#1WHITBREAD Full Year Presentation to holders of our £450m 3.375% bonds due 2025 £300m 2.375% Green bonds due 2027 £250m 3.000% Green bonds due 2031 Premier Inn Rest easy 18 May 2022#2Contents Full year highlights Full year to 3 March 2022 Force for Good - Green Bond Update Conclusion and Q&A Hemant Patel lain Strachan Rosana Elias Hemant Patel 2 p3 p13 p18 p23 WHITBREAD#3FULL YEAR HIGHLIGHTS 3 7. $53 Tell us your though 1 WHITBREAD#4Full year highlights and outlook Continued hotel market outperformance in the UK driven by our 'Investing to win' commercial strategy, our strong brand, scale, direct distribution and the strong appeal of the Premier Inn customer offering Strong hotel trading in the UK, exceeding pre-pandemic levels in H2 ● ● ● ● ● Encouraging forward bookings, capitalising on accelerating independent supply contraction although limited visibility for H2 Restaurants trading behind pre-COVID levels but improving trends German market recovering slower than UK but Premier Inn trading is encouraging. Built a significant business of 37 quality hotels in prime locations during COVID, which are now starting to trade as the market recovers Expect to largely offset higher cost inflation through efficiencies, estate growth and higher price Cost efficiency programme extended and increased, now £140m by FY25 Proposed final dividend of 34.7p per share resulting in £70m payable, reflecting confidence in outlook WHITBREAD#5Strong recovery: returning to profitability Commercial initiatives and strong appeal of Premier Inn's customer offering driving recovery as Government restrictions relaxed Total sales £2,072m FY20 Statutory profit before tax £280m FY20 Pre-COVID £589m FY21 FY21 £(1,007) m Restrictions throughout UK and Germany 5 £1,703m FY22 £58m FY22 Restrictions eased in Q1 for UK, Germany restrictions throughout WHITBREAD#6Premier Inn UK strong trading H1: Certain restrictions on hotel and restaurant visits Occupancy Accommodation sales recovered vs FY20 109% 67% 61% H1 FY22 1: versus FY20 on a 52-week basis 82% Sep 21 Accommodation sales ahead of pre-COVID levels 110% 83% Oct 21 Premier Inn UK 111% 80% Nov 21 Dec - Jan: Increased restrictions in parts of the UK due to Omicron variant 6 108% 69% Dec 21 89% 60% Jan 22 113% 77% Feb 22 1 Feb - Apr: Restrictions lifted 130% FY20 (pre-COVID) 81% Q1 to date WHITBREAD#7Premier Inn UK: continued market outperformance Premier Inn's strong brand, scale and direct distribution helping maintain material outperformance of the M&E market... Total sales outperformance vs. the M&E hotel market Pl outperformance¹ vs M&E Pl market share² Pl market share growth vs FY20² 12.5% M&E vs rest of market outperformance H1 11.2% 3.9pp 13.3% 18.3% Sep-21 9.5% 2.4pp 23.3% 17.1% Oct-21 9.5% 3: Versus FY20 on a 52-week basis 4: STR data, full inventory basis, 4 March 2022 to 14 April 2022, M&E excludes Premier Inn 2.1pp 16.4% 1: STR data, full inventory basis, M&E excludes Premier Inn - restated in line with STR M&E room stock reclassification 2: STR data, revenue share of total UK market 19.0% 7 Nov-21 9.2% 1.9pp 20.3% 12.0% Dec-21 8.7% ...and the M&E market continue to materially outperform all other hotel sectors 2.4pp 16.5% 18.0% Jan-22 10.6% 3.3pp 19.4% 20.7% Feb-22 10.6% 2.7pp 19.6% 3 28.3% Q1 to date 9.9% 2.4pp 15.0% 4 WHITBREAD#8Germany: Encouraging trading in a challenging market H1: Certain restrictions on hotel and restaurant visits Occupancy Accommodation sales recovered vs FY20 309% 32% H1 FY22 1: versus FY20 on a 52-week basis 355% 61% Sep 21 Oct - Nov: Increased restrictions due to Delta variant 345% 66% Greater level of restrictions Oct 21 Premier