![]() #### Annual Report and Accounts 2025/26 # Driving long-term value ![]() Image: Premier Inn Birmingham NEC # Driving # long-term # value We own Premier Inn, the UK’s largest hotel brand, with over [86,000] rooms across c.[850]hotels and we also have a growing presence in Germany, with [65] hotels open. Our scale and commitment to operational excellence mean we can deliver a fantastic experience for our guests, rewarding employment for our teams whilst driving long-term returns for our shareholders. Read more about [ourjourney on our corporate website] www.whitbread.co.uk/ QR code TBC ![]() 1 #### Whitbread PLC Annual Report and Accounts 2025/26 \* Total shareholder dividends paid and share buy-backs completed in 2025/26. † See pages [•] to [•] for definitions of alternative performance measures. This footnote is referenced throughout the report. Throughout this report and unless stated otherwise, all percentage growth comparisons are made comparing the latest year (2025/26) performance with that of the prior year (2024/25). Strategic report [•] Purpose and strategy [•] Brands and locations [•] Business model [•] Why invest? [•] Chair’s statement [•] Chief Executive’s review [•] Strategy in action: Our five year plan [•] Strategy and KPIs [•] Strategy in action: Grow and innovate in the UK&I [•] UK market drivers [•] UK strategy [•] UK performance [•] Strategy in action: Focus on our strengths togrow in Germany [•] German market drivers [•] German strategy [•] German performance [•] Strategy in action: Enhance our capabilities to deliver long-term growth [•] Long-term growth strategy [•] Chief Financial Officer’sreview [•] Stakeholder engagement [•] Our Values [•] Chief People Officer’s review [•] Sustainability [•] Risk management [•] Principal risks and uncertainties [•] Viability statement [•] Non-financial and sustainability informationstatement [•] Climate-related financial disclosures Governance [•] Corporate governance ataglance [•] Chair’s governance report [•] Corporate governance statement [•] Board leadership and company purpose [•] Division of responsibilities [•] Board of directors [•] Executive Committee [•] Composition, succession andevaluation [•] Nomination Committee report [•] Audit Committee report [•] Remuneration Committee report [•] Remuneration at a glance [•] Directors’ remuneration policy [•] Annual report on remuneration [•] Directors’ report [•] Directors’ responsibility statement [•] Independent limited assurance report Consolidated accounts 2025/26 [•] Independent auditor’s report [•] Consolidated income statement [•] Earnings per share [•] Consolidated statement ofcomprehensiveincome [•] Consolidated statement of changes inequity [•] Consolidated balance sheet [•] Consolidated cash flow statement [•] Notes to the consolidated financial statements Whitbread PLC Company accounts2025/26 [•] Company balance sheet [•] Company statement of changes in equity [•] Notes to the Company financial statements Other information [•] Glossary [•] Alternative performance measures [•] Shareholder services #### Financial highlights Statutory revenue £[2,920]m 2024/25: £2,922m Adjusted profit before tax† £[483]m 2024/25: £483m Statutory profit before tax £[298]m 2024/25: £368m Adjusted operating cash flow† £[732]m 2024/25: £723m Total shareholder returns\* £[431]m 2024/25: £442m Adjusted basic earnings pershare† [208.5]p 2024/25: 194.6p Statutory basic earnings pershare [123.3]p 2024/25: 141.5p Lease-adjusted net debt toadjustedEBITDAR† [3.3]x 2024/25: 3.0x Dividend per share [97.0]p 2024/25: 97.0p [8th financial highlight] [•] 2024/25: [•] STRATEGIC REPORT Contents to be updated once pagination is confirmed ![]() 2 #### Whitbread PLC Annual Report and Accounts 2025/26 #### PURPOSE AND STRATEGY ## What sets us apart? #### Force for Good #### Opportunity See page [•] #### Community See page [•] #### Responsibility See page [•] #### Underpinned by our Values See page [•] See page [•] See page [•] #### Our strategic pillars #### Grow and innovate #### in the UK See page [•] #### Focus on our strengths #### togrowinGermany See page [•] Enhance our capabilities to #### supportlong-term growth See page [•] #### Our purpose To provide high-quality, affordable hotel rooms to our guests, to help them to live and work well and to positively impact the world around us. With no barriers to entry or limits to ambition, we will provide meaningful work, skills and career development opportunities for our teams. STRATEGIC REPORT ![]() 3 #### Whitbread PLC Annual Report and Accounts 2025/26 #### Where we operate [1] #### BRANDS AND LOCATIONS Premier Inn is the largest hotel brand in the UK and has a growing presence in Germany. Our proposition is synonymous with providing high-quality and great value hotel rooms forour guests. We aim to reach [96,000] open rooms in the UK and Ireland and [18,000] open rooms in Germany by 2030/31; thereafter, we still have a long runway for growth. Food and beverage (F&B), especially a hotbreakfast, is a key part of the guest experience at Premier Inn. In 2026/27, we aremoving to a single, integrated F&B offer, which is tailored specifically for the needs ofthe Premier Inn guest, across all of our sites as we exit all of our remaining branded restaurants. These changes are subject to carrying out the required consultation with our impacted employees. Our ambition is to ## be the world’s best budget hotelbrand Read more on pages [•] to [•] Read more on pages [•] to [•] Long-term ambition tobecome [No.1] Open rooms [3] >[11,000] Committed pipeline [4] [c.7,500] UK long-term roompotential [125,000] Open rooms [2] >[86,000] Committed pipeline[ 4 ] [c.9,000] United Kingdom and Ireland Our largest and most profitable market is driven by high volumes of domestic travel, supplemented by inbound international travel. With a significant decline in the independent sector and limited new room growth from other branded operators, a favourable supply backdrop is expected toremain inplace for the next few years. #### Germany The German hotel rooms market is [40]% larger than that in the UK and shares a number of attractive structural characteristics that helped drive Premier Inn’s success in the UK. We have grown rapidly and having reached a key profitability milestone in 2025/26, wearenow focusing on accelerating cashflow and returns by 2030/31. 1 As at 26 February 2026, there are also 11Premier Inns across the Middle East operated as part of a joint venture. 2 Includes [six] sites in Ireland, [one] site in each of Guernsey and the Isle of Man and [two] sites in Jersey. 3 Includes [one] site in Austria. 4 As at 26 Ferburary 20256, sites where the Group has a legal interest in a property with the intention of opening a hotel in the future. UK committed pipeline includes Accelerating Growth Plan extension rooms with planning approval. ‘hub by Premier Inn’ offers a more compact, digitally advanced in-room experience at a great price in prime city locations. With [19] hub hotels already open across London and Edinburgh, we have a committed pipeline toopen more sites over the next few years. #### Our hotel brands #### Our food and beverage offer Find out more online www.whitbread.co.uk/about-us/our-brands/ STRATEGIC REPORT ![]() YouGov ‘Best Value Hotel Chain’ranking No.1 in the UK 4 #### Whitbread PLC Annual Report and Accounts 2025/26 #### National network With c.[850] hotels open in the UK and Ireland and [65] hotels in Germany across most major towns and cities, we are well placed to meet our guests’ needs, wherever they might want to stay. #### Quality and comfort We believe that choosing a budget hotel brand shouldn’t mean our guests have to compromise on quality and comfort. Our hotel rooms offer a ‘home away from home’ experience for our guests, ensuring a great night’s sleep at a great price. #### Consistent experience By investing in our product whilst maintaining tight cost control, we’re able to offer a consistent proposition, ensuring every hotel room meets the high brand standards that our guests expect. Thisincludes our food and beverage offer, especially a hot breakfast, which is a key part of the overall guest experience at Premier Inn. #### Warm and welcoming We are passionate about delivering a greatservice for our guests, and our teams are at the heart of this, reflected by[high] guest scoresacross both the UKand Germany. Values in action See page [•] ## Market-leading ## guest proposition Premier Inn is the largest hotel brand in the UK with a [12]% market share, and also has a national presence in Germany. Our consistent guest proposition is synonymous with providing high-quality and great value hotel rooms. #### WHAT MAKES US DIFFERENT? – PREMIER INN Image: Premier Inn ID5 room STRATEGIC REPORT ![]() 5 #### Whitbread PLC Annual Report and Accounts 2025/26 ## Prime locations ## at a great price ‘hub by Premier Inn’ was developed to open up access toadditional prime city-centre locations. With high levels of occupancy, the more compact, digitally-advanced in-room experience at a great price isproving popular with guests and we are excited about the brand’s momentum and longer-term potential. #### WHAT MAKES US DIFFERENT? – HUB BY PREMIER INN #### Location-centric guests With [19] open hotels across London and Edinburgh, ‘hub by Premier Inn’ allows us to target a distinct part of the market, attracting both business and leisure guests who value prime city-centre locations. #### Modern and compact The rooms feature a sleek, modern design with integrated technology. While smaller than a typical Premier Inn room, they offer everything that our guests need for a great stay. #### Digital-led The guest journey is increasingly digital-led, reflecting its importance as our primary distribution channel. Our ‘hub by Premier Inn’ sites include features such as the option to self-check in at all sites and interactive in-room technology. #### Lean operating model We are driving high occupancy levels at a great price point for our guests. With a higher density of rooms per square foot and a leaner operating model with a more tailored F&B offering than a traditional Premier Inn, we are able to deliver attractive returns from these locations. Clear line of sight to [5,000] rooms in the UK and Ireland Values in action See page [•] Image: hub by Premier Inn room STRATEGIC REPORT ![]() 6 #### Whitbread PLC Annual Report and Accounts 2025/26 2024 #### Launches #### Five-Year #### Plan to deliver a step change in profit margins and returns See page [•] #### OUR TRANSFORMATION ## Adapting and innovating For over 280 years, #### generations ofcustomers have relied on us, and #### our heritage reflects a #### commitment to quality #### that continues to guide #### everything we do today. 1868 #### Whitbread #### introduces #### bottlingofbeer to become a national brand 1968 Recognised as thetop UK brewer,holding a significant share of the UK lager market 1742 #### Founded Samuel Whitbread founds the Company, partnered with Godfrey and Thomas Sewell 1995 #### Acquires [x] Costa Coffee shops 2001 Sells the #### brewery #### business to focus on hotels and restaurants Early 2000s #### Focus onbudgethotels Exited David Lloyd, Marriott, Pizza Hut and TGI 1987 Launches the #### first Travel Inn hotel, expanding intobudget accommodation 2007 #### Creation ofPremier Inn Acquires Premier Lodge and merges with Travel Inn to create Premier Inn 2016 #### Establishing #### presence in #### Germany Opens first Premier Inn hotel inGermany 2007 #### Establishing #### presence in Ireland Opens first Premier Inn outside the UK inDublin, Ireland 2014 #### Launchof‘hub’ Opens first ‘hub by Premier Inn’ hotel in London 2019 #### Sells Costa Coffee to Coca-Cola for £3.9bn 2023 #### Buildingnational #### presence in #### Germany Opens 50th Premier Inn hotel in Germany 50 STRATEGIC REPORT ![]() 7 #### Whitbread PLC Annual Report and Accounts 2025/26 #### Hotel of the future Over the last few years, we have fundamentally refreshed our core technology platforms to ensure they are resilient, scalable, and fit for long-term growth. Having already introduced the use of artificial intelligence (AI) in some areas of the business, we are excited by the potential it can bring to our operations, support functions and business performance. ### [1 million] Fewer calls to our hotels supported by AI bots ## Looking ahead 2030/31 Results of #### New Five-Year Plan Increase in [Group ROCE] versus 2025/26 ### [500]bps See page [x] 2025/26 #### Launch of New #### Five-Year Plan Key objectives: • Increase margin and returns • Reduce capex • Increase cash returns for shareholders #### Our New Five-Year Plan harnesses #### the core strengths of our business model, competitive position and #### strong balance sheet. Find out more online www.whitbread.co.uk/ about-us/our-history/ QR code TBC STRATEGIC REPORT ![]() 8 #### Whitbread PLC Annual Report and Accounts 2025/26 #### BUSINESS MODEL Our capital allocation framework is designed to support profitable growth and attractive returns over time. Through this model, we sustain and operate our estate at scale, convert operating performance into cash flow and recycle capital across reinvestment in our business, future growth and cash returns for shareholders. This approach helps to strengthen our market-leading position and create attractive shareholder returns over the medium and long-term. Our market-leading guest proposition and operational control, combined with disciplined capital allocation, delivers significant competitive advantage. Our owner-operator model gives us the flexibility to invest and maintain consistent brand standards while our strong balance sheet provides resilience and capacity for growth through the cycle. ### Our model ### drives growth ### and returns #### Executing our strategy Our strategy focuses on expanding our UK network, growing in Germany and continuing to invest in future growth. Our business model translates these strategic priorities into medium and long-term returns. See page [•] T H E F O U N D A T I O N S T H A T S U S T A I N O U R M O D E L SUSTAIN We sustain and strengthen our scaled, hard-to-replicate asset base 1 2 ALLOCATE We deploy capital to drive future growth and reward stakeholders OUTCOME Resilient and attractive returns, benefiting all stakeholders OPERATE We operate efficiently while delivering a consistent, high quality guest experience 4 3 CONVERT We turn strong operational performance into cash flow #### Our operating model #### Translating operational strength #### into shareholder returns THE FOUNDATIONS THAT UNDERPIN OUR MODEL Our integrated model is underpinned by three core foundations: • A guest-focused culture • Responsible growth • Governance and financial discipline These foundations support how we operate day-to-day, helping us deliver consistently for guests, grow responsibly and allocate capital with discipline. Together, they strengthen resilience through the cycle and support sustainable long-term value creation. STRATEGIC REPORT ![]() 9 #### Whitbread PLC Annual Report and Accounts 2025/26 #### How our operating model works Through disciplined execution of our model, we generate strong cash flows and attractive returns on capital through the cycle. This supports consistent delivery for guests, sustainable returns for shareholders, ongoing employment for our teams and dependable outcomes for debt providers. Guests Delivering a consistent “Budget & Brilliant” experience builds trust, loyalty and allows us to command a RevPAR premium versus our competitors. Colleagues A supportive culture and clear operating model help our teams perform at their best and build rewarding careers. Shareholders Disciplined capital allocation and strong cash generation support sustainable returns and long-term value. Communities and partners Responsible growth and strong local relationships support the communities in which we operate and strengthen long-term resilience. OUTCOME: Resilient and attractive returns, benefiting all stakeholders We sustain a high-quality asset base built over decades, including our brands, estate, locations, teams, reputation, systems and deep operational know-how. By continuing to reinvest, we maintain, enhance and strengthen these tangible and intangible assets over time, reinforcing our competitive advantage and supporting consistent guest delivery, strong cash generation and long-term growth. Our capital allocation framework strikes the right balance between sustaining our current business, reinvesting to grow, and delivering cash returns to shareholders. Guided by risk-adjusted returns, our decisions support resilience and future growth. We operate our estate at scale through a disciplined, guest-focused owner-operator model. Our vertically integrated approach gives us total control across the guest proposition, helping us deliver a consistent, high-quality, while generating attractive returns over the medium and long-term. See what makes us different on page [•] Our vertically integrated business model and focus on operational excellence and tight cost control, translates strong operational execution into robust cash flow. This creates key operating benefits We OPERATE using our disciplined, guest-focused owner operator model that creates operating advantages that strengthen performance and help CONVERT strong operational performance into cash flow that we then ALLOCATE to drive long-term value. • Operational excellence • Commercial strength • Network growth opportunities • Strong balance sheet OPERATE: We operate efficiently while delivering a consistent, high quality guest experience . 2 ALLOCATE: We deploy capital withdiscipline and flexibility SUSTAIN: We sustain and strengthen our scaled, hard-to-replicate asset base 4 CONVERT: We turn strong operational performance into cash flow 3 1 STRATEGIC REPORT ![]() 10 #### Whitbread PLC Annual Report and Accounts 2025/26 #### Our market-leading position #### inthe UK has been founded #### onour consistent delivery ofboth quality and value for our guests. Thesame approach #### has seen us establish a meaningful presence in Germany. With c.[34,000] people employed, #### the Group is a constituent #### of theFTSE 100 Index. #### WHY INVEST? ## Investment case Pipeline rooms\*\* [c.7,500] #### Unlocking value in Germany #### Long-term growth opportunity intheUK 12 Whilst we are already the #### clear market leader, we have significant growth potential of #### up to [125,000] rooms across #### the UK and Ireland. With a material reduction in independent supply following the pandemic and a subdued pipeline of new build hotels, wedonot expect UK supply to recover to 2019 levels until at least [2028]. Our flexible approach to property ownership means weare well placed to take advantage ofthissignificant market opportunity by adding rooms at attractive rates of return through both new sites and extensions, as demonstrated by our Accelerating Growth Plan (AGP). \* UK and Ireland committed pipeline, including AGP rooms with planning approved. #### Germany is a large and exciting #### market with significant volumes #### of leisure and business travel. The independent sector is larger thanin the UK and has also been in decline.However, there is no clear leader inthe branded budget segment, creating opportunity for Premier Inn. Having grownrapidly through acombination ofacquisitions, conversions and new builds,we have [x] hotels in our open and committed pipeline and are set tobecome one of the largest operators in Germany with a clear focus on accelerating returns by2030/31. \* Includes [one] hotel in Austria. \*\* As at 26 February 2026 #### Germany – number of roomsOur room ambition Open rooms\* >[86,000] 2030/31 open rooms target [96,000] Long-term potential rooms [125,000] Open rooms\* >[11,000] 2030/31 open rooms target [18,000] Find out more online www.whitbread.co.uk/ investors/why-invest/ QR code TBC STRATEGIC REPORT ![]() 11 #### Whitbread PLC Annual Report and Accounts 2025/26 #### New Five-Year Plan #### Differentiated model underpins amarket-leading proposition New Five-Year #### Planto maximise #### shareholder returns 3 5 4 #### Our operating model is a key #### source of competitive advantage. Being in control of all aspects of our operations ensures the delivery of a consistent, high-quality product, whilst our scale and financial discipline mean we can continue to offer great value forour guests and attractive returns for ourshareholders. A centralised approach to revenue management allows us to maximise revenue whilst managing our cost of sales byintegrating our digital marketing and customer relationship management activity into our trading strategy. Our food and beverage offer is a key part of our proposition, especially a hot breakfast, and helps us to drive incremental RevPAR. Our Force for Good sustainability programme ensures we are contributing positively to the communities where we operate and mitigating potential climate-related risks. #### [Asset-backed balance sheet provides #### stability andenables growth] #### [[Retaining a flexible approach to property ownership and #### maintaining a strong balance #### sheet have allowed us to keep #### financing costs low whilst #### also providing significant #### commercial benefits, in the form #### of a strong financial covenant #### and being able to maximise site #### [profitability/returns] through #### our value creation cycle.]] #### [[In response to a series of unexpected fiscal and #### macroeconomic headwinds, we #### undertook a detailed business #### review and have announced a [New] Five-Year Plan to #### 2030/31, that will extend our market-leading position in the UK, accelerate [cash flow and #### returns] in Germany and deliver long-term value creation for #### shareholders.]] [With a reduced level of capital intensity, a reduction in the amount of freehold property held by the Group and the expected increase in profitability over the life of the plan, our New Five-Year Plan is designed to maximise shareholder returns over the medium-term.] #### Group freehold:leasehold mix #### UK YouGov BrandIndex 1 Quality 30 40 20 10 0 0 10 20 30 40 50 Value Hilton Marriott Crowne Plaza Best Western Airbnb Holiday Inn Holiday Inn Express Ibis Travelodge Booking.com 1 UK YouGov BrandIndex Quality & Value scores as at 26 February 2026 based on a nationally representative 52-week moving average. Whilst the Group will continue to benefit from owning a substantial amount of freehold real estate, we [will/expect to] reduce the proportion held from c.[X]% in2025/26 to c.[X]% - [X]% [by 2030/31/ over time]. We will recycle £[X]bn of our freehold property via sale and leasebacks and other disposals, to fund future growth and increasingly look to grow on a leasehold basis over the life of our NewFive-Year Plan. Freehold  Leasehold Now [FY31/Over time] 50% 50% 60% to 70% 30% to 40% Read more on page [•] STRATEGIC REPORT ![]() 12 #### Whitbread PLC Annual Report and Accounts 2025/26 ## [Strength that ## builds resilience] #### CHAIR’S STATEMENT Having long been an admirer of the UK’s largest hospitality business, I was delighted to join the Whitbread Board as Chair in September 2025. The Group has an ambitious business strategy and an impressive management team, led by Dominic Paul. Having spent time with my fellow Board members and the Executive team, I believe that we have a significant opportunity to generate substantial value for shareholders. Through a combination ofoperational excellence, smart capital allocation and by remaining adaptable to an ever-changing external environment, I am confident that we will achieve this objective. I have also had the opportunity to meet many of our team members during visits toour operations across the UK and Ireland as well as what is now a significant presence in Germany. The consistency of the Premier Inn product – whether in Dunstable, Dublin or Dusseldorf – is shared with another key attribute: the passion of our team members to deliver the very best experience for our guests. It is clear that our values: to be ‘Passionate and Proud’, ‘Budget and Brilliant’ and ‘Warm and Welcoming’ are really lived across the business. The strength of the Premier Inn brand is a testament to these values that contribute to the Group’s market leading position in the UK and Ireland and have been instrumental in growing our presence in Germany. #### Financial performance #### anddividend for 2025/26 Over the past year, the Group delivered a positive financial performance with total revenue of £[2,920]m, adjusted EBITDAR of£[1,074]m and operating cash flow of £[729]m. We have continued to strike an appropriate balance between investing in delivering for our guests, securing attractive future growth opportunities and driving cash returns for shareholders. During the year, we completed a £250m share buyback and as a result, have returned over £[1.6]bn to shareholders via dividends and share buybacks since February 2022. Reflecting the strength of our financial performance and balance sheet, the Board is recommending a final dividend of [60.6]p per share, resulting in a total dividend of [97.0]p per share (2024/25: 97.0p). The final dividend will be paid on [X] July 2026 to shareholders on the register at the close of business on [X] May 2026. The Dividend Reinvestment Plan (DRIP) will continue to operate; and details of how to participate can be found on the Company’s website. #### Strategic progress Since re-joining Whitbread as Chief Executive in 2023, Dominic, with the support of the wider Executive Team, has instituted significant change across the Group, with the clear goal of driving margins and returns. Our business model and strategy, together with the commitment of our teams, have enabled us to make strong progress during the year against both our strategic priorities and Five-Year Plan. Faced with a number of unexpected headwinds over the past year, including macroeconomic and fiscal pressures following budgetary decisions by the UK Government, the Board initiated an extensive business review in order to [increase] cash flow and deliver sustainable, long-term returns for shareholders. The Board also wanted to address the valuation gap between the Group’s market consideration and the inherent value of our business. Supported by our independent advisers, wehave challenged the merits of our business model versus other alternatives and have also reassessed our original Five-Year Plan. “We have a fantastic business in the UK andIreland and are continuing to make greatprogress in Germany. Our New Five-Year Plan will deliver a material increaseinmargins and returns.” Christine Hodgson Chair #### [Leadership insights] STRATEGIC REPORT ![]() 13 #### Whitbread PLC Annual Report and Accounts 2025/26 The Chief Executive’s Review, on pages [x]to [x], summarises the outcome of our review, including our conclusion that our strategy should not change fundamentally, but should instead evolve. That evolution is being led through a more focused capital expenditure programme, one that prioritises our highest returning growth projects and reduces our capital intensity to accelerate cash flow and deliver stronger returns oncapital. As well as reallocating capital spend and recycling more of our freehold property to fund future growth, we are also proposing to extend our Accelerating Growth Plan to include all branded restaurants as we move to become a pure play budget hotel business. The Board is mindful that such changes are material for the Group and, if implemented, will affect a number of our team members and other stakeholders. However, faced with the changes to our external environment, they are necessary in order to maximise total shareholder returns whilst ensuring wecontinue to deliver an excellent service forour guests. Adjusting our plans and realigning our priorities is nothing new forWhitbread. Throughout our [284]-year history, we have proven our ability to embrace change by adapting our business and strategy for the long-term benefit of our shareholders. Further details on the [New] Five-Year Plan can be found on pages [•] – [•] #### Force for Good As set out on pages [•] to [•], we are continuing to make excellent progress across each of the three pillars of our sustainability programme: Opportunity, Responsibility and Community. Our disclosures this year are focused on the most significant items for the Group that include climate change, water, circular economy, equal treatment and opportunities for all, product safety and quality, as well as business conduct. Inline with the Science-Based Targets Initiative (SBTi), we expect to publish our latest Climate Transition Plan in 2026/27, setting out clear targets and milestones, our governance framework, detailed actions for Scope 1, 2 and 3 and how we are engaging with key stakeholders. Further details on our Force for Good progress can be found on pages [•] – [•] #### The Board On behalf of the Board, I wish to thank Adam Crozier, my predecessor as Chairman, for his outstanding service to Whitbread. Adam joined the Board in April 2017 as a non-executive director and became Chairman in February 2018. He went on to steer the Group through a period of significant change as well as considerable challenge. This included the successful sale of Costa Coffee to Coca-Cola for £3.9bn in 2019 and the COVID pandemic, a period that required [extraordinary] leadership and fortitude. Having overseen the [smooth] transition to a new executive leadership team and the announcement of the Group’s Five-Year Plan, Adam stepped down from the Board on 1 September 2025. [In addition to recognising his enormous contribution to the Group, I would also like to add my personal thanks for the support he gave to me during our handover period, and on behalf of the Board, I wish him every success for the future. I was delighted to welcome Jonathan Howell to the Board as a non-executive director in January 2026. Jonathan brings a wealth of experience from his previous roles as finance director at a number of FTSE companies, most recently at Sage PLC, as well as being an experienced Audit Committee Chair. Hesucceeds Horst Baier as Chair of the Audit Committee, and on behalf of the Board, I would like to thank Horst for his dedication and skill in fulfilling his responsibilities as Interim Chair of the Audit Committee since June 2025. #### Annual general meeting The AGM will take place at [•]pm on [•] [June] 2026 at our head office in Dunstable and full details of the meeting are set out in the Notice of Meeting. In line with last year and reflecting the low numbers of shareholders using the service previously, we will not be providing a live video stream of our AGM[ but the meeting will be available remotely via an audio-only webcast]. Shareholders who are unable to attend the meeting in person are welcome to submit questions by email in advance toagmquestions@whitbread.com. Any questions should be submitted by [5]pm on[•] [June] 2026. Votes can be submitted in person at the meeting or in advance viaaproxy card or the online proxy voting system, but it will not be possible to vote online during the meeting. #### Outlook As you will read throughout this Annual Report, we have a market-leading business in the UK and Ireland and are continuing to make great progress in Germany. [While the macroeconomic and geopolitical outlook remains uncertain,] having completed an extensive review, we have a clear plan to deliver significant value over the medium and longer term and are excited about the Group’s future prospects. For those able toattend, I do hope that I might be able tomeet some of you in person at our forthcoming AGM in June 2026. Christine Hodgson Chair [29] April 2026 Image: hub by Premier Inn Old Bailey STRATEGIC REPORT ![]() 14 #### Whitbread PLC Annual Report and Accounts 2025/26 ## Accelerating our ## strategy to grow ## returns #### CHIEF EXECUTIVE’S REVIEW This has been a year of continued strategic progress for Whitbread in both the UK and Germany. In the UK, Premier Inn again outperformed the wider market, supported by the strength of our customer offer and the benefits of our commercial programme. We also delivered our first annual profit in Germany where the quality and value of our customer offer is driving high guest scores and our increasing brand awareness underpins our strong outperformance versus the rest of the market. I’d like to thank our colleagues across theGroup for their hard work in delivering thisperformance. Against a challenging consumer and macroeconomic backdrop, we continue to deliver material cost savings and plan to drive more in 2026/27, while delivering a fantastic service for our guests. For over 280 years, Whitbread has continued to evolve to meet the needs ofour guests. Today our business is built around a world-class brand in Premier Inn, which has an unrivalled market position in the UK and a hugely exciting opportunity inGermany, and is synonymous with great quality and value. Faced with a series of unexpected, external headwinds, and following a comprehensive business review, our New Five-Year Plan capitalises on Whitbread’s unique strengths to deliver a significant acceleration of our strategy, creating a stronger, higher-returning business that delivers for our guests, teams and shareholders. Reducing our capital intensity and refocusing investment on projects which deliver the highest returns for our business will deliver strong cash flow and fund increased returns to shareholders. By making our assets work harder through the recycling of more of ourfreehold property into high returning growth projects, we can take advantage of a more challenged supply environment and sustain our market leading position without compromising our long-term growth prospects or our strong balance sheet. The execution of our new plan will mean we become a pure-play hotel business, driven by Premier Inn. We plan to replace all of our remaining branded restaurants with a more efficient, integrated offering that is preferred by our guests as well as higher returning extension rooms. In Germany, having reached profitability in 2025/26, we will shift our focus to formats and locations which weknow deliver the best returns, further accelerating our financial performance. #### 2025/26 Financial #### performance The Group delivered a positive performance in 2025/26, outperforming the M&E market in both the UK and Germany on total accommodation sales and revenue per available room (‘RevPAR’) growth [1] . This performance was despite significant external headwinds and reflects the power of our vertically integrated model, the strength of our brand and the impact of many of our technology-led commercial initiatives, highlighting the quality and resilience of our business. Group statutory revenue was flat year on year at £[2,920]m (2024/25: £2,922m) reflecting a recovery in UK accommodation sales in the second half and positive momentum in Germany, offset by lower food and beverage (‘F&B’) revenues as a result of the Accelerating Growth Plan (‘AGP’). “Our New Five-Year Plan capitalises on Whitbread’s unique strengths to create astronger, higher returning business, drivingincreased margins and returns.” Dominic Paul Chief Executive 1 STR data, standard basis, 28 February 2025 to 26 February 2026, UK and Germany M&E market excludes Premier Inn. STRATEGIC REPORT RNS-related content ![]() 15 #### Whitbread PLC Annual Report and Accounts 2025/26 We have an excellent track record of responding to inflationary headwinds and in 2025/26 we delivered better than expected cost efficiencies of £[80]m [2] (2024/25: £75m), mitigating significant cost pressures, including above inflationary increases in national living wage, national insurance andfood and beverage costs. These savings, combined with the impact of our shift towards a more efficient F&B model as part of the AGP, resulted in a [2]% reduction in adjusted operating costs, driving a [4]% increase inadjusted EBITDAR to £[1,074]m (2024/25: £1,030m). Net finance income (excluding lease liability interest) reduced to £[11]m (2024/25: £20m) reflecting lower interest receivable on the Group’s cash balances. Higher lease liabilities and rent reviews increased both lease interest and right of use asset depreciation to £[177]m (2024/25: £167m) and £[209]m (2024/25: £194m) respectively, resulting inadjusted profit before tax† of £[483]m (2024/25: £483m). Adjusting items totalled £[185]m (2024/25: £116m), driven by £[130] m of impairment charges associated with the extension of the AGP and other non-cash and net impairment charges of £[32]m, resulting instatutory profit before tax of £[298]m (2024/25: £402m). A tax charge of £[83]m (2024/25: £[114]m) meant that statutory profit after tax was £[213]m (2024/25: £254m). Adjusted basic earnings per share† increased by [7]% to [208.5]p (2024/25: 194.6p) reflecting the reduced weighted average number of shares following share buy-backs over the last twelve months. Statutory basic earnings per share decreased by [13]% to [123.3]p (2024/25: 141.5p). During the year, the Group completed £[313]m of property-related disposals, including £[283]m of sale and leasebacks atan average net initial yield of [5.0]%. #### UK – Continued market #### outperformance Premier Inn UK accommodation sales increased by [1]%, reflecting a strong recovery in the second half, outperforming the wider midscale and economy (‘M&E’) market [3] . We ended the year +[0.3]pp ahead of the market on total accommodation sales growth and +[1.1]pp ahead on RevPAR growth, maintaining a healthy RevPAR premium of £[5.88]. Total average room rate (‘ARR’) increased by [3]% to £[81.95] (2024/25: £79.52) and occupancy remained high at [79.1]% (2024/25: 81.0%), with the result that RevPAR was up [1]%. In London, increased leisure demand, supported by a positive events calendar and a strong festive period, contributed to both higher ARR and accommodation sales, up [3]% and [4]% respectively. In the Regions, a [3]% increase in ARR was broadly offset by slightly lower occupancy of [79.0]% (2024/25: 81.1%), with the result that total accommodation sales were flat year on year. Total UK F&B revenue reduced by [8]%, aswe transition a number of our lower returning branded restaurants into a more efficient, integrated F&B offering. Although F&B performance was slightly better than expected due to the timing of branded restaurant disposals, total UK statutory revenue was down [1]% year on year. Several external and internal factors wereimportant drivers for our UK business over the past year including: UK market demand; muted hotel supply growth; the optimisation of F&B at a number of our sites as part of the AGP; our continued network expansion; and the impact of several initiatives as part of our ongoing commercial programme. Cost efficiencies of £[97]m, meant that despite ongoing inflationary pressures including higher national living wage, national insurance and food and beverage costs, operating costs reduced by [3]%. The combined effect of lower UK revenueand increases in right of use asset depreciation and lease liability interest, driven mainly by the impact of rent reviews,as well as the sale and leaseback transactions, meant UK segment adjusted profit before tax† declined [2]% year on year to £[499]m (2024/25: £507m). UK segment adjusted pre-tax margins† were flat year on year at [18.8]% (2024/25: 18.8%), while UK ROCE† was [12.8]% (2024/25: 12.9%). During the year, £[103]m (2024/25: £43m) of accelerated depreciation and £[28]m of impairment (2024/25: £1m) was recognised, arising from site extensions and conversions in relation to the AGP. In addition, £[15]m ofimpairments (2024/25: £10m) were recognised on assets transferred to assets held for sale. #### Germany – Delivering profitability Reaching profitability in Germany for the first time represents an important milestone for the Group, with segment adjusted profit before tax† of £[2]m (2024/25: £11m loss), reflecting strong momentum and the continued progress we are making in this large and exciting market. Despite softer market demand in the second quarter, reflecting a lower events profile than the prior year, the continued growth of our estate, the increasing maturity of our hotels and brand, and our commercial initiatives meant we delivered [12]% growth in total accommodation sales and RevPAR growth of [6]%, with both occupancy and ARR ahead of last year. Drawing upon our growing pool of guestdata, we have continued to refine andimprove our commercial strategy thatiscontributing to positive RevPAR momentum. Key initiatives included improvements to our trading strategies; broadening our distribution using third-party platforms; increasing our brand awareness; and enhancing our property strategy. During the year, £[17]m of impairment (FY25: £[23]m) was recognised in Germany. As a result of these initiatives and with the increasing maturity of our estate and brand, RevPAR grew by [4]% in local currency [which was significantly ahead of the M&E market [4] . This strong performance was supported by our cohort of 17 more established hotels [5] , that is continuing to mature, as evidenced by its [6]% RevPAR growth. This cohort of sites delivered aggregate site-level profit [6] of £[20]m (2024/25: £16m), providing a useful indicator of the future profit potential ofourestate as a whole. 2 Total cost efficiencies delivered in 2025/26, adjusted for non-recurring structural savings 3 STR data, standard basis, 28 February 2025 to 26 February 2026, UK M&E market excludes Premier Inn. 4 Local currency based on STR data, standard basis, 28 February 2025 to 26 February 2026, Germany M&E market excludes Premier Inn. 5 Cohort of 17 more established German hotels that were open and trading under the Premier Inn brand for 12 consecutive months as at 4March 2022. 6 In aggregate, adjusted profit before tax† excluding non-site related administration andoverhead costs. STRATEGIC REPORT RNS-related content ![]() 16 #### Whitbread PLC Annual Report and Accounts 2025/26 #### CHIEF EXECUTIVE’S REVIEW CONTINUED #### Our teams Our team members are central to the guestexperience and, underpinned by Whitbread’s core values of ‘Passionate and Proud’, ‘Budget and Brilliant’ and ‘Warm and Welcoming’, they continue to deliver aconsistent, high quality and great value service for our guests. Their commitment is key to our strong operational and financial performance, underpinning our position asthe UK’s number one hotel brand and agrowing challenger in Germany. #### Financial strength Our strong balance sheet means we can strike an appropriate balance between investing in high-returning, long-term growth opportunities and rewarding shareholders through dividends and earnings-enhancing share buy-backs. The Group remains highly cash generative and after total capital expenditure of £[•]m (2024/25: £488m) and £[•]m of share buy-backs and dividends, our ratio of adjusted EBITDAR to lease-adjusted net debt was [3.3]x (2024/25: 3.0x), which is below our internal threshold of [3.5]x [6] . #### Clear strategy Our ambition is to become the world’s best budget hotel brand, delivering a fantastic experience for our guests, rewarding employment for our teams and long-term, sustainable returns for our shareholders whilst also driving positive change through our Force for Good sustainability programme. To achieve our objective, we are executingthe following three pillars ofourbusiness strategy: • continuing to grow and innovate intheUK; • focusing on our strengths to grow inGermany; and • enhancing our capabilities to support long-term growth. Each pillar is embedded within our New Five-Year Plan that is set to drive increased margins, cash flow and [returns/ROCE]. The key elements of our plan [versus 2025/26] are as follows: UK: Network expansion We have reappraised all of our projects toensure we are allocating and prioritising capital spend optimally in order to maximise returns. This includes exiting a small number of sub-optimal sites in our open portfolio as well as stepping away from sites in our pipeline where, following the changes to UK business rates, the potential returns are no longer attractive. The new plan reduces our previously planned rate of UK room growth which reduces expansionary capex, increases [free] cashflow and drives higher returns oncapital. Our [new] plan will see us add [•] new rooms, [[of which c.[•]% willbe freehold/leasehold]] and grow incremental annual PBT† of £[•]m [by [2028/29] and £[•]m] by [2030/31]. UK: Accelerating Growth Plan (AGP) We are now two years into our plan to optimise the delivery of F&B at over 200 of our sites by converting some of our lower returning branded restaurants into a more efficient, integrated F&B offering, whilst atthe same time unlocking 3,500 higher returning new extension rooms. Given the positive early results from sites that are now complete [[and having also agreed the sale of [•] branded restaurants for £[•]m]], we are now extending the previous plan to include all of the Group’s remaining [•] branded restaurants. In 2025/26, these sites generated F&B revenue of £[•]m but incurred [[a site level adjusted loss before tax] of £•]m, after associated central overheads of £[•]m]]. These changes are subject to carrying out the required consultation with our impacted employees. Image: New F&B experience: The Social #### New Five-Year Plan Since announcing our previous Five-Year Plan in October 2024, the Group has faced two key challenges. First, unexpected changes to the prevailing fiscal and trading environment, including higher than expected UK wage and other cost inflation and significant increases in UK business rates have impacted the Group’s previous Five-Year Plan. Second, the Group’s marketvalue has remained at a significant discountto the [intrinsic/inherent] value ofour business. Against this backdrop, the Board announced that it was undertaking a comprehensive business review in order toaddress these challenges by developing a plan to deliver value creation for shareholders over the medium and long-term. The Board reassessed how capital was being allocated across the Group; reviewed the Group’s current capital structure and also challenged the merits of the Group’s current business model versus other, alternative models. The new plan will: • increase margins driven by incremental annual adjusted PBT† of £[•]m [by [2028/29] and] £[•]m by [2030/31] 1 ; • raise the Group’s return on capital employed by [500]bps by [2030/31]; • grow Germany adjusted PBT† to £[•]m by[2030/31] [and becoming cash flow positive in [2028/29]]; [1] • reduce total capex by £[1]bn by [2030/31] with growth capex to be funded through recycling freehold realestate; and • generate £[•]bn of free cash flow availablefor cash returns to shareholders [2] STRATEGIC REPORT RNS-related content ![]() 17 #### Whitbread PLC Annual Report and Accounts 2025/26 With the removal of all of the Group’s remaining branded restaurants expected during the second half of 2026/27, the shiftto a more streamlined operating model and the addition of [•] higher returning extension rooms, it is expected that, compared with 2025/26, the extended AGP will generate incremental adjusted [[PBT†] of £[•]m by [2028/29] and by £[•]m by]] [2030/31] when the last of the additional new extension rooms will be open [and operating at maturity]. We recognise that the changes we are proposing to make to our F&B offering willbe unsettling for our teams and are committed to working hard to support allthose affected. Commercial and efficiencies Our vertically integrated model is a key source of competitive advantage, meaning that even relatively modest increases in UK like-for-like sales† can generate significant profit growth. Underpinned by technology- related programmes, our broad commercial programme and initiatives will drive positive like-for-like† sales momentum and help sustain our outperformance versus the restof the UK M&E market. We are proud of our reputation as a low-cost, high value for money operator. With continued high levels of inflationary pressures, we continue to look for ways to optimise and reduce our [£Xbn] UK cost base [(including lease costs)]. Having already accelerated savings into both 2025/26 and 2026/27, we have again reviewed all of our initiatives and have increased our total cost efficiencies from [2025/26] to [2030/31] by a further £[•]m to reach £[•]m, up from £250m previously. These additional savings are across a large number of initiatives including [increased use of technology, automation and AI], [further procurement savings] and [improvements to labour scheduling,] all ofwhich have been carefully planned to ensure that there is [minimal/no material] impact on the overall guest experience. Germany: Accelerating returns Having reached profitability in 2025/26 andwith an established national network, we are shifting our growth focus to accelerate free cash flow and return on capital. Whilstwe are exiting [a small number of] underperforming sites and improving the quality of our committed pipeline, we will still deliver room growth of[X]% over the next five years. Our new plan will see Germany reach [•] open rooms by [2028/29] and [•]rooms by[2030/31] becoming one of Germany’s largest budget hotel brands. More rooms and continued RevPAR growth will increase total adjusted [PBT†] to £[•]m by [2028/29] and £[•]m by [2030/31]. [As a result of the steps we are taking, including the reduction in growth capex, it is expected that Germany will turn cash flow positive 1 in [2028.29]. Capital allocation Whilst there is no change to our capital allocation framework, we are making some significant changes to our previous capital expenditure programmes and asset mix. We will recycle £[•]bn of our freehold property to fund future growth and increasingly look to grow on a leasehold basis, resulting in lower net annual capex ofc.£[•]m per year, equivalent to a c.£1bn reduction versus the previous Five-Year Plan. Whilst the Group will continue to benefit from owning a substantial amount of freehold real estate, we will reduce the proportion held from c.[•]% today to c.[•]% - [•]% [by 2030/31/over time] #### 2030/31 outcomes The plan will in aggregate deliver incremental profits of £[X]m by 2030/31, driving a [500bps] increase in our [Group] return on capital employed. [3] The steps outlined above will generate substantial free cash flow available for shareholder returns via dividends and share buy-backs (noting that the investment in extending AGP means we will pause share buy-backs in 2026/27). Further details of our Five-Year Plan are set out on pages [•] and [•]. #### [2026/27 outlook and guidance] [In the UK, after a softer start to the quarter that was impacted by the phasing of public holidays, our commercial programme has delivered an increasing level of outperformance versus the M&E market. Our forward booked position is ahead of last year, supported by strong peak leisure demand. Although the UK macroeconomic outlook remains uncertain, with the introduction of further commercial initiatives, we remain confident in continuing to outperform the market.] [In Germany, the increasing maturity of our estate and brand, together with our commercial initiatives, means we are continuing to make excellent progress. With a strong events calendar, our forward booked position is building well ahead of last year, and we remain on track to deliver positive pre-tax profit in FY25/26.] Our guidance for 2027/28 includes: • UK: open [X] – [X] new rooms, the majority of which will open in the second half of the year; [X] – [X] of these new rooms are AGP extension rooms; • UK: cost efficiencies of £[X]m, meaning net inflation is expected to be between [X]% - [X]% on our £[1.7]bn UK cost base; • UK: extended AGP will result in a reduction in sales of between £[X]m – £[X]m as we transition to our new integrated format and exit those marketed for sale; • UK: extended AGP adjusted PBT one-off impact of £[X]m – £[X]m; [the majority of which is expected to reverse in FY28]; • Germany: open [X] new rooms and deliver adjusted profit before tax† of between £[X]m and £[X]m; Group: £[X]m to £[X]m reduction in net finance income (excluding lease liability interest) versus 2025/26 reflecting lower cash balances; and • Group: net capital expenditure of £[X]m -[X]m. with gross capital expenditure of between £[X]m–£[X]m including AGP (£[X]m - £[X]m) and network expansion; receipts from property-related transactions of £[X]M–£[X]m.] Driving increased margins, #### cashflow and returns We’ve already made great progress in the transformation of Whitbread, and with our New Five-Year Plan, I’m excited by what’s coming next. We’re going to go further and faster to deliver not just a great experience for our guests, but also high-quality growth and returns for our shareholders. Dominic Paul Chief Executive 29 April 2026 STRATEGIC REPORT RNS-related content ![]() 18 #### Whitbread PLC Annual Report and Accounts 2025/26 #### UK: Network #### expansion #### FIVE-YEAR PLAN ## Our New ## Five-Year Plan “Our New Five-Year Plan capitalises on Whitbread’s unique strengths to deliver a significant acceleration of our strategy, creating a stronger, higher-returning business that delivers for our guests, teams and shareholders.” Dominic Paul Chief Executive #### Overview • We still see significant potential to grow our market share in the UK • However, reflecting recent changes to employment costs as well as business rates, we have reappraised all of our projects to ensure we are allocating andprioritising capital spend optimally inorder to maximise returns #### Performance in 2025/26 • [x] new higher returning rooms opened • [x] lower returning rooms closed #### Actions taken • Reappraised all projects to ensure we are allocating capex optimally • Reallocating capex to highest returning growth opportunities • Reducing pipeline to [x] higher returningrooms #### 2030/31 outcomes vs 2025/26 • Incremental adjusted PBT† of£[x]m • [x] open rooms in the UK and Ireland, includingAGP #### Overview • We are now two years into our plan to optimise the delivery of F&B at our sites by converting some of our lower returning branded restaurants into a more efficient, integrated F&B offering, whilst at the same time unlocking higher returning new extension rooms • Following positive early results, we are extending the plan to include all of our remaining branded restaurants #### Performance in 2025/26 • [x] extension rooms opened • [x] branded restaurants [sold] for £[x]m #### Actions taken • Extending plan to replace all of our lower returning branded restaurants with a more efficient, integrated F&B offer • Exiting lower returning brandedrestaurants • Adding a total of [x] new extension rooms #### 2030/31 outcomes vs 2025/26 • Incremental adjusted PBT† of£[x]m • [x]% to [x]% ROCE #### UK: Accelerating #### Growth Plan (AGP) Find out more online www.whitbread.co.uk/ QR code TBC STRATEGIC REPORT RNS-related content ![]() 19 #### Whitbread PLC Annual Report and Accounts 2025/26 #### Overview • Retaining a flexible approach to property ownership and maintaining investment grade have allowed us to keep financing costs low whilst also providing commercial benefits • Whilst there is no change to our previously announced capital allocation framework, we are making some significant changes to our previous capital expenditure programmes and asset mix #### Performance in 2025/26 • £[313]m of property-related proceeds • £[430]m of shareholder returns via share buy-backs and dividends #### Actions taken • Reprioritising capex to drive high-returning growth • Reducing capex spend by £[1]bn • Maintaining net capex at or below £[x]m #### 2030/31 outcomes vs 2025/26 • Recycle £[x]bn ofproperty to fundgrowth • Reduce Group freehold mix from [x]% to [x]% to [x]% by [2030/31]/[over time] • Lease-adjusted leverage † will remain belowthreshold of 3.5x #### Overview • We have made great progress in Germany and have grown substantially • While it has taken longer than expected, we now have the knowledge, data and experience to better determine the optimal strategy to drive double-digit returns #### Performance in 2025/26 • [x] new rooms opened • £[2]m adjusted PBT delivered #### Actions taken • Refining property growth strategy, exitinglow returning sites • Reducing pipeline to [x] higher returningrooms • Accelerating cashflow and returns #### 2030/31 outcomes vs 2025/26 • Incremental adjusted PBT† of £[x]m 1 • [x] open rooms • Double-digit returns on our current open estate of [x] rooms #### Overview • Our vertically integrated model is a key source of competitive advantage, with the result that even relatively modest increases in like-for-like sales† can generate significant profit growth • We are proud of our reputation as a low-cost, high value for money operator and have again reviewed all of our initiatives #### Performance in 2025/26 • Return to RevPAR growth in the UK, outperforming the M&E market • £[97]m of cost efficiencies #### Actions taken • Delivery of strong commercial programme • Increasing use of technology and AItodrive revenue • Increasing delivery of cost efficiencies tohelp to mitigate inflationary pressures #### 2030/31 outcomes vs 2025/26 • Confidence in driving like-for-like sales momentum and sustaining market outperformance • £[x]m of efficiencies in aggregate between 2026/27 and 2030/31 Commercial and efficienciesGermany: #### Accelerating #### returns #### Capitalallocation 1 Versus FY25 Germany adjusted loss before tax† #### 2030/31 outcomes ### [500]bps #### increase inGroup ROCE #### Generating free cashflow of £[x]bn available for #### shareholder returns STRATEGIC REPORT RNS-related content ![]() 20 #### Whitbread PLC Annual Report and Accounts 2025/26 #### STRATEGY AND KPIS ## Well-positioned to deliver growth #### Our strategic pillars Strategy in action Read more on page [•] Strategy in action Read more on page [•] Strategy in action Read more on page [•] #### Force for Good Our sustainability programme is embedded within the three pillars of our strategy. The following pages include some case studies of our programme in action. Force for Good Read more on pages [•] to [•] Find out more about ForceforGood in our ESGreport [2024/25] www.whitbread.co.uk/ #### We have made excellent progress against each of our strategic pillars in 2025/26. #### Grow and innovate #### intheUK #### Focus on our strengths #### togrow in Germany Enhance our capabilitiesto #### support long-term growth STRATEGIC REPORT ![]() 21 #### Whitbread PLC Annual Report and Accounts 2025/26 #### Data-led sustainability #### supports revenue #### growth Sustainability credentials are now a core sourcing requirement for travel management companies, corporates and government customers across the UK, Ireland and Germany. In 2025/26, we developed a site level dataset covering carbon, water and waste intensity across all hotels, aligned with World Sustainable Hospitality Alliance methodologies. This enables credible RFP responses, supports integration with booking platforms, protects existing revenue and underpins futuregrowth. Environmental footprint of a UK&I occupied room per night Carbon [3] : #### 3.4kgCO 2 Water [4] : 211L ### Grow and innovate in the UK #### 2025/26 highlights Key 2025/26 outcomes Future plans #### Strong market position Maintained a healthy RevPAR premium of+£[5.88] versus the M&E market UK and Ireland committed pipeline [1] [c.9,000] Extend our market-leading position as the UK’s number one hotel brand and reach at least [96,000] open rooms by [2030/31] #### Long-term growth in profits and returns Executed the first phase of our Accelerating Growth Plan and mitigated UK cost inflation through increased efficiencies AGP: new extension rooms opened c.[600] [Proposed extension of AGP to remove all branded restaurants and deliver at least £[xm] [incremental adjusted PBT† by 2030/31, [increasing margins and returns] #### Expand guest choice Launched the option to check-in online viathe Premier Inn app across our entire UK and Ireland estate, including trial of mobile room keys % of total direct accommodation sales via Premier Inn app [12]% Broaden our distribution channels and addmore features to enhance our digital guest journey #### Maintain excellent guest scores Maintained our ‘Best Value Hotel Chain’ ranking from YouGov, reflecting our focuson high quality and great value YouGov ‘Best Value Hotel Chain’ranking [2] No.1 Invest in our proposition, including the continued roll-out of ID5, Premier Plus andtwin rooms across our estate 1 UK and Ireland committed pipeline as at 26 February 2026, including extension rooms approved as part of AGP. 2 UK YouGov BrandIndex Quality & Value scores as at 26 February 2026 based on a nationally representative 52-week moving average. 3 Market-based. Includes energy, F-gas and emissions from outsourced laundry. 4 Includes water used by an outsourced laundry. Responsibility STRATEGIC REPORT ![]() 22 #### Whitbread PLC Annual Report and Accounts 2025/26 ### Focus on our strengths ### togrow in Germany #### STRATEGY AND KPIS CONTINUED #### 2025/26 highlights Key 2025/26 outcomes Future plans #### Continue to build a national network [65] open hotels across key locations, with [3] new sites opened during the year Germany committed pipeline[1] [c.7,500] Refine our property portfolio strategy toaccelerate returns by 2030/31 Reach [18,000] rooms by 2030/31 #### Build brand awareness Through broadened distribution and our commercial initiatives, we have increased our brand awareness and guest volumes YouGov brand awareness [2] [19]% Further broaden our reach to accelerate brand awareness and RevPAR growth #### Refine our proposition for the German guest Expanded guest choice including new room types and product add-ons Guest satisfaction [3] [4.18] Seek improvements to our operating model, unlocking new opportunities to drive efficiencies across our estate and enhance the guest experience #### Pathway to long-term, sustainable returns Delivery of profitability through positive RevPAR growth and a clear focus on our cost base Germany adjusted PBT† £[2]m Deliver profitability growth, reaching £[x]m of adjusted PBT† by 2030/31 1 As at 26 February 2026 2 Germany YouGov Brand Awareness: 28 February 2025 to 26 February 2026.] 3 [UPDATE FOOTNOTE.] Community #### Accessibility certification for #### German hotels Accessible tourism is a growing market with significant economic potential. In Germany, accessibility is indispensable for around 10% of the population and beneficial for a further 40%. New Premier Inn hotels in Germany are designed to meet DIN 18040 standards, with existing buildings upgraded where feasible. As a result, around a third of our German estate isexternally certified under Reisen fürAlle (‘Tourism for All’), enabling guests and team members with visual, hearing or mobility impairments to access comfort and workplaces withconfidence. Number of Premier Inn hotels certified under Reisen für Alle 20 STRATEGIC REPORT ![]() 23 #### Whitbread PLC Annual Report and Accounts 2025/26 ### Enhance our capabilities ### tosupportlong-term growth #### 2025/26 highlights Key 2025/26 outcomes Future plans #### Use our strong balance sheet to fund growth and returns Significant operating cash flow helped to fund our investment programme and ongoing returns to shareholders Shareholder cash returns [1] £[431]m £[2]bn [2] available for share buy-backs and dividends between 2026/27 and 2030/31 #### Retention and engagement of teams Launched our digital recognition platform ‘Wonderfully Whitbread’, which furhter underpins our culture, and supports continued engagement of our teams UK team members with >1 year’s service [77]% Drive retention and engagement through our continued investment in pay, training, career development and wellbeing #### Improve technology capability Increased digital capabilities and new commercial opportunities unlocked by ournew reservation system and utilisation of technology and AI # of new, upgraded kiosks in the UK [>20%] Explore product and service enhancements, including the use of AI, which will further improve the guest experience and generate additional revenue streams #### Build on our efficiency programme Increased cost efficiencies versus target due to acceleration of existing initiatives plus further savings Delivery of cost efficiencies [3] £[80]m Deliver £[250]m of cost efficiencies between [2026/27 and 2030/31] 1 Dividends paid and share buy-backs completed during 2025/26. 2 Assuming UK like-for-like accomodation sales† offset efficiencies, sale and leaseback and interest costs over the life of the plan. 3 Total cost efficiencies deliverd in 2025/26, adjusted for non-recurring structural savings. #### Efficiency #### improvements lower costs and #### environmental impact The installation of lower-flow showerheads and taps across our estate delivers both environmental and financial benefits. Now installed in [66]% of hotels in the UK and Ireland, the programme has reduced water use by [18]% per guest in 2025/26 compared with a 2019/20 baseline, keeping us on track to achieve our 20% reduction target by 2030. Once fully deployed, it is expected to deliver almost £4m in annual operating cost savings and improve the resilience of our estate to increasingly frequent drysummers whilst not impacting guest experience. Annual operating cost savings from water reduction measures c.£[4]m Responsibility STRATEGIC REPORT ![]() #### Whitbread PLC Annual Report and Accounts 2025/26 #### STRATEGY IN ACTION: UK Known for our consistent, high quality and great value guest proposition, we are the clear market leader in the UK. Our new integrated ‘You Know What You’re Getting’ campaign reinforces this consistency. With the strength of our proposition, we continue to outperform the wider market. # You Know What # You’re Getting Watch our new brand campaign: [www.whitbread.co.uk/] QR code TBC Brand awareness >90% FY26 RevPAR premium versusM&Emarket £[5.88] Image: [•] 24 STRATEGIC REPORT ![]() 25 #### Whitbread PLC Annual Report and Accounts 2025/26 #### Unrivalled market position With strong brand awareness among consumers, we are the clear market leader in the UK. Our high-quality, great value proposition underpins our ability to continue to outperform and command a healthy RevPAR premium versus the wider M&E market. #### Consistency is key To maintain our edge in an increasingly competitive trading environment, we have launched a new brand campaign which puts ‘consistency’ at the heart of all our messaging, reinforcing how consumers see us. #### Brand refresh With our new strapline, ‘You Know What You’re Getting’, a refined logo, evolved brand colours and even new uniforms for team members, Premier Inn has a fresh and modern new look. STRATEGIC REPORT ![]() 26 #### Whitbread PLC Annual Report and Accounts 2025/26 #### UK MARKET DRIVERS ## Grow and innovate ## inthe UK A key pillar of our strategy is to protect and extend our position as the UK’s leading branded budget hotel chain, delivering excellent service for our guests, rewarding employment for our teams and attractive returns for our shareholders. #### Market overview [69.5]m population [12%] Premier Inn market share ofUKrooms [197.5]m room nights booked in the UKmarket [2028] Supply not back to 2019 levels untilatleast 2028 [735,000] total market hotel rooms [11%] independent decline since 2019 [1 Company data 2025.] #### UK market [1] The UK is a large and mature hotel market with 197.5m million rooms booked each yearand a total supply of approximately [735,000] rooms. Since the pandemic, the hotel industry has had to navigate material shifts in the shape of both domestic and inbound demand, as well as significant costinflation, at the same time as political instability and economic pressures that have altered travel behaviour and market conditions. However, Premier Inn has continued to perform well, maintaining a healthy RevPAR premium versus the wider M&E market. Given the strength of our brand and operating model, coupled with a favourable supply backdrop, we are confident in being able to grow market share. We see a compelling opportunity to continue to invest in new capacity and drive attractive, long-term returns for our shareholders. Image: hub by Premier Inn Old Bailey STRATEGIC REPORT ![]() 27 #### Whitbread PLC Annual Report and Accounts 2025/26 #### Outlook for UK hotel supply Based on our most recent proprietary analysis completed in 2025, we still expect UK hotel room supply (including Premier Inn) to remain below pre-pandemic levels until at least [2028]. Thereafter, we expect total supply to grow broadly in line with previous trends and we remain confident that we can continue to take market share from smaller and less well-capitalised competitors. #### Accelerated decline #### ofindependents We believe that total UK hotel supply contracted by approximately [2.5%] between 2019 and [2025], led by an accelerated decline in the independent sector that reduced by [11%]. This represented a marked increase versus the steady decline seen over previous years as customers migrated from independents towards branded budget hotels, including Premier Inn. [Over half] of the independents that closed during this time period had less than 25 hotel rooms, highlighting the ongoing challenges facing smaller establishments, where competition, lack of scale and changing consumer preferences are making it increasingly difficult for them to match the offer provided by larger, branded operators. We believe that the independent sector is likely to continue to contract as a result of sustained high inflationary pressures and an uncertain macroeconomic environment. #### Structural advantages #### ofthebudget hotel market The UK branded budget hotel sector is a highly attractive market, with large volumes of domestic short-stay travel for both business and leisure. The sector, including Premier Inn, has continued to grow, even during the pandemic, driven by the secular decline of the independent sector and the increasing appeal of trusted brands. However, over the next few years, the supply of branded budget hotel rooms is expected to grow at a slower rate than the long-term average, as operators gradually rebuild their pipelines that have been impacted by a material slowdown in construction and higher interest rates. Premier Inn has grown significantly over the past 15 years, increasing its market share of all UK rooms from 6% in 2010 to [12]% in [2025]. With our strong balance sheet and flexible approach to property ownership, weare confident that we can continue to grow our pipeline at attractive rates of return, increasing our market share at atime when many others cannot. #### Proven resilience during #### periods of macro uncertainty Hotel room demand is strongly correlated with economic growth and RevPAR typically grows in line with GDP. [Whilst current macroeconomic forecasts predict [relatively low] GDP growth in 2026/27, itremains positive and also needs to be viewed in the context of what has been amarked decline in total hotel supply.] Thebranded budget hotel sector has proven resilient during previous consumer and economic downturns, as guests tend totrade down to lower-cost alternatives thatprovide great value. Total UK hotel supply: number of rooms Premier Inn  UK branded budget (excluding Premier Inn) UK branded non-budget  Independent 2019 2025 750k 735k 46% 26% 17% 12% 50% 24% 16% 10% Image: Premier Inn twin room STRATEGIC REPORT ![]() 28 #### Whitbread PLC Annual Report and Accounts 2025/26 #### UK STRATEGY #### “During 2025/26, after a period #### of softer demand, the UK market returned to growth. Wemade great strategic progress and #### with the benefit of our strong #### commercial programme, we #### delivered a positive sales #### performance and a healthy #### RevPAR premium versus #### ourcompetitors.” Joe Garrood Chief Commercial Officer #### 2030/31outcomes] [96,000] open rooms (including AGP extension rooms) £[110]m incremental adjusted PBT† fromnetwork expansion £[100]m incremental adjusted PBT† fromAccelerating Growth Plan #### Accelerating Growth Plan (AGP) Food and beverage (F&B) is a key part of our proposition and a hot breakfast is particularly important to our hotel guests, helping to drive occupancy and RevPAR. We have already begun the process to transform the delivery of F&B at c.[200] sites by converting our lower returning branded restaurants into a more efficient, integrated F&B offering built inside the hotel and unlocking new, higher returning extension rooms. Following early positive results from completed sites and with the successful exit of [x] branded restaurants, we are extending our plan to replace all of the Group’s remaining branded restaurants with a more efficient integrated restaurant. This will enable the removal of [x] lower returning branded restaurants and the addition of a further [x] higher returning extension rooms. We will unlock a total of [X] new extension rooms and as our highest returning growth opportunity, this will deliver a step change in margins and returns for the UK business. These changes are subject to carrying outthe required consultation with our impacted employees. In addition to AGP, we are continuing to roll out our new integrated ground floor concept across our estate that is driving positive guest feedback and increased F&B revenues. [New] Five-Year Plan: AGP on page[•] 16 3 Premier Inn Key: Dublin Aberdeen Edinburgh Glasgow Dundee Inverness Newcastle upon Tyne Cork London Isle of Man Plymouth Cardiff Guernsey Jersey Norwich Leeds Manchester Birmingham Belfast hub by Premier Inn ## Extending our market-leading ## position in the UK New Five-Year Plan: STRATEGIC REPORT ![]() 29 #### Whitbread PLC Annual Report and Accounts 2025/26 #### Network expansion With c.[850] open hotels across the UK and Ireland, Premier Inn is the UK’s largest hotel chain with approximately [12]% share of all hotel rooms. Despite our extensive coverage, we still have opportunities to increase our market share and deliver attractive returns on capital over the medium and longer term. Having identified catchments where we do not currently have a presence, or where we can add more rooms without cannibalising our existing estate, we have significant growth potential. Assuming sites can be secured at the right price, over the longer term, we have the potential to reach [125,000] open rooms, which is [45%] more than we have open today. Drawing upon our suite of development options including new builds, conversions, extensions and single-site acquisitions, the pace and extent of our expansion will be driven by the availability of appropriate sites that can meet our target levels of return. By opening our committed pipeline [1] of c. [9,000] rooms we are on course to reach at least [96,000] open rooms by [2030/31]. [New] Five-Year Plan: Network expansion on page[•] #### Commercial programme With the strength of our vertically integrated model, we are able to deploy a broad range of commercial initiatives that are focused on driving like-for-like† sales momentum to support and extend our market-leading position in the UK. Our commercial strategy remains focused on those drivers that are within our control andinclude: Refining marketing strategies With brand awareness of over [90]% [2] and market-leading quality and value scores, while we are well-positioned versus our competitors, we are not complacent. Through a continuous programme of both brand and digital campaigns that are focused on driving cost-effective customer acquisition, we will ensure that we remain at the forefront of customers’ minds when making their hotel choice. Continuing to attract new guests, wherever they choose to search, is essential as we seek to extend our leadership and grow market share; we are exploring greater use of social media marketing channels such as YouTube and TikTok, as well as third-party digital platforms, to help broaden our reach. Expanding our distribution channels Business guests are an attractive customer segment because they tend to drive higher RevPARs and travel more frequently than leisure guests. During 2025/26, we launched ‘Premier Inn Business’, combining our previous Business Booker and Business Account programmes into a single offering for thebenefit of users and to drive further revenue growth. At the same time, we have strengthened our relationships with several travel management companies (TMCs), andtogether these channels represented approximately [22]% of total accommodation sales in 2025/26 (2024/25: [21]%). Whilst our direct channels remain a core strength and contribute significantly to our low-cost distribution, with evolving market and distribution dynamics it is important for us to ensure that we selectively adapt our strategies to maintain market leadership and attract new guests. In 2025/26, we began to use online travel agents (OTAs), limited to inbound customer traffic only, which has been positive and has been ahelpful addition to drive incremental international demand. We will continue to explore how we can optimise this channel, broaden our reach even further and drive incremental profits. During the year we also [began to update] all of our online collateral so as to ensure that the online experience for consumers choosing to search using large language models is [fully] optimised. Maximising revenue At the core of our vertically integrated business model is our proprietary automated trading engine (ATE) that enables us to maximise revenue for any given volume of demand and outperform the competition. Whilst we will continue to keep it under review, having conducted a detailed benchmarking exercise against a number of AI-driven, alternative pricing engines during 2025/26, it is clear that ATE remains a source of significant competitive advantage for the Group. We continuously evolve our trading strategies and through our new cloud-based reservation system, we plan to further improve our trading performance by trialling and introducing a number of initiatives that will both improve the digital guest journey and increase ancillary revenues. Enhancing digital experience New opportunities to increase our digital capabilities remain significant. By continuing to optimise our website and increase our App functionality, we are driving guest volumes and conversion and have seen an increase in App revenues and channel share versus last year. We are also improving the digital guest experience and have now launched online check-in across our UK estate, which is resulting in [positive] guestfeedback. Increasing guest engagement We are driving higher guest engagement through our CRM database and enhanced promotional capabilities that have in turn helped us drive more revenue growth. With increased connectivity with our guests through our Premier Inn App and by leveraging our access to significant volumes of proprietary customer data, we plan to further increase revenue through more effective engagement, as well as reduce costs through improved analytics to drive highermargins. Investing in best-in-class operations Our significant and ongoing investment inour estate includes the roll-out of our new room format, ID5, and our extensive refurbishment and repair and maintenance programmes that together ensure that we maintain a high level of consistency across our estate. In addition, by adding more twin and Premier Plus rooms to our estate, we will broaden our appeal and it will allow us to attract a premium to our standard room rate. With further process improvements and the introduction of new technologies, we plan to drive positive guest scores whilst maintaining a tight control over our costs. UK RevPAR premium versusM&Emarket [3] £[5.88] 1 Excluding extension rooms from Accelerating Growth Plan. 2 UK YouGov Brand Consideration: 28 February 2025 to 26 February 2026. 3 STR data, standard basis, Premier Inn RevPAR, 28 February 2025 to 26 February 2026; M&E market excludes Premier Inn. STRATEGIC REPORT ![]() 30 #### Whitbread PLC Annual Report and Accounts 2025/26 #### UK PERFORMANCE #### Premier Inn UK £m FY26 FY25 vs FY25 Statutory revenue [2,659] 2,691 (3)% Other income (excl rental income) [2] 1 n/a Operating costs before depreciation, amortisation and rent [(1,642)] (1,696) (2)% Adjusted EBITDAR† [1,019] 997 (5)% Net turnover rent and rental income [1] 1 200% Depreciation: right-of-use asset [(165)] (153) (6)% Depreciation and amortisation: other [(201)] (193) (6)% Adjusted operating profit† [653] 652 (10)% Interest: lease liability [(154)] (145) (8)% Adjusted profit before tax† [499] 507 (14)% ROCE† [12.8]% 12.9% (260)bps PBT margins† [18.8]% 18.8% (240)bps #### Premier Inn UK 1 #### KPIs £m FY26 FY25 vs FY25 Number of hotels [846] 852 [(1)]% Number of rooms [86,582] 85,984 [1]% Committed pipeline (rooms) 2 [7,906] 7,192 [9]% Committed pipeline (AGP extension rooms) 3 [1,163] 1,030 [19]% Occupancy [79.1]% 81.0% [(190)]bps Average room rate† £[81.95] £79.52 [3]% Revenue per available room† £[64.81] £64.42 [1]% Sales growth: Accommodation [1]% Food and beverage [(8)]% Other [21]% Total [(1)]% Like-for-like sales† growth: Accommodation — Food and beverage — Other [21]% Total — 1 Includes one site in each of: Guernsey and the Isle of Man, two sites in Jersey and six sites in Ireland. 2 UK and Ireland committed pipeline excluding extension rooms from Accelerating Growth Plan. 3 Planning approval received for Accelerating Growth Plan extension rooms. Image: hub by Premier Inn Snowhill STRATEGIC REPORT RNS-related content ![]() 31 #### Whitbread PLC Annual Report and Accounts 2025/26 #### UK performance vs M&E market £m H1 FY26 H2 FY26 FY26 PI accommodation sales performance (vs FY25) 4 +[1.0]pp [(0.6)]pp +[0.3]pp PI occupancy performance (vs FY25) 4 [(1.3)]pp [(1.5)]pp [(1.4)]pp PI ARR performance (vs FY25) 4 +[2.9]pp +[(2.8)]pp +[2.9]pp PI RevPAR growth performance (vs FY25) 4 +[1.4]pp +[0.8]pp +[1.1]pp PI RevPAR performance (absolute) 4 +£[6.39] +£[5.34] +£[5.88] PI market share 5 [8.3]% [8.0]% [8.2]% PI market share gains pp (vs FY25) 5 [(0.1)]pp [(0.1)]pp [(0.1)]pp 4 STR data, standard basis, Premier Inn accommodation revenue, occupancy, ARR and RevPAR, 28February 2025 to 26 February 2026; M&E market excludes Premier Inn. 5 STR data, revenue share of total UK market, 28 February 2025 to 26 February 2026. Despite significant inflationary pressures, operating costs reduced by [3]% to £[1,642]m (2024/25: £1,696) reflecting the exit and conversion of lower returning branded restaurants into a more efficient F&B offering, together with accelerated cost efficiencies of £[80]m. Asa result, adjusted EBITDAR† was up [2]% at £[1,019]m (2024/25: £997m). Right-of-use asset depreciation in the period increased by [8]% to £[165]m (2024/25: £153m) and lease liability interest increased by [6]% to £[154]m (2024/25: £145m) driven by the impact of rent reviews, which accounted for the majority of this increase, as well as sale and leaseback transactions completed during the period. Our continued focus of investing in our core estate, alongside estate growth, meant other depreciation and amortisation charges increased by [4]% to £[201]m (2024/25: £193m). As a result, UK segment adjusted profit before tax† declined [2]% to £[499]m (2024/25: £507m). UK segment adjusted pre-tax margins† were flat year on year at [18.8]% (2024/25: 18.8%), while UK ROCE† was [12.8]% (2024/25: 12.9%). We opened [1,190] new rooms in the period and closed [592] rooms, including both lower returning rooms, as well as those impacted by the AGP, as we seek to optimise the portfolio to drive higher returns. As at 26 February 2026, we had [846] hotels open and trading with a total of [86,582] rooms, with a further [7,906] new rooms commited [7] , of which the majority are freehold, plus an additional [1,163] committed AGP extension rooms [8] . 6 Total cost efficiencies delivered in 2025/26, adjusted for non-recurring structural changes 7 UK and Ireland committed pipeline excluding extension rooms from Accelerating Growth Plan. 8 Planning approval received for Accelerating Growth Plan extension rooms. Image: Premier Inn Cardiff North Premier Inn UK accommodation sales increased [1]%, reflecting a strong recovery in the second half and outperformed the wider M&E market 1 . Other sales increased by [21]% driven by growth in ancillary revenues from optional guest add-ons including high-speed Wi-Fi and car parking. Total UK F&B revenues fell by [8]%, as we continue the transition of a number of our lower returning branded restaurants into a more efficient, integrated F&B offering. Although F&B performance was slightly better than expected, due to the timing ofbranded restaurant disposals, total UK statutory revenue was down [1]%. Reflecting the strength of our brand, guest proposition and commercial initiatives, we were +[0.3]pp ahead of the market on total accommodation sales growth and +[1.1]pp ahead on RevPAR growth, maintaining a healthy RevPAR premium of £[5.88]. STRATEGIC REPORT RNS-related content ![]() 32 #### Whitbread PLC Annual Report and Accounts 2025/26 #### STRATEGY IN ACTION: GERMANY #### New Five-Year Plan Germany: Accelerating cash flow and returns # Executing a # multi-channel strategy Image: [Lorem ipsum] Our strategy is designed to firmly establish our brand presence and elevate our market positioning within the German hospitality sector. We are continuing to focus on raising our profile with an average brand awareness in 2025/26 of [19]%[1]. STRATEGIC REPORT ![]() 33 #### Whitbread PLC Annual Report and Accounts 2025/26 Growing the brand With a unique market position focused on a great night’s sleep, we are on focused on increasing our brand awareness with a digital first approach, prioritising online channels to build relevance andstrengthen engagement. #### Best experience #### bybookingdirect Guests who book directly with us get the best experience. With online check-in now available and the roll-out of mobile room keys in 2026/27, the continued development of the Premier Inn app, will accelerate customer acquisition and build brand loyalty. #### Broadening our reach OTAs remain an important and value-accretive channelin the German market, driving incremental domestic and international demand and strengthening brand awareness. STRATEGIC REPORT ![]() 34 #### Whitbread PLC Annual Report and Accounts 2025/26 #### GERMAN MARKET DRIVERS #### Market overview [83]m population [c.40]% larger than the UK hotel market [996,000] total market hotel rooms [c.68]% of the German market held byindependents [229]m rooms booked in the German market [c.5]pp decline in independent supply since2019 ## Focusing on our ## strengths to grow Germany continues to be a highly attractive and exciting market for the Group. Since opening our first hotel in 2016, we have grown quickly to become a business of real scale. Now profitable, we are shifting our focus to accelerate cash flow and returns. [1 Company data 2025.] #### German market [1] #### With strong business and leisure #### travel demand, Germany offers #### a major opportunity to create substantial value. The market #### today mirrors where theUK #### was [15 to 20] years ago: highly #### fragmented, comprised largely of independent operators, #### with a relatively small branded #### budget segment and no clear #### market leader. #### Market structure Although the German hotel market is materially larger than the UK in terms of room supply, it remains significantly more fragmented, with independents accounting for the majority of total rooms. As in the UK, while the independent sector stabilised following a sharp pandemic related decline, we expect it to gradually decline, driven by the secular trend of consumers gravitating towards recognised and trusted brands, ongoing cost pressures and increased conversions to branded players. Having reopened later than many other international hotel markets in the post pandemic period, Germany has since seen a rebound in both business and leisure demand, with the M&E market returning to pre-pandemic levels in2025. Image: Premier Inn Duisburg STRATEGIC REPORT ![]() 35 #### Whitbread PLC Annual Report and Accounts 2025/26 Image: Premier Inn Stuttgart #### Regional dispersion drives #### short-stay domestic travel As well as being larger than the UK, Germany is more regionally dispersed, with a federalised political and industrial structure. This geographic spread, a larger population and a greater number of large cities and towns, drives demand for short-stay domestic travel. Germany has high levels of both domestic leisure as well as business travellers, supported by a number of large trade fairs and conferences which continue to drive volumes and attract millions of visitors each year. #### Structural advantage #### forowner-operators The branded budget sector has grown strongly in recent years, led by owner-operators such as Premier Inn, that are well-placed to acquire, lease, convert or build new hotels enabling expansion at afaster rate than the rest of the market. Theability of asset light operators to sign large blocks of hotels over the last few years may have been constrained by the structure of the German property market, as the absence of a well developed real estate investment trust sector and the highly fragmented ownership landscape have made it more difficult to secure sizeable portfolios. No clear leader in thebudgetsector Compared with the UK, where Premier Inn has a [12]% share of the market, Germany has no clear market leader and no brand holds more than a [3]% share. Supported bythe gradual decline of the independent hotel sector, the branded budget segment (including Premier Inn) continues to grow and now makes up approximately [13]% ofthe German hotel market. This is led byowner-operators including Premier Inn, and since February 2020 we have opened c.[11,000] rooms. #### Attractive RevPAR outlook The M&E market in Germany has attractive levels of RevPAR, albeit there is intra-period volatility depending upon the phasing of business and leisure events that are an important driver of overall demand in Germany. Prior to the pandemic, branded budget RevPAR in Germany grew at a compound annual growth rate of 2.9% between 2015 and 2019. M&E RevPAR inGermany has now recovered to abovepre-pandemic levels. 735k996k Total Germany hotel supply: number of rooms 1% Premier Inn Branded budget (excluding Premier Inn) Branded non-budget Independents 68% 20% 12% 46% 26% 17% 12% UK Germany STRATEGIC REPORT ![]() 36 #### Whitbread PLC Annual Report and Accounts 2025/26 #### GERMAN STRATEGY New Five-Year Plan: ## Building momentum inGermany #### Continued network growth We have over [11,000] rooms open across [65] hotels, with a presence in most major German towns and cities. Our hotel product is popular with guests, we are increasing share and several of our more established sites are already highly profitable and delivering double-digit returns. While there is no ‘one size fits all’ formula for success, we have reduced and reprioritised [a significant proportion] of our previously planned growth capital spend and will also exit asmall number of underperforming sites. With our open and committed pipeline, weare on track to reach [18,000] open rooms by2030/31, positioning Premier Inn among the top budget brands. #### Strengthening brand presence Our strategy is designed to firmly establish our brand presence and elevate our market positioning within the German hospitality sector. Having become a business of scale, we continue to focus on raising our profile and have increased our brand awareness to [19]% 2 . Whilst this is behind key competitors, the quality of our product and resulting high guest scores mean Premier Inn has delivered the strongest year-on-year brand awareness growth among our competitors. We are on course to close the gap further, adopting a digital first approach, prioritising online channels to build relevance and strengthen engagement, whilst also continuing to assess how additional distribution channels, including OTAs and aggregators, can support stronger RevPAR growth and profitability. Lübeck Wilhelmshaven Osnabrück Bremerhaven Bremen Kiel Rostock Hamburg Berlin Wolfsburg Potsdam Hannover Kassel Erfunt Göttingen Dortmund Köln Cologne Aachen Münster Frankfurt Weisbaden Würzburg Koblenz Mannheim Darmstadt Nuremberg Regensburg Passau Rosenheim Munich Freiburg Stuttgart Heidelberg Karlsruhe Villingen Saarbrücken Heilbronn Leipzig Helle Dresden Braunschweig Lindau Konstanz Key: Open hotels 1 65 #### “ Our model is working in Germany. Drawing #### upon our learnings #### to date, we have a #### clear path to reach #### double-digitreturns.” Erik Friemuth Chief Executive Officer, Premier Inn Germany #### 2030/31outcomes [18,000] total open rooms €[•] network RevPAR £[65]m adjusted incremental PBT† 2 Germany YouGov Brand Awareness: 28February 2025 to 26 February 2026. 1 Includes one site in Austria. STRATEGIC REPORT ![]() 37 #### Whitbread PLC Annual Report and Accounts 2025/26 Premier Inn Germany room growth 1 Key: Premier Inn: open rooms Premier Inn: open and committed rooms Competitors: open rooms 425 1,085 4,880 5,875 9,042 10,506 [18,000] c.18,500 c.19,000 c.24,000 10,965 [11,598] FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 Motel One Ibis B&B Hotels As our customer base grows, we are also exploring ways to boost the number of returning guests through enhanced CRM capabilities and other loyalty-driven tools. #### Refining commercial strategy Drawing on our growing pool of trading data and the enhanced capabilities provided by our cloud-based reservation system, we are further strengthening our commercial approach across the estate, including the ability to dynamically price certain product enhancements to increase yield in line with demand. We are also continuing to optimise performance on keyevent nights, which can account for upto [30]% of revenues in Germany and are a significant driver of profitability. #### Balancing distribution Providing room availability through the rightmix of channels ensures we can continue to attract high volumes of domestic and international demand. OTAs remain an important and value-accretive channel in the German market, driving incremental demand and strengthening brand awareness. Central toenhancing our direct proposition is the continued development of the Premier Inn App, supporting more seamless service delivery, accelerating customer acquisition and building loyalty. #### Enhancing appeal #### tobusinessguests A balanced mix of business and leisure guests helps to maximise occupancy throughout the cycle, with business guests typically staying more frequently and driving higher ARRs. Germany’s significant trade fair market adds to domestic business travel volumes, reinforcing the need for a platform that is intuitive and equipped with the core features guests expect. The launch of ‘Premier Inn Business’ in2025/26 is central to ourcorporate proposition, offering flexible booking, exclusive discounts and simplified payment options to enable centralised travel management and broadening our reach into the SME market. In parallel, we will continue to leverage selective indirect channels, further strengthening our travel management company (TMC) relationships to expand our distribution and increase our addressable customer base. #### Improving product and offer Our proposition continues to deliver strong guest scores, supporting growing volumes across our hotels. By offering several optional extras during the booking journey, we are enhancing the overall guest experience while also driving incremental revenues. Alongside the roll-out of additional Premier Plus rooms, we are expanding our ancillary offer through both digital and on site add-ons, such as early check-in, late check-out, parking and in-hotel self-service options. As we continue to scale, ongoing optimisation of our operating model, including improved labour scheduling and procurement, will unlock further efficiencies across the estate. #### Optimising property strategy We continue to optimise our property conversion and development strategy, strengthening partnerships with key stakeholders to drive further cost efficiencies. This focus has enabled us to both minimise disruption and reduce timelines as well as improve the financial performance of sites that are being refurbished. Our future growth will come from a balanced mix of new builds, smaller portfolio deals and targeted going concerns, funded by recycling existing freeholds and/or through leases. Pathway to attractive long-term, #### sustainable returns Having achieved a major milestone of profitability in 2025/26, we are confident that the initiatives outlined above will continue to drive significant revenue and profit growth in Germany by 2030/31. 1 Premier Inn: company data, competitors: STR data. STRATEGIC REPORT ![]() 38 #### Whitbread PLC Annual Report and Accounts 2025/26 #### GERMAN PERFORMANCE #### Premier Inn Germany 1 £m FY26 FY25 vs FY25 vs FY25 CC2 Statutory revenue [261] 231 [13]% [11]% Operating costs before depreciation, amortisation and rent [(177)] (165) [(7)]% [(5)]% Adjusted EBITDAR† [85] 66 [28]% [26]% Net turnover rent and rental income [0] 0 [33]% [25]% Depreciation: right-of-use asset [(44)] (42) [(5)]% [(3)]% Depreciation and amortisation: other [(16)] (15) [(12)]% [(9]% Adjusted operating profit/(loss)† [25] 10 [>100]% [>100]% Interest: lease liability [(23)] (21) [(8)]% [(5)]% Adjusted loss before tax† [2] (11) [>100]% [>100]% #### Premier Inn Germany 1 #### KPIs £m FY26 FY25 vs FY25 vs FY25 CC 2 Number of hotels [65] 62 5% — Number of rooms [11,598] 10,965 4% — Committed pipeline (rooms) [8,713] 7,265 16% — Occupancy [69.0]% 67.8% 600bps — Average room rate† £[78.53] £75.08 4% 7% Revenue per available room† £[54.19] £50.90 15% 18% Sales growth: Accommodation [12]% [9]% Food and beverage [22]% [19]% Other [19]% [16]% Total [13]% [11]% Like-for-like sales† growth: Accommodation [7]% [5]% Food and beverage [14]% [12]% Other [14]% [11]% Total [8]% [6]% 1 Includes one site in Austria. 