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WTB 14:57

Whitbread PLC

Director/PDMR Shareholding

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WTB 06:01

Whitbread PLC

Whitbread Interim Results

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**Summary of Whitbread PLC Interim Results (H1 FY26):**

Whitbread PLC, the parent company of Premier Inn, reported its interim results for the first half of FY26 (H1 FY26), covering the 26 weeks to August 28, 2025. The company highlighted continued market outperformance by Premier Inn in the UK, with the market returning to growth. In Germany, Whitbread is on track to achieve profitability in FY26, with further progress made in expanding its presence.

**Financial Highlights (H1 FY26)**

**Revenue** £1,541 million, a 2% decrease compared to H1 FY25 (£1,570 million).

**Adjusted EBITDAR** £601 million, a 2% decrease from H1 FY25 (£611 million).

**Adjusted Profit Before Tax (PBT)** £316 million, a 7% decrease from H1 FY25 (£340 million).

**Statutory Profit Before Tax** £287 million, a 7% decrease from H1 FY25 (£309 million).

**Statutory Profit After Tax** £217 million, a 1% decrease from H1 FY25 (£220 million).

**Adjusted Basic EPS:** 133.7pa 2% decrease from H1 FY25 (137.1p).

**Statutory Basic EPS:** 123.7pa 2% increase from H1 FY25 (121.0p).

**Dividend per share:** 36.4punchanged from H1 FY25.

**Key Developments**

1. **UK Performance**

Premier Inn UKs total accommodation sales were broadly in line with the previous year, with RevPAR down 1% due to a soft first quarter followed by market growth in the second quarter.

UK F&B sales decreased by 11% due to the implementation of the Accelerating Growth Plan (AGP), partially offset by stronger integrated restaurant performance.

UK segment adjusted pre-tax profit margins were 23.4%, down from 24.6% in H1 FY25, primarily due to AGPs impact on F&B and higher cost inflation.

2. **Germany Performance**

Premier Inn Germanys total sales grew by 9%, with a 2% increase in RevPAR, outperforming the market despite softer demand in the second quarter.

The segment adjusted loss before tax reduced to £3 million, a significant improvement from a £9 million loss in H1 FY25.

3. **Five-Year Plan Progress**

Whitbread is on track to deliver a step-change in profitability and return £2 billion to shareholders by FY30.

The AGP is expected to contribute £100 million in incremental adjusted PBT by FY30, with 500-700 extension rooms opening in FY26.

UK network expansion is set to add £120 million in incremental adjusted PBT by FY30, with 500 new rooms expected by year-end and a target of 98,000 open rooms by FY30.

Germany is projected to contribute £80 million in incremental adjusted PBT by FY30, with a target of 20,000 open rooms and £70 million in adjusted PBT.

4. **Capital Allocation and Property Valuation:**

Whitbread agreed to £120 million in disposals, including £99 million in sale and leasebacks, and is on track to recycle £250-£300 million in property-related proceeds in FY26.

The Groups freehold and long-leasehold property was valued at £5.5-£6.4 billion, providing confidence in recycling £1 billion into high-returning investments.

5. **Shareholder Returns**

The Board declared an interim dividend of 36.4p per share, unchanged from H1 FY25.

Whitbread is on track to complete a £250 million share buy-back by April 30, 2026, with 3.6 million shares purchased so far for approximately £108 million.

**Outlook and Guidance**

**FY26 Guidance Update**

GermanySegment adjusted profit before tax is now expected to be up to £5 million (previously £5-£10 million).

UK CostsNet inflation is expected to remain within the 2-3% guided range, with increased cost efficiencies of £65-£70 million.

Lease CostsAdditional lease costs of £5-£10 million are expected due to sale and leaseback transactions.

**Current Trading (6 weeks to October 9, 2025):**

Premier Inn UKTotal accommodation sales and RevPAR up 3% vs. FY25, with strong performance in London. F&B sales were 4% behind FY25, in line with expectations.

Premier Inn GermanyTotal accommodation sales up 9% vs. FY25, with RevPAR up 3% for the total estate and 8% for more established hotels.

Whitbread remains confident in its full-year outlook, despite limited forward visibility and some uncertainty around the UK budget. The company continues to focus on its strategic priorities, including the AGP, UK network expansion, and growth in Germany, to deliver long-term value for shareholders.

Here is the HTML table code comparing the financials and debt year on year for Whitbread PLC:

Metric	H1 FY26	H1 FY25	Change
Statutory Revenue (£m)	1,541	1,570	(2%)
Adjusted EBITDAR (£m)	601	611	(2%)
Adjusted Profit Before Tax (£m)	316	340	(7%)
Statutory Profit Before Tax (£m)	287	309	(7%)
Statutory Profit After Tax (£m)	217	220	(1%)
Adjusted Basic EPS (p)	133.7	137.1	(2%)
Statutory Basic EPS (p)	123.7	121.0	2%
Dividend per Share (p)	36.4	36.4	0%
Group ROCE (%)	10.3	11.9	(160)bps
Net Debt (£m)	(563)	(370)	(192)
Lease-adjusted Leverage (x)	3.2	2.8	n/a

**Notes:** * The table compares key financial metrics for Whitbread PLC between H1 FY26 and H1 FY25. * The metrics include revenue, profitability, earnings per share, return on capital employed, debt, and leverage. * The changes are expressed as percentages or basis points (bps) where applicable. * The net debt and lease-adjusted leverage are presented with a negative sign to indicate debt.