Inn Germany 259% 53% Nov 21 8 301% 37% Dec 21 Dec - Feb: Further restrictions due to Omicron variant 186% 32% Jan 22 211% 38% Feb 22¹ Mar - Apr: Restrictions easing and lifted in April 861% 51% Q1 to date WHITBREAD#9Broad based recovery into FY23 UK Germany Demand recovering across all customer groups Leisure Business tradespeople Office-workers International inbound Food and beverage Hotels & food and beverage Ahead of pre-COVID levels Ahead of pre-COVID levels Recovering well, helping London recovery Early signs of recovery Slower market recovery Slower market recovery 1:04 FY22 accommodation sales are compared on a 52 week basis versus FY20 9 Very strong performance in the UK Regions, recovery in London Premier Inn accommodation sales versus FY20 Regions FY21 (66.8)% FY21 (82.3)% FY21 Q1 (56.3)% Q1 (77.4)% (0.2)% Q2 London Q2 (43.5)% 19.9% FY22 Q3 Q3 (18.9)% 10.8% Q4¹ Q4¹ (15.9)% 31.2% Q1 to date 25.2% Q1 to date FY23 Premier Inn UK LFL RevPAR have recovered to pre-COVID levels WHITBREAD#10Multi-year UK growth opportunity Equates to >33% UK estate growth opportunity THURSO Premier Inn LONDON SOHO, BERWICK ST LOUNGE CLEAR ROUTE TO 110K ROOMS MANCHESTER PICCADILLY Premier In ST PETER PORT, GUERNSEY 9 Opportunity expected to be even greater as market supply contracts post COVID 10 ADDING 2-3k ROOMS EVERY YEAR New hotels in prime locations, with improved operational efficiency and operating leverage Ireland Umerick Dublin Edinburgh Isle of Ma Aberdeen Dundeej United Kingdom Plymouth 3 Cardif Manchester Liverpo heffield Leeds Birmingham R Southampton Jersey Cambri Brighton 30 new hotels and 3,787 gross rooms opened in FY22 B Lille B WHITBREAD#11Germany: A compelling proposition in a highly attractive market Market is 40% larger than the UK A HIGHLY ATTRACTIVE MARKET - OPPORTUNITY TO REPLICATE UK SUCCESS Greater demand for short-stay domestic Prime locations 37 operational hotels in 19 cities and towns travel Pre-COVID budget branded RevPAR growth higher than UK COMPELLING CUSTOMER PROPOSITION Great value Budget price range Highly fragmented market: 72% independents in long term decline 11 Structural barriers to entry exists for franchise operators High quality Replicating the leading quality of our UK hotels moin! Significant opportunity to acquire assets with attractive long-term returns Broad appeal Business and leisure guests WHITBREAD#12Long-term value creation: Germany Duisburg 1 Aachen Köln 2 Dortmund 1 Bochum 2 Essen 2 Düsseldorf Saarbrücken 2 BUILDING A NATIONAL NETWORK Wiesbaden 1 Eschborn 1 Mannheim 1 Osnabrück Hannover Wolfsburg 1 1 Frankfurt 2 Hamburg 1 1 Wuppertal Ludwigshafen 2 1: AM:PM March 2022 2: Company data and estimates 1 Kiel 1 Freiburg 1 Lüneburg Potsdam Braunschweig 1 Kassel Darmstadt 2 2 1 Heidelberg Karlsruhe 4 Stuttgart 1 1 Lübeck Leipzig 1 Erfurt Bamberg 3 Nürnberg 1 Ingolstadt 1 Rosenheim Berlin 1 3 1 Regensburg München 4 1 Dresden 1 1 Passau 1 ● ● ● Open sites Committed sites 31 hotels added since February 2020 37 operational hotels 41 pipeline hotels, 3 added so far in 2022 A platform to outperform and take market share 12 24k ibis 21k Marriott INTERNATIONAL 18k IHG RAPID ESTATE GROWTH 18k Best BW Western. 