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PARTNER BRANDS 2026 Half Year Results 27 AUGUST 2026
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* This presentation includes various Alternative Performance Measures (APMs), such as EPRA performance metrics and hospitality operational performance indicators. For definitions, further details, and reconciliations to measures defined under International Financial Reporting Standards (IFRS reporting standards), please refer to the Appendix: Alternative Performance Measures and other definitions. PPHE overview art’otel London Battersea Power Station 1
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Buy, build, operate business model Integrated business model has driven significant value creation. Award-winning integrated Hospitality Operating Platform. £2.4 billion hospitality property portfolio 50-strong, well-invested operational portfolio of freehold and long leasehold properties. 15,000 accommodation units across hotels and campsites. 250+ meeting rooms, including some of central London’s largest spaces. Diversified geographic presence, in eight countries Active across 18 different geographic markets, including seven capital cities (London, Amsterdam, Rome, Berlin, Budapest, Zagreb and Belgrade). Multi-brand, multi-segment strategy Access to established brands from upscale to lifestyle and luxury – backed by powerful distribution, marketing and technology platforms. PPHE Hotel Group H1 Results 2026 3 Introduction
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High quality assets in prime locations 1. Cap rates used for cash flow after year 10 are typically 2.5% lower. 2. Includes tourist land (where ownership remains with government) and leased hotels 100+ year ground rent structures 3. Includes landsites and projects under development at cost price 50 Number of assets in operation £523m Long leasehold2 £2,363m Total Property value3 £1,763m Freehold value Resilient EPRA NRV* based on external valuations Capital cities 7 5.5% of property value Country Rooms Value (£m) Discount rate1 London 3,149 1,371 7.8%-10.5% Amsterdam 849 291 8.0%-10.0% Other 614 123 8.0%-10.0% Secondary cities 6.0% of property value Country Rooms Value (£m) Discount rate1 UK 365 35 10.3%-10.5% Netherlands 224 37 9.0%-9.5% Germany 395 70 8.5%-9.3% Resorts and other 18.5% of property value Country Rooms Value (£m) Discount rate1 Croatia rooms 2,603 185 8.0%-10.0% Croatia campsites 5,661 161 9.0%-11.0% Austria 144 13 10.8% Other3 N/A 77 N/A PPHE Hotel Group H1 Results 2026 4
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Value creation and returns RECYCLE Capital and value release OPERATE Operating platform exposure Operator Owner BUY Hospitality real estate exposure BUILD Real estate development exposure PPHE is focused on growing equity value for its shareholders • We (re)develop, redesign and continuously improve assets, creating significant value along every part of the value chain. Value created is released through capital refinancing and recycled into new growth opportunities. • A clear focus on operational delivery and further balance sheet simplification to generate shareholder value. There remain a number of opportunities to simplify, de-risk and crystallise significant value across the balance sheet, structure, existing portfolio, assets and development pipeline. Arena Campsites PPHE Hotel Group H1 Results 2026 5
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Results & outlook art’otel Zagreb 2
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1 The room revenue, average room rate*, occupancy and RevPAR* statistics include all accommodation units at hotels and self-catering apartment complexes and exclude campsites and mobile homes. 2 The like-for-like* figures exclude the results from art’otel Rome Via Veneto for Q1 2026 and Q1 2025 and the results of the terminated leasehold of Park Plaza Wallstreet Berlin Mitte. 3 EPRA earnings* and adjusted EPRA earnings* for 30 June 2026 are calculated for the last 12-month period ended on 30 June 2026. Financial KPIs Operating KPIs Total revenue £m EBITDA* £m Adjusted EPRA EPS*3 pence Dividend per share* pence RevPAR*1 £ Average room rate*1 £ Occupancy1 % 208.3 199.9 209.32026 H1 reported 2026 H1 LfL *2 2025 H1 reported 125 125 119 2026 H1 (LTM*) 2025 (LTM*) 2025 H1 (LTM*) 49.0 45.5 2026 H1 reported 2026 H1 LfL *2 2025 H1 reported 48.4 17 17 39 2026 H1 interim dividend 2025 H1 interim dividend 2025 FY dividend 113.5 113.8 109.3 2026 H1 reported 2026 H1 LfL *2 2025 H1 reported 2026 H1 reported 2026 H1 LfL *2 2025 H1 reported 157.3 157.1 151.0 72.5 72.4 72.12026 H1 reported 2026 H1 LfL *2 2025 H1 reported PPHE Hotel Group H1 Results 2026 7 Solid performance across core metrics
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£180m £220m £200m £210m £190m £199.9m £8.1m (£0.8m) £1.1m £0.2m £2.3m (£1.5m) £209.3m Management & Holdings and Other Regions Lfl adjustments Total revenue 30 June 2026 Total revenue 30 June 2025 United Kingdom The Netherlands GermanyCroatia OCC (10) bps OCC (330) bps OCC +50 bps OCC +100 bps OCC +600 bps ARR* +5.3% ARR* (0.4)% ARR* (3.4)% ARR* +2.6% ARR* +4.3% RevPAR* +5.2% RevPAR* (4.4)% RevPAR* (2.4)% RevPAR* +4.2% RevPAR* +15.3% Total Rev +6.8% Total Rev (2.4)% Total Rev +4.2% Total Rev +2.9% Total Rev +16.3% Strengthening performance led by solid growth in the United Kingdom PPHE Hotel Group H1 Results 2026 8
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EBITDA margin* 22.8% EBITDA margin* 23.1% £2.7m (£0.1m) (£0.8m) (£1.2m) (£0.3m) £2.6m £48.4m EBITDA* June 2026 Management & Holdings and Other Regions EBITDA* June 2025 United Kingdom The Netherlands Germany Lfl adjustmentCroatia £45.5m £20m £30m £25m £40m £35m £45m £50m Margin +40 bps Margin (340) bps Margin (110) bps Margin (10) bps Margin +1,750 bps Group delivered EBITDA * growth despite fiscal headwinds PPHE Hotel Group H1 Results 2026 9
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Minority share PPHE Share £0.0m £10.0m £20.0m £30.0m £40.0m £50.0m £60.0m £70.0m £0.0m £20.0m £40.0m £60.0m £80.0m £100.0m £120.0m £140.0m £160.0m Jun 2026 EBITDA* reported (12 mth rolling*) £108.5m (£8.1m) (£38.4m) Finance costs (net) reported (£4.6m) (£14.4m) Maintenance capex* reserve (4% * of total revenues) (£1.7m) (£3.0m) Other + tax £52.7m Jun 2026 (12 mth rolling*) Adjusted EPRA earnings * £32.6m £18.2m Per share £1.25 Per share £1.25 Per share £1.25 £52.9m £141.1m (£46.5m) (£19.0m) (£4.7m) £70.9m £2.5m (£0.8m)(£3.3m) £1.4m £52.7m Other Jun 2026 (12 mth rolling*) Adjusted EPRA earnings * Dec 2025 (12 mth rolling*) Adjusted EPRA earnings * NOI 1 Financing costs (net) Minority share and unit holder payments Minority share PPHE Share £0.0m £10.0m £20.0m £30.0m £40.0m £50.0m £60.0m £70.0m £0.0m £20.0m £40.0m £60.0m £80.0m £100.0m £120.0m £140.0m £160.0m Jun 2026 EBITDA* reported (12 mth rolling*) £108.5m (£8.1m) (£38.4m) Finance costs (net) reported (£4.6m) (£14.4m) Maintenance capex* reserve (4% * of total revenues) (£1.7m) (£3.0m) Other + tax £52.7m Jun 2026 (12 mth rolling*) Adjusted EPRA earnings * £32.6m £18.2m Per share £1.25 Per share £1.25 Per share £1.25 £52.9m £141.1m (£46.5m) (£19.0m) (£4.7m) £70.9m £2.5m (£0.8m)(£3.3m) £1.4m £52.7m Other Jun 2026 (12 mth rolling*) Adjusted EPRA earnings * Dec 2025 (12 mth rolling*) Adjusted EPRA earnings * NOI 1 Financing costs (net) Minority share and unit holder payments 1. NOI means EBITDA* after deducting 4% of total revenues as maintenance capex* reserve (replacing reported depreciation) Stable EPRA earnings* despite higher (re)finance costs PPHE Hotel Group H1 Results 2026 10
