EBITDA* was £83.0 million (2024: £77.4 million), which delivered an EBITDA margin* of 31.5% (2024: 31.1%). \n   \n On a like-for-like* basis, which excludes art'otel London Hoxton for the first three months in 2024 and 2025, revenue improved slightly at £258.6 million (2024: £248.6 million). \n   \n Like-for-like* EBITDA* increased to £83.1 million (2024: £77.4 million), delivering a like-for-like* EBITDA margin* of 32.1% (2024: 31.1%). \n   \n The United Kingdom hotel market** \n   \n In the United Kingdom, RevPAR* was up 1.0% at £95.52, driven by a 1.1% increase in the average room rate* to £123.20 and a 0.1% decline in occupancy to 77.5%. \n   \n In London, the Group's main market, RevPAR* declined by 0.2% to £157.17 compared with 2024, resulting from a 0.2% increase in occupancy to 81.2% and a 0.4% decline in the average room rate* to £193.51. \n   \n \n \n \n \n ** \n \n \n Source STR European Hotel Review, December 2025. \n \n \n \n \n   \n   \n The Netherlands \n   \n Property portfolio \n   \n Total value of the Netherlands property portfolio 2 £333 million (2024: £319 million) \n   \n The Group has an ownership interest in three hotels in the centre of Amsterdam (Park Plaza Victoria Amsterdam, art'otel Amsterdam and Park Plaza Vondelpark, Amsterdam), and a fourth property located near Schiphol Airport (Park Plaza Amsterdam Airport). It also owns Park Plaza branded hotels in Utrecht and Eindhoven. \n   \n Financial performance \n   \n \n \n \n \n \n \n \n Reported in Pound Sterling (£) \n \n \n Reported in local currency Euro 1 (€) \n \n \n \n \n The Netherlands \n \n \n Year ended 31 Dec 2025 \n \n \n Year ended 31 Dec 2024 \n \n \n % change 3 \n \n \n Year ended 31 Dec 2025 \n \n \n Year ended 31 Dec 2024 \n \n \n % change 3 \n \n \n \n \n Total revenue \n \n \n £65.0m \n \n \n £66.2m \n \n \n (1.8)% \n \n \n €75.9m \n \n \n €78.4m \n \n \n (3.2)% \n \n \n \n \n Room revenue \n \n \n £47.8m \n \n \n £49.1m \n \n \n (2.6)% \n \n \n €55.8m \n \n \n €58.1m \n \n \n (3.9)% \n \n \n \n \n EBITDA* \n \n \n £20.1m \n \n \n £22.1m \n \n \n (9.2)% \n \n \n €23.5m \n \n \n €26.2m \n \n \n (10.5)% \n \n \n \n \n EBITDA margin* \n \n \n 30.9% \n \n \n 33.4% \n \n \n (250) bps \n \n \n 30.9% \n \n \n 33.4% \n \n \n (250) bps \n \n \n \n \n Occupancy \n \n \n 84.2% \n \n \n 86.5% \n \n \n (220) bps \n \n \n 84.2% \n \n \n 86.5% \n \n \n (220) bps \n \n \n \n \n Average room rate* \n \n \n £144.9 \n \n \n £144.5 \n \n \n 0.3% \n \n \n €169.2 \n \n \n €171.2 \n \n \n (1.1)% \n \n \n \n \n RevPAR** \n \n \n £122.1 \n \n \n £124.9 \n \n \n (2.3)% \n \n \n €142.6 \n \n \n €148.0 \n \n \n (3.7)% \n \n \n \n \n   \n \n \n \n \n 1 \n \n \n Average exchange rate from Euro to Pound Sterling for the period ended 31 December 2025 was 1.168 and for the period ended 31 December 2024 was 1.185, representing a 1.4% decrease. \n \n \n \n \n 2 \n \n \n Independent valuation by Savills in December 2025. \n \n \n \n \n 3 \n \n \n Percentage change figures are calculated from actual figures as opposed to the rounded figures included in the above table. \n \n \n \n \n   \n Portfolio performance \n   \n Throughout the year, the performance of the Group's Dutch properties was more subdued compared with the prior year, with pressure on both average room rate* and occupancy*. \n   \n Total revenue (in local currency) was 3.2% lower at €75.9 million (2024: €78.4 million).  