2025 Full Year Results 17 February 2026 Cautionary note regarding forward-looking statements This presentation may contain projections and forward looking-statements. The words "believe", "expect", "anticipate", "intend" and "plan" and similar expressions identify forward-looking statements. All statements other than statements of historical facts included in this presentation, including, without limitation, those regarding the Company's financial position, potential business strategy, potential plans and p ...

Core Insights - The free breakfast model in the hotel industry, once a staple, is now facing economic pressures and evolving business models, leading to potential reductions or eliminations of this offering [1][2][4] Industry Trends - Many hotel operators are viewing free breakfast as a cost burden, with brands like Hyatt and Holiday Inn making changes to their breakfast offerings to cut costs [2][3][4] - The trend of reducing or eliminating free breakfast is part of a broader strategy to cut costs across various hotel services, including housekeeping and amenities [3][4] Consumer Expectations - A significant majority of travelers (78%) still prefer free breakfast during their hotel stays, with only 8% paying for breakfast, primarily at higher-tier hotels [11][12] - Among upper midscale and midscale hotel guests, 47% consider complimentary breakfast a "need-to-have" feature, indicating its importance in guest satisfaction [13] Brand Responses - Brands like Best Western and Holiday Inn Express continue to support free breakfast as a key part of their value proposition, emphasizing its role in guest loyalty and satisfaction [16][18] - In contrast, luxury brands are beginning to eliminate free breakfast offerings, opting for alternatives like bonus points or discounted meals [9][22] Future Outlook - The hotel industry may see a bifurcation in breakfast models, with higher-end customers moving towards paid options while budget-conscious travelers continue to seek free offerings [10][24] - Experts predict that while free breakfast may remain in some form, hotels will increasingly explore new models, such as breakfast credits or bundled packages, to manage costs while maintaining perceived value [23][25]

2025年12月，洲际酒店集团旗下Garner品牌在泰国芭提雅开设东南亚首店(芭堤雅中心加纳酒店)，进一 步拓展亚洲市场。截至2025年上半年，集团全球筹建酒店达2,276家(客房33.8万间)，相当于现有系统规 模的34%；大中华区开业及在建酒店总数已超过1,400家，凸显长期扩张战略。 经济观察网洲际酒店集团(IHG)于2025年12月启动了2026年第一季度大促活动，报名时间从2025年12月9 日持续至2026年3月31日，入住日期为2026年1月1日至3月31日。活动期间，会员第二次及后续住宿可赚 取双倍积分，并可叠加新酒店2倍积分等优惠。同期，集团推出的"旅趣之夜"会员活动也延伸至2026年3 月31日，为会员提供额外积分奖励和专属礼遇。 公司项目推进 行业政策与环境 2025年12月，洲际酒店集团与美团旅行深化"住宿+"合作，推出民族旅拍、骑行等体验套餐，2025年累 计产生20余个百万销量爆品。行业分析显示，2026年高端酒店市场呈现"冰火两重天"格局，国际品牌加 速布局中国一线及文旅城市，洲际等头部企业可能受益于需求结构变化。 以上内容基于公开资料整理，不构成投资建议。 ...

Core Viewpoint - CarMax has appointed Keith Barr as the new CEO to lead the company through a turnaround amid declining demand for used cars [1] Company Overview - CarMax is facing challenges in reselling vehicles purchased at higher prices due to a nationwide decrease in demand as consumers opt to retain their older cars for longer periods [1] - The company has implemented various initiatives, including job cuts, to mitigate the impact of lower demand and margin pressures caused by inflation [1] Leadership Changes - Keith Barr, previously the CEO of InterContinental Hotels Group, will officially take over as CEO on March 16 [1] - The appointment follows the resignation of former CEO Bill Nash in November, which was part of a broader leadership shake-up within the company [1] - Interim CEO David McCreight acknowledged the need for change within CarMax during the third quarter [1]

Brand Marketing Activities - InterContinental Hotels Group and Meituan Travel will jointly launch the "Accommodation + Cultural Celebrity New Year" event on December 30, 2025, and plan to deepen the "Accommodation +" cooperation in 2026, including new offerings like ethnic travel photography and cycling experiences to attract younger users [1] - The group will host the "Travel Fun Night" annual gala at the end of 2025 and strengthen brand heritage through the 50th anniversary celebration of its holiday hotel brand in the Greater China region [1] Business Progress - The group's Garner brand opened its first Southeast Asian store in Pattaya, Thailand, in December 2025, marking the brand's official entry into the Southeast Asian market, with over 72 hotels currently in operation globally and 80 projects under development [2]

