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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.
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H1 2026 (Q&A) earnings summary16 Oct, 2025

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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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).

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