Slides
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Financial results for the six months ending 30 June 2026 11 August 2026
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Caution statement No representations or warranties, express or implied are given in, or in respect of, this presentation or any further information supplied. In no circumstances, to the fullest extent permitted by law, will the Company, or any of its respective subsidiaries, shareholders, affiliates, representatives, partners, directors, officers, employees, advisers or agents (collectively “the Relevant Parties”) be responsible or liable for any direct, indirect or on sequential loss or loss of profit arising from the use of this presentation, its contents (including the management presentations and details on the market), its omissions, reliance on the information contained herein, or on opinions communicated in relation thereto or otherwise arising in connection therewith. The presentation is supplied as a guide only, has not been independently verified and does not purport to contain all the information that you may require. This presentation may contain forward-looking statements that are based on current expectations or beliefs, as well as assumptions about future events. Although we believe our expectations, beliefs and assumptions are reasonable, reliance should not be placed on any such statements because, by their very nature, they are subject to known and unknown risks and uncertainties and can be affected by other factors that could cause actual results, and our plans and objectives, to differ materially from those expressed or implied in the forward-looking statements. You are cautioned not to place undue reliance on any forward- looking statements, which speak only as of the date hereof. The Company undertakes no obligation to revise or update any forward-looking statement contained within this presentation, regardless of whether those statements are affected as a result of new information, further events or otherwise. This presentation, including this disclaimer, shall be governed by and construed in accordance with English law and any claims or disputes, whether contractual or non-contractual, arising out of, or in connection with, this presentation, including this disclaimer, shall be subject to the exclusive jurisdiction of the English Courts. Results presented in accordance with US GAAP. 2
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Mark Dixon Executive Chair
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Christian Schmitz Chief Executive Officer
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Strategy delivering accelerating revenue growth 5 11% growth in system- wide revenue1 6% group revenue growth1 5% growth in Company- owned revenue1 84% growth in recurring management fees1 $109 m Capital returned in H1 across buybacks and dividends $150 m Share buyback for 2026 already announced Reiterating our guidance for both FY 2026 and the medium-term 2026 HALF YEAR RESULTS 1 First half growth on a year-on-year basis
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Delivering the strategy • As we continue our evolution into an increasingly capital-light business, our plans and targets remain unchanged • Expand margins in Company-owned segment • Grow fee income in Managed & Franchised • Develop and grow the most extensive coverage network in the industry • Including the pipeline, c.45% of our rooms are Managed & Franchised Transition to capital-light network continues 2026 HALF YEAR RESULTS 6 H1 2023 H1 2026 System-wide revenue Locations Rooms +10ppt 88% 12% 78% 22% 68% 32% 86% 14% 81% 19% 54% 46% Managed & Franchised Company-owned +27ppt +18ppt
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To deliver an increasingly fee-driven business 2025 % revenues M&F 2025 FCF from Adj EBITDA EV/EBITDA FY274 ~ 8 0 %1 20x ~ 9 8 % 2 19x ~94% 1 18x 70% 3 56% 46% 40 % 50% 3 5x Estimated number of managed & franchised rooms open Estimated managed partnership recurring fees Scaled expansion replicating “hotel-like” playbook delivering recurring cash flow 154 185 220 307 358 435 515 605 0 200 400 600 800 H1 24A H2 24A H1 25A H2 25A H1 26E H2 26E H1 27E H2 27E Rooms open (000) 7 12 19 26 35 45 56 69 0 20 40 60 80 H1 24A H2 24A H1 25 H2 25 H1 26 H2 26 H1 27 H2 27 $ (m) 2026 HALF YEAR RESULTS 7 1 TTM to 30/09/2025; Includes management, royalty and intellectual property fees 2. 12m to 31/12/24; includes cost reimbursement revenue 3. FCF conversion and % of revenues from M&F for IWG based on delivery of medium-target EBITDA target of at least $1bn 4. EV/EBITDA FY 27 multiple as at 30/06/2026 from Factset. IWG using net financial debt as at 30 June 2026
