Good morning, everyone. I'm Dominic Paul, and I'd like to welcome you to Whitbread's full year 2025 results presentation. Today's presentation will take place by remote webcast, followed by a live Q&A session at 9:15 A.M. U.K time, when Hemant Patel, our Group CFO, and I will be happy to answer your questions. Details of how to join the call can be found on our website. I'll take you through the excellent progress we've made on our strategic plans during the year and a summary of our results. I'll then hand over to Hemant, who will take you through our results in detail. I'll then cover the strategic initiatives, which will add up to our five-year plan, and Hemant will provide an update on capital allocation. First of all, I will start with a highlight from our results and a summary of our strategic progress over the past year.
Back in October 2024, we announced our five-year plan to deliver a step change in our profits, margins, and returns. We're making excellent progress, with strong momentum building across all of our key initiatives. Whilst market demand has been softer over the past year, we are extending our outperformance versus the market in both the U.K. and Germany, thanks to our commercial programs. We're really pleased with the progress we're making in Germany and are set for a breakthrough year, delivering profitability in full year 2026. Our five-year plan is on track to deliver incremental adjusted profit before tax of at least GBP 300 million per annum. Given our progress to date, we are increasingly confident when we are now accelerating the planned returns with a further GBP 250 million share buyback to be completed over the next 12 months.
Despite market demand, U.K. total accommodation sales were in line with last year, driven by our continued network expansion and commercial initiatives. In Germany, we made excellent progress this year, delivering double-digit accommodation sales growth. This resulted in a much reduced loss of GBP 11 million versus GBP 36 million in the previous year. Despite the impact of inflation, our cost base reduced by 2%, reflecting the impact of our Accelerating Growth Plan and our cost efficiencies. Whilst U.K. return on capital employed was back year- on- year at 12.9%, it remains almost two percentage points higher than it was pre-pandemic. While lower interest receivable meant the group PBT was back 14%, the strength of our vertically integrated model meant the group EBITDA was down just 3% year- on- year and still 37% up versus full year 2020.
As a result, we continue to generate significant free cash flow that helped fund our ongoing program of investment, as well as GBP 442 million of shareholder returns in the year. Looking forward to 2026, we are continuing to execute at pace across our three strategic pillars, whilst also delivering for our guests. First, in the U.K., our commercial program is driving our outperformance and includes several new revenue opportunities. We will open 1,000-1,200 new rooms this year, and we are making great progress with our Accelerating Growth Plan, opening the first of our new extension rooms and fully reversing the impact on full year 2025 profits this year. Second, in Germany, this is a breakthrough year for us in Germany, and we will reach adjusted profit before tax of between GBP 5 million-10 million this year. Our brand is getting stronger, and our hotels are continuing to mature.
Supported by our commercial program, we are delivering a strong trading performance that is ahead of the market, and we will also open 400 new rooms this year and are continuing to grow our pipeline. Third, we will continue to drive long-term growth. We will recycle GBP 250 million-GBP 300 million worth of property this year to help fund our network expansion and Accelerating Growth Plan, whilst maintaining net CapEx between GBP 400 million-GBP 500 million. With tight control over our cost base, we expect to deliver GBP 60 million of efficiencies this year, up from GBP 50 million guided previously. Reflecting our increased confidence in our five-year plan, we are accelerating the delivery of benefits. In addition to the recommended final dividend, I have today announced a further GBP 250 million share buyback to be completed over the next 12 months.
As I've already said, we're making excellent progress with our plans and increasingly confident about what they will deliver over the next five years. Our Accelerating Growth Plan to optimize food and beverage at a number of sites and unlock 3,500 extension rooms will increase margins and returns for the U.K. business. We will open at least 8,000 new high-returning hotel rooms, taking us to 98,000 open rooms in the U.K. and Ireland. Together, these two elements will deliver over GBP 220 million of incremental PBT by full year 2030. In Germany, we are making excellent progress and expect to have 20,000 rooms open by the end of full year 2030. With increased scale and the continued maturity of our estate and brand, we expect to reach GBP 70 million of PBT by full year 2030, an uplift of GBP 80 million versus full year 2025.
We remain on track to deliver GBP 250 million worth of savings across the life of the plan. We expect our commercial program to deliver positive like-for-like sales momentum in the U.K. and are confident in at least offsetting cost inflation over the life of the plan. Our goal is to do better than this. This plan is fully funded, and we will keep average net CapEx at GBP 500 million, which is net of proceeds from property-related transactions. We will recycle at least GBP 1 billion of more mature capital via sale and leasebacks and property disposals over the life of the plan, which I'll come back to talk about later. Bringing this all together, given our progress over the past year, we are confident that we will deliver as planned. I will now hand over to Hemant, who will take you through our performance in more detail.