2 On a constant currency basis, EUR. Image: Premier Inn Würzburg STRATEGIC REPORT RNS-related content ![]() 39 #### Whitbread PLC Annual Report and Accounts 2025/26 #### Germany performance vs M&E market €m H1 FY26 H2 FY26 FY26 Germany M&E RevPAR performance 3 €[58] €[55] €[56] PI more established hotels RevPAR performance 4 €[69] €[73] €[71] PI total RevPAR performance 4 €[62] €[64] €[63] 3 STR data, standard methodology basis, 28 February 2025 to 26 February 2026; M&E excludes Premier Inn. 4 Premier Inn more established hotels: open and trading under the Premier Inn brand for 12 consecutive months as at 4March 2022: 17 hotels and Premier Inn total: [63] hotels as at 26 February 2026. Total statutory revenue in Germany increased by [9]% in local currency, reflecting: the growth in our estate; the increasing maturity of our hotels; enhancements to our trading strategies; broader distribution across channels such as OTAs; and further progress in building our brand awareness. Total estate RevPAR increased by [4]% to €[63] and RevPAR for our cohort of 17 more established hotels [4] increased by [6]% to €[71], both of which outperformed the wider M&E market. Operating costs in the period increased by [7]% to £[177]m (2024/25: £165m) reflecting the continued growth of our estate and cost inflation. As a budget hotel operator, we maintain a strong focus on cost control and margin growth, alongside delivering a consistently high-quality guest experience. We have continued to refine our operating model, evolving our use of technology and streamlining our management structures to ensure we remain efficient and agile. Both right-of-use asset depreciation and lease liabilitycosts increased slightly to £[44]m (2024/25: £42m) and £[23]m (2024/25: £21m) respectively, consistent with the size of our leasehold estate. Other depreciation and amortisation charges increasied slightly to £[16]m (2024/25: £15m). As at 26 February 2026, we had [65] open hotels and [11,598] open rooms and a further [8,713] rooms in our committed pipeline. Since the period end, we have opened a further [X] hotels and [X] rooms from our committed pipeline following their conversion to Premier Inn, having been acquired as part of a portfolio of [eight] leasehold hotels that completed in Spring 2026. Our focus on cost efficiencies, the progressive maturity of our estate and our ongoingcommercial initiatives continue to raise our brand awareness and drive customervolumes. These factors contributed to the achievement of profit before tax†of£[2]m (2024/25: £11m loss). Image: Premier Inn Köln City Centre STRATEGIC REPORT RNS-related content ![]() #### Whitbread PLC Annual Report and Accounts 2025/26 Q How has Whitbread’s refresh ofitscore hospitality platforms – particularly through the adoption ofmodern hospitality solutions – strengthened the resilience, scalability, and cost effectiveness ofour technology estate, and how does this underpin long term value creation across our hotel network? Over the last few years, we have fundamentally refreshed Whitbread’s core technology platforms to ensure they are resilient, scalable, and fit for long term growth. By adopting modern hospitality platforms from our partners, we have significantly reduced reliance on legacy systems and created a common, standardised foundation across our estate. This has improved platform availability, strengthened security, and materially reduced the cost and risk of change. Importantly, it allows us to innovate faster – whether launching new guest services, enabling new operating models, or supporting expansion – while maintaining tight control over technology spend. This disciplined approach ensures ourtechnology investment directly supports sustainable value creation. This puts us in the prime position to fully exploit the opportunities AI presents hospitality, both from the perspective of guest experience and operational excellence. Q How have investments in modern networks, kiosks and smart room access technologies improved the reliability, security, and day to dayoperation of our hotels, while enabling simpler guest journeys andsupporting Whitbread’s cost leadership model? Reliable, secure connectivity is now critical tothe day to day running of our hotels. Our investment in modern network infrastructure, check in kiosks and smart room access technologies has materially improved operational resilience while simplifying theguest experience. These foundations enable faster deployment of new digital services, reduce on site disruption, and support a more flexible operating model. For guests, this means smoother check in, improved Wi-Fi connectivity and more dependable in stay experiences; for Whitbread, it delivers greater operational consistency at scale and supports our cost efficiency programme. Our Hotel of the Future program is a key partof this, trialling how we can deploy emerging technologies such as robotics, AIand automation to drive our future operating model. Q How have our modern technology platforms enabled Whitbread to develop market leading mobile applications, and how do these digital experiences directly improve guest satisfaction, drive repeat stays, and strengthen Premier Inn’s brand leadership across Europe? Our refreshed technology platforms have enabled us to develop market leading mobile experiences that enhance the guest journey from booking through to check out. These digital experiences reduce friction, give guestsgreater control, and allow us to engagewith them in more personalised andrelevant experiences. For example, Check In Online is now live across all UK and Germany hotels, driving higher app adoption and creating a strong digital foundation for further innovation. Building on this momentum, we have introduced enhanced app incentives and successfully rolled out Apple Digital Keys to seven UK hotels and two hotels in Germany. This programme will scale rapidly, with plans to extend our successful Digital Keys pilot across the wider estate, supported by a secure, enterprise grade approach to digital key provisioning and the introduction of Android experience. In parallel, we have begun reshaping our arrivals experience to give guests genuine choice and control, combining Check In Online, Digital Keys and kiosks into a more seamless, self service journey. Expanding theApp experience to include more in-stay features and services is a key part of our future thinking. ### Q&A with Mark Smith, ### Chief ### Technology ### Officer #### [Q&A WITH MARKSMITH, CHIEF TECHNOLOGY OFFICER] DRAFT - TBC 40 STRATEGIC REPORT ![]() #### Whitbread PLC Annual Report and Accounts 2025/26 Crucially, this is not technology for its ownsake. These mobile and self service capabilities are designed to reduce friction, give guests greater flexibility, and enable more personalised and relevant engagement at key moments in their stay. At the same time, they support more efficient hotel operations and a smoother front of house experience. Together, these initiatives aredriving higher guest satisfaction, strengthening brand loyalty, and acting asaclear differentiator as we continue to reinforce Premier Inn’s position as Europe’s leading budget hotel brand. Q How does data and analytics createcompetitive advantage in thebusiness today, and how are youusing it to drive both growth and efficiency? One of our biggest strategic assets is the richness of the data we hold across the end to end hospitality journey – from customer intent and booking behaviour, through stay experience and operations, to post stay feedback and loyalty signals. From a customer perspective, we use data tobe far more targeted and relevant. We understand who is travelling, why they are travelling, and how far in advance they book. That allows us to tailor offers, pricing, and messaging in a way that improves conversion, reduces wasted marketing spend, and strengthens direct relationships rather than over reliance on third party channels. From a decision support perspective, we’ve moved beyond retrospective reporting to insight led decision making. Leaders and hotel teams have timely, trusted views of performance – occupancy, revenue, labour efficiency and service quality – enabling them to make faster and better trade offs. Data is no longer something reviewed after the fact; it actively shapes daily and weekly decisions. Critically, data also drives efficiency. By combining demand signals with operational data, we optimise how hotels are staffed, howrooms are turned around, how we orderlaundry, as well as how energy and maintenance are managed. Small improvements at the individual hotel level scale into significant cost and productivity benefits across the estate. The key mindset shift is that data isn’t owned by technology – it’s embedded into the way the business operates. Ultimately, the competitive advantage comes from using data to make better decisions at scale – faster than our competitors, and closer to the customer andthe front line. Q How has our investment in employee technology improved productivity, decision making, and engagement for colleagues on site, and how does this ensure our teams are better supported to deliver consistent, high quality service forguests? Our colleagues are central to the Premier Inn experience, and our technology strategy is firmly focused on supporting them. By investing in modern employee tools, we have made it easier for teams on site to access information, manage tasks, and make better decisions in real time. This reduces administrative burden, improvesproductivity, and allows colleaguesto spend more time delivering great serviceto guests. Technology is not replacing human interaction; it is enabling ourpeople to perform at their best, every day. In addition, the rich data that we get from these solutions allow us to optimise our deployment of labour by improved forecasting and scheduling of our teams. Q Looking ahead, how is Whitbread planning to deploy AI to support ourwider business plan—across areas such as demand forecasting, operations, and customer insight— while ensuring AI complements ourteams, strengthens decision making,and reinforces our ambitionto be the best budget hotel chain in Europe? We see artificial intelligence as a powerful enabler of better decision making across Whitbread. Our focus is on practical applications – such as improving demand forecasting, optimising operations, and generating deeper customer insight and rewarding experiences – where AI can enhance accuracy, speed, and consistency. This is a key part of our Hotel of the Future program, which has seen a number of experiments already trialled with our guests and teams on the ground. Just as importantly, we are clear that AI isthere to complement our teams, not replace them. We are taking a responsible, well governed approach that ensures transparency, security, and ethical use. Bycombining AI driven insight with human judgement and service excellence, we are strengthening our ability to deliver the best budget hotel experience in Europe. DRAFT - TBC Spotlight on Using AI to #### transform how guests discover, #### book and stay Lorem ipsum dolor sit amet consectetur adipiscing elit. Quisque faucibus ex sapien vitae pellentesque sem placerat. In id cursus mi pretium tellus duis convallis. Tempus leo eu aenean sed diam urna tempor. Pulvinar vivamus fringilla lacus nec metus bibendum egestas. Iaculis massa nisl malesuada lacinia integer nunc posuere. Vitiasperum quid quia doloremporro berum accuptatio. Luptae. Nemolo maio. Itae dolupic te sedi necabo. Ibusape rehenis ea veliquae post, ni destiori berum aut idus etur, alit quae. Rati ute pro eatectibus et ius modici ni se vent, sinima sunt eum hiciandam voluptatem conecatis venimet, untur moluptatem doluptatem aut a doloriorem este nos dolorep ellant, asperum net earchici doloritatet int arcipsa eosam, qui rae. Increases in return guest rates forhotels using AI for personalisedmarketing 1 15–50% 41STRATEGIC REPORT ![]() 42 #### Whitbread PLC Annual Report and Accounts 2025/26 #### LONG-TERM GROWTH STRATEGY ### Enhance our ### capabilitiesto support ### long-term growth Our vertically integrated model is underpinned byour strong, asset-backed balance sheet and a disciplined multi-year programme of investment. This keeps us ahead of our competitors and drives long-term growth. #### KPIs 2026/27 cost efficiencies guidance £[x]m Total new rooms to open 1 in2026/27 [•]–[•] 2025/26 UK return on capital employed† [•]% Group freehold:leasehold mix 2 [•]%:[•]% Fitch rating 3 ### [BBB] [Average net capital expenditure perannum to 2029/30 ] £[•]m #### Our strong balance sheet is a key source #### ofcompetitive advantage • Investment grade status ensures access to debt markets atattractive rates. • Selective sale and leasebacks can raise additional funding atcompetitive rates, if required. Funding • We are a highly attractive and trusted partner. • Strong advantage in competitive transactions. • Helps us to secure more favourable lease terms. 1 [Across the UK, Ireland and Germany.] 2 [Group open and committed pipeline.] 3 [Fitch Ratings, [January 2025.] Strength of covenant • Proven resilience during periods of macroeconomic uncertainty. • Ability to execute quickly whilst maximising returns bylocation. • Our scale and property expertise can unlock value-enhancing opportunities. • Control over network planning and customer proposition. • Ability to invest in our efficiency programme. Strategic and financial flexibility STRATEGIC REPORT ![]() 43 #### Whitbread PLC Annual Report and Accounts 2025/26 #### Investing to maximise return #### on capital Our ongoing programme of investment is focused on sustaining our market-leading position in the UK and on increasing our return on capital, both in the UK and Germany. Extending and optimising our hotel network, improving our guest proposition and infrastructure, as well as continuing to drive our Force for Good sustainability programme are all central to our long-term success. Each of these initiatives is described in more detail below. Estate growth and optimisation We see significant long-term growth potential in the UK and Ireland and are focused on reaching double-digit returns in Germany by[2030/31]. With a flexible approach to property ownership, we are able to maximise our ability to secure the best sites. With a large freehold portfolio, we are also able to optimise our estate, realise development profits and recycle capital into higher-returning investments. This includes exiting smaller, less profitable sites and reinvesting the proceeds in more efficient, larger sites as well as new extensions as part of AGP. By maintaining a lower, but still significant level of freehold, the Group can continue to benefit from the advantages outlined above, whilst also remaining investment grade. Read more on page [•] Guest proposition Continuing to deliver for our guests with a consistent, high-quality offer is a key driver behind our market-leading position. During 2025/26, we continued the roll-out of our new standard room format, ID5, as well as more of our Premier Plus and twin rooms that command a healthy RevPAR premium versus a standard room in the same hotel. With c.£[250]m invested in non-expansionary capex during the year, we continue to seek ways to meet our high standards whilst also controlling our costs. This includes the development of new products, services and features that will further enhance the guest experience and ensure Premier Inn is their first choice whenever they are staying away from home. Read more on page [•] Technology Most of our guests’ purchase decisions takeplace online, resulting in the majority of our revenues being generated via digital channels. The performance and reliability of our technology infrastructure are therefore central to our ongoing success. Having upgraded our reservation system and associated technology stack in March 2024, we are now seeing benefits from new revenue streams and enhanced digital capabilities. Having completed the replacement of [94,000] door locks across our estate, wewill soon be able to offer guests the ability to check-in using a digital room key,enhancing the customer journey and reducing operational costs. Having already introduced the use of artificial intelligence (AI) in several areas of the business, including our customer contact centre and food waste, we are exploring ways that we can use it further, which together with the continued upgrade of our digital networks and systems will further improve the quality of service forour guests and unlock additional costefficiencies. Read more on page [•] Teams Our teams are at the heart of our long-term success. Whilst well-designed training and competitive pay and rewards can encourage team stability and retention, the consistent promotion of a positive business culture and a passion for excellence ensures that our teams are engaged and remain focused on delivering for our guests. Whilst some of our team members will beimpacted by the extension of the AGP (should we go ahead following consultation), we will seek to mitigate this by offering alternative opportunities across the Group wherever possible and by providing dedicated support to our teams. Read more on page [•] Force for Good Our sustainability programme is fully embedded into our business strategy andacross all areas of our business. Our vertically integrated model means we are able to effect change that many other operators cannot, and our programme holds us accountable for the changes we are seeking to make. As referenced throughout this report and in our ESG report [INSERT LINK], driving positive change for our people, our communities and the wider environment ensures that our business is sustainable for the long term, and is one that all of our stakeholders continue to value and support. Read more on page [•] Lean and agile cost model By capturing the vast majority of the value chain, we are able to exercise considerable control over our cost base. While the breadth of our business means that inflationary pressures are always present, our strong business culture means we are continuously seeking ways we can improve and adopt new, more efficient ways of working. Whilst inflationary pressures remained higher than anticipated in 2025/26, to help mitigate the impact of inflation we are committed to delivering £[250]m of cost efficiencies between [2026/27] and [2030/31]. Read more on page [•] £[2]bn available for dividends and share buy-backs Our New Five-Year Plan is designed to maximise shareholder returns over the medium-term. With a reduced level of capital intensity, areduction in the amount of freehold property held by the Group and the expected increase in profitability over the life of the plan, it is expected that the Group will deliver a significant uplift in returns. At the same time, with the expected increase in profits and [free] cash flow, we will be able to return over £[2]bn to shareholders by 2030/31. Read more on page [•] Image: Robot vacuum STRATEGIC REPORT ![]() 44 #### Whitbread PLC Annual Report and Accounts 2025/26 ## Delivering a ## step-change in ## performance #### Statutory revenue Statutory revenue of £[2,920]m (2024/25: £2,922m) was slightly lower than the prior year, reflecting a [1]% increase in UK accommodation sales and positive momentum in Germany, offset by the reduction in F&B revenues as a result of the AGP. #### Adjusted EBITDAR Adjusted operating costs reduced by [2]% in the period to £[1,848]m (2024/25: £1,893m), driven by the impact of a more efficient F&B offering and our continued progress on cost efficiencies that helped to mitigate the impact of increased levels of cost inflation. Adjusted EBITDAR† increased by [4]% to £[1,074]m (2024/25: £1,030m). #### Adjusted operating profit Right-of-use asset depreciation increased by [7]% to £[209]m (2024/25: £194m) reflecting the impact of rent reviews, which accounted for the majority of this increase, as well as sale and leaseback transactions completed during the period. Our estate growth, in combination with our continued focus of investing in our core estate, meant that other depreciation andamortisation charges increased by [5]% to £[218]m (2024/25: £208m). Despite these increases, adjusted operating profit† increased by [3]% to £[649]m (2024/25: £630m). #### Financial highlights FY26 £m FY25 £m vs FY25 % Statutory revenue [2,920] 2,922 — Other income (excluding rental income) [2] 1 [90]% Operating costs before depreciation, amortisation and rent [(1,848)] (1,893) [2]% Operating costs before depreciation, amortisationand rent [1] (1,893) — Adjusted EBITDAR [1,074] 1,030 [4]% Net turnover rent and rental income [1] 2 [(20)]% Depreciation: right-of-use asset [(209)] (194) [7]% Depreciation and amortisation: other [(218)] (208) [5]% Adjusted operating profit [649] 630 [3]% Net finance costs (excluding lease liabilityinterest) [11] 20 [(44)]% Interest: lease liability [(177)] (167) [(6)]% Adjusted profit before tax [483] 483 — Adjusting items [(185)] (116) [(60)]% Statutory profit before tax [298] 368 [(19)]% Tax expense [(86)] (114) [25]% Statutory profit after tax [213] 254 [(16)]% “We delivered a positive financial performance in the UK, continuing to outperform the market and made strong progress in Germany, reaching profitability. As a result, we delivered Group adjusted profit before tax† of £483m.” Hemant Patel Chief Financial Officer #### CHIEF FINANCIAL OFFICER’S REVIEW STRATEGIC REPORT RNS-related content ![]() 45 #### Whitbread PLC Annual Report and Accounts 2025/26 withcumulative cash costs to date being £[74]m (2024/25: £66m). At this time, the Groupexpects to incur future costs presented within adjusting items across the next threefinancial years of up to £[5]m. The Group has incurred legal, advisory and project management costs regarding the announced changes to facilitate the AGP. Cash costs incurred relating to the AGP and presented within adjusting items in the year were £[4]m, with cumulative cash costs to date being £[30]m. At this time, the Group expects to incur future cash costs associated with these programmes and presented within this adjusting item across the next three financial years of up to £[X]m in total. As part of the Group’s strategic supply chain programme, the Group has incurred costs of£[3]m (2024/25: £24m) in relation to associated IT and project management costs. Themove to a new supplier allows the Group to make use of a different supply model andit is expected the commercial and strategic benefit will be seen over the long-term. The Group completed the previously announced restructuring of its UK Support Centre, resulting in a charge of £[2]m. [Taxation] The tax charge of £134m on the profit before adjusting items (2023/24: £160m) represents an effective tax rate on the profit before adjusting items of 27.8% (2023/24: 28.5%). This ishigher than the UK corporate tax rate of 25.0%, primarily due to the impact of overseas tax losses for which no deferred tax has been recognised. The statutory tax charge for the period of £114m (2023/24: £140m) represents an effective tax rate of 31.0% (2023/24: 30.9%). This is higher than the effective tax rate on the profit before adjusting items of 27.8%, primarily due to impact of the impairment of Germany property in the year. #### Statutory profit after tax Statutory profit after tax for the year was £[213]m, compared to a profit of £254m in2024/25. #### Earnings per share FY26 £m FY25 £m vs FY25 % Adjusted basic earnings per share† [208.5]p 194.6p [7]% Statutory basic earnings per share [123.3]p 141.5p [(13])% Adjusted basic profit per share† of [133.7]p and statutory basic earnings per share of [123.3]p reflect the adjusted and statutory profits reported in the period and are based on a weighted average number of shares of [173]m (2024/25: 179m). The reduction in the weighted average number of shares reflects shares purchased and cancelled as part of the Group’s previously announced share buy-back programmes. #### Central and other costs FY26 £m FY25 £m vs FY25 % Operating costs before depreciation, amortisationand rent [(34)] (37) [9]% Share of profit from joint ventures [5] 5 — Adjusted operating loss† [(29)] (32) [10]% Net finance income [11] 20 [(44)]% Adjusted profit/(loss) before tax† [(18)] (12) [(48)]% #### Net finance costs Net finance income (excluding lease liability interest) reduced in the year to £[11]m (2024/25: £20m), reflecting lower interest receivable on cash balances following the repayment of the £450m bond in October 2025, completion of the £250m share buy-back and the impact of lower UK interest rates. Interest on lease liabilities increased by [6]% driven by the impact of the sale and leaseback transactions completed during the year. #### Adjusted profit before tax Adjusted profit before tax† for the year was flat at £[483]m (2024/25: £483m). #### Adjusting items Total adjusting items before tax were a charge of £[185]m in the period, compared toa£116m charge in 2024/25. During the year, insurance settlements of £[3]m were received in relation to damaged inventory. Impairments of £[130]m (2024/25: £44m) were recognised in relation to the AGP and £[32]m of impairments (2024/25: £33m) were recognised on non-AGP assets. Within the £[130]m of impairments in relation to the AGP, the Group has recognised £[28]m (2024/25: £[41]m) of accelerated depreciation arising from site extensions and conversions in relation to the AGP to transform and exit a number of the Group’s branded restaurants. Acommitment is deemed to exist from the date that the site has both planning permission and an approved internal business case to proceed. From this point, the useful life of affected assets is reassessed to the expected completion date of the redevelopment. The Group recorded gains of £[7]m (2024/25: £40m) from property disposals, including sale and leasebacks. A provision of £[1]m related to historic tax positions was released, offset by a new property-related provision of £[15]m. The Group has incurred significant business change costs in relation to the implementation of the Group’s new hotel management system, HR & payroll system and our strategic network programme to upgrade the IT networks across our estate. Cash costs incurred onthe programmes and presented within adjusting items in the year were £[8]m, STRATEGIC REPORT RNS-related content ![]() 46 #### Whitbread PLC Annual Report and Accounts 2025/26 #### CHIEF FINANCIAL OFFICER’S REVIEW CONTINUED #### Cash flow FY26 £m FY25 £m Adjusted EBITDAR† [1,074] 1,030 Change in working capital [4] 5 Net turnover rent and rental income [1] 2 Lease viability and principal lease payments [(350)] (313) Adjusted operating cash flow† [729] 723 Interest (excluding IFRS 16) [(11)] 8 Corporate taxes [(100)] (50) Pension [(6)] (18) Capital expenditure: non-expansionary [(247)] (247) Capital expenditure: expansionary 1 [(438)] (241) Acquisitions [(22)] (12) Disposal proceeds [30] 81 Proceeds from sale and leaseback of property [283] 56 Other [(13)] (40) Cash flow before shareholder returns and debt repayments [205] 260 Dividend [(169)] (178) Share buy-back [(250)] (264) Purchase of own shares for ESOT [(11)] — Payment of facility fees and costs of long-term borrowings [(1)] (2) Net cash flow [(226)] (185) Opening net cash† [(483)] (298) Closing net debt† [(709)] (483) 1 2024/25 includes £2m payment of contingent consideration Our vertically integrated model and continued focus on tight cost control meant that wewere able to deliver cost efficiencies of £[97]m which, together with the benefit from converting lower returning branded restaurants into a more efficient F&B offering, meant that operating costs reduced by [1]% in the year, driving a [2]% increase in adjusted EBITDAR to £[1,074]m (2024/25: £1,030m). Lease liability interest and lease repayments increased by £[37]m to £[350]m driven by the impact of rent reviews, which accounted for the majority of this increase, as well as the sale and leaseback transactions completed during the year. Together with a working capital inflow of £[2]m (2024/25: £5m), this meant that adjusted operating cashflow† increased to£[728]m (2024/25: £723m). The corporation tax net outflow in the year was £[100]m (2024/25: £50m). This comprises payments of £[X]m in the UK and £[X]m in Germany. Non-expansionary capital expenditure in the year of £[247]m partly reflects hotel refurbishments and spend incurred for the Group’s systems-related IT projects. The biggest driver of the increase in expansionary capital expenditure of £[438]m was the £[X]m spent on the AGP and the continued development of our committed pipelines in both the UK and Germany. By continuing to optimise our estate and take advantage of value-enhancing opportunities, we generated proceeds from property-related disposals of £[313]m including £[283]m from sale and leaseback transactions together with other property disposals, including those related to the AGP, of £[30]m. The significant operating cashflow generated in the period, together with property related disposals, helped to fund our continued programme of investment, resulting in a cash inflow before shareholder returns of £[201]m (2024/25: £260m). As announced with the Group’s preliminary results on 1 May 2025, the Board recommended a final dividend of [60.6] pence per share reflecting the strength of the Group’s FY25 performance and strong balance sheet. The resulting payment of £[107]m was paid on 4July 2025. At the interim results in October 2025, the Board declared an interim dividend of [36.4] pence per share, resulting in a £[62]m dividend payment. On 30 April 2025, the Board approved a £250m share buy-back which was completed in the year. As a result, net debt† at the end of the period was £[709]m (2024/25: £483m). #### Debt funding facilities and liquidity Facility Utilised Maturity Revolving credit facility (740) — 2029 Green Bond (300) (300) 2027 Green Bond (250) (250) 2031 Bond (400) (400) 2032 (1,690) (950) Cash and cash equivalents [234] Total facilities utilised, net of cash 2 [(716)] Net debt† [(709)] Net debt and lease liabilities† [(5,230)] 2 Excludes unamortised fees associated with the debt instrument. 3 This measure aligns to the Fitch methodology, with the leverage threshold set at 3.5x lease-adjusted net debt adjusted EBITDAR for BBB- and 3.0x for BBB, both of which are within investment grade. The Group’s objective is to manage to investment grade metrics, maintaining a lease-adjusted leverage† ratio of less than 3.5x over the medium term 2 . In [January 2026], we received confirmation from Fitch Ratings that we have maintained our investment grade status with a rating of BBB. The Group’s lease-adjusted net debt was £[X]m (2024/25: £3,082m) and STRATEGIC REPORT RNS-related content ![]() 47 #### Whitbread PLC Annual Report and Accounts 2025/26 the lease-adjusted leverage† ratio was [3.3]x (2024/25: 3.0x). As at 26 February 2026, £[35]m of the £775m Revolving Credit Facility is carved-out as an ancillary guarantee facility for the Group’s use in Germany. At 26 February 2026, guarantees issued using thisfacility totalled €[30]m (2024/25: €30m). #### [Capital investment] FY25 £m FY25 £m UK maintenance and product improvement [X] 240 New/extended UK hotels [X] 179 Germany and Middle East 4 [X] 69 Total [X] 488 4 2024/25 includes £2m payment of contingent consideration (2023/24: £nil). UK maintenance expenditure in the period was slightly lower than last year at £240m (2023/24: £249m) and was driven by our accelerated refurbishment programme and spend relating to the Group’s strategic IT projects. UK expansionary spend of £179m includes the development of our committed pipeline as well as spend relating to the first phase of AGP. In Germany, capital expenditure of £69m was £19m lower than last year. As a result, total capital expenditure was £488m (2023/24: £509m). The balance sheet value of property, plant and equipment increased to £4.7bn (2023/24: £4.6bn) as the increased expenditure in growing and maintaining our estate was offset by transfers to assets held for sale, depreciation and impairment charges. #### Property backed balance sheet Freehold/leasehold mix Open estate Total estate 5 Premier Inn UK [53%:47%] [54%:46%] Premier Inn Germany [24%:76%] [28%:72%] Group [49%:51%] [50%:50%] 5 Open plus committed pipeline. The current open UK estate is 53% freehold and 47% leasehold. However, as the existing committed pipeline is brought onstream, the mix will become slightly more weighted towards freehold. The current estate in Germany is 24% freehold and 76% leasehold reflecting the skew towards leasehold properties in city centre locations. However, with the opening of our committed pipeline, this will shift to [28]% freehold and [72]% leasehold. New site openings in Germany and continued expansion in the UK resulted in right-of-use assets increasing to £[3.8]bn (2024/25: £3.7bn) and lease liabilities increasing to £[4.5]bn (2025/25: £4.2bn). #### Return on capital Returns 6 FY26 FY25 Group ROCE 11.0% 11.3% UK ROCE 12.8% 12.9% 6 Germany ROCE not included as losses were incurred in the year. Group ROCE† in the period was [11.0]% reflecting several factors including UK accommodation sales growth and positive momentum in Germany, offset by lower UK total revenue as a result of the impact of the AGP. #### [Events after the balance sheet date] [The Board of Directors approved a share buy-back on 30 April 2025 for £250m and is in the process of appointing the relevant brokers to undertake the programme in accordance with that approval.] #### [Pension] The Group’s defined benefit pension scheme, the Whitbread Group Pension Fund (the ’Pension Fund’), had an IAS19 Employee Benefits surplus of £132m at the end of the period (FY25: £135m). The slight change in surplus was primarily driven by: asset performance being lower than the discount rate; changes to the demographic assumptions which increased the assessed value of the pension obligations; and higher than expected inflation. This was partially offset by: an increase in corporate bond yields resulting in an increase in the discount rate used to value liabilities; and a reduction in expectations for future inflation. There are currently no deficit reduction contributions being paid to the Pension Fund. The Trustee has a right to hold security over £531.5m of Whitbread’s freehold property which will remain at this level until certain steps are taken in relation to the Scottish Partnership arrangements.. Following that, the security held by the Trustee will be revised to the lower of: £500m; and 120% of the buy-out deficit. There is an agreed process for the pension scheme actuary to calculate the buy-out deficit. The process of reducing the level of security held by the Trustee is expected to be concluded in late 2026/early 2027. #### Going concern The directors have concluded that it is appropriate for the consolidated financial statements to be prepared on the going concern basis. Full details are set out on page [167]. Hemant Patel Chief Financial Officer [29] [April] 2026 STRATEGIC REPORT RNS-related content ![]() 48 #### Whitbread PLC Annual Report and Accounts 2025/26 #### STAKEHOLDER ENGAGEMENT #### Section 172 statement #### Stakeholder engagement #### iscentral to the formulation #### anddelivery of our strategy. As part of this process, the views and interests of various stakeholders including the views of customers, employees, shareholders and suppliers are taken into account. Equally, the impact of our strategy on the communities in which we operate, and on the environment, is also considered. That way, the strategy is developed directly with those interests in mind. The interests of all relevant stakeholders are carefully considered by the Board and the Executive Committee as and when specific decisions are made throughout the year. Inits decision-making, the Board considers what is most likely to promote the success of the Company for its stakeholders in the long term and in a sustainable manner. Our directors understand the importance oftheir section 172 duty to act in good faith to promote the success of the Company. Every month, the Executive Committee considers a ‘Balanced Scorecard’ that measures performance against a range ofmetrics, both financial and non-financial. The non-financial metrics include guest satisfaction, team and guest safety, team retention, internal promotions, gender and ethnic diversity at leadership levels, and sustainability targets, like carbon and water reduction, as well as donations to Great Ormond Street Hospital Children’s Charity. The ‘Balanced Scorecard’ also goes to the Board regularly as part of the Board pack. The Chief Executive’s report gives details ofany relevant interaction with government or regulators, and key issues with suppliers and landlords. The Chief Financial Officer’s report includes details on recent engagement with shareholders and the pension trustee discussions and qualitative feedback on specific concerns. The Chief People Officer’s report provides details of all relevant employee-related matters, including recruitment, retention, diversity and inclusion, listening, wellbeing, training and reward. ## Building long-term sustainable ## success for everyone #### “ The Board is committed #### to prioritising decisions #### that support the long-term sustainable success of the #### Company for the benefit #### of its stakeholders.” Clare Thomas General Counsel and Company Secretary The General Counsel’s report contains an update on key developments on the Force for Good agenda, including work in the community, charitable fundraising, the environment, plastics and food waste. Italso includes best practice guidance ongovernance and legal regulatory updates. Any Board discussion on possible M&A activity includes wider impact assessments, considering issues such as integration with the current business, management capabilities, the impact on team members and our supply chain. The Board also takes into consideration thelong-term consequences for both the Company and its stakeholders when making these decisions, making sure the Company conducts its business in a fair way, protecting its reputation and external relationships. The Board receives regular updates oncustomer satisfaction, commercial performance, pricing strategy, operational activity, and investment programmes to ensure high quality guest experience and strong business execution. Throughout the year, the Company engages extensively with investors providing clarity on strategy, performance, governance, and ESG. Each year, the Chair supported by the Director ofthe Investor Relations team, Chief Financial Officer and General Counsel, meets with investor stakeholders to reviewthe Company’s performance. Image: Hub by Premier Inn Snowhill STRATEGIC REPORT ![]() 49 #### Whitbread PLC Annual Report and Accounts 2025/26 ### Insightful and well-considered ### strategic decision-making #### Board information • Forward agendas are available to allow the Board to plan ahead of time and to ensure the appropriate allocation ofagenda time to each stakeholder group. • Detailed papers are circulated a week in advance of Board meetings giving directors due time to consider them. • An annual Board strategy day allows the Board to consider and agree key strategic priorities. • The Board partakes in group site visits and training. #### Resources available • The Board is supported by the Company Secretary who is present at every Board meeting. The Board also has access to the advice of the Company Secretary on governance matters all year round. • The Board has access to external advisers, who attend regular Board meetings, should it need advice on specific matters. #### Board decisions • The Board culture fosters open discussion and constructivechallenge from the non-executive directors. • The Board benefits from the diverse skills, knowledge and experience of directors when making key strategic decisions and performing its duties under section 172. #### Review • The composition of the Board is constantly monitored to ensure the right balance of skills and experience is maintained. • The performance of the Board is evaluated in line with the UK Corporate Governance Code 2024. • Decisions and outcomes are reviewed to ensure intended outcomes are achieved. Image: Premier Inn Birmingham Oldbury STRATEGIC REPORT ![]() 50 #### Whitbread PLC Annual Report and Accounts 2025/26 #### STAKEHOLDER ENGAGEMENT CONTINUED • The Board reviews the Speaking Out process to ensure we have the right platform for employees to raise concerns. • The Board discusses Whitbread’s overall people strategy on an annual basis, receives a bi-annual report on overall talent health, and also receives an updateon employee engagement. People strategy encompasses all facets of our approach to people and engagement, including diversity andinclusion. • Diversity and inclusion is specifically considered as part of all Board appointments. This is guided by the Board diversity policy, which was updated in March 2024, and the Gender and Ethnicity Pay Gap Report 2025. More detail on this can be found on our website: www.whitbread.co.uk • Diversity and inclusion is also discussed aspart of the succession planning process which includes a focus on creating a diverse pipeline at the senior management level. The Board discussed the various diversity and inclusion networks: GLOW, REACH, eNable and GEN. • The Chief People Officer’s report regularly updates the Board on progress against allareas ofthe people strategy. • The Board receives reports on health and safety management bi-annually; statistics are included in the monthly KPI pack and any serious incidents are reported immediately to the Board. Outcomes of engagement • Significant investment in pay and rewards for teams with an average 6% increase for hourly paid team members and 3% increase for salaried and Support Centre roles. Bonus incentives awarding over £20m to UK management. • Further reduction of 2.5%pts in team turnover rates in the UK, building on reduction of c.5%pts in prior year, and high engagement scores from our employees across both the UK and Germany. • We made progress on female representation in leadership to currently stand at 40.4% and ethnic representation in leadership to 7.4%; targets established for both to maintain our progress through to 2026. Board considerations • ‘Our Voice’, a body made up of elected representatives across the business, represents the views of employee constituencies to senior management, including an annual session chaired by the Chief Executive. The Board receives reports of these meetings. • Over the year the Board has focused discussions on team member pay, taking into consideration the cost of living, the impact on our hourly paid employees, and any changes in legislation likely toimpact our approach to reward. • The Chief Executive, in his Board report, outlines and makes proposals in relation to team retention and reward strategies and the Board reviews monthly KPI data regarding team retention and other employee measures as part of Whitbread’s balanced scorecard. #### Employees #### Our people are the key to our success. A talented, engaged #### and diverse workforce is critical #### to support our growth ambitions #### in the UK and Germany. What our employees tell us matters tothem • A healthy and safe working environment. • Industry-leading training and development. • Career development opportunities. • Market-leading reward and incentivestructures. • Focus on team member wellbeing. • A diverse and inclusive culture in whicheveryone is welcome and can bethemselves. • Open, honest and transparent management processes. Image: Hub by Premier Inn Snowhill STRATEGIC REPORT ![]() 51 #### Whitbread PLC Annual Report and Accounts 2025/26 #### Customers are at the heart #### of our business and Board #### decisions are driven by a #### desire to provide our guests #### with a consistent, high-quality experience at a great price to #### ensure they keep coming back. What our customers tell us matters tothem • Consistent, high-quality hotels to stay in with a quality food and beverage offering, for a great price. • Brilliant service from our teams. • Excellent standards in our hotels andrestaurants, which are clean, safeandwelcoming. • Healthy and responsibly sourced menu choices including vegan and fish items onthe menu. Board considerations • The Board receives regular updates oncustomer satisfaction scores. • The Board receives a monthly reportoncommercial, pricing andoperational performance. • Quarterly in-depth reviews are provided into pricing and commercial strategies inthe UK and Germany. • The Board approves the refurbishment schedule and repairs and maintenance programmes. The Board also reviews aprogramme of investment to ensure wemaintain the high quality expected byourguests. #### The Group conducts a #### wide-reaching investor relations programme throughout the #### year and seeks to engage on #### a range of topics including #### financial and operating #### performance, business strategy #### and governance, as well as our #### Force For Good sustainability #### programme. What our investors tell us matters tothem • Clear and well-communicated strategy. • Evidence of strong execution against thatstrategy. • Financial performance, both in absolute terms and relative to the competitive set. • Capital structure and capital allocation. • A proactive programme of engagement on key topics. • Leadership, governance and remuneration. • A progressive ESG programme. • Identification and management of key risks. Outcomes of engagement • Market outperformance and YouGov scores demonstrate the quality and value of the brand proposition and its popularity. Outcomes of engagement • We conducted hundreds of investor meetings over the past year, not just with existing shareholders but also large numbers of other investors, both in the UK andinternationally. We also maintained a regular dialogue with over 20 sell-side analysts that produce written equity research on the Company. • We received helpful input regarding non-executive succession planning, remuneration policy development and certain other ESG-related topics. Board considerations • The Board receives monthly updates on changes to the share register and market expectations as well as recent engagement with shareholders and otherinvestors. • The Chair and General Counsel consulted with a number of shareholders during the year; key themes discussed included strategy, financial and operating performance, business culture, remuneration and ESG. • The Chief Executive, Chief Financial Officer and Investor Relations team have conducted meetings with shareholders, prospective investors, banks and bondholders throughout theyear. • The Board receives a presentation at least once each year from its brokers on the current views of investors and on issues which may need to be addressed. • The Board considers very carefully whether the Company is fairly valued andwhat steps can be taken to enhance valuefurther. • The Board has visibility of and input to the investment made in our digital product and customer journey. • The Board considers room innovations periodically, e.g. Premier Plus rooms andtwinrooms. • The Board considers brand positioning, marketing campaigns and digital strategies. • The Remuneration Committee includes customer measures in the remuneration structures for key team members. #### Customers Investors Image: Premier Inn Margate STRATEGIC REPORT ![]() 52 #### Whitbread PLC Annual Report and Accounts 2025/26 Read more in our Modern Slavery Statement 2025/26 www.whitbread.co.uk/ #### STAKEHOLDER ENGAGEMENT CONTINUED #### The Board values its #### relationships with suppliers #### and fosters these carefully #### to support the long-term sustainable success of #### theCompany. What our suppliers tell us matters tothem • Payment on time and in full. • Good communication: strong and consistent levels of demand and transparent feedback on performance. • Tackling modern slavery. • A plan to reduce carbon through thesupply chain. Whitbread is committed to #### doing right by the communities in which we operate and the environment. This is embedded #### in our Force for Goodprogramme #### and brought to life in our #### ambitioussustainability targets. What our communities tell us matters to them • A robust health and safety programme for team members and guests. • An ambitious environmental programme which includes Scope 1, 2 and 3 carbon reduction targets in line with 1.5 o C of global warming, and targets to eliminate waste, particularly food waste, and reduce waterusage. • Ensuring that our critical commodities aresourced sustainably and responsibly. • Supporting local communities with economic opportunities and raising fundsfor our chosen charities, national and local. Board considerations • The Board has received presentations regarding our sustainability programme, Force for Good. • The Board receives regular updates on key developments in the Force for Good programme and provides comments and views on material issues. Outcomes of engagement • The move to the new logistics provider delivered a 50% improvement in distribution efficiencies. Outcomes of engagement • Over our 14-year-long partnership with Great Ormond Street Hospital (GOSH), we have raised almost £29million. • Scope 1 and 2 emissions intensity has been reduced by 63.0%/m 2 from our 2016/17baseline. • We have reduced our water consumption by 18.0% per sleeper from our 2019/20 base year. • We have cut our food waste by almost 40% from our 2018/19 baseyear. Board considerations • The Board has discussed inflation in the supply chain as part of the Chief Financial Officer’s report. • The Board considers and approves a Modern Slavery Act Statement each year. • The Board approves material contracts with suppliers. This year, the Board has reviewed and approved contracts with anew logistics supplier. • The Board has received presentations regarding our sustainability programme, Force for Good, which includes responsible sourcing. #### Suppliers Communities and the environment Image: Premier Inn Margate STRATEGIC REPORT Image to be updated ![]() 53 #### Whitbread PLC Annual Report and Accounts 2025/26 #### Pension scheme trusteeLenders #### The Board has identified our key lenders as our syndicate of #### banks that participate within our revolving credit facility, and #### our bondholders, whohold our #### 2021 and 2025 issued bonds. What our lenders tell us matters tothem • Our current performance and financingstrategy. • The nature and quantum of debt and level of liquidity of the Group. • Our ability to service the debt interest payments and repayment at maturity. • Our credit rating and commitment toinvestment grade metrics. • Our covenant and compliance certification. • The Green Bond framework. We are committed to maintaining our positive and #### constructive relationship with #### the pension scheme trustee #### and to ensuring security ofmembers’ benefits in thepension scheme. What key aspects govern the pension scheme • Pension scheme funding and investment strategy, supported by a strong Whitbread covenant, that ensures the long-term security of members’ defined benefits. • Value for money defined contribution arrangements and engaging communications that support membersinsaving for retirement. Board considerations • The Chief Financial Officer attends a meeting with the trustee annually to present, andanswer questions on, the Company’s annual results and its ability to meet its obligations to the pension scheme. Outcomes of engagement • Debt capital structure that is optimum for the Group. • A base of lenders that can support the Group’s financing and operational needs. • Robust relationships with lenders that are continually monitored, and facilitate refinancing and access to sources of finance when needed. • The support and access to product offerings that the lenders provide. Outcomes of engagement • Strong and open relationship with the pension scheme trustee. • Well-funded pension scheme and security of defined benefits. • Ongoing engagement on defined contribution arrangements in the best interests ofmembers Board considerations • Once a year the Chief Executive and ChiefFinancial Officer meet the key lenders within the revolving credit facilityto discuss the annual results andbusiness performance. • The Group holds a fixed income call withour bondholders after the annual results presentation. • The Group Finance Director is in regular contact with our banks’ relationship teams, discussing operational and strategic financing requirements, and ourTreasury team engages to manage the Group’s operational requirements. • We continue to monitor and discuss withthe banks their strategy and ability to lend to the Group in the future and anychanges that may impact this. • A Company representative (at the invitation of the trustee and, subject toany conflicts) attends the trustee’s Benefits Sub-Committee and Funding &Investment Sub-Committee meetings. Attendance at the latter enables an understanding of any investment changes that are planned andcan provide a Company view whereappropriate. • At least twice a year, a senior member of the Finance team meets with the Funding &Investment Sub-Committee and its covenant adviser to give an update onCompany performance and answer anyquestions. • The Board receives presentations in relation to pension issues, including the funding position, triennial valuation and investment performance. • We have been actively engaging with the Trustee to conclude the triennial Actuarial Valuation for the pension scheme as at 31March 2025. Discussions are well advanced, and we are on target to conclude by the statutory deadline of 30th June 2026. STRATEGIC REPORT ![]() 54 #### Whitbread PLC Annual Report and Accounts 2025/26 Whitbread has a proven track record over our 284-year history in successfully evolving to meet the challenges of tomorrow. We have a strong collegiate culture, rooted in serving guests, caring for our teams and doing the right thing. Delivering for our guests is our primary focus and we know that our people are at the heart of that delivery every day. Ensuring that our teams are engaged so that they can maintain our brilliant service levels is a key underpin in our fantastic guest satisfaction scores and the continued profitable growth of the business. Whitbread has no barriers to entry, and no limits to ambition for our people. It is the best place for anyone to pursue a career inhospitality. There is much to celebrate from the last year. We continue to have a highly engaged, inclusive, and capable workforce, directly supporting our business growth. Team retention climbed to a record high and employee engagement remains strong, with a score of 73% in the UK (74% in Germany). We are a diverse and inclusive business and we made good progress within our leadership group against our gender representation target, increasing to 40.4%. Ethnic minority leadership representation declined slightly to 7.4% but we have made significant progress in the last five years and are confident that we are progressively becoming a more inclusive organisation. Wealso made significant investment in pay and recognition, expanded our talent pipeline through training and apprenticeships, and enhanced wellbeing support for our c.30,000 team members. Our culture, underpinned by our refreshed Whitbread Values – Warm + Welcoming, Passionate + Proud, Budget + Brilliant – fosters teamwork and service: we believe that delivering for our people enables them to deliver outstanding service for our guests. It’s important to me that we attract, develop, and retain talent from all parts of society and social mobility is reflected both in our People Strategy and through the Opportunity pillar of our Force for Good programme. Whitbread creates jobs in hundreds of local communities, helping people build skills and careers. I am particularly proud of the work we do to unlock opportunities for young people from disadvantaged backgrounds, supporting students with special educational needs and care-experienced young people into meaningful, paid work, through enhanced partnerships with both Derwen and Hereward Colleges and Barnardo’s. In FY26, we built on last year’s progress by modernising the employee experience and streamlining people processes to support growth and efficiency. We fully deployed our new digital People system, Dayforce, across the UK and Germany, giving team members mobile access to information important to them in their roles, like payslips, schedules, and their benefits. Dayforce alsounlocks richer workforce insights to management and will be a key enabler infurther enhancing our scheduling and efficiency sophistication. We are proud topay ahead of the National Living Wage and that the majority of our teams have opportunity to progress their pay rate based on skills progression. We continued our journey of simplification in our hourly pay structure, building on the work last year reducing pay rate variations from over 150 to c.30 rates, to encourage multi-skilling and enable our teams to serve guests wherever they are. Additionally, we redesigned our Support Centre organisation and simplified hotel management layers, bringing clearer accountabilities and faster decision-making closer to guests. These changes have enhanced agility and removed complexity, ensuring we have the right capabilities for future growth in the UK and internationally. ## A highly engaged ## workforce #### CHIEF PEOPLE OFFICER’S REVIEW “ Whitbread is a special place to work and our brilliant people are fundamental to our sucess: warm and welcoming, passionate and proud.” Rachel Howarth Chief People Officer STRATEGIC REPORT ![]() 55 #### Whitbread PLC Annual Report and Accounts 2025/26 to ensure we find the right routes to efficiency without compromising on those experiences. These challenges and ongoing change will require continued attention, but our progress this year – achieving or exceeding many of our people targets – gives confidence that we have the right foundations in place. We will continue to be a company where our people can thrive, with no barriers to entry and no limits to ambition, which in turn underpins the sustainable value we deliver to shareholders. Investing in our teams’ pay, #### reward, and benefits In FY26 Whitbread made positive investments in pay and rewards to support our teams amid a high cost-of-living environment and to remain competitive for talent. In April 2025 we delivered a multi-million pound pay increase for hourly team members – averaging 6% – keeping all Whitbread pay rates ahead of the National Living Wage and National Minimum Wage. This followed the record £40m pay uplift we gave in April 2024. OurSupport Centre and site management teams in the UK received 3% pay awards. Furthermore, we paid out bonuses for FY25 performance, awarding over £20m in annual incentives to UK management, and over 2,000 hourly team members earned payouts under our “All Green” incentive scheme (c.£500k total). Our teams in Germany received c.2.5% pay awards, aligned to local market standards, and most also had a special payment above their regional Tariff agreement. In the UK and Germany Support Centres, we introduced broader work levels and refreshed reward packages, including a new bonus scheme structure that delivers a consistent framework at all levels, including an element linked to personal goals to ensure real focus on driving performance. Beyond pay, we have fostered a culture of recognition and appreciation. Building on our Whitbread “Heroes” long-service awards, under which we gave over 7,000 awards this year representing a combined 25,000 years’ worth of service, we also launched a new real-time digital recognition platform inFY26. The “Wonderfully Whitbread” programme, introduced to O perational teams earlier in the year and to Support Centre colleagues in September 2025, provides a digital hub for peer-to-peer thankyous, e-cards, and award nominations. This programme has begun to “supercharge” our recognition culture, making praise and thanks a daily habit andfurther boosting engagement. These rewards recognise the hard work of our teams in delivering outstanding results, and help motivate and retain talent in a competitive labour market. #### Supporting our teams #### todeliver for our guests We take pride in our teams’ delivery for ourguests which is underpinned by the ongoing stability and engagement of ourhotel and restaurant teams. Employee turnover improved again this year, having already seen significant improvement over the previous two years. We now have the most stable teams we have ever had which yields productivity benefits through more experienced employees better equipped toserve our guests, as well as lower hiring and training costs. Whitbread’s employee engagement also remained strong: people choose to stay with us and tell us they enjoy working for us. Our latest Your Say survey in Autumn 2025 showed robust advocacy and pride: 3in 4 colleagues would recommend Whitbread as a place to work, and a similar proportion feel proud to work here. Key drivers cited by employees include our focus on development opportunities, inclusive culture, and supportive management. Notably, engagement was resilient following some programmes of operational changes in the prior year, both as part of our Accelerating Growth Plan and our simplification of management structures. We always endeavour to be transparent in our communication to our teams and support them through change with a strong focus on redeployment opportunities and signposting to our suite of wellbeing resources. Many of our team actively chose to stay with Whitbread as we implement change and we always endeavour to retain our talent. More broadly, ensuring our team members’ wellbeing – mental, physical, and financial – remained a top priority throughout FY26. We expanded our network of trained mental health first aiders across hotels and offices, providing confidential peer support and our teams continue to benefit from access to our “Spectrum Life” wellbeing app, delivered in partnership with Hospitality Action. This gives all employees on-demand access to wellness tools – from guided meditations and a digital fitness programme to nutrition guides and podcasts. This complements our24/7 Employee Assistance helpline, andwe continue to give employees a routeto safely raising concerns via our “Speaking Out” whistleblowing service. With inflation still impacting household budgets, we steppedup support for colleagues’ financial understanding. We ran an ongoing financial education programme covering budgeting, debt management, and saving for retirement. During Pension Awareness Week in September, we promoted our generous Whitbread pension scheme to our teams across the UK; our scheme is open to all and we match employee contributions up to10% of salary. We also continued to offer our popular Whitbread Save As You Earn (Sharesave) scheme, giving employees a chance to share in the company’s success; Listening to employees remains at the heart of our approach. We partner closely with Our Voice, Whitbread’s elected employee forum, through regular meetings and our annual CEO/CPO-led summit, so that frontline feedback shapes decisions. This open dialogue spurred ideas for menu improvements, recognition initiatives for our Night Team Members and informed the roll out of better food waste communication tools, including our “too good to go” app that is now available in 90 sites. Our Voice helps us manage change in ways that matter to our teams and also contributes to sustained high engagement: we moved to a composite engagement metric this year based on employee satisfaction, enthusiasm, pride, and advocacy, and our initial score via our Your Say survey was a very encouraging 73%. The proposed extension of our Accelerated Growth Plan in the year ahead will impact roles across our branded restaurants; plans are subject to appropriate consultation with all affected team members. We recognise that this will be an unsettling period of change for our teams and we will work withimpacted colleagues to support them in finding alternative roles and upskilling. New roles serving food and beverages to our guests in Premier Inn will open up and we typically hire up to 15,000 each year in our normal operational running of the business . Whitbread is a people business. Our people consistently deliver for our guests today and will be a key enabler of our strategic aspirations for growth and transformation tomorrow. We are not complacent about the external factors through FY27 that willadd complexity and challenge for us. Recent budgetary and regulatory changes will be cost inflationary and the Employment Rights Act will be a significant change to the employment landscape. However, we pride ourselves on the experience we deliver for our teams and guests and will continue STRATEGIC REPORT ![]() 56 #### Whitbread PLC Annual Report and Accounts 2025/26 the 2025 Sharesave invite had strong participation, underscoring colleagues’ confidence in our future growth. We believe that by looking after ourteams’wellbeing, we foster the engagementand service excellence thatdrive our business performance. #### Diversity & Inclusion We made solid progress on inclusion and diversity in FY26, building on momentum from the prior year. At a senior leadership level, female representation stands at 40.4%, versus 32% in 2020. Whilst we are pleased with our progress in the last five years, and a year on year improvement, we have a more ambitious internal target of 45% women in senior leadership by the end of2026. Ethnic minority representation is 7.4%, and we recognise that we have work to do to achieve our target of 10% by the end of 2026. Whitbread’s Board and Executive team are closely monitoring these metrics, with diversity considered in all senior appointments and succession plans. Our four internal inclusion networks – GEN (Gender Equality), REACH (Race, Ethnicity and Cultural Heritage), GLOW (LGBTQIA+), and enAble (Disability and Neurodiversity) – were extremely active this year, raising awareness and driving policy improvements. For example, after years of dedicated focus on menopause support and awareness, GEN achieved the Henpicked ‘Menopause Friendly Employer’ accreditation and continue to build on this strong foundation. Their sustained commitment was also recognised when they were shortlisted for the Employee Resource Group Award at the ‘inclusion in’ awards. GLOW, was shortlisted among the UK’s top company networks (Top 15) at the #### CHIEF PEOPLE OFFICER’S REVIEW CONTINUED Women 2 22.2% Men 7 77.8% White 7 87.5% Ethnic minorities 1 12.5% Women 42 (40.4%) Men 62 (59.6%) White 79 (83.2%) Ethnic minorities 7 (7.4%) Women 18,603 (63.1%) Men 10,875 (36.9%) White 20,396 (69.1%) Black 1,313 (4.5%) Asian 3,226 (10.9%) Other ethnicity 1,555 (5.3%) Executive CommitteeExecutive Committee Leadership communityLeadership community All employees 3 All employees #### Gender 1 #### Ethnicity 2 2025 British LGBT Awards and strengthened community engagement with operational team members by hosting four GLOW Community Hub events, reaching our LGBTQIA+ colleagues across the country. REACH was also shortlisted as one of the UK’s leading company networks (Top 15) atthe 2025 Ethnicity Awards, and the network’s impactful activity contributed directly to Whitbread being shortlisted for the Innovation Award. The enAble network placed a strong emphasis on education and allyship, delivering introductory training sessions in both British Sign Language and braille to build awareness and confidence. We celebrated National Inclusion Week through an intersectional lens, with each network hosting its own event or panel featuring team members and guest speakers who shared their stories. This focus on storytelling continued throughout the year, underpinning key moments such as Black History Month, Trans Awareness Week, International Women’s Day, and other inclusion events, amplifying diverse voices and encouraging allyship. Whitbread’s D&I efforts earned external recognition: we achieved the Leading Employer level in the Stonewall Proud Employers Accreditation (formerly the Workplace Equality Index), and made the Top 30 Index in the Investing in Ethnicity Maturity Matrix. Additionally, we were proud to receive three accolades at the ‘inclusion in’ awards, powered by WiHTL. Our Thrive Programme, which supports students with special educational needs and disabilities into meaningful employment, was awarded the Most Transformative Inclusion Initiative. The programme’s leader was honoured with the Inclusion Hero award forexceptional commitment and leadership, and our partnership with Barnardo’s to create employment opportunities for care-experienced young people received the Most Impactful Social Mobility Initiative award. These honours 1 As an inclusive organisation we recognise all gender identities and understand that not all of our team members will identify as male or female. 2 The information provided for ethnicity is discretionary and not all employees, including within the leadership population, have chosen to share their ethnicity with us. Note that ethnicity disclosure is not legal in Germany; consequently our Executive Committee figures represent disclosure for all on gender but only UK based members for ethnicity. 3 89.8% of our employees have chosen to share their ethnicity with us and 90.1% of our leadership group. #### Supporting our teams todeliver #### for our guests continued STRATEGIC REPORT ![]() 57 #### Whitbread PLC Annual Report and Accounts 2025/26 reinforce Whitbread’s reputation asa leader in workplace inclusion, which bolsters our employer brand and our abilityto attract talent. Importantly, our D&I commitment isn’t just about metrics – it’s about sustaining an inclusive culture where everyone can thrive through education and connection. This year we continued mandatory inclusion training for the senior leadership team in Support Centre and Operational leaders aligned to our How We Lead framework, embedding inclusive leadership as a core expectation. We rolled out a refreshed D&I training calendar featuring a new monthly learning focus to build inclusion knowledge, capability and skills. Our networks are also planning operational-focused events to strengthen connections with our teams across the business. We empower our people to bring their whole selves to work, confident that Whitbread is a place where differences are valued. That, in turn, drives higher engagement and innovation, as diverse teams better represent and serve our broad customer base. #### Talent Development #### andInternal Progression Investing in our people’s growth is central to Whitbread’s strategy and we remain committed to offering no barriers to entry and no limits to ambition for our teams. Westrongly believe that hospitality is a great place to start and build a career, and we are passionate advocates for both social mobility and providing opportunity for young people. In FY26, we have focused onskills and progression to develop key capabilities across the organisation and develop a diverse future talent pipeline – ensuring clear paths for colleagues to progress from entry-level roles to management and beyond. #### Mia-Rose Progressing Into First Management 23 year old Mia joined us whilst studying Travel & Tourism at University, looking for a job that could flex around her studies. Now a graduate, Mia was keen to stay after discovering the range of development opportunities available at Whitbread, like our Progressing Into First Management programme. The course helped her to build the skills, both technical and behavioural, that she needed to step into her next role, as well as creating a personal development plan to keep learning and progressing. Mia subsequently stepped through to both Duty Manager and now Hotel Manager. #### “I have loved the programme #### and everything it has #### opened up for me,Inever thought it would be possible, #### but my managers were so #### supportive: Ieven thanked #### them in mydissertation!” #### Early Careers In FY26, we launched our new “Rise & Shine” youth outreach campaign to recruit attract young people to Whitbread and Hospitality. school and college leavers. Our campaign videos have surpassed 1 million views and have driven strong interest, helping to bring more young talent into Whitbread. In Operations, we partner with local schools and colleges in every region to offer meaningful work experience and real jobs to young people. In Support Centre, we offer five summer internships, in partnership with the 10K Intern Foundation, as a pipeline for our long-standing Finance Graduate Scheme and new Data, Digital and Technology Graduate Scheme. Six graduates started onthese schemes in September 2025, including one individual who joined us asasummer intern. A distinctive part of our early careers offer is opening doors for those who face barriers. We expanded programmes for young people from disadvantaged backgrounds, focusing on those who are care-experienced or have Special Educational Needs. In FY26,our partnership with Barnardo’s – a10-week pre-employment programme forcare-experienced young people – was scaled up. After successful pilot cohorts in Glasgow and Birmingham (30 participants, 8 now employed at Premier Inn), we committed to continue to invest in the scheme and began extending the programme to new regions. We have also recently signed the Care Leavers Covenant to continue to offer more opportunities to young people who are care-experienced across our estate. #### Helen Cheatle Apprenticeship Helen joined us in 2018 after an unexpected career change and in that time has progressed from being a housekeeper to now managing four hotels as one of our Multi-Site Hotel Managers. Personal development is soimportant to Helen, and when she learned she could do an apprenticeship alongside her role at Premier Inn, she jumped at the opportunity. Apprenticeships have been a huge part of Helen’s journey with us; she even won the apprentice of the year award. #### “I’m a really motivated individual who loves to #### learn, so being at Whitbread really suited me. If I don’t keep learning, I’ll go stale. I’m #### on my third apprenticeship #### here and I don’t plan on stopping anytime soon. I’m #### so proud of everything I’ve #### achieved, Ididn’t want to be #### a 53-year-old doing a job #### thatdidn’t make me proud.” STRATEGIC REPORT Image to be provided/approved Image to be provided/approved ![]() 58 #### Whitbread PLC Annual Report and Accounts 2025/26 #### CHIEF PEOPLE OFFICER’S REVIEW CONTINUED #### Sean Scholes Barnardo’s Care Experience Young People Sean joined Premier Inn in October 2025 and has grown in confidence ever since; he is now a Housekeeper based in one of our Edinburgh hotels. He has integrated well into the wider team and everyone speaks highly of his energy, willingness to learn, and the care and attention he gives to his job. His cheerful manner was apparent right from job application and his manager believes, with work, he could progress to do more roles with us over time. His manager said: #### “We’re a really close team #### and through understanding #### the needs of our team andthe individuals in them we #### can adapt and support Sean.” Sean said: #### “Not many people give people like me chance and #### it’s made me feel really good about myself to have the #### opportunity with Premier Inn. #### Iwant to keep doing better #### for myself and my family.” #### Early Careers continued Similarly, our longstanding collaborations with Derwen College and Hereward College (special educational needs institutions) reached the 10-year milestone. To date over 30 students with learning difficulties have transitioned into permanent Whitbread jobs through supported internships. We have also onboarded two additional college partners (in Lincoln and Liverpool) as partof our expanded “Thrive” programme, moving toward our goal of 100 supported interns per year across the UK. These efforts not only change lives for individual participants but also broaden ourtalent pool and strengthen Whitbread’s reputation as a socially conscious employer. They exemplify how we can be a Force for Good in our communities while meeting our recruitment needs, giving everyone the opportunity to grow and be their best. These efforts support our aim to be anemployer of choice for the next generation entering hospitality. Setting our Teams up for Success We hire c.15,000 people every year into roles within Whitbread. For many team members it is their first experience of employment. Ensuring that each new starter is equipped with the skills and confidence to perform in their role is really important – and we know that when we get the onboarding experience right, people succeed faster, and stay for longer. Our team member induction is a blend of in person time with their manager, digital training for key elements and extensive in person side-by-side training to help learners gain proficiency in their role to deliver for our guests. We have identified the five elements that set a new starter up for success (our Tiny Noticeable Things) and track these to ensure every new starter experiences these. 86% of new starters tell us that their onboarding is either very good or good, and 89% felt confident or very confident asa result of their induction. #### Management Development Every year we also hire, develop and promote over 1000 people into management roles within our sites – ranging from first time leadership to Multi-Site Hotel Managers. To help us ensure we maintain a strong pipeline of internal operational management talent, we have developed and launched a suite ofinternal development programmes in FY26 under the “Progressing Into” banner. These structured courses blend workshops, on-the-job experience, and coaching to prepare high-potential team members forthe next level. The three main tiers are: Progressing Into First Management – forTeam Members stepping up to their first supervisory role (e.g. Duty Manager). Currently over 220 colleagues are enrolled across Premier Inn. Participants gain the foundational leadership and operational skills needed to move into first-line manager positions upon completion. Progressing Into Hotel Manager – for team members aspiring to move to Hotel Manager (or equivalent). We’ve successfully launched four cohorts in 2025 with excellent feedback which gives us a great platform for the future. This programme covers the broader leadership, financial acumen, and multi-department management needed to ensure our new Hotel Managers are set up for success. Progressing Into Multi-Site Manager – thefirst cohort of this programme startedin early 2026 aimed at developing high potential Hotel Managers to be ready for their first multi-site role. We have 27learners on this cohort. Our Progressing Into Programmes are complemented by our apprenticeship offer, with Whitbread remaining as one of the UK’s leading apprenticeship employers. Wecurrently have over 1000 apprentices inlearning across our hotels, restaurants, and Support Centre, with programmes at every level in Operations and available in allfunctions across our Support Centre. Wewere rated as a top 10 Apprenticeship employer in FY26, reflecting the quality of our programmes, experience of our learners and our improving achievement rates. Theseschemes not only attract and upskill early-career talent, but also develop our management pipeline in Operations and ourtechnical skills in Support Centre. The investment in these programmes isalready paying dividends. In the last 12months, c.60% of our hotel/restaurant management positions were filled through internal promotion, with our Progressing Into courses and apprenticeships proving invaluable in setting up those promoted prior to their appointment. Developing our own people not only preserves our culture and service standards, but data shows internally promoted managers deliver stronger performance and higher loyalty than external hires. To reinforce this, we’ve established new talent principles: regularly reviewing our talent pipeline metrics, ensuring the “right people are on the right programme” through robust nomination and assessment, and holding to a “sign off to be promoted” rule, ensuring all internal promotions complete the required development and are independently assessed as role-ready before stepping up permanently. These steps will further improve success rates for newly promoted managers. STRATEGIC REPORT Image to be provided/approved ![]() 59 #### Whitbread PLC Annual Report and Accounts 2025/26 #### Claire Housekeeping Team Member, Thrive Alumni Claire began her journey with Whitbread through the Thrive Programme after learning housekeeping skills at Derwen College’s Mini Premier Inn training facility. She started her first paid role in 2015 and recently celebrated her ten year work anniversary with Premier Inn. Overthe past decade, she has grown in confidence and become a much loved member of the team in Berwick Upon Tweed. Hotel Manager Rosalind Bachesays, #### “Claire is incredibly bubbly #### and lively, and also quite #### cheeky, everyone gets on #### well with her.” Reflecting on her journey, Claire says, #### “I’m so happy here in Berwick. I have so many #### friends and I love working #### atPremier Inn.” #### Cyrus Data, Digital & Technology Graduate Cyrus graduated with a Chemistry BSc from the University of Nottingham in 2025 and has since found himself working in Technology. He was attracted to the Whitbread scheme because it offered the chance to explore this as a career path without requiring a Technology background or associated degree, something few other schemes he looked into provided. Combined with the recognition Whitbread regularly receives as a UK Top Employer and Overall, Whitbread’s learning and development investments in FY26 have strengthened our bench strength and reduced reliance on a challenging external labour market. We have continued to provide an entry point for young people to start an exciting career in hospitality and remain passionate about social mobility. By giving team members clear opportunities to grow – from apprenticeships to leadership programmes – we not only fill roles more effectively, we also boost engagement and retention and ensure we continue to offer no barriers to entry and no limits to ambition. Our teams have truly exhibited our Valuesover the last year, consistent in theirpassion, pride, warmth, and brilliance. Wecontinue to invest in our people, both toenable fulfilling jobs today and to unlock their potential for the future, so that we can continue to deliver memorable experiences for our guests. Rachel Howarth Chief People Officer, Whitbread PLC #### Leadership Development Following the successful launch of our Values that helped to codify our special culture, in FY26 we took the opportunity towork with our top performing leaders to identify the characteristics that leaders at Whitbread need to deliver a high-performance culture that drives success today and our growth for the future. We ran co-creation sessions with leaders of every level from the Support Centre and Operations in the UK and Germany to create our new leadership behaviours – “How We Lead at Whitbread”. Having defined these behaviours, between May and November 2025, we launched them to over 600 Support Centre managers and 1000 Operations managers via highly interactive - in person workshops led by our Senior Leaders. How We Lead has been hardwired into our performance framework, as well as into our processes for assessing and developing potential talent, and informing future hires. Our commitment to developing our leaders of today and for tomorrow continues, with our ongoing partnership with Hult Ashridge Business School. We have built two programmes with Hult Ashridge to develop our top leadership talent: one programme for future Senior Leaders, and one for our highest potential Senior Leadership. Each 12-month programme has a curriculum that combines residential modules, executive coaching, mentoring from Programme Alumni or ExCo, and Whitbread masterclasses. This investment is part of our commitment to building Whitbread’s leadership pipeline for the future. Premier Inn’s exciting growth internationally, he felt it was an exciting time to join the business. So far, he has learnt how interconnected the Technology world is, with projects spanning various teams and organisations. It’s a constantly evolving environment that keeps things exciting and fresh and there is always something new to learn. “I am particularly excited to spend a month in Germany to #### learn more about Whitbread’s expanding operations there, #### an invaluable opportunity. #### Overall, I believe Whitbread is a great place to work and gives me the opportunity to #### work on projects with tangible #### impact and where the benefits #### can be seen directly at sites. #### Not many office jobs can #### offerthat!” STRATEGIC REPORT Image to be provided/approved ![]() 60 #### Whitbread PLC Annual Report and Accounts 2025/26 #### SUSTAINABILITY ## Our 2025/26 ## performance As the business navigates economic, social and environmental challenges, it is clear to me that our Force for Good strategy is more critical than ever. Whether attracting, engaging and retaining the best colleagues in a market fighting for talent, reducing costs and risks to make our business more resilient, or generating revenue by meeting increasing sustainability requirements of customers, Force for Good is good for business and core to our strategy. We now have 2,300 low-carbon hotel rooms – c.800 of which we developed this year – more than any other hotel chain in the UK&I. We remain committed to our published targets and have made progress during the year in a number of areas, some highlights of which are set out in the pages that follow. I’m proud of our cross-functional teams and leaders working hard to find innovative, commercially advantageous solutions and embed new ways of working. We continue to include ESG KPIs in our annual incentive plan for all salaried employees and executive directors to maintain focus on this important agenda. #### “Our Force for Good #### programme is not #### only delivering great #### environmental and social #### results which we can #### all feel proud of, it also drives financial returns, #### reduced risk, protected reputation and #### operational resilience.” Clare Thomas General Counsel Key performance indicator Performance in2025/26 2024/25 Market Link to materialtopic 45% female representation in our leadership population 1 in2026 40.4% female representation 39.5% UK&I and Germany 5 10% ethnic minority representation inourleadership population 1 in 2026 7.4% ethnic minority representation 9.3% UK&I 5 1 Leadership population is defined by all Head and Director roles. Key performance indicator Performance in 2025/26 2024/25 Market Link to materialtopic 20% saltreduction inourmenus from a2017baseline 12% salt reduction 21.2% UK&I 6 20% sugarreduction inour menus from a2015baseline 23.5% sugar reduction 24.7% UK&I 6 20% calorie reduction inour menus from a2017baseline 4% 3.1% UK&I 6 We will raise £2.7m in2025/26 for Great Ormond Street Hospital Children’s Charity £2.6m raised £2m UK 7 #### OpportunityCommunity Climate change 1 Circular economy 3 Supply chain 4 Equal treatment and opportunities for all 5 Corporate culture 7 Product safety and quality 6 Water 2 Material topic key We have long, medium and short-term targets to drive progress and remain accountable. We review these targets annually to ensure they are still relevant, amending existing or adding new onesas needed. STRATEGIC REPORT ![]() 61 #### Whitbread PLC Annual Report and Accounts 2025/26 #### Responsibility Key performance indicator Performance in 2025/26 2024/25 Market Link to materialtopic 99.6% absolute reduction in Scope 1 and 2 by 2040 from a 2016/17 baseline 48.3% reduction 46.4% 1 UK&I and Germany 1 84.1% emissions intensity reduction in Scope 1 and 2 by 2030 from a 2016/17 baseline 63.0%/m 2 reduction 61.5%/m 2 1 UK&I and Germany 1 90% absolute reduction in Scope 3 by 2050 from a 2018/19 baseline 21% reduction 16.7% 1 UK&I and Germany 1 4 58.1% emissions intensity reduction in non-FLAG Scope 3 by2030from a2018/19 baseline 38.1%/m 2 reduction 35.7%/m 2 1 UK&I and Germany 1 4 36.4% absolute reductionin FLAG Scope3 by2030from a2018/19baseline 40.2% reduction 32.5% UK&I and Germany 1 4 We will reduce water use in the UK by 20% per guest by 2030 from a2019/20 baseline 18.0% reduction 14.2% UK&I 1 2 We will cut our food waste by 50% by 2030 from a 2018/19 baseline 39.5% reduction 31.3% UK&I 1 3 We will not send any operational waste tolandfill 100% operational waste divertedfromlandfill 99.3% UK&I and Germany 3 100% of our suppliers willbe risk assessed forinherent human rightsrisk 100% suppliers risk assessed 100% UK&I and Germany 4 1 Restated number for 2024/25 due to a change in the methodology for m 2 calculations. Key performance indicator Performance in 2025/26 2023/24 Market Link to materialtopic 100% cage-free status onall whole shell and ingredient eggs by 2025 100% of eggs sourced from cage-free farms, accredited by British Lion and Bord Bia (Origin Ireland Q-Mark) 85.4% UK&I 4 100% of raw beef willbe produced toarecognised farm assurance scheme initscountry of origin 100% of our raw beef range 100% UK&I 4 100% of wild caught fish served will be Marine Stewardship Council (MSC) or equivalent certified 100% of wild caught fish served 100% UK&I 4 100% of palm oil in own recipe products willbe Roundtable on Sustainable Palm Oil (RSPO) certified bythe end of2025 100% of palm oil in our own recipe products certified 73% UK&I 1 4 STRATEGIC REPORT ![]() 62 #### Whitbread PLC Annual Report and Accounts 2025/26 Our Property team continues to design high-efficiency and low-carbon hotels, whether new build or retrofit, reusing existing structures where possible to reduce embodied carbon and construction waste. For example, in Old Bailey, London, we opened a 212-room hub by Premier Inn hotel, transforming the former Snow Hill Police Station and retaining the facade of a Grade II listed landmark. The hotel’s heating and hot water are generated via air-source heat pumps, and heat recovery systems create a low energy demand. This hub also features ablue roof design, which means it stores the rainwater and releases it slowly to reduce flood risk in the area. (For more information on this hotel please see page [–].) The decarbonisation activity underway drives not only emissions reductions, but also financial benefit for the business. The installation of lower-flow showers across the estate is estimated to reduce annual operating costs by £3.7m once fully deployed. Targeted capital investments in asset efficiency offer attractive medium-term returns with an estimated 4.4-year payback and strong lifetime ROCE. The transition from gas boilers to heat pumps is expected to be broadly cost-neutral in operation, with financial returns improving over time as electricity costs become more competitive relative to gas. Overall, the programme demonstrates that disciplined decarbonisation investment can enhance cost efficiency, asset resilience and long-term value. Our absolute Scope 3 emissions have reduced by 21% from a 2016/17 baseline, thanks predominantly to lower purchases offood with high embodied carbon – another result of the strategic transformation of ourbusiness. We have established a Scope 3 Net Zero Working Group to oversee the delivery of our Scope 3 reduction plan, including senior representatives from the teams who determine what we buy and who we buy it from. In2026/27, we will publish our refreshed Net ZeroTransition Plan considering both our operational and supply chain carbon and taking into account risks and dependencies. This year we continued to change the shape of our business, divesting some of our branded restaurants and converting others into higher-returning hotel rooms. This allows us to adopt lower-carbon technologies into our designs. The majority of the extensions are built using timber frames that are lower in embodied carbon than its alternative – concrete; and 90% of the 3,500 rooms delivered through our Accelerating Growth Plan (AGP) will be low-carbon, powered by electricity, without adding new gas connections. We also made a significant change to our procurement model, transitioning a majority of our food purchases to a wholesaler. ESG was a core part of the tender and onboarding process, giving us much better visibility of and influence over ESG topics with a significant part of our supply chain. Our new partner isworking closely with us on social and environmental assessments, food waste reduction, decarbonisation, packaging andmore. Our social mobility work is broadening our talent pool and helping fantastic colleagues into new careers. We’ve slightly increased representation of women across our leadership population. We’ve also made progress towards our goal of supporting 100 interns per year across the UK. The passion of our teams to fundraise remains steadfast and the results of their efforts are admirable with a further £2.6m raised for GOSH duringthe year. By keeping our Force for Good programme aligned to the core business strategy, we continue to make progress and embed sustainability into business as usual. #### Responsibility The decarbonisation of our operations and value chain remains strategically important both to reduce operational costs and supply chain risks, and to meet the requirements of our customers. In 2025/26, we made further progress towards our carbon targets, thanks to the ongoing switch from gas boilers at the end of their life to air-source heat pumps and theupgrade to lower-flow showers – either removing or lowering demand for gas for heating and hot water. We have now reached 2,300 low-carbon rooms across our estate, more than any other UK&I hotel chain, c.800 of which were delivered during the year, incliding four new hotels in the UK. These are rooms for which the heating and hot water are entirely powered by electricity backed by Renewable Energy Guarantees of Origin (REGOs). REGOs certify that the equivalent number of units of electricity purchased have been generated from renewable sources such as wind or solar – moving us away from fossil fuels. We haveachieved a 63%/m 2 emissions intensity reduction in our Scope 1 and 2 emissions, and absolute reduction of 48.3% on a market basis from a 2016/17 baseline. ## Year in review Scope 1 and 2 intensity reduction, tonnes of carbon/m 2 2022/23 2021/22 2023/24 2024/25 2025/26 0.025 0.023 0.019 1 0.018 #### SUSTAINABILITY CONTINUED 0.025 1 Restated number for 2024/25 due to a change in the methodology for m 2 calculations. STRATEGIC REPORT ![]() 63 #### Whitbread PLC Annual Report and Accounts 2025/26 We continue to reduce demand for waterthrough the installation of low-flow showerheads and taps and replacing toiletflushes with more efficient systems. Theselow-flow solutions not only reduce carbon, as less water is heated, butalso reduce consumption and costs. All solutions are trialled with guests to ensure that they still get the same great Premier Inn experience. We have made good progress this year towards our food waste target – hitting almost 40% reduction on our 2018/19 baseline and 12% year on year. This is due to increased focus on site-level engagement and strengthening operating standards, as well as using improved data totarget specific products that are drivingwaste. Progress on our food waste target has also been enhanced by AGP which involves converting branded restaurants into hotel rooms, optimising the delivery of F&B at these sites. Bins with AI vision continued to collect data, which has allowed us to track in detail exactly what is thrown away, how much and at what time of day. From this data, we have built a plan for the coming 12 months to reduce plate waste and buffet waste at breakfast time. We recognise that some residual waste isinevitable – especially witha buffet breakfast format – and have extended our partnership with Too Good ToGo (now at over 90 sites), which stops good food goingin the bin while also delivering a financial return. #### Opportunity The people-focused aspects of our Force for Good agenda remain fundamental to our success. Whitbread provides employment inhundreds of local communities and supports skills and career development. The hospitality industry is one of the most socially inclusive industries, and our approach to diversity and inclusion reflects this. Atleadership level, we are making steady progress towards our target of 45% of women in our leadership by considering diversity in senior appointments and succession planning. Over the past year, we’ve increased our focus on internal talentmanagement and future leadership development to build a more diverse pipeline. Asimportantly, we champion inclusion across the business with an active community of networks - GEN (Gender Equality), REACH (Race, Ethnicity and Cultural Heritage), GLOW (LGBTQ+), andenAble (Disability) – raising awareness and driving policy improvements. We regularly listen to our teams though both our employee engagement survey andour elected representative forum – OurVoice – with over 80% of our colleagues sharing their views in 2025/26. This underpins our inclusive culture and approach to employee wellbeing, hearing from and acting upon our team’s feedback. A specific initiative that our teams requested was more help in understanding their finances, and a core part of our wellbeing activity focussed on financial education across budgeting, debt management, savings andpensions. We are passionate