#1Mde OANA CP 7 02 Q2 Financial Results Membership Collective Group Sh ELLT D 2021 August 26, 2021 MCG#2MCG Forward Looking Statements This presentation contains forward-looking statements that are based on management's beliefs and assumptions and on information currently available to management. In some cases, you can identify forward-looking statements by the following words: 'may,' 'will,' 'could,' 'would,' should,' 'expect,' 'intend,' 'plan,' anticipate,' 'believe,' 'estimate,' 'predict,' 'project,' 'potential,' 'continue,' 'ongoing' or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. These statements involve risks, uncertainties and other factors that may cause actual results, levels of activity, performance or achievements to be materially different from the information expressed or implied by these forward-looking statements. Although we believe that we have a reasonable basis for each forward-looking statement contained in this presentation, we caution you that these statements are based on a combination of facts and factors currently known by us and our projections of the future, about which we cannot be certain. These assumptions and our future performance results involve risks and uncertainties (many of which are beyond our control). As a result of these risks, we cannot assure you that the forward-looking statements in this presentation will prove to be accurate. Furthermore, if the forward-looking statements prove to be inaccurate, the inaccuracy may be material. In light of the significant uncertainties in these forward-looking statements, you should not regard these statements as a representation or warranty by us or any other person that we will achieve our objectives and plans in any specified time frame, or at all. We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. Market data and industry information used throughout this presentation are based on management's knowledge of the industry and the good faith estimates of management. We also relied, to the extent available, upon management's review of independent industry surveys and publications and other publicly available information prepared by a number of third party sources. All of the market data and industry information used in this presentation involves a number of assumptions and limitations, and you are cautioned not to give undue weight to such estimates. Although we believe that these sources are reliable as of their respective dates, we cannot guarantee the accuracy or completeness of this information, and we have not independently verified this information. Projections, assumptions and estimates of our future performance and the future performance of the industry in which we operate are necessarily subject to a high degree of uncertainty and risk due to a variety of factors. These and other factors could cause results to differ materially from those expressed in our estimates and beliefs and in the estimates prepared by independent parties. Non-GAAP Financial Measures This presentation contains certain financial measures, including Adjusted EBITDA, House-Level Contribution and Margin, Other Contribution and Margin and certain financial measures presented on a Constant Currency basis that are not required by, or presented in accordance with, accounting principles generally accepted in the United States of America ('GAAP'). We refer to these measures as 'non-GAAP financial measures.' We use these non-GAAP financial measures when planning, monitoring and evaluating our performance. While we believe that these non- GAAP financial measures are useful in evaluating our business, this information should be considered as supplemental in nature and is not meant as a substitute for revenues or net income (loss), in each case as recognized in accordance with GAAP. In addition, other companies may calculate one or more of these measures differently, which reduces the usefulness of any such measure as a comparative measure. See Appendix for a definition of these non-GAAP financial measures and a reconciliation to the most directly comparable GAAP financial measures. The information in this presentation should be read in conjunction with our Quarterly Report on Form 10-Q and other information filed with the SEC. The reconciliations of Non-GAAP financial measures are an integral part of the information presented herein. You can access these documents on our