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Company-owned: attractive & risk managed portfolio Improving margin performance from dynamic pricing, occupancy management and operating efficiencies 2026 HALF YEAR RESULTS Attractive and structurally lower risk model • Platform-driven demand • Global diversification • Dynamic pricing • Active occupancy management • Operational efficiencies Flexibility of operations 01 Diagnose Centre-level visibility on occupancy, price, service revenue and local costs 02 Remediate Pricing, promotions, enterprise demand, product mix and cost actions 03 Flexibility to restructure Renegotiate rent, right-size footprint or transfer economics where appropriate 04 Exit Ring-fenced structure supports local closure, transfer or exit where remediation is insufficient Conventional 74% Variable rent 26% Company-owned network by type (30 June 2026) x% Adjusted gross margin Annualised free cash flow 5% Centres restructured / transferred / exited since 2023 x days Average time to exit / restructure underperforming sites 8
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2026 HALF YEAR RESULTS Platform advantage in enterprise One platform across all workspace needs Global network with unmatched coverage Flexible alternative to traditional leases Scale up or down in line with demand Technology-enabled workspace optimisation 9
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Enterprise segment: client base built on depth and momentum 10 We are trusted by the companies defining how the world works – and where… 7% growth in average spend vs H1 20251 85% of Fortune 500 companies2 52% using at least 3+ product lines 1. H1 2026 reflects 5.5 months of data, normalized to monthly average for comparability 2. IWG 2025 Annual Report 2026 HALF YEAR RESULTS
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Strategic deployment of AI Better delivery and business ● Layering AI into existing automation infrastructure ● Funding and developing scalable digital products ● Optimising yield, demand planning, and customer tools ● Improving data-driven pricing and occupancy decisions ● Delivering fast, consistent customer service at scale ● Capitalising on the structural shift to flexible working Making the platform more efficient 11 Simplification & efficiency ● Automating internal processes to control central costs ● Reducing operational friction to support profitability 2026 HALF YEAR RESULTS Better delivery and business experience for customers
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Delivering quality earnings and FCF growth 2026 HALF YEAR RESULTS Improving fundamentals underpin valuation Growth accelerating Earnings quality improving Risk lower than perceived Strong FCF growth Capital returns reducing share count Driving FCF / Share Underpinning valuation 12
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2026 HALF YEAR RESULTS • Cashflow performance expected to improve in H2 2026 • Structural growth drivers underpinning long-term platform expansion • Clear execution of capital-light strategy delivering scalable growth • Strong performance across company-owned portfolio • Resilient, defensive business model with increasing earnings visibility The business is well positioned for the full year 13
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Charlie Steel Chief Financial Officer
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2026 HALF YEAR RESULTS Revenue momentum and capital returns • Accelerating revenues, with system-wide revenue growth of 11% to $2.4bn (H1 2025: $2.2bn) • Continued growth in adjusted EBITDA to $265m (H1 2025: $262m) • Record network growth with 728 new centres signed and 425 opened (H1 2025: 496 signed / 338 opened) • Managed & Franchised system-wide revenue growth of 36% and recurring management fee growth of 84% to $35m (H1 2025: $19m) • Company-owned revenue of $1,865m, 5% growth vs H1 2025 $1,770m • $109m returned to shareholders in the first-half of 2026 through buybacks ($100m) and dividends ($9m) • Strong underlying free cashflow after transitory payments working capital impact which was communicated at Q1 • Maintained Investment grade credit rating 15
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2026 HALF YEAR RESULTS 84% growth in recurring management fees • Total fees growing from new managed centres opening and continued growth in franchise centres • System-wide revenues grew 36% in H1 2026 to $535m • Our pipeline continues to expand with further momentum in signings $m H1 2026 H1 2025 Growth rate System-wide revenue 535 392 36% Gross profit 90 61 48% Franchise & JV fees 22 21 4% Recurring management fees 35 19 84% Other income 33 21 52% Maintenance capex n/a n/a n/a Divisional free cash flow 90 61 48% Growth capex on intangibles 1 8 (88)% 19 35 0 5 10 15 20 25 30 35 40 H1 2025 H1 2026 Fees ($m) Recurring management fees 307 51 257 0 100 200 300 400 500 600 700 Open rooms 31 Dec 2025 Net rooms added Open rooms 30 June 2026 Signed pipeline Total incl pipeline k rooms Managed & Franchised room evolution through 2026 615 1. Fees shown are the recurring fees from managed partnerships. JV and franchise fees are also recurring Managed & Franchised 358 +84% 16