The average room rate* was slightly lower at €169.2 (2024: €171.2) and occupancy was lower at 84.2% (2024: 86.5%). As a result, RevPAR* was 3.7% lower at €142.6 (2024: €148.0). \n   \n EBITDA* was €23.5 million (2024: €26.2 million), delivering an EBITDA margin* of 30.9% (2024: 33.4%). \n   \n The Dutch hotel market** \n   \n RevPAR* increased by 2.1% to €110.12 compared with 2024. Occupancy increased by 2.0% to 74.1%, and the average room rate* was €148.59, 0.1% higher than in 2024. In Amsterdam, the Group's main market in the Netherlands, RevPAR* increased by 0.8% to €132.17. Occupancy levels increased by 2.3% to 77.5% with the average room rate* decreasing by 1.5% to €170.61. \n   \n \n \n \n \n ** \n \n \n Source: STR European Hotel Review, December 2025. \n \n \n \n \n   \n   \n Croatia \n   \n Property portfolio \n   \n Total value of the Croatian property portfolio 2 £370 million (2024: £351 million) \n   \n The Group's subsidiary Arena Hospitality Group d.d. owns and operates a Croatian portfolio comprising nearly 8,400 rooms and accommodation units across eight hotels, six resorts and eight campsites (including one all-glamping property). Four of these properties are Park Plaza branded, one property is art'otel branded and Grand Hotel Brioni Pula is a Radisson Collection hotel. The remainder of the portfolio operates as part of the Arena Hotels & Apartments and Arena Campsites brands. Except for art'otel Zagreb, all properties are located in Istria, Croatia's most prominent tourist region, which benefits from easy access from Italy, the DACH countries, and Central and Eastern Europe. \n   \n Financial performance \n   \n \n \n \n \n \n \n \n Reported in Pound Sterling (£) \n \n \n Reported in local currency Euro 1 (€) \n \n \n \n \n Croatia \n \n \n Year ended 31 Dec 2025 \n \n \n Year ended 31 Dec 2024 \n \n \n % change 3 \n \n \n Year ended 31 Dec 2025 \n \n \n Year ended 31 Dec 2024 \n \n \n % change 3 \n \n \n \n \n Total revenue \n \n \n £89.4m \n \n \n £84.1m \n \n \n 6.4% \n \n \n €104.4m \n \n \n €99.6m \n \n \n 4.9% \n \n \n \n \n Room revenue 4 \n \n \n £49.0m \n \n \n £46.6m \n \n \n 5.1% \n \n \n €57.2m \n \n \n €55.2m \n \n \n 3.6% \n \n \n \n \n EBITDA* \n \n \n £25.0m \n \n \n £21.5m \n \n \n 16.4% \n \n \n €29.2m \n \n \n €25.4m \n \n \n 14.8% \n \n \n \n \n EBITDA margin* \n \n \n 28.0% \n \n \n 25.6% \n \n \n 240 bps \n \n \n 28.0% \n \n \n 25.6% \n \n \n 240 bps \n \n \n \n \n Occupancy 4 \n \n \n 54.3% \n \n \n 54.8% \n \n \n (50) bps \n \n \n 54.3% \n \n \n 54.8% \n \n \n (50) bps \n \n \n \n \n Average room rate* 4 \n \n \n £148.1 \n \n \n £138.3 \n \n \n 7.1% \n \n \n €173.0 \n \n \n €163.8 \n \n \n 5.6% \n \n \n \n \n RevPAR* 4 \n \n \n £80.4 \n \n \n £75.7 \n \n \n 6.2% \n \n \n €93.9 \n \n \n €89.7 \n \n \n 4.7% \n \n \n \n \n   \n \n \n \n \n 1 \n \n \n Average exchange rate from Euro and Pound Sterling for the period ended 31 December 2025 was 1.168 and for the period ended 31 December 2024 was 1.185, representing a 1.4% decrease. \n \n \n \n \n 2 \n \n \n Independent valuation by Zagreb Nekretnine Ltd in December 2025. \n \n \n \n \n 3 \n \n \n Percentage change figures are calculated from actual figures as opposed to the rounded figures included in the above table. \n \n \n \n \n 4 \n \n \n The room revenue, average room rate*, occupancy and RevPAR* statistics include all accommodation units at hotels and self-catering apartment complexes, and exclude campsites and mobile homes. \n \n \n \n \n   \n Portfolio performance \n   \n The Group's operations in Croatia delivered another strong summer season, with a rise in average room rate* driving