Whitbread (WTB) H1 2027 earnings summary

Executive summary

• H1 FY27 revenue rose 2% to £1,572m and adjusted EBITDAR rose 1% to £608m; accommodation sales and RevPAR outperformed the UK & Ireland and German midscale and economy markets.

• Adjusted PBT fell 9% to £287m; statutory PBT was £109m after £178m of adjusting charges, predominantly non-cash.

• The Five-Year Plan targets £275m incremental adjusted PBT, a 500bps ROCE increase and £2bn available for shareholder returns by FY31.

Financial highlights

• Revenue was £1,572m, up 2%; adjusted EBITDAR was £608m, up 1%, and adjusted operating profit was £384m, down 3%.

• Adjusted PBT was £287m, down 9%; statutory PBT was £109m, down 62%, and statutory profit after tax was £62m, down 72%.

• Adjusted basic EPS was 125.1p, down 6%; the interim dividend was 36.4p per share, unchanged YoY.

• Adjusted operating cash flow was £389m; gross capital investment was £280m and H1 property proceeds were £21m.

Outlook and guidance

• FY27 outlook remains supported by current trading: to 1 October, UK & Ireland accommodation sales rose 4.5% and RevPAR 3.2%; Germany accommodation sales rose 31.2% in local currency.

• FY27 UK & Ireland guidance includes £60m cost efficiencies, ~1,000 new rooms and ~750 AGP extension rooms; gross inflation is 6.5%–7.5%, with net inflation of 3%–4%.

• FY27 property proceeds target is £450m–£500m; planned net capex is £200m–£300m. Germany targets 2,300 room openings and £10m underlying adjusted PBT growth before £10m of in-year impacts.

• By FY31, growth initiatives target £275m incremental adjusted PBT and a 500bps ROCE increase versus FY26; growth capex targets at least 15% returns, with AGP projects targeting 15%–20%.