Corvex Management response to Whitbread PLC interim results

Corvex's core concerns remain as Company guides to record capex funded by record sale-and-leasebacks

Whitbread's strategy has delivered negative shareholder returns over one, three, five and ten years

Corvex urges all shareholders to back resolution to elect James Gemmel as a shareholder representative to the Board at the upcoming General Meeting

LONDON, Oct. 13, 2026 /PRNewswire/ -- Corvex Management LP ("Corvex"), on behalf of funds advised by it, today responded to the interim results of Whitbread PLC ("Whitbread" or the "Company"). On September 22, 2026, Corvex requisitioned a general meeting of shareholders to elect James Gemmel, a Partner at Corvex, to Whitbread's Board of Directors. Corvex is Whitbread's largest active shareholder, with c.6.4% of the Company's ordinary shares and an economic interest of approximately 7%. It believes that, after a decade of share price underperformance and with the Company committing to a further c.£2.5bn of capital expenditure, shareholders need direct representation on the Board as critical capital allocation decisions are made.

James Gemmel, Partner at Corvex, commented:

"We're encouraged to see RevPAR strength across the portfolio, but today's results don't change our core concerns. Whitbread is guiding to all-time high capex this year, funded by all-time high sale-and-leasebacks, all while pre-tax profit has fallen and UK gilt yields sit near two-decade highs. This is the same strategy that has delivered negative total shareholder returns over the past one, three, five and ten years.

"The Company has talked today about its 'dynamic approach' to capital allocation. As the Company's largest active shareholder, we believe shareholders should have direct representation on the Board as these capital allocation decisions are made, especially given the Company's previous track record under the same strategy. As the Company rightly said, this is about all shareholders, not one, which is why we urge every shareholder to back our resolution at the upcoming general meeting as a clear mandate for change."

Corvex is not seeking control of Whitbread and is not demanding a sale of the Company. It is asking for a single seat on the Board to work in a collegiate and constructive manner, with no predetermined agenda, to ensure capital allocation decisions are made that maximise value for all shareholders.

Corvex's letter to shareholders and supplemental materials are available at www.unlockingwhitbread.com.

About Corvex

Corvex Management LP is a New York-based investment firm founded by Keith Meister in 2011. Corvex takes a long-term approach to investing, working constructively with the boards and management teams of the companies in which it invests to help unlock durable shareholder value.

Contacts

Media: Corvex@apcoworldwide.com
Billy Clegg
Jennifer Renwick
Alex Campbell

Shareholders: corvex@georgeson.com
Cas Sydorowitz
Nicholas Laugier
Molly Streeton
Sean Fullerton