Whitbread (WTB) Q1 2026 TU earnings summary

Strategic progress and five-year plan

• Five-Year Plan targets at least £300 million incremental profit by FY2030 and over £2 billion in shareholder returns via buy-backs and dividends.

• UK market leadership reinforced by network expansion, commercial initiatives, and an efficiency program targeting £60 million in cost savings this year.

• Property disposals targeted at £250 million–£300 million for FY26, supporting capital returns.

• Forward booked position in the UK is ahead of last year, supporting confidence in continued market outperformance.

• German operations maturing, with profitability expected in FY26 and a long-term goal of double-digit returns on capital.

Trading and financial performance

• UK accommodation sales and RevPAR declined 2% year-on-year, but outperformed the mid-scale and economy sector, with RevPAR premium rising to £5.63.

• London outperformance driven by robust demand and room additions, with accommodation sales up 3.9pp and RevPAR up 2.4pp versus the market.

• Q1 UK occupancy was 78.6%, with an average room rate of £78.85 and RevPAR of £62.00.

• Food and beverage sales in the UK fell 16%, reflecting the strategy to optimize F&B and unlock 3,500 new extension rooms.

• Forward bookings ahead of last year, with confidence in maintaining market outperformance.

Germany performance

• Total accommodation sales rose 16% in local currency, driven by estate maturity and commercial initiatives.

• RevPAR for established hotels grew 17% to €72, and for the total estate increased 12% to €63, both ahead of the market.

• Q1 occupancy reached 67.4%, with an average room rate of €94.11 and RevPAR of €63.43.

• Food and beverage sales in Germany grew 23.7% to €10.9 million.

• German PBT guidance of £5–10 million for the year maintained, with long-term target of £70 million PBT and 20,000 rooms by 2030.