about giving our employees opportunities to further their careers and run comprehensive development programmes to foster progression, alongside an apprenticeship offer for all levels within the business. Our offer covers everything from early careers, partnering with local schools and colleges, through to leadership development in conjunction with Ashridge Management College. We currently have over 1,000 apprentices in learning and over300 people engaged in one of our management or leadership courses. We have specific plans focussed on youth and social mobility. We partner with Barnardo’s to offer a ten-week pre-employment programme for care-experienced young people, and via ourThrive initiative, partnering with special educational needs organisations to support students into the workplace, which marked its ten-year anniversary in 2025/26. Our longstanding collaborations with Derwen College and Hereward College havesupported more than 30 students withlearning difficulties totransition intopermanent jobs through supportedinternships. More detail can be seen on pages [XX] (CPOsection) #### Community Our teams are passionate about the work they do, raising funds for charity partners and contributing to their communities. Wehit our target of raising £2.6m for GreatOrmond Street Hospital Children’s Charity (GOSH) and our long-standing partnership has reached an important milestone. We are halfway to raising £20m for the new Children’s Cancer Centre due toopen in spring/summer 2028, with £10m now secured. In total, thanks to our colleagues, guests and partners, we have raised almost £29m for GOSH since 2012, contributing to the development of three clinical wards and a dedicated patient-carer lounge within the new facility. We remain committed to improving community health and nutrition through improvements to our food and beverage offerings. We engaged with government andsector stakeholders to support policy development, including DEFRA’s Food Strategy, the NHS 10 Year Plan on mandatory healthier sales reporting, and the Department of Health’s review of the Nutrient Profiling Model. In 2025/26 we transitioned to a new sourcing model that has resulted in a lack of progress towards the sugar, salt and calorie targets. In addition, the new flavour profiles we introduced to respond to current trends were slightly higher in salt content. We are addressing both in the coming year and look forward to seeing the Government’s new targets to help inform our approach. We responded to the government’s increased focus on High Fat, Sugar or Salt (HFSS), reviewing our core menus and revising our internal targets to reduce the number of dishes classified as such. There is a lot for us to be proud of in ourForce for Good results to date, and I’m looking forward to supporting our teams to deliver against the plans we have set out for the coming year. Force for Good supports our short, medium and long-term resilience, reducing risks, driving returns and protecting our reputation – it remains a key value driver for our future. Clare Thomas General Counsel [•] [April] 2026 STRATEGIC REPORT ![]() 64 #### Whitbread PLC Annual Report and Accounts 2025/26 #### PRINCIPAL RISKS AND UNCERTAINTIES ## Understanding and responding to risk #### Risk management reporting and escalationBoard Accountable for strategic risk management, including the assessment ofriskappetite, andensuringasoundsystem of internal control and riskmanagement is in place. Read more on pages [•] to [•] #### Executive #### Committee Review, challenge and approvalofGrouprisks. Read more on page [103] #### Risk Working #### Group Identify and evaluatenew risks, monitor risk interdependencies and report key risks to the Executive Committee. #### Audit #### Committee Oversight and challenge of the effectiveness of risk management and mitigating controls. Read more on pages [•] to [•] #### InternalAudit Co-ordination andanalysis. Read more on page [•] #### Governance, strategy, oversight and communications #### Risk management framework #### An effective and robust #### risk management process #### is integralto achieving our strategic priorities. Our success is underpinned by our ability to #### identify, manage, and mitigate #### risk within our business. We can never fully avoid or eliminate risk, which arises naturally from operational and strategic decisions taken. Instead, we actively manage and harness risk as far as is practical, whilst pursuing our business objectives. The Board has ultimate responsibility for risk management throughout the business and determines the nature and extent of therisks we are willing to take. Certain responsibilities, including overseeing the systems of risk management and internal control, have been delegated by the Board to the Audit Committee, which completes an annual review of the effectiveness of these processes. The Executive Committee is responsible for the identification and day-to-day management of significant risks. A bi-annual top-down risk assessment captures Board and Executive views ontheprincipal risks facing the business andinforms updates to risk appetite and mitigation actions. This enables us to keep up to date with changes in our risk profile and adapt as necessary. Actions required tomanage these risks are monitored and reviewed on a regular basis. STRATEGIC REPORT ![]() 65 #### Whitbread PLC Annual Report and Accounts 2025/26 All principal risks are owned by a member of the Executive Committee and this, combined with our robust three lines of defence model, helps to reinforce a culture of accountability throughout the business. Internal Audit constructs a risk-based audit plan, aligned to the principal risk register, toprovide independent assurance over ourhighest risk activities. #### Risk Appetite Risk appetite is defined as the level of risk we are willing to accept in pursuit of our strategic priorities. For principal and emerging risks, this is determined on an annual basis by the Executive and Board members, who assess risk appetite against key indicators including potential impact of risk, likelihood of risk and ability to reduce risk through mitigation. This ensures alignment between our view of acceptable risk exposure and the strategic priorities of the business. The Executive Committee communicates the appetite for risk, to embed this within our ways of working and is considered when making strategic or operational decisions regarding new opportunities forthe business. #### Emerging Risks Emerging risks are new or evolving uncertainties that can be difficult to quantify but have the potential to materially affect the Group over the longer term. The pace of change inareas such as technology, legislation and geopolitics reinforces the importance of proactive horizon scanning. Through our risk management framework, management conducts an annual review of industry trends, external insights and peer developments to identify potential issues atan early stage. We have identified the following key emerging risks: • Ongoing geopolitical tensions in certain regions continue to create uncertainty forbusinesses operating in, or welcoming guests from, affected areas. While Whitbread has only a limited presence in these regions, the safety and wellbeing of our guests and team members remains paramount. Amaterial escalation in geopolitical conditions may disrupt local operations, impact travel demand and negatively affect customer confidence and the Group’s reputation. • The shift in government priorities and increasing fiscal pressures are creating amore uncertain policy landscape. Evolving decisions on taxation, labour regulation, planning, and industry specific measures may increase operating costs or constrain demand. We continue to closely monitor policy developments and engage with government and industry bodies toanticipate change. Scenario planning helps ensure we can respond quickly toemerging regulatory or fiscal shifts. We also continue to monitor other emerging risk topics previously highlighted, which reflect a more volatile and rapidly evolving external environment. Changes in global political and economic alignments may increase uncertainty and disruption across markets, supply chains and costs. Rapid advances in digital technologies, including AI, may create risk if platforms, controls and capabilities do not keep pace with business needs. In parallel, evolving workforce dynamics from younger generations may have longer-term implications for engagement, retention and organisational resilience. #### Updated Risks Internal and external factors, as well as continued uncertainty of key drivers, mean the nuances in the detail of our risks are constantly changing. Risk descriptions areperiodically reviewed and updated to ensure they remain an accurate reflection ofthe risks faced by the business. #### Risk identification Our risk management framework is efficient and effective, and is embedded across the business. Risk Owners identify and regularly review functional operational and strategic risks that may affect the delivery of their objectives, and implement mitigation actions as appropriate to maintain exposure within acceptable levels. This is underpinned by clear governance arrangements, supported by proportionate reporting and defined escalation routes across the framework. Risks are often highly interdependent, meaning changes to one risk can affect multiple existing risks or result in new risks being created. The Risk Working Group (RWG) is a collaborative forum, which includes organisation-wide representation, allowing us to utilise insights from senior leaders to monitor these interdependencies effectively and proactively identify associated new risks. The RWG reports directly to the Executive and AuditCommittees. STRATEGIC REPORT ![]() 66 #### Whitbread PLC Annual Report and Accounts 2025/26 #### PRINCIPAL RISKS AND UNCERTAINTIES CONTINUED ## Principal risks Risk Key mitigations #### Uncertain Economic Outlook Uncertain UK and Germany economic outlook due to broader macroeconomic trends, geopolitical volatility, and local political instability. This uncertainty may affect consumer confidence; reduce domestic and international travel and ultimately weaken hotel market demand. Continued fiscal pressure on governments to increase taxation could drive structural increased in our operating cost base such as employee taxes, business rates, regional levies, or duties and tariffs on imports, that disproportionately impact the hospitality sector or property ownership. Persistent inflation across key goods and services such asutilities, food costs and construction materials combined with supply chain disruption further exacerbates cost pressures. Higher interest rates may impact the cost of borrowing, affect property valuations and constrain our ability to fund growth, placingpressure on balance sheet strength and cashflows. • We are actively lobbying government directly and alongside industry bodies to highlight specific hospitality challenges. • We have a strong balance sheet, with substantial liquidity and a large freehold property base, giving us the option to raise additional funds by entering into sale and leaseback agreements, if required. • We continue to make good progress with our efficiency programme and rolling utilities hedging to offset inflationary and demand-led pressures and maintain rigorous discipline over our capital spend and costs. • We continue to execute our strong commercial strategy, designed to increase market share and financial returns through execution of several commercial initiatives. • Our rigorous business planning process considers many scenarios and appropriate responses, always seeking to drive increased returns and create value for shareholders whilst continuing to manage risk. • We continue to make good progress in executing our F&B transformation strategy to drive returns improvement and share price protection Strategic priorities Risk appetite N/A Movement vs prior year Increase due to impact of business rates and inflation. #### Cyber and data security Businesses are subject to continuously evolving methods of cyber-attack. The digital world expands the potential impact arising externally to Whitbread’s infrastructure due to our interconnectivity and reliance on a significant number of suppliers that enables our technology. Data breaches or operational disruption caused by malware such as ransomware, can result in a loss of revenue, brand trust, regulatory fines and have an adverse impact on the Group’s share price. • Established operational resilience programme, with cross functional ownership of business continuity plans focusing on minimal viable product. • We have a specialist team and mature Information Security Management in place with a wide range of proactive and reactive security controls including up-to-date antivirus software across the estate, network and system monitoring, and regular penetration testing to identify vulnerabilities. • All IT change and engineering has information security built-in by design. • A continuous security improvement programme is in place, with regular internal and external independent reviews of the control effectiveness and maturity. • Our mature risk process and proactive threat modelling and monitoring allowus to identify and address threats at the earliest opportunity. • We have solid compliance foundations across all countries for data protection and effective collaboration between the Information Security and Data Protection teams exists to minimise risks and ensure compliance with GDPR. Strategic priorities Risk appetite Cautious Movement vs prior year Movement vs prior year Lower Higher Level See pages [•] to [•] Strategic priorities Grow and innovate in the UK Focus on our strengths to grow in Germany Enhance our capabilities to support long-term growth STRATEGIC REPORT ![]() 67 #### Whitbread PLC Annual Report and Accounts 2025/26 Risk Key mitigations #### Prolonged strategic change to the food #### andbeverage proposition in Restaurant’s There is a risk that continued uncertainty for our guests and teams along with proposition changes may damage brand perception, operational excellence and demand to eat in our restaurants, or hotel F&B, causing us to lose share to other local branded restaurants. Whilst some impacted properties continue to be marketed for sale, this risk continues to be high. Restaurants are also being impacted by current operational challenges in a highly competitive market with sector-driven inflationary pressures and recent people-related legislation costs. Overall, this risk could drive a prolonged and an increased focus on restaurants by the business to adequately provide a solution that satisfies any investment to remain relevant as a branded offer. • Strong leadership with a focussed Managing Director of the Group’s branded restaurant business and continue to implement our Accelerating Growth Plan aligning to our strategic objectives. • New menus and propositions have been launched, including revenue opportunities focusing on specific trading times throughout the day, premiumisation and improvement of guest experience by integrating groundfloor spaces inside our hotels. • We harness better buying with supply chain and procurement targets. • We are always considering how best to serve our customers with extensive market research and customer feedback. • Our periodic rejuvenation of our brands and their associated marketing ensure we optimise spend. This includes specific brand-led initiatives and focus on key events throughout the year. Strategic priorities Risk appetite Open Movement vs prior year Increase due to extended timeframe for executing activities, as well as the impact of F&B re-organisation. #### Strategic business change #### andinterdependencies The risk that we are unable to deliver major transformational programmes on time and realise benefits, due to the high volume ofchange. This may disrupt core business processes, operational efficiency and potentially affect guest experiences. This risk specifically relates to estate optimisation; the ongoing strategic review of our branded restaurants business; and commercial optimisation initiatives. Additionally, embedding new ways of working, having successfully delivered our new reservation technology and HR system, presents further challenges. This risk remains elevated due to cross-programme dependencies, the scale and pace of organisational change, extensive operational impacts and the significant associated investment intechnology. • To help ensure successful delivery of the change projects, we have enhanced internal project delivery expertise with a dedicated strategic project management office (PMO) function, supported by a robust assurance management framework. • This framework is coupled with regular reporting, cross-functional forums andmonthly reporting to the Executive Committee. • Our mature and independent programme assurance plan ensures aligned assurance utilising subject matter experts to provide external insight. • We engage with various change experts and strategic partners to gain knowledge, challenge and insights. Strategic priorities Risk appetite Balanced Movement vs prior year Recognising the delivery andmaturity of various programmes in the year such as people related technology, supply chain transformation, outsourced guest contact points and securing our systems’ networks. Movement vs prior year Lower Higher Level See pages [•] to [•] Strategic priorities Grow and innovate in the UK Focus on our strengths to grow in Germany Enhance our capabilities to support long-term growth STRATEGIC REPORT ![]() 68 #### Whitbread PLC Annual Report and Accounts 2025/26 #### PRINCIPAL RISKS AND UNCERTAINTIES CONTINUED Risk Key mitigations Brand strength and customer demand Demand for our products and services can be impacted by a number of factors including changes in customer behaviour, brand perception and competitor activity. The Group’s brands need to remain relevant in order both to compete effectively with new and existing sector operators and evolving market dynamics. The importance of brand relevance can increase during periods of market weakness or if more challenging economic conditions prompt consumers to become more focused on price and value, at the same time competitor activity can become more aggressive and disruptive. Given the prominence of the Premier Inn brand, negative media coverage could have an adverse reputational impact and influence consumer behaviour and booking volumes. The combined impact of these factors may present a risk to market share, potential returns and cash flow. • We perform extensive top line scenario modelling, fed by regular competitor and market analysis, allowing us to assess the impact of various structural shifts on the business and enabling us to make informed decisions goingforward. • Our Customer & Trading Committees track metrics including Brand Index, netpromoter score, and customer satisfaction and feedback to supplement alldecision-making. • We continue to focus on market share trading initiatives and perform in-depth reviews into the impacts of key competitors to our business. • There is an established Commercial and Customer Plan with ongoing development and investment in customer proposition to maintain quality andreflect demands of different segments. • We perform proactive public relations activities including monitoring of all media and prompt responses to any significant negative coverage that might have a bearing on our reputation or our commercial activities. Strategic priorities Risk appetite Cautious Movement vs prior year #### Changing distribution landscape and emergence #### of AI-led search Ongoing changes in the distribution landscape, including the growth of online travel agents, AI-led search and specialist platforms, may reduce the effectiveness of our current distribution strategy. This could be particularly relevant with certain consumer groups such as the under 35s who are less likely to go direct to brands and more likely to shop around or seek help and advice when choosing a hotel. Compounding this with AI usage in the hotel research journeys could lead to a decline in direct bookings, reduced brandloyalty, and potential revenue loss. • Continuous monitoring of the competitor and technology landscape. • Development of third-party distribution strategy and building of strategic relationships with third parties. • Continue good progress to execute customer focused strategy. Strategic priorities Risk appetite Balanced Movement vs prior year New risk Movement vs prior year Lower Higher Level See pages [•] to [•] Strategic priorities Grow and innovate in the UK Focus on our strengths to grow in Germany Enhance our capabilities to support long-term growth STRATEGIC REPORT ![]() 69 #### Whitbread PLC Annual Report and Accounts 2025/26 Risk Key mitigations #### Germany profitable growth Uncertain German economic outlook or failure to achieve a flexible operating model, may impact our ability to build the Premier Inn brand, deliver market growth assumptions and deliver our targeted level of return in a timeframe that satisfies shareholder and analyst expectations, whilst recognising the significant amount of capital now invested. This risk is partially offset by opportunities to acquire sites arising from competitor weakness. • We are able to use the deep level of skills and experience used to build the UK business, coupled with our strong development team and new leadership in country, which is able to perform detailed and ongoing assessments of the German market and economic fundamentals at both a micro and macro level. • Focus continues to be on the development of our strong organic and small M&A growth pipelines, to become the number one hotel brand in Germany. • We reduce capital costs through better buying power and harness efficiencies and synergies with the UK business. • A clear commercial plan and operational model driving improved profitability along with the continued maturity of the estate and brand. Strategic priorities Risk appetite Open Movement vs prior year #### Property finance execution Unable to economically refinance and or sell assets to realise value, whether via sale and leasebacks or alternative property-related financing structures, within timeframes. This risk arises from adverse market conditions, specifically affecting hospitality assets, or reduced appetite among key investor groups such as defined-benefit pension funds for property-backed assets; or increased due diligence requirements. In addition, the continued slow recovery of the real estate market could impact the potential future growth and pipeline. This may limit the Group’s ability to realise property value, recycle capital andgenerate cash within target timeframes and manage leverageeffectively. • We have a strong balance sheet that we can use to access a wide variety ofdifferent property-related opportunities. • Our strong financial covenants make us attractive to investment funds asapreferred hotel tenant. • We have a robust capital investment framework with updated analysis including yield ranges (+/-50bps), coupled with an experienced and well-networked Property team to support decisions. • We perform continual monitoring of the market with sale and leaseback yields tested regularly. • Our committed pipeline remains solid with [xx rooms xx hotels over the next XX years]. Strategic priorities Risk appetite Balanced Movement vs prior year New risk at half year Movement vs prior year Lower Higher Level See pages [•] to [•] Strategic priorities Grow and innovate in the UK Focus on our strengths to grow in Germany Enhance our capabilities to support long-term growth STRATEGIC REPORT ![]() 70 #### Whitbread PLC Annual Report and Accounts 2025/26 #### PRINCIPAL RISKS AND UNCERTAINTIES CONTINUED Risk Key mitigations #### Health and safety Death or serious injury arising from company negligence or a significant failure in food safety, in particular the risk from allergens, fire safety, security arrangements or other significant safety controls. This could be due to a failure in safety standards, supply chain provenance, responsible sourcing or poor hygiene standards, or a direct targeted terrorism attack, all of which could lead to adverse publicity, loss of revenue, brand damage and a sudden orprolonged downturn in demand in key markets and locations. • The safety of our guests and employees is of paramount importance. NSF, an independent company, undertakes unannounced health and safety audits at sites covering food, fire, and general health and safety requirements. Compliance with these requirements is incentivised as part of site WINCard measures. • We have robust fire safety policies, procedures and training for our team members, and work closely with independent fire safety consultants regarding fire safety in our hotels. • We have stringent food safety and sourcing policies with robust traceability and testing requirements, including the independent audit of key suppliers inour supply chain. We invest considerable resources into employee training along with allergen information, which is made easily accessible both online and at sites. • Regular health and safety updates are provided to the Risk Working Group, Executive Committee, and Board. • We invest in on-going site level training to help identify hostile reconnaissance activities and to ensure we have an appropriate response should such events take place. The executive team also holds crisis management exercises to ensure we are prepared for such events. Strategic priorities Risk appetite Cautious Movement vs prior year #### Third-party arrangements and supply #### chainrigour Whitbread relies on a number of key third-party suppliers to support the effective operation of its hotels and support centre activities, including IT, food and beverage, distribution, and laundry services. Withdrawal of services by one or more of these suppliers, provision of services below acceptable standards, lack of or failure of information security controls; or reputational damage arising from unethical supplier practices could cause significant businessinterruption. • We continually review our preferred supplier partnerships and business continuity arrangements. Business continuity plans are in place for critical suppliers, whilst enhanced supplier performance monitoring allows proactive action when required. • We expect our suppliers’ practices to be in line with our values and standards. Suppliers are thoroughly vetted before we enter into any arrangements to ensure they are reputable and then monitored through our supplier management arrangements. • We have evolved our international sourcing strategy by exploring additional capacity in China, while also focussing on local suppliers and utilising stock holding capacity in our Germany warehousing facility. Strategic priorities Risk appetite Balanced Movement vs prior year Movement vs prior year Lower Higher Level See pages [•] to [•] Strategic priorities Grow and innovate in the UK Focus on our strengths to grow in Germany Enhance our capabilities to support long-term growth STRATEGIC REPORT ![]() 71 #### Whitbread PLC Annual Report and Accounts 2025/26 Risk Key mitigations #### Talent, attraction, and retention Recruitment and retention remain a challenge due to the structural shifts in the labour market with occasional shortage in key roles such as chefs, and cost-of-living pressures disproportionally affecting the hospitality sector. To be an agile organisation we are embedding people changes as part of our everyday and a cultural strength, creating a multi-skilled workforce driving efficiencies in a sustainable manner. Substantial organisational changes driven by strategic business programmes could also impact job security perception, affecting team engagement, external employer sentiment and Whitbread’s ability to attract top diverse talent. These factors may result in cost inflation and potential business disruption. • The success of our business would not be possible without the passion and commitment of our teams. Team engagement is fundamental. We monitor this closely through our annual engagement survey and invest in ongoing development, wellbeing and engagement, along with driving our diversity and inclusion strategy. • We have a dedicated Direct Hire Resourcing Team, and in addition tooptimising our model, we continue to enhance our employer brand presencewith a particular focus on youth. • Team retention is a key component of our WINCard and Annual Incentive Scheme, with long-term incentive schemes in place for senior team members. • We have focussed reviews of remuneration in key areas each year and regularly benchmark our reward packages against the market to ensure theseremain attractive. Strategic priorities Risk appetite Balanced Movement vs prior year Stable labour market, strong employability credentials due to established brand, good retention and attraction. #### Environmental, Social and Governance (ESG) As a business we have an impact on and can be impacted by a wide variety of environmental issues. A changing regulatory landscape and high costs related to decarbonisation, may mean we are unable to meet our publicly stated carbon targets which potentially could result in an increase to our costs through carbon taxation and or reputational damage. More regular extreme weather events impacting our hotels, causing water shortages, affecting natural resources or disrupting our supply chain may materially affect our ability to operate or increases costs. Socially unacceptable practices such as unethical sourcing issues e.g. modern slavery or poor working conditions could damage our reputation and reduce customer, supplier and/or investor confidence. In addition, the volume of ESG legislation including reporting requirements to comply with the Corporate Sustainability Reporting Directive and the Task Force on Climate-Related Financial Disclosures, could result in increased cost or complexity to deliver, or increased potential to incur fines or penalties from non-compliance. • Our Force for Good programme and structured sustainability governance forums drive our ESG agenda. We set targets and strategies around emissions, food procurement and waste, carbon and water reduction, and diversity and inclusion ensuring our accountability for positive change. • Our TCFD response helps us to identify and assess key risks opportunities andimpacts of climate change to the business. • We champion inclusivity and improving diversity across the organisation with our inclusion networks raising awareness, education, and influencing policy within the business, to ensure our teams feel supported and engaged. • We perform regular ethical supplier audits combined with our responsible sourcing policies and initiatives ensuring ethical end to end buying. • We revise our public Net Zero Transition Plan at least every three years asperbest practice guidance. Internally, we regularly review progress, implementation and our trajectory towards our near term and long-term targets, drawing on our internal expertise supported by external guidance andextensive modelling across all three scope areas. Strategic priorities Risk appetite Balanced Movement vs prior year Movement vs prior year Lower Higher Level See pages [•] to [•] Strategic priorities Grow and innovate in the UK Focus on our strengths to grow in Germany Enhance our capabilities to support long-term growth STRATEGIC REPORT ![]() 72 #### Whitbread PLC Annual Report and Accounts 2025/26 #### VIABILITY STATEMENT The UK Corporate Governance Code 2024 requires that the Directors have considered the viability of the Group over an appropriate period of time selected by them. The Board acknowledges that, despite the performance of the business, there are a number of factors that continue to cause uncertainty to the Group’s business planning, namely; potential fluctuations in the global economy and the impact on competitor and customer behaviour. #### Assessment period: three years The Directors, in making the assessment that three years is appropriate, considered the current financial and operational position of the Group, the Group’s business planning cycle and the period over which the Directors have carried out a robust assessment of the principal risks and uncertainties facing the Group as outlined on pages [•] to [•] of the Annual Report. #### Longer-term prospects The strategy in action and business model sections in the strategic report describe how the Board has positioned the Group to take advantage of the growth opportunities in the markets in which the business operates and how the Company is positioned to create value for shareholders, over the longer term, taking account of the risks described in this section of the Annual Report. #### Mitigating actions As noted within the assessment of viability, management would consider mitigating actions such as making use of its strong balance sheet to raise funding, implementing a remeasured property expansion plan, and establishing a stricter control framework for spending. #### Business plan #### (downsideassumption) The Group’s business plan is sensitised to include downside assumptions to show the expected impact of the current uncertain economic outlook. The Directors consider as part of the planning cycle process; cash, profit and headroom to the Group’s external leverage targets. #### + individual principalrisks This stage of the assessment also includes consideration of the potential impact of climate change and associated regulation across the viability statement period as well as other principal risks occurring as individual events, specifically: uncertain economic impact, cyber and data security, strategic business change and interdependencies. #### + combined principalrisks This stage of the assessment considers the impact if a combination of the principal risks (noted before) were to occur together across the viability statement period. Outcome This shows the Group has sufficient headroom within its existing facilities and planned activities to continue to operate over the period of the viability statement, operating within its existing facilities. Outcome The impact on the Group’s financial position would not result in a requirement for further facilities; however, the Group may look to implement mitigating actions or make use of its revolving credit facility to maintain growth plans. Outcome The impact on the Group’s financial position and the viability statement would result in greater use of its committed facilities, but does not anticipate the need to secure additional facilities. As above, the Group may look to implement mitigating actions or make use of its revolving credit facility to maintain growth plans. The Directors believe it is reasonable to expect thatthe Group would have access to further financing and/or the ability to agree covenant amendments, assuming debt levels are maintained at an acceptable ratio to the Group’s EBITDA. Based upon this assessment, the Directors confirm that they have reasonable expectation that the Group will be able to continue in operation and meet its liabilities as they fall due over the three-year assessment period. The combination of compelling structural opportunities and the advantages of our unique operating model should enable the business to outperform in the UK as well as take market share andcapitalise on the material growth opportunity in Germany. The strong fundamentals outlined above, combined with the appropriate capital structure, should continue to drive long-term value. #### Assessment of viability #### Assessment of prospects #### Long-term viability statement STRATEGIC REPORT ![]() 73 #### Whitbread PLC Annual Report and Accounts 2025/26 #### NON-FINANCIAL AND SUSTAINABILITY INFORMATION STATEMENT As the UK’s largest hotel company, we have a responsibility to focus and lead on our most important people, social and environmental issues, which is why one of our Force for Good commitments is to ensure we always do business in the right way. We aim to comply with the new non-financial reporting requirements contained in sections 414CA and 414CB of the Companies Act 2006. The below table, and the information it refers to, is intended to help stakeholders understand our position on these key non-financial matters. Our due diligence process is that each policy and standard is reviewed annually by the responsible party and updated accordingly to ensure it reflects up-to-date and accurate information. Further information on the various policies mentioned below and throughout the report can be found on our website at www.whitbread.co.uk/governance/reports-policies. More details on our Customer Privacy Policy is available on the Premier Inn website and the websites of our restaurant brands. Reporting requirement Policies and standards which govern our approach See for additional information Anti-corruption and anti-bribery • Anti-bribery policy • Code of conduct • Corporate governance, page [97] Employees • Gender and ethnicity pay gap report • Health and safety policy – statement of intent • Speaking out policy • Diversity and inclusion report • Board leadership and Company purpose, page [96] • Force for Good, pages [58 to 61] • Section 172 statement on page [44] Corporate social responsibility Sustainability reporting • 2025/26 Sustainability report • TCFD report 2025/26 • Net Zero Transition Plan 2022/23 Environmental Policies • OFWAT Compliance Statement • Premier Inn environment policy • Restaurants environment policy • Whitbread water policy • Whitbread energy policy Responsible Sourcing Policy • Whitbread responsible sourcing policy 2026 • Responsible sourcing – soy policy • Responsible sourcing – cotton policy • Responsible sourcing – cocoa policy • Responsible sourcing – palm oil policy • Whitbread responsible sourcing - packaging policy Animal welfare • Animal welfare policy 2025 • 2025 Animal welfare KPIs • Antibiotics Policy 2025 • Force for Good, pages [58 to 61] • Read the full reports on our website, www.whitbread.co.uk Human rights • Human rights policy • Workplace adjustment policy • Diversity and inclusion policy • Human trafficking positioning statement • Modern slavery statement • Whitbread PLC Board diversity policy 2024 • Force for Good, pages [58 to 61] Privacy • Customer privacy policy Social matters • Gender pay gap report • Responsible sourcing policy • Diversity and inclusion statement • Force for Good, pages [58 to 61] • Diversity and inclusion commitments, page[54] Description of principal risks and impact on business activity • Principal risks and uncertainties, pages [64 to 69] Description of the business model • Business model, pages [4 and 5] Non-financial performance indicators • Our strategic framework, pages [17 and 19] Diversity and inclusion As part of our Diversity and inclusion commitments, we are undertaking regular reviews of our policies across Whitbread to ensure they are inclusive, particularly of under-represented groups. For further information, see page 54. STRATEGIC REPORT ![]() 74 #### Whitbread PLC Annual Report and Accounts 2025/26 #### CLIMATE-RELATED FINANCIAL DISCLOSURES Our changing climate is undeniable, withthe impacts felt in many aspects ofdaily life across the world. From traveldisruption to empty shelves in supermarkets, it is increasingly clear thatwe must do whatever is possible tolimit global warming and to adapt toa new way of living. The changes in our climate, governments’ responses tolimit oradaptto these, and our own mitigationsin turn present both risks and opportunities to our business. The following pages provide an overview of these climate-related risksand opportunities, and contain our responses to the 11 TCFD disclosures, as well as the Companies Act 2006 requirements (s414CAand CB). ## Ensuring long-term ## resilience in the face ## of climate change Image: Premier Inn Birmingham NEC STRATEGIC REPORT ![]() 75 #### Whitbread PLC Annual Report and Accounts 2025/26 Disclosure Where we cover this disclosure Pages Alignment with CFD or Companies Act requirements Governance: Disclose the organisation’s governance around climate-related risks and opportunities. Describe the Board’s oversight of climate-related risks and opportunities. See “Embedding climate change into our governance structures and management”. This section describes the Board’s oversight of climate-related issues, including the frequency with which theBoard and other forums meet to discuss these issues, and how it considers, implements andmonitors progress against goals and targets. See pages [85] (a) Describe management’s roleinassessing and managing climate-related risks and opportunities. See “Embedding climate change into our governance structures and management” and “Ourapproach to climate risk management”. These sections describe management’s role in the assessment and management of climate-related issues, including: assignment of climate-related responsibilities; the associated organisational structure(s); processes by which management is informed about climate-related issues; and how management monitors climate-related issues. See pages [85] and [88] Strategy: Disclose the actual and potential impacts of climate-related risks and opportunities on the organisation’s businesses, strategy, and financial planning where such information is material. Describe the climate-related risks andopportunities the organisation hasidentified over the short, medium and long term. See “Principal climate-related risks and opportunities”. This section sets out what we consider to be the relevant short, medium and long-term risks and opportunities, together with a description of the specific climate-related issues potentially arising and their associated potential financial impacts on our business. The processes used to determine which risks and opportunities could have a material financial impact on our business are set out in the ‘our approach to climate risk’ section. See pages [78– 83] and[75–77] (d), (e), (f) Describe the impact of climate-related risks and opportunities on the organisation’s businesses, strategy andfinancial planning. See “Results of the scenario analysis and impacts on our strategies”. This section describes howclimate-related issues serve as an input to our financial planning process. See “Our approach to climate risk management”. This section describes the time period(s) used and how these risks and opportunities are prioritised. Climate-related scenarios were used to inform the strategy and financial planning, which have also been described in this section. See pages [84] and[75–77] Describe the resilience of the organisation’s strategy, taking intoconsideration different climate-related scenarios, includinga2°C orlower scenario. See “Results of the scenario analysis and impacts on our strategies”. This section describes howclimate-related issues serve as an input to our financial planning process. See “Our approach to climate risk management”. This section describes the time period(s) usedand how these risks and opportunities areprioritised. See pages [84] and[75–77] STRATEGIC REPORT ![]() 76 #### Whitbread PLC Annual Report and Accounts 2025/26 #### CLIMATE-RELATED FINANCIAL DISCLOSURES CONTINUED Whitbread PLC has complied with the requirements of UKLR 6.6.6(8)R by including climate-related financial disclosures consistent with the TCFD recommendations and recommended disclosures. We disclose the work we have undertaken to analyse the relevant climate scenarios against each risk with the data available to us, including the financial quantification of the potential impacts of climate change under different climate scenarios. This is with the exception of one thematic area, relating to customer demand, where we have found that much of the data we rely on contains a wide range of assumptions and consequent uncertainties. While we continue to evolve our approach to the quantification of these risks, we look forward to the development of market regulatory frameworks that will establish more comprehensive datasets that, alongside improvements in our own data and understanding, will help improve our assessment of the resilience of our business under each climate scenario. The climate-related financial disclosures made by Whitbread PLC comply with the requirements of the Companies Act 2006 as amended by the Companies (Strategic Report) (Climate-related Financial Disclosure) Regulations 2022. This Annual Report includes both financial and non-financial information (NFI), which is prepared using a range of internal andexternal frameworks that differ materially from those applied tofinancial data and is based on estimates, assumptions and third-party inputs. As a result, NFI is subject to uncertainty, may notbe comparable across companies or periods, and is provided for information only without liability except where such liability cannot be limited under applicable law. #### Ensuring long-term resilience #### inthe face of climate change #### continued Disclosure Where we cover this disclosure Pages Alignment with CFD or Companies Act requirements Risk management: Disclose how the organisation identifies, assesses and manages climate-related risks. Describe the organisation’s processes for identifying and assessing climate-related risks. See “Our approach to climate risk management”. This section describes our processes for identifying and assessing climate-related risks, including how we determine the relative significance of climate-related risks. See page [88] (b), (c), (d) Describe the organisation’s process for managing climate-related risks. See “Our approach to climate risk management”. This section describes our processes for managing climate-related risks, including how we make decisions to mitigate, transfer, accept or control those risks. See page [88] Describe how processes for identifying, assessing and managing climate-related risks are integrated into theorganisation’s overall risk management. See “Our approach to climate risk management”. This section sets out how our processes for identifying, assessing and managing climate-related risks are integrated into ouroverall risk management. See page [88] Metrics and targets: Disclose the metrics and targets used to assess and manage relevant climate-related risks and opportunities where such information is material. Disclose the metrics usedbythe organisation to assess climate-related risks and opportunities in line with its strategy and risk management process. See “Principal climate-related risks and opportunities”. This section discloses the metrics relevant to each of the four thematic areas. The progress against these metrics can be found in the ‘sustainability’ section of this Annual Report. See pages [78–83] (g), (h) Disclose Scope 1, Scope 2, and, if appropriate, Scope 3 greenhouse gas (GHG) emissions, and the relatedrisks. See “Principal climate-related risks and opportunities”. This section describes how our decarbonisation poses both risks and opportunities, and disclose the potential impact on the business. Within the ‘sustainability’ section of this Annual Report, we update on progress this year against our Scope 1, Scope 2 and Scope 3 GHG emissions. See pages [78–83] and [59] Describe the targets used by the organisation to manage climate-related risks and opportunities, and performance against targets. See “Principal climate-related risks and opportunities” . This section describes our key climate-related targets, in line with anticipated regulatory requirements, market constraints and/or othergoals. See pages [78–83] STRATEGIC REPORT ![]() 77 #### Whitbread PLC Annual Report and Accounts 2025/26 #### Our approach to climate risk management Our business model as owner operator, together with our leading sustainability programme, presents an opportunity to build resilience by mitigating potential risks,and, in doing so, transform them intoopportunities. This is our fourth TCFD report, and our understanding of climate risk is now sufficiently mature for our approach to climate risk to be fully embedded within ourcompany risk management framework. Last year, for the first time we published the results of the financial quantification of our risks and opportunities, disclosed under four thematic areas to allow us to quantify interlinked risks and opportunities together. Best practice suggests this quantification should be updated at least every three years, or sooner in the case of changes to identified risks and opportunities, or to the business’s likely exposure. As such, we have only updated our quantification of the policy, taxation and compliance thematic area to reflect the annual updates to our carbon emissions reduction model in light of progress achieved and capital allocated over the next 12 months. Climate-related risks, along with other sustainability-related risks, are monitored and managed through relevant functional risk registers as part of the wider risk management framework. Risks, corresponding mitigations and ownership for individual risk management are all tracked through this framework with regular interaction between the Head of Sustainability and Internal Audit. The Board has ultimate responsibility for risk management and the risks that we are willing to accept to achieve our objectives, including risks related to climate change. For more information about our risk management framework, see page [62]. #### Timeframes Our standard risk management framework requires that appropriate timeframes are applied, although the overarching guidance is to consider risks in the context of the Five-Year Plan (see pages 14–15). Given that climate-related risks are likely to materialise over a longer period, wehave considered risk review timelines alongside strategy review timelines and have categorised short, medium and long term to mean the followingtimeframes: Short: 0–1 years (aligned to our budgetcycle) Medium: 1–5 years (aligned to our Five-Year Plan) Long: 5–15 years (aligned to our 2040 Scope 1 and 2 reduction targets) Transition risks: • Policy, regulatory and legal changes. • Technology shifts. • Changing market demand. Typically managed by: • Sustainability team monitors legislative landscape and emerging trends and advises the Executive Committee and Board. • Proposition, Brand and Property teams manage our response. • Supply Chain, Operations and other departments implement requisite changes. Physical risks: • Acute: event driven, e.g. extremeweather or flood risk. • Chronic: longer-term shifts in climate patterns, e.g. sustained higher temperatures. Typically managed by: • Safety and Security team andRepairs and Maintenance team manage this with support from Operations. • Network Planning and Propertyand Construction teamfuture-proof our estate. • Supply Chain and Procurement manage the impact onglobal supply chains. Climate risks are classified into two types: The Sustainability team reviews existing andemerging climate change regulatory requirements, and cascades information directly to relevant teams through cross-functional risk management meetings. For more information on our risk identification and management process, see page [63]. Our Internal Audit team, responsible for risk management, forms part of the internal TCFD Steering Group and Working Group, and, as such, is closely involved in the risk assessment and analysis. For more information, please see page [63]. See page 63 for more details on how we manage risks STRATEGIC REPORT ![]() 78 #### Whitbread PLC Annual Report and Accounts 2025/26 #### CLIMATE-RELATED FINANCIAL DISCLOSURES CONTINUED #### Scenario analysis With many possible warming trajectories ahead of us, and much uncertainty in howboth physical and transition risks will present, scenario analysis is a critical tool toquantify potential impacts of climate change on our business. This assessment allows us to derive a probability-based projection of the position that Whitbread would be in at or around 2050, or, where related to transition risks, along the way to 2050 where costs are incurred. Each risk was analysed using threereference scenarios: 1.5 o C, 2 o C and 4 o Cincrease by 2100. These scenarios were selected in line with the TCFD guidance to include a range of scenarios, including at least one that results in 2 o C or less of warming. The different scenarios present avariety of exposure levels to physical and transition risks over different timescales with sufficient granularity to effectively stress test strategy. They are also aligned tothe reference scenarios used by the Bank of England in its analysis of the resilience ofthe financial system and are applicable ina business context, presenting a plausible range of possible trajectories. We used outputs from an Integrated Assessment Model (IAM) scenario analysis tool to underpin our quantification, which comprises a Computable General Equilibrium (CGE) model, an energy transition model, and an earth systems model. The IAM develops scenarios based on constraining emissions associated with different economic activities to align with different temperature pathways, which could result in sector and region-specific macroeconomic shifts (e.g. changes in output, costs, capital and labour). The IAM incorporates a variety of robust, academic sources, including the Global Trade Analysis Project, and provides global coverage. Forphysical risks, we have applied the Representative Concentration Pathway (RCP; referring toprojected future greenhouse gas concentrations) 2.6 for Scenarios A and B and RCP 8.5 for Scenario C. The modelling assumes that transitioning to a lower-carbon economy will require significant changes to the global economy, and economic activity will change over time in different sectors and geographies as policy and legal developments, technological developments, and market and reputational developments take place. The analysis allows for consideration of the potential size, shape and scope of transition risks and opportunities that may occur as a result, including, for example, changes to market performance leading todemand shifts, driving revenue change; changing commodity costs due to supply and demand shifts; and increasing carbon taxation, representing government action to disincentivise emissions-intensive activities. The Group’s modelling is based on the current estate size and future growth targets, taking into account expected economic growth. The annual financial impact of the risks and opportunities isdiscounted to present value using the Group’s weighted average cost of capital toarrive at an annualised discounted cash flowimpact. Overview Urgent global policy response delivering net zero emissions by2050 and in line with Paris Agreement ambition. Assumptions Rapid shifts in energy generation, consumer behaviours and technological innovation. Impact Physical risk increases are limited, but transition risks are high. Overview Implementation of stated climate policies and commitments without further action beyond this. Assumptions Global and national institutions work towards but makeslow progress in achieving UN Sustainable Development Goals. Impact Medium levels of physical and transition risks in the short term, with increasing physical risks over time. Overview No further global policy action is taken on climate change, and even current obligations are not met. Assumptions Emissions continue to grow. Severe and frequent extremeweather. Impact Physical risks grow significantly over time, buttransition risks arelow. #### Scenario A:1.5°C by 2100Scenario B:2°C by 2100Scenario C:4°C by 2100 #### Climate scenario parameters #### Our approach to climate risk management continued STRATEGIC REPORT ![]() 79 #### Whitbread PLC Annual Report and Accounts 2025/26 We have used each scenario to understand how our principal risks and opportunities present under the different parameters. Aspart of this process, we have assessed strategies that may be affected by climate-related risks and opportunities, howthose strategies may change as a result, and associated impacts on financial performance. However, it is of course impossible to encapsulate all potential future pathways with a limited suite of defined scenarios, and the true pathway may unfold outside the ranges considered. We have hotel operations within the UK, Ireland and Germany, and the three countries are considered to have similar riskprofiles regarding the relevant (environmental) legislative and geographical make-up of these markets. Therefore, the differences are neither material nor relevant when assessing climate-related risks and opportunities at anoverall business leveland, equally, we do not believe that climate-related risks and opportunities canor should be broken down by regions within each country. We also have franchised operations in the Middle East, but due to the very small size of the business in the region, and as we hold a minority stake inthe franchise, we have deemed it not relevant to include what would be very different risk profiles within this report, and have focused on our wholly owned operations only. The Group only operates branded restaurants in the UK. Noting the nature of our hotel and restaurant operations, similar risks exist across both, and where there are specific significant risks faced by one of those sectors compared to the other, these are limited and identified in the following riskassessment. #### Principal climate-related risks and opportunities This section presents our principal climate-related risks and opportunities, grouped by thematic area todemonstrate the tight interlinkages between risksand opportunities; a risk may pose a potential cost to the business, but this cost may then be reduced by a mitigant or by capitalising on a corresponding opportunity. These risks were considered most significant once current mitigating activity was considered; potential further activities to mitigate the residual risk were also identified through this process. The list of risks and opportunities assessed has not changed from last year. As well as identifying climate risks and opportunities via our Company risk management processes, we also conduct a peer benchmarking exercise, reviewing all risks and opportunities disclosed by other hospitality companies and by our FTSE 100 peers. The results ofthis comprehensive exercise are then discussed by our TCFD Working Group, toconsider relevance and materiality for our business. This year, this exercise did notbring forward any new risks or opportunities that were considered material for our business, and as such, our list has remained the same from last year. Image: Premier Inn Margate STRATEGIC REPORT ![]() 80 #### Whitbread PLC Annual Report and Accounts 2025/26 #### CLIMATE-RELATED FINANCIAL DISCLOSURES CONTINUED #### Principal climate-related risks and opportunities continued Customer demand Description and context Opportunities Metrics and targets Description Climate change impacts consumer preferences because it raises environmental awareness, prompting individuals to seek products and services that minimise their ecological footprint. As people become more conscious of their climate impact, they prioritise businesses that demonstrate sustainability and responsibility, influencing their purchasing decisions across various industries, including hospitality. Context As awareness of environmental issues grows, customer demand for sustainable and eco-friendly hospitality offerings may affect demand for traditional offerings. • The transition to a low-carbon economy is likely to benefit the services sector, as sectors that are generally less carbon intensive (such as the services sector) could see an opportunity resulting from the transition. This is due to relatively small increases in typical costs compared to carbon-intensive sectors. In addition, over time, as costs associated with emissions-intensive activity increase, this could cause a shift in global activity towards the UK and other decarbonised economies. • There may also be an increase in leisure customers who are choosing to holiday locally, either because of climate concerns or because of increased costs associated with overseas travel. • As more businesses require more from their providers in order to meet their sustainability targets, being seen as a leader in sustainability will help attract customers. Relevant targets: • Reach Net Zero by 2050 • Reduce Scope 1 and 2 emissions by 84.1%/m 2 by 2030, and by 99.6% by 2040 from a FY16/17 baseline • FY26 results: 63% reduction per m 2 (FY25 results: 61.5% reduction per m 2 ) • Reduce non-FLAG Scope 3 emissions by 58.1%/m 2 by 2030, and by 90% by 2050, from a FY18/19 baseline • FY26 results: 38.1% reduction per m 2 in non-FLAG Scope 3 emissions (FY25results: 35.7% reduction per m 2 ) • Reduce Scope 3 FLAG emissions by 36.4% by 2030 • FY26 progress: 40.2% reduction (FY25 results: 32.5% reduction) Metrics: • Number of EV chargers and % sites with EV charging facilities • FY26 results: 134 chargers (excluding legacy chargers) available; 105% sites with charging facilities (FY25 results: not available) • Number and percentage of low-carbon rooms across our estate • FY26 results 2,200 low-carbon rooms (2.3% of total rooms) (FY25 results: 1,500 rooms) Risks Mitigation Quantification • Less consumer business travel/in-person conferences due to desire by businesses toreduce carbon emissions associated withtravel. • Climate awareness leads to customers choosing more sustainable options for foodand accommodation. • Our Force for Good programme and its≈communication to customers. • Dynamic pricing strategy in place to respond≈to changes in customer demand. • Evolving our guest offer including our F&B product range to remain at the forefront of emerging customer behaviours and demands. • As our emissions will be accounted for within business customers’ Scope 3 footprint, our decarbonisation programme will help ensure we are a priority choice for customers with stretching Scope 3 targets. Whilst initial modelling shows that the sector and regions in which we operate are likely to benefit from the transition to a low-carbon economy, there isa high level of assumption and judgement used within these calculations and therefore the disclosure of a more precise quantification would not provide additional information. Our initial modelling is demonstrating that the hotel sector in the markets in which we operate may see an opportunity resulting from the transition. This is due to relatively small increases in typical costs compared to carbon-intensive sectors. Assumptions As above, the 1.5°C and 2°C scenarios we have used for our analysis assume that transitioning to a lower-carbon economy will require significant changes to the global economy, and economic activity will change over time in different sectors and geographies. The modelling makes evidenced assumptions regarding how emissions may be reduced through different sectors in the economy, based on external data sources and assumed policy/technology instruments. The 1.5°C scenario assumes a fast adoption and a significant reduction in demand for less sustainable, carbon-intensive products and services. As a result, in the medium and longer-term timeframes, we assume consumers will increasingly move away from non-sustainable products. STRATEGIC REPORT ![]() 81 #### Whitbread PLC Annual Report and Accounts 2025/26 #### Policy, taxation and compliance Description and context Metrics and targets Description Climate change will prompt governments to enact policies aimed at mitigating itseffects. This can include implementing carbon taxes to reduce greenhouse gasemissions. Additionally, governments may choose to offer tax incentives forbusinesses that adopt eco-friendly practices or invest in renewable energy. Such policies aim to incentivise sustainability and combat climate change on a broader scale. This may lead to increased regulatory and compliance burden. Context In the transition to net zero, there will be an array of voluntary and mandatory regulations, with which the Group may need to comply. The greatest impact is expected from carbon pricing mechanisms, which are being introduced across jurisdictions to≈encourage decarbonisation. In addition, there is a possibility that suppliers may face increased taxes, which are passed on in≈the cost of goods supplied. Relevant targets: • Reach Net Zero by 2050 • Reduce Scope 1 and 2 emissions by 84.1%/m 2 by 2030, and by 99.6% by 2040 from a FY17 baseline • FY26 results: 63.0%/m 2 reduction (FY25 results: 61.5% reduction per m 2 ) • Reduce Scope 3 non-FLAG emissions by 58.1%/m 2 by 2030, and by 90% by 2050 from a FY19 baseline • FY26 results: 38.1%/m 2 reduction (FY25 results: 35.7% reduction per m 2 ) • Reduce Scope 3 FLAG emissions by 36.4% by 2030 from a FY19 baseline • FY26 results: 40.2% reduction (FY25 results: 32.5% reduction) • Reduce water consumption by 20% per sleeper by 2030 • FY26 results: 18% reduction per sleeper (FY25 results: 14.2% reduction) Metrics: • Average carbon, water and waste per occupied room: • FY26 results: 3.4KG CO 2 e per occupied room (note this data is for Jan - Dec 2025 instead of Mar 2025 - Feb 2026) (FY25 results: Not available) • FY26 results: 211 litres water per occupied room (note this data is for Jan - Dec 2025 instead of Mar 2025 - Feb 2026; also note this figure includes water use in outsourced laundry which is not included in our water target) (FY25 results: Not available) • FY26 results: 1.1kg waste per occupied room (note this data is for Jan - Dec 2025 instead of Mar 2025 - Feb 2026; also note this data excludes restaurants) (FY25 results: Not available) • Number of hotels receiving BREEAM Excellent and number of hotels receiving EPC A • FY26 results: 1 hotel with BREEAM Excellent (50%) and 2 hotels with EPC A (100%) (FY25 results: 3 certified BREEAM Excellent (43%); 7 certified EPC A (100%)) Risks Mitigation Quantification • Tax on carbon or increased carbon pricing throughout the value chain increases costs. • There is a chance of increased assurance and compliance costs. • We may see increased supply chain costs due to suppliers passing their increased costs from their own net zero transition down to us. • The introduction of higher energy efficiency standards may require buildings to be upgraded in order to be compliant. • There is a potential reputational impact of failure to meet our public climate change commitments. • Switching to low-carbon energy sources and renewables and implementing efficiency measures across the Group’s operations. • Considering climate implications when making purchasing decisions. • Our ability to vary our pricing in response to cost increases. • Targets to reduce our own emissions will minimise exposure to taxation oncarbon. The quantification represents the modelled cost of carbon taxes based onanticipated carbon prices and the Group’s Net Zero Transition Plan. Short Medium Long 4°C scenario 2°C scenario 1.5°C scenario Under all scenarios, there is no impact in the short-term horizon as it will take time to introduce policy. We expect a low impact in the medium to long term from the introduction of a carbon tax, as our Net Zero Transition Plan means that Scope 1 emissions will be reduced over this period. Assumptions The model assumes the 2024/25 emissions mix and markets remain static over the reporting period with emissions growth rate in line with 2025/26 target growth rates. A carbon price has been applied to the Group’s Scope 1 emissions. The underpinning scenarios make evidenced assumptions regarding how emissions may be reduced through different sectors in the economy, based on external data sources and assumed policy/technology instruments. In order to facilitate emissions reductions under 1.5°C and 2°C pathways, we assume the introduction of a carbon price. As a result of this carbon price, there could be an increase in costs associated with fossil fuels, leading to the energy system adapting to lower-emission sources such as renewables and away from fossil fuels. We assume the cost increases are not passed on to customers through increased prices. Quantification results key: Discounted cash flow impact Not relevant <£20m £20m–£40m  >£60m STRATEGIC REPORT ![]() 82 #### Whitbread PLC Annual Report and Accounts 2025/26 #### CLIMATE-RELATED FINANCIAL DISCLOSURES CONTINUED #### Principal climate-related risks and opportunities continued #### Investment in carbon reduction solutions Description and context Opportunities Metrics and targets Description Climate change necessitates more stringent building standards to enhance energy efficiency and resilience. With rising temperatures, buildings must withstand heatwaves while minimising energy consumption. This entails adopting advanced insulation, efficient HVAC systems, and≈renewable energy sources. Context To align with global climate goals and to achieve environmental targets, we will need to invest in the identification and implementation ofefficiency measures, switching to renewable sources of energy and decarbonising across theestate. • Improving the fabric and operational efficiency of our buildings to mitigate increased operating costs. Relevant targets: • Reduce Scope 1 and 2 emissions by 84.1%/m 2 by 2030, and by 99.6% by 2040 from a FY17 baseline • FY26 results: 63.0%/m 2 reduction (FY25 results: 61.5% reduction per m 2 ) • Reduce Scope 3 non-FLAG emissions by 58.1%/m 2 by 2030, and by 90% by 2050 from a FY19 baseline • FY26 results: 38.1%/m 2 reduction (FY25 results: 35.7% reduction per m 2 ) • Reduce Scope 3 FLAG emissions by 36.4% by 2030 from a FY19 baseline • FY26 results: 40.2% reduction (FY25 results: 32.5% reduction) Metrics: • Number and percentage of low-carbon rooms across our estate • FY26 results >2,300 low-carbon rooms (2.3% of total rooms) (FY25 results: 1,500 rooms) • Number of hotels receiving BREEAM Excellent and number of hotels receiving EPC A • FY26 results: 1 hotel with BREEAM Excellent (50%) and 2 hotels with EPC A (100%) (FY25 results: 3 certified BREEAM Excellent (43%); 7 certified EPC A (100%)) Risks Mitigation Quantification • Meeting net zero targets and climate-related legislation requires investment in new technology and the upgrade of buildings. The replacement of assets may require the impairment of existing book values. • We are reliant on third parties, local government and broader infrastructure to meet our targets, e.g. capacity of the grid to≈supply the additional energy required forelectrification. • Maintaining both short and long-term investment plans with clear connection between these plans and our sustainability targets and commitments. • Replacing assets at the end of their life, aligning expenditure with ongoing maintenance capex cycle. • Fostering partnerships and relationships andsupporting our suppliers to help us meet≈our objectives. The quantification represents the gross discounted capex costs of investing inretrofitting the Group’s estate. Short Medium Long 4°C scenario 2°C scenario 1.5°C scenario In all scenarios, long-term investment is required to replace end-of-life assets with more efficient solutions; however, the longer-term impact is offset by reduced energy spend as a result of increased building efficiency. Assumptions We will invest in new solutions as existing assets need replacement at all sites to meet our long-term (2040) Scope 1 and 2 emissions reduction target, replacing all gas equipment in≈hotels and restaurants with technology that can be powered by renewable electricity, including air-source heat pumps and immersion heaters. We will meet our 2030 SBTi-accredited target to reduce emissions. No further investment, in addition to our Net Zero Transition Plan, will be required to conform with changes to laws and regulations. STRATEGIC REPORT ![]() 83 #### Whitbread PLC Annual Report and Accounts 2025/26 #### Extreme weather events Description and context Opportunities Metrics and targets Description Climate change has increased the frequency of extreme weather events byaltering atmospheric conditions. Prolonged periods of extreme temperatures may strain heating and cooling systems, impacting guest comfort and increasing energy costs. Rising sea levels can threaten coastal hotels with flooding and erosion. Additionally, water stress may lead to reduced water availability. Context There is a risk to both revenue and the supply chain of increased severe events. Revenue would be impacted through sites being unable to trade orcustomers being unable to travel due to extreme heat, flooding, wildfires or snow/rain. There may be additional damage to sites impacted by these events. In addition, the availability of products in the supply chain could be impacted by severe weather affecting product availability and input prices. • Higher temperatures result in certain locations becoming more desirable asleisure destinations, leading to increased leisure guests from the UKand abroad. Relevant targets: • Reduce water consumption by 20% per sleeper by 2030 from aFY19/20 baseline • FY26 results: 18% reduction per sleeper (FY25 results: 14.2% reduction) Metrics: • Average water use per occupied room (note this data is for January - Dec 2025 instead of March 2025 - Feb 2026; also note this figure includes water use in outsourced laundry whichis not included in our water target) • FY26 results: 211l per occupied room (FY25 results: not available) • Further metrics relating to impacts of extreme weather areunder development. • Percentage water reduction per sleeper • FY26 results: 17.6% reduction per sleeper Further metrics relating to impacts of extreme weather are underdevelopment. Risks Mitigation Quantification • Flooding, storms, droughts, etc. lead to sites being unable to trade either due to direct disruption or disruption of critical services. The supply chain may be impacted bynon-availability of goods. • Severe weather may impact guest visits/stays leading to cancellations. • An increased use of energy for heating and cooling leads to greater costs tothebusiness. • There may be losses from assets located in high flood risk zones. • Incorporating climate change factorsinto design of new sites, refurbishment programmes and maintenance capex programmes. • Adopting resilient building designs and sustainable practices can mitigate these risks. • Ensuring appropriate insurance canalso mitigate the risks posed byextreme weather. The quantification represents the expected combined cost of asset damage and business interruption as a result of extreme weather events. Short Medium Long 4°C scenario 2°C scenario 1.5°C scenario In general, the level of risk to sector assets in both the UK and Germany is low. Of all hazards considered, only coastal inundation in the UK could become moderate towards the end ofthe timeframe provided. The risk is higher in RCP 8.5 than in RCP 2.6. Assumptions Due to the geographic spread of our assets, the impact of extreme weather events has been modelled using country level assumptions in the UK and Germany. We intend to further develop these scenarios based on the specific location of our estate in future years. Quantification results key: Discounted cash flow impact Not relevant <£20m £20m–£40m  >£60m STRATEGIC REPORT ![]() 84 #### Whitbread PLC Annual Report and Accounts 2025/26 #### CLIMATE-RELATED FINANCIAL DISCLOSURES CONTINUED Principal climate-related risks and #### opportunities continued #### Results of the scenario analysis #### and impact on our strategies Overall, we do not believe the impact of climate change will be material for our business over the short or medium term, and we believe that our current strategies are resilient. The results of the analysis indicate that the highest short-term price and cost changes can be expected under the early, smooth transition climate scenario in association with a near-term transition to a low-carbon global economy. Transitioning to net zero will require significant investment in our estate over the medium and long term, but this will also mitigate other risks and drive a number of benefits through, for example, reduced carbon taxation and higher customer demand. Overthe longer term, impacts are harder toidentify due to the timeframes and nature of risks, but at this point, we do not believe the impact of climate change will be material, at least over the initial years of this period. This materiality is not the same as financial statement materiality as set out onpage [153]. At the time of analysis, not all value drivers identified for individual risks could be modelled robustly using existing datasets. For this reason, we have not disclosed the results of the quantification for the customer demand thematic area. We remain committed to reviewing and improving our TCFD climate scenario analysis work over time, and updating it at least every three years, as per the CFDrequirements. While our climate disclosure is an annual process, we continually use the results, alongside any evolution in knowledge or understanding of climate change, its impacts, and potential mitigants to monitor and test the resilience of our strategies to these risks and opportunities. This cross-functional process, taking into account the mitigating activity already ongoing, has confirmed that there is no immediate concern; additional mitigants have been identified and strategies adapted where necessary. As technology evolves, and knowledge and understanding grow both within the business and outside, new opportunities to mitigate risks arise and must be considered. For example, this year we have begun a process to achieve sustainability certification in Germany, tomeet customer demand. Our Climate Transition Plan, currently being updated, mitigates a number of risks, and is integrated into our strategy and Five-Year Plan. The business’s structure, with direct, centralised control of its operations, makes us well placed to react rapidly to any emerging risks or opportunities to ensure the best possible outcomes. We are also preparing to align with ISSB and SRS reporting requirements, including the necessary data collection structure. Image: Premier Inn Margate STRATEGIC REPORT ![]() 85 #### Whitbread PLC Annual Report and Accounts 2025/26 #### Embedding climate change into our governance structure and management Effective corporate governance is critical to executing our strategy and delivering for all our stakeholders. Our governance of climate and sustainability-related matters reflects our commitment to strong leadership and oversight by senior management and the Board, ensuring that there are strategies in place which are resilient to climate-related risks. #### Governance Whitbread PLC Board See pages [X] • Oversees climate and sustainability governance, and ensures strategies are resilient to climate risk. • Considers sustainability when reviewing and guiding strategy, major plans of action, risk management policies, annual budgets and business plans, as well as setting the organisation’s performance objectives. • Held ten meetings in 2025/26; at five of these, General Counsel presented an update that included sustainability matters where relevant. • Head of Sustainability has attended two of these meetings to take the Board through key strategic priorities, e.g. transition to net zero. Audit Committee See pages [X] • Sustainability included as part of Audit Committee’s risk management process. • Held four meetings in 2025/26, and discussed TCFD at one of these. • Reviews and approves TCFD disclosures Nomination Committee See pages [X] • Ensures that the composition of the Board reflects the necessary balance of skills, knowledge and experience, including those relevant forsustainability. Remuneration Committee See pages [X] • Ensures that ESG is adequately reflected within our reward structures and monitors performance of senior management against these key performance indicators (KPIs). • In 2025/26, ESG measures formed part of the Chief Executive and Chief Financial Officer’s Annual Incentive Scheme as well as part of the Annual Incentive Scheme for other senior Whitbread employees, e.g. Executive Committee members. • ESG measures are also incentivised both through individual objectives and through the WINcard. The WINcard applies to all Whitbread employees, ensuring a focus on specified ESG matters throughout the Company. • The WINcard for 2025/26 includes KPIs related to the Group’s carbon reduction target from both an operational level and Support Centre level. STRATEGIC REPORT ![]() 86 #### Whitbread PLC Annual Report and Accounts 2025/26 #### Management The Executive Committee See pages [X] • Has oversight for managing our sustainability, which encompasses climate-related issues, including formulating, implementing and monitoring strategy (including resilience to climate-related risks), major plans of action, risk management policies, annual budgets and business plans, as well as setting the organisation’s performance objectives. • Clare Thomas, General Counsel, is a member of the Executive Committee and has responsibility for the Group’s sustainability programme, Forcefor Good. • During the past financial year, the Head of Sustainability presented two updates to the Executive Committee. Sustainability Steering Committee • A multi-disciplinary group, responsible for overseeing the Company’s response to sustainability risk, opportunity and communication and providing oversight, co-ordination and delivery of key programmes and initiatives, as approved by the Executive Committee. Meeting quarterly, the Committee develops recommendations for our response to emerging risks, opportunities and legislation. The SSC is chaired by the General Counsel and has representation from Finance, Investor Relations, HR, Operations, Brand, Property and Procurement, including five representatives of the Executive Committee. Sustainability team • Led by the Head of Sustainability, Megan Adlen, the team is responsible for setting the overarching sustainability strategy including targets, designing the framework to deliver our ESG programme, embedding processes across the business where it can make the most difference and supporting internal stakeholders to deliver against these targets. • The team also oversees our corporate sustainability disclosures, including in response to TCFD, and monitors climate-related issues. The Head ofSustainability reports directly to the General Counsel, ensuring consistency with how we apply our climate programme across the individual brands and ensuring accurate and timely monitoring of climate-related issues. Find out more in our ESG report 2025/26 [LINK] TCFD Steering Group • Chaired by the Chief Financial Officer with representation across various functions in the business and meets at least annually. • Provides oversight and drives implementation of the TCFD recommendations and wider climate strategy, working with subject matter experts tooversee the mitigation of risks and opportunities. Risk Working Group See pages [X] • Supports the Executive Committee by reviewing the methodology for identifying and assessing both emerging as well as principal risks, includingclimate-related risks, and reporting on the approved position. The General Counsel is member of this group. Functional delivery of our sustainability programmes • Responsibility for delivering our sustainability strategy, which is closely integrated into wider business strategy, is embedded across functions within the Group. Our sustainability targets and requirements are managed and shared across relevant business functions, as appropriate, toensure successful implementation. #### CLIMATE-RELATED FINANCIAL DISCLOSURES CONTINUED #### Embedding climate change into our governance structure and management continued STRATEGIC REPORT ![]() 87 #### Whitbread PLC Annual Report and Accounts 2025/26 #### Our metrics and targets #### Measuring our progress #### towards our diverse #### sustainability programme #### is key to ensuring its success. This year, we #### have undertaken a #### collaborative process #### toidentify a more comprehensive suite of #### metrics – beyond those #### reported against our #### sustainability targets. We have a number of publicly stated targets that are directly relevant to our management of climate risk, including our SBTi-validated emissions reduction targets, food waste target and water reduction target (see page [x] and see our ESG report). We also set annual internal targets in order to build a delivery plan and ensure that progress against longer-term goals is tracked. These are then incorporated into both individual and Company-wide annual objectives, which, in turn, are captured within the Group’s remuneration policies. Progress against targets is reported annually to the Board and through the Annual Report and can be found on page [x]. All our targets, programmes of implementation and progress against them, including assurance statements, are outlined in our ESG report. Our reporting is aligned with the requirements of the Sustainability Accounting Standards Board (SASB). Key metrics are independently assured to the ISAE 3000 standard, in compliance with ISQM (UK) 1. For information on the metrics and targets directly linked tothe identified climate related risks and opportunities, please see the table of principal climate-related risks and opportunities on pages [x]. Over the past year, we have been refining our climate-related metrics, and will continue to improve these and the data behind them. As part of this process, we have also removed targets and metrics which are less directly related to the risks and opportunities discussed, such as food waste; although relevant, there are more pertinent measures to use. A number of the risks and opportunities that we have identified are in fact broader sectoral risks and are better suited to monitoring through market-level changes or ad hoc studies. In these cases, corporate-level metrics would not provide useful insights on the specific climate-driven trends. Theseinclude: • The risk that there will be less consumer business travel or in-person conferences due to businesses’ desire to reduce carbon emissions associated with travel. This will be better monitored through ad hoc travel studies; due to a number of factors influencing business travel rates and the leisure/business travel split, identifying the impact just of climate change would not be possible from corporate-level data. • The risk of increases in supply chain costs due to suppliers passing their increased costs from their own net-zero transitions down to us. Climate-driven increases will not be identifiable from other increases, such as those driven by increases in inflation, labour costs, taxation energy costs etc. • The risk relating to our reliance on third parties, local government and broader infrastructure to meet our targets. While we can ensure we take any opportunities to engage with government, industry and partners, the impacts of this are challenging to monitor. • Higher temperatures result in certain locations becoming more desirable as leisure destinations, leading to increased leisure guests from the UK and abroad. While we can monitor the trends in occupancy at sites dominated by leisure travel, pinpointing the impacts of climate change on this will not be possible from corporate data alone and will require industry-wide insights. We have also identified one priority area for development: impacts of severe weather on guest visits/stays leading to cancellations or disruption to trading. While this can currently be assessed on an ad hoc basis, we do not have continuous monitoring in place, and will look to develop this further as a priority over the coming year. Our full assurance statement can be found onpage [x] Read our ESG report online www.whitbread.co.uk Image: Hub by Premier Inn Snowhill STRATEGIC REPORT Image to be updated ![]() 88 #### Whitbread PLC Annual Report and Accounts 2025/26 #### CORPORATE GOVERNANCE AT A GLANCE ## Corporate governance ## ataglance During the year, we were fully compliant with the provisions of the 2024 UK Corporate Governance Code (the Code). #### Highlights 2025/26 #### • Appointment of new Chair,Christine Hodgson, #### inSeptember2025 #### • Appointment of new Audit #### Committee Chair, Jonathan #### Howell, in January 2026 #### • Board gender diversity at [xx.x%] #### • Conducted a comprehensive internal Board evaluation. Read #### more on pages [x] and [x].] #### • Speaking Out policy updated #### inApril 2025 #### Priorities for 2026/27 • Continue full compliance with the #### new UK Corporate Governance #### Code 2024 • Support and oversight of the #### growth of the business both in #### the UK and internationally • Review and act on the recommendations from the #### internal Board evaluation. #### Readmore on page [•] In this section [•] Chair’s governance report [•] Corporate governance statement [•] Board leadership and company purpose [•] Division of responsibilities [•] Board of Directors [•] Executive Committee [•] Composition, succession and evaluation [•] Nomination Committee report [•] Audit Committee report [•] Remuneration Committee report [•] Remuneration at a glance [•] Directors’ remuneration policy [•] Annual report on remuneration [•] Directors’ report [•] Directors’ responsibility statement [•] Independent limited assurance report GOVERNANCE ![]() #### Whitbread PLC Annual Report and Accounts 2025/26 89 Board tenure The length of time each of the directors hasserved on the Board at the date of the report is shown below. Board and Committee meeting attendance Christine Hodgson 1 Kal Atwal Horst Baier Frank Fiskers Richard Gillingwater Jonathan Howell 2 Karen Jones Hermant Patel Dominic Paul Shelley Roberts Cilla Snowball Board 6/6 10/10 10/10 10/10 9/10 3/3 10/10 10/10 10/10 10/10 10/10 Audit 4/4 4/4 0/0 4/4 4/4 Nomination 2/2 4/4 4/4 4/4 4/4 1/1 4/4 4/4 4/4 Remuneration 3/3 5/5 5/5 4/5 3 5/5 Not a member of the Committee. Board focus areas The chart below demonstrates the proportion of the Board’s time spent ineach area. Gender diversity The chart below shows the gender splitofthe Board. Board experience The Board comprises directors with a broadrange of skills and experience. The chart below provides an overview of the experience around the Board table. Competencies Christine Hodgson Kal Atwal Horst Baier Frank Fiskers Richard Gillingwater Jonathan Howell Karen Jones Shelley Roberts Cilla Snowball CEO of a listed PLC/ P&L Delivery CFO of a listed PLC Direct Hospitality/ Travel/leisure sector related Digital/Technology/ Infrastructure Cyber Retail /Consumer brand Property International Mergers & Acquisitions Commercial procurement ESG, Sustainability Ethnic diversity The chart below shows the ethnic diversity of the Board. Continue to grow and innovate in the UK 21% Focusing on our strengths to grow in Germany 7% Enhancing our capabilities to support long-term growth 6% People and pay 6% Strategy 26% Financial and reporting 17% Governance, sustainability and risk 18% Women 5   45% Men 6   55% White British (including minority White groups) 9   89% Asian/Asian British 2   11% Please see page [•] for details of key agenda items that were covered at the Board meetings during the period. Christine Hodgson Kal Atwal Horst Baier Frank Fiskers Richard Gillingwater Jonathan Howell Karen Jones Hemant Patel Dominic Paul Shelley Roberts Cilla Snowball 0 1 2 3 4 5 6 7 8 9 10 1 Christine Hodgson joined the Board in September 2025. 2 Jonathan Howell joined the Board in January 2026. 