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Reported Cash 30.06.25 £79.6m £155.3m (£18.2m) £91.6m Operating Cash flow (EBITDA* and working capital) New Facilities and movement in restricted cash Dividend Reported cash 30.06.2026 £0.0m £250.0m £50.0m £100.0m £200.0m £150.0m £43.3m £4.5m Other items (including/uni00A0FX) (£20.5m) Waterloo Freehold acquisition (net of funding) (£67.0m) (£19.8m) maintenance capex* (£47.2m) expansion capex Investment in properties and new acquisitions (£85.4m) (£59.4m) interest, rent and unit holder payments (£26.0m) bank loan repayments Debt Service 1 PPHE Hotel Group H1 Results 2026 11 Strong operating cashflow supporting balance sheet simplification
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£131.5m increase after Waterloo Freehold acquisition. Strong balance sheet & conservative leverage ** Includes assets at market value, with ground rent liabilities included in the asset valuation. Units at Park Plaza London Westminster Bridge owned by private investors are netted off with the unitholder liability. Regular amortisation GBP facility EUR facility £714m £319m 2029 2030+202820272026 0 100 200 300 400 500 600 £27.9£13.8 £16.5 £26.9 £20.4£23.9 £472.1 £45.9 £196.1 £3.9 £37.2£22.1 7.4% 31.0% 4.9% 40.4% 4.0% 27.4% 2.3% 28.9% 2.1% 35.5% Avg. Rate Avg. LTV* Average interest 4.4% fixed rate Avera ge mat u r it y 4.4 years Gross Debt Composition and Metrics Conservative LTV*, staggered maturities lower the Group’s interest rate and liquidity risk. All at market value Debt Maturity Schedule (£ in millions) Net Bank Debt Leverage (LTV)* Equity Shareholders £1,140m Equity minority £312m Net bank debt* £932m Net assets £2,384m** 39.5% LT V* PPHE Hotel Group H1 Results 2026 12
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PPHE Hotel Group H1 Results 2026 13 Longer term cashflow profile • Amortising debt facility sees annual interest expense declining vs 4% lease growth • Stable asset EBITDA* no longer eroded by annual lease inflation • Earnings enhancing over 5 year facility life Simplified balance sheet • Hotel revalued to £210m fair value (versus previous cost price accounting) • £215m lease liability extinguished (replaced with mortgage facility of £136m) Value creation • Hotel repurchased for £13m less than original sale despite maintained profitability • Attractive initial yield of 4.9% Greater financial flexibility • Amortising debt profile • Offers further potential interest rate / refinancing upside • Freehold ownership increases future optionality 2017 – Sale & Leaseback Key investment considerations 2026 – Freehold repurchased Stronger Balance Sheet. Increased long-term cash flows. Enhanced Long-Term Value Freehold sold for £162m (65% Loan-to-value*) Lease growing at 2%-4% p.a. Remaining lease-hold value £80m Initial annual lease £5.6m Freehold repurchased for £148m New 5 year amortising debt facility of £136m at 65% LTV* Hotel freehold value £210m Current annual lease eliminated £7. 3 m Balance Sheet Simplification – Waterloo freehold repurchase
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Strategic & operational update art’otel Rome Via Veneto – Yezi Terrace 3
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Strategic and operational update Refinancing activity • Acquisition of the freehold of Park Plaza London Waterloo for £147 .9m, funded by a new £136.5m five year facility • Refinancing of art’otel Rome Via Veneto with a €27 .6m five year facility • Disposal of New York development site for US$33.5m Four longer term development sites in London • City of London border – 182 room site intended for a select-service Radisson RED hotel • South Bank – Planning granted for a mixed use development including a 186 room hotel • Victoria – 79 room subterranean hotel at the existing Park Plaza London Victoria property • West London – Planning granted for a 616 room aparthotel on land adjacent to the current Park Plaza London Park Royal • Full launch of art’otel London Hoxton 5,000 sqm of office space • Further focus on operational and cost efficiencies including further technology and automation implementation • Develop design schemes, operating models and select service brands for our longer term pipeline Development pipeline Future focus and growth PPHE Hotel Group H1 Results 2026 15
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Strategic Review and Offer Period • November 2025, start of Strategic Review and Offer Period • May 2026, indicative offer received from Fattal Hotel Group @ £22 per share • Feedback received through consultation of significant proportion of shareholders • During this consultation, Euro Plaza Holdings, the Company’s largest shareholder, withdrew its support for the Offer • Consequently, Fattal determined it would not proceed further • July 2026, Strategic Review concluded • Clear focus on operational delivery and balance sheet simplification PPHE Hotel Group H1 Results 2026 16
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Park Plaza London Waterloo Park Plaza County Hall London Park Plaza Westminster Bridge London Park Plaza London Riverbank Westminster Bridge Road development site Current trading & outlook The Group has >2,500 rooms in operation on London’s South Bank 4
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• Summer trading across city locations were comparable to trends observed in H1 and are modestly improving as H2 progresses • UK properties performing strongly, with the gradual improvement in momentum seen in the first half in Croatia expected to continue through the summer season • A clear focus on operational delivery alongside further balance sheet simplification • Trading in line with consensus expectations^ for FY26 despite fiscal headwinds remaining Current trading & outlook ^ At 26 August the company compiled analysts’ consensus forecast range for the financial year ending 31 December 2026 showed a revenue range of £475.0 million to £483.0 million and an EBITDA* range of £140.0 million to £147 .0 million. PPHE Hotel Group H1 Results 2026 18
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View from Solaya London Appendix 5
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Park Plaza Westminster Bridge London View from art’otel London Hoxton Hotel operations Reported in GBP UK Six months ended 30-Jun-26 Six months ended 30-Jun-25 Total revenue £126.9 million £118.8 million Room revenue £95.1 million £90.4 million EBITDA* £35.0 million £32.3 million EBITDA margin* 27.6% 27.2% Occupancy 83.8% 83.9% Average room rate* £178.4 £169.4 RevPAR* £149.6 £142.2 PPHE Hotel Group H1 Results 2026 20 United Kingdom performance