16k 2 MOTEL ONE 16k B&B HOTELS 15k DEUTSCHE HOSPITALITY 6k Ambition to be the no.1 budget operator 7 14k Open Open & committed WHITBREAD#13FULL YEAR TO 3 MARCH 2022 13 7. $53 Telus your thoughid 1 WHITBREAD#14Financial highlights: Return to profitability £m Statutory revenue Adjusted revenue Other income (excl. rental income) Operating costs Adjusted EBITDAR Adjusted (loss) / profit before tax Statutory profit/ (loss) before tax Cash capital expenditure Cash and cash equivalents RCF (undrawn) Net cash / (debt) FY22¹ 1,703.4 1,703.4 114.5 FY20 589.4 2,071.5 588.9 2,062.1 154.0 (937.8) (1,323.3) 472.6 (194.9) 752.7 (15.8) (635.1) 58.2 (1,007.4) 261.0 230.6 1,256.0 950.0 (1,345.3) 1,132.4 850.0 140.5 FY21 1: FY22 is a 53-week period, with week 53 total sales £41.9m sales and an estimated profit impact of £4m (46.5) 13.9 358.3 280.0 587.7 502.6 950.0 (322.9) 14 ● ● ● ● ● FY22 performance reflects the strong recovery in sales post COVID-19 restrictions and estate growth in the UK and Germany, driving statutory revenues 189% ahead of FY21 Other income of £114.5m includes £61.7m benefit from the Coronavirus Job Retention Scheme, £8.2m UK other grants and £43.6m benefit from German Government support schemes Operating costs were £407.5m higher than FY21 driven by revenue-related variable costs, estate growth and lower levels of business rates relief Adjusted loss before tax was £15.8m, with £40.8m profit in H2 Statutory profit before tax of £58.2m benefits from £74.0m of adjusting items credits including £33.2m profit on property disposals and £42.0m of net property impairment reversals Net cash of £140.5m - the business has access to £1,132.4m of cash and cash equivalents, and access to an undrawn RCF of £850.0m WHITBREAD#15Continued market outperformance in the UK; rapid estate growth in Germany Premier Inn UK £m Statutory revenue Other income (excl. rental income) Operating costs Adjusted EBITDAR Net turnover rent and rental income Depreciation: Right-of-use asset Depreciation and amortisation: Other Adjusted operating profit / (loss) Interest: Lease liability Adjusted profit/ (loss) before tax ● ● ● FY21 FY20 FY22 1,668.2 70.1 577.4 2,050.3 142.5 13.6 (1,248.6) (861.7) (1,270.2) 489.8 (141.8) 3.9 793.7 2.1 (125.2) (109.9) (103.2) (168.9) (168.5) (163.2) 199.6 (415.7) 529.4 (117.1) (115.1) (124.7) 74.9 (532.8) 414.3 Outperforming the market COVID-19 restrictions in place until July Strong leisure led recovery from Q2 onwards 4.5 15 Premier Inn Germany £m Statutory revenue Other income (excl. rental income) Operating costs Adjusted EBITDAR Net turnover rent and rental income Depreciation: Right-of-use asset Depreciation and amortisation: Other Adjusted operating (loss) / profit Interest: Lease liability Adjusted (loss) / profit before tax ● FY22 FY21 FY20 35.2 44.3 (65.8) 13.7 3.7 11.5 11.8 11.5 0.3 (43.9) (23.9) (20.9) (11.8) 3.9 0.8 (22.9) (16.4) (0.8) (9.9) (5.4) (1.6) (15.4) (38.8) (13.4) (8.5) (6.1) (0.2) (23.9) (44.9) (13.6) Material estate growth COVID-19 restrictions in place for the majority of the year Adjusted loss benefitting from Government grants WHITBREAD#16FY22 Cashflow: Strong trading in the year resulting in operating cash inflow £m 160.2 Operating cashflow H1 FY22 244.2 Operating cashflow H2 FY22 £m Net debt at start of year 404.4 Cash flow Debt repayment Net cash at end of FY22 Benefit of Government support: UK: £126.5m Germany: £44.3m Net (debt) / cash movement Operating cashflow FY22 (46.5) (116.9) 303.9 140.5 1: Other includes: corporate taxes, interest, other non cash, pension, disposal proceeds and acquisitions (261.0) Capex 16 43.6 1 Other 187.0 H1: £220.4m US PPS repaid H2: £83.5m US PPS repaid Cashflow before shareholder returns/ receipts and debt (303.9) Repayment of long-term borrowings Available liquidity £m Cash and cash equivalents Undrawn RCF Total Finance borrowings Lease liabilities H1 FY22: £(113.7)m outflow H2 FY22: £ (3.2)m outflow (116.9) Net Cashflow FY22 1,132.4 850.0 1,982.4 (1,000.0) (3,701.8) WHITBREAD#17Strong balance sheet a reflection of continued capital discipline 5.0x 3.0x 4.0x Investment grade: 3.0x3.5x 2.0x 1.0x (1.0)x Return to FFO investment grade leverage in FY23 RETURNING TO INVESTMENT GRADE METRICS 3.3x FY18 1: Using existing methodology (0.4)x FY19 2.6x FY20 FY21 3.9x FY22 Expected to be below. 