Thank you, Dominic, and good morning, everyone. I'll start with an overview of the group numbers before covering the U.K. and Germany in a bit more detail, and then on to current trading. A robust trading performance in the U.K. and excellent progress in Germany meant that overall revenues were broadly in line with last year. The impact of continued network expansion and higher-than-expected gross inflation were largely mitigated by reductions in our cost base due to the Accelerating Growth Plan and excellent progress on cost efficiencies, resulting in operating costs falling by 1%. As a result, adjusted EBITDA was down 3% at just over GBP 1 billion. Having returned GBP 442 million to shareholders over the past year, lower interest receivable on our cash balances meant that adjusted profit before tax was GBP 483 million.
Adjusting items of GBP 116 million, much of which related to our Accelerating Growth Plan, meant that statutory profit before tax was GBP 368 million. Our model continues to generate significant operating cash flow, and we were able to build on this with GBP 137 million of proceeds from property disposals. By recycling capital, we're funding our growth plans and investing in higher-returning opportunities. We've maintained a strong balance sheet with lease- adjusted leverage of three times, which is within our stated threshold of three and a half times. I'll now run through the drivers behind this performance, starting with the U.K.
Despite the market demand backdrop, accommodation network expansion and a strong commercial program meant that accommodation sales were in line with last year. The reduction in food and beverage revenues because of our Accelerating Growth Plan was as expected, with the result that total U.K. revenues were 3% behind last year.
While our shift to a more efficient food and beverage offering at a number of our sites and an increased level of efficiencies meant that U.K. operating costs fell by 2%, the reduction in revenue meant that pre-tax margins reduced to 18.8%, and U.K. adjusted profit before tax was 14% behind last year at GBP 507 million. Even with lower levels of market demand than last year, we delivered a robust accommodation sales performance, and this was in part due to our centralized pricing approach and unique business model. Occupancy remained high at 81%, which was down just one percentage point versus the prior year and was five percentage points higher than before the pandemic. Thanks to our brand strength, trading expertise, and the benefit of several commercial initiatives that Dominic will come on to, we are pleased to have held average room rates at just under GBP 80.
The result was that while RevPAR was back 2%, total accommodation sales were flat at around GBP 2 billion, over 50% higher than pre-pandemic. Overall occupancy was 1% behind the market, which reflected our conscious decision to maximize revenue in a number of catchments where we had the opportunity to drive rates and therefore RevPARs higher. Our ability to add more rooms to our estate and fill them at attractive prices meant we outperformed the market on accommodation sales growth in both the first and second half of FY 2025. Outperforming on RevPAR growth in low demand periods is more difficult, however, as we have more rooms to fill than anyone else. Whilst we underperformed the market on RevPAR during the first half, new commercial initiatives coupled with our trading expertise meant that we outperformed the market by 0.3 percentage points on RevPAR growth in the second half.
This is a position that I'm pleased to say has extended and increased into the current trading period. Now on to Germany. As you've already heard from Dominic, we're really pleased with our progress in Germany over the past year, and revenues were up 21% in GBP and 24% in local currency. This was driven by the increasing maturity of our hotels, improving our trading strategies, broadening our distribution, and growing brand awareness. Operating costs in the period increased to GBP 165 million, reflecting continued network expansion and cost inflation. However, with strong revenue growth, EBITDA increased by 58% to GBP 66 million and adjusted losses before tax reduced significantly to GBP 11 million. Our cohort of more established hotels is continuing to mature as a key driver of our overall performance.
With an increased profitable central overhead of GBP 16 million in the period, the cohort is on track to reach its targeted double-digit return on capital employed when fully mature over the course of the next 18 months-24 months. Whilst Dominic will cover the key business drivers shortly, this slide highlights our outperformance versus the rest of the mid-scale economy market in Germany. As you can see, both our more established cohort and our network as a whole are outperforming the market in terms of RevPAR growth. This reflects the continued maturity of both our hotels and brand, as well as our commercial initiatives that are important drivers of overall performance. RevPAR of our cohort of more established hotels grew by 17% in local currency, reinforcing the point that it is not yet mature and giving us real confidence that it can and will grow further.