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2026 HALF YEAR RESULTS 17 Managed & Franchised Managed partnership RevPAR as expected • RevPAR of new Managed partnerships evolving in line with expectations • At 30 June 2026, revenue is being delivered from 358,000 rooms and 2,230 locations in the managed and franchised network • As rooms open and mature, they will drive incremental system- wide revenue and fee income • This will continue to drive system-wide revenues – when all rooms currently open are mature, and the pipeline has opened and matured, system-wide revenue potential is over $2bn Includes all Managed Partnerships opened since January 2022 Targeted RevPAR at 18 months £200 per room per month, as disclosed in March 2024 results presentation, converted to USD at GBPUSD of 1.25 0 50 100 150 200 250 1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 35 RevPAR ($ per Room per Month) Months from Centre Opening RevPAR by Cohort 2024 2025 2026
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2026 HALF YEAR RESULTS 18 Managed & Franchised Excellent growth in recurring management fees • Recurring management fees generated from Managed partnerships expected to grow significantly due to the maturity curve of the existing open estate, the unopened pipeline and new locations yet to be signed • Incremental investment in led to an acceleration in the number of locations being signed and opened • Recurring management fee income expected to be $80m in 2026, a 4x increase vs the 2024 outturn • Whilst forecasting has been accurate to date there may be some short-term variation to these estimates 154 185 220 307 3581 425 505 595 100 200 300 400 500 600 700 H1 24A H2 24A H1 25A H2 25A H1 26A H2 26E H1 27E H2 27E Rooms open (000) Estimated number of Managed & Franchised rooms open 7 12 19 26 35 45 56 69 0 10 20 30 40 50 60 70 80 90 H1 24A H2 24A H1 25A H2 25A H1 26A H2 26E H1 27E H2 27E Estimated Managed partnership recurring fees2 1. Focus is on fees and higher quality rooms 2. Fees just from management agreements. Franchise & JVs are reported separately, but are also recurring. $ (m)
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2026 HALF YEAR RESULTS • RevPAR growth of 11% driven by increases across all maturities and closure of low RevPAR rooms • Costs remain under control • Some increase in capex due to timing, total net capex guidance of $150m remains unchanged $m H1 2026 H1 2025 Growth rate Revenue 1,865 1,770 5% Adjusted Gross Profit 479 461 4% Adjusted Gross Profit Margin 26% 26% - Maintenance Capex (42) (35) 20% TI amortisation (59) (66) (11)% Divisional Free Cash Flow 378 360 5% Growth Capex 32 12 166% Company-owned Price momentum driving revenue 19 1,770 1,865 1,500 1,550 1,600 1,650 1,700 1,750 1,800 1,850 1,900 1,950 2,000 H1 2025 H1 2026 $m Company-owned revenue 367 407 340 350 360 370 380 390 400 410 H1 2025 H1 2026 $ / month RevPAR +11%
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2026 HALF YEAR RESULTS EBITDA increase being driven by additional gross profit across both segments Focus in H2 on additional gross profit and overhead efficiencies 20 $262m $30m $28m $(55)m $265m H1 2025 EBITDA Gross profit Company-owned Gross profit Managed & Franchised Overhead costs H1 2026 EBITDA
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2026 HALF YEAR RESULTS $m H1 2026 H1 2025 Change (%) System-wide revenue 2,400 2,162 11% Group revenue 1,970 1,850 6% Cost of Sales (1,429) (1,369) 4% Gross profit 541 481 12% SG&A (315) (250) 26% Allowance for (recovery of) credit losses 7 (11) - Depreciation & Amortisation before LLCs (184) (182) 1% Depreciation of LLCs (cost reimbursements) on leased properties 28 42 (33)% Operating income 38 68 (44)% Net finance cost, incl. lease interest (58) (56) 4% Income before tax from continuing operations (20) 12 - Taxation and equity method investments 22 (4) - Profit for the period 2 8 (75)% Net income (loss) attributable to NCI - 3 - Net income attributable to the Company 2 11 (82)% Adjusted EPS (¢) 4.6 2.3 100% Adjusted EBITDA 265 262 1% • System-wide revenue growth of 11% to a record $2.4bn continues to drive capital-light income and the transition towards a fee-driven model • Revenue delivered growth of 6% in the first half of 2026 • System-wide revenue growth of 36% in the Managed & Franchised segment has driven significant fee income growth • Combination of additional gross profit expectations combined with overheads efficiency programme to bridge to full-year guidance Statement of operations (P&L) Revenue growth delivered, expected to continue with increasing cost efficiency focus 21
