4Q25 Financial Performance

CORPORATE PRESENTATION

Anantara Santorini Abu Dhabi Retreat

MINOR INTERNATIONAL | COMPANY PRESENTATION FY25

AGENDA

Anantara Koh Yao Yai Resort C Villas

3

3

2025 Recap & Recent Developments

2026 and Beyond:

Unlocking Value, Driving Growth

4Q25 and FY25 Financial Highlights

2025 Recap

& Recent Developments

5

Recap of 2025 Success

Asset Management

Minor Hotels

• Completion of MHEA delisting for agile strategic execution

• Unlocking asset value through disposal of two hotels in Portugal and Germany

Minor Food

• Increase in investment

  portion in GAGA

• Strategic partnership with Europastry to scale globally in the frozen bakery dough segment

Grow to Gain Scale

Minor Hotels

• 23 new properties (openings s rebranding) and 40 contracts signed

  Minor Food

• 13G new restaurant outlets, especially in Thailand, Indonesia, and Singapore

Build Top Brands

Minor Hotels

• Launch of 4 new hotel brands

• Unify booking channels and loyalty program

Minor Food

• Continue to capture leading market position

• Leading share of social media engagement

Profitability

Core

NPAT Margin

+81

bps y-y

Core

EBITDA Margin

+33

bps y-y

MINOR INTERNATIONAL | COMPANY PRESENTATION FY25

6

Minor Hotels : 4Q25 Recent Developments

5 Key Flagship Hotels

Anantara Layan

Anantara Golden Triangle Anantara Hua Hin

Anantara Mai Khao Phuket Villas Anantara Riverside

Wellness

Life After Layan - Anantara Layan Phuket

Personalized journey of Healing C Renewal - Anantara Kihavah Maldives

+

EUROPE NORTH AMERICA

1 Hotel in the UK 2 Hotels in the US

ASIA MIDDLE EAST

Experimental Activities

Cooking class cruises - Anantara Chiangmai

Culinary

Sala Lakorn

4 Hotels in China 1 Hotel in India

1 Hotel in Thailand

1 Hotel C 1 Branded Residence in UAE and Saudi Arabia

% Signature Itinerary Excursions - Anantara Koh Yao Yai

Travelling Traditions Experiences - Avani Worldwide

Isaan Encounters Tours - Avani Khon Kaen

a performance-led dining experience

- Anantara Riverside

LATAM OCEANIA

1 Hotel in Brazil 1 Hotel in Australia

MINOR INTERNATIONAL | COMPANY PRESENTATION FY25

7

2025 & 1QTD: A Record Year for Hotel Fee-Base Contract Signings

MINOR INTERNATIONAL | COMPANY PRESENTATION FY25

Signed 45 new hotel contracts and master agreement in 2025 & 1QTD

Entering USA

• The Wolseley New York

• Anantara Miami

A Joint-venture with Royal Holdings

• Target of 25 hotels in Japan under Anantara, Avani, and

  Tivoli in the next 10 years.

• Anantara Karuizawa Retreat to be opened in 2030.

Expanding to resort destination in the Mediterranean

• Croatia: Anantara Adriatic Istria Resort

• Slovenia: Hotel Palace Portoroz, Minor Reserve Collection

A Joint-venture with Sunrise Resorts s Cruises

• Target up to 50 hotels in the next decade in urban and leisure destinations in Egypt.

• Convverting C managing 6 existing properties under Sunrise Hotels to Minor Hotels.

Strengthening Presence in Africa

• Tanzania: NH Collection Pemba Island

• Ghana: NH Collection Accra

Penetrating India

• Secured 3 HMA (signed)

• Anantara Kolkata

• Avani+ Vizag

• Anantara Coorg

Dim Sum Club Krob Krob Station 8

New Brands

Sanook Kitchen Scoop Wonder

New Market

Minor Food

New Campaigns

4Q25 Recent Developments

New Store Format

Special Tea

+10% growth in number of cups across all SKUs

Korean Fried Pork

+8% y-y incremental sales in Dec 2025

Ramyeon

+103% y-y

sales growth in Dec 2025

New Outlets

↑ 40 stores q-q

MINOR INTERNATIONAL | COMPANY PRESENTATION FY25

↑ 10 stores q-q

Sizzler Special

SSSG +46% y-y

in Dec 2025

The Pizza Company Express

Sizzler Sun s Moon

Jan 2026 MPSA +35% over budget

2026 and Beyond: Unlocking Value, Driving Growth

10

Portfolio Growth

2026F and Beyond:

636 Hotels

2,746 Restaurants

850 Hotels

4,150 Restaurants

Our Aspirations

Including signed contracts for hotels and signed franchise agreements for restaurants

Financial (3-yr CAGR)

Revenue Growth

Profit Growth

Balance Sheet*

2026F

2026F

* Based on successful outcome of capital unlocking exercises

** Equivalent to adjusted net debt to equity (with perps treated as debt) of 1.3x - 1.4x, in line with our conventional internal policy

