Whitbread Plc · LSE:WTB
Whitbread — H1 FY27 Earnings Presentation
51 slides from Whitbread's earnings presentation, Oct 13, 2026
Slide 1: H1 FY27 Results
This document has been labelled as Non-Confidential THE SOCIAL H1 FY27 RESULTS 13 OCTOBER 2026
Slide 2: Highlights
This document has been labelled as Non-Confidential BIRMINGHAM NEC HIGHLIGHTS Dominic Paul, Chief Executive
Slide 3: Five-Year Plan: Higher Margin, Cashflow and Returns by FY31
This document has been labelled as Non-Confidential FIVE-YEAR PLAN | HIGHER MARGIN, CASHFLOW AND RETURNS BY FY31 KEY INITIATIVES DELIVER £275m INCREMENTAL GROUP PBT TRANSFORMING TO A PURE-PLAY HOTEL BUSINESS >£1bn REDUCTION IN NET CAPEX ACCELERATING CASHFLOW AND RETURNS IN GERMANY 500bps INCREMENTAL
Slide 4: H1 FY27: Progress Underpins Confidence in FY27 Outlook and Five-Year Plan
This document has been labelled as Non-Confidential H1 FY27 | PROGRESS UNDERPINS CONFIDENCE IN FY27 OUTLOOK AND FIVE-YEAR PLAN STRONG TRADING AND MARKET OUTPERFORMANCE IN UK AND GERMANY AGP TRANSFORMATION PROGRESSING RAPIDLY INCREASING MOMENTUM WITH OUR FIVE-YEAR PLAN CONFIDENT IN FULL YEAR OUTLOOK
Slide 5: H1 FY27: Positive Performance with Group EBITDAR and ROCE Up
This document has been labelled as Non-Confidential H1 FY27 | POSITIVE PERFORMANCE WITH GROUP EBITDAR AND ROCE UP VERSUS LAST YEAR COMMERCIAL GERMANY POSITIVE DELIVERING CASHFLOW LEVERS DRIVING PERFORMING UK INCREASED FUNDING STRONG UK AHEAD OF OPERATIONAL EBITDAR AND SHAREHOLDER TRADING MARKET PERF
Slide 6: Five-Year Plan: Excellent Progress in H1
This document has been labelled as Non-Confidential FIVE-YEAR PLAN І EXCELLENT PROGRESS IN H1; EXECUTING AT PACE AND ON TRACK ACTIONS FY27 EXPECTATIONS H1 FY27 PROGRESS UK Reallocating capex to c.1,000 369 new, higher returning NETWORK highest-returning growth new rooms rooms opened EXPANSION UK Ext
Slide 7: Financial Review
This document has been labelled as Non-Confidential MARYLEBONE HUB FINANCIAL REVIEW Hemant Patel, Chief Financial Officer
Slide 8: Group Financials: Strong Trading Performance
This document has been labelled as Non-Confidential GROUP FINANCIALS | STRONG TRADING PERFORMANCE; EBITDAR UP VERSUS H1 FY26 vs £m H1 FY27 H1 FY26 H1 FY26 • Revenues: Statutory revenue 1,572 1,541 2% • Higher UK accommodation sales Operating costs (963) (941) (2)% • Continued growth in Germany Share
Slide 9: UK Financials: Strong Operational Performance
This document has been labelled as Non-Confidential UK FINANCIALS | STRONG OPERATIONAL PERFORMANCE; COSTS IN LINE WITH LAST YEAR vs • Accommodation sales up 3% £m H1 FY27 H1 FY26 H1 FY26 • Strong trading Statutory revenue 1,422 1,416 0% • Increased market outperformance Operating costs (834) (834) 0
Slide 10: UK: Strong Trading Performance; Accommodation Sales Up 3%
This document has been labelled as Non-Confidential UK | STRONG TRADING PERFORMANCE; ACCOMMODATION SALES UP 3% VERSUS H1 FY26 OCCUPANCY ARR REVPAR ACCOM SALES £0.6bn 82.8% £95.08 £78.76 81.0% £87.60 £1.1bn 79.1% £70.93 £79.77 £63.10 £0.5bn Q1 Q2 H1 Q1 Q2 H1 Q1 Q2 H1 Q1 Q2 H1 FY27 FY27 FY27 FY27 FY27
Slide 11: UK: Increased Market Outperformance with Highest Ever RevPAR Premium
This document has been labelled as Non-Confidential UK | INCREASED MARKET OUTPERFORMANCE WITH HIGHEST EVER REVPAR PREMIUM GROWING REVPAR PREMIUM WHILST EXTENDING MARKET SHARE PREMIER INN REVPAR PREMIUM VERSUS M&E MARKET1 PREMIER INN SHARE OF M&E MARKET REVENUE1 £7.75 35.0% 34.4% 33.9% £5.87 £4.73 31