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Hotel operations Reported in GBP Reported in local currency EUR 1 The Netherlands Six months ended 30-Jun-26 Six months ended 30-Jun-25 Six months ended 30-Jun-26 Six months ended 30-Jun-25 Total revenue £30.5 million £31.3 million €35.2 million €37.1 million Room revenue £21.9 million £22.9 million €25.3 million €27.3 million EBITDA* £8.5 million £9.8 million €9.8 million €11.6 million EBITDA margin* 27.8% 31.2% 27.8% 31.2% Occupancy 79.3% 82.6% 79.3% 82.6% Average room rate* £142.3 £142.9 €164.1 €169.8 RevPAR* £112.8 £118.1 €130.2 €140.3 1 The average exchange rate from EUR to GBP for the Period ended 30 June 2026 was 1.153 and for the Period ended 30 June 2025 was 1.189, representing a 2.9% decrease. Park Plaza Amsterdam Airport Park Plaza Victoria Amsterdam art’otel Amsterdam PPHE Hotel Group H1 Results 2026 21 The Netherlands performance
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Hotel operations Reported in GBP Reported in local currency EUR 1 Croatia Six months ended 30-Jun-26 Six months ended 30-Jun-25 Six months ended 30-Jun-26 Six months ended 30-Jun-25 Total revenue £28.1 million £27.0 million €32.4 million €32.1 million Room revenue2 £15.4 million £15.5 million €17.7 million €18.5 million EBITDA* £0.6 million £0.9 million €0.7 million €1.1 million EBITDA margin* 2.2% 3.3% 2.2% 3.3% Occupancy2 47.2% 46.7% 47.2% 46.7% Average room rate*2 £113.2 £117.2 €130.6 €139.3 RevPAR*2 £53.5 £54.8 €61.7 €65.1 1 The average exchange rate from EUR to GBP for the Period ended 30 June 2026 was 1.153 and for the Period ended 30 June 2025 was 1.189, representing a 2.9% decrease. 2 The room revenue, average room rate*, occupancy and RevPAR* statistics include all accommodation units at hotels and self-catering apartment complexes but exclude campsites and mobile homes. Arena Indije Campsite Arena Stupice Campsite PPHE Hotel Group H1 Results 2026 22 Croatia performance
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Hotel operations Reported in Pound Sterling (£) Like-for-like*2 in Pound Sterling (£) Germany Six months ended 30-Jun-26 Six months ended 30-Jun-25 Six months ended 30-Jun-26 Six months ended 30-Jun-25 Total revenue £8.7 million £10.8 million £8.7 million £8.5 million Room revenue £7.4 million £9.1 million £7.4 million £7.1 million EBITDA* £1.9 million £2.4 million £1.9 million £2.0 million EBITDA margin* 22.0% 22.1% 21.7% 23.7% Occupancy 65.7% 66.2% 65.7% 64.8% Average room rate* £113.9 £107.0 £113.9 £111.0 RevPAR* £74.9 £70.8 £74.9 £71.9 Reported in local currency Euros 1 (€) Like-for-like*1,2 in local currency (€) Six months ended 30-Jun-26 Six months ended 30-Jun-25 Six months ended 30-Jun-26 Six months ended 30-Jun-25 Total revenue €10.1 million €12.9 million €10.1 million €10.1 million Room revenue €8.6 million €10.9 million €8.6 million €8.5 million EBITDA* €2.2 million €2.8 million €2.2 million €2.4 million EBITDA margin* 22.0% 22.1% 21.7% 23.7% Occupancy 65.7% 66.2% 65.7% 64.8% Average room rate* €131.4 €127.1 €131.4 €132.0 RevPAR* €86.4 €84.1 €86.4 €85.5 1 The average exchange rate from EUR to GBP for the Period ended 30 June 2026 was 1.153 and for the Period ended 30 June 2025 was 1.189, representing a 2.9% decrease. 2 The like-for-like* figures exclude the results of the terminated leasehold of Park Plaza Wallstreet Berlin Mitte. PPHE Hotel Group H1 Results 2026 23 Germany performance
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Hotel operations Reported in GBP Like-for-like*1 in GBP Other Markets: Austria, Hungary, Italy and Serbia Six months ended 30-Jun-26 Six months ended 30-Jun-25 Six months ended 30 June 2026 Six months ended 30-Jun-25 Total revenue £9.7 million £7.6 million £8.8 million £7.5 million Room revenue £7.4 million £6.0 million £6.7 million £5.9 million EBITDA* £0.8 million £0.7 million £1.4 million £1.0 million EBITDA margin* 8.4% 9.2% 16.4% 12.7% Occupancy 59.3% 55.8% 63.4% 57.4% Average room rate* £154.7 £143.7 £148.9 £142.7 RevPAR* £91.7 £80.2 £94.5 £81.9 1 The like-for-like* figures exclude results for Q1 2026 and Q1 2025 from the newly opened art’otel Rome Via Veneto. art’otel Rome Via Veneto art’otel Rome Via Veneto PPHE Hotel Group H1 Results 2026 24 Other Markets performance
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Reported in GBP (£) Six months ended 30 June 2026 Listed Company Development Projects Management Platform Arena Hospitality Group Total Management revenue - £0.2 million £18.6 million - £18.8 million Central Services revenue - - - £7.0 million £7.0 million Revenues within the consolidated Group - - £(14.0) million £(6.5) million £(20.5) million External and reported revenue - £0.2 million £4.6 million £0.5 million £5.3 million EBITDA* £(2.6) million £(0.6) million £6.3 million £(1.6) million £1.5 million Reported in GBP (£) Six months ended 30 June 2025 Listed Company Development Projects Management Platform Arena Hospitality Group Total Management revenue - - £17.3 million - £17.3 million Central Services revenue - - - £6.7 million £6.7 million Revenues within the consolidated Group - - £(13.4) million £(6.3) million £(19.7) million External and reported revenue - - £3.9 million £0.4 million £4.3 million EBITDA* £(2.4) million £(0.1) million £3.3 million £(1.4) million £(0.6) million PPHE Hotel Group H1 Results 2026 25 Management platform
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Why invest in PPHE Integrated developer, owner and operator • Our business model provides exposure and returns across the entire hospitality real estate value chain • Strong preference for assets with development and/or repositioning potential • Diversified real estate portfolio focused on Europe • Driving value growth through development, repositioning and operational excellence Unique approach to capital structure • Raising capital (both third-party equity and debt) at asset level, growth funded through capital recycling • Multiple sources of capital providing a hedge against market fluctuations • Conservative loan-to-value*, low refinance risk and long term hedges in place to mitigate interest risk All disciplines under one roof • Scalable platform offering growth through management of owned and third-party properties • Unique strategic relationship with Radisson Hotel Group, enabling brand diversification and scale • Full operational control benefits asset value growth. Ability to sell assets unencumbered Business Model Unique Capital Structure Operating Platform Control art’otel Zagreb PPHE Hotel Group H1 Results 2026 26