3 The one meeting Richard Gillingwater missed was due to a prior commitment. Years GOVERNANCE ![]() 90 #### Whitbread PLC Annual Report and Accounts 2025/26 Ensuring consistent, ## effective governance ## oversight “The Board remains focused on generating long term stakeholder value through strong and effective governance.” Christine Hodgson Chair #### CHAIR’S GOVERNANCE REPORT #### I am pleased to present #### thisyear’s Board report on #### theCompany’s compliance #### withthe UK Corporate #### Governance Code. The Board promotes an open culture that supports transparent and constructive interaction between management and Non-Executive Directors. High quality decision-making continues to be underpinned by the standard of Board and Committee papers, together with the breadth of knowledge, skills and experience of our directors. This is strengthened by an open and transparent culture that enables rigorous debate and effective oversight. Inreaching its decisions, the Board remains focused ondelivering the Company’s key strategic priorities while maintaining a clear understanding of the impact of those decisions on our stakeholders. At Whitbread, we remain committed to ensuring that our actions reflect our culture, values and long term strategic ambitions. We recognise that strong corporate governance is fundamental to achieving this alignment. Each year, the Board conducts an internal assessment of the Company’s compliance with the Code. I am pleased to report thatwe have been fully compliant with allprovisions for the reporting period. Inthefollowing sections, we describe howwe have applied the principles oftheCode during the year. At the 2025 annual general meeting, ChrisKennedy chose not to stand for re-election and stepped down from the Board. In September, Adam Crozier also stood down from the Board, both as a director and as Chair. I was appointed asChair of the Board in September andJonathan Howell was appointed asanon-executive director andChair oftheAudit Committee in January. An internal effectiveness review of the Board and its Committees was undertaken during the year. The process involved two stages: aquestionnaire and individual discussions with each director. Each director provided feedback on the performance of the Board and the Committees on which they serve. The reports were subsequently presented tothe Board andrelevant Committees for discussion inMarch 2026. The effectiveness review concluded that theBoard continues to operate effectively and that its Committees perform their roles diligently, working cohesively within the broader governance framework. Further detail on the findings and progress made against actions from the previous year’s review can be found on pages [•] and [•]. Inaccordance with the Code, the next Board review will also be internally facilitated. The Board acknowledges its collective responsibility for engaging with stakeholders and ensuring that their views and interests are considered in its decision making processes. Additional information on our stakeholder engagement activities can befound on pages [•] to [•]. Christine Hodgson Chair 29 April 2026 GOVERNANCE ![]() #### Whitbread PLC Annual Report and Accounts 2025/26 91 #### CORPORATE GOVERNANCE STATEMENT ## The UK ## Corporate ## Governance ## Code 2024 #### The UK Corporate Governance #### Code 2024 is the standard #### against which we measure ourselves. It is issued by the #### Financial Reporting Council #### (FRC) and is available to view #### onits website, www.frc.org.uk. Further information on our compliance with the Code can be found in the table on the right: On page [•], we have reported on the experience of the members of the Board and how the discussions atthe Board meetings this year were focused on improving shareholder value and contributing to wider society. There is detail on the Board’s engagement with all its stakeholders, including the Company’s major shareholders. You will also find information onhow the Board lays out its strategy and sets the Company up for long-term sustainablesuccess. On page [•] we outline the responsibilities of the Chair; these are different from the role of the Chief Executive. We also provide details on the matters reserved for the Board and the matters that are delegated to the Executive Committee. On pages [•] to [•], we have introduced the Board to you and provided details on the skills and experience of thedirectors. #### Section 1 – Board leadership andCompany purposeSection 2 – Division of responsibilities See page A Effective and entrepreneurial board to promote the long-term sustainable success of the company, generating value for shareholders and contributing to wider society. Ensure necessary resources, policies and practices are in place [•] B Purpose, values and strategy with alignment to culture [•] C Governance reporting should highlight key board decisions and their impact on the company’s strategy [•] D Effective engagement with shareholders and stakeholders [•] E Consistency of workforce policies and practices with the company’s values to support long-term sustainable success [•]-[•] See page F Leadership of the board by thechair [•] G Board composition and responsibilities [•] H Role of non-executive directors [•] I Company secretary, policies, processes, information, time andresources [•]-[•] GOVERNANCE ![]() 92 #### Whitbread PLC Annual Report and Accounts 2025/26 You will find details of the composition, roles and responsibilities and the work of the Nomination Committee, which met four times during the year, together with a summary of its activities during the year on pages [•] and [•]. We have provided a summary of the internal Board effectiveness review carried out this year, as required by the Code. Pages [•] to [•] contain a letter from Jonathan Howell, Chair of the Audit Committee, which met four times during the year, and provide an introduction to the composition, roles and responsibilities of the Committee, together with information on the key topics discussed during the year. This section also covers details on decision-making in line with the recommendations provided by the Financial Reporting Council (FRC). On pages [•] to [•], Frank Fiskers, Chair of the Remuneration Committee, which met five times during the year, presents the remuneration report. The report sets out in detail the key decisions made by the Committee during the year and provides comprehensive disclosures on executive pay and thelinkage to the Company’s strategic goals. Section 3 – Composition, #### successionand evaluation #### Section 4 – Audit, risk #### andinternalcontrol #### Section 5 – Remuneration See page J Board appointments and succession plans for board andsenior management and promotion ofdiversity [•] K Skills, experience and knowledge ofboard and length of service ofboard as a whole [•] L Annual evaluation of board and directors and demonstration of whether each director continues tocontribute effectively [•]-[•] See page M Independence and effectiveness of internal and external audit functions and integrity of financial and narrative statements [•]-[•] N Fair, balanced and understandable assessment of the company’s position and prospects [•] O Risk management and internal control framework and principal risks the company is willing to take to achieve its long-term objectives [•] See page P Remuneration policies and practices to support strategy and promote long-term sustainable success, with executive remuneration aligned to company purpose andvalue [•] Q Procedure for executive remuneration, director and senior management remuneration [•]-[•] R Authorisation of remunerationoutcomes [•]-[•] #### CORPORATE GOVERNANCE STATEMENT CONTINUED GOVERNANCE ![]() #### Whitbread PLC Annual Report and Accounts 2025/26 93 #### BOARD LEADERSHIP AND COMPANY PURPOSE ## Purpose, values and strategy The Chair and the General Counsel met withmajor shareholders during the year to discuss environmental, social and governance issues as well as business strategy and performance in the UK and Germany. #### Culture The Board appreciates the rich culture of Whitbread and its commitment to maintaining the highest standards of honesty, openness and accountability. The Board has approved the ‘Values’ that are aligned to the strategy and purpose of the organisation. #### Speaking Out The Speaking Out (whistleblowing) service is available to all team members, employees, suppliers and third parties allowing them to raise concerns. Through this service, reports can be raised online using the web reporting functionality or through the telephone hotline in multiple languages. The service can also be accessed on phones by scanning the QR code displayed on the Company’s intranet or on the posters across all our locations. The Audit Committee approved a Speaking Out policy in April 2025, which has been adopted this financial year. #### Board diversity The Board diversity policy was updated inMarch 2024 to align with the latest FCA targets and also business best practice. The FCA’s diversity targets for UK listed companies, which are implemented on a‘comply or explain’ basis, require that at least 40% of boards be women, and at least one senior board position (Chair, CEO, SID, or CFO) be held by a woman. Additionally, at least one board member must be from a minority ethnic background. We are pleased to report that we are currently meeting these targets. We have 18% ethnic representation on our Board, meeting the FCA ethnicity target. From a gender perspective, 45% ofour directors are female. With the appointment of Christine Hodgson as Chairwe have met the FCA’s targets in full. Gender and ethnicity data collection The table below sets out the gender and ethnicity of the Board, executive management and senior Board positions (CEO, CFO, SID and Chair) as at 26 February 2026. In line with the Listing Rules definition, ‘executive management’ consists of Whitbread’s Executive Committee members. For full details of the Executive Committee please see page [•]. The Board diversity data is collected using a questionnaire and given on a self-identification basis at the point of their onboarding to the Company. The diversity data collated for the Executive Committee is collected on an anonymous basis directly from each member using a questionnaire and given on a self-identification basis. Gender of members of the Board and executive management Board members Percentage of the Board Senior Board positions (Chair, CEO, CFO and SID) Executive management Percentage of executive management Women 5 45% 1 2 22% Men 6 55% 3 7 78% Ethnic background of members of the Board and executive management Board members Percentage of the Board Senior Board positions (Chair, CEO, CFO and SID) Executive management Percentage of executive management White British or other White (including minority White groups) 9 82% 3 8 89% Mixed/multiple ethnic groups 0 0% 0 0 0% Asian/Asian British 2 18% 1 1 11% Black/African/Caribbean/ BlackBritish 0 0% 0 0 0% Other ethnic groups 0 0% 0 0 0% Not specified/prefer not to say 0 0% 0 0 0% The Board and the executive team remain focused on the strategic objectives of the Company while also balancing the needs of stakeholders and promoting shareholder value. You can read more about how stakeholders are considered in the decision-making process on pages [•] to [•]. GOVERNANCE ![]() 94 #### Whitbread PLC Annual Report and Accounts 2025/26 #### Board agenda 2025/26 #### Standing agenda items • Chief Executive’s report • Chief Financial Officer’s report • Chief People Officer’s report • General Counsel’s report • Property and International Managing Director’s report • Approval of capital projects • KPI pack • Budget review Q1 • Risk review and appetite • Board evaluation • Property disposal • Capital projects • Review of annual accounts ended 27 February 2025 • Reports from Remuneration andAudit Committees • Food and beverage update • Health and safety • Force for Good Q2 • Commercial update • Germany update • Investor relations • Capital projects • Annual general meeting Q3 • Appointment of Christine Hodgson • Force for Good • Germany update • Employee engagement and insight • Reports from Remuneration and Audit Committees • Capital projects • Board strategy day preparation • Review of half-year results • Post-completion review • Commercial/trading update • Cyber security • Guest experience • Half-year risk review • Technology update • Health and safety update • Operational and property strategy Q4 • Appointment of Jonathan Howell • Operational delivery • People strategy • Capital projects • Board effectiveness review • Budget approval • Review of Five-Year Plan financialupdate #### Controls and risk management The Board is responsible for the Company’sframework of internal control andrisk management and for reviewing their effectiveness. These frameworks are designed to manage rather than eliminate risk of failure to achieve business objectives. Theycan only provide reasonable, and notabsolute, assurance against material misstatement or loss. The Board has established an ongoing process for identifying, evaluating and managing the Company’s principal risks. This process was in place throughout the financial year and up to the date of this report. The process is reviewed by the Board and accords with the internal control guidance for directors in the Code. A report of the principal risks, together withthe viability statement, can be found onpages [•] to [•]. #### Code of Conduct We updated our Code of Conduct last year.Key enhancements include our new values and an update to our whistleblowing reporting processes. This was designed to streamline the process for raising concerns and to enable users to very clearly identify when to use the system over other available reporting tools, whilst always ensuring absolute confidentiality and protection forwhistleblowers. We have reinforced our zero-tolerance stance against all forms of abuse and discrimination, whether towards our people, our guests or those that wework with. These updates reflect our commitment to ensuring a safe, transparent and accountable workplace, aligning with our core values and commitment to doing business the right way. Our mandatory Code of Conduct training now includes anannual refresher requirement for all employees. The programme has now been fully rolled out across the Support Centre and is being extended to our Operations teams to ensure our teams not only understand these changes, but also modelour values in their daily operations. #### BOARD LEADERSHIP AND COMPANY PURPOSE CONTINUED GOVERNANCE ![]() #### Whitbread PLC Annual Report and Accounts 2025/26 95 #### DIVISION OF RESPONSIBILITIES The Chair and the Chief Executive have clearly defined roles which are separate and distinct. The specific duties and division of responsibilities between the Chair and the Chief Executive have been agreed by the Board and are set out below, together with information on the roles of the Senior Independent director, the executive directors, thenon-executive directors and the Company Secretary. #### Chair • Leadership of the Board and setting its agenda, including approval of the Group’s strategy, business plans, annual budget and key areas of business importance. • Maintaining appropriate contact with major shareholders and ensuring that Board members understand their views concerning the Company, especially ongovernance. • Ensuring a culture of openness and debate around the Board table • Leading the annual evaluation of the Board, the Committees and individual directors. • Ensuring, through the Company Secretary, that the members of the Board receive accurate, timely and clear information. #### Chief Executive • Optimising the performance ofthebusiness. • Day-to-day operation of the business. • Reviewing and proposing strategy. • Ensuring effective communication withshareholders and employees. • The creation of shareholder value by delivering profitable growth and a good return on capital. • Ensuring the Company has a strong team of high-calibre executives, and putting in place appropriate management succession and development plans. • Leading and motivating a large workforce of people. Senior Independent Director • The Senior Independent Director providesa sounding board for the Chairand supports her in the delivery ofher objectives. The Senior Independent Director is available to shareholders ifthey have concerns that the normal channels have failed to resolve, or that would be inappropriate to raise with the Chair or the executive team. He also leadsthe annual evaluation of the Chair on behalf of the other directors. #### Executive directors • The executive directors are responsible for the day-to-day running of the business and for implementing the operational and strategic plans of the Company. #### Non-executive directors • The non-executive directors play a key role in constructively challenging and scrutinising the performance of the management of the Company and helping to develop proposals on strategy. #### Company Secretary • Advising the Board on legal matters,corporate governance andBoardprocedures. • Arranging and minuting the Board andCommittee meetings. • Providing support to the Chair, theChiefExecutive and the Board Committee Chairs. • Enabling and supporting communication between directors and senior management to the Board andCommittees. The matters reserved for the Board can be found on our website www.whitbread.co.uk GOVERNANCE ![]() 96 #### Whitbread PLC Annual Report and Accounts 2025/26 #### BOARD OF DIRECTORS Christine Hodgson CBE Chair Dominic Paul Chief Executive External appointments: • Severn Trent Plc (Chair) • Newton Group Holdings Limited (Chair) • Spencer Stuart (non-executive director) Career: Christine Hodgson is a highly experienced FTSE 100 Chair with a strong background in finance, technology and sustainability leadership. She has held senior roles across the technology and consumer-facing sectors and working with multiple high-growth international companies. Christine joined Capgemini, one of the world’s largest technology and professional service groups, in 1997 and held a number of roles including CFO of Capgemini UK Plc and for the Global Outsourcing business, CEO of Technology Services North West Europe, Global Head of Corporate Social Responsibility and Executive Chair of Capgemini UK Plc. External appointments: N/A Career: Dominic Paul is an experienced senior executive with a very strong operational and commercial record in the travel, leisure and hospitality sector and has a track record of growing and transforming brands both in the UK and internationally. Dominic was previously a member of the Whitbread Executive Committee and Managing Director of Costa Coffee for three years, before serving as CEO of Domino’s Pizza Group Plc where he led the business through the COVID-19 pandemic, delivered a strong period of sales growth and value creation and aligned all stakeholders behind a growth strategy for thefuture. Previously Dominic was Senior Vice President of International with Royal Caribbean Cruise Line, where he led the business through a period of strong growth. His extensive experience inthe travel and leisure industry also includes senior roles ateasyJet, British Midland and British Airways. We believe that it is vital for the Board to include a diverse range of skills, backgrounds and experience, to enable a broad evaluation of all matters considered and to contribute to a positive culture of mutual respect and constructive challenge. The mix of skills and experience represented on the Board is outlined on page [•]. N R Hemant Patel MBE Chief Financial Officer External appointments: • 3i Group PLC (non-executive director) Career: Hemant joined Whitbread in 2018 as UK Finance Director, having previously been Finance Director of Greene King Pub Co. He also worked at ASDA-Walmart for 11 years, carrying out various management roles including Commercial Finance Director, Director of Own Label and Director of Strategy. Healso had several finance roles over six years at Mars, Inc. He was Chair of the Royal Armouries Museum and was awarded an MBE for services to Museums and Heritage in the 2020 birthday honours list. He also received the Arts and Business Individual of the Year award in 2007 for his work with Interplay Theatre. Board tenure: Appointed March 2022 Nationality: British Board tenure: Appointed January 2023 Nationality: British Board tenure: Appointed September 2025 Nationality: British Key: A Audit Committee N Nomination Committee R Remuneration Committee    Committee Chair    Committee member GOVERNANCE ![]() #### Whitbread PLC Annual Report and Accounts 2025/26 97 N R N R N R Kal Atwal Independent non-executive director External appointments: • OSB Group PLC (Non-Executive Director) Career: Kal has over 14 years’ executive experience at BGL Group Limited in various roles, including founding managing director of comparethemarket.com. Kal was also Chair of Simply Cook, a tech-enabled meal kit subscription service prior to its sale to Nestle. Kal began her career at EY in Madrid, after which she held anumber of operational and strategic roles with Southern Derbyshire Chamber and Northcliffe Media Ltd. Kal is an experienced strategic leader with international experience in start-up, scale-up, fintech and digital businesses. Richard Gillingwater Senior Independent Director External appointments: • Spirax Group plc (independent non-executive director and Senior independent director) • Wellcome Trust (Chair of the Investment Committee) Career: Richard was Chairman of Janus Henderson Group plc from 2017 to the end of 2022, and served as a Non-Executive Director of Helical PLC and was former Pro-Chancellor of the Open University. Richard also served as Chairman on SSE PLC from 2015 to 2021. Richard is a highly experienced executive and has spent much of his career in corporate finance and investment banking with Kleinwort Benson, BZW and Credit Suisse First Boston, before he moved out of banking and became Chief Executive of the Shareholder Executive and then Dean of Bayes Business School. Karen Jones DBE Independent non-executive director External appointments: • The Crown Estate (Chair and Senior Non-executive Director of the Board and Chair of the Sustainability Committee) • Underdog Group Limited (Hawksmoor – Chair) • Imbiba Growth LLP (Advisory Board Member) • Bricks and Fuel Limited (Director) • National Theatre Enterprises Ltd (Chair) • Federal Café Limited (Chair) • Abode JV GP Limited (Chair) • Punch Pubs Limited (Advisor) Career: Karen is Senior Independent Director at The Crown Estate andthe Chair at Hawksmoor. Karen previously served as Senior Independent Director at Deliveroo PLC, Executive Chair at Prezzo and Senior Independent Director at Booker plc. Karen has a wealth of experience in the restaurant, food and hospitality sectors having founded Café Rouge and led the formation of Spirit Group as CEO. Karen also has strong experience in executive remuneration, having previously chaired the remuneration committees at ASOS Plc, Booker plc and Deliveroo plc. GOVERNANCE Board tenure: Appointed January 2023 Nationality: British Board tenure: Appointed March 2021 Nationality: British Board tenure: Appointed June 2018 Nationality: British ![]() 98 #### Whitbread PLC Annual Report and Accounts 2025/26 N A N A External appointments: • University of Birmingham (Deputy Pro Chancellor andChair of the remuneration committee) • Wellcome Trust (Governor) Career: Cilla Snowball has a wealth of advertising, marketing anddigital experience, being made a Dame in 2017 forherservices to advertising, diversity and equality. Cilla started her career in advertising and served as Group Chief Executive at Abbott Mead Vickers BDDO Ltd from 2006 to 2018, also sitting on the BBDO Worldwide Board, and Chair of both the Advertising Association and the Women’s Business Council. Cilla Snowball DBE Independent non-executive director Frank Fiskers Independent non-executive director External appointments: • Shurgard Self Storage SA (non-executive director) Career: Frank spent ten years with Scandic Hotels Group and served twice as President & CEO from 2007 to 2010 andfrom 2013 to 2018. Between September 2010 and September 2012, hewas a non-executive director at the Group. He has experience in several countries in Europe andAfrica. Frank has served as Chairman of Norstedt and Akademibokhandln. He has also served as a board memberof the Swedish Hospitality Employers Association, the British Hospitality Association, and Shurgard Self Storage SA. Horst Baier Independent non-executive director External appointments: • Bayer AG (Member of Supervisory Board) • Ecclesia Holding GmbH (Member of the Voluntary Supervisory Board) Career: Horst was Chief Financial Officer of TUI AG, previously London-listed Anglo-German leisure travel group for eight years until the end of September 2018. During his time at TUI AG, Horst played an important role in TUI’s transformation from a tour operator to a global provider of holidays. N A R #### BOARD OF DIRECTORS CONTINUED Board tenure: Appointed January 2023 Nationality: British Board tenure: Appointed February 2019 Nationality: Danish Board tenure: Appointed November 2019 Nationality: German Key: A Audit Committee N Nomination Committee R Remuneration Committee    Committee Chair    Committee member GOVERNANCE ![]() #### Whitbread PLC Annual Report and Accounts 2025/26 99 Clare Thomas General Counsel and Company Secretary External appointments: N/A Career: Clare Thomas joined Whitbread as General Counsel and Company Secretary in June 2023, having previously held asimilar position at Britvic from 2013 to 2023. Prior to this, she was a corporate/M&A partner at law firm Addleshaw Goddard LLP, where she had a particular focus on working with consumer-facing businesses in retail, consumer brands, leisure and hospitality. As well as being General Counsel and Company Secretary, Clare is also the Executive Committee member responsible for Whitbread’s sustainability programme, Force for Good. Shelley Roberts Independent non-executive director External appointments: • Compass Group (Chief Commercial Officer) Career: Shelley is currently the Group Chief Commercial Officer atCompass Group PLC, where she is responsible for leading the Group’s Global Clients, Strategy, M&A, Health & Safety, Sustainability, Digital and Procurement functions. Shelley has vast experience in the travel and hospitality sector, having served as Managing Director of Compass Group’s Australian business and previous to this holding leadership roles at EasyJet, Tiger Airways and Sydney Airport. Jonathan Howell Independent non-executive director External appointments: • Experian Plc (non-executive director and Chair ofAuditCommittee) Career: Jonathan was the Group Chief Financial Officer of The Sage Group plc from 2018 to 2025. Prior to that he was Group CFO of Close Brothers Group plc for ten years. Jonathan also served as the Group CFO of The London Stock Exchange Group for nine years. The early part of Jonathan’s career was at Price Waterhouse where he qualified as a chartered accountant. Jonathan is a Non-Executive Director and Chair of the AuditCommittee at Experian plc and previously served as aNon-Executive Director and as Chair of the Audit and Risk Committee at Sage from 2013 to 2018, before becoming theGroup CFO. A NA N Board tenure: Appointed January 2026 Nationality: British Board tenure: Appointed November 2023 Nationality: Austrian Board tenure: Appointed June 2023 Nationality: British GOVERNANCE ![]() 100 #### Whitbread PLC Annual Report and Accounts 2025/26 #### EXECUTIVE COMMITTEE Dominic Paul Chief Executive Rachel Howarth Chief People Officer Simon Ewins Managing Director, UK Hotels and Restaurants Mark Smith Chief Technology Officer Joe Garrood Chief Commercial Officer Hemant Patel MBE Chief Financial Officer Clare Thomas General Counsel and Company Secretary Mark Anderson Managing Director, Propertyand International Erik Friemuth Chief Executive Officer, Premier Inn Germany #### The Executive Committee has authority to manage the day-to-day operations of the Group’s businesses, with the #### exception of those matters reserved for the Board, and #### within the financial limits set #### bythe Board. #### The Committee’s responsibilities include: • formulation of strategy for recommendation to the Board; • management of performance in accordance with strategy and budgets; • talent & succession and team memberwellbeing; • risk management; • capital investment decisions (where Board approval is not required); • cost efficiency, procurement and organisational design; • reputation and stakeholder management; • culture and values; • the Force for Good sustainability programme; • health and safety; and • customer engagement & satisfaction andproduct development. Biographical details for the Executive Committee can be found on the Company’s website: www.whitbread.co.uk GOVERNANCE ![]() #### Whitbread PLC Annual Report and Accounts 2025/26 101 #### COMPOSITION, SUCCESSION AND EVALUATION As stated in previous reports, we have beendetermined to reach at least 40% ofthe Board being female with at least oneofthe main Board positions also being held by a female. Both of these aims have now been achieved. #### Board evaluation During the year, an internal performance review of the Board and its Committees was carried out. The process was set out in two stages. In the first the Board and each of the committees completed questionnaires. In the second stage the Chair had independent discussions with each member of the Board. The Chair’s review was carried out by the Senior Independent director. #### Board composition The Nomination Committee aims to ensurethe Board and its Committees have the appropriate balance of skills, experience, diversity, independence and knowledge of the Company to enable them to discharge their responsibilities effectively. After assessing independence against the Code, the Board considers all non-executive directors to be independent in judgement and character and also considered the Chair to be independent on appointment. The Board is currently composed of theChair, the Chief Executive, the Chief Financial Officer and eight independent non-executive directors. As required by the Code, all directors willbe subject to election or re-election atthe next AGM. During the year, the Chair completed the individual performance review of each non-executive director and the Chief Executive Officer in respect of their contribution and time commitment totheCompany. Details setting out why each director is deemed to be suitable for reappointment, and how their contribution continues to beimportant to the Company’s long-term success, will be included in the AGM papers circulated to the shareholders. #### Board succession The Chair leads the Nomination Committee in annually evaluating the balance of skills, experience, independence and knowledge on the Board. A matrix of the skills and competencies of the current Board is mapped against the skills and competencies the Committee believes will be required in the future. This process helps the Committee ensure a robust succession plan and the development of a diverse pipeline in line with the Board’s policies and Diversity andInclusion commitments. As part of the annual talent cycle, theNomination Committee reviews the long-term succession plan for the members of the Executive Committee and their direct reports. The Committee recognises the importance of reviewing internal succession strength and ensuring robust emergency succession plans are in place. Deep dive talent reviews into the critical capabilities ofthe Executive Committee and senior leadership team for both the UK and Germany are also carried out annually. As Adam Crozier and Chris Kennedy were both approaching their nine-year tenure on the Whitbread Board, we carefully planned for a smooth transition and effective handover of their considerable experience, with Christine Hodgson succeeding Adam Crozier as Chair in September 2025 and Jonathan Howell replacing Chris Kennedy as Audit Committee Chair in January 2026. Horst Baier, who has significant and relevant experience, acted as interim Chair of the Audit Committee when Chris stepped downafter the AGM in June 2025. 2026-27 #### Internally #### Facilitated #### Board #### Effectiveness #### Review 2025-26 #### Internally #### Facilitated #### Board #### Effectiveness #### Review 2024-25 #### Externally #### facilitated #### Board #### Effectiveness #### Review carried #### out byChrisSaul The General Counsel collated the responses of the evaluation and based on the outcomes of the discussions, a summary of findings along with key outcomes was provided to the Chair. Copies of the reports were also presented to the Board and each Committee for discussion. The overall outcome was positive, with Directors continuing to describe an open, collegiate and constructive environment, supported by clear reporting, well-structured agendas and strong relationships across theorganisation. GOVERNANCE ![]() 102 #### Whitbread PLC Annual Report and Accounts 2025/26 #### COMPOSITION, SUCCESSION AND EVALUATION CONTINUED Culture, people and #### stakeholder engagement Feedback on culture remained positive. Directors described a Board environment that is inclusive, collaborative and well balanced, with constructive challenge and mutual respect underpinning discussion. Workforce engagement continues to be valued, with Directors emphasising the importance of maintaining site visits and opportunities to meet employees and observe customer interactions. Board composition, #### skillsandsuccession The review indicates that the Board composition remains appropriate, with recent appointments made through open and objective processes. The refreshed skills matrix identified opportunities to strengthen expertise in property, hotel operations, digital and AI capability, andinternational experience. Executive succession planning is progressing, but Directors emphasised the need to continue deepening internal pipelines and formalising a more structured NED succession plan. #### Meetings, information #### andcommittee operations Meetings continue to be well chaired, with high-quality papers and clear reporting supporting effective decision-making. Board meetings continue to be well chaired and supported by high-quality papers. Some Directors noted that certain papers could be shorter and more clearly structured around the decision required. Directors alsosuggested continuing to vary meeting locations and increasing opportunities for informal interaction. Committee operations continue to be strong, with well-balanced agendas and well-prepared papers. #### Summary of the 2026 #### Boardevaluation #### Strategy and Business #### Priorities The review confirmed that the Board maintains a strong understanding of the organisation’s strategy and key priorities. The strategy day and thematic deep-dives were again highlighted as particularly valuable, providing a clear platform for high-quality discussion and structured challenge. The review noted a desire for wider sector and competitive insight, including greater emphasis on AI, technology, and broader hospitality and accommodation trends. Directors also expressed interest in receiving more external stimulus to further “bring the outside in.” GOVERNANCE ![]() #### Whitbread PLC Annual Report and Accounts 2025/26 103 #### Committee Effectiveness Reviews Audit Committee The Audit Committee continues to operate effectively, with strong relationships across finance, Internal Audit and the external auditor. The reporting environment is viewed as robust and papers are of high quality. Remuneration Committee The Remuneration Committee remains effective, with clear alignment between remuneration structures and strategic priorities. Performance discussions with management are described as balanced and transparent, supported by high-quality papers. The review identified opportunities to streamline Executive Director objectives, hold occasional NED-only sessions and continue scanning for emerging remuneration practices within UK governance guidelines. Nomination Committee The Nomination Committee continues to oversee succession and talent effectively, with strong processes and transparent discussion. The Committee noted the importance of monitoring sector-specific skills—particularly property and hotel expertise—during future recruitment cycles and highlighted the need to continue strengthening succession planning at the Executive Committee and one level below. The Committee also intends to formalise aclearer NED succession plan. #### Board strategy day The Board and the Executive Committee met in London on 26 November 2025 foraBoard strategy day. The purpose of the Board strategy day is to present, discuss, evolve and crystallise the key strategic priorities for the Group. The focus of this strategy day was to spend time thinking about the next phase of the Company’s long-term growth beyond the five-year plan, andto think about the right model tosupport that strategy. There were also presentations on the strategic plan for the Commercial and Operations teams, and discussions on Accelerating Growth Plan, Germany and Technology, with an opportunity for all participants to ask questions and give feedback. Information on the Group’s strategic priorities canbefound on pages [•] to [•] Each Executive Committee member presented their part of the plan and all participants were able to ask questions and provide feedback. The presentations broadly covered the following themes: • the latest view of the Five-Year Plan; • financial plan; • commercial and operations plan; • Germany plan; • technology plan; • accelerating growth plan. #### Progress Against #### ActionsfromLast Year The Board reviewed progress against theactions arising from last year’s Board effectiveness review. Progress was strong across all areas: • more regular Board discussions of key strategic themes: As can be seen from the Board focus areas for this year on page [x], the Board has spent considerable time discussing this and the Board effectiveness review indicates that the Strategy Day in November was well received by the Board. • Periodic Competitior deep dives: there was more focus on this during the year and continues to be a focus area. • At least one Board field trip - the Board visiteda number of hotels in Birmingham and Germany • an addiitonal Nomination Committee discussion around Executive Committee succession- this took place during theyear. • actions around adding variety to Board and Committee meeting locations to offermore opportunities for informal engagemnet with workforce and amongst Board members conitnues tobe a focus in the current year. • This progress reflects a strong commitment to continuity, capability development and strengthening Boardprocesses. #### Actions Agreed #### fortheYearAhead In response to this year’s review, the Board agreed the following priorities: • Produce a calendar of events for the year with touchpoints across various stakeholders; • Identify opportunities for more training on cyber, AI, big trends, competitor benchamarking etc; • Begin each Board meeting with a ‘customer moment’ and/ or a ‘health andsafety’ moment; and • Hold space at the end of each meeting for a NED only meeting. GOVERNANCE ![]() 104 #### Whitbread PLC Annual Report and Accounts 2025/26 #### NOMINATION COMMITTEE REPORT “It has been a busy year for #### the Nomination Committee with both my appointmentas Chair of the Companyand the appointment of #### Jonathan Howell as Audit #### Committee Chair.” Christine Hodgson Chair, Nomination Committee Membership of the #### Nomination Committee #### and meeting attendance Name of director Attendance at meetings Christine Hodgson (Chair)\* 2/2 Jonathan Howell\* 1/1 Kal Atwal 4/4 Horst Baier 4/4 Frank Fiskers 4/4 Richard Gillingwater 4/4 Karen Jones 4/4 Shelley Roberts 4/4 Cilla Snowball 4/4 \* Christine Hodgson was appointed to the Board on 1 September 2025. Jonathan Howell was appointed to the Board on 1 January 2026. #### Role of the Committee The role of the Nomination Committee is toreview the composition of the Board and Executive Committee. The Committee is also responsible for evaluating the directors on an annual basis, striving for a balance of skills, knowledge, independence, experience and diverse representation to allow it tooperate effectively. The Committee alsocarries out succession planning forseniormanagement. #### Responsibilities #### oftheCommittee The Committee has specific responsibilities on behalf of the Board and these are detailed below: • to regularly review the structure, size andcomposition of the Board (including the balance of skills, independence and diversity, including gender), and to make recommendations to the Board; • to consider succession planning for the Board and senior management, oversee the development of a diverse pipeline forsuccession and determine the skills and experience required for future Boardappointments; • to identify and nominate, for the approval of the Board, candidates to fill Board vacancies as and when they arise; • to evaluate the balance of skills, knowledge, experience and diversity required prior to recommending an appointment to the Board and, on the basis of this evaluation, to prepare a role description outlining the capabilities required for aparticular appointment; • to keep the leadership needs of the Company under review, for both executive and non-executive directors; • to review the time commitment required from non-executive directors and to ensure that a performance evaluation is undertaken to determine if non-executive directors are spending sufficient time to fulfil their duties; and • to review the results of the annual Board evaluation that relate to the composition of the Board. #### Board training during the year Throughout the year, various members of the Board attended training sessions across a wide range of topics to hone their skills and expertise and keep abreast of changing market conditions. Key themes of these sessions were: • Cyber Security • Corporate Governance • Diversity and Inclusion • AI training • ESG and Sustainability training #### Board Diversity #### andInclusionpolicy The Board Diversity and Inclusion policy was updated in March 2024 to align with the latest FCA targets and also business best practice. This policy is applicable to the PLC Board and its committees but sits alongside the our Code of Conduct and our Diversity and Inclusion policy, which set out Whitbread’s broader commitment to Diversity and Inclusion. The entire policy can be found onthe Whitbread website. GOVERNANCE ![]() #### Whitbread PLC Annual Report and Accounts 2025/26 105 Time commitment of #### non- executive directors On behalf of the Board, the Nomination Committee has reviewed the extent of other interests of the non-executive directors. As a result, the Board is satisfied that the Chair and each of the non-executive directors continue to commit sufficient time to their duties and fulfil their obligations to the Company. No executive director has taken on more than one other non-executive directorship in a FTSE 100 company. Matters considered by the #### Nomination Committee #### duringthe year Every year, the Committee considers thefollowing matters: • talent review; • Board succession planning; • composition of the Board; and • Board skills matrix. Talent review The Nomination Committee reviews talentregularly. As part of this work, the Committee reviews the long-term succession plan for the Executive Committee and its direct reports. The Committee recognises theimportance of reviewing the internal succession strength and ensuring robust emergency and medium-term succession plans are in place. We also value deep dive talent reviews into the critical capabilities ofthe Executive Committee and senior leadership team. This review includes boththe UK and Germany. Chair of the Board and #### AuditCommittee Chair #### succession processes Background As part of the Company’s continued focuson strong governance and long-term Boardplanning, the Nomination Committee commenced a formal process to identify successors for both the Chair of the Board and the Chair of the Audit Committee. Thiswork formed part of the Committee’s ongoing assessment of Board composition, future leadership needs, and the evolving strategic and operational environment in which the Company operates. The Senior Independent Director (SID) ledthe process for the Chair succession. After consideration of several firms, Russell Reynolds Associates (RR), an experienced executive search adviser, was proposed by the SID and subsequently appointed by the Committee. RR was selected on the basis of its independence, its strong track record in board-level appointments, and its adherence to the Voluntary Code of Conduct for Executive Search Firms. Board discussion and approach Following RR’s appointment, the SID worked with executive and non-executive directors to articulate desired future Chair responsibilities and qualities. Early discussions emphasised a preference for deep experience in large-scale transformation, delivery of sustained growth and familiarity with complex, multi-site employer environments. RR conducted 1:1 consultations with each Board member to ensure a robust understanding of both the strategic leadership attributes and the cultural characteristics required of the next Chair. RR was also appointed to undertake the second search for a new Audit Committee Chair in early 2025, with an initial candidate pool focused on acting and recently retiredCFOs with experience in large listed organisations. Horst Baier agreed to act as interim Audit Committee Chair while the formal search process progressed. #### Succession processes Details of the process in relation to my own appointment can be found below Chair of the Board Over the course of 2024 and early 2025, the Committee received regular updates from RR on the longlist and, subsequently, the shortlist of candidates. The longlist emerged from a combination of external market mapping and stakeholder input following Board member interviews. RRpresented several candidates with significant leadership credentials in relevant industries. A staged interview format – initially with the SID, followed bya designated group of non-executive directors (NEDs) and finally the wider Board – provided multiple touchpoints toassess leadership style, cultural alignment and strategic capability. Following the completion of all interview rounds and Committee discussions, Christine Hodgson emerged as the preferred candidate. The Committee concluded that Christine’s experience leading high-growth, technology-enabled and operationally complex businesses, combined with her significant board level and FTSE chairing experience, made herthe ideal successor. The Committee provided its recommendation to the Board in April 2025, with a formal announcement published on 27 May 2025 confirming her appointment as Chair effective 1 September 2025. Audit Committee Chair The Audit Committee Chair succession process progressed alongside the later stages of the Chair search. Following longlist reviews and initial screening, RR presented a shortlist to a group of NEDs in early 2025. Each shortlisted candidate met with multiple Board members to allow a thorough assessment of their financial oversight experience, risk management acumen, and ability to contribute effectively to the wider Board agenda. They also metwith the prospective Chair to ensurea good fit. After these meetings and a comprehensive discussion of feedback, Jonathan Howell was identified as the leading candidate. TheCommittee agreed torecommend him for appointment and this recommendation was accepted by the Board. A formal RNS announcement published on 15September 2025 confirmed Jonathan Howell’s appointment as Audit Committee Chair effective 1 January 2026, with Horst Baier remaining on the Committee and concluding his interim chairship at year-end. The Nomination Committee is satisfied that both succession processes were conducted with the appropriate level of rigour, independence and transparency. The appointments of Christine Hodgson and Jonathan Howell will support strong governance and continuity while enhancing the Board’s depth of experience and strategic capability. Richard Gillingwater Senior Independent director GOVERNANCE ![]() 106 #### Whitbread PLC Annual Report and Accounts 2025/26 #### Timeline of Key Activities #### NOMINATION COMMITTEE REPORT CONTINUED #### Director induction All Directors receive a comprehensive induction programme. This is tailored through discussion with the Chair, Senior Independent Director in the case of a Chair appointment, and the Company Secretary and considers existing expertise and anyprospective Board or Board Committeeroles. The induction programme for Christine Hodgson and Jonathan Howell comprised a balance of knowledge-based sessions with internal functions and external advisers, supplemented by operational site visits andmeetings with key stakeholders. The programme ensured a rounded understanding of Whitbread’s business model, governance structure, culture and key strategic priorities. Meetings were sequenced to provide earlyexposure to Board governance, commercial performance, technology, people, operations, and financial oversight, followed by deeper dives with internal andexternal advisers. For both new directors, additional sessions with brokers and external advisers were incorporated asrequired. 2024 2025 In early 2024, RR was formally appointed and the SID, together with the search agency, developed the initial role specifications, timeline and approach. These early discussions established the competencies, leadership characteristics and cultural alignment required of the futureChair. RR conducted individual interviews with each Board member to refine the Chair criteria, capturing views on experience, style, cultural fit and strategic priorities. The longlist candidates met with the SID and then with other NEDs to provide additional insight. Feedback was consolidated anddiscussed by theCommittee. Horst Baier agreed to serve as interim Audit Committee Chair during thetransition. In 2025, all shortlisted Chair candidates metwith thedesignated NED subgroup, followed by broader Board interactions. This multi-stage engagement highlighted several strong candidates, with consistent interview feedback enabling the Committee to narrow the list further. The Committee reviewed additional feedback on the shortlisted candidates and, reached an in principle decision to recommend Christine Hodgson as the next Chair. The Nomination Committee reviewed the longlist of Audit Committee Chair candidates andfinalised the process for shortlist interviews. The NED subgroup had completed meetings with all shortlisted candidates and provided detailed feedback. The Committee had reviewed the updated Board skills matrix, project plan anddraft role specifications. This work informed the creation of the longlist presented in early October 2024. The Committee also reviewed and approved the interview stages and finalised the Chair role profile. In parallel, theCommittee beganplanning forthetransition of the Audit Committee Chair. RR was appointed to lead this second search, and an initial longlist focused on senior finance leaders was prepared. The Company subsequently announced her appointment andeffective date of1September 2025. The Committee agreed to recommend Jonathan Howell forappointment, concluding the second succession process. His appointment was effective from 1January 2026. GOVERNANCE ![]() #### Whitbread PLC Annual Report and Accounts 2025/26 107 Christine Hodgson – Inductionoverview Christine’s induction programme brought together core areas of the business and governance environment she oversees as Chair. Sessions spanned strategy, operations, people, finance, governance, technology and external advisory input, delivered through structured meetings with Executive Committee members, non-executive directors, external advisers and major shareholders. In addition, Christine also received a comprehensive handover from Adam Crozier and observed the Board meeting and AGM in June 2025. Christine also met with senior leaders within the business across various functions such as risk, internal audit, secretariat, finance, property etc. 1. Strategy, property, international andM&A • Property strategy, international business, supply chain, Middle East footprint, and M&A • Strategic advisory discussions, long-term commercial thinking • Premier Inn Germany strategy, market landscape, financial performance 2. Governance, legal, risk andregulatory • Legal and regulatory matters, external legal advisers, audit interface • Remuneration Committee and Audit Committee introductions 3. Finance, investor relations andexternal market engagement • Our key metrics – to build understanding of business performance • Bid defence, valuation, marketpositioning • Investor relations, major shareholders, capital markets engagement 4. Operations, technology andtransformation • Hotel operations, culture, tech-enabled change, operationalefficiencies • Technology strategy, operating model, cyber security 5. People, culture and safety • People strategy, remuneration, succession planning • Health and safety, major risk areas, WINcard reporting 6. Secretariat and insurance • Company Secretariat, governance processes, insurance arrangements “ I am delighted that the search for the Chair of #### Whitbread has resulted in #### Christine’s appointment. #### Christine’s experience #### working with high-profile #### consumer and technology #### businesses will behugely valuable over the #### comingyears.” Richard Gillingwater Senior Independent director GOVERNANCE ![]() 108 #### Whitbread PLC Annual Report and Accounts 2025/26 Jonathan Howell – iInductionoverview Jonathan’s induction reflects his responsibilities as incoming Audit Committee Chair, with emphasis onfinance, audit, risk, governance, operations, technology, safety and external advisory relationships. 1. Finance, treasury, accounting andinvestor relations • Group finance, treasury, accountingframework • Investor relations overview 2. Audit, internal control, riskandgovernance • Internal audit and risk management • Governance, Board processes, legal overview, Secretariat and insurance • Interactions with NEDs and Audit/ Remuneration Committee Chair • Whistleblowing 3. Commercial, strategic andmarketorientation • Commercial strategy, performance, longterm planning • Germany business overview (market,performance, strategy) 4. Operations, technology andtransformation • Hotel operations and culture, digitaloperational transformation • Technology, data, cyber security • Group transformation agenda, futuresuccess enablers 5. Property, international andsupplychain • Property strategy, supply chain, M&A 6. People and safety • People strategy, remuneration, talent • Safety and security, risk areas, oversight mechanisms 7. External advisers • Market advisory, valuation, auditinterface [Christine Hodgson] [Chair, Nomination Committee] [29] [April] 2026 #### “ Jonathan is a great addition to the Board. His international outlook and #### experience in technology #### and data-led businesses are of great benefit to #### Whitbread as we continue #### to deliver on our key strategic priorities and #### Five-Year Plan.” Christine Hodgson Chair #### NOMINATION COMMITTEE REPORT CONTINUED #### Director induction continued GOVERNANCE ![]() #### Whitbread PLC Annual Report and Accounts 2025/26 109 #### “ I am pleased to have taken on the role of #### Audit Committee chair #### for Whitbread, and am #### looking forward tohow #### theCommittee will #### continue to support #### the business and it’s priorities.During the year, #### the Committee maintained #### its focus and oversight #### on the Group’s financial #### reporting and internal controls. We continue to #### respond to the changing #### regulatory and corporate governance landscape, #### building on our existing #### controls frameworks #### andbest practice.” Jonathan Howell Chair, Audit Committee #### AUDIT COMMITTEE REPORT Membership of the AuditCommittee and #### meeting attendance Name of director Attendance at meetings Jonathan Howell (Chair)\* Horst Baier 4/4 Frank Fiskers 4/4 Cilla Snowball 4/4 Shelley Roberts 4/4 \* Jonathan Howell was appointed as AuditCommittee Chair on 1 January 2026. During the year, Chris Kennedy, chaired the Audit Committee and the three Audit Committee meetings before stepping down from the Board on 19 June 2025. Horst Baier chaired one Audit Committee meeting as Interim Chair before stepping down on 1 January 2026 #### Specific Areas of Focus #### oftheAudit Committee The Committee spent time on the following specific areas during the year, to consider and challenge relevant, current and important issues (a full listing of activities during the year is found on page [xx]): Response to changes in UK governance code and provision 29 Oversight of the development and operation of activities for monitoring andreviewing the effectiveness of material controls, that will allow the Board to meet the requirement of the new UK Corporate Governance Code, with the regard to the effectiveness of internal controls. Impact of Accelerating Growth Plan The Accelerating Growth Plan is not by itself a significant matter; it does, however, have animpact across the significant matters ofadjusting items, assets held forsale and impairment testing for this financial year and future financial years. TheGroup has announced it will extend theprogramme to include all remaining branded restaurants. The Audit Committee has considered and approved the approach taken by management across these areas. ESG Reporting On 26 February 2025, the EU Omnibus Directive was released resulting in changes to the Group’s CSRD and EU taxonomy requirements, with the reporting year for Germany delayed by a year whilst the Group reporting under the EU taxonomy reporting becoming optional. GOVERNANCE ![]() 110 #### Whitbread PLC Annual Report and Accounts 2025/26 #### AUDIT COMMITTEE REPORT CONTINUED #### Significant matters in the financial statements The Committee are provided a formal update from Management in the form of financial reporting papers at the relevant Audit Committees throughout the year, as well as relevant audit reporting papers from the external auditors. The key areas of judgement and estimates considered by the Committee, in relation to the 2025/26 accounts and disclosed in Note 2 to the consolidated financial statements on pages [•] and [•], were: Significant matters in the financial statements Response Challenge and outcome Cross reference Adjusting items    During the year certain items are identified and separately disclosed as adjusting items. Judgement is applied as to whether the item meets the necessary criteria as per the accounting policy disclosed in Note 2. This assessment covers the nature of the item, the cause of occurrence and the scale of impact of that item on reported performance. Reversals of previous adjusting items are assessed based on the same criteria. Note 6 provides information on all of the items disclosed as adjusting in the current year and comparative financial statements. The Committee were informed of the adjusting items in this financial year as well as the controls that surround their identification and recognition. The Committee challenged the appropriateness of the presentation ofadjusting items, giving consideration to the nature and significance of each item classified as adjusting as well as considering multi-year programmes and their appropriate cut-off where such a programme issubstantively complete. The Committee concluded that the items met the criteria as defined by the accounting policy and that the policy had been applied consistently across theyears. See Note 2 andNote 6 to the financial statements. Assets held for sale    Assets are classified as held for sale only if the asset is available for immediate sale in its present condition and a sale is highly probable and expected to be completed within one year from the date of classification. As a result of the Group’s Accelerating Growth Plan (AGP) the Group is actively marketing a significant number of sites. Judgement exists on a site-by-site basis as to whether the sale will complete within one year. In exercising its judgement management has taken into consideration all available information including external market expert advice. The Committee reviewed and considered the assumptions used by management to assess whether (on a site-by-site basis) the sales of those sites being marketed as part of the Group’s Accelerating Growth Plan will complete within one year of and be actively marketed as at the balance sheet date. The Committee specifically challenged the approach taken in relation to sites that are to be disposed of as part of the announced extension to include the remaining branded restaurants in the Accelerating Growth Plan, noting these sites were not actively marketed at the balance sheet date. The Committee has concluded that the available information including external market expert advice has been applied appropriately. See Note 2 and Note 15 to the financial statements. Recognition of German deferred tax asset    The Group, through its market entry in Germany, has generated tax losses that will be available for offset against future taxable profits. These losses have resulted in a material unrecognised deferred tax asset. The Committee were provided an update of the financial position of the German taxable profits profile on which the tax losses are generated. The Committee challenged the basis of Management’s assessment regarding the criteria to be met for recognition of the German loss generated deferred tax asset. The Committee has concluded that the assessment conducted supports not recognising the asset in this financial year, but the topicis appropriately classified as a Key Judgement for the Group. See Note 2 to the financial statements. Defined benefit pension    Defined benefit pension plans are accounted for in accordance with actuarial advice using the projected unit credit method. The Group makes significant estimates in relation to the discount rates, mortality rates and inflation rates used to calculate the present value of the defined benefit obligation. Note 32 describes the assumptions used together with an analysis of the sensitivity to changes in key assumptions. The Committee were informed of the principal assumptions used were updated for the latest available Trust valuation assumptions, as well as noting the specific methodology adopted for Alphabet Inc. bond issuances into the discount rate. The sensitivities around the assumptions were considered and the consistency in approach from 2024/25 to 2025/26 was assessed. The Committee challenged the basis of the assumptions used to calculate the fair value of pension scheme assets and present value of defined benefit obligations under IAS 19, to satisfy itself that appropriate consideration and balance had been given to all macroeconomic factors. See Note 2 andNote 32 tothe financial statements. GOVERNANCE ![]() #### Whitbread PLC Annual Report and Accounts 2025/26 111 #### Roles and responsibilities #### ofthe Committee The Board has delegated specific responsibilities to the Committee in accordance with the Code. The key responsibilities of the Audit Committee areto: • monitor and review the integrity of the Group’s half-year and full-year financial results, and the financial reporting process including consideration of these reports being fair, balanced and understandable; • monitor the statutory audit of the parentcompany and consolidated financial statements; • review the Group’s internal controls andrisk management systems; • review and monitor the independence and effectiveness of the external auditor,in particular the provision ofadditional services; • monitor and review the effectiveness of the Group’s Internal Audit function; and • have primary responsibility for the recommendations to the Board in relationto the external auditor. To aid its review, the Committee considers reports from the Group Finance Director and the Director of Internal Audit & Risk, aswell as reports from the external auditor on the outcomes of its half-year review and annual audit. The Committee looks for constructive challenge from Deloitte as external auditor. The Committee met four times in 2025/26. Meetings were attended by members of the Committee and, by invitation, the Chair of the Board, the Chief Executive, the Chief Financial Officer, the Director of Internal Audit & Risk also responsible for Group Risk, the Group Finance Director, the General Counsel and other relevant people from the business when appropriate. The external auditor, Deloitte, is also invited to meetings except where discussion includes matters relating to its own independence, performance, reappointment, fees or audittendering. #### Composition of the Committee In accordance with the UK Corporate Governance Code 2024, the Board has confirmed that all members of the Committee are independent non-executive directors and have been appointed to the Committee based on their individual financial and commercial experience. The Board has also confirmed that the Chair of the Committee, has recent and relevant financial experience through his experience from his time as Group Chief Financial Officer of The Sage Group plc from 2018 to 2025. Jonathan is also the Non-Executive Director and Chair of the Audit Committee at Experian plc and previously served as a Non-Executive Director and as Chair of the Audit and Risk committee at Sage from 2013 to 2018, before becoming the Group CFO. Horst who served as Interim Audit Committee Chair and continues to be a member of the Audit Committee was Chief Financial Officer of TUI AG, previously London-listed Anglo-German leisure travel group, for eight years until the end of September 2018 and brings relevant financial experience to the Committee. #### Environmental, social #### andgovernance (ESG) Due to the significant changes proposed around sustainability regulations and associated reporting requirements, ESG is astanding item on the Audit Committee’s agenda and during the year the Committee: • reviewed the impact of the EU Omnibus simplification package and the impact on timing to the Group and its subsidiaries; • reviewed the impact of the UK SRS alignment announcement and determined it is appropriate to adopt these for Whitbread’s first report year in FY28; and • noted that the TCFD quantification was disclosed in FY26 and has been reviewed for changes in this financial year, noting no significant changes in the business to date to reflect. #### Corporate governance During the year, the Committee maintained close oversight of the business readiness activities supporting forthcoming corporate reporting (UK Corporate Governance Provision 29) and control reforms. The programme has continued to progress well,with materiality thresholds defined, material controls identified and an assurance approach developed. Initial dry run testing was completed, supported by extensive engagement with control owners and seniorstakeholders, and the team further strengthened documentation to evidence control effectiveness. The Committee reviewed and approved the proposed materiality, controls and assurance approach, and planning for the year ahead has been established to ensure appropriate coverage. Significant matters in the financial statements Response Challenge and outcome Cross reference Impairment testing – Property, plant and equipment and right-of-use assets The performance of the Group’s impairment review requiresmanagement to make a number of judgements andestimates, a portion of these recur whereas others are considered as a result of certain events such as the impact ofthe accelerating growth plan. The Committee were informed of the assumptions and methodology utilised across the Group’s impairment model. The Committee were informed of the drivers of the impairment recognised in the financial year. The Committee challenged management’s approach, in particular the methodology used to estimate both value in use and fair value less costs of disposal for site level impairment reviews, as well as the approach taken where an individual asset within a CGU is no longer highly dependent on the remainder of the CGU for its expected cashflows. TheCommittee also challenged the inputs used in management’s model, specifically challenging the valuations utilised, the advice provided by local market experts, the impact of the announced increase to business rates in future financial years and the application of growth rates. The Committee was satisfied that the Group has appropriately performed the impairment reviews, accounted for the impairment and impairment reversals identified and that the related disclosures are appropriate. See Note 2 andNote 14 tothe financial statements. GOVERNANCE ![]() 112 #### Whitbread PLC Annual Report and Accounts 2025/26 #### Corporate governance continued The programme continues tobuild on Whitbread’s mature audit methodology andestablished risk and control frameworks, providing a robust platform for implementation. #### ‘Speaking Out’ facility In accordance with the Code, the Committee has continued to review the Company’s whistleblowing function. Asystem was introduced in 2024 and is operated by Safecall Ltd. This allows employees and third parties to report anonymously and inconfidence in a variety of different ways.The Committee received half-yearly reports from the General Counsel on theoperation of this function and the arrangements in place for proportionate and independent investigations. #### Fair, balanced and understandable In order to confirm to the Board that the Annual Report and Accounts, taken as a whole, is fair, balanced and understandable, there has been a thorough verification and approval process using the Committee’s knowledge of the Company, as outlined below: • The Annual Report and Accounts isdrafted by the appropriate senior management with overall coordination by the Secretariat team to ensure consistency. • Comprehensive reviews of the drafts ofthe Annual Report and Accounts are undertaken by management, members of the Executive Committee and the Audit Committee Chair. • A final draft is reviewed by the Audit Committee prior to consideration by aCommittee of the Board. • Formal approval of the Annual Reportand Accounts is given bytheDisclosure Committee. #### Going concern and viability The assessment of the Group to continue as a going concern is supported by the following: • cash and cash equivalents of £0.2bn at the balance sheet date with access to undrawn committed borrowing facilities of £0.8bn; • the Group maintains sufficient headroom to its current financial covenant throughout the going concern period;and • £1.0bn of sterling bonds are maturing outside of the going concern period, between May 2027 and May 2032. In arriving at the going concern assessment for the Group the Committee challenged management to ensure the business rates cost increase from the Autumn 2025 Budget and the subsequent impact on thebusiness planning cycle have been considered adequately. The Committee has reviewed the Group’s assessment of viability over a period greater than 12 months. In assessing viability, the Committee has considered the Group’s position as listed above, considered the current financial and operational position ofthe Group, the Group’s business planning cycle and the period over which the directors have carried out a robust assessment of the principal risks and uncertainties facing the Group as outlined on pages [•] to [•] of the Annual Report. As part of the assessment, the Group considers its likely investment grade status over the viability assessment period. Further detail of the assessment following this can be found within the Viability Statement. The viability statement can be found on page [•] Internal control and #### riskmanagement The Audit Committee oversees the effectiveness of Whitbread’s systems of risk management and internal control. As part of its annual cycle, the Committee undertakes a formal review of the overall framework, including the risk management policy, management’s risk assessment processes, and the adequacy of monitoring and reporting arrangements. The Committee also reviews updates to the Financial Control Framework as part of its oversight of financial governance. Responsibility for identifying, assessing andmanaging financial and non-financial functional risks sits with designated risk owners across the business. These risks are monitored and mitigated through established processes, supported by the cross-functional Risk Working Group, which provides visibility of emerging or elevated risks. The Executive Committee retains ownership of principal risks, sets the risk appetite and oversees mitigating actions. Internal Audit provides regular updates to the Committee on insights arising from Executive Committee risk discussions and the activities of the Risk Working Group. During the year, the Board undertook a robust assessment of the Company’s principal and emerging risks and approving the risk appetite. For each principal risk, the Board also reviewed and confirmed the level of assurance required. Within the wider Finance Controls Framework (FCF), both the Control Steering Group and the Fraud Risk SteeringCommittee assess the strength ofthe control environment and review fraud-related indicators. Internal Controls present periodic updates to the Committee, including outcomes of FCF testing, fraud risk management. #### AUDIT COMMITTEE REPORT CONTINUED During the year, the Committee received updates on legal compliance and corporate reform readiness. The Committee also approved revisions to the treasury policy and tax strategy, and received a comprehensive review of employee relations within UK operations, including key themes and emerging risks. Overall, the Committee is satisfied that the systems of risk management and internal control operated effectively throughout the year. The UK control environment remains robust, underpinned by clear accountability, strong governance and regular monitoring, with our overseas businesses progressively maturing. Further details of the principal risks facing the Company canbe found on pages [•] to [•] #### Internal Audit The Internal Audit function provides independent and objective assurance overthe effectiveness of Whitbread’s riskmanagement processes and internal controls established by management. Its work helps the Audit Committee and the Board evaluate whether core systems and processes remain robust as the business grows, supporting sound governance and sustainable long-term performance. The Audit Committee discusses and approves the annual Internal Audit plan andreceives regular reports and updates onaudit progress, key findings, and status of management actions. To support the Committee’s assessment of Internal Audit’sindependence, the Director of Internal Audit and Risk meets privately withthe committee at least once a year. Over the last 12 months, internal audit completed a broad programme of work across operational, and people processes inboth the UK and Germany incorporating testing of associated financial controls. GOVERNANCE ![]() #### Whitbread PLC Annual Report and Accounts 2025/26 113 Group-wide audits were delivered across the technology functions with a continued focus on cyber risk and the transition of programme activity into IT services. In addition, the function undertook programme assurance reviews across three of our strategic programmes: the implementation of the new HR & Payroll system, transformation of the supply chain and exploratory development of the revenue management system. This coverage provided valuable insight on areas of complexity and change, contributing to strengthened oversight of key business risks. Internal Audit operates a rolling 24-month plan, with the first 12 months of activity approved by the Committee in March for the year ahead. This approach provides flexibility to respond and re-prioritise audits as business priorities evolve. The plan is risk-based, aligned to Whitbread’s principal risks, and determined by the Audit Universe. It reflects areas of major change, recurring themes from prior audit results, management views and external risk trends. Follow-up audits are undertaken where significant risks were identified to confirm that agreed actions have been implemented and are operating effectively. The function continues to conform to professional standards through its Quality Assurance and Improvement Programme, and coordination with External Audit ensures efficient coverage of key risk areas. The Committee monitors Internal Audit effectiveness throughout the year and, in 2025, reviewed and updated the Internal Audit Terms of Reference to reflect the latest Institute of Internal Auditors’ Standards. The Committee concluded that Internal Audit remains appropriately resourced, independent, and effective in providing assurance over key risks and internal controls. In 2026, the Committee will consider feedback gathered from stakeholders following the FY26 year end to inform its ongoing assessment. An External Quality Assessment (EQA) is scheduled during 2026 in line with the five-year requirement of the Institute of Internal Auditor. The Committee will approve the scope, consider the findings and any recommended enhancements to ensure continued alignment with best practice. External auditor On behalf of the Board, the Committee oversees the relationship with the external auditor. Deloitte was appointed as the auditor of the Company in 2015 following aformal tender process. The Audit Committee recommended to the Board the reappointment of Deloitte for the financial year, and for this to be ratified at the upcoming annual general meeting. The current lead audit partner is William Smith, who was appointed in 2025. #### Audit effectiveness The effectiveness of the external audit process is dependent on appropriate audit risk identification at the start of the audit cycle. We receive a detailed audit plan from Deloitte, identifying its assessment of these key risks. These risks were reviewed and they, together with the work done by the auditor, were used to challenge management’s assumptions and estimates around these areas, as well as other areas reported upon. The effectiveness of the audit process was assessed in addressing these matters through the reporting we received from Deloitte at both the half year and year-end. In addition, feedback was sought from the Committee, the Board and management onthe effectiveness of the audit process and targeted and tailored questionnaires were completed. In the October 2025 meeting the Committee reviewed the FRC’s Audit Quality Review results of Deloitte, assessing the quality ofthe results of the audit inspections and considering whether any specific observations impact upon Whitbread’s external audit. The relevant areas identified involved audit work on Impairment, noting the need for specific focus on data, evaluation and challenge of key assumptions in cashflow forecasts. An assessment of the effectiveness of Deloitte in respect of the previous financial year was undertaken in July 2025. Overall, the audit was considered to be effective and executed to a high standard with relevant and robust challenge together with working through significant judgemental areas and best practice governance. Improvements had been made in significant financial reporting matters, with earlier planning andidentification of the key decision pointsdelivering a more effective process inrelation to impairment and the defined benefit pension scheme. The focus for this financial year is to continue to improve the systems audit approach that reflects the maturity of the finance systems environment and focusing on the minor improvements in the wider audit that builds on the successes from previous years. A joint action plan has beenagreed between Whitbread and Deloitte to address these areas. As part of our review process for the financial year, the Committee will be assessing the work of the year-end audit after it is finalised, incorporating an external audit effectiveness review for this financial year which will be completed and reported to the Audit Committee. #### Auditor independence To safeguard the objectivity and independence of the external auditor, the Committee’s terms of reference set out the policy in respect of provision of services by the external auditor. The Committee regularly reviews this policy for necessary changes inresponse to changes in related standards and regulatory requirements. The policy defines permitted non-audit services that can be provided by the auditor, because of the knowledge and experience of the external auditor and/or for reasons of confidentiality, meaning it can be more efficient or prudent to engage the external auditor rather than another party. This is particularly the case with audit-related assurance services that are closely connected to the audit function where the external auditor has the benefit of knowledge gained from work already performed as part of the audit. For these specifically permitted audit-related assurance services, the Group canemploy the external auditor without reference to the Audit Committee, subject to a specified fee limit of up to £250,000. For the services permitted in certain circumstances, agreement must be sought from the Chair of the Audit Committee, where fees are less than the limit specified, or with full Audit Committee approval where fees are anticipated to be greater than £250,000. Atender process would beheld where appropriate. Total non-audit fees amounted to £0.1m, asbroken down below: £0.1m for audit-related assurance (interim review), although this is considered to be anon-audit service, the objectives of the review are aligned with the audit. Signature to be supplied Jonathan Howell Chair, Audit Committee [29] [April] 2026 GOVERNANCE ![]() 114 #### Whitbread PLC Annual Report and Accounts 2025/26 #### Main activities during the year In 2025/26, the Audit Committee’s work covered internal controls, risk management, internal audit, external audit and financial reporting. The details of the matters discussed atCommittee meetings are shown below. March 2025 • Review of the year-end financial statements and reports template, accounting judgements methodology and early view on estimates and impairment approach. • External audit – approval of remuneration, terms of engagement and non-audit fees. • Approval of the Internal Audit plan. • Risk and controls – financial controls update, approval of risk management policy and risk management framework and deep dive on cyber risks. • Compliance report and TCFD. • Committee evaluation report. • UK Corporate Reform update. • Sustainability reporting update – outcome from EU Omnibus and TCFDquantification. April 2025 • 2024/25 Annual Report and Accounts including strategic report, governance and consolidated accounts. • Approval of the impact of judgements and estimates. • Review of going concern, viability statement and fair, balanced and understandable assessment; external evaluation of the Committee; review and approval of the AC terms of reference. • External audit – year-end audit report and non-audit fees. • Internal Audit – internal audit report and terms of reference. • Risk and controls – review of statements on risk management andcontrols and litigation report. • Compliance report (including subsidiary audit status) – whistleblowing update and TCFD report. • Whistleblowing report and Whistleblowing policy. • Externally facilitated Committee evaluation report. • Approval of Audit Committee termsof reference. July 2025 • Compliance – treasury policy. • Internal audit report and external quality assessment action plan update. • External audit – auditor effectiveness review and financial reporting update. • Risk and controls – financial control framework update. • UK corporate reform – material risks and controls. October 2025 • Review of 2025/26 interim results – including management papers in relation to judgements and estimates, impairment and going concern. • External audit – half-year report, interim letter of representation andpreliminary audit plan. • Risk and controls – financial controls update and UK Corporate Governance Code – key controls plan. • Internal Audit – interim update including retail audit. • Compliance – litigation report, compliance report, whistleblowing, employee relations in Whitbread UKoperations and tax Strategy. #### AUDIT COMMITTEE REPORT CONTINUED GOVERNANCE ![]() #### Whitbread PLC Annual Report and Accounts 2025/26 115 #### Main activities post-financial year March 2026 • Review of year-end financial statements andreport template – including accounting judgements and estimates methodology. • External audit – audit update report, AQR output review, non-audit fees and UK Corporate Code update. • Internal Audit – approval of plan and update onrecent internal audits. • Provision 29 dry run test results and FY27 timeline • Risk and controls – approval of risk management policy and management framework and update on financial control framework. • Compliance report. • External Audit Committee effectiveness review. April 2026 • 2025/26 Annual Report and Accounts includingstrategic report, governance and consolidated accounts. • Review of Going Concern and Viability Assessment – including review of Downside scenario (severe but plausible scenario). • Approval of the impact of updated judgements and estimates including approval of going concern assessment on behalf of the Board. • External audit – year-end audit report and non-audit fees and approval of remuneration. • Internal Audit – internal audit report and terms ofreference. • Risk and controls – review of statements on risk management and tax controls and litigation report. • Compliance report – whistleblowing and TCFDupdate. Image: Premier Inn Margate GOVERNANCE ![]() 116 #### Whitbread PLC Annual Report and Accounts 2025/26 #### REMUNERATION COMMITTEE REPORT #### “The incentive outcomes for 2025/26 reflect the #### business’s strong financial #### performance and continued delivery of strategic and #### ESG objectives.” Frank Fiskers Chair, Remuneration Committee Membership of the #### Remuneration Committee #### and meeting attendance Name of director Attendance at meetings Frank Fiskers (Chair) 5/5 Kal Atwal 5/5 Richard Gillingwater 1 4/5 Christine Hodgson 2 3/3 Karen Jones 5/5 1 The meeting Richard Gillingwater couldnot attend was due to a priorcommitment. 2 Christine Hodgson joined the Board on1September 2025couldnot attend was due to a priorcommitment. The Committee’s focus in 2025/26 has been implementing our approved Policy to ensure that it continues to drive alignment of remuneration with our overall aims and strategy. #### Remuneration Committee #### activities in2025/26 Following shareholder approval of the Policy at the AGM, the Committee’s activities this year centred on ensuring its effective application. Key activities included setting the performance framework for the year ahead, assessing prior year outcomes for both the annual incentive and the Restricted Share Plan, and considering remuneration and workforce trends across the organisation. Throughout the year, we ensured that remuneration outcomes remained aligned with shareholder expectations and consistent with the strategic priorities of the business. This letter summarises the actions wehave taken, the reasoning behind our decision-making and why we believe these outcomes are appropriate. #### 2025/26 incentive outcomes The incentive outcomes for 2025/26 reflect the business’s strong financial performance and continued delivery of strategic and ESG objectives. This has been achieved in a year marked by the laying of strong foundations for future growth and resilience in the face ofsignificant headwinds. The Committee believes the outcomes are an appropriate reflection of performance and has, therefore, not made any adjustments. The Committee is also comfortable that the Policy operated as intended, in terms of Company performance and quantum. The Annual Incentive Scheme (AIS) for 2025/26 was structured around financial, strategic, and ESG-related performance metrics: • financial performance: 75% weighting (60% profit, 15% efficiency savings); and • strategic and ESG objectives: 25% weighting. As in prior years, the target level of Profitgeneration was set in line with our stretching internal plan. Achieving the profit target amid persistent inflation, rising labour costs and softer UK market demand required the delivery of very strong cost controls and strong underlying growth inthe face of these material headwinds. TheCommittee believes that the level of adjusted PBT delivered in the year is a strong outcome for shareholders, and this incentive outcome is a fair reflection of this element of performance. Germany profit was included in the executive directors’ scorecard for the first time in 2025/26. This was a breakthrough year for our German business, delivering our first annual profit and making material progress on our commercial initiatives. However, we set a materially tougher threshold for incentive purposes, with actual performance coming slightly below threshold. As such the outcome for this measure is nil. The delivery of our efficiency programme remains as critical as ever to our financial performance and allows us to continue toinvest in our guest experience, our people and our growth opportunities. Efficiency savings delivered in year were £[97.3]m, materially above our stretch goalof £82.5m. Delivery of the executive directors’ strategic objectives, which purposefully focused on key areas that underpin the Five-Year Plan, was excellent, with highlights in the year included on pages [•] and [•]. #### On behalf of the Remuneration Committee, I am pleased to #### present our remuneration report for 2025/26. This report #### outlines the key remuneration #### decisions made by the Committee during the financial year and #### how the remuneration policy #### was implemented. The Committee appreciated the high level of shareholder support for the 2024/25 Remuneration Report and Policy, which were supported by 95% and 94% of our shareholders, respectively. In particular, theCommittee would like to thank those shareholders and investor bodies that actively participated in the consultation process that we ran ahead of the 2025 Annual General Meeting. GOVERNANCE ![]() #### Whitbread PLC Annual Report and Accounts 2025/26 117 After assessing all elements of the AIS, payouts for 2025/26 on a formulaic basis are [65.4]% of maximum for Dominic Paul and [64.9]% for Hemant Patel. As ever, the Committee sought to ensure these outcomes were reasonable in the context of the overall performance of the business and the manner in which it was delivered for all of its stakeholders, and the way we confirmed this is set out on page [•]. #### 2023 Restricted Share Plan award The two underpins for the 2023 RSP were an average lease-adjusted net debt to FFO leverage ratio of less than 4.7x, and an average ROCE for the UK business of 9% or higher. Both RSP underpins have been met, and therefore, the 2023 RSP awards will vest infull; a summary of the Committee’s assessment of these underpin conditions isset out on page [X]. #### Implementation for 2026/27 Both Dominic Paul and Hemant Patel will receive salary increases of 3%. This is in linewith the increase applied to salaried employees in the UK and below the increase applied to the majority of our hourly paid team members in the UK where we have continued to make a significant investment to ensure our pay rates remain competitive. In respect of the AIS, the maximum opportunity will remain at 170% of salaryfor Dominic Paul and Hemant Patel, respectively. We are retaining the same framework as in FY26, with a 75% allocation for financial metrics, split between 60% profit and 15% efficiency, and a 25% allocation for strategic objectives and ESG. We believe this allows for a continued focus on driving Group and Germany profitability, whilst ensuring focus on future years of the plan through delivery of key strategic growth enablers. Full details on our measures for 2026/27 are on page [X]. #### Business performance Our strategic priorities for the year were to grow and innovate in the UK, to focus on our strengths to grow in Germany, and to enhance our capabilities to support long-term growth in order to deliver for our stakeholders. During the year, management have made strong progress across the full range of our priorities, despite significant sector wide headwinds. Some headwinds were known at the start of the year such as the increase in NIC contributions from April 2025 and increased labour costs, whilst others arose during the year, most notably a material increase in business rates and a weaker hotel market. Despite these headwinds, management’s focus on the delivery of technology-enabled commercial initiatives, material cost savings, and achieving the key profitably milestone in Germany, has delivered continued market outperformance ina challenging year. A summary of our key achievements in the year is set out below: Strategic Pillar 2025/26 performance highlights 1. Grow and innovate in theUK • [Like for like sales?] • Outperformed the midscale and economy market by +1.1% on RevParbasis. • Delivered a RevPAR premium to the M&E market of [£5.88] • Opened 4 new hotels and over 1,100 new rooms across the estate. • Refurbished almost 5,000 rooms, including upgrades to Premier Plus. • Expanded our development pipeline with more than [2,000]additionalrooms. 2. Focus on our strengths to grow in Germany • Increased Germany’s total year-on-year accommodation sales by 9.2% in localcurrency. • Grew total estate RevPAR and RevPAR of our more established hotels by [x]% and [x]% respectively, significantly outperforming the wider Midscale and economy market. • Delivered profitability through positive RevPAR growth and a clear focus on ourcost base. • Strengthened our portfolio with three new hotels (633 new rooms), providing great-value accommodation in even more locations for customers. • Our development pipeline now exceeds 40 committed sites and almost 9,000 new rooms, securing sustained growth for the years ahead. • Our product quality and resulting high guest scores supported Premier Inn to deliver the strongest year-on-year brand awareness growth among competitors. 3. Enhance our capabilities tosupport long-term growth • Delivered £97.3m in cost efficiencies, up from £75m in 2024/25. • Early positive results from our Accelerating Growth Plan, divesting someof our branded restaurants and converting some others into higher-returning hotel rooms. • Enhanced operation and commercial performance through investment into our technology stack. • Maintained a strong balance sheet: • Lease adjusted leverage of [3.3x] • Net debt £709m • On track to complete the previously announced £250m share buy-backprogramme. 