Intercontinental Hotels Group Plc · LSE:IHG
Intercontinental Hotels — H1 2026 Earnings Presentation
78 slides from Intercontinental Hotels's earnings presentation, Aug 11, 2026
Slide 1: 2026 Half Year Results
2026 Half Year Results 11 August 2026
Slide 2: Cautionary note regarding forward-looking statements
Cautionary note regarding forward-looking statements This presentation may contain projections and forward looking-statements. The words “believe”, “expect”, “anticipate”, “intend” and “plan” and similar expressions identify forward-looking statements. All statements other than statements of histori
Slide 3: HY 2026: highlights reel
HY 2026: highlights reel True Hosp Year Results @IHG IHG pescers
Slide 4: Elie Maalouf, Chief Executive Officer
Elie Maalouf Chief Executive Officer 4
Slide 5: Agenda and speakers
Agenda and speakers Speakers Elie Maalouf Michael Glover Chief Executive Officer Chief Financial Officer Agenda HY 2026 Overview HY 2026 Financial Review Progress on Strategic Priorities Conclusion Live Q&A (at 9:30am London time) 5
Slide 6: Delivering on our growth algorithm in HY 2026
HY 2026 Overview: our growth algorithm Delivering on our growth algorithm in HY 2026 Adjusted EPS growth in HY 2026 within our medium to long-term growth algorithm range, showcasing the strength and resiliency of our business model RevPAR growth Fee revenue growth Fee margin expansion EBIT growth1 C
Slide 7: HY 2026 Financial Review
HY 2026 Financial Review Michael Glover Chief Financial Officer 7
Slide 8: Financial performance overview
HY 2026 Financial Review Financial performance overview HY 2026 HY 2025 Reported Underlying % change % change Revenue from reportable segments 1 $1,255m $1,175m +7% +6% Operating profit from reportable segments1 (EBIT) $665m $604m +10% +10% Fee business revenue 1 $971m $908m +7% +6% Fee business ope
Slide 9: RevPAR, occupancy and ADR performance
HY 2026 Financial Review RevPAR, occupancy and ADR performance IHG Global RevPAR, Occupancy and ADR (YOY) Americas RevPAR, Occupancy and ADR (YOY) +5.4% +4.4% +4.8% +4.1% +3.5% +3.6% +4.2% +3.0% +3.3% +1.5%pts +2.5% +2.0% +1.0%pts +0.9%pts +2.0% +0.8%pts +1.0%pts +0.3%pts Q1 Q2 HY Q1 Q2 HY EMEAA Rev
Slide 10: Demand driver performance
HY 2026 Financial Review Demand driver performance IHG Global demand drivers (HY YOY) Americas demand drivers (HY YOY) +6% +10% +3% +4% +4% +2% +3% +6% +1% +4% 0% +2% +2% +2% 0% +1% +3% +3% Business Leisure Groups Business Leisure Groups EMEAA demand drivers (HY YOY) Greater China demand drivers (HY
Slide 11: Net system growth +5.0% YOY; record levels of development activity
HY 2026 Financial Review Net system growth +5.0% YOY ; record levels of development activity 1 HY26 YOY system growth Americas EMEAA Greater Global Gross openings in HY26 of China +13.7% 31.5k rooms (197 hotels) +11.7% up +8% YOY¹ +7.4% +6.3% +6.5% +5.0% +3.3% +1.8% Openings mix (rooms): 55% New bui
Slide 12: Strong signings performance, supporting future system growth
HY 2026 Financial Review Strong signings performance, supporting future system growth Pipeline at Q2 Signings HY Signings 30 June 2026 (rooms) (rooms) (rooms) HY26 signings Americas 6.6k 12.5k Americas 107.4k up +8% YOY¹ EMEAA EMEAA 12.4k 19.5k 124.5k Greater Signings mix (rooms): China Greater Chin
Slide 13: Fee margin up +120bps YOY
HY 2026 Financial Review Fee margin up +120bps YOY, driven by strong fee growth performance 1 across all three regions Total IHG Americas EMEAA Greater Central +390 bps +120 bps 82.0% 82.7% 84.2% China 69.8% 65.0% 65.8% 62.5% 64.7% 65.9% 55.8% 57.9% 60.8% 13.3% 12.4% -33.0% HY 2024 HY 2025 HY 2026 F
Slide 14: Long track record of revenue growth with efficient cost base
HY 2026 Financial Review IHG has a long track record of delivering revenue growth while maintaining a highly efficient and scalable cost base ($m) Continuous focus on ensuring our 1,800 cost base runs with maximum efficacy 1,600 1,400 Pandemic Expect overheads to continue at a period lower rate
Slide 15: FCF in-line with H1 expectations and >100% conversion
HY 2026 Financial Review FCF in-line with H1 expectations and >100% conversion of adjusted 1 earnings on a trailing 12-month basis 1 HY 2026 ($m) +32 (55) 697 665 Depreciation Working and capital Amortisation (240) and System Fund2 (7) Dividends Interest +53 (21) paid to (95) and tax shareholders 36
