International Workplace Group Plc · LSE:IWG
International Workplace — H1 2026 Earnings Presentation
27 slides from International Workplace's earnings presentation, Aug 11, 2026
Slide 1: Financial results for the six months ending 30 June 2026
Financial results for the six months ending 30 June 2026 11 August 2026
Slide 2: Caution statement
Caution statement No representations or warranties, express or implied are given in, or in respect of, this presentation or any further information supplied. In no circumstances, to the fullest extent permitted by This presentation may contain forward-looking statements that The Company undertakes n
Slide 3: Christian Schmitz, Chief Executive Officer
Christian Schmitz Chief Executive Officer
Slide 4: Strategy delivering accelerating revenue growth
2026 HALF YEAR RESULTS Strategy delivering accelerating revenue growth Reiterating our guidance for both FY 2026 and the medium-term 11% growth in system- 6% group revenue 5% growth in Company- 84% growth in recurring wide revenue1 growth1 owned revenue1 management fees1 $109m $150m Capital returned
Slide 5: Delivering the strategy
2026 HALF YEAR RESULTS Delivering the strategy Transition to capital-light network continues H1 2023 H1 2026 System-wide revenue 12% 22% • As we continue our evolution into an increasingly capital-light +10ppt business, our plans and targets remain unchanged 88% 78% • Expand margins in Company-owned
Slide 6: To deliver an increasingly fee-driven business
2026 HALF YEAR RESULTS To deliver an increasingly fee-driven business Scaled expansion replicating “hotel-like” playbook delivering recurring cash flow Estimated number of managed & franchised rooms open 2025 % 2025 FCF from EV/EBITDA FY274 revenues M&F Adj EBITDA 800 Rooms open (000) 595 600 505 42
Slide 7: Company-owned: attractive & risk managed portfolio
2026 HALF YEAR RESULTS Company-owned: attractive & risk managed portfolio Improving margin performance from dynamic pricing, occupancy management and operating efficiencies Attractive and structurally Company-owned network Flexibility of operations lower risk model by type (30 June 2026) Diagnose 01
Slide 8: Platform advantage in enterprise
2026 HALF YEAR RESULTS Platform advantage in enterprise Global network with unmatched coverage One platform across all workspace needs Flexible alternative to traditional leases Scale up or down in line with demand Technology-enabled workspace optimisation 8
Slide 9: Enterprise segment: client base built on depth and momentum
2026 HALF YEAR RESULTS Enterprise segment: client base built on depth and momentum We are trusted by the companies defining how the world works – and where… 7% 52% 85% growth in average spend vs H1 20251 using at least 3+ product lines of Fortune 500 companies2 1. H1 2026 reflects 5.5 months of data
Slide 10: Making the platform more efficient
2026 HALF YEAR RESULTS Making the platform more efficient Better delivery and business experience for customers Strategic deployment of AI Simplification & efficiency Better delivery and business ● Layering AI into existing ● Automating internal processes to ● Improving data-driven pricing automatio
Slide 11: Delivering quality earnings and FCF growth
2026 HALF YEAR RESULTS Delivering quality earnings and FCF growth Improving fundamentals underpin valuation Growth Earnings quality accelerating improving Capital returns reducing Driving FCF / Share Underpinning valuation share count Strong FCF growth Risk lower than perceived 11
Slide 12: The business is well positioned for the full year
2026 HALF YEAR RESULTS The business is well positioned for the full year • Cashflow performance expected to improve in H2 2026 • Structural growth drivers underpinning long-term platform expansion • Clear execution of capital-light strategy delivering scalable growth • Strong performance across comp
Slide 13: Charlie Steel, Chief Financial Officer
Charlie Steel Chief Financial Officer
Slide 14: Revenue momentum and capital returns
2026 HALF YEAR RESULTS Revenue momentum and capital returns • Accelerating revenues, with system-wide revenue growth of 11% to $2.4bn (H1 2025: $2.2bn) • Continued growth in adjusted EBITDA to $265m (H1 2025: $262m) • Record network growth with 728 new centres signed and 425 opened (H1 2025: 496 sig