Slide 12: Germany Financials: Double-Digit Accommodation Sales Growth
This document has been labelled as Non-Confidential GERMANY FINANCIALS | DOUBLE-DIGIT ACCOMMODATION SALES GROWTH H1 H1 vs H1 vs H1 • Accommodation sales up 18% £m FY27 FY26 FY26 FY261 • 10 new hotels opened in H1 FY27 Statutory revenue 150 125 20% 19% • Increasing maturity of our estate • Ongoing co
Slide 13: Germany: Continued Market Outperformance
This document has been labelled as Non-Confidential GERMANY | CONTINUED MARKET OUTPERFORMANCE REVPAR € AND REVPAR GROWTH VERSUS H1 FY26 €73 €71 €68 €63 €62 €61 €59 €55 €57 vs FY26 (3)% +1% (1)% +2% +3% 0% (1)% +2% 0% Q1 FY27 Q2 FY27 H1 FY27 1: STR data, standard methodology basis, 27 February 2026 t
Slide 14: Financials: Cashflow Funding Non-Expansionary Capex and Shareholder Returns
This document has been labelled as Non-Confidential FINANCIALS | CASHFLOW FUNDING NON-EXPANSIONARY CAPEX AND SHAREHOLDER RETURNS Net capex of £259m £406m £389m £21m £79m £(280)m £(50)m £191m expansionary £(102)m £(23)m £89m non-expansionary H1 FY26 H1 FY27 Cashflow pre- Property Shareholder H1 FY27
Slide 15: Financials: Strong Current Trading and Positive FY27 Outlook
This document has been labelled as Non-Confidential FINANCIALS | STRONG CURRENT TRADING AND POSITIVE FY27 OUTLOOK UK GERMANY • Total accom sales 31.2% • Total accom sales 4.5% and RevPAR 3.2% CURRENT TRADING • Total estate RevPAR 9.5% to €83, more established • F&B sales (37)%, in line with AGP expe
Slide 16: Capital Allocation
This document has been labelled as Non-Confidential AGP: BIDEFORD CAPITAL ALLOCATION Hemant Patel, Chief Financial Officer
Slide 17: Capital Allocation: Disciplined Framework
UK NETWORK UK ACCELERATING has been labelled as Non-ConfidentialGERMANY ACCELERATING UK COMMERCIAL This document PROPERTY AND EXPANSION GROWTH PLAN AND EFFICIENCIES RETURNS CAPITAL ALLOCATION CAPITAL ALLOCATION | DISCIPLINED FRAMEWORK MAINTAIN INVESTMENT Commercial and financial benefits from invest
Slide 18: Capital Allocation: Driving Higher Returns Through Dynamic Management
UK NETWORK UK ACCELERATING has been labelled as Non-ConfidentialGERMANY ACCELERATING UK COMMERCIAL This document PROPERTY AND EXPANSION GROWTH PLAN AND EFFICIENCIES RETURNS CAPITAL ALLOCATION CAPITAL ALLOCATION | DRIVING HIGHER RETURNS THROUGH DYNAMIC MANAGEMENT • £660m total capex: FY25 to FY31 UK:
Slide 19: Strategy Review
This document has been labelled as Non-Confidential HUB STANDARD ROOM STRATEGY REVIEW Dominic Paul, Chief Executive
Slide 20: Comprehensive Business Review: Driven by External Challenges
OUTCOME OF BUSINESS REVIEW This document has ANNOUNCED been labelled as Non-Confidential IN APRIL 2026 COMPREHENSIVE BUSINESS REVIEW | DRIVEN BY EXTERNAL CHALLENGES £110m £160m MATERIAL INCREASE IN EMPLOYMENT COSTS SIGNIFICANT INCREASE IN BUSINESS RATES £50m £160m ADDITIONAL FUTURE COSTS EQUIVALENT
Slide 21: Comprehensive Business Review: Assessment of All Options
OUTCOME OF BUSINESS REVIEW This document has ANNOUNCED been labelled as Non-Confidential IN APRIL 2026 COMPREHENSIVE BUSINESS REVIEW | ASSESSMENT OF ALL OPTIONS TO MAXIMISE VALUE OBJECTIVES SCOPE OF REVIEW REASSESS ALL PROJECTS DRIVE PROFITABLE GROWTH IN THE UK AND GERMANY ALL OPTIONS TO REDUCE INCR