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art’otel London Hoxton – Solaya London For any hotel – branded or unbranded – PPHE’s platform can be adapted to achieve financial returns for third party hotel owners, or PPHE equity partners through increasing top-line growth and profit maximisation. Award-winning hospitality management platform Management company highlights Benefits Fee structure All hotels in the Group (fully, jointly or third party owned) operate under a management agreement that charges revenue and profit based fees. The platform operates as a separate business within the Group. Key aspects • Access to one of world’s largest reservation, marketing and loyalty networks • Award-winning management team, entrepreneurial hoteliers • Employer of choice with in-house accommodation services agency • Fully invested scalable management platform • Flexible contract structure, with access to world-class brands • Best-in-class revenue management • Purchasing power through scale and Radisson Hotel Group partnership • Full operating control to navigate cycles • Full alignment between owner and operation • Flexibility to sell assets unencumbered • Brand flexibility without the need for long term commitment Our management platform provides control over every aspect of the hotel real estate value. art’otel London Hoxton – Solaya London PPHE Hotel Group H1 Results 2026 27
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Radisson RED Berlin Kudamm Full launch September ‘24 City of London development site art’otel London Hoxton Soft launch April ‘24 Westminster Bridge Road London land site art’otel Rome Via Veneto opened March ‘25 Victoria London subterranean hotel art’otel Zagreb Completed May ‘24 Undeveloped assets Croatia Radisson RED Belgrade Opened February ‘24 Park Royal London land site Pipeline Available for development2024/2025 openings Book value of landsites +£50m PPHE Hotel Group H1 Results 2026 28
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Austria Hungary SerbiaItaly Croatia The Netherlands Germany United Kingdom High quality assets in prime locations Park Plaza Nuremberg Capital city Secondary city Resorts and other Park Plaza London Westminster Bridge art’otel Berlin Mitte art’otel London Hoxton Park Plaza Victoria AmsterdamPark Plaza London Riverbank Park Plaza London Waterloo art’otel Rome Via Veneto art’otel Amsterdam art’otel Cologne Park Plaza Histria PulaGrand Hotel Brioni Pula Arena Grand Kažela Medulin Radisson RED Berlin Kudamm Arena One 99 Glamping, Pomer art’otel Zagreb PPHE Hotel Group H1 Results 2026 29
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£1,406m United Kingdom £328m The Netherlands £91m Germany £364m Croatia £126m Other £48m Under development 2 W e are an integrated hospitality real estate group with a £2.4 billion portfolio of primarily prime freehold and long‑leasehold assets in Europe. Value split by geography1 At a glance 12 United Kingdom 6 The Netherlands 4 Austria, Hungary, Italy, Serbia 6 Germany 22 Croatia Hotels and resorts by geography 1 The fair values were determined on the basis of independent external valuations prepared in December 2025. 2 Properties under development include: Westminster Bridge Road (London), development site Park Royal (London), Leman Street development site and Guest House Riviera. PPHE Hotel Group H1 Results 2026 30
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W e are an integrated hospitality real estate group with a £2.4 billion portfolio of primarily prime freehold and long‑ leasehold assets in Europe Portfolio Portfolio value £2.4bn 50 Properties in operation Business model Real estate owner with an integrated hospitality management platform Offering Hotels Capital cities, city centre Secondary cities, city centre Leisure & Outdoor Resorts Camping & Glamping Self-catered apartments Brands Markets PPHE Hotel Group H1 Results 2026 31 Portfolio breakdown
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Following our successful 20 year+ strategic partnership with Radisson Hotel Group (which is owned by Jin Jiang and combined represent the world’ s 2nd largest hotel group), additional agreements were secured allowing for art’ otel growth, fee‑based income, brand diversification, and brand portfolio growth and value creation. Central reserv ation and distribution system Powerful online and mobile platforms Radisson Rew ards ™ programme with 29 million members Global sales, marketing and buying power Exclusive and perpetual EMEA Licence for Park Plaza remains intact Benefits of new agreements: • Joint growth of portfolio of premium lifestyle art’otels • Target-based development agreements • Increased footprint will drive brand awareness, increase brand value and grow fee-based income • Access to all Radisson Hotel Group brands at favourable terms • Will enable brand diversification and market segment differentiation • Secured luxury Radisson Collection brand for Grand Hotel Brioni Pula and Radisson RED brand for Belgrade, Berlin and London (pipeline project) PPHE Hotel Group H1 Results 2026 32 Extended strategic partnership with Radisson Hotel Group
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Brand positioning Brand Brand agreements Flagship locations Luxury Radisson Collection: preferential franchise terms Pula (Croatia) Upper Upscale, Premium Lifestyle art’otel: PPHE owned brand, marketed through Radisson Hotel Group. Radisson also holds development rights for certain markets to drive growth and income. London, Amsterdam, Rome, Zagreb Holmes Hotel: PPHE owned, marketed though Radisson Hotel Group. London Upper Upscale Park Plaza: PPHE holds perpetual, exclusive master franchise agreement from Radisson Hotel Group for 56 countries in EMEA. London, Amsterdam, Nuremberg, Budapest Upscale, select service Radisson RED: preferential franchise terms Berlin, Belgrade, London TUI Blue: single property agreement Medulin Arena Campsites: owned by PPHE’s Croatian subsidiary Pula, Medulin Midscale Arena Hotels & Apartments: owned by PPHE’s Croatian subsidiary Pula, Medulin Economy – PPHE Hotel Group H1 Results 2026 33 Multi-brand, multi-segment strategy
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PULA ŠIŠAN MEDULIN POMER BANJOLE ADRIATIC SEA PREMATURA JADREŠKI 1 2 3 4 5 6 7 8 Beach Pinižule Bijeca Otok Levan Boat Pula to Venice c. 3.5 hours Horizont Resort Hotel Riviera Grand Hotel Brioni Pula, Park Plaza Arena Pula Splendid Resort Arena Verudela Beach & Villas, Park Plaza Verudela Pula, Park Plaza Histria Pula Arena Verudela Beach Kamp Kažela apartments TUI Blue Medulin, Park Plaza Belvedere Medulin 1 3 5 7 2 4 6 8 Extensive and diverse resort portfolio in prime seaside locations with easy access to main guest source markets Trieste Ljubljana Budapest Zagreb Vienna Prague Ven ice Zurich Munich Amsterdam Brussels From: Distance to Pula in km Vienna 583km Venice 282km Triest 121km Ljubljana 202km Munich 603km Amsterdam 1,433km Zurich 809km Zagreb 269km Budapest 607km Brussels 1,360km Prague 811km Total value of the Croatia property portfolio £364m (2025: £370m) 3, 4 and 5-star hotels Self catering apartments Camping, Glamping and mobile homes Number of people within driving distance c. 500m PPHE Hotel Group H1 Results 2026 34