Slide 15: Managed & Franchised
2026 HALF YEAR RESULTS Managed & Franchised room evolution through 2026 Managed & Franchised 700 600 257 615 84% growth in recurring management fees 500 400 k rooms 51 358 307 300 • Total fees growing from new managed centres opening and 200 continued growth in franchise centres • System-wide revenu
Slide 16: Managed & Franchised: RevPAR by cohort
2026 HALF YEAR RESULTS Managed & Franchised Managed partnership RevPAR as expected RevPAR by Cohort • RevPAR of new Managed partnerships evolving in line with 250 RevPAR ($ per Room per Month) expectations 200 • At 30 June 2026, revenue is being delivered from 358,000 rooms and 2,230 locations in th
Slide 17: Managed & Franchised: recurring management fees
2026 HALF YEAR RESULTS Managed & Franchised Excellent growth in recurring management fees Estimated number of 700 Managed & Franchised rooms open 595 600 • Recurring management fees generated from Managed 505 Rooms open (000) partnerships expected to grow significantly due to the 500 425 maturity cu
Slide 18: Company-owned
2026 HALF YEAR RESULTS Company-owned revenue Company-owned 2,000 1,950 1,900 1,865 Price momentum driving revenue 1,850 1,770 1,800 $m 1,750 1,700 • RevPAR growth of 11% driven by increases across all maturities and 1,650 closure of low RevPAR rooms 1,600 1,550 • Costs remain under control 1,500 H1
Slide 19: EBITDA increase being driven by additional gross profit across both segments
2026 HALF YEAR RESULTS EBITDA increase being driven by additional gross profit across both segments Focus in H2 on additional gross profit and overhead efficiencies $28m $30m $262m $265m $(55)m H1 2025 EBITDA Gross profit Company-owned Gross profit Managed & Franchised Overhead costs H1 2026 EBITDA
Slide 20: Statement of operations (P&L)
2026 HALF YEAR RESULTS Statement of operations (P&L) Revenue growth delivered, expected to continue with increasing cost efficiency focus $m H1 2026 H1 2025 Change • System-wide revenue growth of 11% to a record $2.4bn (%) continues to drive capital-light income and the transition System-wide revenu
Slide 21: Cashflow
2026 HALF YEAR RESULTS Cashflow Good underlying cashflow after Q1 payments impact $m H1 2026 H1 2025 • Cashflow production impacted by payments changes in Q1 which are expected to be transitory and were communicated Adjusted EBITDA 265 262 in May Working capital related to the amortisation of landlo
Slide 22: Quarterly net debt evolution
2026 HALF YEAR RESULTS Quarterly net debt evolution Q2 net debt broadly flat including capital returns $58m $880m $59m $858m • Net debt rose $143m in Q1 2026, driven by a working capital outflow as invoicing automation shortened supplier payment days $87m $(36)m • Q2 cashflow pre-corporate activitie
Slide 23: Net debt evolution
2026 HALF YEAR RESULTS Net debt evolution Leverage increase marginal despite significant discretionary investments and shareholder returns 1.35x 1.35x 1.64x ND / EBITDA1 NDND / EBITDA / EBITDA $109m $880m $880m $41m $780m $87m $715m $(9)m $652m $100m $78m Non-cash / Financing items $(183)m $42m Cash
Slide 24: Evolution of capital structure continued in 2026
2026 HALF YEAR RESULTS Evolution of capital structure continued in 2026 • In July 2026, RCF increased to $1bn and extended the duration to 2031, after the maturity of the 2030 bond • Additionally, increased the size of the 2032 corporate bond to €500m from €300m • The 2030 corporate bond remains at
Slide 25: Disciplined and clear capital allocation to return surplus capital to shareholders
2026 HALF YEAR RESULTS Disciplined and clear capital allocation to return surplus capital to shareholders #1: #2: #4: Financial Investing in #3: Dividends Share buyback resilience the business to return capital Maintaining BBB Investment Grade credit rating Strong balance sheet with no refinancing r
Slide 26: Outlook
2026 HALF YEAR RESULTS Outlook Positive momentum into H2 and confidence in FY26 outturn FY26 Guidance – reiterated and FY 26: Outlook unchanged • EBITDA growth in 2026 expected to be driven by: o At least 4% growth in Company-owned revenue $585–625m Adjusted EBITDA o Recurring management fees growin
Slide 27: Investor Day - December 2025 Q&A
Investor Day - December 2025 Q&A
International Workplace Group — H1 2026 Earnings Presentation on 6ix