3.5x FY23 onwards 17 ASSET BACKED BALANCE SHEET Property estate last valued in 2018: ● Individual sale and leaseback basis Yield range: 4.5% - 5.0% Value: £4.9 5.8 billion Market yields holding up well: Premier Inn indicative leasehold transactions since March 2020: London c.3.0% - 4.0% Regions large towns/cities (e.g. Liverpool, Norwich) c.4.0% - 4.5% Regional small towns (e.g. Peterborough, Holyhead, Maidenhead) c.4.0% 5.0% - Strong capital discipline provides flexibility to invest and return to shareholders WHITBREAD#18FORCE FOR GOOD GREEN BOND UPDATE 18 7. $53 Tell us your though 1 WHITBREAD#19Green Bond Update - FY22 £404m of our total £550m Green Bonds has been allocated against the Eligible projects in our Green Bond Framework (£146m remaining to allocate) This Use of Proceeds allocation has been independently assured to the ISAE3000 standard Eligible green projects aligned to United Nations' Sustainable Development goals Strong ratings from some of the leading ESG providers Full Green Bond allocation and impact report approved by our Sustainable Finance Steering Committee. To be published shortly ● ● ● ● ● Allocated to end FY 21/22 Sustainability impact Green construction: £199m The use of these proceeds has led to: 45 sites being constructed to high environmental standards Green operation: £174m 311,000 Tn CO2 emissions avoided 19 Sustainable procurement: £31m 100% of consumables and fish allocated against were procured to certified sustainable standard as outlined in our framework WHITBREAD#20Use of proceeds allocation against framework - 73% allocated Green Construction Green Operation ICMA Category for use of proceeds Green Buildings Renewable Energy Pollution Prevention and Control Sustainable Environ- mentally Procurement Sustainable Management of living natural resources and land use Eligibility criteria Investment and expenditures relating to the properties built, fitted out to, or operated to BREEAM standards (Very Good and above). LEED (Platinum) or EPC (B or above) or DGNB Silver or above Expenditure relating to purchase of renewable energy across the estate Expenditure relating to reduction in waste to landfill via recycling Expenditure relating to procurement of sustainable timber Expenditure relating to procurement of sustainable fish to standards that protect aquatic biodiversity Example Sustainability Project Build and fit out of utility efficient buildings to BREEAM, LEED, EPC or DGBN standards as noted Procurement of 100% renewable energy across our utility purchased PI&R estate including installation of PV across suitable existing sites Waste management to reduce landfill and obtain a positive envi- ronmental benefit via recycling FSC/PEFC certified timber for fixtures and fitting products and consumables within the estate Procurement of sustainable fish accredited to MSC, ASC or equivalent standard Relevant KPIs Number (or %) of sites built, fitted out or operated to BREEAM Very Good, LEED (Platinum), EPC (B or above) or DGNB (Silver or above) Greenhouse gas emissions avoided (TCO2e) Greenhouse gas emissions avoided (TCO2e) % of fixtures and fittings and timber/paper consumables suppliers that comply with timber policy % of fish sustainably sourced 20 UK/ Germany UK UK Germany £ Germany UK UK UK Total allocation to end FY 21/22 Grand total £m £ ليا لي £ £ £ th 44 171m 28m 162m 2m 10m 23m Impact £ 404m 45 sites constructed to high