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International Workplace Group (IWG) investor relations material
International Workplace Group CMD 2025 summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.CMD 2025 summary4 Dec, 2025
Strategic direction and business model evolution
Maintains leadership in flexible workspace, operating in over 120 countries with more than 1 million rooms open and 228,000 in the pipeline as of September 2025.
Accelerated shift to a capital-light, managed and franchised model, now representing 65% of locations, up from 19% in H1 2023.
Multi-brand, multi-format approach targets all customer segments and price points, expanding product and service range and driving higher conversion rates.
Integration of digital and professional services has created a unified platform, enhancing product range and operational efficiency.
Strategy remains unchanged: focus on network growth, delivery, fee income, and cash generation, leveraging megatrends in hybrid work.
Financial performance and guidance
Medium-term EBITDA target reaffirmed at $1 billion, with 2026 guidance of $585m–$625m and at least 4% revenue growth in the company-owned division.
Recurring management fees and system revenues from managed and franchised operations are growing rapidly, with recurring management fees expected to reach $45m in 2025, up 4.5x from 2023.
Company-owned business targets a 30% gross margin, driven by higher occupancy, pricing, and selective cost efficiencies.
CapEx remains tightly controlled, with maintenance CapEx at $100m and depreciation expected to fall significantly after 2027 as legacy growth CapEx is fully depreciated by 2029.
Over $150m returned to shareholders since December 2023 via buybacks and dividends, with the buyback program extended into 2026.
Operational execution and market opportunity
Network expansion is accelerating, with over 1,500 new locations annualized and a robust pipeline into 2026, mostly capital-light.
Managed & Franchised division doubled open rooms to 247,000 between Dec 2023 and June 2025; pipeline increases this by 90%.
North America leads in revenue growth and margin performance, aiming to double its network in two years and expand into every county/city with 20,000+ population.
Enhanced supply chain, technology, and centralized support have kept costs flat despite rapid growth.
Diverse partner base, including major institutions, is expanding, with significant opportunity to deepen multi-site relationships.
Quantify 2026 share buyback program
How will cash flow conversion improve?
Path to $1bn medium-term EBITDA
What specific actions close the valuation gap?
How do new products impact client acquisition?
What sustains low CapEx beyond 2029?
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Next International Workplace Group earnings date
Q4 20253 Mar, 2026
Next International Workplace Group earnings date
Q4 20253 Mar, 2026
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Frequently asked questions
International Workplace Group plc/IWG plc, provides workspace solutions to a broad range of organizations, including large enterprises and government institutions, in the United Kingdom and internationally. IWG plc operates through three segments: Chief Executive Officer's Office (CEO), Central Europe (CE), and All Other Segments. It also provides property maintenance services that include multi-let buildings management; compound management; portfolio asset management; office cleaning and supply; project management for both new build and fit-out projects; and refurbishment projects; as well as contractual works, such as commissioning, major repairs and maintenance, small project and electronic servicing.
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