Slide 16: Targeted capital expenditure to drive growth
HY 2026 Financial Review Targeted capital expenditure to drive growth: in line with FY guidance $m HY 2026 HY 2025 Key money & maintenance capex Key money 1 (83) (86) – Key money: used to secure hotel signings Maintenance capex (12) (10) – Maintenance: relates to owned & leased hotels and Total (95)
Slide 17: Capital allocation approach and $950m buyback
HY 2026 Financial Review Continuing our capital allocation approach to routinely return surplus capital to shareholders – on track to complete $950m buyback in 2026 #1: Invest in the business #2: Sustainably grow the #3: Return surplus funds to drive growth ordinary dividend to shareholders Objectiv
Slide 18: Modelling considerations
HY 2026 Financial Review Modelling considerations FY26 and near-term: Interest expense Tax rate Capital expenditure Adjusted interest expense1 is expected to Adjusted tax rate1 is expected to Unchanged guidance for key money & increase in FY26 to $230m-$240m be 26-27% in FY26 and for the near term m
Slide 19: Progress on Strategic Priorities
Progress on Strategic Priorities Elie Maalouf Chief Executive Officer 19
Slide 20: Favourable macro backdrop fuelling structural growth drivers
Progress on strategic priorities favourable macro backdrop Favourable macro backdrop fuelling structural growth drivers Further economic growth, employment and wealth creation drove incremental travel and hotel demand in the first half of 2026 Economic growth Employment Wealth creation Travel mobili
Slide 21: Our five areas of focus
Progress on strategic priorities: our five areas of focus Our five areas of focus We made significant progress in HY 2026 against a clear strategy that is unlocking the full potential of our business for all stakeholders 01 02 03 04 05 Growing our Expanding in Developing Driving Delivering brands ke
Slide 22: Growing our brands
Growing our brands voco Times Square - Broadway 22
Slide 23: 21 brands extend our reach to more guests, owners and stay occasions
Progress on strategic priorities: growing our brands 21 brands extend our reach to more guests, owners and stay occasions Growth in Luxury & Lifestyle, Suites and Exclusive Partners has diversified our total gross revenue mix $37bn Luxury & Lifestyle Total Gross Revenue 10.0 Premium $23bn Total Gros
Slide 24: Record organic development activity in HY 2026
Progress on strategic priorities: growing our brands Record organic development activity in HY 2026 Established brands are driving ~2/3rds of openings and signings activity on a large base, while newer brands continue to scale at pace with a long runway for future growth 197 hotels and 31.5k rooms o
Slide 25: Brand spotlight
Progress on strategic priorities: growing our brands Brand spotlight Recently acquired and organically developed brands gaining momentum with strong development activity and trading performance Regent Carlton Cannes Ruby Frida Hotel Stockholm Garner Beijing 798 Art District 25 open + pipeline hotels
Slide 26: Selection for US Air Force lodging reflects strength of our enterprise
Progress on strategic priorities: growing our brands Selection for US Air Force lodging reflects strength of our enterprise Operational transfer to begin in 2027 and is expected to initially include hotels on 23 Air Force installations Building on our success with the US Army IHG and our partner Cen
Slide 27: Expanding in key geographic markets
Expanding in key geographic markets Regent Hong Kong 27
Slide 28: Diversified geographic footprint
Progress on strategic priorities: Expanding in key geographic markets Diversified geographic footprint With 7,100+ hotels in over 100 countries, we have a strong global footprint; ~60% of our pipeline is in rapidly growing economies in Asia and IMEA Nearly 90% of IHG’s guests in the LTM ending 30 Ju
Slide 29: Taking share in key geographic markets
Progress on strategic priorities: Expanding in key geographic markets Taking share in key geographic markets Strong signings activity in HY 2026 supports future market share gains across key geographic markets We are taking share of future supply relative to our six global peers1 in most of our key