Turning now to group cash flow. Our vertically integrated model and strong market position meant that we delivered adjusted operating cash flow of GBP 723 million, helping to fund both our ongoing program of investment in future growth and shareholder returns. A more favorable property investment market meant that we were able to recycle GBP 137 million of proceeds from property disposals and reduce net CapEx by around GBP 100 million year- on- year without impacting our program of investment, including our Accelerating Growth Plan. The net result was a total cash flow before shareholding returns of GBP 260 million.
Having returned GBP 442 million to shareholders via dividends and share buybacks, we maintain a strong balance sheet with a net debt position of GBP 483 million and a lease- adjusted leverage of 3x , which is below our threshold of 3.5 x . Now on to current trading and FY 2026 guidance.
In the U.K., both total accommodation sales and RevPAR were down 1% versus last year. Despite the volatility in the period due to the phasing of public holidays, we've seen a positive impact from our commercial initiatives, which have driven a 2 percentage point outperformance versus the market on both accommodation sales and RevPAR growth, as well as an increased RevPAR premium. In Germany, our strong performance has continued into the current trading period, with total accommodation sales up 23% in local currency versus last year. The increasing maturity of our estate and brand, together with our commercial initiatives, meant that RevPAR for the total estate was 17% ahead of last year at EUR 63. We've also now updated our FY 2026 guidance. I'll talk through some of the key parts, but a more detailed summary can be found in the appendix to this presentation.
The phasing of new room projects means that we expect to open between 1,000 rooms and 1,200 rooms in the U.K., including 500-700 new AGP extension rooms, and in Germany, we expect to open around 400 rooms this year. With regard to efficiency, we've been able to bring forward a number of initiatives and are now on track to deliver GBP 60 million of cost savings in FY 2026 versus our previous expectation of GBP 50 million. As a result, we now expect net inflation to be at the lower end of the previously guided 2-3% range, and we expect to fully reverse the impact to FY 2025 profits related to our Accelerating Growth Plan.
In line with our five-year plan, we'll maintain net CapEx between GBP 400 million-GBP 500 million through recycling GBP 250 million-GBP 300 million of more mature property this year to help fund our network expansion and our AGP. I'll now hand back to Dominic to talk through our strategic priorities and future plans in more detail.
Thank you, Hemant. I will now take you through the progress we've made against our key initiatives and our plans for the coming year. The engine powering our strong market position and ambitious growth strategy is our vertically integrated model. As we own, operate, and manage all of our hotels, we capture and control all elements of the value chain. This differentiates us from many other hotel groups, and it's very difficult to replicate. We are the U.K.'s largest hotel brand with over 90% brand awareness, and our German business is growing rapidly. Our centralized pricing model is a real source of competitive advantage that, together with our enhanced digital capabilities, helps us to maximize revenue and sustain our outperformance versus the market.
Ownership of our operations means we can continue to invest in our product and teams, giving our guests a high-quality, great value experience every time they stay with us. Finally, the strength of our asset-backed balance sheet gives us access to the best locations on more favorable terms and with full control over our estate, including the option to recycle property and build extensions. Let me start with the U.K. Having launched our Accelerating Growth Plan just over a year ago, and before I update on our progress, we have a short clip to show you that is introduced by Mark Anderson, our Managing Director for Property and International.
Food and beverage is really important to our Premier Inn guests, which is why in April 2024, we embarked on an exciting and transformative journey with our Accelerating Growth Plan. This is a multi-year program designed to enhance our food and beverage offer by replacing just over 200 underperforming branded restaurants with a more efficient in-house offer. At around half these sites, we are going to convert the former branded restaurant into a total of 3,500 new highly profitable hotel rooms. At the remaining 100 or so sites, once a new integrated restaurant has been built, we will then look to exit the neighboring branded restaurant over the next year or so. We built the plan around two key objectives: improving the experience for Premier Inn guests and driving substantial returns for our shareholders.
A year into the journey, we've submitted planning applications now for the majority of affected sites, of which more than half have already been approved, and we've started to build new in-house restaurants, replacing the old branded restaurants with hotel extensions. The first of our new integrated restaurants are already open, such as here in Margate in Kent, and the feedback from our guests has been fantastic. We're on track to open the new hotel rooms as planned, with 3,500 contributing to our overall goal of reaching 98,000 open bedrooms in the U.K. and Ireland by February 2030. Once complete, we expect the plan to deliver incremental profits to Whitbread of at least GBP 100 million per year, improving the offer for our guests and delivering increased profits, margins, and returns for our shareholders.
