Whitbread (WTB) Q3 2026 TU earnings summary

Executive summary

• Strong trading momentum in both UK and Germany, with UK occupancy at 83% and RevPAR up 3% year-over-year; London outperformed with RevPAR up 7%.

• Q3 group sales up 2% to £781m, driven by accommodation sales growth in both UK and Germany.

• German business delivered robust results, with total accommodation sales up 12% in local currency and RevPAR up 7%; established hotels saw RevPAR up 9% to €86.

• Accelerating growth plan and strategic initiatives progressing, focusing on converting lower-returning restaurants and disciplined capital allocation.

• Current trading remains strong: UK accommodation sales and RevPAR up 4% in early Q4; Germany sales up 11% and RevPAR up 5%.

Financial highlights

• FY26 efficiency savings target increased to GBP 75–80 million.

• FY27 business rates cost impact revised down to GBP 35 million from earlier GBP 40–50 million estimate.

• Net UK cost inflation in FY27 expected at 3–4%, factoring in GBP 60 million of efficiency savings.

• Sale and leaseback transaction with LondonMetric for GBP 89 million across nine sites at a 5.3% yield, supporting capital recycling.

• Group total sales for Q3 at £781m.

Outlook and guidance

• Booked position for FY27 ahead of last year, with strong long-lead leisure bookings.

• German business on track to reach profitability and become the country's top hotel brand.

• FY26 guidance unchanged except for increased cost efficiencies.

• Update on five-year plan, including business rates mitigation, expected at full-year results in April.

• Confident in maintaining RevPAR premium in UK and outperforming the market in Germany.