Core Insights - IHG Hotels & Resorts has signed a management agreement with Rajdeep Infra & Sales to develop a new voco hotel in Lucknow, India, which will feature 135 rooms and is expected to open in Q3 2029 [1][2][3] Group 1: Expansion Strategy - The new voco hotel will be IHG's third property in Lucknow, complementing existing Holiday Inn and Crowne Plaza hotels, and aligns with the company's strategy to enhance its presence in key urban locations across India [2][3] - IHG is actively pursuing growth in India, with a pipeline of 80 hotels under development and a goal to operate over 400 hotels in total within five years [5] Group 2: Market Potential - Lucknow, as the capital of Uttar Pradesh, is a significant hub for business, government, education, and tourism, attracting both domestic and international travelers [3][4] - The city’s dynamic growth makes it an ideal market for the voco brand, which aims to provide a premium and distinctive hospitality experience [4]

Core Insights - InterContinental Hotels Group (IHG) has successfully rebounded from the COVID-19 pandemic, focusing on expanding its Holiday Inn brand globally [1] - The hotel industry remains competitive, with rivals like Marriott and Hilton also aiming to capture market share in rapidly growing regions [2] Expansion Strategy - China is identified as a crucial market for InterContinental's growth, with over 1,400 existing or planned hotels across more than 200 cities [3][4] - The company plans to broaden its presence beyond tier-1 cities in China, enhancing its footprint in both mainland China and Taipei [4] Technological Advancements - InterContinental has appointed Wei Manfredi to lead its artificial intelligence strategy, aiming to improve IT architecture and form partnerships with tech companies [5] - AI will play a role in maximizing revenue for hotel property managers and enhancing the traveler experience through AI-powered applications [6] Market Position and Growth Potential - InterContinental's midmarket reputation in the Americas presents opportunities for improvement, particularly in luxury and premium segments [7] - Despite a recovery in travel stocks, InterContinental's performance has lagged behind competitors, indicating potential for growth initiatives to enhance shareholder returns [8]

Core Viewpoint - InterContinental Hotels Group has successfully navigated the challenges posed by the COVID-19 pandemic and has returned to a growth trajectory, achieving record revenues and profits in recent years [2][6]. Financial Performance - In 2020, InterContinental's revenue was halved compared to 2019 due to pandemic-related restrictions, leading to significant losses of $260 million [4][5]. - By 2021, as travel restrictions eased, revenue began to recover, but profitability was not fully restored until late in the year [5]. - In 2022, the company reported record revenue of $4.92 billion and a profit of $628 million, equating to $3.90 per share [6]. - The first half of 2025 has shown even stronger performance, with earnings reaching a record of $469 million, or $3 per share [6]. Industry Context - The travel and entertainment industry faced severe disruptions during the pandemic, but demand for travel-related services surged during the post-pandemic recovery, benefiting companies like InterContinental [7].

Company Overview - InterContinental Hotels Group (IHG) operates nearly two dozen brands, including Holiday Inn, Crowne Plaza, Staybridge Suites, Hotel Indigo, and Hualuxe, catering to various market segments [6]. Brand Evolution - The company has evolved significantly over the past fifty years, leveraging its well-known Holiday Inn brand to introduce new concepts such as Holiday Inn Express for business travelers and the Club Vacations resort chain [5][6]. Market Position - Despite having a strong brand presence, IHG has not received the same level of investor attention as some of its more prominent competitors, indicating a potential undervaluation in the market [2].

Core Insights - Chase is promoting two IHG credit card bonuses, with the IHG One Rewards Premier being highlighted as the superior option due to its simplicity and enhanced benefits [1][12] Group 1: IHG One Rewards Traveler Credit Card - The IHG One Rewards Traveler Credit Card offers a welcome bonus of up to 120,000 points, which includes 90,000 points after spending $2,000 in the first 3 months and up to 30,000 additional points for spending on eligible purchases [4][7] - The ongoing APR for purchases ranges from 19.24% to 27.74% variable [4] - This card provides a low-cost option for earning IHG points, with no annual fee and the benefit of getting the fourth night free on award stays [7][10] Group 2: IHG One Rewards Premier Credit Card - The IHG One Rewards Premier Credit Card has a welcome offer of 175,000 bonus points after spending $5,000 in the first 3 months [10][12] - It features an annual fee of $99 and offers a rewards rate of up to 26x points at IHG hotels, 5x points on travel, dining, and gas stations, and 3x points on all other purchases [11][12] - Key benefits include earning a free night on each account anniversary, automatic Platinum Elite status, and a statement credit of up to $120 every four years for Global Entry, TSA PreCheck, or NEXUS application fees [11][12]