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Being an employer of choice H1 2026: • Employment engagement rate of 86.5% in the latest survey conducted in October 2025. • Access to one volunteering day per year to support local charities. Supporting ESG along the supply chain • SBTi Scope 3 targets validated in April 2026, including a near-term target for 2035 and a net zero target by 2050. • New Supplier Code of Conduct issued in March 2026, detailing enhanced ESG criteria for all our suppliers. • Increased engagement with suppliers on ESG matters. Measuring contributions to local communities • Over £500,000 raised for Just a Drop since September 2022 through our Ecological Programme. • 3 PPHE team members ran the London Marathon for The Children’s Society, raising £9,000, with more lined up for 2027 . • Volunteering days took place across many hotels for a variety of charities, supporting young people and biodiversity conservation. Building performance and certifications • SBTi targets for our buildings validated in April 2026, including a near-term target for 2035 and a net zero target by 2050. These are supported by a detailed decarbonisation plan for all properties. • Park Plaza London Riverbank and Park Plaza London Westminster Bridge submitted for the BREEAM In-Use certification, due to be obtained in H2. • art’otel Rome Via Veneto to be submitted for BREEAM In-Use in September 2026. Strong local communities Sustainable properties Resilient supply chain Forward-looking people PPHE Hotel Group H1 Results 2026 35 Our ESG strategic progress GOVERNANCE Sustainable PROPERTIES Forward-looking PEOPLE Strong LOCAL COM M UNITIES Resilient SUPPLY CHAIN
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Boris Ivesha President & Co-CEO & Executive Director Boris has been President of the Group since 1991. He brought the Park Plaza brand to the Group in 1994 in collaboration with the Red Sea Group, and has been the major influencer in expanding the Group’s portfolio over the years. Boris has over 50 years of experience in the hotel industry. Boris is the Chairman of the Supervisory Board of the Arena Hospitality Group. External appointments: Chairman of the Supervisory Board of the Arena Hospitality Group Board Committees: N/A Independent: No Year of first appointment: 2007 Greg Hegarty Co-CEO & Executive Director Greg is responsible for leading the Group’s strategy, operations, and commercial performance across its regions, driving growth, innovation, and operational excellence. Greg has held senior leadership roles at global brands such as GLH Hotels and BDL Hotels. He holds a Master’s Degree in Business Administration (MBA) and is a Fellow of the Institute of Hospitality. In recognition of his contributions to the industry, he was awarded Freedom of the City of London and is also a Master Innholder, reflecting his commitment to excellence. Greg’s strategic vision and commercial acumen have been instrumental in positioning the Group as a leader in hospitality. External appointments: N/A Board Committees: N/A Independent: No Year of first appointment: 2023 Kenneth Bradley Chairman 1 C Ken joined the Board as a Non-Executive Director in September 2019. His role is supporting governance in order to ensure independence in governance and oversight. Ken spent over 20 years with the Royal Bank of Scotland Group in a range of management roles, with a focus on corporate and institutional banking and risk. Ken spent eight years at Barclays Wealth, where he led the banking and trust business in Guernsey* and had wider fiduciary banking responsibilities in other locations. Ken has an MBA from Warwick Business School and has completed the Institute of Directors certificate and diploma in Company Direction. 1Ken’s title throughout 2024 was Non-Executive Deputy Chairman. This changed on 9th January 2025, when he succeeded Eli Papouchado as Non-Executive Chairman. External appointments: Director of a private fiduciary company and a small Finance Company Board Committees: Nomination Committee (Chair), Audit Committee, Remuneration Committee, ESG Committee In accordance with provision 24 of the Code, Ken Bradley will not sit on the Audit Committee in 2025. Independent: Yes Year of first appointment: 2019 Nigel Keen Non-Executive Director & Senior Independent Director C Stephanie Coxon Non-Executive Director C Marcia Bakker Non-Executive Director C Roni Hirsch Non-Executive Director Nigel joined the Board as a Non-Executive Director in February 2020. As Senior Independent Director, Nigel has responsibility for assessing the role of the Chair, for acting as an independent sounding-board for the other directors, and leading their effective communication and governance of the Company. He is also an important communication channel for shareholders. He is a qualified Chartered Surveyor, with over 35 years of property expertise from site acquisition through to asset management. Nigel headed up the property teams at Tesco where he became Construction Director, and The John Lewis Partnership, where he was Property Director, and served on the Waitrose Board. Nigel is a Non- Executive Director of the construction company RG Carter. He is also Deputy Chairman at the Maudsley Mental Health Charity. External appointments: Non-Executive Director, RG Carter; Deputy Chairman, Maudsley Mental Health Charity Board Committees: Nomination Committee, Audit Committee, Remuneration Committee (Chair) Independent: Yes Year of first appointment: 2020 Stephanie joined the Board as a Non-Executive Director in August 2020. She is a qualified chartered accountant, with over 15 years of capital market expertise. Stephanie was a Capital Markets Director at PwC, where her role included advising asset managers on listing investment funds and real estate investment trusts (UK, Guernsey and Jersey) on the London Stock Exchange. She also advised on ongoing obligations, corporate governance, accounting policies and reporting processes. Stephanie chairs the Audit Committee External appointments: Non-Executive Director on: Apax Global Alpha Limited, FGEN Environmental Infrastructure Limited, International Public Partnerships Limited. Board Committees: Nomination Committee, Audit Committee (Chair), Remuneration Committee, ESG Committee Independent: Yes Year of first appointment: 2020 Marcia joined the Board in December 2022. She is a certified public accountant with over 20 years of experience in audit, finance, executive search and leadership advisory. She has a broad background in finance, with a speciality in financial reporting, and was part of the IFRS and Financial Instrument competence centre at KPMG. During the last ten years, she has combined her finance background with executive search and succession planning for various corporate clients. Marcia chairs the ESG Committee External appointments: N/A Board Committees: Audit Committee, Nomination Committee, Remuneration Committee, ESG Committee (Chair) Independent: Yes Year of first appointment: 2022 Roni was appointed to the Board on 9th January 2025, and so was not serving as a Board director in 2024. Roni serves as the Chief Executive Officer of the Red Sea Group the Company’s major shareholder, a role he has held since 1993. Red Sea is controlled by Eli Papouchado, who, together with his family trusts, owns 32.93% of the voting rights in the Group. Roni is a CPA, with a B.A. in Accounting and Economics from Tel Aviv University. External appointments: CEO Red Sea Group Board Committees: N/A Independent: No Year of first appointment: 2025 Daniel Kos Chief Financial Officer & Executive Director Daniel has worked with the Group for over ten years of which the last five years have been as Chief Financial Officer and Executive Director. As Chief Financial Officer, Daniel is responsible for the Group’s finance, IT and procurement strategy. Daniel has over 20 years of finance experience in the field of audit and corporate finance and has been involved in several large complex M&A deals, large (re)financing projects and several transactions on the public markets in London and Zagreb. External appointments: N/A Board Committees: N/A Independent: No Year of first appointment: 2018 Board and committee membership Audit Committee ESG Committee Nomination Committee Remuneration Committee C Chair PPHE Hotel Group H1 Results 2026 36 Board of Directors