Slide 22: Comprehensive Business Review: Key Conclusions and Actions
OUTCOME OF BUSINESS REVIEW This document has ANNOUNCED been labelled as Non-Confidential IN APRIL 2026 COMPREHENSIVE BUSINESS REVIEW | KEY CONCLUSIONS AND ACTIONS KEY CONCLUSIONS OF OUR REVIEW ACTIONS TO DRIVE VALUE INTEGRATED MODEL DELIVERS THE HIGHER RETURNS BY REDUCING CAPITAL INTENSITY, MOST VAL
Slide 23: Five-Year Plan: Decisive Actions Delivering Significant Growth by FY31
OUTCOME OF BUSINESS REVIEW This document has ANNOUNCED been labelled as Non-Confidential IN APRIL 2026 FIVE-YEAR PLAN І DECISIVE ACTIONS DELIVERING SIGNIFICANT GROWTH BY FY31 UK 100% PURE-PLAY Reallocating capex to £110m incremental PBT NETWORK HOTEL BUSINESS highest-returning growth >15% incrementa
Slide 24: UK: Extending Market-Leading Position
This document has been labelled as Non-Confidential PI PLUS FORMAT UK: EXTENDING MARKET-LEADING POSITION
Slide 25: UK Network Expansion: Taking Advantage of Structural Supply Shift
UK NETWORK UK ACCELERATING has been labelled as Non-ConfidentialGERMANY ACCELERATING UK COMMERCIAL This document PROPERTY AND EXPANSION GROWTH PLAN AND EFFICIENCIES RETURNS CAPITAL ALLOCATION UK NETWORK EXPANSION | TAKING ADVANTAGE OF STRUCTURAL SUPPLY SHIFT MORE FAVOURABLE SUPPLY ENVIRONMENT1 PROAC
Slide 26: UK Network Expansion: Driving Higher Returns Through New Rooms
UK NETWORK UK ACCELERATING has been labelled as Non-ConfidentialGERMANY ACCELERATING UK COMMERCIAL This document PROPERTY AND EXPANSION GROWTH PLAN AND EFFICIENCIES RETURNS CAPITAL ALLOCATION UK NETWORK EXPANSION | DRIVING HIGHER RETURNS THROUGH NEW ROOMS CONFIDENCE IN HIGH RETURNING COMMITTED PIPEL
Slide 27: UK Network Expansion: Accelerating Hub Brand
UK NETWORK UK ACCELERATING has been labelled as Non-ConfidentialGERMANY ACCELERATING UK COMMERCIAL This document PROPERTY AND EXPANSION GROWTH PLAN AND EFFICIENCIES RETURNS CAPITAL ALLOCATION UK NETWORK EXPANSION | ACCELERATING HUB BRAND; DRIVING HIGH RETURNS STRONG BRAND PROPOSITION ACCELERATING RE
Slide 28: AGP: Highest Returning Opportunity Progressing Rapidly
UK NETWORK UK ACCELERATING This document has been labelled as Non-ConfidentialGERMANY ACCELERATING UK COMMERCIAL PROPERTY AND EXPANSION GROWTH PLAN AND EFFICIENCIES RETURNS CAPITAL ALLOCATION AGP | HIGHEST RETURNING OPPORTUNITY IS PROGRESSING RAPIDLY TRANSFORMING OUR BUSINESS TO DRIVE HIGHER PROFITS
Slide 29: AGP: Critical Year in Journey to Pure-Play Hotel Business
UK NETWORK UK ACCELERATING This document has been labelled as Non-ConfidentialGERMANY ACCELERATING UK COMMERCIAL PROPERTY AND EXPANSION GROWTH PLAN AND EFFICIENCIES RETURNS CAPITAL ALLOCATION AGP | CRITICAL YEAR IN OUR JOURNEY TO BECOMING A PURE-PLAY HOTEL BUSINESS COMPLETED TRANSITION OF ALL BRANDE
Slide 30: AGP: Significant Extensions Progress
UK NETWORK UK ACCELERATING This document has been labelled as Non-ConfidentialGERMANY ACCELERATING UK COMMERCIAL PROPERTY AND EXPANSION GROWTH PLAN AND EFFICIENCIES RETURNS CAPITAL ALLOCATION AGP | SIGNIFICANT EXTENSIONS PROGRESS; DELIVERING INCREASE IN PERFORMANCE UNLOCKING HIGHER RETURNING EXTENSI
Slide 31: Commercial: Extending Our Unrivalled Market Position