website, www.membershipcollectivegroup.com, free of charge, as well as amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Exchange Act, as soon as reasonably practicable after such material is electronically filed with, or furnished to, the SEC. The information contained on our website is not incorporated by reference into, and should not be considered a part of, this presentation. In addition, the SEC maintains a website that contains reports, proxy and information statements, and other information regarding issuers, including the Company, that file electronically with the SEC at www.sec.gov. 2#3Q2 Highlights Successful Initial Public Offering NON S $402m net proceeds - strengthens balance sheet and helps fund growth initiatives WHE Strong revenue recovery Rebound of In-House Revenue to $46m Delivering against expansion plans TAMEN-TAVI MANBUR HARL DAVIDSON Two new Soho Houses; on track for seven new Houses in 2021 Significant demand for memberships MCG waitlist grew to a record 63,700 MCG Robust growth of new memberships Soho Friends, Soho Works and Soho Home+ added over 8,000 new members 3#4Q2 2021 Financial Highlights ● ● ● Total Members¹ 127,700 +8,600 vs Q1 21 112,000 Soho House Members 30 Soho Houses Two new Houses opened ● ● ● Total Revenues $124m +118% vs Q2 20 $45m Membership Revenue $46m In-House Revenue $33m Other Revenue House - Level Contribution² 1. Total member numbers reflect all MCG Memberships excluding the Ned, including frozen memberships and have been rounded to the nearest 1,000 members 2. A reconciliation of GAAP to non GAAP financial measures can be found on page 29 $17m In line with Q2 20 Margin of 19% Operating loss of $(47)m ● ● Adjusted EBITDA² MCG $(13)m vs $(20)m Q2 20 Pre-opening $6m Non-cash rent credit $5m Net loss of $(56)m 4#5We gradually reopened all sites and saw the gradual removal of many Covid-19 restrictions ● ● UK Houses, public restaurants and the Ned reopen for outdoor dining only UK Houses closed North America outdoor dining only (ex Miami & Toronto) Europe partially open with capacity restrictions Hong Kong under capacity restrictions Mumbai closed April West Coast North America reopens for indoor dining UK Houses, public restaurants and the Ned reopen for indoor dining May East Coast North America reopens for indoor dining HOUSE Soho Roc House | and Scorpios reopen- table service only SONO NO Amsterdam & Berlin reopen for dining, with capacity restrictions Toronto reopens for outdoor dining only June UK delay in removal of all restrictions MCG All Soho Houses reopen, Europe tightened capacity restrictions 5#6We saw a strong recovery of In-House Revenue with momentum building throughout the quarter In-House Revenue $3m Q2 20 $16m Q1 21 $46m Q2 21 +188% growth of In-House Revenue vs Q1 21 MCG Strong rebound as restrictions lifted and we welcomed members back Significant pent up demand – House visit slots sold out on daily basis Food & Beverage sales saw momentum growing throughout the quarter Rebound in accommodation across many sites - average 58% occupancy in Q2 (63% in June) despite ongoing restrictions and Average Daily Rate increase across the majority of sites Particular strength at destination properties - 93% occupancy at Soho Farmhouse, Babington House and Soho Beach House, Miami in June 6#7We saw growth in new memberships and continued resilience in the retention of existing members Total members, 000s¹ 110 YE 19 5 114 YE 20 House members 8 111 Q1 21 Other members 16 112 Q2 21 1. Total member numbers reflect all MCG Memberships excluding the Ned, including frozen memberships and have been rounded to the nearest 1,000 members. 2. Refers to Soho House members who have elected to suspend their membership payments on a six, nine or twelve months basis, rounded to the nearest 1,000 members. ● ● ● ● Soho House Member retention remained high High and accelerating rate of unfreezing Soho House membership, through the quarter. Lower number of frozen members vs Q2 20 Strategically limited new membership intakes in Q2 to prioritise existing members access as reopen – select intakes resumed in Q3 - Strong growth of new membership brands - gives confidence in future success of broader MCG platform Frozen members, 000s² 5 сл I Q1 20 14 Q2 20 15 YE 20 17 MCG Q1 21 11 Q2 21 7#8The demand for MCG memberships remains exceptionally strong ● ● Soho House Applications UK North America