MINOR INTERNATIONAL | COMPANY PRESENTATION FY25

2026 and Beyond: Unlocking Value, Driving Growth - Minor Hotels 11

New Phase of Hotel Expansion

Hotel Openings

Brand Conversion

Greenfield C Brownfield

Expected

Signings

Expected

Signings

Expected

Signings

850+

30%

40%

Current

2028F

636

70%

60%

Key Focus Markets

•

•

•

•

S/E Asia

Sub-Saharan Africa Middle East Gateway cities

•

•

•

India

US

•

•

Europe •

Vietnam

China UK

2025

2026F

2027F

2028F

2028F

•

•

•

North Africa (e.g. Morocco, Egypt)

South Korea

• Japan • Turkey

The Caribbean • CIS

• Strategic partnership with local shopping centers attached

hotel groups

49%

Asset-heavy

High-value contracts

• High-value flagship assets

• Assets with residences,

Scale volume of HMAs

• Individual asset owners with multiple assets

66%

Asset-heavy

Focus on quality of contracts and fee income growth

Minor Hotels Expansion Pipeline

MINOR INTERNATIONAL | COMPANY PRESENTATION FY25

By Segment

850+

636

Luxury

Anantara, Elewana, The Wolseley, TIVOLI, Minor Reserve Collection

Premium nh collection, nhow, AVANI, Colbert Collection

Select nh, OAKS, iStay

2025

2028F

By Region

17%

Asia

22%

Asia

12%

Middle East C Africa

11%

Americas

2025

636

14%

Spain

13%

Oceania

7%

Benelux 15%

Central Europe

10%

Italy

16%

Middle East

C Africa

8%

Americas

2028F

850+

11%

Oceania

7%

Benelux

9%

Central Europe

10%

Italy

17%

Spain

Note: Figures are inclusive of signed contracts

2026 and Beyond: Unlocking Value, Driving Growth - Minor Hotels 12

2Q 2026

Anantara Kafue River Zambia Tented Camp (12 keys, managed)

2Q 2026

Avani Kota Kinabalu Hotel

(352 keys, managed)

2Q 2026

Avani Mooloolaba Beach Resort

(160 keys, franchised)

4Q 2026

NH Collection Sliema Malta

(181 keys, franchised)

Example of New Additions to the World of Minor Hotels in 2026

Middle East & Africa

Asia & Indian Ocean

Europe

2Q 2026

Tivoli La Vie Muscat Hotel

(130 keys, managed)

2Q 2026

Avani+ Lanexang Vientiene

(198 keys, managed)

4Q 2026

Anantara Xiling Snow Mountain Resort

(110 keys, managed)

2Q 2026

Tivoli Palazzo Risorgimento Lecce

(45 keys, managed)

4Q 2026

Tivoli and Avani Bilaj Al Jazayer Bahrain Resorts (95 and 107 keys, managed)

MINOR INTERNATIONAL | COMPANY PRESENTATION FY25

2026 and Beyond: Unlocking Value, Driving Growth - Minor Hotels 13

EUROPE

MIDDLE EAST

ASIA PACIFIC

OCEANIA

Resilient Global Travel Demand in 2026

• Continued travel momentum in both leisure and business segments.

• Robust events calendar featuring Winter Olympics, Formula 1, and major trade fairs.

• MH expanding beyond city hotels to capture resort destinations across the Mediterranean.

  
  
  

• Leisure demand accelerating on enhanced air connectivity, destination initiatives, and global cultural and sporting events.

• MH penetrating high-potential new markets including Egypt, Saudi Arabia, and Morocco.

• Growing international arrivals from both regional and long-haul travel flows.

  
  
  

• Thailand benefiting from high-profile events including TomorrowLand, Wonderfruit and EDC.

• MH driving growth with a priority focus on Japan and India.

• Recovery in domestic travel demand supported by event-led activities including sporting s music events.

• Vibrant events line up highlighted by Australia Open, Formula 1, and Ed Sheeran Concert.

• MH broadening brand presence beyond Oaks, with Anantara, Avani, and NH Collection.

MINOR INTERNATIONAL | COMPANY PRESENTATION FY25

14

2026 and Beyond: Unlocking Value, Driving Growth - Minor Hotels 14

Strong Growth in Branded Residences Market

115,000 units in 2025 12% p.a.

2030 no. of units 200,000+

• 750 projects

  5-year CAGR

• 1,500 projects

Rising Global Wealth Growing demand for alternatives stays Increasing interests in

experience-driven living

The rise of standalone branded

residences

Deeper integration of holistic wellness and longevity offerings

Strategic geographic diversification

More curated, experience-led offerings Focus on luxury and service

MINOR INTERNATIONAL | COMPANY PRESENTATION FY25

Source: BRESI Research, Savills, Graham Associates

2026 and Beyond: Unlocking Value, Driving Growth - Minor Hotels

Project

15

Anantara Miami

Started

2024

Owned / Joint-venture Projects

Project

The THB 3 billion Kiara Reserve Residences

Phuket, Thailand

Condo 29 units and Villas 17 units

(significant revenue recognition in 202C)

