London · Delayed Price · Currency is GBP · Price in GBX Whitbread Earnings Call Transcripts
Fiscal Year 2027
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Q1 saw strong trading with UK accommodation sales up 3% and Germany up 16% year-over-year, driven by new openings and robust demand. The five-year plan targets £2bn free cash flow and £1bn lower capital intensity, with cost inflation well hedged and AGP progressing.
Fiscal Year 2026
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A new five-year plan targets higher margins, returns, and shareholder value through a pure-play hotel focus, aggressive property recycling, and operational efficiencies. UK and Germany segments both outperformed, with Germany reaching profitability and the UK maintaining a strong RevPAR premium. £2 billion in free cash flow is expected for shareholders by FY 2031.
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Strong trading momentum in both the UK and Germany drove higher RevPAR and occupancy, with efficiency savings targets raised and a major sale and leaseback completed. Business rates remain a risk, but cost mitigation and growth plans are on track, with further strategic updates due in April.
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U.K. accommodation sales and RevPAR outperformed the market, supported by strong brand and efficiency gains, while Germany is on track for profitability with strategic acquisitions. Cost inflation, especially in food and beverage, was offset by increased efficiency targets.
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UK outperformed the market with strong cost efficiencies, while Germany saw 9% revenue growth and reduced losses. The five-year plan targets GBP 2 billion in shareholder returns by FY30, with ongoing expansion and property recycling supporting growth.
Fiscal Year 2025
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Strategic initiatives are driving outperformance in both the UK and Germany, with robust commercial levers, strong brand, and data-driven operations. Room growth and profitability targets for 2030 remain on track, and investment grade status is prioritized.
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Accommodation sales in the U.K. were flat year-over-year, outperforming the market, while Germany saw double-digit RevPAR growth and a significant reduction in losses. Efficiency savings exceeded targets, and the five-year plan remains on track, supported by property asset recycling and a new £250 million share buyback.
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Strong progress on the five-year plan with market outperformance in the U.K. and Germany, despite softer demand. Adjusted EBITDA was down 3% year-on-year, but significant efficiencies, expansion, and a new GBP 250 million share buyback support confidence in future growth.
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Q3 saw strong trading in Germany and stable UK performance, with commercial initiatives driving outperformance versus the market. Cost efficiency targets were raised, AGP disposals are on track, and the five-year plan remains on course for significant profit and shareholder returns.
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Robust first-half performance with UK outperformance and strong German growth underpin a new five-year plan targeting GBP 300 million additional profit and GBP 2 billion in shareholder returns by 2030. Efficiency gains, disciplined capital allocation, and digital initiatives support confidence in sustained margin and profit growth.
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First-half results showed flat group revenues year-over-year, strong growth in Germany, and robust cash flow supporting £278 million in shareholder returns. The five-year plan targets at least £300 million incremental profit before tax and over £2 billion in dividends and buybacks.
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Q1 FY25 saw group sales up 1% year-over-year, with U.K. RevPAR flat but 55% above FY20 and Germany up 15%. Cost efficiency programs are on track, supporting guidance for net inflation at the lower end of 3%-4% and continued margin improvement.