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1 Number of years worked at PPHE Hotel Group. PPHE Hotel Group Arena Hospitality Group 35 years1 24 years 15 years 19 years16 years 16 years Boris Ivesha President & Co-CEO & Executive Director Robert Henke Executive Vice President Commercial Affairs Greg Hegarty Co-CEO & Executive Director Daniel Pedreschi Executive Vice President Operations, UK Daniel Kos Chief Financial Officer & Executive Director Michelle W ells Executive Vice President Operations, the Netherlands & Italy 17 years 18 years 6 years 15 years Reuel (“Reli”) Slonim President of the Management Board Manuela Kraljević Member of the Management Board and Marketing and Sales Director Dev ansh Bakshi Chief Financial Officer & Member of the Management Board Edmond Pinto Member of the Management Board and Chief Operation Officer PPHE Hotel Group H1 Results 2026 37 Leadership team
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Our recent openings and pipeline Opened April 2024 April 2024 saw the phased soft opening of this iconic new landmark hotel, located in Hoxton. 2025 saw the launch of Solaya Restaurant located on the 25th floor. PPHE Hotel Group H1 Results 2026 38 art’otel London Hoxton (UK)
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Opened March 2025 This completely repositioned 99-bedroom luxury lifestyle property opened its doors in March 2025. Our recent openings and pipeline PPHE Hotel Group H1 Results 2026 39 art’otel Rome Via V eneto (Italy)
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Completed in May 2024 Marking the Group’s debut in the Croatian capital, art’otel Zagreb is a former office which we converted to a 110-room premium lifestyle hotel in the heart of the city. The hotel soft opened in October 2023 and was fully launched in May 2024. Our recent openings and pipeline PPHE Hotel Group H1 Results 2026 40 art’otel Zagreb (Croatia)
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Opened February 2024 Our first Radisson RED branded property opened in the Serbian capital in February following an extensive repositioning programme. Our recent openings and pipeline PPHE Hotel Group H1 Results 2026 41 Radisson RED Belgrade (Serbia)
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Completed in September 2024 Our first Radisson RED property in Germany soft opened in June following an extensive repositioning programme and was fully completed in September. Our recent openings and pipeline PPHE Hotel Group H1 Results 2026 42 Radisson RED Berlin Kudamm (Germany)
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Completed investment programme We significantly improved the offering of the Arena Indije Campsite, with several investments completed ahead of the 2025 summer season. These included the introduction of new upscale mobile homes, the creation of luxury pitches, and upgrades of sanitary blocks, the restaurant, the children’s playground, open-air fitness area and general landscaping. Our recent openings and pipeline PPHE Hotel Group H1 Results 2026 43 Arena Indije Campsite (Croatia)
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Elevated rating to four-star Equally, upgrades of the Arena Stupice Campsite included the addition of new upscale mobile homes, the creation of luxury pitches, new sanitary blocks, upgraded beach bar, water sports and recreation centre, a new kids’ playground, open-air fitness area and general landscaping improvements. Our recent openings and pipeline PPHE Hotel Group H1 Results 2026 44 Arena Stupice Campsite (Croatia)
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Subsidiaries included in the Group Name of company Principal activity Country of incorporation Direct and indirect holdings % 1 Westminster Bridge Plaza Management Company Limited Hotel operation United Kingdom 55.1 A40 Data Centre B.V. Holding company Netherlands 100 A40 Office B.V. Holding company Netherlands 100 ABK Hotel Holding B.V. Holding company Netherlands 66.4 ACO Hotel Holding B.V. Holding company Netherlands 66.4 Amsterdam Airport Hotel Holding B.V. (formerly known as Victoria Schiphol Holding B.V.) Holding company Netherlands 100 Amsterdam Airport Hotel Operator B.V. Hotel operation Netherlands 100 Arena 88 Rooms d.o.o. Beograd-Palilula Hotel operation Serbia 66.4 ARENA FRANZ Ferdinand GmbH Hotel operation Austria 66.4 Arena Hospitality Group d.d. Hotel operation Croatia 66.4 Arena Hospitality Management d.o.o. Management Croatia 66.4 art’amsterdam Hotel Operator B.V. Hotel operation Netherlands 100 art’otel Berlin City Centre West GmbH Hotel operation Germany 66.4 art’otel Köln betriebsgesellschaft mbH Hotel operation Germany 66.4 Aspirations (Limited) Holding company Guernsey 51 Bora B.V. (formerly known as WH/DMREF Bora B.V.) Holding company Netherlands 100 Bora Finco B.V. Holding company Netherlands 100 County Hall Hotel Holdings B.V. (formerly known as PPHE Arena Holding B.V.) Holding company Netherlands 100 Dvadeset Osam d.o.o. (formerly known as W2005/Dvadeset Osam d.o.o.) Holding company Croatia 100 Eindhoven Hotel Operator B.V. Hotel operation Netherlands 100 Euro Sea Hotels N.V. Holding company Netherlands 100 Germany Real Estate B.V. Holding company Netherlands 66.4 Golden Wall Investments Limited Finance company British Virgin Islands 100 Name of company Principal activity Country of incorporation Direct and indirect holdings % Grandis Netherlands Holding B.V. Holding company Netherlands 100 Hotel Club Construction B.V. (formerly Hotel Maastricht B.V.) Holding company Netherlands 100 Hotel Leeds Holding B.V. Holding company Netherlands 100 Hotel Nottingham Holding B.V. Holding company Netherlands 100 Hoxton Co-Working Limited Holding Company United Kingdom 51 Hoxton Hotel Operator Limited Hotel operation United Kingdom 51 Leeds Hotel Operator Limited (formerly Nottingham Park Plaza Hotel Operator Limited) Hotel operation United Kingdom 100 Leman ST Holdings Limited Holding company United Kingdom 51 Leno Investment Limited Holding company Guernsey 100 Marlbray Limited Holding company United Kingdom 100 Mazurana d.o.o. Holding company Croatia 66.4 North Lambeth