Whitbread (WTB) H1 2026 earnings summary

Executive summary

• Outperformance in the UK continued, with strong guest proposition and commercial initiatives, while Germany operations showed 9% accommodation sales growth and reduced losses, on track for profitability in FY26.

• The five-year plan targets a step change in profits and £2bn in shareholder returns by FY30, with strategic initiatives and network expansion supporting progress.

• Statutory revenue decreased by 2% to £1,541m for H1 FY26, with flat UK accommodation sales and growth in Germany 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 accommodation sales and RevPAR growth.

Financial highlights

• Adjusted EBITDAR was £601m, down 2% year-over-year; group EBITDA was £0.6bn, 41% above FY20.

• Adjusted profit before tax was £316m; statutory PBT £287m after £28m in adjusting items.

• UK accommodation sales were flat at £1.1bn, while Germany saw 9% revenue growth and adjusted losses before tax reduced to £3m.

• Shareholder returns totaled £182m through dividends and buy-backs in H1.

• Gross capex was £328m, with £95m in property proceeds.

Outlook and guidance

• Positive trading momentum and forward bookings ahead of last year in both the UK and Germany.

• On track to open 1,000–1,200 new UK rooms and 400 new rooms in Germany this year.

• UK net cost inflation expected to remain within 2–3% range, supported by £65–70m in cost efficiencies for FY26.

• Germany FY26 adjusted PBT guidance moderated to up to £5m due to softer Q2 demand.

• On track to return £2bn to shareholders by FY30 and complete £250m share buy-back by April 2026.