Whitbread (WTB) H1 2026 (Q&A) earnings summary

Executive summary

• U.K. market returned to growth in Q2, with accommodation sales flat year-over-year and continued outperformance in mid-scale and economy segments on both accommodation sales and RevPAR; Germany delivered positive momentum and is on track for profitability.

• Statutory revenue declined 2% to £1,541m, with adjusted profit before tax down 7% to £316m; group outperformed the market in both the U.K. and Germany.

• Significant progress made on the Accelerating Growth Plan (AGP), including transformation of over 100 lower-returning restaurants, unlocking 3,500 higher-returning extension rooms, and acquisition of 1,500 rooms in Germany.

• Cost savings of £43m delivered in H1, with full-year cost efficiency guidance raised to £65–£70m, partially offsetting higher-than-expected cost inflation.

• Five-Year Plan remains on track to deliver at least £300m incremental adjusted PBT and £2bn for shareholder returns by FY30.

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.

• U.K. accommodation sales were flat year-over-year, while Germany accommodation sales grew 7–9%.

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

Outlook and guidance

• U.K. total accommodation sales and RevPAR up 3% versus FY25; F&B sales down 4% in line with AGP expectations.

• Germany total accommodation sales up 9% versus FY25, with estate RevPAR up 3% and more established hotels up 8%.

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

• Germany expected to reach profitability in FY26, with revised segment adjusted PBT guidance of up to £5m.

• On track to deliver at least £300m incremental adjusted PBT and £2bn in shareholder returns by FY30.