revenue growth. The portfolio continued to benefit from recent investments in repositioning properties to upper upscale, which has significantly enhanced the proposition for guests, improved guest satisfaction and overall performance. \n   \n Croatian operations are primarily seasonal and aimed at the leisure segment. Most hotels, resorts and campsites open for guests from early spring, around Easter time, with demand and activity accelerating during Q2 ahead of the peak season in June, July and August. Most properties are closed during the first and last quarters of the year. \n   \n All three operating segments - hotels, resorts and campsites - reported growth in average daily rates, with significant growth reported in the campsites segment. \n   \n Arena Stupice Campsite and Arena Indije Campsite were both successfully repositioned from two-star to four-star rated campsites in Q2 2025 following the initiation of works in late 2024. All existing mobile homes were replaced with modern, spacious and premium mobile homes, sanitary blocks were refurbished and modernised to a premium standard, and landscaping, pitches and recreational areas were improved. These investment projects delivered substantial year-on-year growth. \n   \n The recently repositioned Grand Hotel Brioni Pula and art'otel Zagreb both operate throughout the year and have continued to build their market presence. \n   \n Total reported revenue (in local currency) was up 4.9% to €104.4 million (2024: €99.6 million). RevPAR* increased by 4.7% to €93.9, which reflected a 5.6% higher average room rate* to £173.0 (2024: €163.8), while occupancy was 50 bps lower at 54.3% (2024: 54.8%). \n   \n Reported EBITDA* increased by 14.8% to €29.2 million (2024: €25.4 million), which delivered an EBITDA margin* of 28.0% (2024: 25.6%). \n   \n Germany \n   \n Property portfolio \n   \n Total value of the German property portfolio 2 £92 million (2024: £85 million) \n   \n The Group's portfolio includes three properties in Berlin and one hotel each in Cologne, Nuremberg and Trier. Hotels with an ownership interest include Radisson RED Berlin Kudamm 3 , Park Plaza Nuremberg, art'otel Berlin Mitte 3 , Park Plaza Berlin and art'otel Cologne. Park Plaza Wallstreet Berlin Mitte operated under an operating lease until September 2025, and Park Plaza Trier 3 operates under a franchise agreement. \n   \n Financial performance \n   \n \n \n \n \n \n \n \n Reported in Pound Sterling (£) \n \n \n Like-for-like* 1 in Pound Sterling (£) \n \n \n \n \n Germany \n \n \n Year ended 31 Dec 2025 \n \n \n Year ended 31 Dec 2024 \n \n \n % change 4 \n \n \n Year ended 31 Dec 2025 \n \n \n Year ended 31 Dec 2024 \n \n \n % change 4 \n \n \n \n \n Total revenue \n \n \n £21.6m \n \n \n £24.4m \n \n \n (11.7)% \n \n \n £21.5m \n \n \n £22.4m \n \n \n (4.0)% \n \n \n \n \n Room revenue \n \n \n £18.2m \n \n \n £20.9m \n \n \n (12.9)% \n \n \n £18.2m \n \n \n £19.2m \n \n \n (5.0)% \n \n \n \n \n EBITDA* \n \n \n £5.1m \n \n \n £6.8m \n \n \n (25.1)% \n \n \n £5.2m \n \n \n £6.3m \n \n \n (16.8)% \n \n \n \n \n EBITDA margin* \n \n \n 23.7% \n \n \n 28.0% \n \n \n (430) bps \n \n \n 24.2% \n \n \n 28.0% \n \n \n (380) bps \n \n \n \n \n Occupancy \n \n \n 69.6% \n \n \n 69.5% \n \n \n 10 bps \n \n \n 69.6% \n \n \n 69.1% \n \n \n 50 bps \n \n \n \n \n Average room rate* \n \n \n £109.6 \n \n \n £115.3 \n \n \n (5.0)% \n \n \n £109.4 \n \n \n £115.2 \n \n \n (5.0)% \n \n \n \n \n RevPAR* \n \n \n £76.2 \n \n \n £80.1 \n \n \n (4.9)% \n \n \n £76.1 \n \n \n £79.6 \n \n \n (4.4)% \n \n \n \n \n   \n Financial performance \n   \n \n \n \n \n \n \n \n Reported in local currency Euro 2 (€) \n \n \n Like-for-like *1 in local currency Euro 2 (€) \n \n \n \n \n Germany \n \n \n Year ended 31 Dec 2025 \n \n \n Year ended 31 Dec 2024 \n \n \n % change 4 \n \n \n Year ended 31 Dec 2025 \n \n \n Year ended 31 Dec 2024 \n \n \n % change 4 \n \n \n \n \n Total revenue \n \n \n €25.2m \n \n \n €28.9m \n \n \n (12.9)% \n \n \n €25.1m \n \n \n €26.5m \n \n \n (5.1)% \n \n \n \n \n Room revenue \n \n \n €21.3m \n \n \n €24.8m \n \n \n (14.1)% \n \n \n €21.3m \n \n \n €22.7m \n \n \n (6.1)% \n \n \n \n \n EBITDA* \n \n \n €6.0m \n \n \n €8.1m \n \n \n (26.2)% \n \n \n €6.1m \n \n \n €7.4m \n \n \n (17.9)% \n \n \n \n \n EBITDA margin* \n \n \n 23.7% \n \n \n 28.0% \n \n \n (430) bps \n \n \n 24.2% \n \n \n 28.0% \n \n \n (380) bps \n \n \n \n \n Occupancy \n \n \n 69.6% \n \n \n 69.5% \n \n \n 10 bps \n \n \n 69.6% \n \n \n 69.1% \n \n \n 50 bps \n \n \n \n \n Average room rate* \n \n \n €128.0 \n \n \n €136.6 \n \n \n (6.3)% \n \n \n €128.0 \n \n \n €136.4 \n \n \n (6.1)% \n \n \n \n \n RevPAR* \n \n \n €89.0 \n \n \n €94.9 \n \n \n (6.2)% \n \n \n €89.0 \n \n \n €94.2 \n \n \n (5.5)% \n \n \n \n \n   \n \n \n \n \n 1 \n \n \n The like-for-like* figures exclude the last four months of 2024 and 2025 of the recently terminated leasehold of Park Plaza Wallstreet Berlin Mitte. \n \n \n \n \n 2 \n \n \n Average exchange rate from Euro to Pound Sterling for the period ended 31 December 2025 was 1.168 and for the period ended 31 December 2024 was 1.185, representing a 1.4% decrease. \n \n \n \n \n 3 \n \n \n Independent valuation by Savills in December 2025. \n \n \n \n \n 4 \n \n \n Percentage change figures are calculated from actual figures as opposed to the rounded figures included in the above table. \n \n \n \n \n   \n \n \n \n \n \n \n \n   \n Portfolio performance \n   \n The Group's portfolio in Germany was subdued throughout the year, due to moderated demand putting pressure on both occupancy and average room rate*. While demand was underpinned by major international trade fairs and events in Berlin, Cologne and Nuremberg, in 2024, the performance benefited from the European UEFA Football Championship in Berlin and Cologne, which was not repeated in 2025. \n   \n As a result, total revenue (in local currency) was 12.9% lower at €25.2 million (2024: €28.9 million). RevPAR* declined by 6.2% to €89.0 (2024: €94.9), primarily due to a 6.3% reduction in average room rate*1 to €128.0 (2024: €136.6), while occupancy marginally improved to 69.6% (2024: 69.5%). \n   \n EBITDA* was down 26.2% at €6.0 million (2024: €8.1 million), which delivered an EBITDA margin* of 23.7% (2024: 28.0%). \n   \n In Berlin, the lease for Park Plaza Wallstreet Berlin Mitte was due to expire at the end of 2025. However, a mutually beneficial agreement with the landlord resulted in the termination of the lease four months earlier than scheduled, in early September. This four-month operational gap did not have a material impact on the Group's 2025 results. \n   \n On a like-for-like* basis, excluding Park Plaza Wallstreet Berlin Mitte, revenue (in local currency) was €25.1 million (2024: €26.5 million) and EBITDA* was €6.1 million (2024: €7.4 million), which delivered an EBITDA margin* of 24.2% (2024: 28.0%). \n   \n Radisson RED Berlin Kudamm had its first full year of operation being refurbished and rebranded, and is achieving excellent guest