Europe/ROW ■Q2 2019 Q2 2021 CWH Total MCG Waitlist¹ 1. Applicants who have not been admitted to membership but have applied since 1/1/2016. Reflect all MCG Memberships excluding The Ned. 33,300 YE 19 48,000 YE 20 Exceptionally strong demand across all MCG membership brands 40% increase in Soho House applications versus comparable period pre pandemic Resulted in an increase in the MCG waitlist to an all-time high 63,700 Demand was strong despite COVID-19 restrictions and uncertainty during the quarter Acceleration in pace of membership applications – increased 32% across all MCG brands in June vs May 52,800 Q1 21 MCG 63,700 Q2 21 8#9Other MCG brands delivered strong growth as sites reopened and memberships grew Soho Friends Membership Soho Works ● ● ● Scorpios Beach Club ● ● Expanded in North America & Europe 4 Studio spaces opened Weekly events programme including pop ups, DJs and screenings ● Reopened May 21 Scorpios Tulum lease signed Ongoing restrictions in Mykonos ● The Ned Hotel & Club ● Sites reopened across Q2 Membership base growth Office occupancy at over 80% ● Reopened May 21 Launch of Ned Friends membership Hy MCG 9#10We welcomed two new Houses and a new city during Q2 2021 180 House, London - 591 members 1. As of June 2021 TERMIN Soho House, Austin – 863 members M 1834 JOURN J. AIR 31 V Fanning MCG www 10#11We continue to execute against our physical development plans Soho Houses Other Sites Canouan Opened Mar 21 2021 Austin Opened May 21 180, London Opened Apr 21 Paris Opening Sept 21 Tel Aviv Opening Aug 21 Purchase of The Line & Saguaro Hotels Brighton Opening Q4 21 Rome Opening Q3 21 I I 900011 Little House, West Hollywood Mexico City Ned, NYC Soho Works Brighton 2022 Cabo Nashville Scorpios, Tulum Soho Works Berlin Manchester Stockholm BES Ned Site Three The Line, San Francisco MCG 11#12We relaunched the SH.APP in May and are seeing positive trends in engagement Features include new connect platform, improvements in bookings and update to House Pay Significant increase in SH.APP engagement since re-launch +28% unique members Q1 62.7k Q2 80.1k 3m13s average time Q1 2m34s +145% daily usage Q1 4.9k Q2 11.9k Steady increase of online bookings - 62% of all table bookings Guest capture - 216k guest registrations Members are progressively connecting with each other Daily Unique Member Usage on SH.APP SH.APP Unique Daily Member Usage 15K 14K 13K 12K TIK 10K 7K 6K SK 4K 3K 2K 1K OK Q1 92 Start of Quarter (2021) MCG Q3 12#13Bringing the House home with Soho Home Online revenue +104% Year-on-year ● Key drivers 150+ new lines Increase in AOV to $670 Soho Design service 99% full price sales mix ● ● Members MCG wwwww Over 700 Soho Home+ members 55% site revenue from members +110% Soho Home+ AOV vs site average 13#14Enhanced membership experience with the acquisition of The Line and Saguaro Hotels brands Six hotel management agreements acquired Hotels operational in Los Angeles, Washington DC, Austin, Scottsdale and Palm Springs Offers a variety of food and beverage offerings with 1,470 hotel rooms Will broaden our geographical reach ARMAN LINE MCG 14#15Financial Highlights - Revenue Total revenues (GAAP) $57m Q2 20 In-House revenue $124m $3m Q2 21 $46m ● ● ● +118% vs Q2 20 House re-openings Gradual easing of restrictions Strength of destination properties Membership revenue $44m Q2 20 Other revenue¹ $9m $45m Q2 21 $33m ● ● ● ● ● ● MCG In line with Q2 20 Strong retention Membership unfreezes Strategically limited intakes New memberships +254% vs Q2 20 Reopening and strength of public restaurants Scorpios and The Ned reopening Q2 20 Q2 21 Soho Home strength Q2 20 Q2 21 1. Other Revenues include revenues from Scorpios, Soho Works and our stand-alone restaurants, procurement fees from Soho House Design, Soho Home and Cowshed retail products and other revenues from products and services that we provide outside of our Houses, as well as management fees from The Ned. 15#16Significant progress on our efficiency programmes Food and Beverage cost of sales improvement June 21 vs June 19 3% Cost of Sales improvement Food 2% Cost of Sales improvement Beverage ● ● ● ● ● Global procurement programme to reduce purchasing costs Supplier consolidation Improved stock and waste management MCG Menu prices and menu mix changes Wage increase to support retention, offset by careful hourly management Tight control at support offices as we reopen 16#17Financial