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WTB 14:57

Whitbread PLC

Director/PDMR Shareholding

AI Expand: Explanation + Tables

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WTB 06:01

Whitbread PLC

Whitbread Interim Results

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**Summary of Whitbread PLC Interim Results (H1 FY26):**

Whitbread PLC, the parent company of Premier Inn, reported its interim results for the first half of FY26 (H1 FY26), covering the 26 weeks to August 28, 2025. The company highlighted continued market outperformance by Premier Inn in the UK, with the market returning to growth. In Germany, Whitbread is on track to achieve profitability in FY26, with further progress made in expanding its presence.

**Financial Highlights (H1 FY26)**

**Revenue** £1,541 million, a 2% decrease compared to H1 FY25 (£1,570 million).

**Adjusted EBITDAR** £601 million, a 2% decrease from H1 FY25 (£611 million).

**Adjusted Profit Before Tax (PBT)** £316 million, a 7% decrease from H1 FY25 (£340 million).

**Statutory Profit Before Tax** £287 million, a 7% decrease from H1 FY25 (£309 million).

**Statutory Profit After Tax** £217 million, a 1% decrease from H1 FY25 (£220 million).

**Adjusted Basic EPS:** 133.7pa 2% decrease from H1 FY25 (137.1p).

**Statutory Basic EPS:** 123.7pa 2% increase from H1 FY25 (121.0p).

**Dividend per share:** 36.4punchanged from H1 FY25.

**Key Developments**

1. **UK Performance**

Premier Inn UKs total accommodation sales were broadly in line with the previous year, with RevPAR down 1% due to a soft first quarter followed by market growth in the second quarter.

UK F&B sales decreased by 11% due to the implementation of the Accelerating Growth Plan (AGP), partially offset by stronger integrated restaurant performance.

UK segment adjusted pre-tax profit margins were 23.4%, down from 24.6% in H1 FY25, primarily due to AGPs impact on F&B and higher cost inflation.

2. **Germany Performance**

Premier Inn Germanys total sales grew by 9%, with a 2% increase in RevPAR, outperforming the market despite softer demand in the second quarter.

The segment adjusted loss before tax reduced to £3 million, a significant improvement from a £9 million loss in H1 FY25.

3. **Five-Year Plan Progress**

Whitbread is on track to deliver a step-change in profitability and return £2 billion to shareholders by FY30.

The AGP is expected to contribute £100 million in incremental adjusted PBT by FY30, with 500-700 extension rooms opening in FY26.

UK network expansion is set to add £120 million in incremental adjusted PBT by FY30, with 500 new rooms expected by year-end and a target of 98,000 open rooms by FY30.

Germany is projected to contribute £80 million in incremental adjusted PBT by FY30, with a target of 20,000 open rooms and £70 million in adjusted PBT.

4. **Capital Allocation and Property Valuation:**

Whitbread agreed to £120 million in disposals, including £99 million in sale and leasebacks, and is on track to recycle £250-£300 million in property-related proceeds in FY26.

The Groups freehold and long-leasehold property was valued at £5.5-£6.4 billion, providing confidence in recycling £1 billion into high-returning investments.

5. **Shareholder Returns**

The Board declared an interim dividend of 36.4p per share, unchanged from H1 FY25.

Whitbread is on track to complete a £250 million share buy-back by April 30, 2026, with 3.6 million shares purchased so far for approximately £108 million.

**Outlook and Guidance**

**FY26 Guidance Update**

GermanySegment adjusted profit before tax is now expected to be up to £5 million (previously £5-£10 million).

UK CostsNet inflation is expected to remain within the 2-3% guided range, with increased cost efficiencies of £65-£70 million.

Lease CostsAdditional lease costs of £5-£10 million are expected due to sale and leaseback transactions.

**Current Trading (6 weeks to October 9, 2025):**

Premier Inn UKTotal accommodation sales and RevPAR up 3% vs. FY25, with strong performance in London. F&B sales were 4% behind FY25, in line with expectations.

Premier Inn GermanyTotal accommodation sales up 9% vs. FY25, with RevPAR up 3% for the total estate and 8% for more established hotels.

Whitbread remains confident in its full-year outlook, despite limited forward visibility and some uncertainty around the UK budget. The company continues to focus on its strategic priorities, including the AGP, UK network expansion, and growth in Germany, to deliver long-term value for shareholders.

Here is the HTML table code comparing the financials and debt year on year for Whitbread PLC:

Metric	H1 FY26	H1 FY25	Change
Statutory Revenue (£m)	1,541	1,570	(2%)
Adjusted EBITDAR (£m)	601	611	(2%)
Adjusted Profit Before Tax (£m)	316	340	(7%)
Statutory Profit Before Tax (£m)	287	309	(7%)
Statutory Profit After Tax (£m)	217	220	(1%)
Adjusted Basic EPS (p)	133.7	137.1	(2%)
Statutory Basic EPS (p)	123.7	121.0	2%
Dividend per Share (p)	36.4	36.4	0%
Group ROCE (%)	10.3	11.9	(160)bps
Net Debt (£m)	(563)	(370)	(192)
Lease-adjusted Leverage (x)	3.2	2.8	n/a

**Notes:** * The table compares key financial metrics for Whitbread PLC between H1 FY26 and H1 FY25. * The metrics include revenue, profitability, earnings per share, return on capital employed, debt, and leverage. * The changes are expressed as percentages or basis points (bps) where applicable. * The net debt and lease-adjusted leverage are presented with a negative sign to indicate debt.

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