Holding B.V. Holding company Netherlands 100 Nottingham Hotel Operator Limited Hotel operation United Kingdom 100 Park Plaza County Hall London Ltd Holding company United Kingdom 11.5 Park Plaza Germany Holdings GmbH Holding company Germany 66.4 Park Plaza Hospitality Services (UK) Limited Hotel operation United Kingdom 100 Park Plaza Hotels (Germany) Services GmbH Hotel operation Germany 66.4 Park Plaza Hotels (UK) Limited Holding company United Kingdom 100 Park Plaza Hotels (UK) Services Limited Management United Kingdom 100 Park Plaza Hotels Berlin Wallstrasse GmbH Hotel operation Germany 66.4 Park Plaza Hotels Europe (Germany) B.V. Holding company Netherlands 100 Park Plaza Hotels Europe B.V. Management Netherlands 100 Park Plaza Hotels Europe Holdings B.V. Holding company Netherlands 100 Park Plaza Nürnberg GmbH Hotel operation Germany 66.4 Park Royal Hotel Holding B.V. (formerly known as Club A40 Holding B.V.) Holding company Netherlands 100 Park Royal Hotel Operator Limited (formerly known as Club A40 Hotel Operator Limited) Hotel operation United Kingdom 100 PPHE Hotel Group H1 Results 2026 45 Appendices
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Name of company Principal activity Country of incorporation Direct and indirect holdings % Parkvondel Hotel Holding B.V. Holding company Netherlands 100 Parkvondel Hotel Operator B.V. Hotel operation Netherlands 100 Parkvondel Hotel Real Estate B.V. Holding company Netherlands 100 PPHE Art Holding B.V. Holding company Netherlands 100 PPHE Coop B.V. Holding company Netherlands 100 PPHE Germany B.V. Holding company Netherlands 100 PPHE Germany Holdings GmbH Holding company Germany 66.4 PPHE Headco Limited Holding company United Kingdom 100 PPHE Holdings Limited Holding company United Kingdom 100 PPHE Hotel Group Limited Holding company Guernsey 100 PPHE Hoxton B.V. Holding company Netherlands 51 PPHE Living Limited Holding company United Kingdom 100 PPHE Management (Croatia) B.V. Holding company Netherlands 100 PPHE Netherlands B.V. (formerly Maastricht Hotel Holding B.V.) Holding company Netherlands 100 PPHE NL Region B.V. Holding company Netherlands 100 PPHE Nürnberg Operator Hotelbetriebsgesellschaft mbH Hotel operation Germany 66.4 PPHE Support Services Limited Hotel operation United Kingdom 100 PPHE UK Holding B.V. (formerly Club Euro Hotels B.V.) Holding company Netherlands 100 PPHE USA B.V. Holding company Netherlands 100 PPHE USA Holding B.V. Holding company Netherlands 100 PPHE West 29th Street USA Inc Holding company Delaware 100 PPWL Parent B.V. Holding company Netherlands 100 Riverbank Hotel Holding B.V. Holding company Netherlands 51 Riverbank Hotel Operator Limited Hotel operation United Kingdom 51 Sherlock Holmes Hotel Shop Limited Hotel operation United Kingdom 100 Sherlock Holmes Park Plaza Limited Hotel operation United Kingdom 100 Signature Sub BV Holding company Netherlands 51 Signature Top Ltd Holding company United Kingdom 51 Name of company Principal activity Country of incorporation Direct and indirect holdings % Signature Top II Ltd Holding company United Kingdom 51 Società Immobiliare Alessandro De Gasperis S.r.l. Hotel operation Italy 51 South Bank Hotel Management Company Ltd Holding company United Kingdom 11.5 Suf Holding B.V. Holding company Netherlands 100 Sugarhill Investments B.V. Holding company Netherlands 66.4 SW Szállodaüzemeltetö Kft Hotel operation Hungary 66.4 The Mandarin Hotel B.V. Holding company Netherlands 100 TOZI Restaurant Operator Limited Hotel operation United Kingdom 100 Ulika d.o.o. Holding company Croatia 66.4 Utrecht Hotel Holding B.V. Holding company Netherlands 100 Utrecht Hotel Operator B.V. Hotel operation Netherlands 100 Victoria Amsterdam Hotel Holding B.V. Holding company Netherlands 100 Victoria Amsterdam Hotel Operator B.V. Hotel operation Netherlands 100 Victoria London (Real Estate) B.V. Holding company Netherlands 100 Victoria London B.V. (formerly known as Club Luton Hotel Holding B.V. and Club Ealing Hotel Holding B.V.) Holding company Netherlands 100 Victoria Monument B.V. Holding company Netherlands 100 Victoria Park Plaza Operator Limited Hotel operation United Kingdom 100 W29 Development LLC Holding company Delaware 100 W29 Owner LLC Holding company Delaware 100 Waterloo Freehold B.V. Holding Company Netherlands 100 Waterloo Hotel Holding B.V. (formerly known as Hercules House Holding B.V.) Holding company Netherlands 100 Waterloo Hotel Operator Limited (formerly known as Hercules House Operator Limited) Hotel operation United Kingdom 100 Waterloo Patent B.V. Holding Company Netherlands 100 Westminster Bridge Hotel Operator Limited Hotel operation United Kingdom 100 Westminster Bridge London (Real Estate) B.V. Holding company Netherlands 100 Westminster Bridge London B.V. Holding company Netherlands 100 PPHE Hotel Group H1 Results 2026 46 Appendices continued
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Arena Campsites ® Located in eight beachfront sites across the Southern coast of Istria, Croatia. They operate under the Arena Hospitality Group umbrella, of which PPHE Hotel Group is a controlling shareholder. arenacampsites. com Arena Hospitality Group Also referred to as ‘Arena’ or ‘AHG’. One of the most dynamic hospitality groups in Central and Eastern Europe, currently offering a portfolio of 30 owned, co-owned, leased and managed properties with more than 10,000 rooms and accommodation units in Croatia, Germany, Hungary, Serbia and Austria. PPHE Hotel Group has a controlling ownership interest in Arena Hospitality Group. arenahospitalitygroup. com Arena Hotels & Apartments ® Arena Hotels & Apartments is a collection of hotels and self-catering apartment complexes offering relaxed and comfortable accommodation within beachfront locations across the historic settings of Pula and Medulin in Istria, Croatia and at a mountain resort in Nassfeld, Austria. They operate under the Arena Hospitality Group umbrella, of which PPHE Hotel Group is a controlling shareholder. art’otel® A lifestyle collection of hotels that fuse exceptional architectural style with art- inspired interiors, located in cosmopolitan centres across Europe. PPHE Hotel Group is owner of the art’otel® brand worldwide. artotel.com Board Ken Bradley (Non-Executive Chairman), Boris Ivesha (President & Chief Executive Officer), Greg Hegarty (Co-Chief Executive Officer), Daniel Kos (Chief Financial Officer & Executive Director), Nigel Keen (Non- Executive Director & Senior Independent Director), Marcia Bakker (Non-Executive Director), Stephanie Coxon (Non-Executive Director), Roni Hirsch (Non-Executive Director) BREEAM Building Research Establishment Environmental Assessment Method. Capital expenditure, CAPEX Purchases of property, plant and equipment, intangible assets, associate and joint venture investments, and other financial assets. Company PPHE Hotel Group Limited, a Guernsey incorporated company listed on the Main Market of the London Stock Exchange plc. Earnings per share Earnings per share amounts are calculated by dividing the net profit (loss) for the year by the weighted average