Highlights - Contribution and Adjusted EBITDA House - Level Contribution¹ ● $18m Q2 20 $17m Q2 21 19% House-Level Contribution margin in Q2 21 Operating Loss of $(47)m 1. A reconciliation of GAAP to non GAAP financial measures can be found on page 29 Other Contribution¹ ● ($10)m Q2 20 ($4m) Q2 21 (10)% Other Contribution margin in Q2 21 Adjusted EBITDA¹ ● ($20)m Q2 20 ($13m) Q2 21 (10)% adjusted EBITDA margin in Q2 21 Net Loss of $(56)m MCG 17#18Adjusted EBITDA Figures in USD millions GAAP Metrics Membership Revenues In-House Revenues Other Revenues Total Revenues Non-GAAP Metrics House-Level Contribution Other Contribution Adjusted EBITDA Q2 20 Q2 21 44,456 44,863 3,111 45,793 9,437 33,423 $57,004 $124,079 $18,040 $16,743 ($9,791) ($3,779) ($19,680) ($12,556) Supplemental Detail of Select Expenses Included in GAAP Net Loss and not added back in Adjusted EBITDA Pre-Opening Expenses 5,701 Non-Cash Rent 5,423 Deferred Registration Fees, Net (253) 6,493 (4,716) 10 MCG 18#19Recent developments Capitalization as Adjusted for the IPO Cash and Cash Equivalents, Including Restricted Cash Debt, Net of Debt Issuance Costs Senior Secured Notes Property Mortgage Loans, Revolving Credit Facilities, Other Loans and Related Party Loans Total Debt Redeemable Preferred Shares Senior Convertible Preference Shares Total Debt, Preferred Shares and Convertible Shares Total Capitalized Leases and Financing Obligations Total Lease Adjusted Debt Total Shareholders (Deficit) Total Capitalization Net Debt Net Lease Adjusted Debt As of Q2 21 $48,980 437,122 $251,101 $688,223 14,700 170,706 $873,629 $1,174,472 $2,048,101 (83,989) $1,964,112 $824,649 $1,999,121 IPO Adjustment $265,744 ($96,042) (14,700) (170,706) (9,800) As Adjusted $314,724 437,122 155,059 $592,181 $592,181 $1,174,472 $1,766,653 (93,789) $1,672,864 $277,457 $1,451,929 $402m net proceeds from IPO transaction $96m RCF repayment $20m preference shares redeemed MCG Cash usage in quarter includes capital projects for Soho House Austin, Soho Farmhouse extension, Soho House Paris and investment in digital platform Strong balance sheet to fund growth 19#20Near term outlook Remain optimistic about the ongoing recovery of In-House Revenues Near term, the exact timing and profile of the recovery is conditional on the progression of Covid-19 as well as associated restrictions Stronger momentum in the UK compared with Europe and North America Expect to open three new Soho Houses in the third quarter 2021 and Soho House Brighton in the fourth quarter 2021 Well positioned for MCG membership growth HE H JED Bu KORA JB) DEZE PARESH LETECESN GER) MCG DOWNING 20#21We have made strong progress against our ESG programme - House Foundations MCG Culture and People Values Vision, mission & values plan tied to performance management 1. Our people Careers Enhanced onboarding to ensure leading service Manager to leader programme to enhance internal mobility Apprenticeship Opened applications to UK apprentice scheme across our sites and support office functions 2. Our pledge Diversity & Inclusion Formed inaugural Inclusivity Board Launched Supplier Diversity programme Sustainability Set annual energy reduction targets to help reach our 50% goal by 2030 Introduced sustainability training into new onboardings House Foundations Talent 3. Help our members Launched Soho Chance, received 500 applications from entrepreneurs across the UK Give Responses and donations to global causes Mentorship Launched first Asia mentorship cohort MCG 21#22Long-term targets House openings Membership revenue growth Adjusted EBITDA growth Adjusted EBITDA margin 5-7 houses per year 20% 20-25% 15% 483220 THOMA 200-49028 KAPLACE mine MOG WA#23Appendix MCG 23#24Key performance and operating metrics evaluated by management Number of Soho Houses Number of Soho House Members Soho House Member Retention Number of Other Members Frozen Members Membership Revenues MCG The number of Soho Houses reflects the total number of Soho Houses in operation in any period, irrespective of whether each House is (i) controlled by us, (ii) operated through a noncontrolling interest in a joint venture or (iii) operated through a management contract. We review the number of members from all Houses to assess new member growth, total House Revenues, and House-Level Contribution. Member count is the primary driver of Membership Revenues and is also a critical factor in