UK NETWORK UK ACCELERATING has been labelled as Non-ConfidentialGERMANY ACCELERATING UK COMMERCIAL This document PROPERTY AND EXPANSION GROWTH PLAN AND EFFICIENCIES RETURNS CAPITAL ALLOCATION COMMERCIAL | EXTENDING OUR UNRIVALLED MARKET POSITION NO.1 HOTEL BRAND IN THE UK OUTPERFORMING THE MARKET 1
Slide 32: Commercial: Excellent Progress in H1 FY27
UK NETWORK UK ACCELERATING has been labelled as Non-ConfidentialGERMANY ACCELERATING UK COMMERCIAL This document PROPERTY AND EXPANSION GROWTH PLAN AND EFFICIENCIES RETURNS CAPITAL ALLOCATION COMMERCIAL | EXCELLENT PROGRESS IN H1 FY27 STRENGTHENING BRAND AND GROWING DEMAND FURTHER ENHANCING OUR MARK
Slide 33: Commercial: Increasing Revenues with Technology-Led Growth
UK NETWORK UK ACCELERATING has been labelled as Non-ConfidentialGERMANY ACCELERATING UK COMMERCIAL This document PROPERTY AND EXPANSION GROWTH PLAN AND EFFICIENCIES RETURNS CAPITAL ALLOCATION COMMERCIAL | INCREASING REVENUES WITH TECHNOLOGY-LED GROWTH POWER OF OUR AUTOMATED TRADING ENGINE (ATE) NEW
Slide 34: Efficiencies: Driving Material Savings Without Compromising Guest Experience
UK NETWORK UK ACCELERATING has been labelled as Non-ConfidentialGERMANY ACCELERATING UK COMMERCIAL This document PROPERTY AND EXPANSION GROWTH PLAN AND EFFICIENCIES RETURNS CAPITAL ALLOCATION EFFICIENCIES | DRIVING MATERIAL SAVINGS WITHOUT COMPROMISING GUEST EXPERIENCE LARGEST EVER EFFICIENCY PROGRA
Slide 35: Germany: Accelerating Returns
This document has been labelled as Non-Confidential HAMBURG CITY CENTRE GERMANY: ACCELERATING RETURNS
Slide 36: Germany: Focus on Accelerating Cashflow and Returns
UK NETWORK UK ACCELERATING has been labelled as Non-ConfidentialGERMANY ACCELERATING UK COMMERCIAL This document PROPERTY AND EXPANSION GROWTH PLAN AND EFFICIENCIES RETURNS CAPITAL ALLOCATION GERMANY | FOCUS IS ON ACCELERATING CASHFLOW AND RETURNS WE HAVE FUNDAMENTALLY CHANGED OUR APPROACH DELIVERIN
Slide 37: Germany: Clear Focus on Highest Returning Opportunities
UK NETWORK UK ACCELERATING has been labelled as Non-ConfidentialGERMANY ACCELERATING UK COMMERCIAL This document PROPERTY AND EXPANSION GROWTH PLAN AND EFFICIENCIES RETURNS CAPITAL ALLOCATION GERMANY | CLEAR FOCUS ON HIGHEST RETURNING OPPORTUNITIES CONTINUED OPTIMISATION OF ESTATE AND PIPELINE H1 FY
Slide 38: Germany: Multi-Channel Strategy Driving Commercial Performance
UK NETWORK UK ACCELERATING has been labelled as Non-ConfidentialGERMANY ACCELERATING UK COMMERCIAL This document PROPERTY AND EXPANSION GROWTH PLAN AND EFFICIENCIES RETURNS CAPITAL ALLOCATION GERMANY | MULTI-CHANNEL STRATEGY DRIVING COMMERCIAL PERFORMANCE GROWING THE BRAND ENHANCING DIRECT PROPOSITI
Slide 39: Property Strategy
This document has been labelled as Non-Confidential THE SOCIAL PROPERTY STRATEGY
Slide 40: Property Strategy: Flexible Approach Underpins Value Creation
UK NETWORK UK ACCELERATING has been labelled as Non-ConfidentialGERMANY ACCELERATING UK COMMERCIAL This document PROPERTY AND EXPANSION GROWTH PLAN AND EFFICIENCIES RETURNS CAPITAL ALLOCATION PROPERTY STRATEGY | FLEXIBLE APPROACH UNDERPINS VALUE CREATION OPPORTUNITIES FLEXIBLE OWNERSHIP ADVANTAGES H
Slide 41: Property Strategy: Recycling Capital to Fund Higher Returning Growth
UK NETWORK UK ACCELERATING has been labelled as Non-ConfidentialGERMANY ACCELERATING UK COMMERCIAL This document PROPERTY AND EXPANSION GROWTH PLAN AND EFFICIENCIES RETURNS CAPITAL ALLOCATION PROPERTY STRATEGY | RECYCLING CAPITAL TO FUND HIGHER RETURNING GROWTH £1.5BN OF PROPERTY PROCEEDS RECYCLING
