Earnings release
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4 November 2025 THIRD QUARTER TRADING STATEMENT International Workplace Group plc, the world’s largest hybrid workspace platform with a network in over 120 countries through flexible workspace brands such as Regus , Spaces, HQ, Signature, issues its third quarter trading statement for the three months ended 30 September 2025. UNPRECEDENTED NETWORK GROWTH AND HIGHER OCCUPANCY • Quarterly system-wide revenue of $1.1bn, growth of 4% year-over-year o Managed & Franchised: system-wide revenue growth of 36%. +83% in recurring management fees year-over-year o Company-owned: occupancy continues to climb whilst maintaining RevPAR • Incremental investment outlined during H1 2025 has resulted in further capital-light expansion in network and coverage, with c.40%+ increase in both signings and openings year-over-year o Total Q3 2025 signings 335 (2024: 234) o Total Q3 2025 openings 215 (2024: 152) • Continued capital returns to shareholders; over $100m of capital returns to shareholders during 2025 so far Mark Dixon, Chief Executive of International Workplace Group plc, said: “I am pleased with the financial results in the third quarter of 2025. The incremental investment we have made in our Managed & Franchised segment has already led to an acceleration in the number of locations we have opened and added to the pi peline as we continue to expand our network and coverage . The evolution of occupancy and pricing set s us up well for further growth in the remainder of the year and into 2026 . Operational cash generation is enabling the ongoing share buyback.” SUMMARY FINANCIALS ($m) Q3 2025 Q3 2024 Change 9m 2025 9m 2024 Change System-wide revenue 1,125 1,081 4% 3,286 3,204 3% Managed & Franchised 213 1 157 36% 574 1 444 29% Company-owned 806 809 0% 2,399 2,422 (1)% Company-owned (Open Centres) 797 791 1% 2,368 2,347 1% Digital & Professional Services 106 115 (8)% 313 338 (7)% D&PS underlying revenue2 106 107 0% 313 304 3% Group revenue 947 947 0% 2,797 2,818 (1)% Net financial (debt) 813 7543 1. Includes the Gross revenue of starter kits, previously disclosed as net. Impact of $9m 2. Excluding the impact of an exited contract 3. Net financial debt as of 30 June 2025
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Managed & Franchised: Continues to deliver excellent results Incremental discretionary investment into the segment has accelerated signings and openings when compared to 2024. System -wide revenue for the quarter has grown 36% year -over-year. Recurring management fees delivered growth of 83% year-over-year for the quarter. At the end of Q3 2025, we had 245,000 rooms open, with a further 190,000 rooms in the pipeline (signed, not yet opened). Once these rooms are all open and mature, they are expected to produce system-wide revenues of more than $1.6bn per year. Q3 2025 Q3 2024 Change (%) 9m 2025 9m 2024 Change (%) System-wide revenue ($m) 213 1 157 36% 574 1 444 29% RevPAR ($) 344 431 (20)% 328 401 (18)% Managed 216 279 (23)% 192 238 (20)% Franchised & JV 513 516 (1)% 507 496 2% Fee revenue ($m) 35 1 23 50% 85 1 58 46% Recurring management fees 11 6 83% 30 13 131% Rooms open 245,000 169,000 45% 245,000 169,000 45% Managed 161,000 87,000 85% 161,000 87,000 85% Franchised & JV 84,000 82,000 2% 84,000 82,000 2% Centres open 1,519 1,001 52% 1,519 1,001 52% Managed 1,034 543 90% 1,034 543 90% Franchised & JV 485 458 6% 485 458 6% Rooms opened in the period (net) 25,000 15,000 66% 60,000 46,000 30% Managed 24,000 13,000 88% 57,000 42,000 35% Franchised & JV 1,000 2,000 (57)% 3,000 4,000 (25)% Centres opened in the period (net) 154 100 54% 403 319 26% Managed 147 91 62% 379 295 28% Franchised & JV 7 9 (22)% 24 24 0% Rooms in pipeline 190,000 173,000 10% 190,000 173,000 10% New centre deals signed 261 181 44% 674 568 19% 1. Includes the Gross revenue of starter kits, previously disclosed as net. Impact of $9m in Q3 2025. Company-owned: Good revenue visibility as increased occupancy built in H1 2025 continues through Q3 and is expected to drive RevPAR in 2026 Strategy to grow occupancy as previously outlined is working and feeding through to revenues. These higher occupancy levels are expected to drive revenue throughout Q4 and into 2026. We continue to selectively add new locations aligned with our capital-light strategy. . Q3 2025 Q3 2024 Growth 9m 2025 9m 2024 Growth Revenue ($m) 806 809 0 % 2,399 2,422 (1) % Revenue (Open Centres) 797 791 1% 2,368 2,347 1% RevPAR ($) 354 363 (3)% 349 363 (4)% Rooms open 780,000 772,000 1 % 780,000 772,000 1 % Centres open 2,915 2,860 2% 2,915 2,860 2% Rooms opened in the period (net) 3,000 1,000 190% 4,000 0 n.m Centres opened in the period (net) 20 10 100% 42 28 50%
