Whitbread 1Q 26/27: Positive trading and confidence on summer

Research evidence excerpt

Whitbread 1Q 26/27: Positive trading and confidence on summer

Richard J. Clarke, FCA +44 20 7676 6850 richard.clarke@bernsteinsg.com 18 June 2026

DISCLOSURE APPENDIX

I. REQUIRED DISCLOSURES

References to "Bernstein" or the “Firm” in these disclosures relate to the following entities: Bernstein Institutional Services LLC

(April 1, 2024 onwards), Sanford C. Bernstein & Co., LLC (pre April 1, 2024), Bernstein Autonomous LLP, BSG France S.A. (April 1,

2024 onwards), Sanford C. Bernstein (Hong Kong) Limited 盛博香港有限公司, Sanford C. Bernstein (Canada) Limited, Sanford

C. Bernstein (India) Private Limited (SEBI registration no. INH000006378), Sanford C. Bernstein (Singapore) Private Limited,

Sanford C. Bernstein Japan KK (サンフォード・C・バーンスタイン株式会社) and analysts employed by Société Générale

Africa Technologies & Services to produce Bernstein research under a Global Services Agreement in place between Bernstein

and Société Générale.

Bernstein is part of a joint venture between Société Générale (SG) and AllianceBernstein, L.P. (AB). Unless specifically noted

otherwise, for purposes of these disclosures, references to Bernstein’s “affiliates” relate to both SG and AB and their respective

affiliates.

VALUATION METHODOLOGY

Whitbread PLC

We value Whitbread at a PT of 2,100p via an NTM+1 EV/EBITDA multiple, which is a function of NUG, margin, buyback ability

(measured by EPS growth above EBITDA growth), marginal ROCE, and EM mix — benchmarked against peers.

We value Whitbread on a 8x company reported NTM+1 EV/EBITDA multiple.

RISKS

Upside risks to our target price:

• Whitbread is acquired or completes a major property sale

• UK trading accelerates

• They are successful in any appeal on rateable values

RATINGS DEFINITIONS, BENCHMARKS AND DISTRIBUTION

EQUITY RATINGS DEFINITIONS

Bernstein brand