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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.H1 2026 (Q&A) earnings summary16 Oct, 2025
Executive summary
UK market returned to growth in Q2, with accommodation sales flat year-over-year and continued outperformance in the mid-scale and economy segments on both accommodation sales and RevPAR; Germany delivered positive momentum and is on track for profitability, supported by a major room acquisition.
Strategic initiatives, including the Accelerating Growth Plan (AGP), progressed with transformation of over 100 lower-returning restaurants, unlocking 3,500 higher-returning extension rooms, and supporting the Five-Year Plan targeting £2bn in shareholder returns by FY30.
Statutory revenue declined 2% to £1,541m, with adjusted profit before tax down 7% to £316m; group outperformed the market in both the UK and Germany on accommodation sales and RevPAR.
Significant shareholder returns delivered, with £182m returned through dividends and buy-backs in H1 and a five-year target of £2bn by FY30.
Five-Year Plan execution remains on track, targeting at least £300m incremental adjusted PBT and major network expansion, including 1,500 new rooms in Germany.
Financial highlights
Group statutory revenue for H1 FY26 was £1,541m, down 2% year-over-year; adjusted EBITDAR was £601m, down 2%.
Adjusted profit before tax was £316m, down 7% year-over-year; statutory profit before tax was £287m, also down 7%.
Adjusted basic EPS was 133.7p, down 2% year-over-year; statutory basic EPS increased 2% to 123.7p.
Lease-adjusted net debt to adjusted EBITDAR at 3.2x; net debt increased to £563m.
Group ROCE at 10.3%, down 160bps year-over-year; UK ROCE at 11.8%, down 220bps.
Outlook and guidance
Positive trading momentum and forward bookings ahead of last year in both the UK and Germany; UK accommodation sales and RevPAR up 3% in early H2.
UK net cost inflation expected at 2–3%, with food and beverage inflation higher than anticipated, partially offset by £65–£70m in cost efficiencies.
Germany expected to reach profitability in FY26, with revised segment adjusted PBT guidance of up to £5m and strong forward bookings.
Five-Year Plan targets at least £300m incremental adjusted PBT and £2bn in shareholder returns by FY30.
Germany PBT guidance moderation drivers?
AGP's net impact on UK segment margins?
Leverage increase impact on future capital plans?
Germany's path to FY30 PBT?
Detail property recycling value creation.
How will future cost inflation be mitigated?
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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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