In-House Revenues as members utilize the offerings that are provided within the Houses. Soho House members include all active, frozen and non-paying members. Soho House Member Retention is defined as the number of Adult Paying Members at the beginning of a period less the number of Adult Paying Members who cancelled their membership during that same period (without giving any effect to Adult Paying Members who froze their memberships during such period), as a proportion of total Adult Paying Members at the beginning of such period. Other members include members of Soho Works club, Soho Friends and SOHO HOME+ and are key to our growth strategy and enhancing our Soho House member experience. Like Soho House members, other memberships are an integral part of our business and we believe will have a significant impact on our profitability and financial performance in the future. Frozen members refers to Soho House members who have elected to suspend their membership payments on a six, nine or twelve month basis during which period the member is not able to gain access to a Soho House site as a member, access our membership Apps, or book bedrooms or Cowshed treatments or products on discounted member rates. Frozen Members are not included in Adult Paying Members, but are included in the total number of Soho House members. Membership Revenues are comprised of House Membership Revenues (as defined below) and Non-House Membership Revenues (as defined below). House Membership Revenues and Non-House Membership Revenue are each comprised primarily of annual membership fees and one-time registration fees which are amortized over 20 years. Membership Revenues are a function of the number of members, membership mix, and membership pricing. For GAAP, we report Membership Revenues only from Houses and sites in which we own a controlling interest. Our membership pricing varies by geographic segment and membership offering and, as such, our mix of House and Soho Works club openings can affect our revenue growth and profitability over time. Prices are generally higher in North America and the rest of the world compared with the UK and Europe. Membership Revenues provide a stable and recurring source of revenues which have few direct costs and, as such, is a reliable and predictable source of cash flow. 24#25Key performance and operating metrics evaluated by management (cont'd) House Membership Revenues In-House Revenues House Revenues Other Revenues Non-House Membership Revenues Active App Users House Membership Revenues are comprised primarily of annual membership fees and one-time registration fees from Soho House members which are amortized over 20 years. In House Revenues refer to all revenues realized within our Houses, and primarily includes revenues from food and beverage, accommodation, and spa products and treatments. House Revenues is defined as House Membership Revenues plus In-House Revenues, less Non-House Membership Revenues. Other Revenues are defined as total revenues that are not realized within our Houses, including revenues from Scorpios, Soho Works and our stand-alone restaurants, procurement fees from Soho House Design, Soho Home and Cowshed retail products and other revenues from products and services that we provide outside of our Houses, as well as management fees from the Ned. Non-House Membership Revenues are comprised of Soho Works membership revenue, Soho Friends membership revenue and SOHO HOME+ membership revenue. MCG Active App Users is defined as unique users who have logged into any of our membership Apps within the last three months. 25#26Key performance and operating metrics evaluated by management (cont'd) House-Level Contribution and Margin Other Contribution and Margin Adult Paying Members MCG House-Level Contribution is defined as House Revenues less In-House Operating Expenses, which includes expense items such as food and beverage costs, labor costs, variable overheads and fixed costs, such as rent. It does not reflect the impact of depreciation, amortization, impairment, gain or loss on sale of property, or general and administrative expenses. House-Level Contribution Margin is defined as House-Level Contribution as a percentage of our House Revenues and is a key determinant of our performance and profitability and our return on the investment we make in each of our Houses. Our management considers House-Level