2026 RSP awards will be made at 125% ofsalary for Dominic Paul and 110% of salary for Hemant Patel. The underpins areunchanged vs 2025 and based on net debt to EBITDAR ratio and returns. The Committee considers these underpins to continue to be the most appropriate to protect shareholders against any payments for potential failure. More details on the underpins are provided on page [•] #### Looking forward Despite external challenges, this has been ayear in which the business has continued to lay strong foundations and position our business for future growth. The Committee will continue to set stretching goals and appropriate policies that align management with this long-term growth, driving the right behaviours and performance outcomes. I hope to meet some of you at our AGM inJune, where I will be happy to answer anyquestions you might have. Frank Fiskers Chair, Remuneration Committee 29 April 2026 GOVERNANCE ![]() 118 #### Whitbread PLC Annual Report and Accounts 2025/26 #### CustomersEmployees • Over £35m invested in pay increases, continuing to pay ahead of National Living Wage, with average increases forhourly paid team members of 6%. • Over £500k awarded to hourly paid team members under the ‘All Green’ WINcard incentive to recognise excellent performance at site level. • Germany hotel team members receivedaspecial annual payment. • Investment in developing careers through external leadership programmes for senior leaders and our “Progressing Into” programmes for future operational leaders (with over 250 team members onprogrammes to progress to first management or hotel management). • We have over 1,000 team members on apprenticeship programmes, with over 350 achieving their qualification this year. We were rated as a top ten apprenticeship employer in FY26, reflecting the quality of our programmes. • Recognised as a Top Employer forthe16th consecutive year. • We actively enable opportunity for disadvantaged young people, helping them into meaningful, paid employment. We partner with Barnardo’s, focussing on those who are care experienced, and with Derwen and Hereward Colleges for our “Thrive” programme, which supports students with learning difficulties intowork. • Maintained our market-leading Quality &Value scores in the UK, with scores inGermany among the highest in the midscale and economy market, measuredby the YouGov BrandIndex. • Investment in bed replacement programme to ensure a great night’s sleep, with over 70,000 beds now upgraded to our new specification. • Refurbished a further 4,982 rooms to ensure a consistent, quality experience forour guests. • Developed a further 500 Premier Plus rooms across 30 hotels (including three hotels in Germany), to give guests an upgrade option, taking the total to almost 8,000rooms. • Continued to offer guests flexibility and choice with room rate products such as Early Check-In and Rooms with a View. • Further 47 ‘Social’ F&B concepts rolled outacross estate, including AGP sites, todeliver our famous tastly breakfast andagreat choice for dinner. • Enhanced the app and kiosk user experience, upgrading 485 digital check-in kiosks during FY26 and piloting new features such as Digital Keys in both the UK andGermany. • Ongoing investment and development of our web and app user experience, offering guests new functionality such as price finder, whilst driving increased revenue through optimised booking flow • Strong growth in key ancillary lines including upgraded wifi, car parking, andoffering guests the opportunity tobuy our beds and bedding. • Strong customer satisfaction scores inGermany Premier Inn sites, with an average online review score of 4.18/5. ## Stakeholder experience in2025/26 #### REMUNERATION COMMITTEE REPORT CONTINUED Image: Hub by Premier Inn Snowhill Image: Premier Inn Margate GOVERNANCE ![]() #### Whitbread PLC Annual Report and Accounts 2025/26 119 #### InvestorsCommunities • Scope 1&2 Carbon reduction of 3.9% year-on-year and 63% from a 2016/17 baseline. • This year, we reached over 2,200 low-carbon rooms, with 710 delivered in-year, which have no natural gas connection and use only electricity backed by Renewable Energy Guarantees of Origin(REGO). • The AGP will result in 3,500 new rooms, 90% of which will be operationally low carbon, powered by electricity backed byREGO. • ESG scores received: MSCI AA, ISS ESG B, S&P CSA scored 54 (88th industry percentile), CDP B for climate and water. • 17.6% reduction in water use per sleeper from a 2019/20 baseline, meaning we are making great progress towards our target of a 20% reduction by 2030. • Opened seven new hotels across the UKand Germany, with our flagship hub by Premier Inn London Farringdon (Old Bailey), incorporating the culturally and historically important elements of a Grade IIlisted building, together with modern sustainability features, including a blue roof, air source heat pumps and heat recovery systems. • Since 2020, we have opened 62 hotels inthe UK&I. Of these, 46 achieved an EPCrating of A, and 48 were certified toa BREEAM rating of Very Good or higher, including 10 rated Excellent andone Outstanding. • All electricity that we procure across ourUK, Irish and German estate is verifiedas renewable, backed by EnergyAttributeCertificates. • We have achieved a 40% reduction in food waste against our 2018/19 baseline, keeping us on track to achieve our target of 50% reduction by 2030. • We continue to source our critical commodities responsibly, with 100% of beef farm assured, 100% of wild caught fish MSC certified, 100% of whole shell eggs cage free, and 100% of Palm Oil included in non-branded food products being RSPO certified in our own recipes. • Adjusted PBT of [£483m]. • Dividend of 97.0 pence per share. • £250m share buy-back on track to becompleted. • A further year of market outperformance in the UK, with Premier Inn total accommodation sales +0.7%pts ahead ofthe wider midscale and economy market. • Expansion continuing at pace in Germany, establishing a broad national network with 65 open hotels (11,598 rooms) and 45 sites in the pipeline (8,713 rooms). • Significant interaction principally through the Chief Executive, Chief Financial Officer and Investor Realtions team throughout the year. Separately, the Chair, General Counsel and Investor Relations Director also met with several of the Group’s larger investors to discuss governance-related matters. The Group also hosts investor visits to our hotels in both the UK and Germany and presents at several investor conferences each year. • Donated 40,385 meals to 641 charities viaFareShare. • Raised £2.6m for Great Ormond Street Hospital Children’s Charity (GOSH), totalling almost £29m since our partnership began in 2012. • Donated 527 old laptops from our Support Centre through Sustainable Tech for Good. These have been refurbished and distributed to families in need in the local area. • Raised €50,000 in 2025/26 for our German charity partner Children for abetter World e.V., a national charity fighting child poverty, taking total fundraising for this partner to €1.7m since2021. • For the Children’s Health Foundation inIreland, we have raised just over half ofthe €30,000 we’ve committed to raise in 2024–2027, for a ground-breaking multi-disciplinary rehabilitation programme – the first of its kind in thecountry. #### Environment • Continued option for discounted early payment to support supplier cash flowmanagement. • Continued additional due diligence onhuman rights. #### Suppliers Image: Premier Inn Margate Image: Premier Inn Margate GOVERNANCE ![]() 120 #### Whitbread PLC Annual Report and Accounts 2025/26 #### Incentive outcomes in 2025/26 2025/26 Annual Incentive Scheme outcomes Measure Weighting (% of max) Threshold Target Max Outcome (% of maximum) Dominic Paul Hemant Patel Group PBT performance 50% Actual: £[483.1]m [57.3]% [57.3]% £436.5m (10% payout) £485m (60% payout) £533.5m (100% payout) Germany PBT performance 10% Actual: €[0.7]m 0% 0% €3.38m (10% payout) €8.38m (60% payout) €13.38m (100% payout) Efficiency savings 15% Actual: £[97.3]m 100% 100% £67.5m (10% payout) £75m (60% payout) £82.5m (100% payout) Strategic objectives 20% Details of performance are set out on pages [•] and [•] [90]% [87.5]% ESG measures 5% Details of performance are set out on page [•] [75]% [75]% Total outcome (% of maximum) [65.4]% [64.9]% Actual annual incentive £[1,072]k £[627]k Value of which deferred into shares (50% of total) £[536]k £[313]k 2023 RSP underpin assessment Underpin Assessment Vesting level (% of maximum) Average Lease-adjusted net debt to FFO leverage ratio of less than 4.7x over the three-year period to the end of 2025/26 Met: [3.6x] 100% ROCE for the UK business of 9% or higher over the three-year period to the end of2025/26 Met: [13.7%] #### 2025/26 single total figure ofremuneration The diagram below provides a summary of the single total figure of remuneration for 2025/26. Further details are set out on page [•] in the annual report on remuneration. Dominic Paul Chief Executive £[3.10]m Base salary [31]% Benefits [1]% Annual Incentive Scheme [35]% Restricted Share Plan [31]% Pension [3]% Hemant Patel Chief Financial Officer £[1.75]m Base salary [32]% Benefits [1]% Annual Incentive Scheme [36]% Restricted Share Plan [27]% Pension [3]% #### REMUNERATION AT A GLANCE GOVERNANCE ![]() #### Whitbread PLC Annual Report and Accounts 2025/26 121 #### Summary of our remuneration policy and implementation for 2026/27 The Company’s directors’ remuneration policy (the ‘Policy’) was approved by shareholders at the annual general meeting on 19 June 2025. A summary of the Policy and how we intend to implement it for 2026/27 is set out below. The full Policy can be found at whitbread.co.uk/governance. Key elements 2026/27 2027/28 2028/29 2029/30 2030/31 Overview of remuneration policy Implementation for 2026/27 Base salary, pension and benefits Salary Salaries are reviewed annually. CEO: £993k ([3]% increase). CFO: £585k ([3]% increase). Benefits Car or car allowance and healthcare or personal insurance. Additional benefits may be provided in exceptional circumstances (e.g. relocation). In line with Policy. Pension Maximum of 10% of salary. CEO: 10% of salary. CFO: 10% of salary. Annual Incentive Scheme Maximum opportunity Up to 200% of base salary. Any increase beyond 170% of salary will only be applied in exceptional circumstances. CEO: 170% of salary. CFO: 170% of salary. Operation andmetrics Directors are required to defer 50% of their bonus into shares, if they have not met their minimum shareholding requirement, or 25% of their bonus if they have met their shareholding requirement. The remainder is paid in cash. Shares vest after three years. Malus and clawback provisions apply. Profit: 50%. Germany profit: 10%. Efficiency: 15%. Strategic objectives: 20%. ESG: 5%. Restricted SharePlan Maximum opportunity CEO: 125% of salary. CFO: 110% of salary. CEO: 125% of salary. CFO: 110% of salary. Operation and metrics Three-year vesting period. Subject to two or more performance underpins and continued employment. Additional two-year holding period. Malus and clawback provisions apply. Average lease-adjusted net debt to EBITDAR leverage ratio being less than4.2x. Average ROCE for the UK business to be 9% or higher. Shareholding requirement Shareholding requirements CEO: 300% of salary. CFO: 200% of salary. Requirement is that shares from exercised share awards must be retained until these levels have beenreached. Actual shareholding as at 26February 2026: Dominic Paul 253%. Hemant Patel: 204%. Post-cessation shareholding requirements 100% of the in-role requirement for two years post-departure. Malus and clawback Circumstances i) Material misstatement of results. ii) Misconduct. iii) Material loss as a result of participant actions or behaviour. iv) Material reputational damage. v) An error in assessing the performance conditions or underpin. vi) Insolvency or corporate failure. Timeframe Malus and clawback provisions apply to the cash bonus and deferred annual bonus for three years from the date of award. Forthe RSP, provisions apply during the vesting period and for two years following vesting. The duration of these malus and clawback periods is intentionally aligned with the respective deferral, vesting and post-vesting holding periods. These timeframes are considered appropriate to allow the Committee to assess whether any trigger events have occurred that would warrant the application of malus or clawback. GOVERNANCE ![]() 122 #### Whitbread PLC Annual Report and Accounts 2025/26 #### DIRECTORS’ REMUNERATION POLICY Share-based awards under the AIS and RSP may: a) be delivered as nil-cost options, forfeitable shares, conditional share awards or equivalent cash-settled instruments; and b) be adjusted in the event of any variation of the Company’s share capital or in any other circumstances the Committee considers it appropriate. #### Illustration of application of Remuneration Policy The graphs below show how the Policy will be applied in 2026/27, with details of expected remuneration levels for each director for below threshold performance, on-target performance and maximum performance. Executive directors – potential value of 2026/27 package The table below sets out the assumptions used in the scenario charts on the left: Below threshold On target Maximum • Only the fixed pay elements are received (base salary, benefits andpension). • Salary reflects what will be paid in 2026/27. For the CEO and CFO this means the salary has been pro-rated to the increase from 1 May 2026. • Benefits are included at the value in the 2025/26 single figure table. • The CEO’s and CFO’s pensions are 10% of salary. • Fixed pay elements plus target annual bonus andRSP. • Incentives are based on salaries at 1 May 2026. • On-target pay for the Annual Incentive Award has been included at 57.5% of the maximum award (170% for each director). • On-target pay for the RSP has been included at 100% of the 2026/27 maximum award (125% of salary for the CEO and 110% of salary for the CFO). • Fixed pay elements plus maximum Annual Incentive Award and RSP, with values as set out to theleft. • An additional scenario sets out the value of the RSP assuming a 50% increase in share price between grant and vesting. #### Performance measures With the exception of base salary, benefits, pension and participation in the Sharesave scheme, all other elements of the remuneration packages of the executive directors are linked to performance. The RSP is subject to performance underpins, which, if not met, may cause an award to be reduced. The RSP is designed to incentivise delivery of the growth strategy in both the UK and Germany, to support shareholder alignment through direct exposure to share price and to retain executive directors throughout an important time for the business to deliver growth. The underpins each year are set taking into account the business plan and the Group’s strategy so as to protect against a payment for failure. The performance measures and targets for the Annual Incentive Scheme are selected annually to align with the business strategy. Targets for measures are normally set at thebeginning of the financial year. There are a number of types of measure used to determine the level of awards under thescheme. There are financial and other business measures and some strategic growth objectives. The growth objectives will be quantitative measures linked to individual responsibilities in the context of our strategic objectives and will be reviewed in advancebythe Committee. Targets are set taking into account the business plan. Dominic Paul Hemant Patel On target On target Maximum Maximum Maximum, with 50% share pricegrowth Maximum, with 50% share pricegrowth 30% 32% 26% 23% 25% 22% 15% 15% 21% 22% 18% 19% 15% 15% 21% 22% 18% 19% 37% 35% 31% 27% 40% 37% £3,321,011 £1,878,590 £4,038,455 £2,301,444 £4,659,081 £2,623,340 Base salary and benefits  Pension  Cash incentive  Deferred shares  RSP Below threshold Below threshold 91% 91% £1,109,098 £662,703 9% 3% 2% 2% 9% 3% 3% 2% GOVERNANCE ![]() #### Whitbread PLC Annual Report and Accounts 2025/26 123 #### Service contracts and externalappointments The key terms of the executive directors’ service contracts are as follows: • notice period – six months by the director and 12 months by the Company; • termination payment – see policy on payment for loss of office in the Policy, whichcanbefound at whitbread.co.uk/governance; • sickness – full salary for a maximum of 12months in any three-year period orforamaximum of nine consecutive months; and • non-compete – for six months after leaving or being put on garden leave. The dates of the executive directors’ service contracts are as follows: Dominic Paul 28 June 2022 Hemant Patel 26 January 2022 Executive directors’ service contracts are available for inspection by any person at the Company’s registered office during normal office hours and on the Company’s website atwww.whitbread.co.uk. The executive directors are entitled to retain fees from externaldirectorships. The effective dates of the letters of appointment of the Chair and the non-executive directors are as follows: Christine Hodgson 1 September 2025 Kal Atwal 1 March 2021 Horst Baier 1 November 2019 Frank Fisker 1 February 2019 Richard Gillingwater 27 June 2018 Jonathan Howell 1 January 2026 Karen Jones 9 January 2023 Shelley Roberts 31 October 2023 Cilla Snowball 24 January 2023 The Chair and non-executive directors were each appointed for an initial three-year termand are subject to annual re-election at the AGM. Image: Premier Inn Birmingham NEC GOVERNANCE ![]() 124 #### Whitbread PLC Annual Report and Accounts 2025/26 #### Single total figure of remuneration – executive directors (audited information) Base salary Benefits Pension Fixed pay Annual Incentive Scheme Long-term Incentive Variable pay Total Director 2025/26 £’000 2024/25 £’000 2025/26 £’000 2024/25 £’000 2025/26 £’000 2024/25 £’000 2025/26 £’000 2024/25 £’000 2025/26 £’000 2024/25 £’000 2025/26 £’000 2024/25 £’000 2025/26 £’000 2024/25 £’000 2025/26 £’000 2024/25 £’000 Dominic Paul 959 930 22 22 96 93 1,077 1,045 1,072 865 949 1,069 [1] 2,021 2,029 3,098 3,074 Hemant Patel 565 548 22 22 57 55 644 625 627 499 478 550 [2] 1,104 1,070 1,745 1,695 1 The share price used to calculate the value at vesting was 2,611.97 pence, being the average closing price of a Whitbread share in the final quarter of the 2025/26 financial year, as the shares vest on 30 April 2026. 2 The value in relation to the 2024/25 long-term incentive has been updated from the estimate provided in last year’s report to reflect the actual share price on the date of vesting (1 May 2025) of 2,743.0 pence. Base salary Annual salary increases across the Group are usually effective from 1 May each year. The base salary numbers shown in the table, therefore, include two months’ pay based on the director’s salary from 1 May 2024 and ten months’ pay based on the director’s salary from 1 May 2025. Benefits The benefits received by each executive director include family private healthcare and a cash allowance in lieu of a company car. Pension The executive directors receive a monthly amount in cash in lieu of pension contributions. This is at the rate of 10% of base salary and is aligned with the rate available to the majority ofthe wider workforce. No executive director participates in a Group defined benefit or final salary pension scheme. 2025/26 Annual Incentive Scheme The maximum bonus opportunity for Dominic Paul and Hemant Patel was 170% of base salary. The incentive for 2025/26 was assessed against a combination of Group and Germany profit, efficiency savings, strategic objectives and ESG metrics. As stated in the Committee Chair’s letter on page [•], the Committee believes the formulaic outcome was appropriate and consistent with the wider stakeholder experience and as such no discretion was exercised. The outcome of the Annual Incentive Scheme is as follows: Director Group Profit outcome (% maximum) Germany Profit outcome (% maximum) Efficiency target outcome (% maximum) Strategic objectives outcome (% maximum) ESG measures outcome (% maximum) Total % of maximum Total % of salary Total £’000 Weighting 50% 10% 15% 20% 5% Dominic Paul [57.3]% [0]% [100]% [90]% 75% [65.4]% [111.2]% [1,072] Hemant Patel [57.3]% [0]% [100]% [87.5]% 75% [64.9]% [110.3]% [627] On the basis that neither Executive Director has met their shareholding requirements as at 26 February 2026, half of these awards will be paid in cash in May 2026, with the remaining half being settled in deferred shares, which are expected to vest in 2029. Details on the outturns for the financial measures (50% of total award) and the overall outcomes are provided inthe at a glance section on page [•]. No malus or clawback provisions were exercised in relation to annual bonus awards during the year. #### ANNUAL REPORT ON REMUNERATION GOVERNANCE ![]() #### Whitbread PLC Annual Report and Accounts 2025/26 125 Awards based on strategic objectives (20% of total award) Dominic Paul and Hemant Patel each had a number of business objectives and 20% of the maximum incentive opportunity was linked to performance against these objectives. Asummary of each of the executive directors’ objectives, together with the incentive outcomes, is shown in the tables below. Chief Executive, Dominic Paul Measure Actual outcome vs targets OBJECTIVE 1: Grow and innovate in the UK – [8.9]% out of 10.0% Deliver the network growth plan for the UK through organic pipeline and deliver refurbishment plan • Opened 1,178 new rooms in UK and added 2,017 rooms to the pipeline, ahead of target. • Completed 4,982 refurbished rooms ahead of stretch Deliver the commercial strategy • Improved website and app user experience, delivering £10m of LFL revenue upside. • Achieved step-change app functionality with revenue contribution exceeding 13% of direct sales. • Outperformed the midscale and economy market by +1.1% on RevPar basis. Achieve customer/guest satisfaction targets • Premier Inn guest satisfaction below target. • Restaurant customer satisfaction ahead of stretch. Deliver strategic F&B implementation plan and execute agreed in-year activity • Continued the delivery of strategic F&B implementation plan, with the overall progress of plan. • Delivery of the evolved breakfast room/Solus restaurant programme was fully delivered. • Conversion of legacy F&B estate into expanded PI rooms was fully delivered with >500 rooms now open as a result of F&Bchanges. • Disposals of impacted sites above target. Operationally, all F&B offerings were delivered with increased training programmes for staff and guest satisfaction actively monitored throughout the year. • Overall commercial performance ahead of business case. OBJECTIVE 2: Focus on our strengths to grow in Germany – 6.1% out of 7% Deliver network growth plan including organic pipeline additions in Germany • Opened 633 new rooms in Germany, ahead of target. • Added 2,358 rooms to the committed pipeline, ahead of stretch. Drive Germany commercial performance • Strategically reinforced commercial organisation under new leadership. • Completed Premier Inn Germany e-commerce transformation with revised ROAS targets and new campaign plan in rollout. • Adjusted and successfully implemented trading strategies. • Significantly expanded indirect channel reach through key partnerships, leading to broader market access and enhancedconversion. Achieve guest satisfaction targets • Guest satisfaction achieved at target (assessed via own surveys and online reviews). OBJECTIVE 3: Enhance our capabilities to support long-term growth – [3.0]% out of [3.0]% Determining the approach for growth opportunities • Successfully agreed and approved Third Engine strategy with Board endorsement. • Expansion of ‘hub by Premier Inn’ both in UK and Germany, with first signed site in Berlin, and UK sites under evaluation. Drive technology stability • Reduced net impact of digital outages by more than 50%, exceeding stretch. Total outcome (% of maximum incentive opportunity) [•]% out of [20]% GOVERNANCE ![]() 126 #### Whitbread PLC Annual Report and Accounts 2025/26 #### Single total figure of remuneration – executive directors (audited information) continued 2025/26 Annual Incentive Scheme continued Awards based on strategic objectives (20% of total award) continued Chief Financial Officer, Hemant Patel Measure Actual outcome vs targets Objective 1: Grow and innovate in the UK – 3.8% out of 4.5% Deliver the network growth plan for the UK through organic pipeline and deliver refurbishment plan • Opened 1,178 new rooms in UK and added 2,017 rooms to the pipeline, ahead of target. • Completed 4,982 refurbished rooms, ahead of stretch. Deliver strategic F&B implementation plan and execute agreed in-year activity • Continued the delivery of strategic F&B implementation plan, with the overall progress ahead of plan. • Delivery of the evolved breakfast room/Solus restaurant programme was fully delivered. • Conversion of legacy F&B estate into expanded PI rooms was delivered with >500 rooms now open as a result of F&B changes. • Disposals of impacted sites were above target. • Operationally, all F&B offerings were delivered with increased training programmes for staff and guest satisfaction actively monitored throughout the year. • Overall commercial performance ahead of business case. Optimisation of UK PI estates portfolio • Executed combined sale and leaseback and disposal of surplus asset packages of £283m, in line with target. • Full estate valuation completed and communicated externally at interim results. Objective 2: Focus on our strengths to grow in Germany – 1.2% out of 1.5% Deliver network growth plan including organic pipeline additions in Germany • Executed Opened 633 new rooms in Germany, ahead of target. • Added 2,358 rooms to the committed pipeline, ahead of stretch. Objective 3: Enhance our capabilities to support long-term growth – 12.5% out of 14% Deliver Investor Relations plan • Successful communication of 5 year plan and effective follow up with investors following results announcements and business rates changes, [although interim communications faced some challenges.] Managed expectations on profitability progress consistently. Deliver FY25 financial audit clearance with no material misstatements and half-year FY26 interim review • Delivered the 2024/25 audit clearance and 2025/26 interim review with high accuracy and timeliness. Deliver Accelerated Efficiency programme to budget across business • Achieved P&L savings that significantly exceeded target. • Established Transformation team to continue to support delivery of five year plan targets (which are currently ahead ofschedule). Land new outsourced Finance organisation with minimal disruption to business • Delivered continued savings for FY26 and FY27. On target to agree continuous improvement plan with outsourcing provider in FY27. • Ensured talent pathway is in place for graduates as part of new structure. Drive technology stability • Reduced net impact of digital outages by almost 60%, exceeding stretch, with significant improvement in stability of Opera & Planet against FY25. • Technology budgets set and governed appropriately. Total outcome (% of maximum incentive opportunity) 17.5% out of 20% #### ANNUAL REPORT ON REMUNERATION CONTINUED GOVERNANCE ![]() #### Whitbread PLC Annual Report and Accounts 2025/26 127 Awards based on ESG objectives (5% of total award) The ESG targets for 2025/26, together with the results, are shown below. ESG measure Threshold Target Stretch Allocation Result (% of maximum) Carbon reduction >= 1.3% reduction >= 1.5% reduction >= 1.7% reduction 2.5% Stretch: 5.6% reduction 100% Leadership diversity 1 Senior leadership population to be made up of: • 40% female representation • 10% ethnic minority representation 2.5% Part-achieved 1 : 40.4% female and 6.3% ethnic minority representation 50% TOTAL 75% 1 When the impact of the external factors of reduced sleeper numbers over the performance period is removed from the carbon reduction targets, performance still exceeds the stretch target. The Committee is therefore satisfied that this outcome is attributable to internal actions taken and appropriately reflects performance. 2 This measure was assessed in a binary manner, unlike the carbon reduction measure which follows a threshold to stretch range as outlined above. Long-term incentive Assessment of performance underpins for the 2023 RSP Awards were granted at 125% of salary for Dominic Paul and 110% of salary for Hemant Patel. The 2023 RSP was awarded subject to two underpins and, for each underpin that is not met, the Committee may reduce the vesting outcome by up to 50%. In line with shareholder feedback, the 2023 RSP award is based on two hard financial underpins: • The Company’s average Lease-adjusted net debt to FFO leverage ratio being less than 4.7x. Over the period, the Company’s average Lease-adjusted net debt to FFO leverage ratio was [3.6%]; therefore, this underpin was met. • The Company’s average ROCE for the UK business to be 9% or higher. Over the period, the Company’s average ROCE for the UK business was [13.8%]; therefore, this underpin was met. As stated in the Committee Chair’s letter on page [•], the Committee believes the formulaic outcome was appropriate and consistent with the wider stakeholder experience and as such no discretion was exercised. Therefore, the Committee determined that the 2023 RSP should vest in full. The number and value of shares vesting for the executive directors under the RSP are as follows: Director Number of shares granted Number of shares vesting Estimated value at vesting date (£’000) Value attributable to share price appreciation (£’000s) Dominic Paul 36,346 36,346 949 nil Hemant Patel 18,302 18,302 478 nil The share price used to calculate the value at vesting was 2,611.97 pence, which was the average closing price of a Whitbread share in the final quarter of the 2025/26 financial year. Theshares vesting to Dominic Paul and Hemant Patel will vest in May 2026. In both cases the awards are subject to a two-year post-vesting holding period. No malus or clawback provisions were exercised in relation to RSP awards during the year. GOVERNANCE ![]() 128 #### Whitbread PLC Annual Report and Accounts 2025/26 #### Single total figure of remuneration – Chair and non-executive directors (audited information) Director Base fee Senior Independent Director fee Fee as Chair of a Board Committee Fee as a member of a Board Committee Total 2025/26 £’000 2024/25 £’000 2025/26 £’000 2024/25 £’000 2025/26 £’000 2024/25 £’000 2025/26 £’000 2024/25 £’000 2025/26 £’000 2024/25 £’000 Christine Hodgson 1 233 — — — — — — — 233 — Adam Crozier 2 230 450 — — — — — — 230 450 Kal Atwal 71 69 — — — — 6 5 77 74 Horst Baier 3 71 69 — — 9 — 6 5 86 74 Frank Fiskers 71 69 — — 22 22 6 5 99 96 Richard Gillingwater 71 69 17 17 — — 6 5 94 91 Jonathan Howell 1 12 — — — 4 — — — 16 — Karen Jones 71 69 — — — — 6 5 77 74 Chris Kennedy 2 21 69 — — 7 22 — — 28 91 Shelley Roberts 71 69 — — — — 6 5 77 74 Cilla Snowball 71 69 — — — — 6 5 77 74 1 Christine Hodgson and Jonathan Howell joined the Board on 1 September 2025 and 1 January 2026, respectively. 2 Adam Crozier and Chris Kennedy stepped down from the Board on 1 September 2025 and 19 June 2025, respectively. 3 Horst Baier’s fees include fees for acting as interim Audit Committeee Chair from 19 June to 31 December 2025. Neither the Chair nor the non-executive directors are entitled to any additional benefits. #### ANNUAL REPORT ON REMUNERATION CONTINUED GOVERNANCE ![]() #### Whitbread PLC Annual Report and Accounts 2025/26 129 #### Statement of directors’ shareholding and share interests (audited information) The Committee believes that the shareholding requirements for executives play an important role in the alignment of the interests of executives and shareholders and help to incentivise executives to deliver sustainable long-term performance. The Chief Executive’s shareholding requirement is 300% of salary and the Chief Financial Officer’s is 200% of salary. All shares vesting from incentive plans cannot be sold until the shareholding requirement has been met. The Chair and the non-executive directors are each required to build a holding to the value of 100% of their annual fee over a three-year period. The table below shows the holdings of directors as at 26 February 2026: Director Ordinary shares Share awards 1 Value based on input price £’000 Value based on market price £’000 Requirement % of salary/base fee % of salary based on input price % of salary based on market price Share awards not counting towards requirements CHAIR Christine Hodgson 17,817 — 500 465 100% 107% 100% — EXECUTIVE DIRECTORS Dominic Paul 29,088 106,945 2,442 2,240 300% 253% 232% 112,561 Hemant Patel 20,021 34,540 1,161 1,001 200% 204% 176% 57,312 NON-EXECUTIVE DIRECTORS Kal Atwal 2,525 — 73 66 100% 103% 93% — Horst Baier 2,456 — 86 64 100% 122% 90% — Frank Fiskers 3,865 — 110 101 100% 155% 142% — Richard Gillingwater 2,500 — 85 65 100% 120% 92% — Karen Jones 2,075 — 40 54 100% 56% 76% — Jonathan Howell 4,520 — 130 118 100% 184% 166% — Shelley Roberts 1,106 — 15 29 100% 21% 41% — Cilla Snowball 2,258 — 69 59 100% 98% 83% — 1 The market price used was the average for the last quarter of the financial year (2,611.97 pence). The number of share awards shown is the full number, but the valuation of those awards has been reduced toreflect deductions to be made at the point of exercise in respect of income tax and Employee National Insurance contributions. The awards counting towards the requirement include shares held outright (including by a connected person), unvested deferred shares awarded under the Annual Incentive Scheme and unexercised awards under the Restricted Share Plan and the Recruitment and Retention Scheme, where no further performance conditions apply. All share awards are structured asnil-cost options on vesting. The awards not counting towards requirements are unvested awards under the Restricted Share Plan, where the performance underpins have not yet been tested. There has been no change to the interests in the tables shown on this page between the end of the financial year and the date of this report. GOVERNANCE ![]() 130 #### Whitbread PLC Annual Report and Accounts 2025/26 #### Awards granted in 2025/26 The tables below outline the share awards granted during 2025/26. Awards were granted using the average closing price of a Whitbread share for the five trading days immediately prior to the grant, excluding any days on which dealing in Whitbread shares by management was prohibited. All awards were granted in the form a nil-cost option over shares. Deferred share awards under the Annual Incentive Scheme 50% of the total annual incentive earned in respect of performance during 2024/25 was deferred into shares, as detailed below. Deferred share awards are subject to continued employment but are not subject to further performance conditions. Director Date of award Number of shares Share price used (p) Face value of award at grant (£’000) Vesting date Dominic Paul 9 May 2025 15,741 2748.6 433 30 April 2028 Hemant Patel 9 May 2025 9,085 2748.6 250 30 April 2028 2025 Restricted Share Plan Director % of base salary awarded Date of award Number of shares granted Share price used (p) Face value of award at grant (£’000) Vesting date Dominic Paul 125% 9 May 2025 42,567 2748.6 1,170 30 April 2028 Hemant Patel 110% 9 May 2025 22,077 2748.6 607 30 April 2028 The awards made under the Restricted Share Plan are subject to the following two underpins being met, which are assessed over the three-year performance period totheend of 2027/28: • the Company’s average lease-adjusted net debt to EBITDAR leverage ratio being lessthan4.2x; and • the Company’s average ROCE for the UK business to be 9% or higher. Awards vesting will then be subject to a two-year holding period. #### Options exercised (audited information) Director Scheme Number of shares Exercise price Exercise date Market price on exercise (p) Dominic Paul RSP 6,808 N/A 23 May 2025 2,790.24 Hemant Patel AIS 5,535 N/A 23 May 2025 2,790.24 Key AIS: Awards made under the Annual Incentive Scheme. RSP: Awards made under the Restricted Share Plan. #### Payments for loss of office (audited) There were no payments made for loss of office during the year. #### Payments to past directors (audited information) With the exception of regular pension payments and dividends on Whitbread shares and the exercise of share awards as permitted under the rules of the Company’s share schemes, no other payments were made during the year to past directors. #### Chief Executive’s remuneration Whitbread is in the hospitality business and has a large workforce of around 30,000 team members who are employed directly by the business, with the majority being in hourly paid customer-facing roles in our hotels and restaurants. We have an aligned set of reward principles for all employees which includes offering competitive pay rates at all levels, reflecting our position as a leading organisation in the hospitality sector. This enables ustoattract and retain the right talented people for our winning teams. For our hourly paid team members, we benchmark against other hospitality companies to ensure we are competitive when comparing pay with similar organisations. We operate a pay approach where increases are linked to skills progression, with clear and transparent pay rates for each role that increase as new skills are developed. For our Chief Executive, we benchmark against the FTSE 31–100, excluding any non-comparable industries such as Financial Services, Oil and Gas and Natural Resources, where remuneration levels are significantly higher. This ensures we use an appropriate and relevant comparison for thisrole within our sector. As noted in previous years, the Chief Executive has a high level of variable pay and, therefore, the CEO median pay ratio fluctuates in line with Chief Executive incentive outcomes each year. For 2025/26, the median pay ratio has decreased from 122:1 in 2024/25 to [115:1]. [The primary drivers of this decrease are our continued investment in employee pay, which has led to higher median employee pay across the business, while CEO remuneration has remained broadly stable year on year.] All three of the UK employee reference points compare our Chief Executive’s remuneration with that of hourly paid team members in customer-facing roles in the operational sites and there is relatively limited difference in the 25th, median and 75th percentile ratios as shown below. Given this, we believe the median pay ratio is consistent with the reward policies for our UK employees. Whitbread has continued to use Option A to calculate its ratio, as the data required is readily available and this option provides the most accurate comparison asthe figures are calculated on a like-for-like basis. #### ANNUAL REPORT ON REMUNERATION CONTINUED GOVERNANCE ![]() #### Whitbread PLC Annual Report and Accounts 2025/26 131 The table below shows how the total pay of the Chief Executive compares with our UK employees at the 25th, median and 75th percentile: Year Method 25th percentile ratio Median pay ratio 75th percentile pay ratio 2025/26 Total pay (FTE): £[25,679] £[25,998] £[28,019] Total pay and benefits (FTE): £[26,182] £[26,927] £[28,737] Pay ratio (Option A): [118:1] [115:1] [108:1] 2024/25 Pay ratio (Option A): 126:1 122:1 114:1 2023/24 Pay ratio (Option A): 110:1 105:1 97:1 2022/23 Pay ratio (Option A): 147:1 141:1 131:1 2021/22 Pay ratio (Option A): 110:1 105:1 98:1 2020/21 Pay ratio (Option A): 55:1 53:1 50:1 2019/20 Pay ratio (Option A): 150:1 143:1 134:1 The figures for the wider workforce were calculated as of 26 February 2026 (the ‘snapshot date’) and use the single figure methodology (salary, benefits, annual incentive, LTIPandpension). The Chief Executive’s figure of £[3.09]m is taken from the total single figure remuneration for 2025/26 on page [•]. GOVERNANCE ![]() 132 #### Whitbread PLC Annual Report and Accounts 2025/26 #### Chief Executive’s remuneration continued Annual percentage change in remuneration We are required to publish the annual percentage change in remuneration (salary or fees, benefits and annual bonus) for each director compared to the annual average percentage change in remuneration for the employees (excluding directors) of the parent company. As Whitbread PLC is not an employing entity, it has no employees and as such this statutory disclosure is not possible. For information purposes, the average remuneration of the Group’s employees increased by [•]% versus the previous year. Director 2025/26 2024/25 2023/24 2022/23 2021/22 % change 2025/26–2024/25 % change 2024/25–2023/24 % change 2023/24–2022/23 % change 2022/23–2021/22 % change 2021/22–2020/21 Base salary/fees Benefits Annual bonus Base salary/fees Benefits Annual bonus Base salary/fees Benefits Annual bonus Base salary/fees Benefits Annual bonus Base salary/fees Benefits Annual bonus EXECUTIVE DIRECTORS Dominic Paul 3% 1% [24]% 3% 0% (40%) 0% 0% 1% — — — — — — Hemant Patel 3% 1% [26]% 4% 0% (42%) 3% 0% 5% — — — — — — NON-EXECUTIVE DIRECTORS Adam Crozier 1 — — — 4% — — 3% — — 3% — — 7% — — Christine Hodgson 2 — — — — — — — — — — — — — — — Kal Atwal 3% — — 4% — — 3% — — 3% — — — — — Horst Baier 3 15% — — 4% — — 3% — — 3% — — 7% — — Jonathan Howell 2 — — — 4% — — 3% — — 3% — — — — — Frank Fiskers 3% — — 4% — — 3% — — 3% — — 5% — — Richard Gillingwater 3% — — 4% — — 3% — — 3% — — 5% — — Karen Jones 3% — — 4% — — 3% — — — — — — — — Chris Kennedy 1 — — — 4% — — 3% — — 3% — — 5% — — Shelley Roberts 3% — — 4% — — — — — — — — — — — Cilla Snowball 3% — — 4% — — 3% — — — — — — — — 1 Adam Crozier and Chris Kennedy have been excluded from the year-on-year percentage change calculation for FY25 to FY26, as they stepped down from the Board on 1 September 2025 and 19 June 2025 respectively. As their FY26 remuneration reflects only a part-year of service, the percentage movement is not considered meaningful. They remain included in the table for historic years during which they serveda full financial year. 2 Christine Hodgson and Jonathan Howell were appointed on 1 September 2025 and 1 January 2026 respectively and did not serve in the prior financial year; therefore, no year-on-year comparison is shown. 3 Horst Baier’s year-on-year percentage change calculation for FY25 to FY26 is inclusive of an additional fee which was paid in relation to his support in acting as the interim Audit Committee Chair from 19 June 2025 to 31 Dec 2025. #### ANNUAL REPORT ON REMUNERATION CONTINUED GOVERNANCE ![]() #### Whitbread PLC Annual Report and Accounts 2025/26 133 Ten-year history of Chief Executive remuneration The following table shows the Chief Executive’s pay over the last ten years, with details of the percentage of maximum paid out under the Annual Incentive Scheme and the LTIP/RSP vesting percentage for each year. Year Chief Executive Single total figure of remuneration (£’000) % of maximum annual incentive achieved % of LTIP/RSP award vesting 2025/26 Dominic Paul [3,099] [65.4] 100.0 2024/25 Dominic Paul 3,074 54.4 100.0 2023/24 Dominic Paul 2,465 95.0 N/A 2022/23 Dominic Paul 2,416 94.4 N/A Alison Brittain 3,199 94.4 45.0 2021/22 Alison Brittain 2,164 71.4 N/A 2020/21 Alison Brittain 1,032 0.0 N/A 2019/20 Alison Brittain 2,636 56.7 36.0 2018/19 Alison Brittain 5,588 54.8 0.0 2017/18 Alison Brittain 2,336 64.1 38.3 2016/17 Alison Brittain 2,509 49.8 76.5 Total shareholder return (TSR) The chart looks at the value over ten years of £100 invested in Whitbread PLC on 3 March 2016 compared, on a consistent basis, with that of £100 invested in the FTSE 100 Index based on30 trading day average values. The FTSE 100 has been selected by the Committee as anappropriate comparator group due to Whitbread’s position within the Index. Relative importance of spend on pay The table below compares the change in total expenditure on employee pay during the year with the change in dividend payments and share buy-backs. 2024/25 2025/26 % change Employee costs £818.7m £801.6m 2.1% Dividends and share buy-backs £442.4m £[•]m [•]% FTSE 100  FTSE 350 (Travel & Leisure)  Whitbread Source: Workspace by LSEG. 300 250 200 150 100 50 0 Total shareholder return (rebased) 03 Mar 2016 02 Mar 2017 01 Mar 2018 28 Feb 2019 27 Feb 2020 25 Feb 2021 03 Mar 2022 02 Mar 2023 29 Feb 2024 27 Feb 2025 26 Feb 2026 GOVERNANCE ![]() 134 #### Whitbread PLC Annual Report and Accounts 2025/26 #### Implementation of remuneration policy in 2026/27 Base salary Dominic Paul and Hemant Patel will each receive a 3% salary increase in May 2026. This is in line with the increases in pay for salaried employees across the organisation. The base salaries of the executive directors with effect from 1 May 2026 will be as follows: Director Base salary at 1 May 2026 (£’000) Base salary at 1 May 2025 (£’000) Dominic Paul 993 964 Hemant Patel 585 568 Benefits and pension The benefits received by each executive director will continue to include family private healthcare, a cash allowance in lieu of a company car and cash allowances at 10% of salary in lieu of pension. Annual Incentive Scheme The maximum bonus opportunity for Dominic Paul and Hemant Patel will be 170% ofbase salary. Any incentive payments will be at the discretion of the Remuneration Committee in the event that the health and safety score is red on the WINcard. Keeping our teams and customers safe is not an incentive lever but a core responsibility that earns the right to achieve incentivised rewards. The Committee has the discretion to amend formulaic outcomes. Cash awards will be made in May 2027, with deferred share awards granted in April or May 2027 and due to vest in 2030, with no further performance conditions applying. The measures and weightings for the 2026/27 annual incentive are, therefore, as follows: Measure Weighting Group Profit 50% Germany profit 10% Efficiency 15% Strategic objectives 20% ESG measures 5% #### ANNUAL REPORT ON REMUNERATION CONTINUED Financial measures The targets of the three financial metrics, which make up 75% of the annual incentive, areconsidered by the Board to be commercially sensitive and, for that reason, are not disclosed in advance. The Committee intends to disclose the targets retrospectively in the2026/27 report. Targets have been set with reference to external consensus and budget. Strategic objectives Each executive director also has business objectives aligned with the Group’s strategic priorities. They will be eligible to receive up to 20% of the maximum incentive opportunity based on the delivery of these objectives. Some of the objectives have measures with clearthreshold, on-target and stretch targets, whereas others will be objectively assessed against a stretch level of performance. All measures are quantifiable and linked to the business plan and future financial performance. For both executives, objectives have beenset under the following areas: • protect and strengthen the core UK market; • focus on our strengths to grow inGermany; and • strategic growth. ESG measures The 5% allocation to ESG measures will be split between an environmental measure and asocial measure. The targets within the Strategic objectives and ESG measures are considered by the Board to be commercially sensitive and, for that reason, are not disclosed in advance. Restricted Share Plan Awards will be granted at 125% of salary for Dominic Paul and 110% of salary for Hemant Patel. The awards will be subject to two underpins and, subject to these underpins being met, areexpected to vest in 2029, after which they will be subject to a two-year holding period. The underpins are the same as used for last year’s award: • the Company’s average lease-adjusted net debt to EBITDAR leverage ratio being less than 4.2x; and • the Company’s average ROCE for the UK business to be 9% or higher. Chair’s fee The Chair will receive a fee increase of 3% with effect from 1 May 2026, taking her annual fee to £478,950. GOVERNANCE ![]() #### Whitbread PLC Annual Report and Accounts 2025/26 135 #### Remuneration Committee #### – responsibilities • Set the broad Policy for the remuneration of the Chair and members of the Executive Committee, including the executivedirectors. • Within the terms of the agreed Policy, determine the total individual remuneration package (including incentive payments, share awards and other benefits) of the Chair andeach executive director. • Monitor the structure and level ofremuneration of Executive Committee members. • Approve the design of, and determine the targets for, executiveincentive schemes. • Approve awards to be made to executive directors and other senior executives under incentive schemes. • Ensure that contractual terms ontermination, and any payments made, are fair to the individual and the Company, that failure is not rewarded and that the duty to mitigate loss is fully recognised. • Review the alignment of incentives with the Company’s wider culture. • Obtain ideas and concerns from thewider workforce about reward andtake into account workforce remuneration across the Company and externally when setting remuneration policy for the executive directors. Non-executive director fees The base annual fee for non-executive directors will increase on 1 May 2026 by 3%to£73,080. The fees for chairing the Audit Committee and the Remuneration Committee will increase to £17,570. The fees for the Senior Independent director willincrease to £5,870 and the fees for membership of the Audit and Remuneration Committeeswill increase to£23,420. #### Statement of shareholder voting Both the advisory resolution to approve the 2024/25 annual report on remuneration andthe resolution to approve the directors’ remuneration policy were put to shareholders for approval at the 2025 AGM, where each resolution was passed. The voting results were as follows: Resolution For Against Total Withheld Annual report on remuneration 131,425,799 (95.2%) 6,643,822 (4.8%) 138,069,621 41,236 Directors’ remuneration policy 129,328,965 (93.6%) 8,837,859 (6.4%) 138,166,824 44,033 During 2024/25, the Committee conducted an extensive consultation exercise with major shareholders, to seek their views on the structure of our remuneration schemes and our new Policy proposals. We were pleased to have the support of the overwhelming majority, and we modified our proposals slightly in light of some feedback received. In particular, asmall number of shareholders asked that we align our post-cessation shareholding requirement (PCSR) with the Investment Association’s recommended approach, which wedid in our updated proposals. Shareholder views on executive pay at Whitbread are alsoperiodically considered and discussed at investor meetings attended by the Chair. #### Remuneration Committee #### – advisers Internal advisers Clare Thomas General Counsel and Secretary to the Committee Rachel Howarth Chief People Officer Stephen Brown Reward, Pensions and Insight Director External advisers PwC, one of the founding members ofthe Remuneration Consultants Group Code of Conduct, was appointed remuneration consultant by the Committee with effect from September 2017 following a rigorous tender process and adheres to thiscode in its dealings with the Committee. Fees paid to PwC in respect of advice received by the Committee amounted to £114,250. These fees were charged on a time and material basis. The Committee is satisfied that theadvice received is independent and objective. The Committee is comfortable that the PwC engagement partner and team tha provide remuneration advice tothe Committee do not have connections with the Company that may impair their independence or objectivity. PwC also provided Whitbread with internal audit andother consulting advice. Image: Premier Inn Margate GOVERNANCE ![]() 136 #### Whitbread PLC Annual Report and Accounts 2025/26 #### Remuneration Committee agenda – 2025/26 Frank Fiskers Chair, Remuneration Committee 29 April 2026 Approval of Annual Incentive Scheme andtargetsfor2025/26. Approval of awards of cash and deferred shares toexecutive directors and senior executives under the2024/25 Annual Incentive Scheme. Approval of executive directors’ and seniorexecutives’salary review. Approval of the 2025 awards made under the RSP. Confirmation of the vesting percentage for the RSP awards made in 2022 and which vested in 2025. Approval of directors’ remuneration policy. Approval of the 2025 remuneration report. Consideration of the approach to underpinsforthe2026 RSP award. Review of wider remuneration strategy acrosstheorganisation. Consideration of the performance of the2025/26Annual Incentive Scheme. Consideration of the performance against theunderpinsfor the 2023 RSP award. Evaluation of Committee effectiveness. #### ANNUAL REPORT ON REMUNERATION CONTINUED GOVERNANCE ![]() #### Whitbread PLC Annual Report and Accounts 2025/26 137 #### DIRECTORS’ REPORT Appointment and replacement ofdirectors Directors shall be no fewer than two and no more than 20 in number. Directors may be appointed by the Company, by ordinary resolution or by the Board of directors. In accordance with the UK Corporate Governance Code 2024, all directors will stand for annual re-election at each AGM. The Company may, by special resolution, remove any director before the expiration of his/her term of office. Directors automatically stop being directorsif: • they give the Company a written notice of resignation (at the date such notice expires); • they give the Company a written notice in which they offer to resign and the other directors decide to accept the offer; • all of the other directors (who must comprise at least three people) pass aresolution or sign a written notice requiring the director to resign; • they are or have been suffering from mental or physical ill health and the directors pass a resolution removing thedirector from office; • they have missed directors’ meetings (whether or not an alternate director appointed attends those meetings) for a continuous period of six months without permission from the directors and the directors pass a resolution removing thedirector from office; • a bankruptcy order is made against them or they make any arrangement or composition with their creditors generally; • they are prohibited from being a director under any applicable legislation; or • they cease to be a director under any applicable legislation or are removed from office under the Company’s articles of association. Directors’ indemnity A qualifying third-party indemnity provision was in force for the benefit of the directors during the financial year. In addition, a qualifying pension scheme indemnity provision was in force for the benefit of Whitbread Pension Trustees during the financial year. The directors present their report and accounts for the year ended 26 February 2026. Results and dividends Group adjusted profit before tax £[•]m Group profit before tax £[•]m Interim dividend paid on [•] [December] 2025 [•]p per share Recommended final dividend [•]% Total dividend for the year [•]p per share Certain information required for disclosure in this report is provided in other appropriate sections of the Annual Report and Accounts. These include the corporate governance and remuneration reports and the Group financial statements and notes to those financial statements, and accordingly these areincorporated into the report by reference. Details on the Group’s dividend policy can be found on page [•] in the Chief Financial Officer’s review. Subject to approval at the AGM, the final dividend will be payable on [•] [July] 2026 to the shareholders on the register at the close of business on [•] [May] 2026 #### The Board Board of directors The directors at the date of this report arelisted on pages [•] to [•]. Adam Crozier and Chris Kennedy did notseek re-election at the 2025 AGM. Chrisstepped down from the Board at the conclusion of that meeting, while Adam stepped down as Chair in September 2025. We appointed a new independent non-executive director, Jonathan Howell, toreplace Chris, both on the Board and asChair of the Audit Committee. We also appointed Christine Hodgson to succeed Adam as Chair of the Board. Directors’ service contracts The key terms of the executive directors’ service contracts, together with the dates of those contracts, can be found in the remuneration report on page [•], along withthe effective dates of the letters ofappointment of the Chair and the non-executive directors. The executive directors’ service contracts are available for inspection at our head office. Powers of directors The business of the Company is managed by the directors who may exercise all the powers of the Company, subject to the Company’s articles of association, any relevant legislation and any directions givenby the Company by passing a special resolution at a general meeting. In particular, the directors may exercise all the powers ofthe Company to borrow money, issue shares, appoint and remove directors and recommend and declare dividends. GOVERNANCE ![]() 138 #### Whitbread PLC Annual Report and Accounts 2025/26 #### The Board continued Compensation for loss of office There are no agreements between the Company and its directors or employees providing for compensation for loss of office or employment that occurs as a result of atakeover bid. Directors’ share interests Details regarding the share interests ofthedirectors in the share capital of theCompany, including with respect to optionsto acquire ordinary shares, are set out in the remuneration report on page [•]. #### Shares Share capital Details of the issued share capital can befound in Note [27] to the accounts. Holders of ordinary shares are entitled to attend and speak at general meetings of theCompany, to appoint one or more proxies and, if they are corporations, corporate representatives to attend general meetings and to exercise voting rights. Holders of ordinary shares may receive a dividend and, on a liquidation, may share in the assets of the Company. Holders of ordinary shares are entitled to receive the Company’s Annual Report and Accounts. Subject to meeting certain thresholds, holders of ordinary shares may requisition a general meeting of the Company or the proposal of resolutions atAGMs. Voting rights On a show of hands at a general meeting ofthe Company, every holder of ordinary shares present, in person or by proxy, and entitled to vote, has one vote (unless the proxy is appointed by more than one member in which case the proxy has one vote for and one vote against if the proxy has been instructed by one or more members to vote for the resolution and by one or more members to vote against the resolution) and on a poll every member present in person or by proxy and entitled to vote has one vote for every ordinary share held. Voting rights for any ordinary shares held in treasury are suspended. None of the ordinary shares carry any special rights with regard to control of the Company. Electronic and paper proxy appointments and voting instructions must be received bythe Company’s registrars not later than: (i) 48 hours before a meeting or adjourned meeting (excluding non-working days); or (ii) 24 hours before a poll is taken, if the poll is not taken on the same day as the meeting or adjourned meeting. Unless the directors decide otherwise, a shareholder cannot attend or vote at any general meeting of the Company or at any separate general meeting of the holders of any class of shares in the Company or upon a poll or exercise any other right conferred by membership in relation to general meetings or polls if he or she has not paid all amounts relating to those shares which are due at the time of the meeting. Where a shareholder with at least a 0.25% interest in a class of shares has been served with a disclosure notice in relation to a particular holding of shares and has failed to provide the Company with information concerning those shares, those shares will no longer give that shareholder any right tovote at a shareholders’ meeting. Restrictions on transfer of shares There are the following restrictions on thetransfer of shares in the Company: • certain restrictions which may from time to time be imposed by laws and regulations (for example, insider trading laws); • pursuant to the Company’s share dealing code, the directors and senior executives of the Company require approval to deal in the Company’s shares; • where a person with at least a 0.25% interest in a class of shares has been served with a disclosure notice and has failed to provide the Company with information concerning interests in those shares; • the subscriber ordinary shares may not be transferred without the prior written consent of the directors; • the directors can, without giving any reason, refuse to register the transfer ofany shares which are not fully paid; • transfers cannot be in favour of more than four joint holders; and • the directors can refuse to register the transfer of an uncertificated share in the circumstances set out in the uncertificated securities rules (as defined in the Company’s articles of association). The Company is not aware of any agreements between shareholders that may result in restrictions on the transfer of shares or onvoting rights. Purchase of own shares The Company is authorised to purchase itsown shares in the market. Approval to renew this authority will be sought from shareholders at the 2026 AGM. The Company purchased [•] million of its own shares during the year and cancelled them. At [•] [February] 2026, [•] million shares were held as treasury shares (27 February 2025: 12.5 million). Employee share schemes Whitbread does not have any employee share schemes with shares which have rights with regard to the control of the Company that are not exercisable directly by the employees. Major interests As at the end of the financial year, the Company had received formal notification, under the Disclosure and Transparency Rules, of the following material holdings in its shares (the percentages shown are the percentages at the time of the disclosure and have not been re-calculated based on the issued share capital at the year-end): Number of shares % of issued share capital [1] Blackrock Inc 11,976,143 6.89% Corvex Management LP 9,355,020 5.53% Artemis Investment Management LLP 8,760,514 5.01% Aberdeen Asset Management 9,155,869 4.99% Vulcan Value Partners LLC 6,698,606 4.98% 1 The percentage of issued share capital is taken from the date of the relevant notification and changes to the voting rights since that date can cause higher numbers of shares to have lower percentages and vice versa. #### DIRECTORS’ REPORT CONTINUED GOVERNANCE ![]() #### Whitbread PLC Annual Report and Accounts 2025/26 139 [We improved our understanding of landlord sites that used REGO-backed electricity over the year; this was been taken into account when reporting our Scope 2 emissions. We also improved our tracking ofthe F-gas data for the Scope 1 reporting.] Scope 3 [Our 2024/25 Scope 3 emissions stand at 407,242 tCO 2 e. This is a reduction in emissions of 9% compared to FY23/24, and a reduction of 17% since the 2018/19 baseline.] [Following SBTi Forest Land and Agriculture (FLAG) guidance, we have updated and re-baselined the 2018/19 result to calculate FLAG and non-FLAG emissions. This methodology was followed for 2024/25. Our total FLAG emissions were 92,932 tCO 2 e and a reduction of 33% from 2018/19. Total non-FLAG emissions were 314,310 tCO 2 e, a reduction of 11% from the 2018/19 baseline.] [The key sources of Scope 3 emissions are:] • [Category 1a: Purchased goods and services (product) contributing 32% of total Scope 3 – this includes embodied emissions of food and packaging procured by Whitbread.] • [Category 1b: Purchased goods and services (non-product) contributing 23% – this includes embodied emissions of corporate services, non-capital property services and IT.] • [Category 2: Capital goods contributing 27% – this includes capitalised construction, repair and maintenance services.] [Together, the three categories account for82% of our reported emissions (83% in2018/19).] [Category 1a emissions have decreased compared to 2023/24 by 35%. This is largely due to a 20% decrease in volumes procured. Category 1b emissions have increased 25% compared to the previous year. Changes in emission factors also affected results in both categories.] #### Mandatory greenhouse #### gasreporting In order to comply with the requirements ofthe Companies (Directors’ Report) and Limited Liability Partnerships (Energy andCarbon Report) Regulations 2018, wehave amended our environmental reporting accordingly. Scopes 1 and 2 [We considered the six main greenhouse gases (GHGs) and report in CO 2 e for our Scope 1 (direct) and Scope 2 (indirect) CO 2 emissions. We used the GHG Protocol Corporate Accounting and Reporting Standard methodology to calculate our emissions, as well as DEFRA and International Energy Standards GHG Conversion Factors for Company Reporting.] [Scope 1 includes emissions from the fuels we use in our hotels, restaurants and offices such as natural gas and liquid petroleum gas (LPG). It also accounts for CO 2 e from business-owned vehicles, which includes company cars and food logistics vehicles as we own the lease arrangements. CO 2 e from company cars are calculated using the manufacturer’s stated performance multiplied by an uplift stated in the DEFRA standards methodology paper.] [Scope 2 relates to the indirect emissions associated with the generation of the electricity consumed in our sites including district heating.] [When defining the scope of our data, wedo not report on operations under jointventure agreements, or that are fullyfranchised, where we do not have operational control such as Premier Inn UAE. For reasons of materiality, small, one-person offices in the Far East have been excluded. All other sites throughout the world are included.] [Where possible we reported billed or AMR (Automated Meter Reading) data. For those operations that are currently beyond our reporting capabilities, we have used an estimation model based on historic budgeted or billed usage.] [In 2024/25, we decarbonised a further 759hotel rooms installing air-source heat pumps and other electric equipment to reduce our reliance on gas for water and space heating. We continued our track record of energy efficiency across the estate by undertaking projects such as refrigeration optimisation, installing improved controls for HVAC (heating, ventilation, andair conditioning) and utilising voltage optimisation technology. We continued electrification of our kitchens and installed solar PV at new sites where possible.] GOVERNANCE ![]() 140 #### Whitbread PLC Annual Report and Accounts 2025/26 #### Mandatory greenhouse gasreporting continued Scopes 1 and 2 continued Source of emissions Scope Total % change 24/25 to 25/26 2025/26 2024/25 2023/24 Total Rest of the world UK Total Rest of the world UK Total Rest of the world UK Gas (TCO 2 e) Scope 1 -7.7% 40,631 1,786 38,845 44,004 1,486 42,518 46,921 1,360 45,561 LPG (TCO 2 e) Scope 1 -16.9% 1,757 0 1,757 2,114 0 2,114 2,306 0 2,306 F-gas (TCO 2 e) Scope 1 5.3% 5,982 428 5,554 5,680 54 5,626 7,104 258 6,845 Business travel (TCO 2 e) Scope 1 -93.3% 1 441 140 301 6,616 137 6,479 7,504 128 7,376 Total Scope 1 emissions (TCO 2 e) Scope 1 -16.4% 48,810 2,355 46,455 58,414 1,677 56,737 63,835 1,747 62,088 Electricity, district heating and EV charging (Total Scope 2 location based) (TCO 2 e) Scope 2 -8.5% 74,491 17,269 57,222 81,422 13,584 67,838 89,130 12,952 76,179 Electricity, district heating and EV charging (Total Scope 2 market based) (TCO 2 e) Scope 2 25.2% 7,435 5,902 1,533 5,938 4,180 1,758 7,537 4,924 2,612 Gross emissions (location based) — -11.8% 123,301 19,623 103,678 139,836 15,261 124,575 152,965 14,698 138,267 Gross emissions (market based) — -12.6% 56,245 8,257 47,988 64,352 5,857 58,495 71,372 6,671 64,700 Floor area (m 2 ) — 0.4% 3,152,682 441,121 2,711,561 3,138,672 2 433,019 2 2,705,653 2 3,110,054 426,530 2,683,524 Tonnes carbon per m 2 floor area (location based) — -12.4% 0.0391 — — 0.0446 2 — — 0.0492 — — Tonnes carbon per m 2 floor area (market based) — -4.3% 0.0178 — — 0.0186 2 — — 0.0229 — — Gas (kWh) — -7.7% 222,079,486 9,768,763 212,310,723 240,593,338 8,125,335 232,468,003 256,499,715 7,434,531 249,065,184 LPG (kWh) — -16.9% 7,627,050 0 7,627,050 9,176,774 0 9,176,774 10,013,931 0 10,013,931 Business travel (kWh) — -26.1% 3,741,105 884,628 2,856,477 5,065,164 863,992 4,201,172 28,654,168 846,610 27,807,558 Electricity, district heating and EV charging (kWh) — -1.2% 376,948,465 53,184,902 323,763,563 381,429,268 52,928,003 328,501,265 415,317,497 47,243,369 368,074,128 Self-generated electricity via solar PV (kWh) — 22.2% 4,701,214 0 4,701,214 3,848,140 0 3,848,140 3,943,107 0 3,943,107 Total (kWh) — -3.9% 615,097,320 63,838,293 551,259,027 640,112,684 61,917,330 578,195,354 714,428,418 55,524,510 658,903,908 1 Large reduction due to transition to wholesaler distribution model. 2 Restated number for 2024/25 due to a change in the methodology for m 2 calculations. #### DIRECTORS’ REPORT CONTINUED GOVERNANCE ![]() #### Whitbread PLC Annual Report and Accounts 2025/26 141 #### Additional information Stakeholder engagement Information on how the directors engage with our different stakeholders, including shareholders, employees and customers, and on how directors have regard to stakeholders’ interests and the need to foster stakeholder relationships when making decisions, can be found in the stakeholder engagement section on pages[•] to [•]. Employment policies We have a range of employment policies covering such issues as diversity, employee wellbeing and equal opportunities. Read more on our website [www.whitbread.co.uk] Environmental policies Our businesses depend upon the environment to operate hotels and restaurants through the energy we use and the services and products we provide to our customers. Our main environmental impacts are from the use of natural resources, water consumption and generation of residual waste and GHG emissions associated with energy and fuel use. Our strategy in this area is executed via our Force for Good sustainability programme, which includes energy, water and waste reduction activities. We are committed to minimising our impact on the environment, preventing pollution and promoting good environmental practices. Further details can be found on pages [•] to [•] Employee involvement The importance of good relations with ourteams is fundamental to our culture andthe success of our business. Across the UK and Germany, and across our hotel and restaurant sites and Support Centres, we regularly ask all our employees for their views, through regular pulse surveys. Every employee has an opportunity to participate in these surveys, and action plans are created by site/business area. Our Employee Forum, which we call OurVoice, is made up of formally elected representatives from across our hotels, restaurants and Support Centres. Our Voice is designed to connect our senior leaders with our front-line teams for two-way conversations about the business, ensuring employee views are properly represented. More detail can be found on page [•]. Our employees are actively encouraged to take part in our Sharesave scheme, which isavailable to all employees and offers an option price discounted by 20%. Regular internal communications are madeto all employees to ensure that theyare kept well informed about the performance of Whitbread, and of financial and economic factors that may affect the Company’s performance. Amendment of the Company’s articlesof association Any amendments to the articles of association of the Company may be madein accordance with the provisions oftheCompanies Act 2006 by way of special resolution. Additional disclosures The table below sets out the location of information required to be disclosed in the directors’ report (in accordance with Listing Rule 9.8.4R, and otherwise), which can be found in other sections of this Annual Report and Accounts and is incorporated by reference: Item Section An indication of likely future developments inthe business Strategic report, pages [•] to [•] Financial risk management objectives andpolicies Financial statements, Note [24], pages [•] to[•] Research and development N /A Existence of branches N/A Post-balance sheet events Financial statements, Note [34], page [•] Stakeholder and employee engagement Stakeholder engagement, pages [•] to [•] Conflicts of interest Corporate governance report, pages [•] to [•] Statement of capitalised interest Financial statements, Note [8] page [•] Long-term incentive schemes Remuneration report, pages [•] to [•] Details on Whitbread’s compliance with Disclosure Guidance and Transparency Rules 7.2 can be found on [this page]. GOVERNANCE ![]() 142 #### Whitbread PLC Annual Report and Accounts 2025/26 #### Additional information #### continued Contractual arrangements We have contractual arrangements with numerous third parties in support of our business activities, none of which are considered individually to be essential to our business and, accordingly, it has not been considered necessary for an understanding of the development, performance or position of our business to disclose information about any of those third parties. Post-balance sheet events Information on post-balance sheet events isprovided in Note [34] to the accounts. Political donations We have not made any political donations during the year and intend to continue thispolicy of not doing so for the foreseeable future. Auditor Deloitte has expressed its willingness to continue in office as auditor of the Company and a resolution proposing its reappointment will be put to shareholders at the 2026 AGM. After proper consideration, the Audit Committee is satisfied that Deloitte continues to be objective and independent of the Company. In coming to this conclusion, the Audit Committee gave full consideration to any non-audit work carried out by Deloitte and has concluded that certain services will not be carried out by Deloitte, as outlined in the Committee’s terms of reference. Disclosure of information to auditor The directors have taken all reasonable steps to make themselves aware of relevant audit information and to ensure that the auditor is aware of that information. The directors are not aware of any relevant audit information which has not been disclosed to the auditor. Going concern Our business activities, together with the factors likely to affect our future development, performance and position, are set out in thestrategic report on pages [•] to [•]. Thefinancial position of the Company, ourcash flows, net debt and borrowing facilities and the maturity of those facilities are set out in the Chief Financial Officer’s review on pages [•] to[•]. In addition, there are further details in thefinancial statements on our financial riskmanagement, objectives and policies (Note [24]) and on financial instruments (Note [25]). The directors have outlined the assessment approach for going concern in the accounting policy disclosure in Note [2] ofthe consolidated financial statements. Following that review, the directors have concluded that the going concern basis remains appropriate. The viability statement can be found on page [•] Annual general meeting The AGM will be held at 2.30pm on 18June2026 at Whitbread Court, Houghton Hall Business Park, Porz Avenue, Dunstable LU5 5XE. The Notice of Meeting is enclosed with this report for shareholders receiving hard copy documents and is available at www.whitbread.co.uk for those who have elected to receive documents electronically. Approved by the Board on [•] [April] 2026 and signed. [Clare Thomas] [General Counsel and Company Secretary] Registered office: Whitbread Court Houghton Hall Business Park Porz Avenue Dunstable Bedfordshire LU5 5XE Registered company number: 4120344 #### DIRECTORS’ REPORT CONTINUED Image: Premier Inn Margate GOVERNANCE ![]() #### Whitbread PLC Annual Report and Accounts 2025/26 143 Company law requires the directors to prepare financial statements for each financial year. Under that law the directors are required to prepare the Group financial statements in accordance with International Accounting Standards in conformity with the requirements of the Companies Act2006. The directors have chosen to prepare the parent company financial statements in accordance with Financial Reporting Standard 101 Reduced Disclosure Framework. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state ofaffairs of the Company and of the profit or loss of the Company for thatperiod. In preparing the parent company financial statements, the directors are required to: • select suitable accounting policies and then apply them consistently; • make judgements and accounting estimates that are reasonable andprudent; • state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and • prepare the financial statements on thegoing concern basis unless it is inappropriate to presume that the Company will continue in business. In preparing the Group financial statements, International Accounting Standard 1 requires that directors: • properly select and apply accounting policies; • present information, including accountingpolicies, in a manner that provides relevant, reliable, comparable and understandable information; • provide additional disclosures when compliance with the specific requirements in IFRS Standards is insufficient to enable users to understand the impact of particular transactions, other events and conditions on the entity’s financial position and financial performance; and • make an assessment of the Group’s abilityto continue as a going concern. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company’s transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets ofthe Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The directors are responsible for the maintenance and integrity of the corporate and financial information included on the Company’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. #### Responsibility statement We confirm that to the best of our knowledge: • the financial statements, prepared in accordance with the relevant financial reporting framework, give a true and fair view of the assets, liabilities, financial position and profit or loss of the Company and the undertakings included in the consolidation taken as a whole; • the strategic report includes a fair review of the development and performance of the business and the position of the Company and the undertakings included in the consolidation taken as a whole, together with a description of the principal risks and uncertainties that they face; and • the Annual Report and Accounts, takenasa whole, is fair, balanced andunderstandable and provides the information necessary for shareholders toassess the Company’s position and performance, business model andstrategy. This responsibility statement was approved by the Board of directors on [•] [April] 2026 and is signed on its behalf by: By order of the Board [Dominic Paul] [Chief Executive] [Hemant Patel] [Chief Financial Officer] #### DIRECTORS’ RESPONSIBILITY STATEMENT #### The directors are responsible for preparing the Annual Report #### and Accounts in accordance with applicable law and regulations. GOVERNANCE ![]() 144 #### Whitbread PLC Annual Report and Accounts 2025/26 Our assurance conclusion does not extend to information in respect of earlier periods, or to anyother information included in, or linked from,the Report. #### Our limited assurance #### conclusion Based on the work we have performed, asoutlined in the ‘Summary of work performed’ section of our report, and the evidence we have obtained, nothing has come to our attention that causes us to believe that the Subject Matter Information, as defined below, has not been prepared, inall material respects, in accordance with the Applicable Criteria, as defined below. This conclusion is to be read in the context of what we say in the remainder of our report, in particular the ‘inherent limitations’ and ‘use and distribution of our report’ explained below. #### Subject Matter Information The Subject Matter Information comprises the Force for Good metrics for the financial year ending 27 February 2025 in the Annual Report and the ESG report (the ‘Report’). The Force for Good metrics in scope of ourassurance are detailed in Appendix A. The scope of our work was limited to the provision of limited assurance over the Subject Matter Information. #### Applicable Criteria The criteria used to measure or evaluate theunderlying subject matter (‘Underlying Subject Matter’) are in the 2025 Basis of Preparation. The Subject Matter Information needs to be read and understood together with the Applicable Criteria, which the Entity is solely responsible for selecting andapplying. #### Inherent limitations The absence of a significant body of established practice on which to draw toevaluate and measure non-financial information allows for different, but acceptable evaluation and measurement techniques and can affect comparability between entities and over time. The precision of different measurement techniques may also vary. Non-financial information is subject to moreinherent limitation than financial information, given the characteristics of the Underlying Subject Matter and the methods used for determining such information. GHG quantification is subject to inherent uncertainty because of incomplete scientific knowledge used to determine emissions factors and the values needed to combine emissions of different gases. #### Directors’ responsibilities The Directors of Whitbread are responsiblefor: • Designing, implementing and maintaining internal controls to enable the preparation and presentation of Subject Matter Information that is free from material misstatement, whether due to fraud or error; • Selecting and/or establishing suitable Applicable Criteria for preparing the Subject Matter Information; • Preparing, measuring and presenting the Subject Matter Information in accordance with the Applicable Criteria; • Referring to or describing in the Subject Matter Information the Applicable Criteria used and, when it is not readily apparent from the engagement circumstances, the person(s) responsible for developing the Applicable Criteria; and • The content and preparation of the Subject Matter Information, including adjustments to the comparative year greenhouse gas emissions footprint, and the associated intensity metric and reduction percentage, as compared to the FY16/17 base year. #### Our responsibilities Our responsibility is to independently express a limited assurance conclusion onthe Subject Matter Information based onthe procedures we have performed andthe evidence we have obtained. We are also responsible for: • Planning and performing the engagement to obtain limited assurance about whether anything has come to our attention that causes us to believe that the Subject Matter Information is not prepared, in all material respects, in accordance with the Applicable Criteria; • Assessing the suitability of the Applicable Criteria and whether they exhibit the characteristics of relevance, completeness, reliability, neutrality and understandability; • Forming an independent conclusion, based on the work we have performed and the evidence we have obtained; and • Reporting our conclusion to the Directors of Whitbread. #### Professional standards applied #### andlevel of assurance We performed a limited assurance engagement in accordance with International Standard on Assurance Engagements (ISAE) 3000 (Revised) ‘Assurance Engagements Other Than Audits or Reviews of Historical Financial Information’ issued by the International Auditing and Assurance Standards Board (IAASB) and, in respect of the Greenhouse Gas Statement, in accordance with International Standard on Assurance Engagements (ISAE) 3410 ‘Assurance Engagements on Greenhouse Gas Statements’, issued by the IAASB (ISAE 3410). These standards require that we plan and perform our engagement to obtain limited assurance about whether anything has come to our attention that causes us to believe the Subject Matter Information has not been prepared, in all material respects, in accordance with the Applicable Criteria. #### INDEPENDENT LIMITED ASSURANCE REPORT to the Directors of Whitbread PLC All text to be supplied #### The Directors of Whitbread PLC (the ‘Entity’) engaged us to provide #### limited assurance on the Subject Matter Information defined below. GOVERNANCE ![]() #### Whitbread PLC Annual Report and Accounts 2025/26 145 All text to be supplied #### Professional standards applied #### andlevel of assurance #### continued A limited assurance engagement undertaken in accordance with ISAE 3410 involves assessing the suitability in the circumstances of the Entity’s use of the Applicable Criteria as the basis for the preparation of the Greenhouse Gas Statement, assessing therisks of material misstatement of the Greenhouse Gas Statement whether due tofraud or error, responding to the assessed risks as necessary in the circumstances, andevaluating the overall presentation ofthe Greenhouse Gas Statement. A ‘limited assurance’ engagement is substantially less in scope than a reasonable assurance engagement in relation to both the risk assessment procedures, including an understanding of internal control, and the procedures performed in response to the assessed risks. The procedures performed in a limited assurance engagement vary innature and timing from, and are less inextent than for, a reasonable assurance engagement. As a result, the level of assurance obtained in a limited assurance engagement is substantially lower than the assurance that would have been obtained had a reasonable assurance engagement been performed. Accordingly, we do not express a reasonable assurance opinion about whether the Subject Matter Information has been prepared, in all material respects, in accordance with the Applicable Criteria. #### Our independence #### andqualitycontrol We have complied with the independence and other ethical requirements of the ethical pronouncements in the Institute ofChartered Accountants in England and Wales (ICAEW) Code of Ethics which are founded on the fundamental principles of integrity, objectivity, professional competence and due care, confidentiality and professional behaviour that are at least as demanding asthe applicable provisions of the IESBA International Code of Ethics for ProfessionalAccountants. RSM UK Risk Assurance Services LLP appliesthe International Standard on Quality Management (UK) 1 ‘Quality Management for Firms that Perform Audits or Reviews of Financial Statements, or other Assurance or Related Services Engagements’ (ISQM (UK) 1), which requires RSM UK Risk Assurance Services LLP to design, implement and operate a system of quality management including policies or procedures regarding compliance with ethical requirements, professional standards and applicable legaland regulatory requirements. #### Summary of work performed The work we perform depends on our professional judgement and included enquiries, observation of processes performed, inspection of documents, analytical procedures, recalculation, reperformance and confirmations. We are required to obtain an understanding of the Underlying Subject Matter, the Entity, its environment and the internal controls relevant to the Underlying Subject Matter, sufficient to identify the risk of material misstatement of the Subject Matter Information and to design and perform procedures to address the assessed risks ofmaterial misstatement in order to obtain sufficient appropriate evidence to support our limited assurance conclusion. In doing so, we: • Made enquiries of Whitbread’s management about the control environment, information systems and results of Whitbread’s risk assessment process; • Considered the suitability for the engagement circumstances of Whitbread’s use of the Applicable Criteria as the basis for preparing theSubject Matter Information; • Assessed the appropriateness of the Subject Matter which is measured or evaluated against the Applicable Criteria; • Performed limited substantive testing on a selective basis of the Underlying Subject Matter to check that the information had been appropriately measured, recorded, collated and reported, including: • Agreed or reconciled the Subject Matter to underlying records; • Reviewed the data collection and consolidation processes used to compile the Subject Matter, including the data scope and reporting boundaries; • Agreed a selection of the Subject Matter to corresponding source documents, including third-party data; • Reperformed calculation of the SubjectMatter; • Vouched emission factors used to independent external sources; • Performed analytical procedures by comparing year-on-year movements and making enquiries of management to obtain explanations for significant differences from our developed expectations; and • Evaluated whether the Subject Matter Information adequately refers to the Applicable Criteria; and • Considered the disclosure and presentation oftheSubject Matter Information. #### Other information The other information comprises the information included in the Report, other than the Subject Matter Information and ourlimited assurance report thereon. TheDirectors are responsible for the otherinformation contained within the Report. Ourlimited assurance conclusion does not cover the other information and we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information to identify material inconsistencies, if any, with the Subject Matter Information or our limited assurance report. If, on reading the other information, we identify such material inconsistencies or become aware of a material misstatement of fact in that other information that is unrelated to matters appearing in the Subject Matter Information or ourlimited assurance report, we discuss the matterwith the Directors and take further action asappropriate. GOVERNANCE ![]() 146 #### Whitbread PLC Annual Report and Accounts 2025/26 #### Use and distributionofourreport This report, including our conclusion, has been prepared solely for the confidential use of the Directors of Whitbread in accordance with our engagement letter dated 7 August 2024 and for no other purpose. To the fullest extent permitted bylaw, we do not accept or assume responsibility to anyone other than the Directors of Whitbread as a body and Whitbread for our work, for this limited assurance report or for the conclusions wehave formed. This report is released to the Directors on the basis that it shall not be copied, referred to, disclosed (in whole or in part) used, distributed or made available (in whole or in part) to any other party (save as otherwise permitted by agreed written terms), without our express prior written consent. Without assuming or accepting any responsibility or liability in respect of this report to any party other than the Directors of Whitbread as a body and Whitbread PLC, we acknowledge that the Directors may choose to make this report publicly available. Any other party that chooses to rely on this report (or any part of it) will do so at their own risk and RSM UK Risk Assurance Services LLP neither owes nor accepts any responsibility or duty to those parties, and shall not be liable for any loss, damage or expense of whatever nature caused by their reliance on this report for any purpose or in any context. Signed RSM UK Risk Assurance Services LLP 25 Farringdon Street, London EC4A 4AB [•] [April] 2026 #### Appendix A: Subject Matter Information The Subject Matter Information subject to limited assurance procedures is set out below. The Subject Matter Information is the reported results for selected Force for Good performance measures for the 2024/25 reporting period. Whitbread’s Basis of Preparation 2024/25 lists out the Force for Good performance measures and reported results, as well as the Reporting Criteria used to prepare and report on the Subject Matter Information. Pillar Force for Good performance measures provided for testing 2024/25 reported performance measure per FFGreport (Subject Matter Information) Opportunity In our leadership population\*: 39.5% of female representation 9.3% of ethnic minority representation \* Leadership population is defined by all roles at grades C20+ thatare UK based. In our leadership population\*: 39.5% of female representation 9.3% of ethnic minority representation \* Leadership population is defined by all roles atgrades C20+ thatare UK based. In our workforce population: % of female representation: Female 63.9% Male 36.1% % of ethnic minority representation: Asian/Asian British 9.6% Black/African 4.5% Other ethnicity 4.9% White 70.3% In our workforce population: % of female representation: Female 63.9% Male 36.1% % of ethnic minority representation: Asian/Asian British 9.6% Black/African 4.5% Other ethnicity 4.9% White 70.3% % of positive responses to the question from our internal survey – ‘Would you recommend Whitbread as a place towork?’ UK Operations and Support Centre: 72% % of positive responses to the question from our internal survey – ‘Would you recommend Whitbread as a place towork?’ UK Operations and Support Centre: 72% Community 21.2% salt reduction based on 2017 baseline 21.2% salt reduction based on 2017 baseline 24.7% sugar reduction based on 2021 baseline 24.7% sugar reduction based on 2021 baseline 3.1% calorie reduction based on 2017 baseline 3.1% calorie reduction based on 2017 baseline All text to be supplied #### INDEPENDENT LIMITED ASSURANCE REPORT CONTINUED to the Directors of Whitbread PLC GOVERNANCE ![]() #### Whitbread PLC Annual Report and Accounts 2025/26 147 Pillar Force for Good performance measures provided for testing 2024/25 reported performance measure per FFGreport (Subject Matter Information) Responsibility 100% of whole shell eggs sourced from cage-free hens 100% of whole shell eggs sourced from cage-free hens 85.4% of eggs used as ingredients sourced from cage-free hens\* \* Relates to Whitbread own recipes only. 85.4% of eggs used as ingredients sourced from cage-free hens\* \* Relates to Whitbread own recipes only. 100% of our raw beef range in the UK is produced to a recognised farm assurance scheme in its country of origin 100% of our raw beef range in the UK is produced to a recognised farm assurance scheme in its country of origin 31.3% food waste reduction based on 2018/19 baseline yeardata\*\* \*\* Excludes waste which occurred due to a cooling system failure inone of partner’s warehouses in December 2024. 31.3% food waste reduction based on 2018/19 baseline yeardata\*\* \*\* Excludes waste which occurred due to a cooling system failure inone of partner’s warehouses in December 2024. Scope 1 and 2 greenhouse gas (GHG) footprint –64,407 tonnes Scope 1 and 2 greenhouse gas (GHG) footprint –64,407 tonnes Scope 1 and 2 GHG reductions based on intensity metrics based on 2016/17 baseline year data – 59.7% Scope 1 and 2 GHG reductions based on intensity metrics based on 2016/17 baseline year data – 59.7% 14.2% reduction in water use per sleeper since 2019/20 14.2% reduction in water use per sleeper since 2019/20 The Basis of Preparation for the above Subject Matter Information is held on the Whitbread PLC website within the Sustainability Reports and Policies sub-section of the Environmental and Social section. All text to be supplied #### Appendix A: Subject Matter Information continued GOVERNANCE ![]() #### Whitbread PLC Annual Report and Accounts 2025/26 148 #### INDEPENDENT AUDITOR’S REPORT To the members of Whitbread PLC #### Report on the audit of the financial statements 1. Opinion In our opinion: • the financial statements of Whitbread PLC (the ‘parent company’) and its subsidiaries (the ‘Group’) give a true and fair view of the state of the Group’s and of the parent company’s affairs as at 27 February 2025 and of the Group’s profit for the year then ended; • the Group financial statements have been properly prepared in accordance with United Kingdom adopted international accounting standards. • the parent company financial statements have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including Financial Reporting Standard 101 “Reduced Disclosure Framework”; and • the financial statements have been prepared in accordance with the requirements of the Companies Act 2006. We have audited the financial statements which comprise: • the consolidated income statement; • the consolidated statement of comprehensive income; • the consolidated and parent company statements of changes in equity; • the consolidated and parent company balance sheets; • the consolidated cash flow statement; • the Notes to the consolidated financial statements 1 to 35; and • the Notes to the parent company financial statements 1 to 9. The financial reporting framework that has been applied in the preparation of the Group financial statements is applicable law and United Kingdom adopted international accounting. The financial reporting framework that has been applied in the preparation of the parent company financial statements is applicable law and United Kingdom Accounting Standards, including FRS 101 “Reduced Disclosure Framework” (United Kingdom Generally Accepted Accounting Practice). 2. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the Group and the parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the Financial Reporting Council’s (the ‘FRC’s’) Ethical Standard as applied to listed public interest entities, and we have fulfilled our other ethical responsibilities in accordance with these requirements. The non-audit services provided to the Group and parent company for the year are disclosed in Note [5] to the financial statements. We confirm that we have not provided any non-audit services prohibited by the FRC’s Ethical Standard to the Group or the parent company. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. 3. Summary of our audit approach Key audit matters The key audit matter that we identified in the current year was: Impairment and impairment reversals of property, plant and equipment and right-of-use assets Within this report, key audit matters are identified as follows: Newly identified Increased level of risk Similar level of risk Decreased level of risk Materiality The materiality that we used for the Group financial statements was £25.0 million (2024: £28.0 million) which represents 4.8% of profit before tax including gains or losses on property disposals, but excluding other adjusting items as defined in Note [6]. Our materiality represents 6.8% of statutory profit before tax. Scoping We identified account balances in scope primarily for Premier Inn trading entities in the UK & Ireland, and Group head office, with specified audit procedures performed on one or more classes of transactions, account balances or disclosures for the Germany business. These locations account for 91.1% of the Group’s revenues and 99.6% of total assets. Significant changes in our approach There were no significant changes in our overall approach in the current year. We continued to identify a key audit matter in relation to impairment and impairment reversals of property, plant and equipment and right-of-use assets. FINANCIAL STATEMENTS All text to be supplied ![]() 149 #### Whitbread PLC Annual Report and Accounts 2025/26 #### Report on the audit of the financial statements continued 4. Conclusions relating to Going Concern In auditing the financial statements, we have concluded that the Directors’ use of the Going Concern basis of accounting in the preparation of the financial statements is appropriate. Our evaluation of the Directors’ assessment of the Group’s and parent company’s ability to continue to adopt the Going Concern basis of accounting included; • Obtained an understanding of the processes and controls underpinning Directors forecasting of financial performance and cash flow; • Obtained confirmation of the financing facilities including nature of facilities, repayment terms and covenants; • Obtained an understanding of how the Directors identify, monitor and manage principal risks facing the business; • Assessed the reasonableness of the assumptions used in the business plan, including performing a retrospective review of previous assumptions and considering the impact of the macroeconomic environment; • Considered the amount of headroom in the business plans with regards to liquidity and covenants; • Assessed the sensitivity of the headroom in the five-year plan; and • Assessed the appropriateness of the Group’s disclosure concerning the Going Concern basis of preparation. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group’s and parent company’s ability to continue as a Going Concern for a period of at least twelve months from when the financial statements are authorised for issue. In relation to the reporting on how the Group has applied the UK Corporate Governance Code, we have nothing material to add or draw attention to in relation to the Directors’ statement in the financial statements about whether the Directors considered it appropriate to adopt the Going Concern basis of accounting. Our responsibilities and the responsibilities of the Directors with respect to Going Concern are described in the relevant sections of this report. 5. Key audit matters Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the financial statements of the current period and include the most significant assessed risks of material misstatement (whether or not due to fraud) that we identified. These matters included those which had the greatest effect on: the overall audit strategy; the allocation of resources in the audit; and directing the efforts of the engagement team. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. 5.1. Impairment and impairment reversals of property, plant and equipment and right-of-use assets Key audit matter description As described in Note [14] (Impairment), Note [13] (Property, plant and equipment), and Note [22] (Lease arrangements), the Group held £4,677.4 million (2024: £4,627.9 million) of property, plant and equipment and £3,662.7 million (2024: £3,597.0 million) of right-of-use assets at 27 February 2025. Overall Under IAS 36 Impairment of Assets (“IAS 36”), the Group is required to complete an impairment review of its site portfolio where there are indicators of impairment. The net impairment charge for the year of £76.5 million is comprised of £22.5 million charge on sites in Germany and £54.0 million charge on UK sites, of which £43.5 million relates to sites impacted by the Accelerating Growth Plan (“AGP”), and has been recognised through the consolidated income statement, within Adjusting items (Note [6]). Estimation and judgement is required in determining the recoverable amount of the Group’s portfolio of sites. There is a risk that the carrying value of sites, including the property, plant and equipment and right-of-use assets, may be higher than the recoverable amount, which would indicate an impairment is required. There is also a risk that the recoverable value of previously impaired sites is higher than the carrying value, which would indicate an impairment reversal is required. Where an impairment review is performed, the recoverable amount is determined based on the higher of value-in-use or fair value less costs of disposal, which is determined through the use of either a discounted cash flow method using a market based discount rate or an industry valuation methodology. FINANCIAL STATEMENTS All text to be supplied ![]() #### Whitbread PLC Annual Report and Accounts 2025/26 150 Key audit matter description continued Sites impacted by the AGP In the current year, as part of the AGP, a number of food and beverage sites will be disposed of through agreed transactions or future sales, with further sites being converted into new hotel rooms as part of the extension programme. The impact of these strategy changes has led to an increase in the judgement and complexity in the impairment assessment relating to these impacted sites. The Group has recognised a total impairment charge of £51.0 million and impairment reversal of £7.5 million relating to sites impacted by the AGP. With regards to the sites covered by the extension programme, judgement and estimation is required to assess whether sites whose financial performance has been impacted by the AGP should be impaired, as well as in determining the point at which the Group is committed to the change in use and should therefore, reassess the remaining useful economic life of relevant property, plant and equipment in accordance with IAS 16 Property, plant and equipment (“IAS 16”). For sites which are planned for disposal as part of the AGP, the Group has determined that a portion of these sites meet the classification criteria as held for sale per IFRS 5 Non-current Assets Held for Sale and Discontinued Operations (“IFRS 5”). When sites are held for sale, they must be held at the lower of carrying amount and fair value less costs to sell, with any impairment or impairment reversal recognised. The fair value has been determined based on current prices in an active market for similar properties. #### Report on the audit of the financial statements continued 5. Key audit matters continued 5.1. Impairment and impairment reversals of property, plant and equipment and right-of-use assets continued Estimates and judgements Estimates and judgement is required in assessing the appropriate treatment under IAS 36, IFRS 5 and IFRS 13 Fair Value Measurement (“IFRS 13”), which are set out below: • Determining the cash-generating units (“CGUs”) that show indicators of impairment or impairment reversal. A CGU is determined to be each individual trading outlet; • Calculation of the appropriate discount and long-term growth rates; • Estimates of future trading earnings and cash flow projections, including the impact of the AGP; • Assessing whether sites to be disposed of as part of AGP meet the criteria of held for sale as per IFRS 5; • Estimating the fair value of property assets to be disposed of; • Assessing the future growth profile of sites which have not yet reached maturity; • Considering the appropriateness of the valuation methodology, as well as inputs to these; and • Estimating a reasonable possible change in assumptions for the purpose of sensitivity analysis. The Group’s accounting policy on impairment, the critical judgements and key sources of estimation uncertainty in relation to impairment testing are disclosed in the financial statements. In addition, Impairment testing – property, plant and equipment and right-of-use assets is also a significant matter considered by the Audit Committee, as discussed on page [•]. #### INDEPENDENT AUDITOR’S REPORT CONTINUED To the members of Whitbread PLC FINANCIAL STATEMENTS All text to be supplied ![]() 151 #### Whitbread PLC Annual Report and Accounts 2025/26 How the scope of our audit responded to the key audit matter We performed the following audit procedures in response to the identified key audit matter: • Obtained an understanding of the relevant controls relating to the impairment review process and determination of cash flow forecasts; • Challenged the valuation methodologies adopted to identify impairment indicators, including the consistency of these with the requirements of IAS 36, IFRS 5 and IFRS 13; • Tested the mechanical accuracy of the impairment models, with input from our analytics and modelling specialists; • Assessed the completeness of CGUs displaying impairment indicators or impairment reversal indicators by challenging a sample of CGUs for which no indicators had been identified; • Assessed the appropriateness of the discount rates applied in conjunction with our internal valuation specialists and compared the rates applied with our internal benchmarking data; • Performed testing on a sample of sites where impairment had been recognised, sites where impairment indicators had been identified, but no impairment recognised, and sites which indicated an impairment reversal was required; we challenged the individual circumstances of these sites and whether the rationale for conclusion was appropriate. In order to perform this assessment, we considered the trading history of each site, understood its current performance with reference to market data and challenged the appropriateness of site-wide forecasts being applied, where appropriate; • Assessed the sensitivity analysis performed by management; and • Assessed the completeness and accuracy of disclosures within the financial statements with reference to relevant IFRS requirements. In addition to the above, we have performed the following procedures in response to sites impacted by the AGP: • Performed inquiries with key management personnel to understand the latest status of the programme; • Assessed the appropriateness of the impairment assessment of extension sites through comparison to board approved plans; this was done with reference to historical forecasting accuracy and external market data such as industry forecasts; #### Report on the audit of the financial statements continued 5. Key audit matters continued 5.1. Impairment and impairment reversals of property, plant and equipment and right-of-use assets continued • Assessed the judgement reached as to when the Group is committed to the change in use and must reassess the remaining useful economic life of relevant property, plant and equipment in accordance with IAS 16; • Assessed whether the criteria of IFRS 5 are met for sites which are held for sale; and • Assessed the appropriateness of the fair value of property assets to be disposed of in conjunction with our internal real estate specialists and compared valuations to external comparable transactions or offers received. Key observations Based on the audit procedures performed, we are satisfied that the impairment and impairment reversals recognised in the year are appropriate. We consider the disclosures, including the sensitivities in Note 14, to be appropriate. 