Corvex Management Announces Ownership Stake in Whitbread PLC

Calls for strategic review of the Company's direction and capital allocation

Plans to work constructively with the Board and management to maximise value for all shareholders

LONDON, Dec. 18, 2025 /PRNewswire/ -- Corvex Management LP ("Corvex") today announced that funds affiliated with Corvex have accumulated an economic interest in 10,221,246 share equivalents representing approximately 6.05% of the issued and outstanding ordinary share capital of Whitbread PLC ("Whitbread" or the "Company") (LON: WTB).

Corvex issued the following statement regarding its investment:

"Corvex invested in Whitbread because we believe the current market price reflects not only a discount to the Company's fundamental value, but a discount to the value of the Company's fully owned and operated UK freehold hotel portfolio alone. In our view, the current share price appears to ascribe no value to several meaningful components of the Company's business, including its UK operated leasehold portfolio, its German hotel assets, and its development properties currently under construction and not yet trading.

"In light of this valuation disconnect, and following the recently announced UK Budget and changes to rateable values and business rates, we believe the Company should undertake a strategic review to assess its capital allocation priorities and overall strategic direction. We believe such a review would be best conducted with the support of an independent, leading financial adviser to ensure a thorough and objective evaluation of the full range of options available. We have not predetermined any particular outcome and believe a rigorous and unbiased, fact-based review—aimed at delivering the most attractive long-term, risk-adjusted value for shareholders—should determine the course of action for the Company. In particular, we believe the Board of Directors (the "Board") should review the Company's current five-year capital plan, which contemplates approximately £3.5 billion of investment—an amount approaching the Company's current market capitalisation.

"Corvex intends to seek representation on the Board and to work constructively and collaboratively with Whitbread's directors and management team to conduct this review. Ultimately, we believe the Company must evaluate all available strategic options with the objective of maximising value for all shareholders."

Contacts
Jonathan Gasthalter/Sam Fisher
Gasthalter & Co.
+1 (703) 725-4042
Corvex@gasthalter.com

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