Contribution and House-Level Contribution Margin to be an important management measure to evaluate the performance and profitability of each House, and growth in aggregate House-Level Contribution allows us to leverage our general and administrative costs and improve overall profitability. Other Contribution is defined as Other Revenues less Other Operating Expenses, which includes expense items not related to the operation of Houses, such as labor costs, variable overheads and fixed costs, such as rent. It does not reflect the impact of depreciation, amortization, impairment, gain or loss on sale of property, or general and administrative expenses. Other Contribution Margin defined as Other Contribution as a percentage of our Other Revenues and is a key determinant of our performance and profitability and our return on the investment in our non-House business. Our management considers Other Contribution and Contribution Margin to be an important management measure. Adult Paying Members refers to all Soho House members excluding child members and complimentary members. 26#27Consolidated Statement of Operations Figures in USD millions Revenues Membership Revenues In-House Revenues Other Revenues Total Revenues Operating Expenses In-House operating expenses (exclusive of depreciation and amortization) Other operating expenses (exclusive of depreciation and amortization) General and administrative expenses Pre-opening expenses Depreciation and amortization Other Total Operating Expenses Operating Loss Other (Expense) Income Interest Expense, Net Gain (loss) on sale of property and other, net Share of loss of equity method investments Total other (expense) income, net Loss Before Income taxes Income tax benefit Net Loss Net income attributable to noncontrolling interest Net loss attributable to Membership Collective Group Q2 21 44,863 45,793 33,423 124,079 (17,018) 6,903 (70,430) (29,194) (40,685) (19,561) (19,500) (15,702) (6,493) (5,701) (21,905) (16,176) (11,926) (28,759) (170,939) (115,093) ($46,860) ($58,089) (130) (10,245) (57,105) (3) Q2 20 (57,108) 1,121 ($55,987) 44,456 3,111 9,437 57,004 (17,897) (12) (2,136) (20,045) (78,134) 277 (77,857) 1,707 ($76,150) MCG 27#28Consolidated Statement of Cash Flows - for the 26 weeks ended July 4, 2021 and June 28, 2020 Figures in USD millions Net cash (used in) generated by Net cash used in operating activities Net cash used in investing actvties Net cash provided by financing activities Effect of exchange rates on cash and cash equivalents Net increase (decrease) in cash and cash equivalents YTD Q2 21 YTD Q2 20 (94,220) (50,028) 140,983 242 ($3,023) (14,695) (67,166) 168,490 (2,924) $83,705 MCG 28#29Reconciliation of GAAP to Non-GAAP Financial Measures Reconciliation of Net Loss to Adjusted EBITDA Figures in USD millions Net Loss Add Back: Depreciation and Amortization Interest Expense, Net Income tax expense/(benefit) EBITDA Add Back: (Gain) Loss on Sale of Property and Other, Net Share of (Loss) Profit from Equity Method Investments Foreign Exchange Share of Equity Method Investments Adjusted EBITDA Share Based Compensation Expense Membership Credits Expense COVID-19 Related Charges Corporate financing and restructuring costs Abandoned project and site closure costs Adjusted EBITDA Adjusted EBITDA Margin (%) Q2 21 ($57,108) 21,905 17,018 3 ($18,182) (6,903) 130 1,055 1,456 2,548 1,404 (272) 6,208 ($12,556) -10% Q2 20 ($77,857) 16,176 17,897 (277) ($44,061) 12 2,136 4,903 498 8,175 1,739 505 6,413 ($19,680) -35% Reconciliation of Operating Loss to House-Level Contribution & Other Contribution Figures in USD millions Operating Loss Add Back: General and Administrative Pre-opening Expenses Depreciation and Amortization Other Non-House Membership Revenue Other Revenues Other Operating Expenses House-Level Contribution House Level Contribution Margin (%) Operating Loss Add Back: General and Administrative Pre-opening expenses Depreciation and Amortization Other House Membership Revenues In-House Revenues In-House Operating Expenses Other Contribution Other Contribution Margin (%) Q2 21 ($46,860) 19,500 6,493 21,905 11,926 (3,483) (33,423) 40,685 $16,743 19% Q2 20 19,500 6,493 21,905 11,926 (41,380) (45,793) 70,430 ($3,779) -10% ($58,089) 15,702 5,701 16,176 28,759 (333) (9,437) 19,561 $18,040 38% ($46,860) ($58,089) 15,702 5,701 16,176 28,759 (44,123) (3,111) 29,194 ($9,791) -100% MCG 29