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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Whitbread
Whitbread (WTB) investor relations material
Whitbread H1 2027 (Q&A) earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H1 2027 (Q&A) earnings summary13 Oct, 2026
Executive summary
H1 FY27 accommodation sales and RevPAR outperformed the midscale and economy market in the UK & I and Germany; UK & I like-for-like sales momentum continued for a fifth consecutive quarter.
Adjusted EBITDAR rose 1% to £608m; adjusted PBT fell 9% to £287m amid higher costs and planned Germany investment.
Five-Year Plan execution is progressing, targeting £275m incremental adjusted PBT and £2bn available for shareholder returns by FY31.
Financial highlights
Statutory revenue rose 2% to £1,572m; adjusted operating costs increased 2% to £963m and adjusted EBITDAR rose 1% to £608m.
Adjusted PBT fell 9% to £287m; statutory PBT fell 62% to £109m after £178m of adjusting charges, primarily non-cash.
Adjusted basic EPS declined 6% to 125.1p; the interim dividend was maintained at 36.4p per share.
Adjusted operating cash flow was £389m versus £406m; H1 capital investment was £280m and closing net debt was £663m.
Outlook and guidance
FY27 confidence is supported by positive forward bookings and current trading; Germany is on track for a second consecutive profitable year.
FY27 UK accommodation sales guidance is +1% versus H1 FY26; gross cost inflation is 6.5%–7.5%, efficiencies £60m and net inflation 3%–4%.
FY27 plans include ~1,000 UK new rooms, ~750 AGP extension rooms and 2,300 Germany room openings; property proceeds of £450m–£500m remain planned.
By FY31, the plan targets £275m incremental adjusted PBT, 500bps higher Group ROCE and £2bn of free cash flow available for shareholder returns.
FY27 efficiencies target £60m, following £39m delivered in H1; growth capex targets at least 15% ROCE.
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Latest events from Whitbread
- Market outperformance supports the FY31 returns plan despite lower adjusted PBT.WTB
H1 2027 - Sales up 2% to £727m, led by UK and Germany hotel growth and strategic refocus.WTBQ1 2027 TU
- Five-year plan targets higher margins, £2bn free cash flow, and pure-play hotel focus by FY31.WTBH2 2026
- Adjusted PBT down 7% to £316m; strong German growth and robust shareholder returns.WTBH1 2026 (Q&A)
- UK outperformance and German growth support confidence in achieving 2030 profit targets.WTBQ1 2026 TU
- Flat revenue, strong German growth, and a five-year plan targeting £300m incremental PBT.WTBH1 2025
- Flat revenue, strong Germany growth, and higher shareholder returns despite lower profits.WTBH1 2025 (Q&A)
- Sales up 1% to £739m, UK RevPAR flat, Germany up 15%, and cost programs on track.WTBQ1 2025 TU
- Flat UK sales and strong German growth drive robust results and capital returns.WTBH2 2025 (Q&A)
Next Whitbread earnings date
H2 202729 Apr, 2027
Whitbread
Next Whitbread earnings date
H2 202729 Apr, 2027
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Frequently asked questions
Whitbread PLC is a hospitality company operating in the hotel and restaurant sectors. The company is best known for its Premier Inn brand, which provides budget-friendly accommodations across the United Kingdom and in selected international markets. In addition to its hotel business, Whitbread operates restaurants under brands such as Beefeater and Bar + Block, often co-located with its hotels to offer convenient dining options for guests. The company is headquartered in Dunstable, United Kingdom, and its shares are listed on the LSE (London Stock Exchange).