As you just heard from Mark, we are making great progress with over 70% of all schemes in planning, and 50% of these are already approved. Building has commenced, and by the end of full year 2026, we expect to open between 500-700 new higher returning extension rooms. Having already sold 38 sites, we are on track to exit the remaining affected branded restaurants over the next 12 months as planned. To bring the benefits of our plan to life, we've shown here the impact of the change on our Harrogate South Hotel, which had a loss-making branded restaurant acting as a drag on the site level returns. By converting the branded restaurant into a net 22-bedroom extension with an integrated restaurant inside the hotel, we expect to deliver a significant uplift to site-level profitability that will drive higher returns.
We will open the first of our new extension rooms this year and expect to fully reverse the one-off impact of full year 2025 profit of between GBP 20 million-GBP 25 million. Once complete, the plan will deliver incremental profit versus full year 2025 of at least GBP 100 million, increasing our U.K. margins and returns. Now, following the pandemic, there has been a structural reduction in U.K. hotel supply. This reflects both the ongoing migration of demand from non-branded to branded hotels and a significant decline in the number of independents. Having updated our previous analysis, we didn't expect hotel supply to recover to 2019 levels until at least 2027. With supply remaining below pre-pandemic levels, there is a clear opportunity for Premier Inn to take further profitable share of the U.K. hotel market and drive our returns higher.
Our committed and future pipeline, together with extension rooms unlocked through our Accelerating Growth Plan, means we expect to reach at least 98,000 rooms by full year 2030. As we progress towards our long-term potential of up to 125,000 rooms across the U.K. and Ireland, the pace at which we open new rooms will be determined by the level of returns that we can extract. We will extend our market position and open at least 8,000 new rooms in the U.K. and Ireland by full year 2030. Our committed pipeline is expected to drive higher profits because these rooms are more heavily weighted towards London and the Southeast, driving higher levels of RevPAR. They are a higher mix of freeholds, and the average hotel size is larger than our current estate, driving higher profitability per room.
A Hub by Premier Inn format was developed to open up new city center locations for us that we were previously unable to access. We now have 18 Hub hotels open across London and Edinburgh, which are performing strongly. This format offers a more compact, digitally advanced in-room experience at a great price in prime city center locations and is proving very popular with guests. As you can see from the graph on the right, our Clerk enwell Hub is a brilliant example of a large freehold site in central London that is driving a higher profitability per room than our current open estate. We see significant potential with our brand, and over the next few years, we expect to have 5,000 open Hub rooms across the U.K., driving high levels of return.
Moving on now to our commercial program, we have a number of initiatives that will help us to drive positive like-for-like sales momentum and keep us ahead of a wider market. With over 90% brand awareness, Premier Inn remains the U.K.'s number one hotel brand. However, we are not complacent and have continued to invest in our brand with the launch of our latest integrated marketing campaign. We are also diversifying our digital marketing activity across more channels, and this is increasing the impact of our campaigns and reducing our cost per acquisition. We are broadening our addressable customer base. Our business-to-business proposition is performing strongly, with good growth in both Business Booker and travel management company revenues versus full year 2024. We are strengthening our travel management company relationships and are also testing an inbound-only trial using online travel agents, which is giving us access to new international demand.
I mentioned earlier that one of the key benefits of our vertically integrated model is our centralized pricing and our in-house trading expertise. Despite a more challenging trading environment over the past year, by optimizing and refining our pricing, we have still been able to increase room rates on peak demand nights whilst ensuring that we maintain our value proposition on lower demand nights to maximize revenues. Following the rollout of our new reservation system last year, we have unlocked new digital capabilities that are helping to drive positive sales momentum. We are simplifying the booking journey and providing guests with even more choice, driving ancillary revenues. Having rolled out our Room with a View concept, we are seeing a GBP 6 RevPAR uplift on average for these rooms versus a standard room in the same hotel.
Customer engagement is a big area of opportunity for us, and through upgrades to our Premier Inn app, enhanced CRM tools, and new email campaigns, we are increasing conversion and driving incremental revenue. We're really encouraged by the progress we are making, and as you can see from the graph on this slide, once these initiatives started to land, we began to outperform the market on RevPAR. This has continued into the current trading period where we have extended our outperformance versus the rest of the market. Whilst forward visibility on market demand remains limited, we are confident that through our commercial plans, we can drive positive like-for-like sales momentum and sustain our outperformance versus the market. Now, a word on our customer offer and how we are maintaining our positions in U.K.'s favourite hotel brand, driven by our reputation for high quality and great value.