number of ordinary shares outstanding during the year. Diluted earnings (loss) per share amounts are calculated by dividing the net profit (loss) for the year by the weighted average number of ordinary shares outstanding during the year plus the weighted average number of ordinary shares that would be issued on the conversion of all the dilutive potential ordinary shares into ordinary shares. EPRA (European Public Real Estate Association) The EPRA reporting metrics analyse performance (value, profit and cash flow) given that we have full ownership of the majority of our properties. Euro, EUR, € The currency of the European Economic and Monetary Union. Exchange rates, FX The exchange rates used were obtained from the local national banks’ website. Franchise A form of business organisation in which a company which already has a successful product or service (the franchisor) enters into a continuing contractual relationship with other businesses (franchisees) operating under the franchisor’s trade name and usually with the franchisor’s guidance, in exchange for a fee. Guernsey The Island of Guernsey. Key Performance Indicator (KPI) Key Performance Indicator (KPI) is a measurable value that demonstrates how effectively an organization is achieving its key business objectives. Number of properties Number of owned hotel properties at the end of the period. Number of rooms Number of rooms in owned hotel properties at the end of the period. Occupancy Total occupied rooms divided by net available rooms or RevPAR divided by ARR. PPHE Hotel Group H1 Results 2026 47 Glossary
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Park Plaza® Upper upscale hotel brand. PPHE Hotel Group is master franchisee of the Park Plaza® Hotels & Resorts brand owned by Radisson Hotel Group. PPHE Hotel Group has the exclusive right to develop the brand across 56 countries in Europe, the Middle East and Africa. parkplaza.com Park Plaza Hotel One hotel from the Park Plaza ® Hotels & Resorts brand. Pipeline Hotels/rooms that will enter the PPHE Hotel Group system at a future date. Pound Sterling/ GBP £ The currency of the United Kingdom. PPHE Hotel Group PPHE Hotel Group is also referred to as ‘the Group’ and is an international hospitality real estate group. Through its subsidiaries, jointly controlled entities and associates, the Group owns, co-owns, develops, leases, operates and franchises hospitality real estate. The Group’s primary focus is full-service upscale, upper upscale and lifestyle hotels in major gateway cities and regional centres, as well as hotel, resort and campsite properties in select resort destinations. Radisson Hotel Group Created in early 2018, one of the largest hotel companies in the world. Hotel brands owned by Radisson Hotel Group are Radisson Collection™, Radisson Blu ®, Radisson®, Radisson RED ®, Radisson Individuals, Park Plaza ®, Park Inn® by Radisson, Country Inn & Suites ® by Radisson, and Prize by Radisson. The portfolio of Radisson Hotel Group includes more than 1,495 hotels in operation and under development, located in more than 100 countries and territories, operating under global hotel brands. Jin Jiang International Holdings is the majority shareholder of Radisson Hotel Group. radissonhotelgroup.com Radisson RewardsTM The hotel rewards programme of Radisson Hotel Group, including Park Plaza ® Hotels & Resorts and art’otel ®. The programme is owned by Radisson Hotel Group. Subsidiary A company over which the Group exercises control. Working capital The sum of inventories, receivables and payables of a trading nature, excluding financing and taxation items. Alternative Performance Measures In order to aid stakeholders and investors in analysing the Group’s performance and understanding the value of its assets and earnings from a property perspective, the Group has disclosed the following Alternative Performance Measures, which are commonly used in the Real Estate and the Hospitality sectors. Adjusted EPRA earnings EPRA earnings with the Company’s specific adjustments. The main adjustments include removal of unusual or one-time influences which are not part of the Group’s regular operations and adding back the reported depreciation charge, which is based on assets at historical cost, and replacing it with a charge calculated as 4% of the Group’s total revenues, representing the Group’s expected average cost to upkeep the real estate in good quality. Adjusted EPRA earnings per share Adjusted EPRA earnings divided by the weighted average number of ordinary shares outstanding during the year. Average room rate (ARR) Total room revenue divided by the number of rooms sold. EBITDA Earnings before interest (Financial income and expenses), tax, depreciation and amortisation, impairment loss, share in results of joint ventures and exceptional items presented as other income and expense. EBITDA margin EBITDA divided by total revenue. PPHE Hotel Group H1 Results 2026 48 Glossary continued
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EPRA earnings Shareholders’ earnings from operational activities adjusted to remove changes in fair value of financial instruments and reported depreciation. EPRA earnings per share EPRA earnings divided by the weighted average number of ordinary shares outstanding during the year. EPRA NRV (Net Reinstatement Value) Recognised equity, attributable to the parentcompany’s shareholders on a fully diluted basis adjusted to include properties and other investment interests at fair value and to exclude certain items not expected to crystallise in a long-term investment property business model (deferred tax on timing differences on property, plant and equipment and intangible assets and financial instruments). Adjustments to the recognised equity are calculated on the share allocated to the parent company’s shareholders (net of non-controlling interest). EPRA NRV per share EPRA NRV divided by the fully diluted number o shares at the end of the period. Like-for-like (LfL) Results achieved through operations that are comparable with the operations of the previous period. Current period’s reported results are adjusted to have an equivalent comparison with previous periods’ results, with similar seasonality and the same set of hotels. Loan-to-value (LTV) Interest-bearing liabilities after deducting cash and cash equivalents as a percentage of the properties’ market value at the end of the period. LTM Last twelve months. Maintenance CAPEX Calculated as 4% of revenues, which represents the expected average maintenance capital expenditure required in the operating properties. Net bank debt Calculated as total borrowings minus cash and cash equivalents, including both long-term and short-term restricted cash. RevPAR Revenue per available room. Total room revenue divided by the number of available rooms. PPHE Hotel Group H1 Results 2026 49 Glossary continued
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T: +31 (0)20 717 8600 E: info@pphe.com pphe.com PPHE Hotel Group HNK Amsterdam Sloterdijk, Radarweg 60, Floor 9, 1043 NT Amsterdam, The Netherlands PARTNER BRANDS