6. Our application of materiality 6.1. Materiality We define materiality as the magnitude of misstatement in the financial statements that makes it probable that the economic decisions of a reasonably knowledgeable person would be changed or influenced. We use materiality both in planning the scope of our audit work and in evaluating the results of our work. Based on our professional judgement, we determined materiality for the financial statements as a whole as follows: Group financial statements Parent company financial statements Materiality £25.0 million (2024: £28.0 million) £21.2 million (2024: £23.8 million) Basis for determining materiality We have determined materiality to be £25.0 million based on 4.8% (2024: 5.0%) of profit before tax, before adjusting items normalised for gains on property disposals, which represents 6.8% (2024: 6.2%) of statutory profit before tax. Materiality was determined on the basis of the parent company’s net assets. This was then capped at 85% of Group materiality. In the prior year, this was also capped at 85% of Group materiality. Rationale for the benchmark applied In determining the benchmark for the current year, we have considered the focus of the users of the financial statements on the Group’s trading performance and determined that profit before tax including gains or losses on property disposals, but excluding other adjusting items is the most appropriate benchmark, consistent with our approach in the prior year. The entity is non-trading and contains investments in all the Group’s trading components and as a result, in line with prior year, we have determined materiality using net assets as our benchmark for the current year. FINANCIAL STATEMENTS All text to be supplied ![]() #### Whitbread PLC Annual Report and Accounts 2025/26 152 #### Report on the audit of the financial statements continued 6. Our application of materiality continued 6.1. Materiality continued Adjusted PBT\*  Group Materiality Adjusted PBT\* £519m Group materiality £25.0m Component materiality range £7.0m to £16.6m Audit Committee reporting threshold £1.3m \* Profit before tax including gains or losses on property disposals, but excluding other adjusted items. 6.2. Performance materiality We set performance materiality at a level lower than materiality to reduce the probability that, in aggregate, uncorrected and undetected misstatements exceed the materiality for the financial statements as a whole. Group financial statements Parent company financial statements Performance materiality 70% (2024: 70%) of Group materiality 70% (2024: 70%) of parent company materiality Basis and rationale for determining performance materiality In determining performance materiality, we considered the following factors: • Our understanding of the entity and its environment, including our assessment of the Group’s overall control environment; • Our cumulative knowledge of the Group, including the nature, quantum and volume of corrected and uncorrected misstatements in prior periods; and • Our understanding of accounting issues that require significant judgement. 6.3. Error reporting threshold We agreed with the Audit Committee that we would report to the Committee all audit differences in excess of £1.3 million (2024: £1.4 million), as well as differences below that threshold that, in our view, warranted reporting on qualitative grounds. We also report to the Audit Committee on disclosure matters that we identified when assessing the overall presentation of the financial statements. 7. An overview of the scope of our audit 7.1. Identification and scoping of components Our Group audit was scoped by obtaining an understanding of the Group and its environment, including Group-wide controls and assessing the risks of material misstatement at the Group level. The Group has three (2024: three) reporting units and the financial statements reflect a consolidation of entities covering centralised functions, operating units, and non-trading legal entities. Components were selected to provide an appropriate basis for undertaking audit work to address the risks of material misstatement. Our scoping consisted of performing a risk-based approach considering both quantitative and qualitative factors to obtain sufficient appropriate audit evidence to address the risk of material misstatement over the Group financial statements. Based on our assessment, we have focused our audit on the UK & Ireland business, which was subject to an audit of its entire financial information, and performed audit procedures on one or more classes of transactions, account balances or disclosures for the German business. The Group audit team performed this work with the assistance of component auditors in Germany. The scope of our audit procedures covered 91.1% of the Group’s revenues and 99.6% of total assets within the Group. For the UK & Ireland business, component performance materiality was assessed at £16.6 million and for Germany this was assessed at £7.0 million. At the Group level, we also tested the consolidation process and have performed analytical review procedures on other wholly owned and joint venture businesses. Review at group level 9% Full audit scope 91% Review at group level <1% Full audit scope >99% Revenue Total assets #### INDEPENDENT AUDITOR’S REPORT CONTINUED To the members of Whitbread PLC FINANCIAL STATEMENTS All text to be supplied ![]() 153 #### Whitbread PLC Annual Report and Accounts 2025/26 #### Report on the audit of the financial statements continued 7. An overview of the scope of our audit continued 7.2. Our consideration of the control environment The Whitbread IT landscape contains a number of IT systems, applications and tools used to support business processes and for reporting. In line with our scoping of components (refer to section 7.1) our work in relation to IT controls focused on the UK component. We performed an independent risk assessment of the systems, applications and tools to determine those which are of greatest relevance to the Group’s financial reporting, including those that contain system configured automated controls that host financially relevant data and associated reports. In addition, we tested the relevant manual business controls alongside the automated controls. With involvement from our IT specialists, we performed testing of General IT Controls (“GITCs”) of these systems, typically covering controls over user access management, change management and interfaces with other systems relating to in scope IT systems (including Oracle Fusion) as well as controls over key reports generated from the IT systems and their supporting infrastructure (database and operating system). We also performed certain procedures over the hotel management system implemented last year. In order to evaluate IT controls, we performed walkthrough procedures of relevant controls in key business cycles, including revenue, property, plant and equipment, right-of-use assets, lease liabilities and expenditure (processed through Oracle Fusion) to understand whether the purpose of the control was effectively designed to address the IT related risk. We then performed testing of the relevant controls across the audit period, to determine whether the control had been consistently applied as designed. Our procedures enabled us to place reliance on IT controls, as planned, in the audit approach across a number of business cycles, where audit quality and effectiveness are enhanced by doing so. Based on the testing performed, we adopted a controls reliance approach over the processes supporting revenue, expenditure (processed through Oracle Fusion), right-of-use assets, lease liabilities, and additions to property, plant and equipment. The Board’s discussion of the internal controls and Risk Management framework is set out on page [•]. 7.3. Our consideration of climate-related risks As described on pages [•] to [•], the Group has assessed the risks and opportunities associated with various future climate-related scenarios. The Group’s full Task Force on Climate-Related financial disclosures report outlines the process they have taken to identify the principal climate-related issues which have affected and will potentially affect the business. We have considered the Group’s assessment of the impact of these risks and the opportunities on the financial statements and their conclusion that there is no material impact on the financial performance and position of the Group (as described in Note [2] to the financial statements). As part of our risk assessment procedures, we have performed the following: • Obtained an understanding of the Group’s process and controls in considering the impact of climate risks; • Performed enquiries of management and those charged with governance to understand the impact of climate-related risks; • Assessed whether the risks identified by the entity are complete and consistent with our understanding of the entity; • Performed a review of the climate change risk assessment and related documentation prepared by management including the basis for the quantification of risks and opportunities, and read the Task Force on Climate-related financial disclosures report on page [•] to consider whether they are materially consistent with the financial statements and our knowledge obtained in the audit; and • Evaluated whether appropriate disclosures have been made in relation to climate-related risks in the financial statements. 7.4. Working with other auditors The Group audit team is responsible for the scope and direction of the audit process and provides direct oversight, review and coordination of our component audit team. During the current year we engaged component auditors from the Deloitte member firm in Germany to perform specific procedures on the German entities. This approach allowed us to engage local auditors who have appropriate knowledge of local regulations to perform this audit work. We issued detailed instructions to the component auditor and directed, supervised, and reviewed their work. We interacted regularly with the component team during each stage of the audit and reviewed key working papers. We maintained continuous and open dialogue with our component teams in addition to holding formal meetings so that we were fully aware of their progress and results of their procedures. 8. Other information The other information comprises the information included in the annual report, Strategic Report on pages [•] to [•] and the governance reports on pages [•] to [•], other than the financial statements and our auditor’s report thereon. The Directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. FINANCIAL STATEMENTS All text to be supplied ![]() #### Whitbread PLC Annual Report and Accounts 2025/26 154 #### Report on the audit of the financial statements continued 8. Other information continued If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. 9. Responsibilities of Directors As explained more fully in the Directors’ responsibilities statement, the Directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Directors are responsible for assessing the Group’s and the parent company’s ability to continue as a Going Concern, disclosing as applicable, matters related to Going Concern and using the Going Concern basis of accounting unless the Directors either intend to liquidate the Group or the parent company or to cease operations, or have no realistic alternative but to do so. 10. Auditor’s responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. A further description of our responsibilities for the audit of the financial statements is located on the FRC’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report. 11. Extent to which the audit was considered capable of detecting irregularities, including fraud Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. 11.1. Identifying and assessing potential risks related to irregularities In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following: • The nature of the industry and sector, control environment and business performance including the design of the Group’s remuneration policies, key drivers for Directors’ remuneration, bonus levels and performance targets; • Results of our enquiries of management, internal audit, the Directors and the Audit Committee about their own identification and assessment of the risks of irregularities, including those that are specific to the Group’s sector; • Any matters we identified having obtained and reviewed the Group’s documentation of their policies and procedures relating to: • Identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance; • Detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; and • The internal controls established to mitigate risks of fraud or non-compliance with laws and regulations; • The matters discussed among the audit engagement team including the component audit team in Germany, and relevant internal specialists, including tax, valuations, pensions, IT, real estate, and industry specialists regarding how and where fraud might occur in the financial statements and any potential indicators of fraud. As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following area: impairment and impairment reversals of property, plant and equipment and right-of-use assets. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. We also obtained an understanding of the legal and regulatory framework that the Group operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act, Listing Rules, pensions legislation, UK corporate governance legislation, tax legislation, and health and safety legislation. In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the Group’s ability to operate or to avoid a material penalty. #### INDEPENDENT AUDITOR’S REPORT CONTINUED To the members of Whitbread PLC FINANCIAL STATEMENTS All text to be supplied ![]() 155 #### Whitbread PLC Annual Report and Accounts 2025/26 #### Report on the audit of the financial statements continued 11. Extent to which the audit was considered capable of detecting irregularities, including fraud continued 11.2. Audit response to risks identified As a result of performing the above, we identified impairment and impairment reversals of property, plant and equipment and right-of-use assets as a key audit matter related to the potential risk of fraud. The key audit matters section of our report explains the matter in more detail and also describes the specific procedures we performed in response to that key audit matter. In addition to the above, our procedures to respond to risks identified included the following: • Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements; • Enquiring of management, the Audit Committee and General Counsel concerning actual and potential litigation and claims; • Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; • Reading minutes of meetings of those charged with governance, reviewing internal audit reports and reviewing correspondence with relevant tax authorities; and • In addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business. We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members including internal specialists and significant component audit teams, and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. #### Report on other legal and regulatory requirements 12. Opinions on other matters prescribed by the Companies Act 2006 In our opinion the part of the Directors’ remuneration report to be audited has been properly prepared in accordance with the Companies Act 2006. In our opinion, based on the work undertaken in the course of the audit: • the information given in the Strategic Report and the Directors’ report for the financial year for which the financial statements are prepared is consistent with the financial statements; and • the Strategic Report and the Directors’ report have been prepared in accordance with applicable legal requirements. In the light of the knowledge and understanding of the Group and the parent company and their environment obtained in the course of the audit, we have not identified any material misstatements in the Strategic Report or the Directors’ report. 13. Corporate Governance Statement The Listing Rules require us to review the Directors’ statement in relation to Going Concern, longer-term viability and that part of the Corporate Governance Statement relating to the Group’s compliance with the provisions of the UK Corporate Governance Code specified for our review. Based on the work undertaken as part of our audit, we have concluded that each of the following elements of the Corporate Governance Statement is materially consistent with the financial statements and our knowledge obtained during the audit: • The Directors’ statement with regards to the appropriateness of adopting the Going Concern basis of accounting and any material uncertainties identified set out on page [•]; • The Directors’ explanation as to its assessment of the Group’s prospects, the period this assessment covers and why the period is appropriate set out on page [•]; • The Directors’ statement on fair, balanced and understandable set out on page [•]; • The board’s confirmation that it has carried out a robust assessment of the emerging and principal risks set out on page [•]; • The section of the annual report that describes the review of effectiveness of Risk Management and internal control systems set out on page [•]; and • The section describing the work of the Audit Committee set out on page [•]. 14. Matters on which we are required to report by exception 14.1. Adequacy of explanations received and accounting records Under the Companies Act 2006 we are required to report to you if, in our opinion: • We have not received all the information and explanations we require for our audit; or • Adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or • The parent company financial statements are not in agreement with the accounting records and returns. We have nothing to report in respect of these matters. 14.2. Directors’ remuneration Under the Companies Act 2006 we are also required to report if in our opinion certain disclosures of Directors’ remuneration have not been made or the part of the Directors’ remuneration report to be audited is not in agreement with the accounting records and returns. We have nothing to report in respect of these matters. FINANCIAL STATEMENTS All text to be supplied ![]() #### Whitbread PLC Annual Report and Accounts 2025/26 156 #### Report on other legal and regulatory requirements continued 15. Other matters which we are required to address 15.1. Auditor tenure Following the recommendation of the Audit Committee, we were appointed by members on 21 June 2015 to audit the financial statements for the year ending 3 March 2016 and subsequent financial periods. The period of total uninterrupted engagement including previous renewals and reappointments of the firm is 10 years covering the years ending 3 March 2016 to 27 February 2025. 15.2. Consistency of the audit report with the additional report to the Audit Committee Our audit opinion is consistent with the additional report to the Audit Committee we are required to provide in accordance with ISAs (UK). 16. Use of our report This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed. As required by the Financial Conduct Authority (FCA) Disclosure Guidance and Transparency Rule (DTR) 4.1.15R – DTR 4.1.18R, these financial statements form part of the Electronic Format Annual Financial Report filed on the National Storage Mechanism of the FCA in accordance with DTR 4.1.15R – DTR 4.1.18R. This auditor’s report provides no assurance over whether the Electronic Format Annual Financial Report has been prepared in compliance with DTR 4.1.15R – DTR 4.1.18R. [Kate J Houldsworth FCA] [(Senior statutory auditor)] [For and on behalf of Deloitte LLP] [Statutory Auditor] [London, UK] [•] [April] 2026 #### INDEPENDENT AUDITOR’S REPORT CONTINUED To the members of Whitbread PLC FINANCIAL STATEMENTS All text to be supplied ![]() 157 #### Whitbread PLC Annual Report and Accounts 2025/26 #### CONSOLIDATED INCOME STATEMENT Year ended 26 February 2026 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 52 weeks to 26 February 2026 | | | 52 weeks to 27 February 2025 | | | | | | Adjusting | | | Adjusting | | | | | | items | | | items | | | | | Adjusted | (Note 6) | Total | Adjusted | (Note 6) | Total | | | Notes | £m | £m | £m | £m | £m | £m | | Continuing operations | | | | | | | | | Revenue | 3 | 2,920.2 | — | 2,920.2 | 2,921.9 | — | 2,921.9 | | Other income | 4 | 6.6 | 2.6 | 9.2 | 6.5 | 0.9 | 7.4 | | Operating costs | 5 | (2,282.6) | (187.3) | (2,469.9) | (2,303.5) | (116.5) | (2,420.0) | | Operating profit before joint ventures | | 644.2 | (184.7) | 459.5 | 624.9 | (115.6) | 509.3 | | Share of profit from joint ventures | 16 | 4.7 | — | 4.7 | 4.7 | — | 4.7 | | Operating profit | 3 | 648.9 | (184.7) | 464.2 | 629.6 | (115.6) | 514.0 | | Finance costs | 8 | (200.3) | — | (200.3) | (188.5) | — | (188.5) | | Finance income | 8 | 34.5 | — | 34.5 | 42.3 | — | 42.3 | | Profit before tax | 3 | 483.1 | (184.7) | 298.4 | 483.4 | (115.6) | 367.8 | | Tax expense | 9 | (123.2) | 37.7 | (85.5) | (134.4) | 20.3 | (114.1) | | Profit for the year | | 359.9 | (147.0) | 212.9 | 349.0 | (95.3) | 253.7 | | Earnings per share | | | | | | | | | (Note 10) | | | 52 weeks to 26 February 2026 | | | 52 weeks to 27 February 2025 | | | | | pence | pence | pence | pence | pence | pence | | Basic | | 208.5 | (85.2) | 123.3 | 194.6 | (53.1) | 141.5 | | Diluted | | 207.0 | (84.6) | 122.4 | 193.4 | (52.8) | 140.6 | FINANCIAL STATEMENTS ![]() #### Whitbread PLC Annual Report and Accounts 2025/26 158 #### CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME Year ended 26 February 2026 Notes | | | | | | --- | --- | --- | --- | | | | 52 weeks to | 52 weeks to | | | | 26 February | 27 February | | | | 2026 | 2025 | | | | £m | £m | | Profit for the year | | 212.9 | 253.7 | | Items that will not be reclassified to the income statement: | | | | | Remeasurement loss on defined benefit pension scheme | 32 | (11.3) | (51.7) | | Current tax on defined benefit pension scheme | 9 | (1.7) | (1.8) | | Deferred tax on defined benefit pension scheme | 9 | 4.3 | 14.4 | | | | (8.7) | (39.1) | | Items that may be reclassified subsequently to the income statement: | | | | | Net gain/(loss) on cash flow hedges: | | | | | Net fair value movement | 25 | 0.7 | 5.7 | | Reclassified and reported in the consolidated income statement | 25 | 1.6 | 8.8 | | Deferred tax on cash flow hedges | 9 | (0.6) | (3.6) | | Net gain/(loss) on hedge of a net investment | 25 | (22.0) | 16.1 | | Current tax on hedge of a net investment | 9 | 3.3 | (2.1) | | (Credit)/costs in relation to hedging | 25 | (1.4) | 1.1 | | | | (18.4) | 26.0 | | Exchange differences on translation of foreign operations | | 29.2 | (20.9) | | Current tax on exchange differences on translation of foreign operations | 9 | (3.5) | 2.4 | | | | 25.7 | (18.5) | | Other comprehensive loss for the year, net of tax | | (1.4) | (31.6) | | Total comprehensive income for the year, net of tax | | 211.5 | 222.1 | FINANCIAL STATEMENTS ![]() 159 #### Whitbread PLC Annual Report and Accounts 2025/26 #### CONSOLIDATED STATEMENT OF CHANGES IN EQUITY Year ended 26 February 2026 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | Capital | | Currency | | | | | | | redemption | Retained | translation | | | | | Share capital | Share premium | reserve | earnings | reserve | Other reserves | Total | | | (Note 27) | (Note 28) | (Note 28) | (Note 28) | (Note 28) | (Note 28) | equity | | | £m | £m | £m | £m | £m | £m | £m | | At 29 February 2024 | 151.8 | 1,031.8 | 63.5 | 4,645.3 | 25.9 | (2,398.9) | 3,519.4 | | Profit for the year | — | — | — | 253.7 | — | — | 253.7 | | Other comprehensive (loss)/income | — | — | — | (39.1) | (3.9) | 11.4 | (31.6) | | Total comprehensive income/(loss) | — | — | — | 214.6 | (3.9) | 11.4 | 222.1 | | Ordinary shares issued (Note 27) | 0.1 | 7.0 | — | — | — | — | 7.1 | | Loss on ESOT shares issued | — | — | — | (8.1) | — | 8.1 | — | | Accrued share-based payments (Note 31) | — | — | — | 16.8 | — | — | 16.8 | | Tax on share-based payments | — | — | — | (0.8) | — | — | (0.8) | | Equity dividends paid | — | — | — | (178.1) | — | — | (178.1) | | Share buy-back, commitment and cancellation | (6.8) | — | 6.8 | (252.0) | — | — | (252.0) | | Conversion of preference share capital | 0.1 | (0.1) | — | — | — | — | — | | At 27 February 2025 | 145.2 | 1,038.7 | 70.3 | 4,437.7 | 22.0 | (2,379.4) | 3,334.5 | | Profit for the year | — | — | — | 212.9 | — | — | 212.9 | | Other comprehensive (loss)/income | — | — | — | (8.7) | 13.6 | (6.3) | (1.4) | | Total comprehensive income/(loss) | — | — | — | 204.2 | 13.6 | (6.3) | 211.5 | | Ordinary shares issued (Note 27) | 0.1 | 5.1 | — | — | — | — | 5.2 | | Loss on ESOT shares issued | — | — | — | (13.8) | — | 13.8 | — | | Accrued share-based payments (Note 31) | — | — | — | 16.7 | — | — | 16.7 | | Tax on share-based payments | — | — | — | (0.1) | — | — | (0.1) | | Equity dividends paid | — | — | — | (168.8) | — | — | (168.8) | | Share buy-back, commitment and cancellation | (6.7) | — | 6.7 | (251.3) | — | — | (251.3) | | Purchase of ESOT shares | — | — | — | — | — | (11.3) | (11.3) | | At 26 February 2026 | 138.6 | 1,043.8 | 77.0 | 4,224.6 | 35.6 | (2,383.2) | 3,136.4 | FINANCIAL STATEMENTS ![]() #### Whitbread PLC Annual Report and Accounts 2025/26 160 #### CONSOLIDATED BALANCE SHEET At 26 February 2026 | | | | | | --- | --- | --- | --- | | | | 26 February | 27 February | | | | 2026 | 2025 | | | Notes | £m | £m | | Assets | | | | | Intangible assets | 12 | 161.0 | 174.3 | | Right-of-use assets | 22 | 3,833.6 | 3,662.7 | | Property, plant and equipment | 13 | 4,886.9 | 4,677.4 | | Investment in joint ventures | 16 | 54.0 | 54.4 | | Deferred tax asset | 9 | 3.0 | — | | Derivative financial instruments | 25 | 0.1 | — | | Defined benefit pension surplus | 32 | 131.9 | 134.6 | | Total non-current assets | | 9,070.5 | 8,703.4 | | Inventories | 17 | 11.0 | 17.1 | | Derivative financial instruments | 25 | — | 19.9 | | Current tax asset | | 6.2 | — | | Trade and other receivables | 18 | 136.7 | 127.1 | | Cash and cash equivalents | 19 | 233.7 | 909.0 | | Total current assets | | 387.6 | 1,073.1 | | Assets classified as held for sale | 15 | 108.5 | 128.2 | | Total assets | | 9,566.6 | 9,904.7 | | Liabilities | | | | | Borrowings | 20 | — | 450.0 | | Lease liabilities | 22 | 175.6 | 167.0 | | Provisions | 23 | 22.4 | 27.6 | | Derivative financial instruments | 25 | — | 1.4 | | Current tax liabilities | | 1.7 | 12.2 | | Trade and other payables | 26 | 689.7 | 660.8 | | Total current liabilities | | 889.4 | 1,319.0 | | Borrowings | 20 | 943.0 | 942.4 | | Lease liabilities | 22 | 4,345.5 | 4,066.8 | | Provisions | 23 | 6.1 | 7.2 | | Derivative financial instruments | 25 | 9.5 | — | | Deferred tax liabilities | 9 | 236.7 | 234.8 | | Total non-current liabilities | | 5,540.8 | 5,251.2 | | Total liabilities | | 6,430.2 | 6,570.2 | | Net assets | | 3,136.4 | 3,334.5 | | | | | | | --- | --- | --- | --- | | | | 26 February | 27 February | | | | 2026 | 2025 | | | Notes | £m | £m | | Equity | | | | | Share capital | 27 | 138.6 | 145.2 | | Share premium | 28 | 1,043.8 | 1,038.7 | | Capital redemption reserve | 28 | 77.0 | 70.3 | | Retained earnings | 28 | 4,224.6 | 4,437.7 | | Currency translation reserve | 28 | 35.6 | 22.0 | | Other reserves | 28 | (2,383.2) | (2,379.4) | | Total equity | | 3,136.4 | 3,334.5 | Dominic Paul Chief Executive 29 April 2026 Hemant Patel Chief Financial Officer FINANCIAL STATEMENTS ![]() 161 #### Whitbread PLC Annual Report and Accounts 2025/26 #### CONSOLIDATED CASH FLOW STATEMENT Year ended 26 February 2026 | | | | | | --- | --- | --- | --- | | | | 52 weeks to | 52 weeks to | | | | 26 February 2026 | 27 February 2025 | | | Notes | £m | £m | | Cash generated from operations | 29 | 1,076.4 | 1,004.5 | | Payments against provisions | | (21.9) | (15.5) | | Defined benefit pension payments | 32 | (6.2) | (17.9) | | Interest paid on lease liabilities | 22 | (177.0) | (166.7) | | Interest paid on other items | | (39.5) | (26.0) | | Interest received | | 28.6 | 33.5 | | Corporation taxes paid | | (99.7) | (50.2) | | Net cash flows from operating activities | | 760.7 | 761.7 | | Cash flows used in investing activities | | | | | Cash paid in advance for purchase of property related assets | | (21.8) | (12.2) | | Purchase of property, plant and equipment | 3 | (666.1) | (466.4) | | Proceeds from disposal of property, plant and equipment | | 30.7 | 81.0 | | Proceeds from sale and leaseback of property | | 282.2 | 55.5 | | Investment in intangible assets | 3 | (19.7) | (19.6) | | Payment of deferred and contingent consideration | | — | (1.9) | | Distributions received from joint ventures | 16 | 1.4 | 1.2 | | Net cash flows used in investing activities | | (393.3) | (362.4) | | Cash flows used in financing activities | | | | | Proceeds from issue of ordinary shares | | 5.2 | 7.1 | | Proceeds from issuance of debt | | — | 398.3 | | Payment of facility fees and costs of long-term borrowings | | — | (3.1) | | Net lease incentives received/(paid) | | 0.3 | 2.7 | | Payment of principal of lease liabilities | | (172.9) | (148.7) | | Drawdown of RCF facility (short-term) | 20 | 50.0 | — | | Repayment of RCF facility (short-term) | 20 | (50.0) | — | | Repayment of bonds | 20 | (450.0) | — | | Net settlement of cross-currency swaps | | (3.8) | — | | Net settlement of FX swaps | | 8.8 | — | | Dividends paid | 11 | (168.8) | (178.1) | | Purchase of own shares, including transaction costs for buy-back programme | 27 | (251.3) | (264.3) | | Purchase of own shares for ESOT | 28 | (11.3) | — | | Net cash flows used in financing activities | | (1,043.8) | (186.1) | | Net increase/(decrease) in cash and cash equivalents | 21 | (676.4) | 213.2 | | Opening cash and cash equivalents | 21 | 909.0 | 696.7 | | Foreign exchange differences | 21 | 1.1 | (0.9) | | Closing cash and cash equivalents | 19 | 233.7 | 909.0 | FINANCIAL STATEMENTS ![]() #### Whitbread PLC Annual Report and Accounts 2025/26 162 #### NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Year ended 26 February 2026 1. General information and authorisation of consolidated #### financial statements The consolidated financial statements of Whitbread PLC for the year ended 26 February 2026 were authorised for issue by the Board of Directors on 29 April 2026. Whitbread PLC is a public company limited by shares incorporated in the United Kingdom under the Companies Act and is registered in England and Wales. The Company’s ordinary shares are traded on the London Stock Exchange. The address of the registered office is shown on page [•]. Whitbread PLC and its subsidiaries and joint ventures operate hotels and restaurants located in the UK and internationally. 2. Accounting policies Basis of accounting and preparation The consolidated financial statements of Whitbread PLC and all its subsidiaries have been prepared in accordance with International Accounting Standards in conformity with the requirements of the Companies Act 2006 and UK-adopted International Accounting Standards. The consolidated financial statements have been prepared on the historical cost basis, except for certain financial instruments that are measured at fair value at the end of each reporting period, assets classified as held for sale and the defined benefit pension scheme as explained in the accounting policies below. The consolidated financial statements are presented in pounds sterling and all values are rounded to the nearest hundred thousand except when otherwise indicated. The financial year represents the 52 weeks to 26 February 2026 (prior financial year: 52 weeks to 27 February 2025). Going concern The Group’s and Company’s (the “Group”) business activities, together with the factors likely to affect future development, performance and position, are set out in the Strategic Report. The Group’s financial position, cash flows, liquidity and borrowing facilities are described in the Financial Review. The principal risks and uncertainties faced by the Group are detailed in the Risk Management section and Note 24 to the financial statements includes the Group’s financial Risk Management objectives, its financial instruments and hedging activities, exposure to liquidity risk and details of its capital structure. The Directors have considered these areas alongside the principal risks and the potential impact on the Group’s ability to continue as a Going Concern. Details of the Group’s available and drawn facilities are provided in Note 20. At the year end, the Group held cash and cash equivalents of £233.7m and had access to committed borrowing facilities of £775.0m, of which £nil had been drawn. The Group’s forecasts demonstrate that it is expected to maintain significant financial resources and operate within its covenant for at least 12 months from the date of approval of these financial statements . In the event that additional funding was required, the Directors have a reasonable expectation that such funding could be secured through existing financing channels. The Directors have also considered the potential impact of climate-related factors on cash flows and liquidity over the period of the assessment and do not expect these to materially affect the Group’s ability to continue to operate. After due consideration of all relevant factors, the Directors are satisfied that the Group has adequate resources to continue in operational existence for the foreseeable future, being a period of at least 12 months from the date of signing these financial statements. Accordingly, the financial statements have been prepared on a Going Concern basis. Changes in accounting policies The accounting policies adopted in the preparation of these consolidated financial statements are consistent with those followed in the preparation of the consolidated financial statements for the year ended 27 February 2025, except for the adoption of the new standards and policies applicable for the year ended 26 February 2026. The significant accounting policies adopted during the year are set out below. They have been assessed as not having a material financial impact. The Group has applied the following standards and amendments for the first time for the annual reporting period commencing 1 March 2025: • Amendments to IAS 21 – Lack of Exchangeability (effective for periods beginning on or after 1 January 2025). These amendments did not have a material impact on the Group’s financial statements. Standards issued by the IASB not effective for the current year and not early adopted by the Group Whilst the following standards and amendments are relevant to the Group, they have been assessed as not having a material impact nor additional disclosure requirements at this time: • Amendments to IFRS 9 and IFRS 7 – Classification and Measurement of Financial Instruments (effective for periods beginning on or after 1 January 2026). • Annual improvements to IFRS – volume 11 (effective for periods beginning on or after 1 January 2026). • IFRS 19 Subsidiaries without Public Accountability: Disclosures (effective for periods beginning on or after 1 January 2027). The impact of the following is under assessment: • IFRS 18 Presentation and Disclosure in Financial Statements, which will become effective in the consolidated Group financial statements for the financial year ending 26 February 2028. The Group does not intend to early adopt any of these new standards or amendments. FINANCIAL STATEMENTS ![]() 163 #### Whitbread PLC Annual Report and Accounts 2025/26 2. Accounting policies continued Basis of consolidation The consolidated financial statements incorporate the accounts of Whitbread PLC and all its subsidiaries, together with the Group’s share of the net assets and results of joint ventures incorporated using the equity method of accounting. These are adjusted, where appropriate, to conform to Group accounting policies. The financial statements of significant trading subsidiaries are prepared for the same reporting year as the parent company. A subsidiary is an entity controlled by the Group. Control is achieved when the Company: • has power over the investee; • is exposed, or has rights, to variable returns from its involvement with the investee; and • has the ability to use its power to affect its returns. The Company reassesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control listed above. Apart from the acquisition of Whitbread Group PLC by Whitbread PLC in 2000/01, which was accounted for using merger accounting, acquisitions by the Group are accounted for under the acquisition method and any goodwill arising is capitalised as an intangible asset. The results of subsidiaries acquired or disposed of during the year are included in the consolidated financial statements from, or up to, the date that control passes respectively. All intra-Group transactions, balances, income and expenses are eliminated on consolidation. Unrealised losses are also eliminated, unless the transaction provides evidence of an impairment of the asset transferred. Business combinations Acquisitions of businesses are accounted for using the acquisition method. The consideration transferred in a business combination is measured at fair value, which is calculated as the sum of the acquisition-date fair values of assets transferred by the Group, liabilities incurred by the Group to the former owners of the acquiree and any equity interest issued by the Group in exchange for control of the acquiree. Acquisition-related costs are recognised in the consolidated income statement as incurred. When the consideration transferred by the Group in a business combination includes contingent consideration, the contingent consideration is measured at its acquisition-date fair value and included as part of the consideration transferred in a business combination. Changes in fair value of the contingent consideration that qualify as measurement period adjustments are adjusted retrospectively, with corresponding adjustments against goodwill. Measurement period adjustments are adjustments that arise from additional information obtained during the ‘measurement period’ (which cannot exceed one year from the acquisition date) about facts and circumstances that existed at the acquisition date. Changes in the fair value of the contingent consideration at subsequent reporting dates that do not qualify as measurement period adjustments are recognised within finance costs in the consolidated income statement, unless the contingent consideration is classified as equity . If the initial accounting for a business combination is incomplete by the end of the reporting period in which the combination occurs, the Group reports provisional amounts for the items for which the accounting is incomplete. Those provisional amounts are adjusted during the measurement period (see above), or additional assets or liabilities are recognised, to reflect new information obtained about facts and circumstances that existed as of the acquisition date that, if known, would have affected the amounts recognised as of that date. During this and the previous year, the Group has purchased a number of properties; the legal form of the transactions varies between acquisition of the property or acquisition of the company holding title of the property, as well as noting that a number of properties are purchased in a state that means they do not meet the definition of a business on acquisition. For the remaining properties which do meet the definition of being a business on acquisition, these transactions have been accounted for as asset acquisitions under IFRS 3 Business Combinations as the fair value of the assets is concentrated in a single group of similar assets in each deal analysed. The transactions form part of the Group’s strategic priorities over both international growth and continued UK market share gains. Goodwill Goodwill arising on acquisition is capitalised and represents the excess of the fair value of consideration over the value of the Group’s interest in the identifiable assets and liabilities of a subsidiary, at the date of acquisition. Goodwill is not amortised but reviewed for impairment annually, or more frequently if events or changes in circumstances indicate that the carrying value may be impaired. On disposal of a subsidiary, the attributable amount of goodwill is included in the determination of the profit or loss on disposal. Intangible assets Intangible assets are carried at cost less accumulated amortisation and accumulated impairment losses. Intangible assets acquired separately from a business are carried initially at cost. An intangible asset acquired as part of a business combination is recognised at fair value, separately from goodwill if the asset is separable, or arises from contractual or other legal rights, and its fair value can be measured reliably. Amortisation of IT software and technology is calculated on a straight-line basis over the estimated life which varies between three and ten years. The carrying values are reviewed for impairment if events or changes in circumstances indicate that they may not be recoverable. Software as a Service (SaaS) arrangements SaaS arrangements are service contracts providing the Company with the right to access the cloud provider’s application software over the contract period. Costs incurred to configure or customise, and the ongoing fees to obtain access to the cloud provider’s application software, are recognised as operating expenses when the services are received. FINANCIAL STATEMENTS ![]() #### NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED Year ended 26 February 2026 164 #### Whitbread PLC Annual Report and Accounts 2025/26 FINANCIAL STATEMENTS 2. Accounting policies continued Intangible assets continued Some of these costs incurred are for the development of software code that enhances or modifies, or creates additional capability to, existing on-premise systems and meets the definition of and recognition criteria for an intangible asset. These costs are recognised as intangible software assets and amortised over the useful life of the software on a straight-line basis. The useful lives of these assets are reviewed at least at the end of each financial year, and any change accounted for prospectively as a change in accounting estimate. Property, plant and equipment Property, plant and equipment acquired separately from a business are stated at cost less accumulated depreciation and impairment. Gross interest costs incurred on the financing of qualifying assets are capitalised until the time that the assets are available for use. Property, plant and equipment acquired as part of a business combination are recognised at fair value. Depreciation is calculated on a straight-line basis over the estimated useful life of the asset as follows: • freehold land is not depreciated; • freehold and long leasehold buildings are depreciated to their estimated residual values over periods up to 50 years; and • plant and equipment is depreciated over 3 to 25 years. The residual values and estimated useful lives are reviewed annually. Profits or losses on disposal of property, plant and equipment reflect the difference between net selling price and carrying amount at the date of disposal and are recognised in the consolidated income statement. Leases Right-of-use assets A contract contains a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration, these assets are called right-of-use assets. The Group recognises right-of-use assets for hotel and restaurant properties along with other equipment at the commencement date of the lease (i.e. the date the underlying asset is available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognised, initial direct costs incurred, and lease payments made at or before the commencement date, less any lease incentives received. Unless the Group is reasonably certain to obtain ownership of the leased asset at the end of the lease term, the recognised right-of-use asset is depreciated over the shorter of its estimated useful life and lease term. Lease liabilities At the commencement date of the lease, the Group recognises lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include fixed payments and variable lease payments that depend on an index or a rate less any lease incentives receivable. Variable lease payments that do not depend on an index or a rate (e.g. turnover rent) are recognised as an expense in the period over which the event or condition that triggers the payment occurs. The Group incurs service charges on property leases which are non-lease components of the contract under IFRS 16 and therefore these charges are recorded separately within operating costs. In calculating the present value of lease payments, the Group uses the incremental borrowing rate at the lease commencement date if the interest rate implicit in the lease is not readily determinable. Incremental borrowing rates are determined quarterly and depend on the country, currency and start date of the lease. The incremental borrowing rate is determined based on a series of inputs including: the risk-free rate based on government bond rates; a country-specific risk adjustment; and a credit risk adjustment based on the Group’s credit rating. After the commencement date, the amount of lease liabilities is increased to reflect lease interest charges and reduced for lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification or a change in the lease term. Cash outflows relating to lease interest are recorded within net cash flows from operating activities and cash outflows relating to principal repayments are included within net cash flows from financing activities in the consolidated cash flow statement. Group as a lessor Leases are classified as finance leases where the terms of the agreement transfer substantially all risks and rewards of ownership to the lessee. All other leases are treated as operating leases, with rental income recognised on a straight-line basis over the lease term. Sale and leaseback A sale and leaseback transaction occurs when the Group sells an asset and immediately reacquires the use of the same asset in the same state as sold by entering into a lease with the buyer. A sale occurs when control of the underlying asset passes to the buyer. A lease liability is recognised, the associated property, plant and equipment asset is derecognised, and a right-of-use asset is recognised at the proportion of the carrying value relating to the right retained. Any gain or loss arising therefore relates to the rights transferred to the buyer and development of the underlying asset. Impairment of non-current assets Property, plant and equipment and right-of-use assets The carrying values of property, plant and equipment and right-of-use assets are reviewed for impairment whenever events or changes in circumstances indicate that their carrying values may not be recoverable. Individual assets are grouped into cash generating units (CGUs), for impairment purposes, at the lowest level at which there are identifiable cash flows that are largely independent of the cash flows of other assets. ![]() 165 #### Whitbread PLC Annual Report and Accounts 2025/26 2. Accounting policies continued Impairment of non-current assets continued Property, plant and equipment and right-of-use assets continued The recoverable amount of an asset or CGU is the greater of its fair value less costs of disposal (FVLCD) and value in use (VIU). For an asset that does not generate largely independent cash inflows, the recoverable amount is determined with reference to the CGU to which the asset belongs. In estimating value in use, the estimated future cash flows are discounted to their present value, using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. To estimate fair value less costs of disposal, the Group uses a number of techniques including third-party valuations, market multiple approaches and discounted cash flows. Impairment charges An impairment loss is recognised if the carrying amount of an asset or CGU exceeds its estimated recoverable amount. Impairment losses recognised in respect of CGUs are allocated first to reduce the carrying amount of any goodwill allocated to the units and then to reduce the carrying amounts of other assets in the CGU, on a pro rata basis. Any impairment in the values of property, plant and equipment and right-of-use assets is charged to the consolidated income statement within operating costs. Impairment reversals An assessment is made at each reporting date as to whether there is any indication that previously recognised impairment losses may no longer exist or may have decreased. If such an indication exists, the CGU’s recoverable amount is estimated. A previously recognised impairment loss is reversed only if there has been a change in the estimated future cash flows used to determine the asset’s recoverable amount since the last impairment loss was recognised. If that is the case, the carrying amount of the asset is increased to its recoverable amount. That increased amount cannot exceed the carrying amount that would have been determined, net of depreciation, had no impairment loss been recognised for the asset in prior years. Such a reversal is recognised in the consolidated income statement. After such a reversal, the depreciation charge is adjusted in future periods to allocate the asset’s carrying amount, less any residual value, on a straight-line basis over its remaining useful life. Central assets For the purposes of impairment testing, all centrally held assets are allocated in line with IAS 36 to CGUs based on management’s view of the consumption of the asset. Any resulting impairment is recorded against the centrally held asset. Goodwill Goodwill acquired through business combinations is allocated to groups of CGUs at the level management monitors goodwill, which is at an operating segment level. The Group performs an annual review of its goodwill to ensure that its carrying amount is not greater than its recoverable amount. The recoverable amount is determined as the greater of fair value, less costs of disposal and value in use. An impairment is then made to reduce the carrying amount to the recoverable amount. Investments in joint ventures The Group assesses investments for impairment whenever events or changes in circumstances indicate that the carrying value may not be recoverable. If any such indication of impairment exists, the carrying amount of the investment is compared with its recoverable amount. Where the carrying amount exceeds the recoverable amount, the investment is written down to its recoverable amount. Assets held for sale Non-current assets and disposal groups are classified as held for sale only if available for immediate sale in their present condition and a sale is highly probable and expected to be completed within one year from the date of classification. Such assets are measured at the lower of carrying amount and fair value, less the cost of disposal, and are not depreciated or amortised. In accordance with IFRS 5 Non-current Assets Held for Sale and Discontinued Operations, the net results of discontinued operations are presented separately in the consolidated income statement. Inventories Inventories are stated at the lower of cost and net realisable value. Cost is calculated on the basis of first in, first out and net realisable value is the estimated selling price less any costs to sell. Provisions Provisions are recognised when the Group has a present legal or constructive obligation as a result of a past event, it is probable that an outflow of resources will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. Provisions are discounted to present value, using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the liability. The amortisation of the discount is recognised as a finance cost. Onerous contracts Present obligations arising under onerous contracts are recognised and measured as provisions. An onerous contract is considered to exist where the Group has a contract under which the unavoidable costs of meeting the obligations under the contract exceed the economic benefits expected to be received under it. Restructuring costs A restructuring provision is recognised when the Group has developed a detailed formal plan and has raised a valid expectation, in those affected, that it will carry out the restructuring by starting to implement the plan or announcing its main features to those affected by it. The measurement of a restructuring provision includes only the direct expenditures arising from the restructuring which are those amounts that are both necessarily entailed by the restructuring and not associated with the ongoing activities of the entity . FINANCIAL STATEMENTS ![]() #### NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED Year ended 26 February 2026 166 #### Whitbread PLC Annual Report and Accounts 2025/26 FINANCIAL STATEMENTS 2. Accounting policies continued Provisions continued Property-related remediation The Group recognises provisions for property-related remediation where it has a present obligation, it is probable that an outflow will be required and a reliable estimate can be made, with amounts measured at the best estimate of expected remediation costs. Matters not meeting these criteria remain contingent liabilities, and while the Group seeks to recover costs from original developers or other responsible parties, no asset is recognised until recovery is virtually certain. The Group has previously disclosed as contingent liabilities property-related topics in relation to Fire Safety (including Cladding Materials) which it has now provided for known items, therefore does not continue to disclose these matters further in the Notes to the consolidated financial statements. Adjusting items and use of alternative performance measures We use a range of measures to monitor the financial performance of the Group. These measures include both statutory measures in accordance with IFRS and alternative performance measures (APMs) which are consistent with the way the business performance is measured internally by the Board and Executive Committee. A glossary of APMs and reconciliations to statutory measures is given on pages [•] to [•]. The term ‘adjusted profit’ is not defined under IFRS and may not be directly comparable with adjusted profit measures used by other companies. It is not intended to be a substitute for, or superior to, statutory measures of profit. Adjusted measures of profitability are non-IFRS because they exclude amounts that are included in, or include amounts that are excluded from, the most directly comparable measure calculated and presented in accordance with IFRS. The Group makes certain adjustments to the statutory profit measures in order to derive many of its APMs. The Group’s policy is to exclude items that are considered to be significant in nature and quantum, not in the normal course of business or are consistent with items that were treated as adjusting in prior periods or that span multiple financial periods. Treatment as an adjusting item provides users of the accounts with additional useful information to assess the year-on-year trading performance of the Group. On this basis, the following are examples of items that may be classified as adjusting items: • net charges associated with the strategic review of the Group’s hotel and restaurant property estate; • significant restructuring costs and other associated costs arising from strategy changes that are not considered by the Group to be part of the normal operating costs of the business; • significant pension charges arising as a result of the changes to UK defined benefit scheme practices; • net impairment and related charges for sites which are/were underperforming that are considered to be significant in nature and/or value to the trading performance of the business; • costs in relation to non-trading legacy sites which are deemed to be significant and not reflective of the Group’s ongoing trading results; • transformation and change costs associated with the implementation of the Group’s IT strategic programme; • profit or loss on the sale of a business or investment, and the associated cost impact on the continuing business from the sale of the business or investment; • acquisition costs incurred as part of a business combination or other strategic asset acquisitions; • amortisation of intangible assets recognised as part of a business combination or other transaction outside of the ordinary course of business; and • tax settlements in respect of prior years, including the related interest and the impact of changes in the statutory tax rate, the inclusion of which would distort year-on-year comparability, as well as the tax impact of the adjusting items identified above. The Group income statement is presented in a columnar format to enable users of the accounts to see the Group’s performance before adjusting items, the adjusting items and the statutory total on a line-by-line basis. The Directors believe that the adjusted profit and earnings per share measures provide additional useful information to shareholders on the performance of the business. These measures are consistent with how business performance is measured internally by the Board and Executive Committee. Foreign currency translation Monetary assets and liabilities denominated in foreign currencies are translated into functional currency at the rates of exchange quoted at the balance sheet date. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates as at the dates of the initial transactions. Day-to-day transactions in a foreign currency are recorded in the functional currency at an average rate for the month in which those transactions take place, which is used as a reasonable approximation to the actual transaction rate. Translation differences on monetary items are taken to the consolidated income statement. A number of subsidiaries within the Group have a non-sterling functional currency. The financial performance and end position of these entities are translated into sterling in the consolidated financial statements. Balance sheet items are translated at the rate applicable at the balance sheet date. Transactions reported in the consolidated income statement are translated using an average rate for the month in which they occur. The differences that arise from translating the results of foreign entities at average rates of exchange, and their assets and liabilities at closing rates, are dealt with in a separate component of equity. On disposal of a foreign entity, the deferred cumulative amount recognised in equity relating to that particular foreign operation is recognised in the consolidated income statement. All other currency gains and losses are dealt with in the income statement. ![]() 167 #### Whitbread PLC Annual Report and Accounts 2025/26 2. Accounting policies continued Revenue recognition Revenue is recognised at an amount that reflects the consideration to which the Group expects to be entitled in exchange for transferring goods or services to a customer. Consideration is net of discounts, allowances for customer loyalty and other promotional activities and amounts collected on behalf of other parties, such as value added tax. Revenue includes duties which the Group pays as principal. The Group has analysed its business activities and applied the five-step model prescribed by IFRS 15 Revenue from Contracts with Customers to each material line of business, as outlined below: Sale of accommodation The contract to provide accommodation is established when the customer books accommodation. The performance obligation is to provide the right to use accommodation for a given number of nights, and the transaction price is the room rate for each night determined at the time of booking. The performance obligation is met when the customer is given the right to use the accommodation, and so revenue is recognised for each night as it takes place, at the room rate for that night. Sale of food and beverage The contract is established when the customer orders the food or beverage item and the performance obligation is the provision of food and beverage by the outlet. The performance obligation is satisfied when the food and beverage are delivered to the customer, and revenue is recognised at this point at the price for the items purchased. Where payment is made on the same day there are no contract assets or liabilities. Payment terms Customers may pay in advance for accommodation, food and beverage. In this case the Group has received consideration for services not yet provided. This is treated as a contract liability, net of VAT, until the performance obligation is met. The Group has taken advantage of the practical expedient in IFRS 15 to not adjust the consideration for the effects of a financing component as the period between payment and the performance obligation is less than one year. Payment terms for corporate customers are generally 30 days with amounts recorded in trade and other receivables once the performance obligations have been met. Contract costs The Group applies the practical expedient in paragraph 94 of IFRS 15 and consequently contract costs incurred related to contracts with an amortisation period of less than one year have been expensed as incurred. Variable consideration The Group makes an estimate, based on historical information, of amounts that will be refunded to customers. The refund liability represents variable consideration under IFRS 15 with revenue recognised reduced by this amount and a corresponding liability recognised in other payables in the consolidated balance sheet. Certain restaurants within the Group offer customer loyalty programmes where the customer can earn vouchers for historic purchases which are redeemable as discounts on future purchases. The loyalty points issued by the Group are a separate performance obligation providing a material right to a future discount. The sales price of goods is allocated to the loyalty points and the goods sold based on their relative standalone selling prices, with the loyalty points, standalone price based on the value of the points to the customer, adjusted for expected redemption rates. The amount allocated to loyalty points is deferred as a contract liability within trade and other payables. Revenue is recognised as the points are redeemed by the customer. Finance income Interest income is recognised as the interest accrues, using the effective interest method. Finance costs Borrowing costs are recognised as an expense in the period in which they are incurred, except for gross interest costs incurred on the financing of major projects, which are capitalised until the time that the projects are available for use. Retirement benefits In respect of the defined benefit pension scheme, the surplus recognised in the consolidated balance sheet represents the fair value of scheme assets, reduced by the present value of the defined benefit obligation. Where the calculation results in a surplus to the Group, the recognised asset is limited to the present value of any future available refunds from the plan. The cost of providing benefits is determined using the projected unit credit actuarial valuation method. Remeasurements are recognised in full in the period in which they occur in the statement of comprehensive income and are not reclassified to the consolidated income statement in subsequent periods. For defined benefit plans, the employer’s portion of the past and current service cost is charged to operating profit, with net interest costs reported within finance costs. In addition, all administration costs, other than those relating to the management of plan assets or taxes payable by the plan itself, are charged as incurred to operating costs in the consolidated income statement. Net interest is calculated by applying the opening discount rate to the opening net defined benefit obligation, taking into account the expected contributions and benefits paid. FINANCIAL STATEMENTS ![]() #### NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED Year ended 26 February 2026 168 #### Whitbread PLC Annual Report and Accounts 2025/26 FINANCIAL STATEMENTS 2. Accounting policies continued Retirement benefits continued Curtailments and settlements relating to the Group’s defined benefit plan are recognised in the period in which the curtailment or settlement occurs. Payments to defined contribution pension schemes are charged as an expense as they fall due. Share-based payment transactions Equity-settled transactions Certain employees and Directors of the Group receive equity-settled remuneration in the form of share-based payment transactions, whereby employees render services in exchange for shares or rights over shares. The cost of these equity-settled transactions is measured by reference to the fair value, determined using a stochastic model, at the date at which they are granted. The cost of equity-settled transactions is recognised, together with a corresponding increase in equity, over the period in which the performance conditions or non-vesting conditions are fulfilled, ending on the relevant vesting date. Except for awards subject to market-related conditions for vesting, the cumulative expense recognised for equity-settled transactions, at each reporting date until the vesting date, reflects the extent to which the vesting period has expired, and is adjusted to reflect the Directors’ best available estimate of the number of equity instruments that will ultimately vest. The income statement charge or credit for a period represents the movement in cumulative expense recognised as at the beginning and end of that period. If options are subject to market-related conditions, awards are not cumulatively adjusted for the likelihood of these targets being met. Instead, these conditions are included in the fair value of the awards. Where an equity-settled award is cancelled, it is treated as if it had vested on the date of cancellation, and any expense not yet recognised for the award is recognised immediately. Where an equity-settled award is forfeited, the related expense recognised to date is reversed. Where an equity-settled award is replaced by newly granted instruments, these are accounted for as a modification of the existing award. When the terms of an equity-settled award are modified, the minimum expense recognised is the grant date fair value of the unmodified award, provided the original vesting terms of the award are met. An additional expense, measured as at the date of modification, is recognised for any modification that increases the total fair value of the share-based payment transaction, or is otherwise beneficial to the employee. Tax The income tax charge represents both the income tax payable, based on profit for the year, and deferred income tax. Deferred income tax is recognised in full, using the liability method, in respect of temporary differences between the tax base of the Group’s assets and liabilities and their carrying amounts that have originated but have not been reversed by the balance sheet date. No deferred tax is recognised if the temporary difference arises from the initial recognition of goodwill, or the initial recognition of an asset or liability, in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss. Deferred income tax is recognised in respect of taxable temporary differences associated with investments in joint ventures, except where the timing of the reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future. Deferred income tax assets are recognised to the extent that it is probable that taxable profit will be available against which the deductible temporary differences or unused tax losses can be utilised. The carrying amount of deferred income tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all, or part of, the deferred income tax asset to be utilised. Deferred income tax assets and liabilities are measured at the tax rates that are expected to apply in the year when the asset is realised or the liability is settled, based on tax rates that have been enacted or substantively enacted at the balance sheet date. Income tax is charged or credited to other comprehensive income if it relates to items that are charged or credited to other comprehensive income. Similarly, income tax is charged or credited directly to equity if it relates to items that are charged or credited directly to equity. Otherwise, income tax is recognised in the consolidated income statement. Investments in joint ventures Investments in joint arrangements are classified as either joint operations or joint ventures depending on the contractual rights and obligations of each investor. The Group has assessed the nature of its joint arrangements and determined them to be joint ventures. The Group’s investments in joint ventures are accounted for using the equity method. Under the equity method, the investment in a joint venture is initially recognised at cost. The carrying amount of the investment is adjusted to recognise changes in the Group’s share of net assets of the joint venture since the acquisition date. Goodwill relating to joint ventures is included in the carrying amount of the investment. The consolidated income statement reflects the Group’s share of the results of operations of the joint ventures. Any change in other comprehensive income of those investees is presented as part of the Group’s consolidated statement of comprehensive income. Unrealised gains and losses resulting from transactions between the Group and the joint ventures are eliminated to the extent of the interest in the joint venture. When necessary, adjustments are made to bring the accounting policies in line with those of the Group. ![]() 169 #### Whitbread PLC Annual Report and Accounts 2025/26 2. Accounting policies continued Financial assets Trade receivables and contract assets Trade receivables and contract assets are initially measured at fair value. Subsequently they are measured at amortised cost as the objective of the business model is to hold the assets to collect contractual cash flows and the contractual terms of the asset give rise to cash flows on specified dates which are solely payments of principal and interest. In line with the IFRS 9 Financial Instruments ‘simplified approach’, the Group segments its trade receivables and contract assets based on shared characteristics and recognises a loss allowance for the lifetime expected credit loss for each segment. The expected credit loss is based on the Group’s historical credit loss experience, adjusted for factors that are specific to the debtors, general economic conditions and an assessment of the current and forecast conditions at the reporting date. Credit impaired financial assets A financial asset is credit impaired when one or more events that have a detrimental impact on the estimated future cash flows of that financial asset have occurred, such as significant financial difficulty of the debtor or default by the debtor. The Group writes off a financial asset where there is no realistic prospect of recovery. Credit losses are recorded within operating costs in the consolidated income statement. Cash and cash equivalents Cash and cash equivalents comprise cash at bank, cash in hand, and deposits (including money market funds) which are short term, highly liquid and not at significant risk of changes in value. Recognition and derecognition The recognition of financial assets occurs when the Group becomes party to the contractual provisions of the instrument. The Group derecognises a financial asset only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership of the asset to another entity . Derivatives and hedging The Group enters into derivative transactions to manage its exposure to interest rate, foreign exchange rate and power commodity price risks. Derivatives are recognised initially at fair value on the date the contract is entered into and subsequently remeasured to their fair value at each reporting date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship. A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability. Derivatives are not offset in the financial statements unless the Group has both the legal right and intention to offset. A derivative is presented as a non-current asset or a non-current liability if the remaining maturity of the instrument is more than 12 months and is not expected to be realised or settled within 12 months. Other derivatives are presented as current assets or current liabilities. The Group designates certain derivatives as hedging instruments in respect of interest rate, foreign currency and power commodity price risks as either fair value hedges or cash flow hedges. Hedges of foreign exchange risk on firm commitments are accounted for as cash flow hedges. At the inception of the hedge relationship, the Group documents the relationship between the hedging instrument and the hedged item, along with its Risk Management objectives and its strategy for undertaking various hedge transactions. The Group documents whether the hedging instrument is effective in offsetting the hedged risk, by confirming that: • there is an economic relationship between hedged items and the hedging instrument; • the effect of credit risk does not dominate the value changes that result from that economic relationship; and • the planned ratio of hedge:hedge item is the same as the actual ratio of hedge:hedge item. The fair value change on qualifying fair value hedges is recognised in profit or loss. Cash flow hedges The effective portion of changes in the fair value of derivatives that are designated as cash flow hedges is recognised in other comprehensive income and accumulated under the cash flow hedging reserve. Any gain or loss relating to the ineffective portion of the hedge is recognised immediately in profit or loss. Amounts previously recognised in other comprehensive income and accumulated in equity are reclassified to profit or loss in the periods when the hedged item affects profit or loss, in the same line as the recognised hedged item. The Group discontinues hedge accounting when the hedge relationship ceases to meet the qualifying criteria, or when the hedging instrument expires, is sold, terminated or exercised. Hedges of a net investment Hedges of a net investment in a foreign operation, including a hedge of a monetary item that is accounted for as part of the net investment, are accounted for in a way similar to cash flow hedges. Gains or losses on the hedging instrument relating to the effective portion of the hedge are recognised in other comprehensive income while any gains or losses relating to the ineffective portion are recognised in the statement of profit or loss. On disposal of the foreign operation, the cumulative value of any such gains or losses recorded in equity is transferred to the statement of profit or loss. The Group uses a cross-currency swap as a hedge of its exposure to foreign exchange risk on its investments in foreign subsidiaries. Refer to Note 25 for more details . FINANCIAL STATEMENTS ![]() #### NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED Year ended 26 February 2026 170 #### Whitbread PLC Annual Report and Accounts 2025/26 FINANCIAL STATEMENTS 2. Accounting policies continued Derivatives and hedging continued Offsetting financial instruments Financial assets and liabilities are offset and the net amount reported in the Group balance sheet when there is a current legally enforceable right to offset the recognised amounts and there is an intention to settle on a net basis or realise the asset and settle the liability simultaneously . Financial liabilities Debt and equity instruments are classified as financial liabilities or equity in accordance with the substance of the contractual arrangements. Financial liabilities are measured at amortised cost using the effective interest rate method unless they are required to be measured at fair value through profit or loss or the Group has opted to measure them at fair value through the profit or loss. The effective interest rate method calculates the amortised cost of a financial liability and allocates interest expense to the relevant period. Borrowings Borrowings are initially recognised at the fair value of the consideration received, net of any directly associated issue costs. Borrowings are subsequently recorded at amortised cost, with any difference between the amount initially recorded and the redemption value recognised in the consolidated income statement using the effective interest method. Recognition and derecognition The recognition of liabilities occurs when the Group becomes party to the contractual provisions of the instrument. The derecognition of financial liabilities occurs when the obligation under the liability is discharged, cancelled or expires. When the Group exchanges with the existing lender one debt instrument into another one with the substantially different terms, such exchange is accounted for as an extinguishment of the original financial liability and the recognition of a new financial liability. Share buy-back transactions Shares purchased for cancellation are deducted from retained earnings. The Group uses irrevocable closed period buy-back programmes. A liability to purchase shares is recognised at inception of the programme with any subsequent reduction in the obligation credited back to retained earnings at the end of the programme. Share capital is reduced and credited to the capital redemption reserve once shares are cancelled, maintaining non-distributable reserves. Critical accounting judgements and key sources of estimation uncertainty The preparation of financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported as assets and liabilities at the balance sheet date and the amounts reported as revenues and expenses during the year. Although these amounts are based on management’s best estimates, events or actions may mean that actual results ultimately differ from those estimates, and these differences may be material. These judgements and estimates and the underlying assumptions are reviewed regularly. The Group has considered the impact of climate-related risks on its financial performance and position, and although the impact represents an uncertainty, it is not considered to be material. Critical accounting judgements The following are the critical accounting judgements, apart from those involving estimations (dealt with separately below) that management has made in the process of applying the Group’s accounting policies and which have the most significant effect on the amounts recognised in the financial statements. Adjusting items During the year certain items are identified and separately disclosed as adjusting items. Judgement is applied as to whether the item meets the necessary criteria as per the accounting policy disclosed earlier in this Note. This assessment covers the nature of the item, the cause of occurrence and the scale of impact of that item on reported performance. Reversals of previous adjusting items are assessed based on the same criteria. Note 6 provides information on all of the items disclosed as adjusting in the current year and comparative financial statements. Assets held for sale As per the accounting policy above assets are classified as held for sale only if the asset is available for immediate sale in its present condition and a sale is highly probable and expected to be completed within one year from the date of classification. As a result of the Group’s Accelerating Growth Plan (AGP) the Group is actively marketing a significant number of sites. Judgement exists on a site-by-site basis as to whether the sale will complete within one year. In exercising its judgement management has taken into consideration all available information including external market expert advice. ![]() 171 #### Whitbread PLC Annual Report and Accounts 2025/26 2. Accounting policies continued Critical accounting judgements and key sources of estimation uncertainty continued Critical accounting judgements continued Recognition of German deferred tax asset The Group, through its market entry in Germany, has generated tax losses that will be available for offset against future taxable profits. These losses have resulted in a material unrecognised deferred tax asset of £77.3m (unrecognised tax losses carried forward of £284.7m (€325.5m)) at this balance sheet date (2024/25: £80.9m). If the Group were to fully recognise the deferred tax asset in this financial year it would have the effect of reducing the Group’s effective tax rate from 28.6% to 2.7%. The German reportable segment’s results have continued to improve, with this forecast to continue in future reporting periods. However, the forecasts used to support whether sufficient positive evidence exists to recognise the deferred tax asset are instead based on the German taxable profits profile. Following this assessment, the Group has judged that at the balance sheet date there remains to be insufficient convincing other evidence, as required under IAS 12, that it will have sufficient taxable profits to realise the above deferred tax asset at this time. In July 2025, the German legislator substantively enacted a reduction to the corporate income tax rate by 1 percentage point per annum over a five-year period, commencing in 2028 and concluding in 2032. This phased reduction will lower the statutory corporate income tax rate from 15% to 10% by 2032. Trade taxes have not been amended and as a result the blended deferred tax rate applied to German losses under IAS 12 has reduced from 31.9% (2024/25) to 27.2% (2025/26). The unrecognised deferred tax asset above has been calculated accordingly. Key sources of estimation uncertainty The following are the key areas of estimation uncertainty that may have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year. Defined benefit pension Defined benefit pension plans are accounted for in accordance with actuarial advice using the projected unit credit method. The Group makes significant estimates in relation to the discount rates, mortality rates and inflation rates used to calculate the present value of the defined benefit obligation. Note 32 describes the assumptions used together with an analysis of the sensitivity to changes in key assumptions. Impairment testing – Property, plant and equipment and right-of-use assets The performance of the Group’s impairment review requires management to make a number of judgements and estimates which are presented together below for ease of understanding but identified separately: Estimates within impairment testing: Inputs used to estimate value in use The estimate of value in use is most sensitive to the following inputs: • Forecast period cash flows – the initial five-year period’s cash flows are drawn from the five-year business plan. • Discount rate – judgement is required in estimating the Weighted Average Cost of Capital (WACC) of a typical market participant and in assessing the specific country and currency risks associated with the Group. The rate used is adjusted for the Group’s gearing, including equity, borrowings and lease liabilities. • Maturity profile of individual sites – judgement is required to estimate the time taken for sites to reach maturity and the sites’ trading level once they are mature. Methodology used to estimate fair value Fair value is determined using a range of methods, including present value techniques using assumptions consistent with the value in use calculations and market multiple techniques using externally available data. To assess the fair value for disposal sites the Group has sought property expert valuations based on insight into specific local market factors. Judgements within impairment testing: Strategic impact on composition of CGUs The Group has judged that where there is an expectation that a component of a cash generating unit’s value will be realised primarily through sale, an impairment review should be completed on the component to be disposed of as an individual asset. This is due to the Group understanding the value in use of the individual component to be sold is estimated to be close to its now measurable fair value less costs of disposal. Identification of indicators of impairment and reversal The Group assesses each of its CGUs for indicators of impairment or reversal at the end of each reporting period and, where there are indicators of impairment or reversal, management performs an impairment assessment. Useful economic life review – AGP site extensions and conversions Where site extensions or conversions are committed as part of Whitbread’s Accelerating Growth Plan, the Group commences accelerated depreciation on assets that will no longer be used after the site redevelopment. The Group’s key judgement here has been assessing that the trigger point for commitment to the extension or conversion is from the date that the site has both planning permission and an approved internal business case to proceed. From this point, the remaining useful life of affected assets is reassessed with an estimated end date aligned with when the asset will no longer be used. The resulting depreciation charge, along with any write-offs of similar assets that have been disposed of as at the balance sheet date, are treated as adjusting items. Key estimates and sensitivities for impairment of assets are disclosed in Note 14. FINANCIAL STATEMENTS ![]() #### NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED Year ended 26 February 2026 172 #### Whitbread PLC Annual Report and Accounts 2025/26 FINANCIAL STATEMENTS 3. Segment information The Group provides services in relation to accommodation, food and beverage both in the UK and internationally. Management monitors the segment performance separately for the purpose of making decisions about allocating resources and assessing performance. Segment performance is measured based on segment adjusted profit/(loss), defined below. Included within central and other in the following tables are the costs of running the public company, other central overhead costs and share of profit from joint ventures. The following tables present revenue and profit information regarding business operating segments for the years ended 26 February 2026 and 27 February 2025. | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 52 weeks to 26 February 2026 | | | | 52 weeks to 27 February 2025 | | | | | | Central and | | | | Central and | | | | UK and Ireland 1 | Germany 2 | other | Total | UK and Ireland 1 | Germany 2 | other | Total | | Revenue | £m | £m | £m | £m | £m | £m | £m | £m | | Accommodation | 2,024.9 | 220.8 | — | 2,245.7 | 2,010.1 | 197.6 | — | 2,207.7 | | Food and beverage | 594.8 | 32.5 | — | 627.3 | 646.4 | 26.7 | — | 673.1 | | Other | 39.6 | 7.6 | — | 47.2 | 34.8 | 6.3 | — | 41.1 | | Revenue | 2,659.3 | 260.9 | — | 2,920.2 | 2,691.3 | 230.6 | — | 2,921.9 | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 52 weeks to 26 February 2026 | | | | 52 weeks to 27 February 2025 | | | | | | Central and | | | | Central and | | | | UK and Ireland 1 | Germany 2 | other | Total | UK and Ireland 1 | Germany 2 | other | Total | | Profit/(loss) | £m | £m | £m | £m | £m | £m | £m | £m | | Adjusted operating profit/(loss) | 660.3 | 18.9 | (30.3) | 648.9 | 653.1 | 9.9 | (33.4) | 629.6 | | Segmental royalty fees 3 | (7.0) | 5.9 | 1.1 | — | (1.0) | — | 1.0 | — | | Segment adjusted operating profit/(loss) | 653.3 | 24.8 | (29.2) | 648.9 | 652.1 | 9.9 | (32.4) | 629.6 | | Net finance (costs)/income | (154.3) | (22.8) | 11.3 | (165.8) | (145.3) | (21.2) | 20.3 | (146.2) | | Segment adjusted profit/(loss) before tax | 499.0 | 2.0 | (17.9) | 483.1 | 506.8 | (11.3) | (12.1) | 483.4 | | Adjusting items before tax (Note 6) | | | | (184.7) | | | | (115.6) | | Profit before tax | | | | 298.4 | | | | 367.8 | 1 The UK and Ireland segment includes operations of the Group within Crown Dependencies. Royalty fees are charged between the geographies within this segment. 2 The Germany segment includes operations of the Group within Austria. 3 Royalty fees are charged from the UK to other geographies. ![]() 173 #### Whitbread PLC Annual Report and Accounts 2025/26 3. Segment information continued | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 52 weeks to 26 February 2026 | | | | 52 weeks to 27 February 2025 | | | | | | Central and | | | | Central and | | | | UK and Ireland | Germany | other | Total | UK and Ireland | Germany | other | Total | | Other segment information | £m | £m | £m | £m | £m | £m | £m | £m | | Capital expenditure: | | | | | | | | | | Property, plant and equipment – cash basis | 567.4 | 98.7 | — | 666.1 | 399.6 | 66.8 | — | 466.4 | | Property, plant and equipment – accruals basis (Note 13) | 592.4 | 111.7 | — | 704.1 | 402.0 | 63.3 | — | 465.3 | | Intangible assets (Note 12) | 18.2 | 1.5 | — | 19.7 | 18.9 | 0.7 | — | 19.6 | | Cash outflows from lease interest and payment of principal | | | | | | | | | | of lease liabilities | 289.5 | 60.4 | — | 349.9 | 262.4 | 53.0 | — | 315.4 | | Depreciation – property, plant and equipment (Note 13) | 168.4 | 16.0 | — | 184.4 | 162.7 | 14.6 | — | 177.3 | | Depreciation – right-of-use assets (Note 22) | 164.9 | 43.7 | — | 208.6 | 152.8 | 41.5 | — | 194.3 | | Amortisation (Note 12) | 32.8 | 0.4 | — | 33.2 | 30.1 | 0.1 | — | 30.2 | Segment assets and liabilities are not disclosed because they are not reported to, or reviewed by, the Chief Operating Decision Maker. The Group’s revenue and non-current assets 1 , split by country in which the legal entity resides, is as follows: | | | | | | | --- | --- | --- | --- | --- | | | Group revenue | | Group non-current assets 1 | | | | 2025/26 | 2024/25 | 2026 | 2025 | | Geographical information | £m | £m | £m | £m | | United Kingdom | 2,611.0 | 2,649.1 | 7,222.4 | 7,063.3 | | Germany | 256.8 | 226.3 | 1,387.3 | 1,219.4 | | Ireland | 35.9 | 29.6 | 217.6 | 179.4 | | Other | 16.5 | 16.9 | 108.2 | 106.7 | | | 2,920.2 | 2,921.9 | 8,935.5 | 8,568.8 | 1 Non-current assets exclude derivative financial instruments, deferred tax asset and the surplus on the Group’s defined benefit pension scheme. FINANCIAL STATEMENTS ![]() #### NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED Year ended 26 February 2026 174 #### Whitbread PLC Annual Report and Accounts 2025/26 FINANCIAL STATEMENTS 4. Other income An analysis of the Group’s other income is as follows: | | | | | --- | --- | --- | | | 2025/26 | 2024/25 | | | £m | £m | | Rental income | 4.7 | 5.5 | | Other | 1.9 | 1.0 | | Other income before adjusting items | 6.6 | 6.5 | | Legal claim settlements and insurance proceeds (Note 6) | 2.6 | 0.9 | | Other income | 9.2 | 7.4 | 5. Operating costs | | | | | --- | --- | --- | | | 2025/26 | 2024/25 | | | £m | £m | | Cost of inventories recognised as an expense 1,2 | 215.1 | 225.7 | | Employee benefits expense 2 (Note 7) | 801.6 | 818.7 | | Amortisation of intangible assets (Note 12) | 33.2 | 30.2 | | Depreciation – property, plant and equipment (Note 13) | 184.4 | 177.3 | | Depreciation – right-of-use assets (Note 22) | 208.6 | 194.3 | | Utilities | 119.4 | 134.8 | | Rates | 106.7 | 105.4 | | Laundry costs | 79.6 | 78.0 | | Site repairs and maintenance | 131.7 | 131.5 | | Marketing and commissions | 141.4 | 127.6 | | Site operating costs | 154.1 | 157.0 | | Variable lease payment expense (Note 22) | 3.5 | 4.0 | | Net foreign exchange differences | (0.5) | 0.5 | | Other operating charges 2 | 103.8 | 118.5 | | Adjusting operating costs 2 (Note 6) | 187.3 | 116.5 | | | 2,469.9 | 2,420.0 | 1 Cost of inventories recognised as an expense includes £8.1m (2024/25: £6.8m) of inventory write downs recorded during the year. 2 Operating costs above are before adjusting items. Adjusting operating costs includes a charge of £nil relating to cost of inventories recognised as an expense (2024/25: £4.4m), a charge for net impairments and write-offs of £162.5m (2024/25: charge of £76.5m), a charge of £1.7m (2024/25: charge of £23.1m) relating to employee benefit expenses and a charge of £23.1m (2024/25: charge of £12.5m) relating to other operating charges (see Note 6). Fees paid to the Group’s auditor during the year consisted of: | | | | | --- | --- | --- | | | 2025/26 | 2024/25 | | | £m | £m | | Audit of the Group’s financial statements | 1.3 | 1.3 | | Audit of the Group’s subsidiaries | 0.7 | 0.7 | | Total audit fees | 2.0 | 2.0 | | Audit-related assurance | 0.1 | 0.1 | | Other non-audit fees | — | 0.2 | | Total non-audit fees | 0.1 | 0.3 | | Included in other operating charges | 2.1 | 2.3 | ![]() 175 #### Whitbread PLC Annual Report and Accounts 2025/26 6. Adjusting items As set out in the policy in Note 2, we use a range of measures to monitor the financial performance of the Group. These measures include both statutory measures in accordance with IFRS and APMs which are consistent with the way that the business performance is measured internally. We report adjusted measures because we believe they provide both management and investors with useful additional information about the financial performance of the Group’s businesses. Adjusted measures of profitability represent the equivalent IFRS measures adjusted for specific items that we consider hinder the comparison of the financial performance of the Group’s businesses either from one period to another or with other similar businesses. Adjusting items were as follows: | | | | | --- | --- | --- | | | 2025/26 | 2024/25 | | | £m | £m | | Other income: | | | | Legal claim settlements and insurance proceeds 1 | 2.6 | 0.9 | | Adjusting other income | 2.6 | 0.9 | | Operating costs: | | | | Net impairment charges – property, plant and equipment, right-of-use assets and assets held for sale 2 | (32.0) | (33.0) | | Accelerating Growth Plan-related net impairment charges and write-offs 3 | (130.5) | (43.5) | | Net gain on disposals of property 4 | 6.4 | 40.1 | | Property and other provisions 5 | (14.3) | (4.4) | | Strategic IT programme costs 6 | (8.0) | (24.8) | | Strategic F&B programme costs 7 | (4.3) | (19.9) | | Strategic supply chain programme costs 8 | (2.9) | (24.1) | | Employment tax settlement 9 | — | 2.0 | | Other restructuring costs 10 | (1.7) | (8.9) | | Adjusting operating costs before joint ventures | (187.3) | (116.5) | | Adjusting items before tax | (184.7) | (115.6) | Tax adjustments included in reported profit after tax, but excluded in arriving at adjusted profit after tax: | | | | | --- | --- | --- | | | 2025/26 | 2024/25 | | | £m | £m | | Tax on adjusting items 11 | 35.6 | 20.3 | | Impact of change in tax rates 12 | 2.1 | — | | Adjusting tax credit | 37.7 | 20.3 | 1 During the year, the Group received settlements of £2.6m in relation to insurance claims for damaged inventory (2024/25: received settlements for business interruption insurance claims of £0.9m). 