We're rolling out our standard room format called ID5, which is attracting higher guest scores, and we've also reduced required refurbishment costs without compromising the in-room experience. We are opening more Premier Plus and twin rooms that command a RevPAR uplift versus a standard room in the same hotel. In Food and Beverage, our integrated ground floor concept is delivering higher guest scores, and for those branded restaurants unaffected by the Accelerating Growth Plan, we have a number of initiatives in place to help drive sales and profitability. Finally, we are continuing to look after our teams, maintaining high levels of engagement and employee satisfaction, which is helping to drive great guest satisfaction scores. Helping to mitigate high-cost inflation, we've made excellent progress on efficiency this year, delivering GBP 75 million worth of savings in full year 2025.
We've also increased our guidance to GBP 60 million in full year 2026, delivering a total of GBP 250 million across the life of the plan. Whilst there are no silver bullets, the program reflects multiple initiatives across the business that, taken together, add up to a lot, including better labor scheduling, both in housekeeping and front-of-house teams, the rollout of new technology such as robot vacuums, and unlocking further savings through our new reservation system. Now on to our plans in Germany. Germany is a significant growth opportunity for the group. The investment case is highly attractive with a large fragmented market and no clear market leader, and we are on course to replicate our U.K. success. We've grown rapidly over the last few years, and with 11,000 open rooms and a further 7,000 rooms in our committed pipeline, we are building a meaningful presence.
With 100 hotels open and committed in prime city centre locations, and with a good freehold-leasehold mix, we are on track to reach 20,000 open rooms by full year 2030, and we are on course to achieve our long-term ambition of becoming the number one hotel brand in Germany. Having started from scratch back in 2016, we're making great progress in building the Premier Inn brand. Our brand awareness has increased to 19%, and as you can see here, we are closing the gap to our competitors. Our high-quality proposition is resonating very well, and on the right-hand side, you can see that we're driving great guest scores, which is increasing guest loyalty. Across full year 2025, we were the second highest scoring brand, seeing a significant step up year- on- year. Our commercial program is driving increased revenues and contributing to our market outperformance through several initiatives.
First, we continue to improve our trading strategies, in particular for event nights, which are a key feature of the German market. Second, we are optimizing our ancillary revenue offer and enhancing the online booking journey to include product add-ons such as early check-in. We are also optimizing the onsite offering, including a self-service shop trial that is resonating well with our guests. Third, we are broadening our distribution to maximize our reach, allowing us to drive RevPAR growth and increase brand awareness. We're really pleased with our progress. This year will be a breakthrough year, and we are on course to deliver profitability of between GBP 5 million-GBP 10 million. As we look further ahead, our cohort of more established hotels is underpinning our confidence in the medium-term outlook in Germany.
The cohort, which is not yet mature, is continuing to achieve double-digit RevPAR growth and is outperforming the wider market. Our five-year plan is on track. By full year 2030, with our growing estate and progressive maturity, we expect to deliver adjusted profits of GBP 70 million. In the same year, we also expect to reach double-digit returns on our current open portfolio of 11,000 rooms. As our estate and brand continue to mature, we will see a further increase to profits, margins, and returns beyond full year 2030. We are proving that the Premier Inn brand can travel internationally, which may open up opportunities in the future, which is an exciting prospect. Moving on to the third pillar of our strategy, enabling long-term growth. In the context of our five-year plan, we wanted to remind you of our property strategy.
There are several commercial and financial benefits from our flexible property approach, which include maximizing our chances of securing the best sites and the best locations whilst minimizing the risk of cannibalization so that we drive strong returns. Operational flexibility means we can optimize returns from a site so that once mature, we can recycle the capital into higher returning opportunities. Being able to realize significant development profits through disposals via sale and lease backs supports a strong financial covenant, helping to secure more favorable terms with landlords and financing terms with lenders. With the evidence from the sale and lease backs completed during the year, we've instructed our external property valuers to complete a current market valuation of our freehold and long leasehold estate based on individual sale and lease backs transaction values.
This is the same approach that was used to produce the last market valuation of GBP 4.9 billion-GBP 5.8 billion that was completed in 2018. Our value creation cycle is summarized here. Our already strong covenant means we can secure high-quality sites to generate excellent returns, which in turn attracts outside funding and offers us a chance to recycle capital, and so the cycle continues. We segment our estate into five distinct groups shown here on the left of this slide. As you can see, there was a natural progression from top to bottom as the sites mature over time. As a site moves through this flow, if it has strong yield potential, there is an opportunity for us to recycle the capital to drive higher returns. On the right, we've summarized how the mix of our estate has changed versus 2019.