Slide 42: Conclusion
This document has been labelled as Non-Confidential LONDON HAMPSTEAD CONCLUSION Dominic Paul, Chief Executive
Slide 43: Five-Year Plan: Higher Margin, Cashflow and Returns by FY31
This document has been labelled as Non-Confidential FIVE-YEAR PLAN | HIGHER MARGIN, CASHFLOW AND RETURNS BY FY31 KEY INITIATIVES DELIVER £275m INCREMENTAL GROUP PBT TRANSFORMING TO A PURE-PLAY HOTEL BUSINESS >£1bn REDUCTION IN NET CAPEX ACCELERATING CASHFLOW AND RETURNS IN GERMANY 500bps INCREMENTAL
Slide 44: Appendices
This document has been labelled as Non-Confidential APPENDICES I Additional slides p45 V Definitions p49 VI Supplementary information p50 VII Cautionary statement p51 Whitbread ADR programme – WTBDY Whitbread has established a sponsored Level I American Depositary Receipt (ADR) programme for which J
Slide 45: Appendix I: FY27 Guidance Overview
This document has been labelled as Non-Confidential APPENDIX I | FY27 GUIDANCE OVERVIEW UK ACCELERATING GROWTH PLAN • Accommodation sales: 1% Δ vs H1 FY26 = £16.5m - £17.5m PBT • Extension of the Accelerating Growth Plan to include all • Unaffected1 F&B sales: 1% Δ vs H1 FY26 = c.£1m PBT remaining 1
Slide 46: Appendix II: FY27 Guidance Overview
This document has been labelled as Non-Confidential APPENDIX II | FY27 GUIDANCE OVERVIEW GERMANY OTHER • Capex spend: • Room openings: 2,300 • Gross capex: £700m - £750m • Latest acquisition and going concerns: 1,300 rooms • Including £200m - £250m relating to extended AGP (c.100% leasehold) • Prope
Slide 47: Appendix III: FY27 Unit Cost Guidance
This document has been labelled as Non-Confidential APPENDIX III | FY27 UNIT COST GUIDANCE • New rooms: c.1,000 (80% freehold) • Average cost per room: • Operating costs (EBITDAR): £15k UK – NEW ROOMS • Depreciation (non-IFRS 16): £1.5k • Cash rent: £8k (IFRS 16: 25% premium) • F&B sales: 15% of acc
Slide 48: Appendix IV: H1 FY27 Freehold : Leasehold Mix
This document has been labelled as Non-Confidential APPENDIX IV | H1 FY27 FREEHOLD : LEASEHOLD MIX1 Freehold Leasehold UK Open 53% 47% Open and committed 55% 45% Germany Open 24% 76% Open and committed 25% 75% Group Open 49% 51% Open and committed 50% 50% 1: As at 27 August 2026 48
Slide 49: Appendix V: Definitions
This document has been labelled as Non-Confidential APPENDIX V | DEFINITIONS Accommodation sales Premier Inn accommodation revenue excluding non-room income such as food and beverage Profit before adjusting items, interest, tax, depreciation of property, plant and equipment and right-of-use assets,
Slide 50: Appendix VI: Supplementary Information
This document has been labelled as Non-Confidential APPENDIX VI | SUPPLEMENTARY INFORMATION Further information is available in a supporting supplementary information pack (in Microsoft Excel format) from www.whitbread.co.uk/investors/results-reports-and-presentations. This information includes: A.
Slide 51: Appendix VII: Cautionary Statement
This document has been labelled as Non-Confidential APPENDIX VII | CAUTIONARY STATEMENT Nothing contained in this document is intended to constitute an offer, invitation or inducement to engage in an investment activity for the purposes of the prohibition on financial promotions under the Financial