2 The Group has identified indicators of impairment and impairment reversal relating to assets held by the Group at the year-end date, including those sites impacted by the Accelerating Growth Plan (see separate footnote below). For those sites not impacted by the Accelerating Growth Plan, an impairment review of relevant assets was undertaken, resulting in adjusting net impairment charges of £32.0m. Further information is provided in Note 14. During the comparative year, the Group has identified indicators of impairment and impairment reversal relating to assets held by the Group at the year end date, including those sites impacted by the Accelerating Growth Plan (see separate footnote below). For those sites not impacted by the Accelerating Growth Plan, an impairment review of relevant assets was undertaken, resulting in adjusting net impairment charges of £33.0m. The net impairment is comprised of impairment charges on sites of £38.3m (£22.2m relating to property, plant and equipment and £16.1m relating to right-of-use assets) offset by impairment reversals of £5.3m (£2.0m relating to property, plant and equipment and £3.3m relating to right-of-use assets). The net impact was an impairment charge of £33.0m, representing the total adjusting net impairment recognised within operating costs outside of the Accelerating Growth Plan in that year. 3 Included in the amounts recorded during the period are imapriments arising from the Group’s continued optimisation of its UK F&B strategy, the Accelerating Growth Plan. The net impairment of £130.5m comprises impairment charges of £102.9m relating to sites and accelerated depreciation of £27.6m. Further information on impairment is provided in Note 14. Accelerated depreciation charges arise primarily from site extensions and conversions undertaken as part of the AGP to transform or exit a number of the Group’s branded restaurant formats. A commitment to redevelop is deemed to exist from the date planning permission is granted. From this point, the useful lives of affected assets are reassessed to reflect the expected completion date of the redevelopment, resulting in accelerated depreciation where applicable. During the comparative year, the amounts recorded for impairment included charges arising from the Group’s continued optimisation of the UK F&B strategy under the Accelerating Growth Plan. The net impairment of £43.5m comprised impairment charges of £51.0m (£30.6m relating to property, plant and equipment, £13.2m relating to right-of-use assets and £7.2m relating to assets held for sale), partly offset by impairment reversals of £7.5m (£1.5m relating to property, plant and equipment, £0.7m relating to right-of-use assets and £5.3m relating to assets held for sale). The net impairment charge also included £1.0m relating to the write-off of assets following revisions to useful economic lives for Extensions sites. 4 During the year, the Group recognised net gains of £4.8m on sale and leaseback property disposals (2024/25: £0.1m) and net gains of £1.6m on other property disposals (2024/25: £40.0m). No gains or losses relating to these assets were recognised in other comprehensive income. 5 The Group recorded a £15.2m property-related provision and released £0.9m of provisions in respect of historic tax positions. During the comparative year, the group created a provision in relation to damaged inventory of £4.4m. FINANCIAL STATEMENTS ![]() #### NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED Year ended 26 February 2026 176 #### Whitbread PLC Annual Report and Accounts 2025/26 FINANCIAL STATEMENTS 6. Adjusting items continued 6 The Group has assessed the presentation of costs incurred in relation to the current and future implementation of its strategic IT programmes. The programmes scheduled are the Group’s Hotel Management System, HR & Payroll System, Restaurant System and Strategic Network. These represent significant business change costs for the Group rather than replacements of IT systems with the system products being Software as a Service (SaaS). The start date of these projects varies and as such we expect costs to be incurred within this category over the next few financial years, with their commercial and strategic benefit seen as lasting several years. Cash costs incurred on the programmes and presented within adjusting items in the period were £8.0m, with cumulative cash costs to date being £73.7m (2024/25: £65.7m). 7 The Group has incurred legal, advisory and project management costs regarding the announced changes to facilitate the Accelerating Growth Plan (AGP) as well as restructuring costs. This programme represents a significant business change for the Group’s strategic focus in relation to F&B. Cash costs incurred on the programmes and presented within adjusting items in the period were £4.3m, with cumulative cash costs to date being £30.1m (2024/25: £25.8m). 8 As part of the Group’s strategic supply chain programme the Group has incurred costs of £2.9m in relation to project management costs (2024/25: £24.1m relating to supplier contract exit fees). This decision allows the Group to make use of a different supply model and it is expected the commercial and strategic benefit will be seen over several years. 9 During the comparative year, the Group received confirmation that a previous enquiry from HMRC on historic taxes has been closed. £2.0m has been released through adjusting items from accruals held in relation to these enquiries. 10 During the year, the Group restructured its UK Contact Centre, resulting in a charge of £1.7m. During the comparative year, restructuring of the UK and Germany Support Centres and site operations in Germany resulted in a charge of £8.9m. 11 The Group recognised tax credits of £35.6m (2024/25: £20.3m) in relation to its adjusting items in | | | | --- | --- | | the financial year. This includes a deferred tax charge of £8.4m (2024/25: nil) in the year arising from | | | changes in the recoverability of indexation allowances in relation to property. | | | 12 In July 2025, the German government substantively enacted legislation to reduce the corporate | | | income tax rate by 1% per annum over a five-year period, commencing in 2028 a in 2032. | The change has resulted in the remeasurement of certain deferred tax assets and liabilities | | which are forecast to be utilised or to crystallise from 2028. As a result, a credit of £2.1m is recorded | | | in the income statement. | | | Summary of adjusting item lines that can be forecast: | | Low range £m High range £m Expected year of completion Accelerating Growth Plan-related net impairment charges and write-offs 50.0 70.0 FY29 Strategic F&B programme costs 20.0 30.0 FY29 Strategic IT programme costs 5.0 10.0 FY27 Forecast adjusting items before tax 75.0 110.0 7. Employee benefits expense | | | | | --- | --- | --- | | | 2025/26 | 2024/25 | | | £m | £m | | Wages and salaries | 704.6 | 738.8 | | Social security costs | 75.9 | 63.5 | | Defined contribution pension costs | 21.1 | 16.4 | | | 801.6 | 818.7 | The amounts above exclude adjusting items. Wages and salaries excludes a charge of £1.7m (2024/25: charge of £23.1m). Included in wages and salaries is a share-based payments expense of £16.7m (2024/25: £16.8m), which arises from transactions accounted for as equity-settled share-based payments. Employee costs are split between hourly paid and salaried employees as below: | | | | | --- | --- | --- | | | 2025/26 | 2024/25 | | | £m | £m | | Employee costs – hourly paid | 534.1 | 548.5 | | Employee costs – salaried | 267.5 | 270.2 | | | 801.6 | 818.7 | | | | | | --- | --- | --- | | | 2025/26 | 2024/25 | | Average number of employees directly employed | Number | Number | | UK and Ireland | 30,867 | 33,157 | | Germany | 1,661 | 1,543 | | | 32,528 | 34,700 | Employees of joint ventures are excluded from the numbers above. Directors’ remuneration is disclosed below: | | | | | --- | --- | --- | | | 2025/26 | 2024/25 | | | £m | £m | | Directors’ remuneration | 3.5 | 3.5 | | Aggregate contributions to the defined contribution pension scheme | — | — | | Aggregate gains on the exercise of share options | 0.3 | 0.3 | The number of Directors accruing benefits under the defined benefit pension scheme was nil (2024/25: nil). ![]() 177 #### Whitbread PLC Annual Report and Accounts 2025/26 8. Finance (costs)/income | | | | | --- | --- | --- | | | 2025/26 | 2024/25 | | Finance costs | £m | £m | | Interest on bank loans and overdrafts | (5.0) | (4.7) | | Interest on other loans | (42.7) | (24.7) | | Interest on lease liabilities (Note 22) | (177.0) | (166.7) | | Interest capitalised (Note 13) | 23.0 | 8.7 | | Credit/(costs) in relation to hedging (Note 25) | 1.4 | (1.1) | | | (200.3) | (188.5) | | | | | | --- | --- | --- | | | 2025/26 | 2024/25 | | Finance income | £m | £m | | Bank interest receivable | 26.8 | 33.5 | | IAS 19 pension net finance income (Note 32) | 7.5 | 8.3 | | Other interest receivable | 0.2 | 0.5 | | | 34.5 | 42.3 | | Total net finance costs | (165.8) | (146.2) | Net finance costs include £201.7m (2024/25: £187.4m) finance costs and £26.8m (2024/25: £33.5m) finance income in respect of financial assets and liabilities that are measured at amortised cost using the effective interest rate method. 9. Taxation | | | | | --- | --- | --- | | | 2025/26 | 2024/25 | | Consolidated income statement | £m | £m | | Current tax: | | | | Current tax expense | 83.9 | 51.4 | | Adjustments in respect of previous periods | (1.2) | (1.1) | | | 82.7 | 50.3 | | Deferred tax: | | | | Origination and reversal of temporary differences | 3.8 | 63.1 | | Effect of in-year rate differential/change in tax rates | (2.1) | — | | Adjustments in respect of previous periods | 1.0 | 0.7 | | | 2.8 | 63.8 | | Tax reported in the consolidated income statement | 85.5 | 114.1 | | | | | | --- | --- | --- | | | 2025/26 | 2024/25 | | Consolidated statement of other comprehensive income | £m | £m | | Current tax: | | | | Defined benefit pension scheme | 1.7 | 1.8 | | Tax on net gain on hedge of a net investment | (3.3) | 2.1 | | Tax on exchange differences on translation of foreign operations | 3.5 | (2.4) | | | 1.9 | 1.5 | | Deferred tax: | | | | Cash flow hedges | 0.6 | 3.6 | | Defined benefit pension scheme | (4.3) | (14.4) | | | (3.8) | (10.8) | | Tax reported in other comprehensive income | (1.9) | (9.3) | FINANCIAL STATEMENTS ![]() #### NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED Year ended 26 February 2026 178 #### Whitbread PLC Annual Report and Accounts 2025/26 FINANCIAL STATEMENTS 9. Taxation continued A reconciliation of the tax expense applicable to adjusted profit before tax and profit before tax at the statutory tax rate, to the actual tax expense at the Group’s effective tax rate, for the years ended 26 February 2026 and 27 February 2025 respectively is set out here. All current year items have been tax effected at the UK statutory rate of 25.0% (2024/25: 25.0%) with the exception of the effect of unrecognised losses in overseas companies, which has been tax effected at the statutory rate in the relevant jurisdictions with an adjustment to account for the differential tax rates included in the effect of different tax rates. | | | | | | | --- | --- | --- | --- | --- | | | 2025/26 | | 2024/25 | | | | Tax on adjusted | | Tax on adjusted | | | | profit | Tax on profit | profit | Tax on profit | | | £m | £m | £m | £m | | Profit before tax as reported in the consolidated income statement | 483.1 | 298.4 | 483.4 | 367.8 | | Tax at current UK tax rate of 25.0% (2024/25: 25.0%) | 120.8 | 74.6 | 120.9 | 92.0 | | Effect of different tax rates | (3.3) | (3.1) | (2.7) | (4.5) | | Unrecognised losses in overseas companies | 5.1 | 10.4 | 9.3 | 17.6 | | Expenditure not allowable | 1.2 | 1.9 | 3.3 | 5.4 | | Adjustments to current tax expense in respect of previous years | (1.2) | (1.2) | (1.0) | (1.0) | | Adjustments to deferred tax expense in respect of previous years | 1.0 | 1.0 | 0.7 | 0.7 | | Impact of deferred tax rate change | — | (2.1) | — | — | | Impact of deferred tax related to indexation allowance | 0.3 | 8.7 | 2.7 | 2.7 | | Impact of property disposals | — | (4.0) | — | — | | Other movements | (0.7) | (0.7) | 1.2 | 1.2 | | Tax expense reported in the consolidated income statement | 123.2 | 85.5 | 134.4 | 114.1 | | Effective tax rate | 25.5% | 28.7% | 27.8% | 31.0% | Pilar two The Group is within the scope of the OECD Pillar Two rules. Based on the Group’s current assessment, Pillar Two is not expected to have a material impact on the Group’s tax charge. The Group has applied the mandatory temporary exception in respect of deferred taxes arising from Pillar Two income taxes, as required by IAS 12. ![]() 179 #### Whitbread PLC Annual Report and Accounts 2025/26 9. Taxation continued Deferred tax The major deferred tax assets/(liabilities) recognised by the Group and movement during the current and prior financial years are as follows: | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | Accelerated | Rolled over gains | | | | | | | | capital | and property | | | | | | | | allowances | revaluations | Pensions | Leases 2 | Losses | Other 3 | Total | | | £m | £m | £m | £m | £m | £m | £m | | At 29 February 2024 | (109.7) | (86.1) | (62.2) | 43.8 | 35.2 | (2.1) | (181.1) | | (Expense)/credit to consolidated income statement 1 | (20.9) | (9.0) | (3.7) | 6.0 | (33.9) | (2.3) | (63.8) | | Credit/(expense) to statement of comprehensive income | — | — | 14.4 | — | — | (3.6) | 10.8 | | Expense to statement of changes in equity | — | — | — | — | — | (0.8) | (0.8) | | Foreign exchange and other movements | — | — | — | 0.1 | (0.3) | 0.3 | 0.1 | | At 27 February 2025 | (130.6) | (95.1) | (51.5) | 49.9 | 1.0 | (8.5) | (234.8) | | (Expense)/credit to consolidated income statement 1 | (7.6) | (5.4) | (0.5) | 12.6 | (0.5) | (1.4) | (2.8) | | Credit/(expense) to statement of comprehensive income | — | — | 4.3 | — | — | (0.6) | 3.7 | | Expense to statement of changes in equity | — | — | — | — | — | (0.1) | (0.1) | | Foreign exchange and other movements | — | — | 0.1 | (0.1) | — | 0.3 | 0.3 | | At 26 February 2026 | (138.2) | (100.5) | (47.6) | 62.4 | 0.5 | (10.3) | (233.7) | 1 The consolidated income statement expense of £2.8m is lower than the prior year charge of £63.8m. This predominantly relates to the utilisation of UK tax losses of £nil (2024/25: charge of £29.6m) and a higher credit arising on fixed asset impairments of £33.2m (2024/25: £10.6m). 2 The Leases category includes an asset of £51.8m (2024/25: £54.8m) for IFRS 16 transitional adjustments and an asset of £13.2m (2024/25: nil) for deferred accounting profits on sale and leaseback transactions. 3 The Other category includes a deferred tax liability of £17.8m (2024/25: £14.8m) in respect of capitalised interest and a deferred tax asset of £5.5m (2024/25: £5.8m) in respect of share-based payments. The Group recognises UK deferred tax assets to the extent that taxable profits will be available to utilise deductible temporary differences or unused tax losses. At 26 February 2026, no net UK deferred asset is unrecognised (2024/25: £nil). The Group has generated unrecognised tax losses in Germany of £284.7m (€325.5m) (2024/25: £253.6m (€307.3m)) that will be available for offset against future taxable profits. Whilst the gross tax losses have increased, the unrecognised deferred tax asset has fallen to £77.3m (2024/25: £80.9m). This is a result of the substantive enactment of a phased reduction to the corporate income tax rate in Germany from 15% to 10% by 2032. Trade taxes have not been amended and as a result the blended deferred tax rate applied to German losses under IAS 12 has reduced from 31.9% (2024/25) to 27.2% (2025/26). Refer to Note 2 for further information. At 26 February 2026, no deferred tax asset is recognised (2024/25: £nil) on gross temporary differences of £2.0m (2024/25: £2.4m) relating to the accumulated losses of other international subsidiaries as the Group is able to control the timings of the reversal of these temporary differences and it is probable that they will not reverse in the foreseeable future. Tax relief on total interest capitalised amounts to £4.2m (2024/25: £2.0m). FINANCIAL STATEMENTS ![]() #### NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED Year ended 26 February 2026 180 #### Whitbread PLC Annual Report and Accounts 2025/26 FINANCIAL STATEMENTS 10. Earnings per share The basic earnings per share (EPS) figures are calculated by dividing the net profit/(loss) for the period attributable to ordinary shareholders of the parent by the weighted average number of ordinary shares in issue during the period after deducting treasury shares and shares held by an independently managed employee share ownership trust (ESOT). The diluted earnings per share figures allow for the dilutive effect of the conversion into ordinary shares of the weighted average number of options outstanding during the period. Where the average share price for the period is lower than the option price, the options become anti-dilutive and are excluded from the calculation. The number of shares used for the earnings per share calculations is as follows: | | | | | --- | --- | --- | | | 2025/26 | 2024/25 | | | million | million | | Basic weighted average number of ordinary shares | 172.6 | 179.3 | | Effect of dilution – share options | 1.3 | 1.2 | | Diluted weighted average number of ordinary shares | 173.9 | 180.5 | The total number of shares in issue at the year end, as used in the calculation of the basic weighted average number of ordinary shares, was 180.1m, less 12.5m treasury shares held by Whitbread PLC and 0.6m held by the ESOT (2024/25: 188.8m, less 12.5m treasury shares held by Whitbread PLC and 0.8m held by the ESOT). The profits used for the earnings per share calculations are as follows: | | | | | --- | --- | --- | | | 2025/26 | 2024/25 | | | £m | £m | | Profit for the year attributable to parent shareholders | 212.9 | 253.7 | | Adjusting items before tax (Note 6) | 184.7 | 115.6 | | Adjusting tax credit (Note 6) | (37.7) | (20.3) | | Adjusted profit for the year attributable to parent shareholders | 359.9 | 349.0 | | | | | | --- | --- | --- | | | 2025/26 | 2024/25 | | | pence | pence | | Basic EPS on profit for the year | 123.3 | 141.5 | | Adjusting items before tax | 107.0 | 64.4 | | Adjusting tax credit | (21.8) | (11.3) | | Basic EPS on adjusted profit for the year | 208.5 | 194.6 | | Diluted EPS on profit for the year | 122.4 | 140.6 | | Diluted EPS on adjusted profit for the year | 207.0 | 193.4 | 11. Dividends paid and proposed | | | | | | | --- | --- | --- | --- | --- | | | 2025/26 | | 2024/25 | | | | pence per | | pence per | | | | share | £m | share | £m | | Final dividend proposed and paid | | | | | | relating to the prior year | 60.60 | 106.5 | 62.90 | 114.7 | | Interim dividend proposed and paid | | | | | | for the current year | 36.40 | 62.3 | 36.40 | 65.2 | | Unclaimed dividend written back | — | — | N/A | (2.1) | | Total equity dividends paid in the year | | 168.8 | | 177.8 | | Dividends on other shares: | | | | | | B shares | — | — | 11.40 | 0.2 | | C shares | — | — | 7.60 | 0.1 | | Total dividends paid | | 168.8 | | 178.1 | | Proposed for approval at annual | | | | | | general meeting: | | | | | | Final equity dividend for the current year | [•] | [•] | 60.60 | 106.4 | B and C shares were fully converted and cancelled on 16 December 2024; therefore, no such shares were in issue during 2025/26. A final dividend of [•]p per share amounting to a dividend of £[•]m was recommended by the Directors at their meeting on [•] April 2026. A Dividend Reinvestment Plan (DRIP) alternative will be offered. The proposed final dividend is subject to approval by shareholders at the annual general meeting and has not been included as a liability in these consolidated financial statements. ![]() 181 #### Whitbread PLC Annual Report and Accounts 2025/26 12. Intangible assets | | | | | | --- | --- | --- | --- | | | | IT software and | | | | Goodwill | technology | Total | | | £m | £m | £m | | Cost | | | | | At 29 February 2024 | 350.1 | 160.0 | 510.1 | | Additions | — | 19.6 | 19.6 | | Assets written off | — | (12.6) | (12.6) | | Foreign currency translation | — | (0.1) | (0.1) | | At 27 February 2025 | 350.1 | 166.9 | 517.0 | | Additions | — | 19.7 | 19.7 | | Assets written off | — | (21.9) | (21.9) | | Foreign currency translation | — | 0.3 | 0.3 | | At 26 February 2026 | 350.1 | 165.0 | 515.1 | | Amortisation and impairment | | | | | At 29 February 2024 | (239.6) | (85.5) | (325.1) | | Amortisation during the year | — | (30.2) | (30.2) | | Amortisation on assets written off | — | 12.6 | 12.6 | | Foreign currency translation | — | — | — | | At 27 February 2025 | (239.6) | (103.1) | (342.7) | | Amortisation during the year | — | (33.0) | (33.0) | | Amortisation on assets written off | — | 21.9 | 21.9 | | Foreign currency translation | — | (0.1) | (0.1) | | At 26 February 2026 | (239.6) | (114.5) | (354.1) | | Net book value at 26 February 2026 | 110.5 | 50.5 | 161.0 | | Net book value at 27 February 2025 | 110.5 | 63.8 | 174.3 | Other than goodwill, there are no intangible assets with indefinite lives. IT software and technology assets, which are made up entirely of internally generated assets, have been assessed as having finite lives and are amortised under the straight-line method over periods ranging from three to ten years. Note 14 contains details of the impairment review conducted on goodwill as at the year end date. Capital expenditure commitments Capital expenditure commitments in relation to intangible assets at the year end amounted to £1.4m (2024/25: £4.3m). 13. Property, plant and equipment | | | | | | --- | --- | --- | --- | | | Land and | Plant and | | | | buildings | equipment | Total | | | £m | £m | £m | | Cost | | | | | At 29 February 2024 | 4,110.8 | 1,787.4 | 5,898.2 | | Additions | 228.0 | 237.3 | 465.3 | | Interest capitalised | 8.7 | — | 8.7 | | Net movements to assets held for sale in the year | (261.8) | (62.3) | (324.1) | | Disposals | (0.6) | (0.1) | (0.7) | | Assets written off | (2.2) | (103.7) | (105.9) | | Foreign currency translation | (22.5) | (3.8) | (26.3) | | Asset reclassified from right-of-use asset | (3.8) | — | (3.8) | | At 27 February 2025 | 4,056.6 | 1,854.8 | 5,911.4 | | Additions | 433.7 | 274.1 | 707.8 | | Interest capitalised | 23.0 | — | 23.0 | | Net movements to assets held for sale in the year | (236.8) | (50.4) | (287.2) | | Assets written off | (20.4) | (117.1) | (137.5) | | Foreign currency translation | 38.9 | 6.5 | 45.4 | | At 26 February 2026 | 4,295.0 | 1,967.9 | 6,262.9 | FINANCIAL STATEMENTS ![]() #### NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED Year ended 26 February 2026 182 #### Whitbread PLC Annual Report and Accounts 2025/26 FINANCIAL STATEMENTS 13. Property, plant and equipment continued | | | | | | --- | --- | --- | --- | | | Land and | Plant and | | | | buildings | equipment | Total | | | £m | £m | £m | | Depreciation and impairment | | | | | At 29 February 2024 | (441.9) | (828.4) | (1,270.3) | | Depreciation charge for the year | (21.5) | (155.8) | (177.3) | | Net impairment charge (Note 14) | (46.2) | (2.1) | (48.3) | | Net movements to assets held for sale in the year | 120.8 | 36.3 | 157.1 | | Disposals | 0.5 | 0.1 | 0.6 | | Depreciation on assets written off | 0.3 | 100.1 | 100.4 | | Foreign currency translation | 2.3 | 1.5 | 3.8 | | At 27 February 2025 | (385.7) | (848.3) | (1,234.0) | | Depreciation charge for the year | (19.1) | (165.3) | (184.4) | | Net impairment charge (Note 14) | (123.2) | (4.6) | (127.8) | | Net movements to assets held for sale in the year | 19.7 | 19.9 | 39.6 | | Depreciation on assets written off | 19.0 | 118.3 | 137.3 | | Foreign currency translation | (4.0) | (2.8) | (6.8) | | At 26 February 2026 | (493.2) | (882.8) | (1,376.0) | | Net book value at 26 February 2026 | 3,800.5 | 1,086.4 | 4,886.9 | | Net book value at 27 February 2025 | 3,670.9 | 1,006.5 | 4,677.4 | Included above are assets under construction of £955.8m (2024/25: £682.3m). There is a charge in favour of the pension scheme over properties with a market value of £531.5m (2024/25: £531.5m). See Note 32 for further information. Amounts relating to right-of-use assets under IFRS 16 are detailed in Note 22. Capital expenditure commitments | | | | | --- | --- | --- | | | 2026 | 2025 | | | £m | £m | | Capital expenditure commitments for property, plant and equipment for which no provision has been made | 370.0 | 271.8 | Capitalised interest Interest capitalised during the year amounted to £23.0m, using an average rate of 3.4% (2024/25: £8.7m, using an average rate of 2.4%). 14. Impairment Summary of impairment charges and reversals During this year, net impairment charges of £162.5m (2024/25: £76.5m) were recognised within operating costs. Accelerating Growth Plan: Net impairment,write-offs and accelerated depreciation of £130.5m (2024/25: £43.5m) has been recognised in respect of the Group continuing with and extending the Accelerating Growth Plan (AGP). UK: Outside of Accelerating Growth Plan-related impairments, gross impairment charges in the UK of £15.5m (2024/25: £15.8m) and no gross impairment reversals in the UK (2024/25: £5.3m) have been recorded across right-of-use assets and property, plant and equipment. Germany: The Group continues to make progress through organic and portfolio acquisitions in order to access German markets, with 2025/26 performance reflecting the increased maturity of open sites. Impairment indicators were identified at a small number of German sites, which has resulted in a net impairment charge of £16.5m (2024/25: £22.5m impairment charge). ![]() 183 #### Whitbread PLC Annual Report and Accounts 2025/26 14. Impairment continued Summary of impairment charges and reversals continued The charges/(reversals) were recognised on the following classes of assets: | | | | | | --- | --- | --- | --- | | | Impairment | Impairment | | | | charge | reversal | Total | | 2025/26 | £m | £m | £m | | Impairment charges/(reversals) included in operating costs | | | | | Property, plant and equipment | 130.2 | (2.4) | 127.8 | | Accelerating Growth Plan sites | 119.6 | (2.4) | | | Rest of estate | 10.6 | — | | | Right-of-use assets | 23.9 | (0.1) | 23.8 | | Accelerating Growth Plan sites | 2.5 | (0.1) | | | Rest of estate | 21.4 | — | | | Assets held for sale | 10.9 | — | 10.9 | | Accelerating Growth Plan sites | 10.9 | — | | | Total charges/(reversals) for impairment included | | | | | in operating costs | 165.0 | (2.5) | 162.5 | 1 The net impairment charge of £127.8m above includes £27.6m of accelerated depreciation in relation to the Extensions programme. | | | | | | --- | --- | --- | --- | | | Impairment | Impairment | | | | charge | reversal | Total | | 2024/25 | £m | £m | £m | | Impairment charges/(reversals) included in operating costs | | | | | Property, plant and equipment 1 | 52.8 | (3.5) | 49.3 | | Accelerating Growth Plan sites | 30.6 | (1.5) | | | Rest of estate | 22.2 | (2.0) | | | Right-of-use assets | 29.3 | (4.0) | 25.3 | | Accelerating Growth Plan sites | 13.2 | (0.7) | | | Rest of estate | 16.1 | (3.3) | | | Assets held for sale | 7.2 | (5.3) | 1.9 | | Accelerating Growth Plan sites | 7.2 | (5.3) | | | Total charges/(reversals) for impairment included | | | | | in operating costs | 89.3 | (12.8) | 76.5 | 1 The net impairment charge of £49.3m above includes £1.0m of accelerated depreciation in relation to the Extensions programme. Property, plant and equipment and right-of-use assets – impairment review The carrying value of property, plant and equipment and right-of-use assets are reviewed for impairment whenever events or changes in circumstances indicate that their carrying values may not be recoverable. The majority of the Group’s trading sites offer a combination of accommodation and food and beverage services, either through a hotel and branded restaurant at the same location or a hotel which offers food and beverage. Due to the high dependency between accommodation and food and beverage cash flows at these locations, each trading site is considered to represent a separate cash-generating unit (‘CGU’). Exceptions to this exist in the form of a small number of sites where a third party provides food and beverage services. In addition, in circumstances where the Group is committed at the balance sheet date to the disposal of a portion of a site, the related proportion is not included in the trading CGU as the economic benefits are expected to be received principally through sale. The Group has judged that where there is an expectation (but not yet commitment) that a component of a CGUs value will be realised primarily through sale, an impairment review should be completed on the component to be disposed of as an individual asset. This is due to the Group understanding the value in use of the individual component to be sold is estimated to be close to its now measurable fair value less costs of disposal.In assessing whether an asset has been impaired, the carrying amount of the CGU is compared to its recoverable amount. The recoverable amount is the higher of its value in use and its fair value less costs of disposal. In assessing whether an asset has been impaired, the carrying amount of the CGU is compared to its recoverable amount. The recoverable amount is the higher of its value in use and its fair value less costs of disposal. Valuation methodology: The Group calculates a value in use (VIU) for each CGU. The key assumptions used in calculating VIU are set out below. Where the VIU is lower than the carrying value of the CGU, the Group additionally estimates a fair value less costs of disposal (FVLCD) for each site. • For leasehold sites, FVLCD is estimated based on present value techniques using a discounted cash flow method. • For freehold sites, FVLCD is estimated based on applying a market multiple to the CGU EBITDAR. The assumptions applied in estimating fair value for each of the above are set out below. Both estimates of FVLCD rely on inputs not normally observable by market participants and are therefore level 3 measurements in the fair value hierarchy. All of the impairment assessments take account of expected market conditions which include future risks including climate change and related legislation. FINANCIAL STATEMENTS ![]() #### NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED Year ended 26 February 2026 184 #### Whitbread PLC Annual Report and Accounts 2025/26 FINANCIAL STATEMENTS 14. Impairment continued Property, plant and equipment and right-of-use assets – impairment review continued Key assumptions: VIU for freehold and leasehold sites: The key assumptions used by management in estimating VIU were: Discount rates The discount rate is based on the Weighted Average Cost of Capital (WACC) of a typical market participant, taking into account specific country and currency risks associated with the Group. | | | | | | | --- | --- | --- | --- | --- | | | 2025/26 | | 2024/25 | | | | UK | Germany | UK | Germany | | Average pre-tax discount rate | 11.3% | 9.5% | 11.4% | 9.2% | | Average post-tax discount rate | 9.0% | 7.4% | 9.1% | 7.0% | Approved budget period Forecast cashflow for the initial five-year period are based on actual cash flows and considered after applying management’s assumptions of the performance of the Group over the next five years. The assumptions used are consistent with those applied in assessing the Group’s longer term viability. The key assumptions used by management in setting the board approved financial budgets for the initial five-year period were as follows: • Forecast period cashflows: The initial five-year period’s cashflows are drawn from the 5-year business plan. Cash flows used in impairment testing reflect the current condition of assets and exclude future enhancements or expansions not already committed. • Forecast growth rates: Forecast growth rates are based on the Group business plan, which includes assumptions around the UK and German economies over the next five years. • Operating profits are forecast based on historical experience of operating margins, adjusted for the impact of inflation and cost saving initiatives. • Local factors impacting the site in the current year or expected to impact the site in future years. Key assumptions include the maturity profile of individual sites, the future potential of immature sites and the impact of increasing or reducing market supply in the local area. Long-term growth rates A long-term growth rate of 2.0% (2025: 2.0%) was used for cash flows subsequent to the five-year approved budget/plan period. This long-term growth rate is a conservative rate and is considered to be lower than the long-term historical growth rates of the underlying territories in which the CGUs operate and the long-term growth rate prospects of the sectors in which the CGUs operate. FVLCD for leasehold sites: The key assumptions used by management in estimating the FVLCD on a discounted cashflow method were similar to those used in the VIU assessment, modified to reflect estimated cost of disposal and lease payments. Discount rates The discount rate is based on the Weighted Average Cost of Capital (WACC) of a typical market participant, taking into account specific country and currency risks associated with the Group. | | | | | | | --- | --- | --- | --- | --- | | | 2025/26 | | 2024/25 | | | | UK | Germany | UK | Germany | | Average pre-tax discount rate for FVLCD for leaseholds | 11.5% | 9.9% | 12.1% | 10.0% | FVLCD for freehold sites: The key assumption used by management in estimating the FVLCD for freehold sites is an EBITDAR multiple. EBITDAR multiple An EBITDAR multiple is estimated based on a normalised trading basis, with reference to market data obtained from external sources. This resulted in a multiple in the range of 9 to 11 times. ![]() 185 #### Whitbread PLC Annual Report and Accounts 2025/26 14. Impairment continued Methodology in relation to the Group’s Accelerating Growth Plan As set out in detail on page [22] of the Strategic Report, the Group announced an extension to the Accelerating Growth Plan during FY26. When considered together, the existing and extended AGP have had the following impact on the Group’s impairment review: Extensions programme: As part of the Group’s Extensions programme, certain branded restaurant units are being repurposed, with smaller areas dedicated to integrated food and beverage services and where appropriate the remaining space converted to additional hotel rooms. The composition of the CGU remains unchanged. During the year, planning applications were submitted for a number of sites, with approvals received for some locations. The useful economic lives of relevant buildings and FF&E have been reassessed based on the status of planning approvals and commencement of works. Where all relevant internal and external approvals have been obtained, the carrying value of the related assets is written down accordingly. During the year, £27.6m was written off. The Group expects to incur further charges of between £50.0m and £70.0m over the coming financial years. Disposal sites: The Group has a committed plan to dispose of a further group of sites to third parties. Disposal sites that were actively marketed at the year end, with a valid expectation of disposal within 12 months of the balance sheet date, have been classified as assets held for sale. As the economic benefits of these sites are expected to be realised principally through sale rather than continuing use, they have been measured at the lower of carrying value and fair value less costs of disposal. The remaining net book value of £39.2m (2024/25: £68.0m) is presented within assets held for sale. Disposal sites that do not meet the criteria for classification as assets held for sale are measured at the lower of carrying value and net realisable value. In these cases, net realisable value is represented by FVLCD, which exceeds the VIU. With the announcement of the extension to the Accelerating Growth Plan during FY26 the Group has recorded an impairment of £75.4m. Sensitivity to changes in assumptions The level of impairment is predominantly dependent upon estimates used in arriving at future growth rates and the discount rates applied to cash flow projections. The incremental impact on the net impairment charge of applying a reasonably possible change in assumptions to the growth rates used in the five-year business plans, long-term growth rates, pre-tax discount rates, EBITDAR multiple and FV of disposal is as follows: | | | | --- | --- | | | Total | | | £m | | Incremental increase/(decrease) to the net impairment charge | | | Increase to net impairment charge if year one’s cash flows reduced by 10% | 16.6 | | Decrease to net impairment charge if year one’s cash flows increased by 10% | (8.7) | | Increase to net impairment charge if discount rates increased by 2% | 5.8 | | Decrease to net impairment charge if discount rates reduced by 2% | (3.8) | | Increase to net impairment charge if the fair value of disposal sites reduced | | | by 20% | 18.7 | | Decrease to net impairment charge if the fair value of disposal sites increased | | | by 20% | (13.4) | | Increase to net impairment charge if long-term growth rates reduced by 1% | 8.7 | | Increase to net impairment charge if EBITDAR multiple reduced by 10% | 8.8 | The above sensitivity analyses are based on a reasonably possible change in an assumption (in line with disclosure requirements) whilst holding all other assumptions constant. In practice, this is unlikely to occur and changes in some of the assumptions may be correlated. Goodwill – impairment review Following the impairment assessment over property, plant and equipment and right-of-use assets, the Group completed an impairment review of goodwill. Goodwill acquired through business combinations is allocated to groups of CGUs at an operating segment level, being the level at which management monitors goodwill. As a result of the German goodwill being impaired in previous years, all of the Group’s goodwill is allocated to the UK and Ireland segment. The recoverable amount is the higher of FVLCD and VIU using the same assumptions as those used in the site level impairment reviews. The recoverable amount has been determined from VIU calculations. The future cash flows are based on assumptions from the approved budget and cover a five-year period. These forecasts include management’s most recent view of medium-term trading prospects. Cash flows beyond this period are extrapolated using a 2.0% (2024/25: 2.0%) growth rate. The pre-tax discount rate applied to cash flow projections is 11.3% (2024/25: 11.4%). Given the level of headroom within the UK segment, there is no reasonably possible change that could result in a further material impairment of goodwill. Assets held for sale – impairment review In addition to impairments on assets transferred to held for sale in the year, an impairment charge of £10.9m (2024/25: £1.9m) was recorded in relation to assets which had previously been classified as held for sale as a result of a reduction in expected sales proceeds. FINANCIAL STATEMENTS ![]() #### NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED Year ended 26 February 2026 186 #### Whitbread PLC Annual Report and Accounts 2025/26 FINANCIAL STATEMENTS 15. Assets classified as held for sale The following table presents the major classes of assets and liabilities classified as held for sale: | | | | | --- | --- | --- | | | 2026 | 2025 | | | £m | £m | | Property, plant and equipment | 109.2 | 128.8 | | Right-of-use assets | 1.4 | 1.1 | | Lease liabilities | (2.1) | (1.7) | | Assets classified as held for sale | 108.5 | 128.2 | At the year end, there were 86 sites with a combined net book value of £108.5m (2024/25: 107 with net book value of £128.2m) classified as assets held for sale (AHFS). There are no gains or losses recognised in other comprehensive income with respect to these assets. The value and number of assets held for sale are both heightened by the Group’s continued commitment to the Accelerating Growth Plan. There are no individually material assets within this group of assets. Sites are classified as held for sale only if they are available for immediate sale in their present condition and a sale is highly probable and expected to be completed within one year from the date of classification. Where there has been a delay in disposing of a site, the Group remains committed to its plan to sell the asset. If a site no longer meets this criteria at future reporting dates it is transferred back to property, plant and equipment. Included within assets held for sale are assets which were written down to fair value less costs to sell of £62.5m (2024/25: £56.4m). The fair value of property assets was determined based on current prices in an active market for similar properties or from independent market valuations of the assets by management’s experts. Where such information is not available management considers information from a variety of sources including current prices for properties of a different nature or recent prices of similar properties, adjusted to reflect those differences. This is a level 3 measurement as per the fair value hierarchy set out in Note 24. The key inputs under this approach are the property size and location. 16. Investment in joint ventures | | | | | --- | --- | --- | | | 2026 | 2025 | | Movement in investment in joint ventures | £m | £m | | Opening investment in joint ventures | 54.4 | 50.8 | | Share of profit for the year | 4.7 | 4.7 | | Foreign exchange movements | (3.7) | 0.1 | | Distributions received from joint ventures | (1.4) | (1.2) | | Closing investment in joint ventures | 54.0 | 54.4 | Premier Inn Hotels LLC The Group holds a 49% interest in Premier Inn Hotels LLC, a joint venture which operates Premier Inn branded hotels in the United Arab Emirates. The investment forms part of the Group’s international growth strategy. Premier Inn Hotels LLC holds a 49% investment in Premier Inn Qatar Limited. During the year, Premier Inn Hotels LLC repatriated £1.4m (2024/25: £1.2m) to the Group as a return of capital contributed to the joint venture. The Group continues to exercise significant influence over the entity. During the year, the Group also charged a franchise fee aggregating to £1.1m (2024/25: £1.1m) which has been repatriated by Premier Inn Hotels LLC and recorded in the Group’s Income Statement. Subsequent to the balance sheet date, there has been military escalation in the region in which the joint venture operates (UAE and Qatar). The potential impact on operations and financial performance will be assessed in the next financial reporting period. ![]() 187 #### Whitbread PLC Annual Report and Accounts 2025/26 16. Investment in joint ventures continued Premier Inn Hotels LLC continued | | | | | --- | --- | --- | | | 2026 | 2025 | | | Premier Inn | Premier Inn | | | Hotels LLC | Hotels LLC | | Summary of joint ventures’ balance sheets | £m | £m | | Current assets | 25.7 | 20.8 | | Non-current assets | 123.6 | 132.8 | | Current liabilities | (14.8) | (13.7) | | Non-current liabilities | (24.3) | (29.0) | | Net assets | 110.2 | 110.9 | | Group’s share of interest in joint ventures’ net assets | 54.0 | 54.4 | | Group’s carrying amount of the investment | 54.0 | 54.4 | | Within gross balance sheets | | | | Cash and cash equivalents | 22.5 | 17.8 | | Current financial liabilities | (2.7) | (4.8) | | Non-current financial liabilities | (24.3) | (29.0) | | | | | | --- | --- | --- | | | 2025/26 | 2024/25 | | | Premier Inn | Premier Inn | | | Hotels LLC | Hotels LLC | | Summary of joint ventures’ income statement | £m | £m | | Revenue | 37.3 | 35.6 | | Depreciation and amortisation | (3.2) | (2.9) | | Other operating costs | (22.2) | (20.6) | | Finance costs | (1.2) | (1.8) | | Profit before tax | 10.7 | 10.3 | | Income tax | (1.1) | (0.7) | | Profit after tax | 9.6 | 9.6 | | Group share | | | | Profit after tax | 4.7 | 4.7 | At 26 February 2026, the Group’s share of the capital commitments of its joint ventures amounted to £1.3m (2024/25: £1.2m). 17. Inventories | | | | | --- | --- | --- | | | 2026 | 2025 | | | £m | £m | | Finished goods held for resale | 9.2 | 13.9 | | Consumables | 1.8 | 3.2 | | | 11.0 | 17.1 | The carrying value of inventories is stated net of a provision of £0.5m (2024/25: £0.7m). 18. Trade and other receivables | | | | | --- | --- | --- | | | 2026 | 2025 | | | £m | £m | | Trade receivables | 43.3 | 55.3 | | Prepayments and accrued income | 67.5 | 53.7 | | Other receivables | 25.9 | 18.1 | | | 136.7 | 127.1 | | Analysed as: | | | | Current | 136.7 | 127.1 | | Non-current | — | — | | | 136.7 | 127.1 | Trade and other receivables are non-interest bearing and are generally on 30-day terms. Trade receivables includes £43.2m (2024/25: £49.3m) relating to contracts with customers. The allowance for expected credit loss relating to trade and other receivables at 26 February 2026 was £1.2m (2024/25: £0.9m). During the year, credit write-backs of £0.3m (2024/25: credit write-backs of £0.5m) were recognised within operating costs in the consolidated income statement. FINANCIAL STATEMENTS ![]() #### NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED Year ended 26 February 2026 188 #### Whitbread PLC Annual Report and Accounts 2025/26 FINANCIAL STATEMENTS 19. Cash and cash equivalents | | | | | --- | --- | --- | | | 2026 | 2025 | | | £m | £m | | Cash at bank and in hand (excluding committed payment runs 1 ) | 23.9 | 62.1 | | Committed payment runs 1 | (69.1) | (60.2) | | Cash at bank and in hand | (45.4) | 1.9 | | Money market funds 2 | 278.6 | 572.1 | | Short-term deposits 3 | 0.5 | 335.0 | | Cash and cash equivalents | 233.7 | 909.0 | 1 In line with the Group’s accounting policy, cash at bank is reduced at the point when BACS payment runs are created. In the current year this results in a temporary negative cash at bank and in hand balance of £45.4m that does not represent an overdraft. The payment runs were settled on the day after the year-end, with funding from the day-maturing money market funds. The IASB’s May 2024 Amendment to IFRS 9 clarifies that the liability should be derecognised and subsequently cash at bank reduced, at the settlement date, the Group intends to apply the Amendment for the first time in next year’s Annual Report and Accounts therefore would disclose 2026 year-end cash at bank and in hand value of £23.9m as shown in the table above. 2 Money market funds used by the Group are short-term, highly liquid investments that are readily convertible to known amounts of cash and are subject to an insignificant risk of changes in value. The Group typically holds MMF investments on a rolling 24 hour maturity to ensure funds are readily available to meet operational cash requirements whilst achieving finance income for the Group. 3 Short-term deposits are made for varying periods of between one day and three months depending on the immediate cash requirements of the Group. They earn interest at the respective short-term deposit rates. The Group does not have material cash balances which are subject to contractual or regulatory restrictions. For the purposes of the consolidated cash flow statement, cash and cash equivalents comprise the amounts as disclosed above. 20. Borrowings Amounts drawn down on the Group’s borrowing facilities are as follows: | | | | | | | --- | --- | --- | --- | --- | | | Current | | Non-current | | | | 2026 | 2025 | 2026 | 2025 | | | £m | £m | £m | £m | | Senior unsecured bonds | — | 450.0 | 943.0 | 942.4 | | | — | 450.0 | 943.0 | 942.4 | Revolving credit facility and covenant The Group has a five-year £775.0m multicurrency revolving credit facility agreement, which expires on 25 May 2029. The facility’s terms include variable interest rates, with GBP linked to SONIA and EUR linked to EURIBOR. The revolving credit facility agreement contains one financial covenant ratio, being: Net debt/adjusted EBITDA <3.5x, on a frozen GAAP basis. During the year, the Group utilised the facility for short-term working capital requirements with a maximum drawdown of £50.0m, all of which was fully repaid prior to the reporting date. As at 26 February 2026, the facility was undrawn (2025: £nil). Senior unsecured bonds The Group has issued senior unsecured bonds with coupons and maturities as shown in the following table: | | | | | | | --- | --- | --- | --- | --- | | | Year | Principal | | | | Title | issued | value | Maturity | Coupon | | 2027 senior unsecured – green use of proceeds bonds | 2021 | £300.0m | 31 May 2027 | 2.375% | | 2031 senior unsecured – green use of proceeds bonds | 2021 | £250.0m | 31 May 2031 | 3.000% | | 2032 senior unsecured bonds | 2025 | £400.0m | 31 May 2032 | 5.500% | On 16 October 2025, the Group repaid bonds on maturity with a principal value of £450.0m. As a result of the hedging arrangements in place, the total cash outflow recorded by the Group was £453.8m. Unamortised arrangement fees of £4.0m (2024/25: £5.0m) and unamortised coupon discounts of £1.9m (2024/25: £2.6m) incurred in relation to the bonds are included in the carrying value and are being amortised over the term of the bonds. In addition, £150.0m of the £400.0m 5.500% Bonds are held at fair value following set up of a fair value hedge, resulting in a fair value credit of £1.0m as at the balance sheet date. The bonds contain an early prepayment option which meets the definition of an embedded derivative. ![]() 189 #### Whitbread PLC Annual Report and Accounts 2025/26 21. Movements in cash and net debt | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | Share buy-back | | | | | | Cost of | | | | | commitments | | | | | | borrowings and | | | | | including | | Net new | | Transfers to | | amortisation of | | | | 27 February | transaction | | lease | Foreign | assets held for | Impact of fair | premiums and | 26 February | | | 2025 | costs | Cash flow | liabilities | exchange | sale | value hedge | discounts | 2026 | | Year ended 26 February 2026 | £m | £m | £m | £m | £m | £m | £m | £m | £m | | Cash and cash equivalents | 909.0 | — | (676.4) | — | 1.1 | — | — | — | 233.7 | | Liabilities from financing activities | | | | | | | | | | | Borrowings | (1,392.4) | — | 450.0 | — | — | — | 1.1 | (1.7) | (943.0) | | Lease liabilities | (4,233.8) | — | 172.9 | (409.3) | (50.9) | — | — | — | (4,521.1) | | Committed share buy-back | — | (251.3) | 251.3 | — | — | — | — | — | — | | Total liabilities from financing activities | (5,626.2) | (250.4) | 873.3 | (409.3) | (50.9) | — | 1.1 | (1.7) | (5,464.1) | | Less: lease liabilities | 4,233.8 | — | (172.9) | 409.3 | 50.9 | — | — | — | 4,521.1 | | Less: committed share buy-back | — | 250.4 | (250.4) | — | — | — | — | — | — | | Net debt | (483.4) | — | (226.4) | — | 1.1 | — | 1.1 | (1.7) | (709.3) | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | Share buy-back | | | | | | Cost of | | | | | commitments | | | | | | borrowings and | | | | | including | | Net new | | Transfers to | | amortisation of | | | | 29 February | transaction | | lease | Foreign | assets held for | Impact of fair | premiums and | 27 February | | | 2024 | costs | Cash flow | liabilities | exchange | sale | value hedge | discounts | 2025 | | Year ended 27 February 2025 | £m | £m | £m | £m | £m | £m | £m | £m | £m | | Cash and cash equivalents | 696.7 | — | 213.2 | — | (0.9) | — | — | — | 909.0 | | Liabilities from financing activities | | | | | | | — | | | | Borrowings | (994.9) | — | (398.3) | — | — | — | — | 0.8 | (1,392.4) | | Lease liabilities | (4,098.4) | — | 148.7 | (311.1) | 31.6 | (4.6) | — | — | (4,233.8) | | Committed share buy-back | (12.3) | (252.0) | 264.3 | — | — | — | — | — | — | | Total liabilities from financing activities | (5,105.6) | (252.0) | 14.7 | (311.1) | 31.6 | (4.6) | — | 0.8 | (5,626.2) | | Less: lease liabilities | 4,098.4 | — | (148.7) | 311.1 | (31.6) | 4.6 | — | — | 4,233.8 | | Less: committed share buy-back | 12.3 | 252.0 | (264.3) | — | — | — | — | — | — | | Net debt | (298.2) | — | (185.1) | — | (0.9) | — | — | 0.8 | (483.4) | FINANCIAL STATEMENTS ![]() #### NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED Year ended 26 February 2026 190 #### Whitbread PLC Annual Report and Accounts 2025/26 FINANCIAL STATEMENTS 22. Lease arrangements The Group leases various buildings which are used as hotels and restaurants. The leases are non-cancellable leases with varying terms, rent review clauses and renewal rights and include variable payments that are not fixed in amount but based upon a percentage of sales. The Group also leases various plant and equipment under non-cancellable lease agreements. An analysis of the Group’s right-of-use assets and lease liabilities is as follows: | | | | | | --- | --- | --- | --- | | | Property | Other | Total | | Right-of-use assets | £m | £m | £m | | At 29 February 2024 | 3,594.6 | 2.4 | 3,597.0 | | Additions including sale and leaseback of property | 323.4 | 0.5 | 323.9 | | Net impairment charge (Note 14) | (25.3) | — | (25.3) | | Foreign currency translation | (30.4) | — | (30.4) | | Depreciation | (193.1) | (1.2) | (194.3) | | Terminations | (1.6) | — | (1.6) | | Net movements from assets held for sale in the year | 3.7 | — | 3.7 | | Reclassification to property, plant and equipment 1 | (10.3) | — | (10.3) | | At 27 February 2025 | 3,661.0 | 1.7 | 3,662.7 | | Additions including sale and leaseback of property | 354.3 | 0.1 | 354.4 | | Net impairment charge (Note 14) | (23.8) | — | (23.8) | | Foreign currency translation | 48.2 | — | 48.2 | | Depreciation | (207.6) | (1.0) | (208.6) | | Terminations | (0.3) | — | (0.3) | | Net movements from assets held for sale in the year | 1.0 | — | 1.0 | | At 26 February 2026 | 3,832.8 | 0.8 | 3,833.6 | | | | | | | --- | --- | --- | --- | | | Property | Other | Total | | Lease liabilities | £m | £m | £m | | At 29 February 2024 | 4,096.6 | 1.8 | 4,098.4 | | Additions including sale and leaseback of property | 327.6 | 0.4 | 328.0 | | Interest | 166.6 | 0.1 | 166.7 | | Foreign currency translation | (31.6) | — | (31.6) | | Payments | (313.7) | (1.7) | (315.4) | | Terminations | (0.3) | — | (0.3) | | Net movements from assets held for sale in the year | 4.6 | — | 4.6 | | Reclassification to property, plant and equipment 1 | (16.6) | — | (16.6) | | At 27 February 2025 | 4,233.2 | 0.6 | 4,233.8 | | Additions including sale and leaseback of property | 410.1 | 0.5 | 410.6 | | Interest | 177.0 | — | 177.0 | | Foreign currency translation | 51.0 | — | 51.0 | | Payments | (348.9) | (1.0) | (349.9) | | Terminations | (1.4) | — | (1.4) | | At 26 February 2026 | 4,521.0 | 0.1 | 4,521.1 | 1 During the comparative year, the Group acquired two properties over which it had previously held a leasehold interest. During the year, the Group had non-cash additions to right-of-use assets and lease liabilities of £271.2m (2024/25: £205.0m) relating to new leases and £87.5m (2024/25: £118.9m) relating to amendments to existing leases. The difference between additions to right-of-use assets and lease liabilities of £51.6m mainly relates to deferred gain on sale and lease back of properties (2024/25: £4.1m mainly relating to net lease payments). A maturity analysis of gross lease liability payments is included within Note 24. ![]() 191 #### Whitbread PLC Annual Report and Accounts 2025/26 22. Lease arrangements continued Amounts recognised in the Group income statement | | | | | --- | --- | --- | | | 2025/26 | 2024/25 | | | £m | £m | | Depreciation expense of right-of-use assets | 208.6 | 194.3 | | Interest expense on lease liabilities | 177.0 | 166.7 | | Expense relating to low-value assets and short-term leases | — | — | | Variable lease payment expenses | 3.5 | 4.0 | | Impairment losses of right-of-use assets (Note 14) | 23.8 | 25.3 | | Rental income | (4.7) | (5.5) | | Net lease expense recognised in the consolidated | | | | income statement | 408.2 | 384.8 | The Group’s total cash outflow in relation to leases was £353.4m including variable lease payments of £3.5m (2024/25: £319.4m including variable lease payments of £4.0m). Future possible cash outflows not included in the lease liability The Group has several lease contracts that include extension and termination options. Set out below are the undiscounted future rental payments relating to periods following the exercise date of extension and termination options that are not included in the lease liability. | | | | | --- | --- | --- | | | 2025/26 | 2024/25 | | | £m | £m | | Extension options expected not to be exercised | 1,920.1 | 1,600.8 | | Termination options expected to be exercised | — | — | | | 1,920.1 | 1,600.8 | The Group uses judgement in determining whether termination and extension option periods will be included within the lease term. The Group assumes that, unless a decision has been made to exit a lease, termination options will not be exercised as a result of historical practices within the Group. At the outset of a lease, the Group assumes that it will not exercise extension options. Due to the length of the Group’s leases, there is generally insufficient evidence that exercising an extension option is certain. Future increases or decreases in rentals linked to an index or rate (not arising on a sale and leaseback transaction) are not included in the lease liability until the change in cash flows takes effect. Approximately 77% of the Group’s lease liabilities are subject to inflation-linked rentals (with 94% of these leases containing caps) and a further 12% which are subject to open market rent or similar review clauses. Rental changes linked to inflation or rent reviews typically occur on an annual or five-yearly basis. As at 26 February 2026, the Group was committed to leases with future cash outflows totalling £1,152.0m (2024/25: £1,182.3m) which had not yet commenced and as such are not accounted for as a liability. A liability and right-of-use asset will be recognised for these leases at the lease commencement date. The Group as a lessor The Group acts as a lessor in relation to a number of non-trading legacy sites and in subletting space within trading sites. Rental income recognised by the Group during the year is £4.7m (2024/25: £5.5m). Future minimum rentals receivable under non-cancellable operating leases at the year end are as follows: | | | | | --- | --- | --- | | | 2025/26 | 2024/25 | | | £m | £m | | Within one year | 4.0 | 4.1 | | After one year but not more than five years | 6.7 | 7.9 | | More than five years | 16.1 | 12.7 | | | 26.8 | 24.7 | FINANCIAL STATEMENTS ![]() #### NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED Year ended 26 February 2026 192 #### Whitbread PLC Annual Report and Accounts 2025/26 FINANCIAL STATEMENTS 23. Provisions | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | | | Onerous | | | | | | | | contracts and | Property | Insurance | | | | | Restructuring | related costs | costs | claims | Other | Total | | | £m | £m | £m | £m | £m | £m | | At 29 February 2024 | — | 2.9 | 5.6 | 8.3 | 1.8 | 18.6 | | Created | 8.6 | 24.0 | 0.9 | 2.0 | — | 35.5 | | Utilised | (2.0) | (10.7) | (2.7) | (2.1) | (0.2) | (17.7) | | Released | (0.1) | — | (0.4) | (1.0) | — | (1.5) | | Foreign exchange | — | — | (0.1) | — | — | (0.1) | | At 27 February 2025 | 6.5 | 16.2 | 3.3 | 7.2 | 1.6 | 34.8 | | Created | 0.8 | — | 15.8 | 2.0 | — | 18.6 | | Utilised | (6.1) | (14.2) | (1.5) | (3.1) | — | (24.9) | | Released | — | — | — | — | — | — | | Foreign exchange | — | — | — | — | — | — | | At 26 February 2026 | 1.2 | 2.0 | 17.6 | 6.1 | 1.6 | 28.5 | | Analysed as: | | | | | | | | Current | 1.1 | 2.0 | 17.6 | — | 1.6 | 22.4 | | Non-current | — | — | — | 6.1 | — | 6.1 | | At 26 February 2026 | 1.1 | 2.0 | 17.6 | 6.1 | 1.6 | 28.5 | | Analysed as: | | | | | | | | Current | 6.5 | 16.2 | 3.3 | — | 1.6 | 27.6 | | Non-current | — | — | — | 7.2 | — | 7.2 | | At 27 February 2025 | 6.5 | 16.2 | 3.3 | 7.2 | 1.6 | 34.8 | Restructuring During the year, the Group progressed the restructuring programmes announced last year for its UK and Germany Support Centres, as well as its site operations in Germany resulting in a provision created of £0.8m and £6.1m utilised. Onerous contracts Onerous contract provisions relate primarily to property, software licences and supplier contracts where the contracts have become onerous. Provision is made for property-related costs for the period that a sublet or assignment of the lease is not possible. Onerous contract provisions are discounted using a discount rate of 2.0% (2024/25: 2.0%) based on an approximation for the time value of money. Property related The amount and timing of the expected cash outflows are subject to variation. The Group utilises the skills and expertise of both internal and external property experts to determine the provision held. Provisions are expected to be utilised over a period of up to ten years. During the year, the Group utilised £0.2m of property-related onerous provisions. Exit fees The Group has incurred exit fees in relation to the Group’s strategic decision to exit and change to a new logistics provider. A provision of £24.0m was created in the previous year in relation to these contracts. During the year, the Group utilised the remaining £14.0m of the provision (2024/25: utilised £10.0m). ![]() 193 #### Whitbread PLC Annual Report and Accounts 2025/26 23. Provisions continued Property costs The Group has established a provision for the performance of property-related remediation works at a small number of the Group’s sites. A provision of £3.3m is brought forward in relation to these costs. During the year £1.5m of the provision has been utilised, and £15.8m was created. The provision is expected to be utilised over the next two years. Insurance A provision of £7.2m was brought forward in relation to the estimate of the cost of future claims against the Group from employees and the public. The claims covered typically relate to accidents and injuries sustained within Whitbread’s trading sites. During the year, £3.1m of the provision was utilised and £2.0m was created. Other The Group has previously announced its intention to exit hotel operations in South East Asia. The £1.6m provision has been carried forward for risks arising from indemnity agreements. The Group operates leases where it neither anticipates nor intends exiting a lease; therefore, the Group has determined that the circumstances in which these leases would end mean that an outflow of resources is not considered probable. As a result, the Group does not hold a material dilapidations provision. 24. Financial Risk Management objectives and policies The Group’s principal financial instruments, other than derivatives, comprise bank loans, senior unsecured bonds, cash, short-term deposits, money market funds, trade receivables and trade payables. The Group’s financial instrument policies can be found in the accounting policies in Note 2. The Board agrees policies for managing the financial risks summarised below: Interest rate risk The Group’s exposure to market risk for changes in interest rates relates primarily to the Group’s long-term debt obligations. Interest rate swaps are used where necessary to maintain a mix of fixed and floating rate borrowings to manage this risk, in line with the Group treasury policy. At the year end, 100% of Group debt was fixed for an average of 4.4 years at an average interest rate of 3.9% (2024/25: 100% for 3.9 years at 3.7%). In accordance with IFRS 7 Financial Instruments: Disclosures, the Group has undertaken sensitivity analysis on its financial instruments which are affected by changes in interest rates. This analysis has been prepared on the basis of a constant amount of net debt, a constant ratio of fixed to floating interest rates, and the hedging instruments in place at 26 February 2026 and 27 February 2025 respectively. Consequently, the analysis relates to the situation at those dates and is not representative of the years then ended. The following assumptions were made: • balance sheet sensitivity to interest rates applies only to derivative financial instruments, as the carrying value of debt and deposits does not change as interest rates move; and • gains or losses are recognised in equity or the consolidated income statement in line with the accounting policies set out in Note 2. Based on the Group’s cash and cash equivalent position at the year end, a 1%pt increase in interest rates would increase the Group’s profit before tax by £2.3m (2024/25: £9.1m). Liquidity risk In its funding strategy, the Group’s objective is to maintain a balance between the continuity of funding and flexibility through the use of overdrafts and bank loans. This strategy includes monitoring the maturity of financial liabilities to avoid the risk of a shortage of funds. Excess cash used in managing liquidity is placed on interest-bearing deposit where maturity is fixed at no more than three months. Short-term flexibility is achieved through the use of short-term borrowing on the money markets and through drawings under the Group’s revolving credit facility. The facility is typically utilised for periods of around one month to meet short-term liquidity needs. FINANCIAL STATEMENTS ![]() #### NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED Year ended 26 February 2026 194 #### Whitbread PLC Annual Report and Accounts 2025/26 FINANCIAL STATEMENTS 24. Financial Risk Management objectives and policies continued Liquidity risk continued Fair value hedges The Group presents the time bands below as they reflect the maturity profile that it monitors in its liquidity management activities. The tables below summarise the Group’s financial liabilities at 26 February 2026 and 27 February 2025 based on contractual undiscounted payments, including interest: | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | Less than | Between 1 | Between 3 | Between 10 and | More than | | Carrying | | | 12 months | and 3 years | and 10 years | 20 years | 20 years | Total | value | | 26 February 2026 | £m | £m | £m | £m | £m | £m | £m | | Non-derivative financial assets/liabilities: | | | | | | | | | Interest-bearing loans and borrowings | 36.6 | 402.8 | 760.5 | — | — | 1,199.9 | 943.0 | | Lease liabilities | 365.3 | 740.2 | 2,473.8 | 2,381.3 | 1,800.4 | 7,761.0 | 4,521.1 | | Trade and other payables | 197.6 | — | — | — | — | 197.6 | 197.6 | | | 599.5 | 1,143.0 | 3,234.3 | 2,381.3 | 1,800.4 | 9,158.5 | 5,661.7 | | Derivative financial assets/liabilities: | | | | | | | | | Cross-currency swaps | | | | | | | | | Derivative contracts – receipts | — | — | (574.7) | — | — | (574.7) | | | Derivative contracts – payments | — | — | 543.2 | — | — | 543.2 | | | | — | — | (31.5) | — | — | (31.5) | | | Total | 599.5 | 1,143.0 | 3,202.8 | 2,381.3 | 1,800.4 | 9,127.0 | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | Less than | Between 1 | Between 3 | Between 10 and | More than | | Carrying | | | 12 months | and 3 years | and 10 years | 20 years | 20 years | Total | value | | 27 February 2025 | £m | £m | £m | £m | £m | £m | £m | | Non-derivative financial assets/liabilities: | | | | | | | | | Interest-bearing loans and borrowings | 501.8 | 373.3 | 790.0 | — | — | 1,665.1 | 1,392.4 | | Lease liabilities | 337.8 | 673.2 | 2,282.8 | 2,271.6 | 1,562.1 | 7,127.5 | 4,233.8 | | Trade and other payables | 170.4 | — | — | — | — | 170.4 | 170.4 | | | 1,010.0 | 1,046.5 | 3,072.8 | 2,271.6 | 1,562.1 | 8,963.0 | 5,796.6 | | Derivative financial assets/liabilities: | | | | | | | | | Cross-currency swaps | | | | | | | | | Derivative contracts – receipts | (465.2) | — | — | — | — | (465.2) | | | Derivative contracts – payments | 439.1 | — | — | — | — | 439.1 | | | | (26.1) | — | — | — | — | (26.1) | | | Total | 983.9 | 1,046.5 | 3,072.8 | 2,271.6 | 1,562.1 | 8,936.9 | | ![]() 195 #### Whitbread PLC Annual Report and Accounts 2025/26 24. Financial Risk Management objectives and policies continued Credit risk Due to the high level of cash held at the year end, the most significant credit risk faced by the Group is that arising on cash and cash equivalents. The Group’s exposure arises from default of the counterparty, with a maximum exposure equal to the carrying value of these instruments. The Group seeks to minimise the risk of default in relation to cash and cash equivalents by spreading investments across a number of counterparties and dealing in accordance with the Group treasury policy which specifies acceptable credit ratings and maximum investments for any counterparty. Counterparties for cash and cash equivalents and derivatives contracts are required to have a long-term credit rating of A- or better at contract inception from either Moody’s, Standard & Poor’s or Fitch. Exposures to these counterparties are regularly monitored and, if the long-term credit rating falls below A-, management will make a decision on remedial action to be taken. In the event that any of the Group’s banks get into financial difficulty, the Group is exposed to the risk of withdrawal of currently undrawn committed facilities. This risk is mitigated by the Group having a range of counterparties to its facilities. The Group is exposed to a small amount of credit risk attributable to its trade and other receivables. This is minimised by dealing with counterparties with good credit ratings. The amounts included in the balance sheet are net of expected credit losses, which have been estimated by management based on prior experience and any known factors at the balance sheet date. The Group’s maximum exposure to credit risk arising from trade and other receivables, derivatives and cash and cash equivalents is £305.9m (2024/25: £1,002.3m). Foreign currency risk The Group operates internationally and is exposed to foreign currency risk arising from net investments in foreign operations. See Note 25 for more details. At 26 February 2026, the Group has an exposure in relation to euro denominated net assets that are not hedged against of £142.1m, primarily relating to operations in Germany and the Republic of Ireland. The Group’s functional currency is GBP. The Group manages foreign currency risk by using natural hedges and derivative instruments. Where appropriate, the Group designates certain borrowings as hedges of net investments in foreign operations under IFRS 9. The objective is to minimise volatility in equity arising from exchange rate movements. The following table illustrates the impact on equity of a reasonably possible change in the EUR/GBP exchange rate at the reporting date, assuming all other variables remain constant. A 10% strengthening or weakening of the euro against sterling has been considered reasonable based on historical volatility. | | | | --- | --- | | | Impact on equity | | Change in EUR/GBP | (£m) | | +10% (euro strengthens) | 11.4 | | -10% (euro weakens) | (15.8) | The sensitivity analysis is based on €162.5m net assets translated at a closing rate of €1.14:£1.00. There is no material impact on profit or loss as the exposure relates to net investments in foreign operations. The Group applies hedge accounting for certain euro-denominated borrowings designated as hedges of net investments in foreign operations. The effectiveness of these hedges is assessed regularly and was continually effective throughout the financial year Capital management The Group’s primary objective in regard to capital management is to ensure that it continues to operate as a Going Concern and has sufficient funds at its disposal to grow the business for the benefit of shareholders. The Group seeks to maintain a ratio of debt to equity that balances risks and returns and also complies with the Group’s net debt to EBITDA covenant. See pages [•] to [•] of this report for the policies and objectives of the Board regarding capital management, analysis of the Group’s credit facilities and financing plans for the coming years. The Group aims to maintain sufficient funds for working capital and future investment in order to meet growth targets. The management of equity through share buy-backs and new issues is considered as part of the overall leverage framework balanced against the funding requirements of future growth. In addition, the Group may carry out a number of sale and leaseback transactions to provide further funding for growth. The Group has access to a £775.0m multicurrency revolving credit facility with a final maturity date on 25 May 2029. There is one financial covenant ratio, being net debt/adjusted EBITDA <3.5x, on a frozen GAAP basis. The above matters are considered at regular intervals and form part of the business planning and budgeting processes. In addition, the Board regularly reviews the Group’s dividend policy and funding strategy. FINANCIAL STATEMENTS ![]() #### NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED Year ended 26 February 2026 196 #### Whitbread PLC Annual Report and Accounts 2025/26 FINANCIAL STATEMENTS 25. Financial instruments The carrying values of financial assets and liabilities at each reporting date are as follows: | | | | | | | | --- | --- | --- | --- | --- | --- | | | Amortised cost | | Fair value | | | | | Financial | Financial | Hedging | | | | | assets | liabilities | instruments | Other | Carrying value | | At 26 February 2026 | £m | £m | £m | £m | £m | | Trade and other receivables | 69.2 | — | — | — | 69.2 | | Cash and cash equivalents | (44.9) | — | — | 278.6 | 233.7 | | Interest-bearing loans and borrowings | — | (794.0) | — | (149.0) | (943.0) | | Lease liabilities | — | (4,521.1) | — | — | (4,521.1) | | Derivative financial instruments | — | — | (9.5) | — | (9.5) | | Trade and other payables | — | (197.8) | — | — | (197.8) | | | | | | | | | --- | --- | --- | --- | --- | --- | | | Amortised cost | | Fair value | | | | | Financial | Financial | Hedging | | | | | assets | liabilities | instruments | Other | Carrying value | | At 27 February 2025 | £m | £m | £m | £m | £m | | Trade and other receivables | 73.4 | — | — | — | 73.4 | | Cash and cash equivalents | 336.9 | — | — | 572.1 | 909.0 | | Interest-bearing loans and borrowings | — | (1,392.4) | — | — | (1,392.4) | | Lease liabilities | — | (4,233.8) | — | — | (4,233.8) | | Derivative financial instruments | — | — | 18.5 | — | 18.5 | | Trade and other payables | — | (170.4) | — | — | (170.4) | Fair values IFRS 13 Fair Value Measurement requires that the classification of financial instruments at fair value be determined by reference to the source of inputs used to derive the fair value. The classification uses the following three-level hierarchy: • level 1 – quoted prices (unadjusted) in active markets for identical assets or liabilities; • level 2 – other techniques for which all inputs, which have a significant effect on the recorded fair value, are observable, either directly or indirectly; and • level 3 – techniques which use inputs, which have a significant effect on the recorded fair value, that are not based on observable market data. For assets and liabilities that are recognised in the financial statements at fair value on a recurring basis, the Group determines whether transfers have occurred between levels in the hierarchy by reassessing categorisation (based on the lowest-level input that is significant to the fair value measurement as a whole) at the end of each reporting period. ![]() 197 #### Whitbread PLC Annual Report and Accounts 2025/26 25. Financial instruments continued Fair values continued Financial assets and liabilities measured at amortised cost The carrying values of trade and other receivables, cash and cash equivalents and trade and other payables are considered to be reasonable approximations of their fair values largely due to the short-term maturities of these instruments. The fair value of the Group’s borrowings is estimated at £926.9m (2024/25: £1,344.8m). The fair value of the Group’s borrowings is based on level 1 valuation techniques where there is an active market for the instrument and on level 2 valuation techniques otherwise. Financial assets and liabilities measured at fair value | | | | | --- | --- | --- | | | 2026 | 2025 | | | £m | £m | | Financial assets | | | | Derivative financial instruments – level 2 | 0.1 | 19.9 | | Financial liabilities | | | | Derivative financial instruments – level 2 | 9.5 | 1.4 | During the year ended 26 February 2026, there were no transfers between fair value measurement levels. Derivative financial instruments include £0.1m assets (2024/25: £nil) due after one year, £nil assets (2024/25: £19.9m) due within one year, £nil liabilities (2024/25: £1.4m) due within one year and £9.5m liabilities (2024/25: £nil) due after one year. The fair value of derivative instruments classified as level 2 is calculated by discounting all future cash flows by the relevant market discount rate at the balance sheet date. The fair values of money market funds within cash and cash equivalents classified as level 1 are calculated by reference to their active market values at 26 February 2026. Derivative financial instruments Hedge of net investment in foreign operations The Group maintains a strategy of hedging its net investment in its German operations against movements in the GBP:EUR exchange rate. The cross-currency swaps entered into in October 2019 matured and settled in October 2025. Upon maturity, the Group re-entered into new FX swap arrangements to maintain this hedge position. The current swaps have a settlement date of May 2031, whereby the Group pays an average fixed rate of 2.12% on a notional amount of €521.0m and receives a fixed rate of 3.375% on a notional amount of £450.0m. There is an economic relationship between the hedged item and the hedging instrument as the net investment creates a translation risk that will match the foreign exchange risk on the cross-currency swaps. The Group has established a hedge ratio of 1:1 as the underlying risk of the hedging instrument is identical to the hedged risk component. The hedge ineffectiveness will arise if the amount of the investment in the foreign subsidiary was to become lower than the nominal amount of the swaps. The net investment hedges were assessed to be highly effective at 26 February 2026 and a net unrealised loss of £22.0m (2024/25: gain of £16.7m) has been recorded in the translation reserve. The Group has recorded credit of hedging of £1.4m (2024/25: costs of hedging of £1.1m) within finance costs in the consolidated income statement as a result of the foreign currency basis spread within the hedging instrument. Cash flow hedges Commodity price risk The Group is exposed to the impact of changes in gas and power prices. In the UK, the Group manages this risk by entering into physical supply agreements with an energy supplier. As at 26 February 2026, the Group did not designate any financial instruments as cash flow hedges for commodity price risk (2024/25: the Group had fixed prices in respect of approximately 80% of its gas and power requirements for the next financial year). Interest rate risk The Group maintains hedge relationships to manage the variability of GBP cash flows arising from changes in floating interest rates on its GBP-denominated floating rate debt. These hedging relationships are in place for a period of two years and are executed through a partial-term interest rate hedge. Fair value hedges The Group maintains fixed rate debt as part of its strategy to manage interest rate fluctuations on the income statement, aiming for no less than two-thirds of total debt. The Group issued GBP debt with a fixed coupon of 5.50% and is exposed to changes in the fair value of this debt. The Group meets its objective of having effective GBP floating rate debt by entering into an interest rate swap, which hedges the fair value risk. There is an economic relationship between the hedged item and the hedging instrument as the terms of the interest rate swap match the terms of the fixed rate loan. The Group has established a hedge ratio of 1:1 for the hedging relationships as the underlying risk of the interest rate swap is identical to the hedged risk component. FINANCIAL STATEMENTS ![]() #### NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED Year ended 26 February 2026 198 #### Whitbread PLC Annual Report and Accounts 2025/26 FINANCIAL STATEMENTS 25. Financial instruments continued Derivative financial instruments continued Fair value hedges continued The impact of the hedging instruments and hedged items on the statement of financial position is as follows: | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | | | | | Change in fair | | | | | | | | value used for | | | | | | | | measuring | | | | | Notional | Carrying | | ineffectiveness | | Change in fair value | | | amount | amount | | for the year | | of hedged item | | At 26 February 2026 | £m | £m | Line item in statement of financial position | £m | Hedged item | £m | | Net investment in foreign operations | | | | | | | | Foreign exchange swaps | 478.0 | (9.0) | Derivative financial instruments | (9.0) | Net investment in foreign subsidiaries | 9.0 | | Foreign exchange forwards | 95.6 | (0.5) | Derivative financial instruments | (0.5) | Net investment in foreign subsidiaries | 0.5 | | Cash flow hedges | | | | | | | | Interest rate swaps | 150.0 | 1.1 | Derivative financial instruments | 1.1 | Highly probable forecast net interest payments | (1.1) | | Fair value hedges | | | | | | | | Interest rate swaps | 150.0 | (1.0) | Derivative financial instruments | (1.0) | £150m of £400m 5.50% Guaranteed Notes | 1.0 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | | | | | Change in fair | | | | | | | | value used for | | | | | | | | measuring | | | | | Notional | Carrying | | ineffectiveness | | Change in fair value | | | amount | amount | | for the year | | of hedged item | | At 27 February 2025 | £m | £m | Line item in statement of financial position | £m | Hedged item | £m | | Net investment in foreign operations | | | | | | | | Cross-currency swaps | 450.0 | 19.9 | Derivative financial instruments | 16.1 | Net investment in foreign subsidiaries | (16.1) | | Cash flow hedges | | | | | | | | Power commodity swaps | 4.5 | (1.4) | Derivative financial instruments | 5.7 | Highly probable forecast future power usage | N/A – future usage | The impact of the hedging instruments in the consolidated income statement and consolidated statement of comprehensive income is as follows: | | | | | | | --- | --- | --- | --- | --- | | | Total hedging | Amount | | | | | gain/(loss) | reclassified | | Accumulated value | | | recognised in | from OCI to | | recognised in cash flow | | | OCI | profit or loss | | hedge reserve | | 2025/26 | £m | £m | Line item in the consolidated income statement | £m | | Power commodity swaps | — | — | N/A - future usage | — | | | | | | | | --- | --- | --- | --- | --- | | | Total hedging | Amount | | | | | gain/(loss) | reclassified | | Accumulated value | | | recognised in | from OCI to | | recognised in cash flow | | | OCI | profit or loss | | hedge reserve | | 2024/25 | £m | £m | Line item in the consolidated income statement | £m | | Power commodity swaps | 5.7 | 8.8 | N/A – future usage | (1.4) | ![]() 199 #### Whitbread PLC Annual Report and Accounts 2025/26 25. Financial instruments continued Derivative financial instruments continued Impact of hedging on equity Set out below is the reconciliation of each component of equity and the analysis of other comprehensive income: | | | | | --- | --- | --- | | | | Foreign | | | Cash flow | currency | | | hedge | translation | | | reserve | reserve | | | £m | £m | | At 29 February 2024 | (11.6) | 25.9 | | Net fair value movement recognised in other comprehensive income: | | | | – Power commodity swaps | 5.7 | — | | Reclassified and reported in the consolidated income statement: | | | | – Power commodity swaps | 8.8 | — | | Foreign exchange arising on consolidation | — | (20.9) | | Fair value movement on derivatives designated as net investment | | | | hedges | — | 16.7 | | Net current tax credit | — | 0.3 | | Deferred tax charge | (3.6) | — | | At 27 February 2025 | (0.7) | 22.0 | | Net fair value movement recognised in other comprehensive income: | | | | – Interest rate swaps | 0.7 | — | | Reclassified and reported in the consolidated income statement: | | | | – Power commodity swaps | 1.6 | — | | Foreign exchange arising on consolidation | — | 29.2 | | Fair value movement on derivatives designated as net investment | | | | hedges | — | (22.0) | | Net current tax credit | — | (0.2) | | Deferred tax charge | (0.6) | — | | At 26 February 2026 | 1.0 | 35.6 | The foreign currency translation reserve includes an accumulated gain of £1.9m (2024/25: gain of £17.3m) relating to derivatives designated as net investment hedges. 26. Trade and other payables | | | | | --- | --- | --- | | | 2026 | 2025 | | | £m | £m | | Trade payables | 81.0 | 96.1 | | Other taxes and social security | 68.0 | 73.8 | | Contract liabilities | 186.2 | 183.3 | | Accruals | 237.7 | 233.3 | | Other payables | 116.8 | 74.3 | | | 689.7 | 660.8 | | Analysed as: | | | | Current | 689.7 | 660.8 | | Non-current | — | — | | | 689.7 | 660.8 | Included with contract liabilities is £183.8m (2024/25: £180.0m) relating to payments received for accommodation where the stay will take place after the year end and £2.4m (2024/25: £3.3m) revenue deferred relating to the Group’s restaurant customer loyalty programmes. During the year, £180.0m presented as a contract liability at 26 February 2026 has been recognised in revenue (2024/25: £177.1m). Trade payables typically have maturities up to 60 days depending on the nature of the purchase transaction and the agreed terms. FINANCIAL STATEMENTS ![]() #### NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED Year ended 26 February 2026 200 #### Whitbread PLC Annual Report and Accounts 2025/26 FINANCIAL STATEMENTS 27. Share capital Ordinary share capital Allotted, called up and fully paid ordinary shares of 76.80 pence each (2024/25: 76.80 pence each) | | | | | --- | --- | --- | | | million | £m | | At 29 February 2024 | 197.5 | 151.8 | | Issued on exercise of employee share options | 0.1 | 0.1 | | Conversion of preference share capital | 0.1 | 0.1 | | Cancellations following share buy-back | (8.9) | (6.8) | | At 27 February 2025 | 188.8 | 145.2 | | Issued on exercise of employee share options | 0.1 | 0.1 | | Cancellations following share buy-back | (8.8) | (6.8) | | At 26 February 2026 | 180.1 | 138.5 | Employee share options During the year, options over 0.1m (2024/25: 0.1m) ordinary shares, fully paid, were exercised by employees under the terms of various share option schemes. The Company received proceeds of £5.2m (2024/25: £3.3m) on exercise of these options. Share buy-back, commitment and cancellation The Company purchased and cancelled 8.8m (2024/24: 8.9m) shares with a nominal value of £6.8m (2024/25: £6.8m) under the share buy-back programmes running through this financial year. Consideration of £251.3m (2024/25: £264.3m), including associated fees and stamp duty of £2.1m (2024/25: £2.0m), was paid during the year. Share forfeiture The Group has implemented a share forfeiture programme following the completion of a tracing and notification exercise to any shareholders who have not had contact with the Company over the past 12 years, in accordance with the provisions set out in the Company’s articles of association. Under the share forfeiture programme the shares and dividends associated with shares of untraced members have been forfeited. Other than shares issued in the normal course of business as part of the share-based payments schemes, there have been no transactions involving ordinary shares or potential ordinary shares since the reporting date and before the completion of these consolidated financial statements. 28. Reserves Share premium The share premium reserve is the premium paid on the Company’s 76.80 pence ordinary shares. Capital redemption reserve A capital redemption reserve was created on the cancellation of the Group’s B and C preference shares and also includes the nominal value of cancelled ordinary shares. Retained earnings In accordance with IFRS practice, retained earnings include revaluation reserves which arose on transition to IFRS. Currency translation reserve The foreign currency translation reserve is used to record exchange differences arising from the translation of the financial statements of foreign subsidiaries, other foreign currency investments and exchange differences on derivative instruments that provide a hedge against net investments in foreign operations. ![]() 201 #### Whitbread PLC Annual Report and Accounts 2025/26 28. Reserves continued Other reserves The movement in other reserves during the year is set out in the table below: | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | Excluded | | | | Treasury | Merger | Hedging | component of | Total other | | | reserve | reserve | reserve | hedge reserve | reserves | | | £m | £m | £m | £m | £m | | At 29 February 2024 | 538.1 | 1,855.0 | 11.6 | (5.8) | 2,398.9 | | Other comprehensive income – net gain on cash flow hedges (Note 25) | — | — | (14.5) | — | (14.5) | | Other comprehensive income – deferred tax on cash flow hedges (Note 25) | — | — | 3.6 | — | 3.6 | | Other comprehensive income – loss on net investment hedges | — | — | — | 0.6 | 0.6 | | (Credit)/costs in relation to hedging | — | — | — | (1.1) | (1.1) | | Loss on ESOT shares issued | (8.1) | — | — | — | (8.1) | | At 27 February 2025 | 530.0 | 1,855.0 | 0.7 | (6.3) | 2,379.4 | | Other comprehensive income – net gain on cash flow hedges (Note 25) | — | — | (2.3) | — | (2.3) | | Other comprehensive income – deferred tax on cash flow hedges (Note 25) | — | — | 0.6 | — | 0.6 | | Other comprehensive income – loss on net investment hedges | — | — | — | 6.6 | 6.6 | | (Credit)/costs in relation to hedging | — | — | — | 1.4 | 1.4 | | Purchase of ESOT shares | 11.3 | — | — | — | 11.3 | | Loss on ESOT shares issued | (13.8) | — | — | — | (13.8) | | At 26 February 2026 | 527.5 | 1,855.0 | (1.0) | 1.7 | 2,383.2 | FINANCIAL STATEMENTS ![]() #### NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED Year ended 26 February 2026 202 #### Whitbread PLC Annual Report and Accounts 2025/26 FINANCIAL STATEMENTS 28. Reserves continued Other reserves continued Treasury reserve This reserve relates to shares held by an independently managed employee share ownership trust (ESOT) and treasury shares held by Whitbread PLC. The shares held by the ESOT were purchased in order to satisfy outstanding employee share options and potential awards under the Long Term Incentive Plan (LTIP) and other incentive schemes. The movement in treasury reserves during the year is set out in the table below: | | | | | | | --- | --- | --- | --- | --- | | | Treasury shares held by | | | | | | Whitbread PLC | | ESOT shares held | | | | million | £m | million | £m | | At 29 February 2024 | 12.5 | 514.5 | 0.9 | 23.6 | | Exercised during the year | — | — | (0.3) | (8.1) | | Purchase of ESOT shares | — | (5.1) | 0.2 | 5.1 | | At 27 February 2025 | 12.5 | 509.4 | 0.8 | 20.6 | | Exercised during the year | — | — | (0.5) | (13.8) | | Purchase of ESOT shares | — | — | 0.4 | 11.3 | | At 26 February 2026 | 12.5 | 509.4 | 0.7 | 18.1 | During the year, 0.4m shares were purchased by the Group’s independently managed Employee Share Ownership Trust (ESOT) for consideration of £11.3m. Merger reserve The merger reserve arose as a consequence of the merger in 2000/01 of Whitbread Group PLC and Whitbread PLC. Hedging reserve The hedging reserve records movements for effective cash flow hedges measured at fair value. Excluded component of hedge reserve The excluded component of hedge reserve records movements in the elements of derivatives used in hedging arrangements that are excluded from the hedge relationship. 29. Analysis of cash flows given in the cash flow statement | | | | | --- | --- | --- | | | 2025/26 | 2024/25 | | | £m | £m | | Profit for the year | 212.9 | 253.7 | | Adjustments for: | | | | Tax expense | 85.5 | 114.1 | | Net finance costs (Note 8) | 165.8 | 146.2 | | Share of profit from joint ventures | (4.7) | (4.7) | | Depreciation and amortisation | 426.2 | 401.8 | | Share-based payments | 16.7 | 16.8 | | Net impairment charge (Note 14) | 152.6 | 76.5 | | Gains on disposals, property and other provisions | (6.4) | (40.1) | | Other non-cash items | 23.2 | 35.6 | | Cash generated from operations before working capital changes | 1,071.8 | 999.9 | | Decrease in inventories | 6.2 | 4.1 | | Decrease in trade and other receivables | 11.5 | 4.1 | | Decrease in trade and other payables | (13.1) | (3.6) | | Cash generated from operations | 1,076.4 | 1,004.5 | Other non-cash items include a £0.3m inflow representing bad debt charges (2024/25: £nil), an inflow of £18.7m (2024/25: £33.9m inflow) as a result of net provision-related movements, an inflow of £5.1m (2024/25: £5.1m inflow) representing non-cash pension scheme administration costs, an outflow of £nil (2024/25: £3.6m) in relation to other adjusting item write-offs and an outflow of £0.9m (2024/25: £0.2m inflow) from foreign exchange gains. 30. Contingent liabilities The Group previously stated that it was involved in legal proceedings in relation to a third-party intellectual property claim, this matter was successfully defended during the current period and the Group no longer deems this to be a contingent liability. The Group has updated it’s accounting policy (Note 2) in relation to property-related remediation, clarifying its accounting treatment in this area, as well as having created related provisions in the financial year (Note 23). ![]() 203 #### Whitbread PLC Annual Report and Accounts 2025/26 31. Share-based payment plans Long Term Incentive Plan (LTIP) LTIP awards were made to Directors and senior executives of the Group prior to the adoption of the Restricted Share Plan. Vesting of share awards under the scheme was dependent on continued employment and meeting performance targets over a three-year vesting period. The awards are settled in equity once exercised. Deferred equity awards Share awards are made under the Whitbread Directors’ Incentive Scheme implemented during 2004/05. The awards are not subject to performance conditions and will vest in full on the release date subject to continued employment at that date. If the director or senior executive of the Group ceases to be an employee of Whitbread prior to the release date, normally three years after the award, by reason of redundancy, death, injury, ill health, disability or some other reason considered to be a permitted reason by the Remuneration Committee, the awards may be released in full. If employment ceases for any other reason, the proportion of awards which vest depends upon the year in which the award was made and the date that employment ceased. If employment ceases in the first year after an award is made, none of the award vests, between the first and second anniversary, 25% vests, and between the second and third anniversary, 50% vests. The awards are settled in equity once exercised. R&R Scheme The R&R Scheme enables Whitbread to make share awards periodically on a flexible basis. There are typically no performance conditions but these can be imposed by Whitbread at time of grant. Vesting of awards under this scheme is dependent on being in employment at date of vesting. If employment at Whitbread ceases prior to the vesting date by reason of resignation or is terminated for cause, all unvested awards will lapse. If employment ceases for any other reason, any vesting will be at the discretion of the Remuneration Committee and if granted will be on a pro-rated basis to the leaving date. The awards are settled in equity once exercised. Restricted Share Plan (RSP) At the general meeting held on 6 December 2019, it was agreed that the Restricted Share Plan would replace the Long Term Incentive Plan. Vesting of all shares under the scheme will depend on continued employment and meeting underpin targets over a period of at least three years. Details of the underpin target that apply to RSP awards are included in the remuneration report on page [•]. After vesting there is an additional holding period applicable to Directors and senior executives such that the underpin measurement period and holding period are at least five years. If employment at Whitbread ceases prior to the vesting date by reason of resignation or terminated for cause, all unvested shares will lapse. If employment ceases for any other reason, any vesting will be at the discretion of the Remuneration Committee and if granted will be on a pro-rated basis to the leaving date. The awards are settled in equity once exercised. Movements in the number of share awards are as follows: | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | | Outstanding at | Granted | Exercised | Expired | Outstanding at | Exercisable at | | | the beginning | during | during | during | the end of | the end of | | 52 weeks to 26 February 2026 | of the year | the year | the year | the year | the year | the year | | Long Term Incentive Plan | — | — | — | — | — | — | | Deferred equity awards | 375,868 | 114,875 | (130,122) | — | 360,621 | 51,578 | | R&R Scheme | 176,352 | 13,477 | (132,654) | (2,121) | 55,054 | — | | Restricted Share Plan | 704,761 | 256,207 | (102,995) | (5,008) | 852,965 | 19,093 | | | 1,256,981 | 384,559 | (365,771) | (7,129) | 1,268,640 | 70,671 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | | Outstanding at | Granted | Exercised | Expired | Outstanding at | Exercisable at | | | the beginning | during | during | during | the end of | the end of | | 52 weeks to 27 February 2025 | of the year | the year | the year | the year | the year | the year | | Long Term Incentive Plan | 569 | — | — | (569) | — | — | | Deferred equity awards | 310,012 | 152,385 | (62,436) | (24,093) | 375,868 | 1,019 | | R&R Scheme | 383,905 | 14,996 | (210,792) | (11,757) | 176,352 | 123,572 | | Restricted Share Plan | 615,136 | 187,944 | (46,155) | (52,164) | 704,761 | 120,000 | | | 1,309,622 | 355,325 | (319,383) | (88,583) | 1,256,981 | 244,591 | FINANCIAL STATEMENTS ![]() #### NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED Year ended 26 February 2026 204 #### Whitbread PLC Annual Report and Accounts 2025/26 FINANCIAL STATEMENTS 31. Share-based payment plans continued Employee Sharesave scheme The employee Sharesave scheme is open to all employees and provides for a purchase price equal to the market price on the day preceding the date of invitation, with a 20% discount. The shares can be purchased over the six-month period following the third or fifth anniversary of the commencement date, depending on the length chosen by the employee. The weighted average exercise price (WAEP) of movements in the number of share awards is as follows: | | | | | | | --- | --- | --- | --- | --- | | | 2025/26 | | 2024/25 | | | | | WAEP £ per | | WAEP £ per | | | Options | share | Options | share | | Outstanding at the beginning of the year | 1,210,203 | 23.29 | 1,213,411 | 23.79 | | Granted during the year | 335,287 | 22.06 | 405,496 | 23.33 | | Exercised during the year | (225,660) | 22.47 | (140,968) | 24.93 | | Expired during the year | (264,668) | 23.33 | (267,736) | 24.76 | | Outstanding at the end of the year | 1,055,162 | 22.97 | 1,210,203 | 23.29 | | Exercisable at the year end | 190,716 | 20.87 | 85,757 | 24.52 | Outstanding options to purchase ordinary shares of 76.80 pence between 2026 and 2031 are exercisable at prices between £20.51 and £27.11 per share (2024/25: between 2025 and 2030 at prices between £20.51 and £31.62 per share). The weighted average share price at the date of exercise for options exercised during the year was £22.47 (2024/25: £31.17). The weighted average contractual life of the share options outstanding as at 26 February 2026 is between two and three years. ![]() 205 #### Whitbread PLC Annual Report and Accounts 2025/26 31. Share-based payment plans continued Employee Sharesave scheme continued The following tables list the inputs to the model used for years ended 26 February 2026 and 27 February 2025: | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | | Weighted | | | | | Price at | Expected | Expected | Expected | Risk-free | | average | | | | Exercise price | grant date | term | dividend yield | volatility | rate | Vesting | fair value | | 26 February 2026 | Grant date | £ | £ | Years | % | % | % | conditions | £ per share | | Deferred equity awards | 09.05.2025 | — | 28.10 | 2.00 | 2.00 | N/A | N/A | Service 3 | 26.52 | | Deferred equity awards | 19.06.2025 | — | 27.58 | 2.00 | 2.00 | N/A | N/A | Service 3 | 26.04 | | Restricted Share Plan | 09.05.2025 | — | 28.10 | 2.00 | 2.00 | N/A | N/A | Non-market 1,2,3,4 | 26.47 | | Restricted Share Plan | 19.06.2025 | — | 27.58 | 2.00 | 2.00 | N/A | N/A | Non-market 1,2,3,4 | 26.04 | | Restricted Share Plan | 21.01.2026 | — | 27.14 | 2.00 | 2.00 | N/A | N/A | Non-market 1,2,3,4 | 25.95 | | R&R awards | 09.05.2025 | — | 28.10 | 2.00 | 2.00 | N/A | N/A | Service 3 | 26.87 | | R&R awards | 19.06.2025 | — | 27.58 | 2.00 | 2.00 | N/A | N/A | Service 3 | 26.84 | | R&R awards | 21.01.2026 | — | 27.14 | 2.00 | 2.00 | N/A | N/A | Service 3 | 26.23 | | SAYE – three years | 12.12.2025 | 22.06 | 24.00 | 3.21 | 2.00 | 29.0 | 3.74 | Service 3 | 5.93 | | SAYE – five years | 12.12.2025 | 22.06 | 24.00 | 5.21 | 2.00 | 29.0 | 3.97 | Service 3 | 7.15 | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | | Weighted | | | | | Price at | Expected | Expected | Expected | Risk-free | | average | | | | Exercise price | grant date | term | dividend yield | volatility | rate | Vesting | fair value | | 27 February 2025 | Grant date | £ | £ | Years | % | % | % | conditions | £ per share | | Deferred equity awards | 30.04.2024 | — | 31.67 | 2.15 | 2.00 | N/A | N/A | Service 3 | 30.36 | | Deferred equity awards | 30.01.2025 | — | 28.72 | 2.27 | 2.00 | N/A | N/A | Service 3 | 27.44 | | Restricted Share Plan | 30.04.2024 | — | 31.67 | 3.00 | 2.00 | N/A | N/A | Non-market 1,2,3,4 | 29.83 | | Restricted Share Plan | 30.01.2025 | — | 28.72 | 2.27 | 2.00 | N/A | N/A | Non-market 1,2,3,4 | 27.44 | | R&R awards | 30.04.2024 | — | 31.67 | 1.19 | 2.00 | N/A | N/A | Service 3 | 30.92 | | R&R awards | 30.01.2025 | — | 28.72 | 0.44 | 2.00 | N/A | N/A | Service 3 | 28.47 | | SAYE – three years | 16.12.2024 | 23.33 | 29.42 | 3.21 | 2.00 | 38.8 | 4.20 | Service 3 | 10.68 | | SAYE – five years | 16.12.2024 | 23.33 | 29.42 | 5.21 | 2.00 | 38.8 | 4.20 | Service 3 | 12.14 | 1 Return on capital employed. 