As the property investment market has been more challenged post-pandemic, we have been able to use our balance sheet to secure attractive freehold sites. At the same time, whilst we haven't been able to recycle as much property as we would have done otherwise, that opportunity is opening up now, and the proportion of our freeholds that are in the strong yield potential category has increased. As a result, and having maximized returns from between 20%-30% of our more mature hotels with strong yield potential, we are looking to recycle the capital into new, higher returning opportunities such as our Accelerating Growth Plan.
Some recent examples of this include Deansgate in Manchester, for which we received profits on disposal of over GBP 20 million, and the sale and lease back of two properties that we completed during the year for a total consideration of GBP 56 million at an average yield of 4.1%. In both cases, having extracted full value from the hotel on each site, there was an opportunity to drive returns even higher by monetizing the asset in both cases through a third-party developer. Having completed GBP 137 million of disposal in full year 2025, we are planning to realize between GBP 250 million and GBP 300 million in full year 2026, with at least GBP 1 billion of more mature property to be recycled as part of our five-year plan.
This will be through a combination of disposals, sale and leasebacks, and forward funding arrangements like the one completed on our recently opened Marylebone Hub. Our Force for Good program holds us accountable for delivering meaningful change across our three key pillars of Opportunity, Community, and Responsibility. It is embedded across all areas of our business strategy, including property, and the recent opening of our latest hotel in Cambridge is a great example of this. By preserving the exterior structure of the former office building and redesigning the interior, we were able to develop a high-quality, 125-bed hotel to our latest specifications. By prioritizing refurbishment over new construction, we now have a fantastic hotel right in the center of Cambridge, including an integrated restaurant, whilst at the same time minimizing our emissions.
Across our three Force for Good pillars, we're delivering positive change in the local community, including the creation of new jobs. As with all of our new hotels, we have focused on using green energy and reducing water usage through technology. I'll now pass back to Hemant, who will provide an update on capital allocation.
Thank you, Dominic. Our capital allocation framework is unchanged. Our disciplined approach and focus on attractive returns mean that we can strike an appropriate balance between investing in high-returning growth opportunities and returning excess capital to shareholders. As a reminder, there are four priorities in our framework. First, maintaining an investment-grade credit rating is a source of strategic advantage for us. We will keep lease-adjusted leverage below our threshold of 3.5x .
Second, to continue to invest in high-returning growth opportunities and using proceeds from property-related disposals to keep average net CapEx at a maximum of GBP 500 million per annum across the life of our five-year plan. Third, continue to grow dividends in line with earnings. Lastly, return excess capital to shareholders. Today, we've announced a further GBP 250 million share buyback to be completed over the next 12 months. Our business is highly cash-generative, and in line with our capital allocation framework, we use this to fund high-returning growth to drive shareholder returns. Since April 2023, we've returned GBP 1.2 billion to shareholders. While the phasing of our five-year plan means that the generation of GBP 300 million of incremental profits and GBP 2 billion of shareholder returns is somewhat back-end loaded, given the excellent progress made over the past year, we're increasingly certain in its execution.
This confidence allows us to accelerate the delivery of these returns to shareholders. As well as keeping the total dividend per share the same as last year, despite lower profits in FY 2025, we have also announced a GBP 250 million share buyback to be completed over the next 12 months. I'll now hand back to Dominic. Thank you, Hemant. I realize we have covered a lot today, so I'll end with a brief summary. As I said at the beginning of the presentation, I'm really pleased with the pace at which we are executing, and I'm increasingly confident that we will deliver a step change in our profits, margins, and returns. Our momentum is building, and despite what has been a softer trading environment, our commercial initiatives are contributing to market outperformance. We're really pleased with our progress in Germany, and we're set to deliver profitability in full year 2026.
We are on track, and our plan is set to deliver incremental annual adjusted profit before tax at at least GBP 300 million by full year 2030, and more than GBP 2 billion available for shareholder returns. Reflecting our confidence in delivery, we are now accelerating the planned shareholder returns with a GBP 250 million share buyback announced today to be completed over the next 12 months. Thank you for joining us this morning. Hemant and I will host a Q&A session starting at 9:15 A.M. U.K. time, and we look forward to taking your questions then. You will be able to find the details of how to join the call on our website. Thank you.