feedback. This is the second Radisson RED branded hotel operated by PPHE's Croatian subsidiary Arena Hospitality Group d.d. The property is a joint venture, so its performance in not included in the metrics reported above. \n   \n The German hotel market ** \n   \n The German market saw a 0.7% decrease in RevPAR* to €78.85, resulting from a 1.1% increase in occupancy to 67.6% and a 1.8% decline in average room rate* to €116.61. In Berlin, RevPAR* decreased by 4.1% to €89.46. Occupancy increased by 0.7% to 74.2%. The average room rate* declined 4.8% to €120.52. \n   \n \n \n \n \n ** \n \n \n Source: STR European Hotel Review, December 2025. \n \n \n \n \n   \n   \n Other markets \n   \n Italy, Hungary, Serbia and Austria \n   \n This includes the Group's properties in Austria, Italy and Serbia, and a property operated in Hungary. \n   \n Financial performance \n   \n \n \n \n \n \n \n \n Reported in Pound Sterling (£) \n \n \n Like-for-like* 1 in Pound Sterling (£) \n \n \n \n \n Italy, Hungary, Serbia and Austria \n \n \n Year ended 31 Dec 2025 \n \n \n Year ended 31 Dec 2024 \n \n \n % change 2 \n \n \n Year ended 31 Dec 2025 \n \n \n Year ended 31 Dec 2024 \n \n \n % change 2 \n \n \n \n \n Total revenue \n \n \n £16.2m \n \n \n £10.7m \n \n \n 52.2% \n \n \n £11.6m \n \n \n £10.7m \n \n \n 9.0% \n \n \n \n \n Room revenue \n \n \n £12.8m \n \n \n £8.3m \n \n \n 53.8% \n \n \n £9.1m \n \n \n £8.3m \n \n \n 9.0% \n \n \n \n \n EBITDA* \n \n \n £1.2m \n \n \n £1.3m \n \n \n (5.8)% \n \n \n £1.8m \n \n \n £1.5m \n \n \n 22.6% \n \n \n \n \n EBITDA margin* \n \n \n 7.3% \n \n \n 11.8% \n \n \n (450) bps \n \n \n 15.6% \n \n \n 13.8% \n \n \n 170 bps \n \n \n \n \n Occupancy \n \n \n 58.0% \n \n \n 59.3% \n \n \n (130) bps \n \n \n 63.8% \n \n \n 59.3% \n \n \n 450 bps \n \n \n \n \n Average room rate* \n \n \n £142.6 \n \n \n £116.1 \n \n \n 22.9% \n \n \n £113.9 \n \n \n £116.1 \n \n \n (1.9)% \n \n \n \n \n RevPAR* \n \n \n £82.7 \n \n \n £68.8 \n \n \n 20.3% \n \n \n £72.7 \n \n \n £68.8 \n \n \n 5.6% \n \n \n \n \n   \n \n \n \n \n 1 \n \n \n The like-for-like* figures exclude the 2025 results from the newly opened art'otel Rome Piazza Sallustio. \n \n \n \n \n 2 \n \n \n Percentage change figures are calculated from actual figures as opposed to the rounded figures included in the above table. \n \n \n \n \n   \n Our performance \n   \n The Group's properties in Austria, Serbia and Hungary all performed well and delivered revenue and, on a like-for-like* basis, occupancy growth, supported by a notable increase in business activity in the year. The newly opened hotel in Italy was open for nine months of the year, with pre-opening and marketing costs ahead of opening. \n   \n Total revenue significantly increased by 52.2% to £16.2 million, RevPAR* increased by 20.3% to £82.7, driven by the average room rate*, which increased to £142.6. Occupancy slightly decreased to 58.0%.  EBITDA* decreased by 5.8% to £1.2 million primarily as a result of the stabilisation phase of art'otel Rome Piazza Sallustio. \n   \n Nassfeld, Austria \n   \n The Arena Franz Ferdinand, a 144-room mountain resort in the Austrian Alps, which operates for 10 months of the year, performed strongly. The hotel delivered revenue growth, driven by growth in the average room rate* and occupancy*. As usual, the hotel closed at the end of March for several months and reopened for the summer season at the end of May. \n   \n Rome, Italy \n   \n On 6 March 2025, art'otel Rome Piazza Sallustio opened, following