2 Other performance conditions. 3 Employment service. 4 Lease-adjusted net debt. The fair value of share options granted is estimated as at the date of grant using a stochastic model, taking into account the terms and conditions upon which the options were granted. Expected volatility reflects the assumption that historical volatility is indicative of future trends, which may not necessarily be the actual outcome. The risk-free rate is the rate of interest obtainable from government securities over the expected life of the equity incentive. The expected dividend yield is calculated on the basis of publicly available information at the time of the grant date which, in most cases, is the historical dividend yield. No other features relating to the granting of options were incorporated into the measurement of fair value. FINANCIAL STATEMENTS ![]() #### NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED Year ended 26 February 2026 206 #### Whitbread PLC Annual Report and Accounts 2025/26 FINANCIAL STATEMENTS 31. Share-based payment plans continued Employee share ownership trust (ESOT) The Company funds an ESOT to enable it to acquire and hold shares for the share-based payment plans noted above. The ESOT held 0.6m shares at 26 February 2026 (2024/25: 0.8m). All dividends on the shares in the ESOT are waived by the Trustee. Total charged to the consolidated income statement for all schemes | | | | | --- | --- | --- | | | 2025/26 | 2024/25 | | | £m | £m | | Deferred equity | 5.5 | 3.5 | | R&R Scheme | 0.9 | 2.1 | | Restricted Share Plan | 3.5 | 5.7 | | Employee Sharesave scheme | 6.8 | 5.5 | | Equity settled | 16.7 | 16.8 | 32. Retirement benefits Defined contribution schemes The Group operates a contracted-in defined contribution scheme under the Whitbread Group Pension Fund. Contributions by both employees and Group companies are held in externally invested, trustee-administered funds. The Group contributes a specified percentage of earnings for members of the above defined contribution scheme, and thereafter has no further obligations in relation to the scheme. The total cost charged to the consolidated income statement in relation to the defined contribution scheme in the year was £21.1m (2024/25: £16.4m). At the year end, the Group owed outstanding contributions of £3.2m (2024/25: £3.1m) in respect of the defined contribution scheme. Defined benefit scheme The defined benefit (final salary) section of the principal Group pension scheme, the Whitbread Group Pension Fund, was closed to new members on 31 December 2001 and to future accrual on 31 December 2009. The Whitbread Group Pension Fund is set up under UK trust law, registered with His Majesty’s Revenue and Customs and regulated by the Pensions Regulator. The Whitbread Group Pension Fund is governed by a corporate trustee which operates the scheme in accordance with the requirements of UK pensions legislation. The surplus recognised in the consolidated balance sheet in respect of the defined benefit pension scheme is the fair value of the plan assets less the present value of the defined benefit obligation at the end of the reporting period. The IAS 19 pension cost relating to the defined benefit section of the Whitbread Group Pension Fund is assessed in accordance with actuarial advice from, and calculations provided by, Lane Clark & Peacock, using the projected unit credit method. The present value of the defined benefit obligation is determined by discounting the estimated future cash outflows using interest rates of high quality corporate bonds that have terms to maturity approximating to the terms of the related pension obligation. Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or credited to equity in other comprehensive income in the period in which they arise. As the scheme is closed to future accrual, there is no future service cost. The surplus has been recognised as, under the governing documentation of the Whitbread Group Pension Fund, the Group has an unconditional right to receive a refund, assuming the gradual settlement of the scheme liabilities over time until all members and their dependants have either died or left the scheme, in accordance with the provisions of IFRIC 14 IAS 19 – The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction. With the pensioner buy-in policy purchased in June 2022, the defined benefit scheme has now insured around 50% of pensioners, under which the benefits payable to defined benefit members covered under the policy became fully insured, thus reducing the Group’s exposure to changes in longevity, interest rates, inflation and other relevant factors. The weighted average duration of the defined benefit plan obligation at the end of the reporting period is 11 years (2024/25: 12 years). ![]() 207 #### Whitbread PLC Annual Report and Accounts 2025/26 32. Retirement benefits continued Funding Expected contributions to be made in the next reporting period total £6.2m (2024/25: £6.7m). In 2025/26, contributions were £5.3m with £5.1m from the employer, and £0.2m of benefits settled by the Group in relation to an unfunded scheme (2024/25: £17.1m with £5.1m from the employer, £11.8m from Moorgate Scottish Limited Partnership (SLP) and £0.2m of benefits settled by the Group in relation to an unfunded scheme). In addition, Whitbread paid £1.0m (2024/25: £0.8m) of investment manager expenses. A scheme specific actuarial valuation for the purpose of determining the level of cash contributions to be paid into the Whitbread Group Pension Fund was undertaken as at 31 March 2023 by Towers Watson Ltd using the projected unit credit method. The valuation showed a surplus of assets relative to technical provisions of £34.0m (31 March 2020: surplus of £55.0m). As a result, no deficit reduction contributions are due. A scheme specific actuarial valuation of the scheme as at 31 March 2025 is currently being carried out, with the majority of principal assumptions now being substantively agreed by the Trust and Company. The Trustee holds as security £531.5m of Whitbread’s freehold property. This is expected to remain in place until certain steps are taken in relation to the Scottish Partnership arrangements, with the expectation that these steps will occur during the 2026/27 financial year. Following that, the security held by the Trustee will be the lower of: £500.0m; and 120% of the buy-out deficit and will remain in place until there is no longer a buy-out deficit. Investment in Moorgate SLP Up until February 2025, the pension scheme received a share of the partnership profits from its investment in Moorgate SLP, which was established by the Group in the year ended 4 March 2010 (the share in profits was accounted for by the Group as pension contributions at the time of payment). The partnership interests in Moorgate SLP are held by the Group, the general partner and by the pension scheme. Moorgate SLP holds an investment in a further partnership, Farringdon Scottish Partnership (SP), established in the same year. Property assets were transferred from other Group companies to Farringdon SP and are leased back to Whitbread Group PLC and Premier Inn Hotels Limited. The Group retains control over these properties, including the flexibility to substitute alternative properties. However, the Trustee has first charge over the property portfolio and certain other assets with an aggregate value of £228.0m which is included in the charge of £531.5m above. The Group retains control over both partnerships and, as such, they are fully consolidated in these consolidated financial statements. The pension scheme is a partner in Moorgate SLP and, as such, was entitled to an annual share of the profits of the partnership up until February 2025. Steps are being taken to terminate the underlying agreement with the expectation that these steps will occur during the next financial year. At the end of this agreement, the partnership capital allocated to the pension scheme partner will, depending on the funding position of the pension scheme at that time, be transferred in cash to the pension scheme up to a value of £150.0m. The Group does not currently expect to need to pay out a material value under this clause. The funding position of the scheme as at 31 March 2025 is expected to be in a technical funding surplus, whilst noting that the actuarial valuation is currently being carried out and the funding position is subject to change up to the point of the partnership agreement being terminated in the next financial year. Under IAS 19, the investment held by the pension scheme in Moorgate SLP, a consolidated entity, does not represent a plan asset for the purposes of the consolidated financial statements. FINANCIAL STATEMENTS ![]() #### NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED Year ended 26 February 2026 208 #### Whitbread PLC Annual Report and Accounts 2025/26 FINANCIAL STATEMENTS 32. Retirement benefits continued Risks Through its defined benefit scheme, the Group is exposed to a number of risks in relation to the IAS 19 surplus, the most significant of which are detailed below: | | | | | | --- | --- | --- | --- | | Risk | Description | Principal impact on assets and obligation reconciliations | | | Market volatility | The value of the defined benefit obligation is linked to AA-rated corporate bonds whilst the | • | Return on plan assets | | | scheme invests some of its assets in other asset classes (including those denominated in foreign | • | Actuarial movements in financial assumptions | | | currencies). These assets include private equities, secure income assets, gilts, swaps and cash. This | | | | | exposes the Group to risks including those relating to interest rates, equity markets, foreign | | | | | exchange and climate change. As a result, any change in market conditions which impacts the | | | | | value of the scheme’s assets or the interest rate on AA-rated corporate bonds will lead to volatility | | | | | in the Group’s net pension surplus on the balance sheet, pension expense in the income statement | | | | | and remeasurement of movements in other comprehensive income. There is the potential for | | | | | heightened market volatility through a number of different sources, including the economic impact | | | | | of geopolitical events (e.g. regional conflicts or the potential for trade wars), and the policy | | | | | response of central banks to changing economic conditions (e.g. growth and inflation) which could | | | | | have consequential implications on interest rates, in addition to wider economic impacts. There are | | | | | also longer-term macroeconomic risks, such as the possible risk of recession and constraints on | | | | | market liquidity, which could all adversely affect the scheme’s assets. | | | | Inflationary risk | Due to the link between the scheme obligation and inflation, an increase in the expected future | • | Actuarial movements in financial assumptions | | | rate of inflation will lead to higher scheme liabilities, although this is mitigated by the scheme | | | | | holding inflation-linked assets which aim to match the increase in liabilities. | | | | Accounting | The defined benefit obligation is calculated by projecting the future cash flows of the scheme for | • | Discount rate: interest income on scheme assets and cost | | assumptions | many years into the future. Consequently, the assumptions used can have a significant impact on | | on liabilities | | | the balance sheet position and income statement charge. In practice, future scheme experience | • | Mortality: actuarial movements in demographic assumptions | | | may not be in line with the assumptions adopted. For example, an increase in the life expectancy of | • | Actuarial movements in financial assumptions | | | members would increase scheme liabilities. | | | ![]() 209 #### Whitbread PLC Annual Report and Accounts 2025/26 32. Retirement benefits continued The principal assumptions used by the independent qualified actuaries in updating the most recent valuation carried out as at 31 March 2025 of the UK scheme to 26 February 2026 for IAS 19 Employee Benefits purposes (2024/25: 31 March 2023 of the UK scheme to 27 February 2025) were: | | | | | --- | --- | --- | | | At | At | | | 26 February | 27 February | | | 2026 | 2025 | | | % | % | | Pre-April 2006 rate of increase in pensions in payment | 2.90 | 3.00 | | Post-April 2006 rate of increase in pensions in payment | 2.00 | 2.10 | | Pension increases in deferment | 2.90 | 3.00 | | Discount rate | 5.50 | 5.50 | | Inflation assumption | 3.00 | 3.20 | | Life expectancy assumptions | | | | Retiring at the balance sheet date at age 65 – male | 19.9 years | 19.7 years | | Retiring at the balance sheet date at age 65 – female | 23.0 years | 22.4 years | | Retiring at the balance sheet date in 20 years at age 65 – male | 20.8 years | 20.7 years | | Retiring at the balance sheet date in 20 years at age 65 – female | 24.2 years | 23.5 years | The mortality assumptions are based on standard mortality tables which allow for future mortality improvements. The mortality improvements assumption has been updated to use the CMI 2024 model with appropriate parameterisation (2024/25: CMI 2023). The amounts recognised in the consolidated income statement in respect of the defined benefit scheme are as follows: | | | | | --- | --- | --- | | | 2025/26 | 2024/25 | | | £m | £m | | Net interest on net defined benefit surplus | (7.5) | (8.3) | | Administrative expense | 5.1 | 5.1 | | Total income recognised in the consolidated income statement | | | | (gross of deferred tax) | (2.4) | (3.2) | The amounts taken to the consolidated statement of comprehensive income are as follows: | | | | | --- | --- | --- | | | 2025/26 | 2024/25 | | | £m | £m | | Actuarial (gains)/losses | (13.7) | (59.8) | | Return on plan assets lower than discount rate | 25.0 | 111.5 | | Remeasurement effects recognised in other comprehensive income | 11.3 | 51.7 | The amounts recognised in the consolidated balance sheet are as follows: | | | | | --- | --- | --- | | | 2026 | 2025 | | | £m | £m | | Present value of defined benefit obligation | (1,614.0) | (1,641.2) | | Fair value of scheme assets | 1,745.9 | 1,775.8 | | Surplus recognised in the consolidated balance sheet | 131.9 | 134.6 | Changes in the present value of the defined benefit obligation are as follows: | | | | | --- | --- | --- | | | 2025/26 | 2024/25 | | | £m | £m | | Opening defined benefit obligation | 1,641.2 | 1,719.6 | | Interest cost | 87.5 | 83.7 | | Remeasurement due to: | | | | Changes in financial assumptions | (35.0) | (95.4) | | Changes in demographic assumptions | 8.9 | 26.9 | | Experience adjustments | 12.4 | 8.7 | | Benefits paid | (100.8) | (102.1) | | Unfunded pension scheme benefits settled by the Group 1 | (0.2) | (0.2) | | Closing defined benefit obligation | 1,614.0 | 1,641.2 | FINANCIAL STATEMENTS ![]() #### NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED Year ended 26 February 2026 210 #### Whitbread PLC Annual Report and Accounts 2025/26 FINANCIAL STATEMENTS 32. Retirement benefits continued Changes in the fair value of the scheme assets are as follows: | | | | | --- | --- | --- | | | 2025/26 | 2024/25 | | | £m | £m | | Opening fair value of scheme assets | 1,775.8 | 1,884.8 | | Interest income on scheme assets | 95.0 | 92.0 | | Return on plan assets lower than discount rate 2 | (25.0) | (111.5) | | Contributions from employer 1 | 5.1 | 5.1 | | Additional contributions from Moorgate SLP 1 | — | 11.8 | | Investment manager expenses paid by the employer 1 | 1.0 | 0.8 | | Benefits paid | (100.8) | (102.1) | | Administrative expenses | (5.2) | (5.1) | | Closing fair value of scheme assets | 1,745.9 | 1,775.8 | The major categories of plan assets are as follows: | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | | | 2026 | | | 2025 | | | | Quoted and | | | Quoted and | | | | | pooled | Unquoted | Total | pooled | Unquoted | Total | | | £m | £m | £m | £m | £m | £m | | Bonds | 461.0 | — | 461.0 | 38.3 | 1.2 | 39.5 | | Private markets | — | 211.1 | 211.1 | — | 273.5 | 273.5 | | Liability-driven investments (LDI) 3 | 605.6 | — | 605.6 | 981.5 | — | 981.5 | | Cash and other 4 | 22.7 | 4.5 | 27.2 | 20.0 | 4.1 | 24.1 | | Buy-in insurance | — | 441.0 | 441.0 | — | 457.2 | 457.2 | | | 1,089.3 | 656.6 | 1,745.9 | 1,039.8 | 736.0 | 1,775.8 | 1 The total of these items equals the cash paid by the Group as per the consolidated cash flow statement. ‘Contributions from employer’ include contributions to cover administration expenses. 2 Includes cost of managing fund assets. 3 Liability-driven investments include UK fixed and index-linked gilts, repurchase agreements and reverse repurchase agreements, interest rate and inflation (RPI) swaps, gilt futures and cash. 4 Other primarily relates to assets held in respect of cash and net current assets. ![]() 211 #### Whitbread PLC Annual Report and Accounts 2025/26 32. Retirement benefits continued The assumptions in relation to discount rate, mortality and inflation have a significant effect on the measurement of scheme liabilities. The following table shows the sensitivity of the valuation to changes in these assumptions: | | | | | | | --- | --- | --- | --- | --- | | | | (Increase)/decrease in | | (Increase)/decrease in gross | | | | net defined benefit surplus | | defined benefit liability | | | 2026 | 2025 | 2026 | 2025 | | | £m | £m | £m | £m | | Discount rate | | | | | | 1.00% increase to discount rate | (125.0) | (131.0) | 158.0 | 165.0 | | 1.00% decrease to discount rate | 152.0 | 159.0 | (189.0) | (199.0) | | Inflation | | | | | | 0.25% increase to inflation rate | 26.0 | 23.0 | (32.0) | (29.0) | | 0.25% decrease to inflation rate | (25.0) | (23.0) | 31.0 | 29.0 | | Life expectancy | | | | | | Additional one-year increase to life | | | | | | expectancy | 36.0 | 38.0 | (56.0) | (60.0) | The above sensitivity analyses are based on a change in an assumption whilst holding all other assumptions constant. In practice, this is unlikely to occur and changes in some of the assumptions may be correlated. Where the discount rate is changed this will have an impact on the valuation of scheme assets in the opposing direction. When calculating the sensitivity of the defined benefit obligation to significant actuarial assumptions, the same method (projected unit credit method) has been applied as when calculating the pension surplus recognised within the consolidated balance sheet. The methods and types of assumptions did not change. As the Trustees of the Fund have a strategy in place to hedge the Fund’s liabilities against movements in interest rates and inflation, it is likely that movements in assets and liabilities will offset. 33. Related party disclosure The Group consists of a parent company, Whitbread PLC, incorporated in the UK, and a number of subsidiaries and joint ventures held directly and indirectly by Whitbread PLC, which operate and are incorporated around the world. Note 9 to the Company’s separate financial statements lists details of the interests in subsidiaries and related undertakings. The Group holds 6% as a general partnership interest in Moorgate Scottish Limited Partnership (SLP) with Whitbread Pension Trustees holding the balance as a limited partner. Moorgate SLP holds a 67.8% investment in a further partnership, Farringdon Scottish Partnership (SP), which was established by the Group to hold property assets. The remaining 32.2% interest in Farringdon SP is owned by the Group. The partnerships were set up in 2009/10 as part of a transaction with Whitbread Pension Trustees and the Group retains control over both partnerships and, as such, they are fully consolidated in these consolidated financial statements. Further details can be found in Note 32. Shares in Whitbread Group PLC are held directly by Whitbread PLC. Shares in the other subsidiaries are held directly and indirectly by Whitbread Group PLC. Related party transactions | | | | | --- | --- | --- | | | 2025/26 | 2024/25 | | | Joint | Joint | | | ventures | ventures | | | £m | £m | | Sales to a related party | 1.1 | 1.1 | | Purchases from a related party | — | — | | Amounts owed by a related party | 1.1 | — | | Amounts owed to a related party | — | — | Other transactions with joint ventures The majority of the sales to a related party relate to the £1.1m (2024/25: £1.1m) franchise fee charged by Whitbread to one of its joint ventures. For details of the Group’s investments in and loans to joint ventures, see Note 16; those details are excluded from the table above. FINANCIAL STATEMENTS ![]() #### NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED Year ended 26 February 2026 212 #### Whitbread PLC Annual Report and Accounts 2025/26 FINANCIAL STATEMENTS 33. Related party disclosure continued Key management personnel The key management personnel of the Group are defined as the members of the Whitbread PLC Executive Committee. Compensation of key management personnel (including Directors) is set out below. | | | | | --- | --- | --- | | | 2025/26 | 2024/25 | | | £m | £m | | Short-term employee benefits | 7.6 | 7.5 | | Post-employment benefits | — | — | | Share-based payments | 5.2 | 6.0 | | | 12.8 | 13.5 | Terms and conditions of transactions with related parties Sales to, and purchases from, related parties are made at normal market prices. Outstanding balances at year end are unsecured and settlement occurs in cash. There have been no guarantees provided, or received, for any related party receivables. No adjustment for expected credit loss relating to amounts owed by related parties has been made (2024/25: £nil). An assessment is undertaken, each financial year, through examining the financial position of the related parties and the market in which the related parties operate. Transactions with other related parties Details of transactions with Directors are detailed in Note 7. 34. Events after the balance sheet date [placeholder] ![]() 213 #### Whitbread PLC Annual Report and Accounts 2025/26 #### COMPANY BALANCE SHEET Company number: 04120344 At 26 February 2026 Notes 26 February 2026 £m 27 February 2025 £m Non-current assets Investment in subsidiaries 3 2,506.3 2,489.6 Other receivables 4 364.5 273.9 Total non-current assets 2,870.8 2,763.5 Current assets Other receivables 4 150.0 250.0 Total assets 3,020.8 3,013.5 Current liabilities Other payables 5 (10.5) (9.7) Total liabilities (10.5) (9.7) Net assets 3,010.3 3,003.8 Equity Share capital 6 138.6 145.2 Share premium 7 1,043.8 1,038.7 Capital redemption reserve 7 77.0 70.3 Retained earnings 7 2,278.4 2,279.6 Treasury reserve 7 (527.5) (530.0) Total equity 3,010.3 3,003.8 The profit and loss account of the parent company is omitted from the Company’s accounts by virtue of the exemption granted by section 408 of the Companies Act 2006. The profit generated in the year for ordinary shareholders, and included in the financial statements of the parent company, amounted to £416.0m (2024/25: £13.8m). Dominic Paul Chief Executive 29 April 2026 Hemant Patel Chief Financial Officer FINANCIAL STATEMENTS ![]() #### Whitbread PLC Annual Report and Accounts 2025/26 214 #### COMPANY STATEMENT OF CHANGES IN EQUITY Year ended 26 February 2026 Share capital (Note 6) £m Share premium (Note 7) £m Capital redemption reserve (Note 7) £m Retained earnings (Note 7) £m Treasury reserve (Note 7) £m Total £m At 29 February 2024 151.8 1,031.8 63.5 2,687.2 (538.1) 3,396.2 Profit for the year — — — 13.8 — 13.8 Total comprehensive income — — — 13.8 — 13.8 Ordinary shares issued on exercise of employee share options 0.1 7.0 — — — 7.1 Loss on ESOT shares issued — — — (8.1) 8.1 — Accrued share-based payments — — — 16.8 — 16.8 Dividends paid — — — (178.1) — (178.1) Share buy-back, commitment and cancellation (6.8) — 6.8 (252.0) — (252.0) Conversion of preference share capital 0.1 (0.1) — — — — At 27 February 2025 145.2 1,038.7 70.3 2,279.6 (530.0) 3,003.8 Profit for the year — — — 416.0 — 416.0 Total comprehensive income — — — 416.0 — 416.0 Ordinary shares issued on exercise of employee share options 0.1 5.1 — — — 5.2 Loss on ESOT shares issued — — — (13.8) 13.8 — Accrued share-based payments — — — 16.7 — 16.7 Dividends paid — — — (168.8) — (168.8) Share buy-back, commitment and cancellation (6.7) — 6.7 (251.3) — (251.3) Purchase of ESOT shares — — — — (11.3) (11.3) At 26 February 2026 138.6 1,043.8 77.0 2,278.4 (527.5) 3,010.3 FINANCIAL STATEMENTS ![]() 215 #### Whitbread PLC Annual Report and Accounts 2025/26 #### NOTES TO THE COMPANY FINANCIAL STATEMENTS Year ended 26 February 2026 1. Basis of accounting The financial statements of Whitbread PLC for the year ended 26 February 2026 were authorised for issue by the Board of Directors on 29 April 2026. The financial year represents the 52 weeks to 26 February 2026 (prior financial year: 52 weeks to 27 February 2025). The financial statements are prepared under the historical cost convention and in accordance with applicable UK Accounting Standards. The Company meets the definition of a qualifying entity under FRS 100 Application of Financial Reporting Requirements as issued by the Financial Reporting Council (FRC). As permitted by FRS 101, the Company has taken advantage of the disclosure exemptions available under that standard in relation to share-based payments, non-current assets held for sale, financial instruments, capital management, presentation of comparative information in respect of certain assets, presentation of a cash flow statement, standards not yet effective, impairment of non-current assets and related party transactions. Where required, equivalent disclosures are given in the consolidated financial statements ofthe Group. Going Concern The Directors have concluded that it is appropriate for the financial statements to be prepared on the Going Concern basis (see Note 2 to the consolidated financial statements). 2. Summary of significant accounting policies Investments Investments held as non-current assets are stated at cost less provision for any impairment. The carrying values of investments are reviewed for impairment when events or changes in circumstances indicate that the carrying amounts may not be recoverable. Critical accounting judgements and key sources of estimation uncertainty In the opinion of the Directors, there are no critical accounting judgements or key sources of estimation uncertainty in relation to the parent company financial statements. 3. Investment in subsidiary undertakings Investments at cost 2026 £m 2025 £m Opening investments 2,489.6 2,472.8 Contributions to subsidiaries in respect of share-based payments 16.7 16.8 Closing investments 2,506.3 2,489.6 Significant trading subsidiary undertakings Principal activity Country of incorporation Country of principal operations % of equity and votes held Whitbread Group PLC Hotels and restaurants England England 100.0 Premier Inn Hotels Limited Hotels England England 100.0 Whitbread Group PLC, in which the Company has an investment, holds 6% as a general partnership interest in Moorgate Scottish Limited Partnership (SLP) with Whitbread Pension Trustees holding the balance as a limited partner. Moorgate SLP holds a 67.8% investment in a further partnership, Farringdon Scottish Partnership (SP), which was established by the Group to hold property assets. The remaining 32.2% interest in Farringdon SP is owned by Whitbread Group PLC. The partnerships were set up in 2009/10 as part of a transaction with Whitbread Pension Trustees. Further details can be found in Note 32 of the Whitbread PLC consolidated financial statements. Shares in Whitbread Group PLC are held directly by Whitbread PLC. Shares in the other subsidiaries are held directly or indirectly by Whitbread Group PLC or its subsidiaries. Afulllist of subsidiaries and related undertakings is provided in Note 9. 4. Other receivables 2026 £m 2025 £m Amounts due from subsidiary undertakings 514.5 523.9 514.5 523.9 Analysed as: Current 150.0 250.0 Non-current 364.5 273.9 514.5 523.9 FINANCIAL STATEMENTS ![]() #### NOTES TO THE COMPANY FINANCIAL STATEMENTS CONTINUED Year ended 26 February 2026 216 #### Whitbread PLC Annual Report and Accounts 2025/26 FINANCIAL STATEMENTS 5. Other payables 2026 £m 2025 £m Unclaimed dividends 5.5 5.1 Corporation tax payable 5.1 4.6 10.6 9.7 6. Share capital Ordinary share capital Allotted, called up and fully paid ordinary shares of 76.80 pence each (2024/25:76.80 pence each) million £m At 29 February 2024 197.5 151.8 Issued on exercise of employee share options 0.1 0.1 Conversion of preference share capital 0.1 0.1 Share buy-back, commitment and cancellation (8.9) (6.8) At 27 February 2025 188.8 145.2 Issued on exercise of employee share options 0.1 0.1 Share buy-back, commitment and cancellation (8.8) (6.8) At 26 February 2026 180.1 138.5 Employee share options During the year, options over 0.1m (2024/25: 0.1m) ordinary shares, fully paid, were exercised by employees under the terms of various share option schemes. The Company received proceeds of £5.2m (2024/25: £3.3m) on exercise of these options. Share forfeiture The Group has implemented a share forfeiture programme following the completion of a tracing and notification exercise to any shareholders who have not had contact with the Company over the past 12 years, in accordance with the provisions set out in the Company’s Articles of Association. Under the share forfeiture programme the shares and dividends associated with shares of untraced members have been forfeited. Share buy-back, commitment and cancellation The Company purchased and cancelled 8.8m (2024/25: 8.9m) shares with a nominal value of £6.8m (2024/25: £6.8m) under the share buy-back programmes running through this financial year. Consideration of £251.3m (2024/25: £264.3m), including associated fees andstamp duty of £2.1m (2024/25: £2.0m), was paid during the year. 7. Reserves Share premium The share premium reserve is the premium paid on the Company’s 76.80 pence ordinary shares. Capital redemption reserve A capital redemption reserve was created on the cancellation of the Company’s B and C preference shares and the nominal value of cancelled ordinary shares. ![]() 217 #### Whitbread PLC Annual Report and Accounts 2025/26 7. Reserves continued Retained earnings Retained earnings are the net earnings not paid out as dividends, but retained to be reinvested. Treasury reserve This reserve relates to shares held by an independently managed employee share ownership trust (ESOT) and treasury shares held by Whitbread PLC. The shares held by the ESOT were purchased in order to satisfy outstanding employee share options and potential awards under the Long Term Incentive Plan (LTIP) and other incentive schemes. The movement in treasury reserves during the year is set out in the table below: | | | | | | | --- | --- | --- | --- | --- | | | Treasury shares held by | | | | | | Whitbread PLC | | ESOT shares held | | | | million | £m | million | £m | | At 29 February 2024 | 12.5 | 514.5 | 0.9 | 23.6 | | Exercised during the year | — | — | (0.3) | (8.1) | | Purchase of ESOT shares | — | (5.1) | 0.2 | 5.1 | | At 27 February 2025 | 12.5 | 509.4 | 0.8 | 20.6 | | Exercised during the year | — | — | (0.4) | (13.8) | | Purchase of ESOT shares | — | — | 0.4 | 11.3 | | At 26 February 2026 | 12.5 | 509.4 | 0.8 | 18.1 | Distributable reserves As at 26 February 2026, Whitbread PLC had distributable reserves of £1,500.0m (2024/25:£1,516.3m). 8. Contingent liabilities Whitbread PLC is a member of the Whitbread Group PLC VAT group. All members of this group are jointly and severally liable for the VAT liability. At the balance sheet date Group’s liability amounted to £33.7m (2024/25: £42.1m). 9. Related parties Details of related undertakings are shown below: Active related undertakings | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | | | | | | % of class of | | | | | | | % of class of | shares held by | | | | | | | shares held | the Group (if | | | | | | | by the | different from | % of nominal | | | Country of | Class of shares | | parent | the parent | value (where | | Company name | incorporation | held | | company | company) | applicable) | | AIRE HIEX Stuttgart | Germany | Ordinary | | — | 100.0 | 100.0 | | Verwaltungs GmbH | | EUR 50, | 000 | | | | | Brickwoods Limited | England 1 | Ordinary £0.25 | | — | 100.0 | 100.0 | | Duttons Brewery Limited | England 1 | Ordinary £1.00 | | — | 100.0 | 100.0 | | Elm Hotel | England 1 | Ordinary £0.10 | | — | 100.0 | 100.0 | | Holdings Limited | | | | | | | | Farringdon Scottish | Scotland 2 | N/A | | N/A | N/A | N/A | | Partnership | | | | | | | | Leeds City Hotels | England 1 | Ordinary | | — | 100.0 | 100.0 | | Limited | | £100.00 | | | | | | London Hotel Holdings | England 1 | Ordinary | | — | 100.0 | 100.0 | | Limited | | £100.00 | | | | | | London Hotel Holdings | England 1 | Ordinary | | — | 100.0 | 100.0 | | 2 Limited | | £100.00 | | | | | | London Hotel Holdings | England 1 | Ordinary | | — | 100.0 | 100.0 | | 3 Limited | | £100.00 | | | | | | London Hotel Holdings | England 1 | Ordinary | | — | 100.0 | 100.0 | | 4 Limited | | £100.00 | | | | | | London Hotel | England 1 | Ordinary | | — | 100.0 | 100.0 | | Holdings 5 Limited | | £100.00 | | | | | | Manchester Hotel | England 1 | Ordinary | | — | 100.0 | 100.0 | | Holdings Limited | | £10.00 | | | | | | Milton (SC) 2 Limited | Scotland 2 | Ordinary £1.00 | | — | 100.0 | 100.0 | | Milton (SC) Limited | Scotland 2 | Ordinary £1.00 | | — | 100.0 | 100.0 | | Milton 1 Limited | England 1 | Ordinary £1.00 | | — | 100.0 | 100.0 | | Moorgate Scottish | Scotland 2 | N/A | | N/A | N/A | N/A | | Limited Partnership | | | | | | | | Newbury Park | England 1 | Ordinary | | — | 100.0 | 100.0 | | Hotels Limited | | £100.00 | | | | | | PI Hotels and Restaurants | Ireland 3 | Ordinary EUR 1 | | — | 100.0 | 100.0 | | Ireland Limited | | | | | | | FINANCIAL STATEMENTS ![]() #### NOTES TO THE COMPANY FINANCIAL STATEMENTS CONTINUED Year ended 26 February 2026 218 #### Whitbread PLC Annual Report and Accounts 2025/26 FINANCIAL STATEMENTS | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | % of class of | | | | | | % of class of | shares held by | | | | | | shares held | the Group (if | | | | | | by the | different from | % of nominal | | | Country of | Class of shares | parent | the parent | value (where | | Company name | incorporation | held | company | company) | applicable) | | Premier Inn (Bath Street) | Jersey 5 | Ordinary £1.00 | — | 100.0 | 100.0 | | Limited | | | | | | | Premier Inn (Guernsey) | Guernsey 15 | Ordinary £1.00 | — | 100.0 | 100.0 | | Limited | | | | | | | Premier Inn (Isle of Man) | Isle of Man 4 | Ordinary £1.00 | — | 100.0 | 100.0 | | Limited | | | | | | | Premier Inn (Jersey) | Jersey 5 | Ordinary £1.00 | — | 100.0 | 100.0 | | Limited | | | | | | | Premier Inn (UK) Limited | England 1 | Ordinary £1.00 | — | 100.0 | 100.0 | | Premier Inn AT Holding | Austria 17 | Ordinary | — | 100.0 | 100.0 | | GmbH | | EUR 35,000 | | | | | Premier Inn AT | Austria 17 | Ordinary | — | 100.0 | 100.0 | | Hotelbetriebsgesellschaft | | EUR 35,000 | | | | | GmbH | | | | | | | Premier Inn AT | Austria 17 | Ordinary | — | 100.0 | 100.0 | | Immobilienbesitz GmbH | | EUR 35,000 | | | | | Premier Inn Dortmund | Germany 8 | Ordinary | — | 100.0 | 100.0 | | Königswall GmbH | | EUR 25,000 | | | | | Premier Inn Essen City | Germany 8 | Ordinary | — | 100.0 | 100.0 | | Hauptbahnhof GmbH | | EUR 25,000 | | | | | Premier Inn Flensburg | Germany 8 | Ordinary | — | 100.0 | 100.0 | | City GmbH | | EUR 25,000 | | | | | Premier Inn Frankfurt | Germany 8 | Ordinary | — | 100.0 | 100.0 | | City Ostbahnhof GmbH | | EUR 25,000 | | | | | Premier Inn Frankfurt | Germany 8 | Ordinary | — | 100.0 | 100.0 | | Eschborn GmbH | | EUR 25,000 | | | | | Premier Inn | England 1 | Ordinary £1.00 | — | 100.0 | 100.0 | | Glasgow Limited | | | | | | | Premier Inn GmbH | Germany 8 | Ordinary | — | 100.0 | 100.0 | | | | EUR 25,000 | | | | | Premier Inn Hamburg | Germany 8 | Ordinary | — | 100.0 | 100.0 | | Nordanalstrasse GmbH | | EUR 25,000 | | | | 9. Related parties continued Active related undertakings continued | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | | | | | | % of class of | | | | | | | % of class of | shares held by | | | | | | | shares held | the Group (if | | | | | | | by the | different from | % of nominal | | | Country of | Class of shares | | parent | the parent | value (where | | Company name | incorporation | held | | company | company) | applicable) | | Premier Inn Holding GmbH | Germany 8 | Ordinary | | — | 100.0 | 100.0 | | | | EUR 25,000 | | | | | | Premier Inn Hotel GmbH | Germany 8 | There are no | | — | 100.0 | 100.0 | | | | classes of | | | | | | | | shares. The | | | | | | | | total nominal | | | | | | | | share capital | | | | | | | | of amounts to | | | | | | | | EUR | | 300,000 | | | | | | | and is divided | | | | | | | | into two | | | | | | | | shares, one | | | | | | | | in the nominal | | | | | | | | amount of | | | | | | | | EUR 275,000 | | | | | | | | and one in | | | | | | | | the nominal | | | | | | | | amount of | | | | | | | | EUR 25,000 | | | | | | Premier Inn Hotels Limited | England 1 | Ordinary £1.00 | | — | 100.0 | 100.0 | | Premier Inn Hotels LLC | United Arab | Ordinary | | — | 49.0 | 49.0 | | | Emirates 6 | AED 1,000 | | | | | | Premier Inn Hotels Qatar | Qatar 7 | Ordinary | | — | 24.0 | 24.0 | | | | QAR 100.00 | | | | | | Premier Inn Immo 19 | Germany 8 | Ordinary | | — | 100.0 | 100.0 | | GmbH | | EUR 25,000 | | | | | | Premier Inn Immo 20 | Germany 8 | Ordinary | | — | 100.0 | 100.0 | | GmbH | | EUR 25,000 | | | | | | Premier Inn Immo 21 | Germany 8 | Ordinary | | — | 100.0 | 100.0 | | GmbH | | EUR 25,000 | | | | | | Premier Inn Immo 22 | Germany 8 | Ordinary | | — | 100.0 | 100.0 | | GmbH | | EUR 25,000 | | | | | | Premier Inn Immo 23 | Germany 8 | Ordinary | | — | 100.0 | 100.0 | | GmbH | | EUR 25,000 | | | | | | Premier Inn Immo 24 | Germany 8 | Ordinary EUR | | — | 100.0 | 100.0 | | GmbH | | 25,000 | | | | | ![]() 219 #### Whitbread PLC Annual Report and Accounts 2025/26 | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | % of class of | | | | | | % of class of | shares held by | | | | | | shares held | the Group (if | | | | | | by the | different from | % of nominal | | | Country of | Class of shares | parent | the parent | value (where | | Company name | incorporation | held | company | company) | applicable) | | Premier Inn Immo | Germany 8 | Ordinary | — | 100.0 | 100.0 | | 25 GmbH | | EUR 25,000 | | | | | Premier Inn International | England 1 | Ordinary £1.00 | — | 100.0 | 100.0 | | Development Limited | | | | | | | Premier Inn Manchester | England 1 | Ordinary £1.00 | — | 100.0 | 100.0 | | Airport Limited | | | | | | | Premier Inn Manchester | England 1 | Ordinary £1.00 | — | 100.0 | 100.0 | | Trafford Limited | | | | | | | Premier Inn Mannheim | Germany 8 | Ordinary | — | 100.0 | 100.0 | | Quadrate T1 GmbH | | EUR 25,000 | | | | | Premier Inn München | Germany 8 | Ordinary | — | 100.0 | 100.0 | | Frankfurter Ring GmbH | | EUR 25,000 | | | | | Premier Inn | England 1 | Ordinary £1.00 | — | 100.0 | 100.0 | | Ochre Limited | | | | | | | Premier Inn Rostock | Germany 8 | Ordinary | — | 100.0 | 100.0 | | City Hafen GmbH | | EUR 25,000 | | | | | Premier Inn | Germany 8 | Ordinary | — | 100.0 | 100.0 | | Verwaltungsgesellschaft | | EUR 25,000 | | | | | Süd GmbH | | | | | | | Premier Inn Westminster | England 1 | Ordinary £1.00 | — | 100.0 | 100.0 | | Limited | | | | | | | Premier Travel Inn | England 1 | Ordinary £1.00 | — | 100.0 | 100.0 | | India Limited | | | | | | | PT. Whitbread Indonesia | Indonesia 10 | Ordinary | — | 100.0 | 100.0 | | | | USD 1.00 | | | | | PTI Middle East Limited | United Arab | Ordinary | — | 100.0 | 100.0 | | | Emirates 11 | AED 1,000 | | | | | Quay House Admirals | England 1 | Ordinary £1.00 | — | 100.0 | 100.0 | | Way Land Limited | | | | | | | Silk Street Hotels Limited | England 1 | Deferred £1.00 | — | 100.0 | 99.1 | | | | Ordinary | — | 100.0 | 100.0 | | | | USD 0.01 | | | | 9. Related parties continued Active related undertakings continued | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | % of class of | | | | | | % of class of | shares held by | | | | | | shares held | the Group (if | | | | | | by the | different from | % of nominal | | | Country of | Class of shares | parent | the parent | value (where | | Company name | incorporation | held | company | company) | applicable) | | St Andrews Homes | England 1 | Ordinary £1.00 | — | 100.0 | 100.0 | | Limited | | | | | | | Swift Hotels Limited | England 1 | Ordinary £1.00 | — | 100.0 | 0.1] | | | | Preference | — | 100.0 | 99.9] | | | | £5.00 | | | | | T.F. Ashe & Nephew | England 1 | Deferred £1.00 | — | 100.0 | 0.1 | | Limited | | Ordinary £0.01 | | 100.0 | 100.0 | | UNA 312. Equity | Germany 8 | Ordinary | — | 100.0 | 100.0 | | Management GmbH | | EUR 25,000 | | | | | UNA 352. Equity | Germany 8 | Ordinary | — | 100.0 | 100.0 | | Management GmbH | | EUR 25,000 | | | | | Wembley Park | England 1 | Ordinary £1.00 | — | 100.0] | 100.0 | | Holdings Limited | | | | | | | Whitbread East | England 1 | Ordinary £1.00 | — | 100.0 | 100.0 | | Pennines Limited | | | | | | | Whitbread Group PLC | England 1 | Ordinary £0.23 | 100.0 | — | 50.0 | | | | A ordinary | 100.0 | — | 50.0 | | | | £0.25 | | | | | Whitbread Hotel | England 1 | Ordinary £0.10 | — | 100.0 | 100.0 | | Company Limited | | | | | | | Whitbread International | China 9 | Ordinary | — | 100.0 | 100.0 | | Sourcing Business Services | | RMB 1.00 | | | | | (Shanghai) Co., Ltd | | | | | | | Whitbread Properties | England 1 | 5% non- | — | 100.0 | 24.9 | | Limited | | cumulative | | | | | | | preference £0.50 | | | | | | | 7% non- | — | 100.0 | 24.9 | | | | cumulative | | | | | | | preference £0.25 | | | | | | | Ordinary £0.175 | — | 100.0 | 58.7 | | Whitbread West | England 1 | Ordinary £1.00 | — | 100.0 | 24.9 | | Pennines Limited | | | | | | FINANCIAL STATEMENTS ![]() #### NOTES TO THE COMPANY FINANCIAL STATEMENTS CONTINUED Year ended 26 February 2026 220 #### Whitbread PLC Annual Report and Accounts 2025/26 FINANCIAL STATEMENTS | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | % of class of | | | | | | % of class of | shares held by | | | | | | shares held | the Group (if | | | | | | by the | different from | % of nominal | | | Country of | Class of shares | parent | the parent | value (where | | Company name | incorporation | held | company | company) | applicable) | | WHRI Development DMCC | United Arab | Ordinary | — | 100.0 | 24.9 | | | Emirates 12 | AED 1,000 | | | | | WHRI Holding | England 1 | Ordinary £1.00 | — | 100.0 | 100.0 | | Company Limited | | | | | | Dormant related undertakings | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | % of class of | | | | | | % of class of | shares held by | | | | | | shares held | the Group (if | | | | | | by the | different from | % of nominal | | | Country of | Class of shares | the parent | the parent | value (where | | Company name | incorporation | held | company | company) | applicable) | | Advisebegin Limited | England 1 | Ordinary £1.00 | — | 100.0 | 100.0 | | Alastair Campbell & | Scotland 14 | Ordinary £1.00 | — | 100.0 | 100.0 | | Company Limited | | | | | | | Archibald Campbell | Scotland 14 | Ordinary £1.00 | — | 100.0 | 100.0 | | Hope & King Limited | | | | | | | Autumn Days Limited | England 1 | Ordinary £1.00 | — | 100.0 | 100.0 | | Belgrave Hotel Limited | England 1 | Ordinary £1.00 | — | 100.0 | 100.0 | | Belstead Brook Manor | England 1 | Ordinary £1.00 | — | 100.0 | 100.0 | | Hotel Limited | | | | | | | Brewers Fayre Limited | England 1 | Ordinary £1.00 | — | 100.0 | 100.0 | | Britannia Inns Limited | England 1 | Ordinary £1.00 | — | 100.0 | 100.0 | | Broughton Park | England 1 | Ordinary £1.00 | — | 100.0 | 100.0 | | Hotel Limited | | | | | | | Carpenters of Widnes Limited | England 1 | Ordinary £1.00 | — | 100.0 | 100.0 | | | | Deferred | — | 100.0 | 100.0 | | | | ordinary £1.00 | | | | | Cherwell Inns Limited | England 1 | A ordinary non- | — | 100.0 | 66.7 | | | | voting £1.00 | | | | | | | Ordinary £1.00 | — | 100.0 | 33.3 | | Chiswell Overseas Limited | England 1 | Ordinary £1.00 | — | 100.0 | 100.0 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | % of class of | | | | | | % of class of | shares held by | | | | | | shares held | the Group (if | | | | | | by the | different from | % of nominal | | | Country of | Class of shares | the parent | the parent | value (where | | Company name | incorporation | held | company | company) | applicable) | | Chiswell Properties Limited | England 1 | Ordinary £1.00 | — | 100.0 | 100.0 | | Churchgate Manor | England 1 | Ordinary £1.00 | — | 100.0 | 100.0 | | Hotel Limited | | | | | | | Country Club Hotels Limited England 1 | | Ordinary £1.00 | — | 100.0 | 100.0 | | Cromwell Hotel (Stevenage) England 1 | | Ordinary £1.00 | — | 100.0 | 100.0 | | Cymric Hotel | England 1 | Ordinary £1.00 | — | 100.0 | 100.0 | | Company Limited | | | | | | | Danesk Limited | Scotland 13 | Ordinary £1.00 | — | 100.0 | 100.0 | | David Williams | England 1 | Ordinary £1.00 | — | 100.0 | 100.0 | | (Builth)Limited | | | | | | | Dealend Limited | England 1 | Ordinary £1.00 | — | 100.0 | 100.0 | | Delamont Freres Limited | England 1 | Ordinary £1.00 | — | 100.0 | 100.0 | | Delaunay Freres Limited | England 1 | Ordinary £1.00 | — | 100.0 | 100.0 | | Dome Restaurants Limited England 1 | | Ordinary £1.00 | — | 100.0 | 100.0 | | Dragon Inns and Restaurants Limited | England 1 | Ordinary £1.00 | — | 100.0 | 100.0 | | Dukes Head 1988 Limited | England 1 | B ordinary £1.00 | — | 100.0 | 100.0 | | | | W ordinary £1.00 | — | 100.0 | 100.0 | | E. Lacon & Co., Limited | England 1 | Ordinary £1.00 | — | 100.0 | 100.0 | | E.B. Holdings Limited | England 1 | Ordinary £1.00 | — | 100.0 | 100.0 | | Evan Evans Bevan Limited | England 1 | Ordinary £1.00 | — | 100.0 | 100.0 | | Finite Hotel Systems Limited England 1 | | A ordinary £1.00 | — | 100.0 | 50.0 | | | | B ordinary £1.00 | — | 100.0 | 50.0 | | Fleet Wines & Spirits Limited England 1 | | Ordinary £1.00 | — | 100.0 | 100.0 | | Forest of Arden Golf and Country Club Limited | England 1 | Ordinary £1.00 | — | 100.0 | 100.0 | | Gable Care Limited | England 1 | Ordinary £1.00 | — | 100.0 | 100.0 | | Goodhews (Castle) | England 1 | A ordinary £1.00 | — | 100.0 | 51.0 | | | | Ordinary £1.00 | — | 100.0 | 49.0 | | Goodhews (Holdings) | England 1 | A ordinary £1.00 | — | 100.0 | 42.2 | | Limited | | B ordinary £1.00 | — | 100.0 | 42.2 | | | | C ordinary £1.00 | — | 100.0 | 15.6 | 9. Related parties continued Active related undertakings continued ![]() 221 #### Whitbread PLC Annual Report and Accounts 2025/26 9. Related parties continued Dormant related undertakings continued | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | % of class of | | | | | | % of class of | shares held by | | | | | | shares held | the Group (if | | | | | | by the | different from | % of nominal | | | Country of | Class of shares | the parent | the parent | value (where | | Company name | incorporation | held | company | company) | applicable) | | Goodhews (Inns) | England 1 | Ordinary £1.00 | — | 100.0 | 100.0 | | Goodhews (Restaurants) | England 1 | Ordinary £1.00 | — | 100.0 | 100.0 | | Goodhews B. & S. Limited England 1 | | Ordinary £1.00 | — | 100.0 | 100.0 | | Goodhews Enterprises | England 1 | Ordinary £1.00 | — | 100.0 | 100.0 | | Goodhews Limited | England 1 | Ordinary £1.00 | — | 100.0 | 100.0 | | Gough Brothers Limited | England 1 | Deferred | — | 100.0 | 97.6 | | | | ordinary £0.20 | | | | | | | Ordinary £1.00 | — | 100.0 | 2.4 | | Grosvenor Leisure Limited England 1 | | Ordinary £1.00 | — | 100.0 | 100.0 | | Hammock Limited | England 1 | Ordinary £1.00 | — | 100.0 | 100.0 | | Hart & Co. (Boats) Limited | England 1 | 1% non- | — | 100.0 | 99.0 | | | | cumulative | | | | | | | preference £1.00 | | | | | | | Ordinary £1.00 | — | 100.0 | 1.0 | | | | 1% non- | — | 100.0 | — | | | | cumulative | | | | | | | preference £0.01 | | | | | Harveys Leisure | England 1 | A ordinary £1.00 | — | 100.0 | 100.0 | | Promotions Limited | | B ordinary £1.00 | — | 100.0 | 100.0 | | Hunter & Oliver Limited | England 1 | Ordinary £1.00 | — | 100.0 | 100.0 | | J. Burton (Warwick) Limited England 1 | | Ordinary £1.00 | — | 100.0 | 100.0 | | J. J. Norman and Ellery | England 1 | Ordinary £1.00 | — | 100.0 | 100.0 | | Limited | | | | | | | James Bell and | England 1 | Deferred | — | 100.0 | 96.2 | | Company Limited | | ordinary £0.25 | | | | | | | Ordinary 0.01 | — | 100.0 | 3.8 | | Jestbread Limited | England 1 | Ordinary £1.00 | — | 100.0 | 100.0 | | Kingsmills Hotel | Scotland 16 | Ordinary £1.00 | — | 100.0 | 100.0 | | Company Limited | | | | | | | Lambtons Ale Limited | England 1 | Ordinary £1.00 | — | 100.0 | 100.0 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | % of class of | | | | | | % of class of | shares held by | | | | | | shares held | the Group (if | | | | | | by the | different from | % of nominal | | | Country of | Class of shares | the parent | the parent | value (where | | Company name | incorporation | held | company | company) | applicable) | | Latewise Limited | England 1 | Ordinary £1.00 | — | 53.4 | 53.4 | | Lawnpark Limited | England 1 | Ordinary £1.00 | — | 100.0 | 100.0 | | Leisure and Retail | England 1 | Ordinary £1.00 | — | 99.6 | 99.6 | | Resources Limited | | | | | | | Lloyds Avenue | England 1 | 3% non- | — | 100.0 | 50.0 | | Catering Limited | | cumulative | | | | | | | preference £1.00 | | | | | | | Ordinary £1.00 | — | 100.0 | 50.0 | | London International | England 1 | Ordinary £1.00 | — | 100.0 | 100.0 | | Hotel Limited | | | | | | | Lorimer & Clark, Limited | Scotland 16 | Ordinary £1.00 | — | 100.0 | 100.0 | | Mackeson & | England 1 | Ordinary £1.00 | — | 100.0 | 100.0 | | Company Limited | | | | | | | Mackies Wine | England 1 | Ordinary £1.00 | — | 100.0 | 100.0 | | Company Limited | | | | | | | Maredrove Limited | England 1 | Ordinary £1.00 | — | 100.0 | 100.0 | | Marine Hotel | England 1 | Ordinary £1.00 | — | 100.0 | 100.0 | | Porthcawl Limited | | | | | | | Marlow Catering Limited | England 1 | Ordinary £1.00 | — | 100.0 | 100.0 | | Meon Valley Golf and Country Club Limited | England 1 | Ordinary £1.00 | — | 100.0 | 100.0 | | Milton 2 Limited | England 1 | Ordinary £1.00 | — | 100.0 | 100.0 | | Morans of Bristol Limited | England 1 | Ordinary £1.00 | — | 100.0 | 100.0 | | Morris’s Wine | England 1 | Ordinary £1.00 | — | 100.0 | 5.4 | | Stores Limited | | 5.6% non- | — | 100.0 | 5.4 | | | | cumulative | | | | | | | preference £1.00 | | | | | New Clapton Stadium | England 1 | Ordinary £1.00 | — | 100.0 | 100.0 | | Company Limited | | | | | | | Norseman Lager Limited | England 1 | Ordinary £1.00 | — | 100.0 | 100.0 | | Pacific Caledonian | Scotland 13 | Ordinary £1.00 | — | 100.0 | 100.0 | | Properties Limited | | | | | | FINANCIAL STATEMENTS ![]() #### NOTES TO THE COMPANY FINANCIAL STATEMENTS CONTINUED Year ended 26 February 2026 222 #### Whitbread PLC Annual Report and Accounts 2025/26 FINANCIAL STATEMENTS | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | % of class of | | | | | | % of class of | shares held by | | | | | | shares held | the Group (if | | | | | | by the | different from | % of nominal | | | Country of | Class of shares | the parent | the parent | value (where | | Company name | incorporation | held | company | company) | applicable) | | Percheron Properties | England 1 | Ordinary £1.00 | — | 100.0 | 100.0 | | Limited | | | | | | | Peter Dominic Limited | England 1 | Ordinary £1.00 | — | 100.0 | 100.0 | | PI Hotels York Limited | England 1 | Ordinary £1.00 | — | 100.0 | 100.0 | | Piquant Caterers Limited | England 1 | Ordinary £1.00 | — | 100.0 | 100.0 | | Pizzaland Limited | England 1 | Ordinary £1.00 | — | 100.0 | 100.0 | | Premier Inn Limited | England 1 | Ordinary £1.00 | — | 100.0 | 100.0 | | Premier Inn Troon Limited England 1 | | Ordinary £1.00 | — | 100.0 | 100.0 | | Priory Leisure Limited | England 1 | Ordinary £1.00 | — | 100.0 | 100.0 | | Raybain (Northern) Limited England 1 | | Ordinary £1.00 | — | 100.0 | 100.0 | | Raybain (Wine Bars) | England 1 | Ordinary £1.00 | — | 100.0 | 100.0 | | Limited | | | | | | | Respotel Limited | England 1 | Ordinary £1.00 | — | 100.0 | 100.0 | | Rhymney Breweries Limited England 1 | | Ordinary £1.00 | — | 100.0 | 100.0 | | S & S Property Limited | England 1 | Ordinary £1.00 | — | 100.0 | 100.0 | | S.H. Ward & | England 1 | Ordinary £1.00 | — | 100.0 | 100.0 | | Company Limited | | | | | | | Salford Automatics Limited England 1 | | Ordinary £1.00 | — | 100.0 | 100.0 | | Scorechance 1 Limited | England 1 | Ordinary £1.00 | — | 100.0 | 100.0 | | Scorechance 12 Limited | England 1 | Ordinary £1.00 | — | 100.0 | 100.0 | | Scorechance 17 Limited | England 1 | Ordinary £1.00 | — | 100.0 | 100.0 | | Scorechance 25 Limited | England 1 | Ordinary £1.00 | — | 100.0 | 100.0 | | Scorechance 8 Limited | England 1 | Ordinary £1.00 | — | 100.0 | 100.0 | | Sheffield Automatics | England 1 | Ordinary £1.00 | — | 100.0 | 100.0 | | Limited | | | | | | | Shewell Limited | England 1 | Ordinary £1.00 | — | 100.0 | 100.0 | | Silk Street Hotel | England 1 | Ordinary £1.00 | — | 100.0 | 100.0 | | Liverpool Limited | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | % of class of | | | | | | % of class of | shares held by | | | | | | shares held | the Group (if | | | | | | by the | different from | % of nominal | | | Country of | Class of shares | the parent | the parent | value (where | | Company name | incorporation | held | company | company) | applicable) | | Small & Co. | England 1 | Ordinary £1.00 | — | 100.0 | 100.0 | | (Engineering)Limited | | | | | | | Small & Co. Limited | England 1 | 7% cumulative | — | 100.0 | 0.7 | | | | preference £1.00 | | | | | | | Ordinary £1.00 | — | 100.0 | 99.3 | | Spring Soft Drinks Limited | England 1 | Ordinary £1.00 | — | 100.0 | 100.0 | | Sprowston Manor | England 1 | Ordinary £1.00 | — | 100.0 | 100.0 | | Hotel Limited | | | | | | | Square October 1 Limited | England 1 | Ordinary £1.00 | — | 100.0 | 100.0 | | Square October 2 Limited | England 1 | Ordinary £1.00 | — | 100.0 | 100.0 | | Square October 3 Limited | England 1 | Ordinary £1.00 | — | 100.0 | 100.0 | | St Andrews Homes | England 1 | Ordinary £1.00 | — | 100.0 | 100.0 | | (1995) Limited | | | | | | | St Martins Care Homes | England 1 | Ordinary £1.00 | — | 100.0 | 100.0 | | Investments Limited | | | | | | | Stoneshell Limited | England 1 | Ordinary £1.00 | — | 100.0 | 100.0 | | Stripe Travel Inn Limited | England 1 | Ordinary £1.00 | — | 100.0 | 100.0 | | Strong and Co. of Romsey Limited | England 1 | Ordinary £1.00 | — | 100.0 | 100.0 | | Summerfields Care Limited England 1 | | Ordinary £1.00 | — | 100.0 | 100.0 | | Sun Taverns Limited | England 1 | Ordinary £1.00 | — | 100.0 | 100.0 | | Sweetings (Chop House) | England 1 | Ordinary £1.00 | — | 100.0 | 100.0 | | Limited | | | | | | | Swift (Lurchrise) Limited | England 1 | Ordinary £1.00 | — | 100.0 | 100.0 | | Swift Hotels (1995) Limited England | | Ordinary £1.00 | — | 100.0 | 100.0 | | Swift Hotels | England 1 | Ordinary £1.00 | — | 100.0 | 100.0 | | (Management) Limited | | | | | | | Swift Inns and Restaurants Limited | England 1 | Ordinary £1.00 | — | 100.0 | 100.0 | | Swift Profit Sharing | England 1 | Ordinary £1.00 | — | 100.0 | 100.0 | | Scheme Trustees Limited | | | | | | | Swift Quest Limited | England 1 | Ordinary £1.00 | — | 100.0 | 100.0 | 9. Related parties continued Dormant related undertakings continued ![]() 223 #### Whitbread PLC Annual Report and Accounts 2025/26 | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | % of class of | | | | | | % of class of | shares held by | | | | | | shares held | the Group (if | | | | | | by the | different from | % of nominal | | | Country of | Class of shares | the parent | the parent | value (where | | Company name | incorporation | held | company | company) | applicable) | | Swingbridge Hotel Limited England 1 | | Ordinary £1.00 | — | 100.0 | 100.0 | | Tewkesbury Park Golf | England 1 | Ordinary £1.00 | — | 100.0 | 100.0 | | and Country Club Limited | | | | | | | The Barcave Group Limited England 1 | | 7% cumulative | — | 100.0 | 90.9 | | | | preference £1.00 | | | | | | | Ordinary £1.00 | — | 100.0 | 9.1 | | The Dominic Group Limited England 1 | | Ordinary £1.00 | — | 100.0 | 100.0 | | The Four Seasons Hotel | England 1 | 8% cumulative | — | 100.0 | 33.0 | | Investments Limited | | preference A | | | | | | | £1.00 | | | | | | | 8% cumulative | — | 100.0 | 28.1 | | | | preference B | | | | | | | £1.00 | | | | | | | Ordinary £1.00 | — | 100.0 | 30.2 | | | | Preferred | — | 100.0 | 8.8 | | | | ordinary £1.00 | | | | | The Four Seasons | England 1 | Ordinary £1.00 | — | 100.0 | 100.0 | | Hotel Investments | | | | | | | Management Limited | | | | | | | The Four Seasons | England 1 | Ordinary £1.00 | — | 100.0 | 100.0 | | Hotel Limited | | | | | | | The Oyster Spa | England 1 | Ordinary £1.00 | — | 100.0 | 100.0 | | Company Limited | | | | | | | The Portsmouth | England 1 | Ordinary £0.25 | — | 100.0 | 100.0 | | and Brighton United | | | | | | | Breweries, Limited | | | | | | | Thomas Wethered | England 1 | Ordinary £1.00 | — | 100.0 | 100.0 | | & Sons Limited | | | | | | | Threlfalls (Liverpool | England 1 | Ordinary £1.00 | — | 100.0 | 100.0 | | & Birkenhead) Limited | | | | | | | Threlfalls (Salford) Limited | England 1 | Ordinary £1.00 | — | 100.0 | 100.0 | | Trentrise Limited | England 1 | Ordinary £1.00 | — | 100.0 | 100.0 | | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | % of class of | | | | | | % of class of | shares held by | | | | | | shares held | the Group (if | | | | | | by the | different from | % of nominal | | | Country of | Class of shares | the parent | the parent | value (where | | Company name | incorporation | held | company | company) | applicable) | | Uncle Sam’s Limited | England 1 | Ordinary £1.00 | — | 100.0 | 100.0 | | Virlat Limited | England 1 | Ordinary £1.00 | — | 100.0 | 100.0 | | W. M. Darley, Limited | England 1 | Ordinary £1.00 | — | 100.0 | 49.8 | | | | Preference £1.00 | — | 100.0 | 49.8 | | | | Preferred | — | 100.0 | 0.4 | | | | ordinary £0.01 | | | | | W. R. Wines Limited | England 1 | Deferred £1.00 | — | 100.0 | 99.0 | | | | Ordinary £0.01 | — | 100.0 | 1.0 | | West Country | England 1 | Ordinary £1.00 | — | 100.0 | 100.0 | | Breweries Limited | | | | | | | Wentworth Guarantee | England 1 | N/A | N/A | N/A | N/A | | Company Limited | | | | | | | Wheeler Gate Limited | England 1 | Ordinary £1.00 | — | 100.0 | 100.0 | | Whitbread (Condor) | England 1 | Ordinary | — | 100.0 | 100.0 | | Holdings Limited | | £0.0001 | | | | | Whitbread (G.C.) Limited | England 1 | Ordinary £1.00 | — | 100.0 | 100.0 | | Whitbread Company | England 1 | Ordinary £1.00 | — | 100.0 | 100.0 | | Two Limited | | | | | | | Whitbread | England 1 | Ordinary £1.00 | — | 100.0 | 100.0 | | Developments Limited | | | | | | | Whitbread Devon Limited | England 1 | Ordinary £1.00 | — | 100.0 | 100.0 | | Whitbread Directors | England 1 | Ordinary £0.05 | — | 100.0 | 100.0 | | 1 Limited | | | | | | | Whitbread Directors | England 1 | Ordinary £1.00 | — | 100.0 | 100.0 | | 2 Limited | | | | | | | Whitbread Dunstable | England 1 | Ordinary £1.00 | — | 100.0 | 100.0 | | Limited | | | | | | | Whitbread Enterprise | England 1 | Ordinary £1.00 | — | 100.0 | 00.0 | | Centre Limited | | | | | | | Whitbread Finance PLC | England 1 | Ordinary £1.00 | — | 100.0 | 100.0 | | Whitbread Fremlins Limited England 1 | | Ordinary £1.00 | — | 100.0 | 100.0 | 9. Related parties continued Dormant related undertakings continued FINANCIAL STATEMENTS ![]() #### NOTES TO THE COMPANY FINANCIAL STATEMENTS CONTINUED Year ended 26 February 2026 224 #### Whitbread PLC Annual Report and Accounts 2025/26 FINANCIAL STATEMENTS | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | % of class of | | | | | | % of class of | shares held by | | | | | | shares held | the Group (if | | | | | | by the | different from | % of nominal | | | Country of | Class of shares | the parent | the parent | value (where | | Company name | incorporation | held | company | company) | applicable) | | Whitbread Golf and | England 1 | 5% non- | — | 100.0 | 45.0 | | Country Club Limited | | cumulative | | | | | | | preference £1.00 | | | | | | | A ordinary £1.00 | — | 100.0 | 55.0 | | Whitbread Golf Club | England 1 | Ordinary £1.00 | — | 100.0 | 100.0 | | Limited | | | | | | | Whitbread Guarantee | England 1 | N/A | N/A | N/A | N/A | | Company Two Limited | | | | | | | Whitbread Healthcare | England 1 | Ordinary £1.00 | — | 100.0 | 100.0 | | Trustees Limited | | | | | | | Whitbread Hotel | England 1 | Ordinary £0.05 | — | 100.0 | 100.0 | | (Bournemouth) Limited | | | | | | | Whitbread Hotels | England 1 | Deferred £1.00 | — | 100.0 | 100.0 | | (Management) Limited | | USD 0.01 | — | 100.0 | — | | Whitbread International | England 1 | Ordinary £1.00 | — | 100.0 | 100.0 | | Limited | | | | | | | Whitbread International | England 1 | Ordinary £0.25 | — | 100.0 | 100.0 | | Trading Limited | | | | | | | Whitbread Investment | England 1 | Ordinary £1.00 | — | 100.0 | 100.0 | | Company Limited | | | | | | | Whitbread Investment | England 1 | Ordinary £1.00 | — | 100.0 | 100.0 | | Company Securities Limited | | | | | | | Whitbread London Limited England 1 | | Ordinary £1.00 | — | 100.0 | 100.0 | | Whitbread Nominees | England 1 | Ordinary £1.00 | — | 100.0 | 100.0 | | Limited | | | | | | | Whitbread Pension | England 1 | N/A | N/A | N/A | N/A | | Trustee Directors | | | | | | | Company Limited | | | | | | | Whitbread Pension Trustees England 1 | | Ordinary £1.00 | — | 100.0 | 100.0 | | Whitbread Pub and Bars Limited | England 1 | Ordinary £1.00 | — | 100.0 | 100.0 | 9. Related parties continued Dormant related undertakings continued | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | % of class of | | | | | | % of class of | shares held by | | | | | | shares held | the Group (if | | | | | | by the | different from | % of nominal | | | Country of | Class of shares | the parent | the parent | value (where | | Company name | incorporation | held | company | company) | applicable) | | Whitbread Pub | England 1 | Ordinary £1.00 | — | 100.0 | 100.0 | | Partnership Limited | | | | | | | Whitbread Pub Restaurants | England 1 | Ordinary £1.00 | — | 100.0 | 100.0 | | Business Limited | | | | | | | Whitbread Quest | England 1 | Ordinary £1.00 | — | 100.0 | 100.0 | | Trustee Limited | | | | | | | Whitbread Restaurants | England 1 | Ordinary £1.00 | — | 100.0 | — | | (Australia) Limited | | Ordinary £0.56 | — | 100.0 | 100.0 | | Whitbread Restaurants | England 1 | Ordinary £1.00 | — | 100.0 | 100.0 | | Limited | | | | | | | Whitbread Scotland Limited Scotland 14 | | Ordinary £1.00 | — | 100.0 | 100.0 | | Whitbread Secretaries | England 1 | Ordinary £0.05 | — | 100.0 | 50.0 | | Limited | | 4% preference | — | 100.0 | 50.0 | | | | £0.05 | | | | | Whitbread Share Ownership | England 1 | N/A | N/A | N/A | N/A | | Trustees Limited | | | | | | | Whitbread Spa Company | England 1 | Ordinary £1.00 | — | 100.0 | 100.0 | | Limited | | | | | | | Whitbread Sunderland | England 1 | Ordinary £1.00 | — | 100.0 | 100.0 | | (1995) Limited | | | | | | | Whitbread Sunderland 2 | England 1 | Ordinary £1.00 | — | 100.0 | 57.0 | | Limited | | 5.6% non- | — | 100.0 | 43.0 | | | | cumulative | | | | | | | [preference | | | | | | | £1.00 | | | | | Whitbread Sunderland | England 1 | Ordinary £5.00 | — | 100.0 | 50.0 | | Limited | | Preference | — | 100.0 | 50.0 | | | | £5.00 | | | | | Whitbread Trafalgar | England 1 | A ordinary | — | 100.0 | 50.0 | | Properties Limited | | £1.00 | | | | | | | B ordinary | — | 100.0 | 50.0 | | | | £1.00 | | | | | Whitbread UK Limited | England | Ordinary £1.00 | — | 100.0 | 100.0 | ![]() 225 #### Whitbread PLC Annual Report and Accounts 2025/26 9. Related parties continued Dormant related undertakings continued | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | % of class of | | | | | | % of class of | shares held by | | | | | | shares held | the Group (if | | | | | | by the | different from | % of nominal | | | Country of | Class of shares | the parent | the parent | value (where | | Company name | incorporation | held | company | company) | applicable) | | Whitbread Wales Limited | England 1 | Ordinary £1.00 | — | 100.0 | 100.0 | | Whitbread Wessex Limited England 1 | | Ordinary £1.00 | — | 100.0 | 100.0 | | White Cross Films Limited England 1 | | Ordinary £1.00 | — | 100.0 | 100.0 | | Wiggin Tree Limited | England 1 | Ordinary £1.00 | — | 100.0 | 100.0 | | Willhouse Limited | England 1] | Deferred £1.00 | — | 100.0 | 50.0 | | | | Q ordinary | — | 100.0 | 25.0 | | | | £1.00 | | | | | | | W ordinary | — | 100.0 | 25.0 | | | | £1.00 | | | | | William Overy | England 1 | Ordinary £1.00 | — | 100.0 | 100.0 | | Crane Hire Limited | | | | | | The registered office of the above companies is as follows: 1 Whitbread Court, Houghton Hall Business Park, Porz Avenue, Dunstable, Bedfordshire LU5 5XE. 2 4th Floor, Saltire Court, 20 Castle Terrace, Edinburgh EH1 2EN, Scotland. 3 Ground Floor, Two Dockland Central, Guild St, North Dock, Dublin D01 K2C5, Ireland. 4 2nd Floor, St Mary’s Court, 20 Hill Street, Douglas IM1 1EU, Isle of Man. 5 4th Floor, St Paul’s Gate, 22–24 New Street, St Helier JE1 4TR, Jersey. 6 Ground Floor, Premier Inn Dubai Investment Park, P.O. Box 35118, Dubai, United Arab Emirates. 7 3rd Floor, Tornado Towers, PO Box 34040, Doha, Qatar. 8 Europa-Allee 22, 60327 Frankfurt am Main, Germany. 9 Room 742, 968 West Beijing Road, Jing’an District, Shanghai, China. 10 Gandaria 8 Office Tower, 19th Floor Unit A1, Jalan Sultan Iskandarmuda, Kebayoran Lama, 12240, Indonesia. 11 TMF Services B.V., Nassima Tower, Office 1401, Sheikh Zayed Road, PO Box 213975, Dubai, United Arab Emirates. 12 Almas 6C, Almas Tower, Jumeirah Lake Towers, Dubai, United Arab Emirates. 13 4th Floor, 115 George Street, Edinburgh EH2 4JN, Scotland. 14 The Royal Scot Hotel, 111 Glasgow Road, Edinburgh EH12 8NF, Scotland. 15 11 New St, Guernsey GY1 3EG, Guernsey. 16 Swallow Royal Scot Hotel, Glasgow Road, Edinburgh EN12 8NF, Scotland. 17 Hegelgasse 13, 1010 Wien, Austria. FINANCIAL STATEMENTS ![]() 226 #### Whitbread PLC Annual Report and Accounts 2025/26 OTHER INFORMATION #### GLOSSARY #### Basic earnings per share (basic EPS) Profit attributable to the parent shareholders divided by the basic weighted average number of ordinary shares in issue during the year after deducting treasury shares and shares held by an independently managed share ownership trust (ESOT). #### Cash rent The total of interest paid on lease liabilities, payment of principal of lease liabilities and variable lease payments, adjusted to reflect one year’s rent. #### Committed pipeline Sites where the Group has a legal interest in a property (that may be subject to planning/ other conditions) with the intention of opening a hotel in the future. #### Direct bookings/distribution Based on stayed bookings in the financial year made direct to the Premier Inn website, the Premier Inn app, the Premier Inn customer contact centre or hotel front desks. #### Food and beverage (F&B) sales Food and beverage revenue from all Whitbread owned restaurants and integrated hotel restaurants. #### GOSH Charity Great Ormond Street Hospital Children’s Charity. #### IFRS International Financial Reporting Standards. #### Lease debt In line with methodology used by our credit rating agency, lease-adjusted net debt includes lease debt. Lease debt is calculated at eight times cash rent. #### Occupancy Number of hotel bedrooms occupied by guests expressed as a percentage of the number of bedrooms available in the period. #### Operating profit Profit before net finance costs and tax. #### OTAs Online travel agents. #### Rent expense Rental costs recognised in the income statement prior to the adoption of IFRS 16. #### Team retention The number of permanent new starters that we retain for the first 90 days/three months. #### Trading site A joint hotel and restaurant or a standalone hotel. #### Segment adjusted operating profit/(loss) The adjusted operating profit/(loss) excludes the impact of segmental royalty fees charged from the UK to other segments to aid comparability of segment performance. #### WINcard Whitbread In Numbers – balanced scorecard to measure progress against key performance targets. #### YourSay Whitbread’s annual employee opinion survey to provide insight into the views of employees. ![]() 227 #### Whitbread PLC Annual Report and Accounts 2025/26 OTHER INFORMATION #### ALTERNATIVE PERFORMANCE MEASURES We use a range of measures to monitor the financial performance of the Group. These measures include both statutory measures in accordance with IFRS and alternative performance measures (APMs) which are consistent with the way that the business performance is measured internally. APMs are not defined by IFRS and therefore may not be directly comparable with similarly titled measures reported by other companies. APMs should be considered in addition to, and are not intended to be a substitute for, or superior to, IFRS measures. Adjusted measures of profitability represent the equivalent IFRS measures adjusted for specific items that we consider relevant for comparison of the Group’s business either from one period to another or with similar businesses. We report adjusted measures because we believe they provide both management and investors with useful additional information about the financial performance of the Group’s businesses. APM Closest equivalent IFRS measure Adjustments to reconcile to IFRS measure Definition and purpose #### REVENUE MEASURES Accommodation sales Revenue Excludes non-room revenue such as food and beverage Premier Inn accommodation revenue excluding non-room income such as food and beverage. The growth in accommodation sales on a year-on-year basis is a good indicator of the performance of the business. Reconciliation: Note 3 Average room rate (ARR) No direct equivalent Refer to definition Accommodation sales divided by the number of rooms occupied by guests. The Directors consider this to be a useful measure as this is a commonly used industry metric which facilitates comparison between companies. RECONCILIATION 2025/26 2024/25 UK accommodation sales (£m) 2,024.9 2,010.1 Number of rooms occupied by guests (’000) 24,710 25,279 UK AVERAGE ROOM RATE (£) 81.95 79.52 Germany accommodation sales (£m) 220.8 197.6 Number of rooms occupied by guests (’000) 2,811 2,631 GERMANY AVERAGE ROOM RATE (£) 78.53 75.08 UK like-for-like accommodation sales growth Movement in accommodation salesper the segmentinformation (Note 3) Accommodation sales from non-like-for-like Year-over-year change in accommodation revenue for outlets open for at least one year with no significant changes in room numbers. The Directors consider this to be auseful measure as it is a commonly used performance metric and provides an indication of underlying revenue trends. RECONCILIATION 2025/26 2024/25 UK like-for-like accommodation sales growth 0.2% (2.0%) Impact of extensions >5% of rooms 0.1% — Contribution from net new hotels 0.4% 2.1% UK ACCOMMODATION SALES GROWTH 0.7% 0.1% ![]() 228 #### Whitbread PLC Annual Report and Accounts 2025/26 OTHER INFORMATION APM Closest equivalent IFRS measure Adjustments to reconcile to IFRS measure Definition and purpose #### REVENUE MEASURES CONTINUED Revenue per available room (RevPAR) No direct equivalent Refer to definition Revenue per available room is also known as ‘yield’. This hotel measure is achieved bydividing accommodation sales by the number of rooms available. The Directors consider this to be a useful measure as it is a commonly used performance measure inthe hotel industry. RECONCILIATION 2025/26 2024/25 UK accommodation sales (£m) 2,024.9 2,010.1 Available rooms (’000) 31,244 31,206 UK REVPAR (£) 64.81 64.42 Germany accommodation sales (£m) 220.8 197.6 Available rooms (’000) 4,074 3,882 GERMANY REVPAR (£) 54.19 50.90 #### INCOME STATEMENT MEASURES Adjusted operating profit/loss Profit/loss before tax Adjusting items (Note 6), finance income/costs (Note 8) Profit/loss before tax, finance costs/income and adjusting items. Reconciliation: Consolidated income statement Adjusted tax Tax charge/credit Adjusting items (Note 6) Tax charge/credit before adjusting items. Reconciliation: Consolidated income statement Adjusted 1 profit/loss before tax Profit/loss before tax Adjusting items (Note 6) Profit/loss before tax and adjusting items. Reconciliation: Consolidated income statement Adjusted 1 basic EPS Basic EPS Adjusting items (Note 6) Adjusted profit attributable to the parent shareholders divided by the basic weighted average number of ordinary shares in issue during the year after deducting treasury shares and shares held by an independently managed share ownership trust (ESOT). Reconciliation: Note 10 Profit/PBT margin No direct equivalent Refer to definition Segmental adjusted profit before tax divided by segmental adjusted revenue, to demonstrate profitability margins of the segmental operations. Reconciliation: Strategic Report #### ALTERNATIVE PERFORMANCE MEASURES CONTINUED ![]() 229 #### Whitbread PLC Annual Report and Accounts 2025/26 OTHER INFORMATION APM Closest equivalent IFRS measure Adjustments to reconcile to IFRS measure Definition and purpose #### BALANCE SHEET MEASURES Net cash/debt Total liabilities from financing activities Excludes lease liabilities, other financial liabilities and derivatives held to hedge financing activities Cash and cash equivalents after deducting total borrowings. The Directors consider this to be a useful measure of the financing position of the Group. Reconciliation: Note 21 Adjusted net cash/debt Total liabilities from financing activities Excludes lease liabilities, other financial liabilities and derivatives held to hedge financing activities, adjusted for cash assumed by ratings agencies to not be readily availabl Net cash/debt adjusted for cash, assumed by ratings agencies to not be readily available, and excluding unamortised debt-related fees. The measure has been amended in the year to exclude unamortised debt-related fees. The Directors consider this to be a useful measure as it is aligned with the method used by ratings agencies to assess the financing position of the Group. RECONCILIATION 2025/26 £m 2024/25 £m Net debt 709.3 483.4 Less: unamortised debt costs 5.9 7.6 Less: fair value adjustment to bond carrying value 1.1 - Restricted cash adjustment 10.0 10.0 ADJUSTED NET DEBT 726.3 501.0 Unamortised debt costs of £5.9m (including unamortised arrangement fees of £4.0m) as well as £1.0m in relation to a fair value credit are included within the carrying value of borrowings. Lease-adjusted net debt/cash Cash and cash equivalents less total liabilities from financing activities Excludes lease liabilities and derivatives held to hedge financing activities. Includes an adjustment for cash assumed by ratings agencies to not be readily available In line with methodology used by credit rating agencies, lease-adjusted net debt includes Lease debt which is calculated at 8x Cash rent. The directors consider this to be a useful measure as it forms the basis of the Group’s leverage targets. RECONCILIATION 2025/26 £m 2024/25 £m Adjusted net debt 726.3 501.0 Lease debt 2,827.2 2,580.8 LEASE-ADJUSTED NET DEBT 3,553.5 3,081.8 Net debt/cash and lease liabilities Cash and cash equivalents less total liabilities from financing activities Refer to definition Net debt/cash plus lease liabilities. The Directors consider this to be a useful measure of the financing position of the Group. RECONCILIATION 2025/26 £m 2024/25 £m Net debt 709.3 483.4 Lease liabilities 4,521.4 4,233.8 NET DEBT AND LEASE LIABILITIES 5,230.7 4,717.2 ![]() 230 #### Whitbread PLC Annual Report and Accounts 2025/26 OTHER INFORMATION APM Closest equivalent IFRS measure Adjustments to reconcile to IFRS measure Definition and purpose #### CASH FLOW MEASURES Lease-adjusted net debt to adjusted EBITDAR for leverage No direct equivalent Refer to definition This measure is a ratio of lease-adjusted net debt compared against the Group’s adjusted EBITDAR. The Directors use this to monitor the leverage position of the Group. This measure may not be directly comparable with similarly titled measures utilised by credit rating agencies; however, on a normalised basis these measures would be expected to move proportionally in the same direction. RECONCILIATION 2025/26 £m 2024/25 £m Lease-adjusted net debt 3,553.5 3,081.8 Adjusted EBITDAR 1,073.9 1,029.9 LEASE-ADJUSTED NET DEBT TO ADJUSTED EBITDAR FOR LEVERAGE 3.3x 3.0x Adjusted operating cash flow Cash generated from operations Refer to definition Adjusted operating profit/loss adding back depreciation and amortisation and after IFRS 16 interest and lease repayments and working capital movement. The Directors consider this a useful measure as it is a good indicator of the cash generated which is used to fund future growth and shareholder returns, tax, pension and interest payments. RECONCILIATION 2025/26 £m 2024/25 £m Adjusted operating profit 648.9 629.6 Depreciation – right-of-use assets 208.6 194.3 Depreciation – property, plant and equipment 184.4 177.3 Amortisation 33.2 30.2 ADJUSTED EBITDA (POST-IFRS 16) 1,075.1 1,031.4 Interest paid on lease liabilities (177.0) (166.7) Payment of principal of lease liabilities (172.9) (148.7) Net lease incentives received/(paid) 0.3 2.7 Movement in working capital 4.6 4.6 ADJUSTED OPERATING CASH FLOW 730.1 723.3 Cash capital expenditure (‘cash capex’) No direct equivalent Refer to definition Cash flows on property, plant and equipment and investment property and investment in intangible assets, payments of deferred and contingent consideration, and capital contributions or loans to joint ventures. #### ALTERNATIVE PERFORMANCE MEASURES CONTINUED ![]() 231 #### Whitbread PLC Annual Report and Accounts 2025/26 OTHER INFORMATION APM Closest equivalent IFRS measure Adjustments to reconcile to IFRS measure Definition and purpose #### OTHER MEASURES Adjusted EBITDA (post-IFRS 16), adjusted EBITDA (pre-IFRS 16) and adjusted EBITDAR Operating profit Refer to definition Adjusted EBITDA (post-IFRS 16) is profit before tax, adjusting items, interest, depreciation and amortisation. Adjusted EBITDA (pre-IFRS 16) is further adjusted to remove rent expense. Adjusted EBITDAR is profit before tax, adjusting items, interest, depreciation, amortisation, variable lease payments and rental income. The Directors consider this measure to be useful as it is a commonly used industry metric which facilitates comparison between companies. The Group’s RCF covenants include measures based on adjusted EBITDA (pre-IFRS 16). RECONCILIATION 2025/26 £m 2024/25 £m Adjusted operating profit 648.9 629.6 Depreciation – right-of-use assets 208.6 194.3 Depreciation – property, plant and equipment 184.4 177.3 Amortisation 33.2 30.2 ADJUSTED EBITDA (POST-IFRS 16) 1,075.1 1,031.4 Variable lease payments 3.5 4.0 Rental income (4.7) (5.5) ADJUSTED EBITDAR 1,073.9 1,029.9 Rent expense, variable lease payments and rental income (348.1) (323.4) ADJUSTED EBITDA (PRE-IFRS 16) 725.8 706.5 ![]() 232 #### Whitbread PLC Annual Report and Accounts 2025/26 OTHER INFORMATION APM Closest equivalent IFRS measure Adjustments to reconcile to IFRS measure Definition and purpose #### OTHER MEASURES CONTINUED Return on capital employed (ROCE) No direct equivalent Refer to definition Adjusted operating profit/loss (pre-IFRS 16) for the year divided by net assets at the balance sheet date, adding back net debt, right-of-use assets, lease liabilities, taxation liabilities, the pension surplus/deficit and derivative financial assets/liabilities, other financial liabilities and IFRS 16 working capital adjustments. The Directors consider this to be a useful measure as it expresses the underlying operating efficiency of the Group and is used as the basis for remuneration targets. RECONCILIATION 2025/26 Total £m UK and Ireland £m Adjusted operating profit 648.9 Depreciation – right-of-use assets 208.6 Rent expense (349.3) ADJUSTED OPERATING PROFIT PRE-IFRS 16 508.2 497.3 Net assets 3,136.4 Net debt 709.4 Net current tax assets (4.5) Net deferred tax liabilities 233.7 Pension surplus (131.9) Derivative financial assets (0.1) Derivative financial liabilities 9.5 Lease liabilities 4,521.0 Right-of-use assets (3,833.6) IAS 17 rent adjustments (65.0) ADJUSTED NET ASSETS 4,574.9 3,844.2 RETURN ON CAPITAL EMPLOYED 11.1% 12.9% #### ALTERNATIVE PERFORMANCE MEASURES CONTINUED ![]() 233 #### Whitbread PLC Annual Report and Accounts 2025/26 OTHER INFORMATION APM Closest equivalent IFRS measure Adjustments to reconcile to IFRS measure Definition and purpose #### OTHER MEASURES CONTINUED Return on capital employed (ROCE) continued RECONCILIATION 2024/25 Total £m UK and Ireland £m Adjusted operating profit 629.6 Depreciation – right-of-use assets 194.3 Rent expense (324.9) ADJUSTED OPERATING PROFIT PRE-IFRS 16 499.0 497.3 Net assets 3,334.5 Net debt 483.4 Current tax liabilities 12.2 Deferred tax liabilities 234.8 Pension surplus (134.6) Derivative financial assets (19.9) Derivative financial liabilities 1.4 Lease liabilities 4,233.8 Right-of-use assets (3,662.7) IAS 17 rent adjustments (65.0) ADJUSTED NET ASSETS 4,417.9 3,844.2 RETURN ON CAPITAL EMPLOYED 11.3% 12.9% ![]() 234 #### Whitbread PLC Annual Report and Accounts 2025/26 OTHER INFORMATION #### SHAREHOLDER SERVICES #### Useful contacts Registrars MUFG Corporate Markets Shareholder Services Central Square 29 Wellington Street Leeds LS1 4DL The website address is www.mpms.mufg.com. For enquiries regarding your shareholding please telephone +44 (0)344 855 2327. Alternatively, you can email: whitbread@cm.mpms.mufg.com. Registered office Whitbread PLC Whitbread Court Houghton Hall Business Park, Porz Avenue Dunstable Bedfordshire LU5 5XE General Counsel and Company Secretary Clare Thomas #### Managing your shareholdings You can manage your shareholdings by visiting www.whitbread-shares.com. This is a secure online site where you can: • sign up to receive shareholder information by email; • buy and sell shares via the MUFG Corporate Markets Share Dealing Service; • view your holding and get an indicative valuation; and • change your personal details. You will need to have your Investor Code to hand. This can be found on the following documentation: • share certificate; • dividend voucher; or • proxy card. Please ensure that you advise MUFG Corporate Markets promptly of any change of address. Share dealing service 1 For MUFG Corporate Markets Share Dealing Services you can telephone +44 (0)371 664 0445. Calls are charged at the standard geographic rate and will vary by provider. Calls from outside the United Kingdom will be charged at the applicable international rate. Lines are open between 8.00am and 4.30pm, Monday to Friday excluding public holidays in England and Wales. Private shareholders Private shareholders are shareholders who hold their shares in their own name on the Company’s Register of Members. They have full voting rights and have the right to stipulate their communication preferences and bank account preferences on their own holding. Nominee shareholders Nominee shareholders are underlying beneficial shareholders who hold their shares through a nominee company. The name of the nominee company will appear on the Company’s Register of Members. It will depend on the terms and conditions of the nominee provider as to whether underlying shareholders receive copies of the annual general meeting (AGM) documents and any other Company documents that are mailed. Dividend options may also be restricted by the nominee. If underlying shareholders wish to receive Company mailings then they have the right to request to be put on the beneficial holders’ information rights register, which can be arranged via their nominee provider. Corporate Sponsored Nominee We worked with MUFG Corporate Markets to establish the Whitbread Corporate Sponsored Nominee (CSN). We did this because we know that a number of shareholders prefer not to hold their shares in certificated form, but still wish to receive documents and benefits from the Company. This has been raised by shareholders at previous AGMs. The CSN allows shareholders to hold their Whitbread shares via a nominee, but also allows Whitbread to have direct access to the underlying register, such that we can ensure that participants receive the documents and benefits that they request. If you would like to hold your shares in theWhitbread CSN, please log on to www whitbread-shares.com. If you have notregistered before then you will need your Investor Code. Your Investor Code islocated on your share certificate. On the portal you will find further information in relation to the Whitbread CSN. The terms and conditions and various transfer forms that you will need to review and complete are located there. If you need any assistance with the forms or want any additional support, please email CustodyMGT@cm.mpms.mufg.com outlining what you would like to do and they will email you back with the relevant instructions. #### Annual general meeting 2026 The AGM will take place at 2.30pm on Thursday 18 June 2026 at Whitbread Court, Porz Avenue, Dunstable LU5 5XE. #### Dividend diary 2026/27 (subject to confirmation) Ex-dividend date for final dividend 21 May 2026 Record date for final dividend 22 May 2026 DRIP election 12 June 2026 Payment date for final dividend 3 June 2026 Ex-dividend date for interim dividend 29 October 2026 Record date for interim dividend 30 October 2026 DRIP election 13 November 2026 Payment date for interim dividend 4 December 2026 1 These details have been provided for information only and any action you take is at your own risk. If you are in any doubt about what action to take, please consult your own financial adviser. Should you not wish to use these services you could find a broker in your local area, or on the internet, or enquire about share dealing at any high street bank or building society. The availability of this service should not be taken as a recommendation to deal. ![]() 235 #### Whitbread PLC Annual Report and Accounts 2025/26 OTHER INFORMATION #### Analysis of ordinary shares at 26 February 2026 Shareholder analysis Shareholding analysis Range (Up to:) Number of holders % holders Holding % capital 100 13,685 51.4822 496,961 0.2757 200 4,369 16.4359 634,694 0.3521 500 4,425 16.6466 1,422,060 0.7889 1,000 2,023 7.6104 1,423,072 0.7895 2,000 938 3.5287 1,285,452 0.7131 5,000 463 1.7418 1,417,969 0.7866 10,000 162 0.6094 1,122,226 0.6226 50,000 256 0.9631 5,911,468 3.2795 100,000 80 0.3010 5,592,000 3.1022 500,000 118 0.4439 26,856,460 14.8989 1,000,000 31 0.1166 21,933,033 12.1676 5,000,000 26 0.0978 48,635,338 26.9810 10,000,000 2 0.0075 16,643,702 9.2333 50,000,000 4 0.0150 46,882,968 26.0089 99,999,999,999 0 0.0000 0 TOTAL 26,582 180,257,403 #### Capital gains tax For further information on: • the market value of shares in the Company as at 31 March 1982; • the reduction of capital on 10 May 2001; and • the special dividend and share consolidation in May 2005, or if you require any further information on capital gains tax allocations, please refer to the investors section of the Company’s website: www.whitbread.co.uk. #### Dividend Reinvestment Plan To reinvest your dividend, you will need to sign up for the Dividend Reinvestment Plan (DRIP). Terms and conditions of the DRIP can be found at www.whitbread-shares.com or can be requested from MUFG Corporate Markets. For enquiries regarding the DRIP please telephone +44 (0)344 855 2327. #### Dividend payments by BACS We can pay your dividends directly to your bank or building society account using the Bankers’ Automated Clearing Service (BACS). This means that your dividend will be in your account on the same day we make the payment. Your tax voucher will be posted to your home address. If you would like to use this method please ring the registrars on +44 (0)344 855 2327. As mentioned in the Chair’s statement on page [•], we would like to remind you that cash dividend payments made by the Company, starting with the interim dividend, which was paid in December 2025, are now only made by electronic means. We no longer issue payments by cheque. If you haven’t already done so, you will need to register your bank account details to enable payment of cash dividends into your bank account. You can do this using one of the following methods: • Via the Share Portal: www.signalshares.com. If you have not previously registered with the Share Portal, you will need your Investor Code (a unique number that can be found on shareholder correspondence, such as share certificates or dividend tax confirmations). Once registered, you will be able to register your bank account details and obtain dividend confirmations via the Share Portal. You can also register a preference to receive a notification by email that your cash dividend has been paid into your bank account. • By calling MUFG Corporate Markets on 0371 664 0300. If you are outside the United Kingdom please call +44 371 664 0300. Opening hours and call charges are as stated earlier in this letter. #### Shareholder FAQs How can I find the current share price? You can keep up to date with the current share price on the Company’s website: www.whitbread.co.uk. I have lost my share certificate; how can I get a replacement? If you have lost your certificate please contact the Company’s registrars, MUFG Corporate Markets, on the shareholder helpline +44 (0)344 855 2327. They will be able to assist you in arranging a replacement. Am I entitled to shareholder benefits? Shareholders with a holding of 64 shares or more are eligible to receive a shareholder benefits card. Those shareholders who have previously registered to receive the shareholder benefits card should automatically have received the card with the Annual Report and Accounts mailing. Shareholders who wish to register for a card can do so by contacting MUFG Corporate Markets, whose contact details are shown on page [•]. ![]() 236 #### Whitbread PLC Annual Report and Accounts 2025/26 OTHER INFORMATION #### Unsolicited mail We are aware that some shareholders have had occasion to complain of the use, by outside organisations, of information obtained from Whitbread’s share register. Whitbread, like other companies, cannot by law refuse to supply such information provided that the organisation concerned pays the appropriate statutory fee. If you are a resident in the UK and wish to stop receiving unsolicited mail then you should register with the Mailing Preference Service; you can register online: www.mpsonline.org.uk. #### Shareholder warning Share and bond scams are often run from ‘boiler rooms’ where fraudsters cold-call investors offering them worthless, overpriced or even non-existent shares or bonds. Boiler rooms use increasingly sophisticated tactics to approach investors, offering to buy or sell shares in a way that will bring a huge return. However, victims are often left out of pocket – sometimes losing all of their savings or even their family home. Even seasoned investors have been caught out, with the biggest individual loss recorded by the police being £6m. Shareholders are advised to be wary of unsolicited advice, offers to buy shares at adiscount or offers of free Company reports. If you receive any unsolicited investment advice: • make sure you get the correct name of the person or organisation; • check that it is properly authorised by the FCA before getting involved byvisiting www.fca.org.uk and contact the firm using the details on the register; • report the matter to the FCA either bycalling 0800 111 6768 or visiting www.fca.org.uk/scams; • if the calls persist, hang up; and • REMEMBER, if it sounds too good to be true, it probably is! If you deal with an unauthorised firm, you will not be eligible to receive payment under the Financial Services Compensation Scheme (FSCS) if things go wrong. The FCA can be contacted by completing an online form at www.fca.org.uk/scams or you can call the FCA Consumer Helpline on 0800 111 6768 or Action Fraud on 0300 123 2040 (www.actionfraud.police.uk). Details of any share dealing facilities that the Company endorses will be included in Company mailings. More detailed information on this or similar activity can be found on the FCA website, www.fca.org.uk/consumers. #### SHAREHOLDER SERVICES CONTINUED ![]() Produced by Design Portfolio www.design-portfolio.co.uk [Whitbread PLC’s commitment to environmental stewardship is reflected in this Annual Report, which has been printed on Revive 100 Silk, which is 100% post-consumer recycled, FSC ® certified and totally chlorine free (TCF) paper. Printed in the UK by Park Communications using vegetable- based inks, with 99% of dry waste being diverted from landfill. The printer is a CarbonNeutral ® company. Both the mill and the printer are certified to ISO 14001 (Environmental Management System) and ISO 9001 (Quality Management System).] paper statement and logos to be updated ![]() Whitbread PLC Annual Report and Accounts 2025/26 Whitbread Court Houghton Hall Business Park Porz Avenue Dunstable Bedfordshire LU5 5XE www.whitbread.co.uk/investors Spine width TBC Whitbread PLC Annual Report and Accounts 2025/26