environmental standards 283,000 Tn CO2 emissions avoided 100% of consumables 8m and fish allocated against were procured to certified standard as outlined in our frame- work 28,000 Tn CO2 emis- sions avoided WHITBREAD#21A Force for Good: Our strategy and targets Being a Force for Good in all we do supports our vision of enabling people to live and work well OPPORTUNITY No barriers to entry and no limitations to ambition Championing inclusivity and improving diversity Industry-leading training and development Team member wellbeing considered in everything we do FORCE FOR GOOD COMMUNITY Meaningful contributions to the customers and communities we serve Positive contributions to the communities we serve Supporting our charity partner to meet their mission Supporting the wellbeing of our guests and customers RESPONSIBILITY Operating in a way that respects people and the planet Sourcing responsibly and with integrity Reducing our environmental impact Always doing business in the right way 80% Scope 1 & 2 carbon emissions reduction by 2025, net-zero by 2040 21 Reduction in sugar, salt and calories across our menus TARGETS 50% Scope 3 carbon emissions reduction by 2035, 64% by 2050 Stretching Diversity and Inclusion targets Reduce food waste by 50% by 2030 and no waste to landfill 100% critical commodities sourced responsibly Our sustainability programme has been in operation for over 10 years and runs through everything we do Eliminate unnecessary single-use plastic by 2025 GREAT NON REN Raise £20m for GOSH WHITBREAD#22Industry-leading sustainability and responsibility programme Key achievements in FY22 Achieved RSPO Chain of Custody certification for sustainable palm oil DS LED Committed to SBTi for net zero carbon target by 2040 Financial Times Diversity Leaders Index award placed 24 out of 750 companies across Europe FT Reduce scope 3 carbon by 50% in 2035 and 64% by 2050 Introducing ESG metrics into management compensation RSPO First year of TCFD reporting TCFD TASK FORCE MA E RELATED DUGLCZANES Stonewall Gold Award for commitment to LGBTQ+ inclusion at work GOLD EMPLOYER 2022 Rated Top Employer for the 12th consecutive year top EMPLOYERS INSTITUTE >£20m raised for Great Ormond Street Hospital Oo GREAT ORMOND STREET HOSPITAL CHARITY Leadership population has 41% female representation, ahead of target of 40% by the end of 2023 Our long-term commitments 22 8 DIVERSITY & INCLUSION TARGETS Our Force for Good programme is embedded in everything we do CARBON NET ZERO BY 2040 ELIMINATING SINGLE-USE PLASTIC BY 2025 CUTTING FOOD WASTE BY 50% BY 2030 WHITBREAD#23CONCLUSION AND Q&A 23 7. $53 Tell us your though 1 WHITBREAD#24Well positioned for long-term value creation 1 GROW AND INNOVATE IN THE UK ENHANCED STRUCTURAL OPPORTUNITIES Market supply contraction accelerating Pl market share gains BUDGET MODEL Budget sector is higher growth and outperforms in downturns BROAD CUSTOMER REACH Flexible model caters to a wide range of customer types STRONG HOTEL BRAND Strongest hotel brand in the UK DIRECT DIGITAL DISTRIBUTION Cost efficient and ownership of the customer relationship 2 FOCUS ON OUR STRENGTHS TO GROW IN GERMANY UK ✓ ✓ ✓ Germany ✓ opportunity opportunity 24 3 ENHANCE CAPABILITY TO SUPPORT LONG-TERM GROWTH BEST-IN-CLASS OPERATIONS Competitive advantage driving a winning customer proposition LEAN AND AGILE COST MODEL Right-sized cost base enables a superior value offering CAPITAL DISCIPLINE Disciplined allocation of capital FINANCIAL STRENGTH AND FLEXIBILITY Strong property backed balance sheet provides flexibility OPERATING RESPONSIBLY AND SUSTAINABLY Embedded in our business with ambitious targets