a transformational investment programme to reposition this property to a five-star luxury boutique hotel. The hotel, situated in a prime position in the heart of the city of Rome near iconic landmarks, features 99 rooms, including 11 stunning suites and private terraces, a YEZI Restaurant & Bar and terrace and terrace, a state-of-the-art fitness centre and sauna. The hotel is also home to the largest permanent collection of the renowned Italian artist Pietro Ruffo's work. \n   \n Since opening, the hotel has received excellent guest feedback and reviews, and demand has consistently grown. The hotel is recognised with a 9.3 score on Booking.com (on a scale of 1-10) and is rated a 4.7-star score on Tripadvisor.com (on a scale of 1-5). \n   \n Belgrade, Serbia \n   \n The Radisson RED Belgrade, despite ongoing political tensions, reported improved revenue and EBITDA* as it continued to build its market position. This was achieved despite the current political situation, which resulted in events in the capital being cancelled and softer travel demand. \n   \n Budapest, Hungary \n   \n Park Plaza Budapest performed well, reporting EBITDA* growth, driven by an improvement in occupancy. \n   \n The hotel markets** \n   \n The Budapest hotel market \n   \n In Budapest, RevPAR* increased by 5.8% to €90.34 and occupancy increased by 4.8% to 73.8%. The average room rate* increased by 1.0% to €122.39. \n   \n The Belgrade hotel market \n   \n In Belgrade, RevPAR* declined 1.9% to €83.95. Occupancy decreased by 9.0% to 61.3%, with the average room rate* increasing 7.7% to €136.97. \n   \n The Rome hotel market \n   \n In Rome, RevPAR* increased by 3.3% to €178.20 and occupancy increased by 0.2% to 73.0%. The average room rate* increased by 3.1% to €243.96. \n   \n \n \n \n \n ** \n \n \n Source STR European Hotel Review, December 2025 \n \n \n \n \n   \n Management and Central Services \n   \n Our performance \n   \n The revenue in this segment is primarily related to management, sales, marketing and franchise fees, and other charges for Central Services. This includes properties operated by the Group's hospitality management platform, such as art'otel London Battersea Power Station. \n   \n These fees and costs are mainly charged within the Group and therefore eliminated upon consolidation. For the year ended 31 December 2025, the segment showed an EBITDA* profit of £3.8 million, as internally and externally charged management fees exceeded the costs in this segment. \n   \n Management, Group Central Services, and licence, sales and marketing fees are calculated as a percentage of revenue and profit, and therefore are affected by underlying hotel performance. \n   \n \n \n \n \n \n \n \n Reported in Pound Sterling (£) Year ended 31 Dec 2025 \n \n \n \n \n Listed Company \n \n \n Development projects \n \n \n Management platform \n \n \n Arena Hospitality Group \n \n \n Total \n \n \n \n \n Management revenue \n \n \n - \n \n \n - \n \n \n £39.5m \n \n \n - \n \n \n £39.5m \n \n \n \n \n Central Services revenue \n \n \n - \n \n \n - \n \n \n - \n \n \n £15.9m \n \n \n £15.9m \n \n \n \n \n Revenues within the consolidated Group \n \n \n - \n \n \n - \n \n \n £(29.9)m \n \n \n £(14.7)m \n \n \n £(44.6)m \n \n \n \n \n External and reported revenue \n \n \n - \n \n \n - \n \n \n £9.6m \n \n \n £1.2m \n \n \n £10.8m \n \n \n \n \n EBITDA* \n \n \n £(4.1)m \n \n \n £(0.2)m \n \n \n £9.6m \n \n \n £(1.5)m \n \n \n £3...

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