29 June 2023

IWG REFINANCES AND EXTENDS DEBT MATURITY, UPDATES ON OUTLOOK

IWG Plc (the "Company") is pleased to announce an update to its financing and capital structure prior to H1 2023 results, due to be released on 8 August 2023. This includes having:

·  Extended maturity of its Revolving Credit Facility ("RCF"), resulting in no Group debt maturing before November 2025;

·  Confirmed of strategy to build Worka and seek to crystalise value through reducing its ownership stake in the medium term; and

·  Continued to reduce net debt through cash flow generation.

Debt maturity

Summary of IWG debt facilities

As a result, IWG has no financial debt which matures before November 2025. As previously announced, pro-forma net financial debt at 31 March 2023 was £683m.

The initial acquisition bridge of £330m in March 2023 has been reduced by £205m to £125m through cashflow generation and is now extinguished entirely.

Apart from the sizing and tenor described above, no material terms, such as pricing, of the RCF have changed.

Outlook

The Company remains cautiously optimistic for the remainder of 2023, and despite the strengthening of Sterling, management has not changed its financial expectations for FY 2023.

IWG and Worka continue to trade well. IWG remains committed to reducing its ownership stake in Worka in the medium term.

The Company is well-positioned to continue to take advantage of future growth, its capital-light strategy and year to date has made improvements on all core KPIs since December 2022.

IWG is looking forward to making its H1 2023 results announcement on 8 August 2023.