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RevPAR – evolving as expected Whilst we have previously stated we target $250 of RevPAR at maturity across our Managed Partnerships, it is important to note that RevPAR continues to rise beyond the 18 -month stage putting upward pressure on system revenue for the segment. RevPAR continues to evolve as expected across the Group. System RevPAR ($, monthly average) Q3 2025 Q3 2025 ex 2024 Openings Q3 2024 % change Managed & Franchised 344 451 431 (20)% Managed 216 309 279 (23)% Franchised and JVs 513 527 516 (1)% Company-Owned 354 364 363 (3)% IWG Network 352 375 372 (6)% Digital & Professional Services Digital & Professional Services is focused on capturing the full value chain from the structural growth of hybrid working through continued investment in and development of the platform by adding new services and geographies to its operations. ($m) Q3 2025 Q3 2024 Growth 9m 2025 9m 2024 Growth Revenue 106 115 (8)% 313 338 (7)% Underlying revenue2 106 107 0% 313 304 3% 2. Excluding the impact of an exited contract Financing and Net Debt ($m) 30 September 2025 30 June 2025 Change Cash & Cash equivalents (381) (446) (65) Drawn RCF 0 0 0 2027 0.5% Convertible Bond 178 178 0 2030 6.5% Corporate Bond 657 656 (1) 2032 5.125% Corporate Bond 333 333 0 Other 26 33 7 Net financial debt 813 754 (59) Net financial debt increased over the quarter driven by: • Acceleration of the share buyback program to take advantage of lower prices with repurchase of 16,748,305 shares for $47m as part of the Group’s share buyback programme in Q3 • Customary working capital movements from supplier payments Offset by: • Cashflows from revenue growth, cost control and continued focus on the capital-light operating model $173m of the 2027 0.5% Convertible Bond will be repaid using RCF liquidity on 9th December as expected. Following this, with the exception of $5m of the outstanding Convertible Bond, the company has no debt maturity until the RCF renewal in 2029. We expect net debt to reduce in Q4 2025, in-line with guidance.
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Outlook and guidance We confirm our guidance for the full 2025 financial year provided with the H1 2025 results as follows: • Centre growth and signings to be higher than 2024 • No change to adjusted EBITDA and net debt guidance • Reiterate commitment to maintaining a BBB credit rating • Share buyback of at least $130m in 2025 • Cashflow to shareholders of at least $140m in 2025; and • On track to deliver EBITDA of at least $1bn in the medium-term The Company is hosting an Investor Day on 4 December 2025 in New York City, where we will outline our medium term-framework and update our capital allocation policy. Financial calendar 4 December 2025 Investor Day in New York City 3 March 2026 2025 Full Year Results 5 May 2026 First Quarter 2026 Trading Update 11 August 2026 First Half 2026 Results Details of results presentation Mark Dixon, Chief Executive Officer, and Charlie Steel, Chief Financial Officer, will be hosting a conference call for analysts and investors at 9am UK time. Please pre-register through PC, Mac, iOS or Android to attend the conference call using the link below: https://brunswickgroup.zoom.us/webinar/register/WN_ahvqfsjiS3uZ8hsVOJJB9w#/registration Further information International Workplace Group plc Mark Dixon, Chief Executive Officer Charlie Steel, Chief Financial Officer Richard Manning, Head of Investor Relations Brunswick Tel: +44 (0) 20 7404 5959 Nick Cosgrove Peter Hesse