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Whitbread (WTB) investor relations material
Whitbread H1 2026 (Q&A) earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Statutory revenue declined 2% to £1,541m, with UK accommodation sales flat and Germany delivering 7% growth, offset by lower F&B revenues due to the Accelerating Growth Plan (AGP).
Adjusted profit before tax fell 7% to £316m, and statutory profit before tax was £287m, down 7% year-over-year.
The group outperformed the market in both the UK and Germany on total accommodation sales and RevPAR growth.
Strategic initiatives, including AGP and a recent agreement to acquire 1,500 rooms in Germany, are progressing, supporting the Five-Year Plan to deliver at least £300m incremental adjusted PBT and £2bn in shareholder returns by FY30.
Financial highlights
Adjusted EBITDAR decreased 2% to £601m; adjusted operating profit down 4% to £395m; adjusted basic EPS down 2% to 133.7p.
Interim dividend maintained at 36.4p per share; £182m returned to shareholders via dividends and buy-backs in H1.
Lease-adjusted leverage rose to 3.2x; net debt increased to £563m.
Group ROCE at 10.3%, down 160bps year-over-year; UK ROCE at 11.8%, down 220bps.
Achieved £65m–£70m in cost efficiencies, partially offsetting higher-than-expected cost inflation.
Outlook and guidance
Positive trading momentum and forward bookings ahead of last year in both the UK and Germany.
UK net cost inflation expected at 2–3%, supported by £65m–£70m cost efficiencies in FY26.
Germany expected to reach profitability in FY26, with revised segment adjusted PBT guidance of up to £5m.
On track to deliver at least £300m incremental adjusted PBT and £2bn in shareholder returns by FY30.
Confident in opening 500–700 new UK rooms under the AGP, with a strong pipeline of high-returning extension rooms and new hotels.
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