Pipeline of

Florida, United States

Oaks Riyadh

Riyadh, Saudi Arabia

Tivoli La Vie Muscat

Muscat, Oman

2026

Starts 2026

Project Starts 2027 -

2028

Anantara Ubud Residences

Bali, Indonesia

Villas 15 units

Four Seasons Koh Samui Samui Island, Thailand Villas 3 units

Super Luxury 500-rai Project

Phuket, Thailand

Branded Residences

IRR up to 30%

Tivoli and Avani Bilaj

Al Jazayer Bahrain Resorts

Zallaq, Bahrain

Anantara Zanzibar

Zanzibar, Tanzania

Anantara Mina Al Arab Ras Al Khaimah Resort Ras Al Khaimah , UAE

Fee-based Projects

2028

Phased project with condo, villas, marina, and retail

NH Collection Ras Al Khaimah, Al Marjan Island

MINOR INTERNATIONAL | COMPANY PRESENTATION FY25

Ras Al Khaimah , UAE

2026 and Beyond: Unlocking Value, Driving Growth - Minor Food 16

Continued Food Expansion with Asset-Light Growth

By Business Model By Region

More Asset-Light New growth driver markets

2,746 outlets

51%

49%

4,150 outlets

44%

56%

Owned

2,746 outlets

3% 2% 4%

10%

5%

76%

4,150 outlets

2%

10%

3%

8%

7%

69%

Others

China Thailand

2025 . 2028F

2025 . 2028F

* Including signed franchise agreements

MINOR INTERNATIONAL | COMPANY PRESENTATION FY25

2026 and Beyond: Unlocking Value, Driving Growth - Minor Food 17

Minor Food : Leading Restaurant Platform in APAC

17

MINOR INTERNATIONAL | COMPANY PRESENTATION FY25

2026 and Beyond: Unlocking Value, Driving Growth - Minor Food 18

Innovation

• Product

extension

• New product

development

• Value offerings

Store Format

Menu

New Brands

Minor Food : Elevating Core Brands and Scaling Expansion

Digital Initiatives

↑ 10 stores

↑ 40 stores

• Scaling DQ C GAGA

• Introducing The Pizza Company, Poulet, Sanook Kitchen

• Accelerating

Sanook Kitchen and Scoop Wonder

Expansion

↑ 50-60 stores

↑ 40-50 stores

↑ 10 stores

• Signing new master-

development agreement with franchisee to grow store count with The Pizza Company and

Swensen's

• Opening franchised

stores under Sizzler, GAGA, The Pizza Company

Domestic

International

• Higher known diner sales through own platform

  
  
  

  Revenue Generation

  Operational AI

  Operational Efficiency

• New revenue stream from digital prepaid program

• AI Camera • AI customer-engagement platform

  • Order at table • Pay at table • QR ordering

    Cost Efficiency

    • Labor productivity

      2026 and Beyond: Unlocking Value, Driving Growth - Minor International 19

      Profitability Expansion Roadmap

      Core EBITDA margin

    • Procurement leverage on centralized supply chain

    • Process transformation on back office and shared service

Key Drivers

Lease Optimization

• Rent-to-sales improvement

• Higher portion of more variable lease contracts

  Digital

  • Increasing direct booking channel

  • Higher repeat customers

    27

    
    
    

    25

    %

    23

    21

    19

    17

    2025 2026F 2027F 2028F

    High-margin Expansion

    • Scale benefits

    • Asset-Light

Financial Leverage

• Lower cost of debt

• Debt reduction

Core NPAT margin

9

8

%

7

6

5

2025 2026F 2027F 2028F

MINOR INTERNATIONAL | COMPANY PRESENTATION FY25

2026 and Beyond: Unlocking Value, Driving Growth - Minor International 20

Exploring Value - Unlocking Platform: REIT IPO

Our Aspiration Structure

REIT Structure

REIT Holding Structure

Size

Gross Asset Value: To be confirmed, targeting circa USD 1 bn

MINT to hold a material initial stake in

the REIT

Asset Mix

A combination of assets across

Europe C Thailand

Listing Venue

SGX

Yield

Comparable with upper quality hospitality SGX REIT comparables

MINOR INTERNATIONAL | COMPANY PRESENTATION FY25

Timeline s Market Readiness

Market Tailwinds Timeline

• Progress: On Track

• Target Launch: 2H26

• Interest rate environment supportive for yield assets

• Peers' REIT performance reinforces

  investor appetite

• Hospitality REITs benefiting from resilient global travel demand

  Strategic Rationale

  Objectives

  • Creating new investing vehicle, as part of MINT's hospitality growth objectives

  • Unlocking asset value

  • Strengthening balance sheet

Financial Impact

EPS Impact on MINT

• Material balance sheet improvement relative to immaterial core EPS effect

• Higher minority interest is offset by:

  • Significant lower interest expense utilizing IPO proceeds to deleverage

  • Growth funding for high-return projects

  • Share buyback to mitigate EPS dilution

• Expect continuous EPS growth y-y post REIT IPO

Cost of Capital Rationale

• Expected REIT's yield is lower than MINT's

  current cost of capital (WACC of 8-9%)

• Post REIT Impact:

- Deleveraging leads to lower cost of capital from better credit metrics and lower company-specific risk premium

Anantara