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2026 HALF YEAR RESULTS • Cashflow production impacted by payments changes in Q1 which are expected to be transitory and were communicated in May • Of $83m working capital outflow, c.$87m is related to a reduction in accounts payable balance and corresponding payment days reduction • Can be seen in balance sheet: $297m at 31 December 2025 to $262m at 30 June 2026 • Additional working capital outflows from acquisitions of c$10m $m H1 2026 H1 2025 Adjusted EBITDA 265 262 Working capital related to the amortisation of landlord contributions on leased property (59) (66) Working capital (excl. amortisation of landlord contributions on leased property) (83) (6) Maintenance capital expenditure (net) (42) (35) Proceeds from exercise of share options 3 3 Other items (20) (29) Cash inflow from business activities 64 129 Tax paid (24) (14) Finance costs on bank & other facilities (54) (44) Cash inflow before growth capex , financing activities and dividends (14) 71 Net growth capital expenditure (33) (20) Purchase of subsidiary undertakings (net of cash) (8) - Cashflow before financing activites and dividends (55) 51 Cashflow Good underlying cashflow after Q1 payments impact 22
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2026 HALF YEAR RESULTS Quarterly net debt evolution Q2 net debt broadly flat including capital returns 23 • Net debt rose $143m in Q1 2026, driven by a working capital outflow as invoicing automation shortened supplier payment days • Q2 cashflow pre-corporate activities returned to a $36m inflow • Net debt closed H1 at $880m, up $22m in the quarter, with $58m of corporate activities offsetting the operating inflow • Net debt / EBITDA expected to finish 2026 slightly elevated compared to December 2025 • Committed to maintaining its investment grade credit rating $715m $87m $59m $858m $58m $880m Net Debt 31 Dec 2025 Free cashflow before working capital Working capital Buybacks, dividends and M&A Net Debt 31 March 2026 Free cashflow Buybacks, dividends and M&A Net Debt 30 June 2026 $(3)m $(36)m
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2026 HALF YEAR RESULTS Net debt evolution Leverage increase marginal despite significant discretionary investments and shareholder returns 24 Net debt 31 Dec 2025 Cashflow before maintenance capex Net maintenance capex Finance & tax Net debt - core Working capital Net growth capex & M&A Net debt after growth capex Non-cash financing costs Shareholder returns Net debt 30 June 2026 Non-cash / Financing items 1.35x ND / EBITDA 1.64x ND / EBITDA1 1. Based on LTM EBITDA $(183)m $(9)m$715m $42m $78m $652m $87m $41m $780m $109m $880m $100m $880m 1.35x ND / EBITDA
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2026 HALF YEAR RESULTS • In July 2026, RCF increased to $1bn and extended the duration to 2031, after the maturity of the 2030 bond • Additionally, increased the size of the 2032 corporate bond to €500m from €300m • The 2030 corporate bond remains at €625m • No refinancing needs until at least 2030 • We remain committed to maintaining investment grade credit rating which was reaffirmed by Fitch in June Evolution of capital structure continued in 2026 25
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#1: Financial resilience #2: Investing in the business #3: Dividends #4: Share buyback to return capital Maintaining BBB Investment Grade credit rating Strong balance sheet with no refinancing required until 2030 1. Based on NOSH at 30 June 2026 when compared with 31 Dec 2025 $150m share buyback announced for 2026, and dividend per share growth coming from share count reduction IWG announced a $50m buyback for 2026 in December 2025, then upsized twice to $150m in March and June 2026 respectively $100m spent in H1 2026 37.9mm shares repurchased 3.8% reduction in share count1 Disciplined and clear capital allocation to return surplus capital to shareholders 2026 HALF YEAR RESULTS 26
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Outlook Positive momentum into H2 and confidence in FY26 outturn 2026 HALF YEAR RESULTS FY26 Guidance – reiterated and unchanged $585–625m Adjusted EBITDA ≥4% Company-owned revenue growth $80m Recurring management fee income $150m Share buyback programme for 2026 27 FY 26: Outlook • EBITDA growth in 2026 expected to be driven by: o At least 4% growth in Company-owned revenue o Recurring management fees growing to $80m o Margin progression from increased scale efficiencies • Maintenance of an investment grade credit rating and leverage on a Net debt / EBITDA basis to finish 2026 slightly elevated compared to December 2025 Medium term • Adjusted EBITDA guided to be at least $1bn in the medium-term with incremental EBITDA translating to free cashflow Returns to shareholders • Returns to shareholders in line with capital allocation policy • $150m of share buybacks announced so far for 2026 and dividend per share growth from reduced share count
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Investor Day - December 2025 Q&A