London · Delayed Price · Currency is GBP · Price in GBX Whitbread Earnings Call Transcripts
Fiscal Year 2026
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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 and RevPAR outperformed the market, with strong cost efficiencies partially offsetting inflation. Germany is on track for profitability, supported by a major room acquisition and positive forward bookings. Property valuation increased, enabling significant capital recycling and shareholder returns.
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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 delivered double-digit RevPAR growth and is on track for profitability. Efficiency savings exceeded targets, a £250 million share buyback was announced, and the five-year plan aims for £300 million incremental profit and over £2 billion in shareholder returns.
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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.