UK + Germany WHITBREAD#25Credit highlights 1 2 3 4 5 6 Largest hotel operator in the UK with the strongest brand Vertically integrated model affords control over best-in-class operations and is a competitive advantage over peers Effective direct digital distribution platforms affording cost efficiency and ownership of the customer relationship Broad customer reach across regions and defensive domestic/inbound and business/leisure mix Positioned in budget sector which is fastest growing and outperforms in downturns Attractive structural growth opportunities remain intact, including Germany where the business is well placed to replicate its success in the UK 25 7 8 9 10 11 12 Decisive and effective actions taken to mitigate business and financial disruption from COVID-19 and protect stakeholders, along with longstanding proven ability to manage costs through a cycle Experienced management team A 'Force for Good' - robust and longstanding sustainability policies which run through everything we do and are recognised via external accreditations Conservative balance sheet and financial flexibility afforded by freehold property backing Board intention to maintain investment grade metrics over the medium term Dividend payments resumed. A final dividend of 34.7 pence per share (£70m) will be paid on 1 July 2022. This reflects both the Group's encouraging trading and confidence in the outlook. WHITBREAD#26Q&A Premier Inn EENI HANNES WHITBREAD#27Cautionary statement Nothing contained in this presentation is intended to constitute an offer, invitation or inducement to engage in an investment activity for the purposes of the prohibition on financial promotions under the Financial Services and Markets Act 2000. In making this presentation available, Whitbread plc makes no recommendation to purchase, sell or otherwise deal in shares in Whitbread plc or any other securities or investments whatsoever and you should neither rely nor act upon, directly or indirectly, any of the information contained in this presentation in respect of such investment activity. No representations, express or implied, are given in, or in respect of, this presentation. To the extent permitted by law, Whitbread plc, and its subsidiaries, shareholders, affiliates, representatives, partners, directors, officers, employees, advisors or agents shall not be liable for any direct, indirect or consequential loss or loss of profit arising from the use of this presentation, its content or otherwise arising in connection therewith. Certain statements included or incorporated by reference within this presentation may constitute "forward looking statements" in respect of Whitbread plc's operations, performance, prospects and/or financial condition. Such statements are based on Whitbread plc's current expectations and beliefs concerning future events and are subject to a number of known and unknown risks and uncertainties that could cause actual events or results to differ materially from any expected future events or results referred to in these forward looking statements. Such statements are also based on numerous assumptions regarding Whitbread plc's present and future strategy and the environment in which operates, which may not be accurate. Whitbread plc undertakes no obligation to update any forward looking statements contained in this presentation or any other forward looking statements it may make. Nothing in this presentation should be construed as a profit forecast. Past performance cannot be relied upon as a guide to future performance and persons needing advice should consult an independent financial advisor. 27 WHITBREAD