Slide 30: System growth
Progress on strategic priorities: Expanding in key geographic markets System growth The strength of IHG’s brand portfolio and expansion in priority growth geographies are fuelling strong gross openings and higher net system growth Stronger gross openings and lower removals... … are driving higher ne
Slide 31: Developing our leading technology and enterprise platform
Developing our leading technology and enterprise platform 31
Slide 32: IHG's industry-leading connected technology ecosystem
Progress on strategic priorities: Developing our leading technology and enterprise platform IHG’s industry-leading connected technology ecosystem Our interconnected, cloud-based solutions deliver competitive advantages to our 7,100+ hotels Promote Optimise Engage hotels operations guests Award-winni
Slide 33: Artificial Intelligence
Progress on strategic priorities: Developing our leading technology and enterprise platform Artificial Intelligence Weaving AI throughout IHG’s industry-leading enterprise platform to support the delivery of our growth algorithm Content platform AI trip planning AI-powered Guest CRM Guest acquisitio
Slide 34: Guest Acquisition & Loyalty: AI-enabled trip planning
Progress on strategic priorities: Developing our leading technology and enterprise platform Guest Acquisition & Loyalty: AI-enabled trip planning Creating new ways for guests to discover and book our hotels with the launch of conversational search capabilities on IHG’s app and websites and a new Cha
Slide 35: Guest Acquisition & Loyalty: enhancing discoverability and engagement
Progress on strategic priorities: Developing our leading technology and enterprise platform Guest Acquisition & Loyalty: enhancing discoverability and engagement Our new content platform ensures the right hotel is recommended to fit a guest’s needs; our new CRM enables even more personalized experie
Slide 36: Powerful loyalty programme is driving enterprise contribution
Progress on strategic priorities: Developing our leading technology and enterprise platform Powerful loyalty programme is driving enterprise contribution IHG One Rewards has rapidly grown to >160 million loyalty members that are ~10x more likely to book direct and spend ~20% more than non-members Lo
Slide 37: Driving ancillary fee streams
Driving ancillary fee streams Holiday Inn Express Shanghai on The Bund 37
Slide 38: Ancillary fee streams
Progress on strategic priorities: driving ancillary fee streams Ancillary fee streams Leveraging the strength of our enterprise platform to drive high margin, high growth ancillary fees while further diversifying our revenue mix Co-brand cards Loyalty point sales Branded residential US partnership w
Slide 39: Conclusion
Conclusion Hotel Indigo London K West Shepherd's Bush 39
Slide 40: Our growth algorithm
Conclusion: our growth algorithm Our growth algorithm Strong track record, performance and potential; driving compounding growth and sustainable shareholder value creation IHG's strong IHG's strong IHG’s continued IHG's strong track record performance execution potential decade to 2019 2025 vs 2024
Slide 41: Appendices
IHG HOTELS & RESORTS Appendices
Slide 42: Appendices: HY 2026 overview
Appendices: HY 2026 overview HY 2026 Strong performance with EBIT¹ +10% and Adjusted EPS¹ +13%; record organic development activity; on track to return $1.2bn+ to shareholders; confident in long-term growth drivers RevPAR System Size Profit and Earnings Capital Returns +4.1% H1 global RevPAR 1,0
Slide 43: Revenue and operating profit breakdown
Appendices: revenue and operating profit Revenue and operating profit breakdown Results from reportable segments HY 2026 HY 2025 ‘26 vs ’25 ‘26 vs ‘25 $ change % change Franchise and base management fees $707m $665m $42m 6% Incentive management fees $86m $85m $1m 1% Central revenue $178m $158m $20m
Slide 44: Revenue and operating profit 2022-2026
Appendices: HY 2026 Financial Performance Revenue and operating profit 2022-2026 Total Revenue Total Operating Profit¹ H1 FY H1 FY Actual US$ 2026 2025 2024 2023 2025 2024 2023 2022 2026 2025 2024 2023 2025 2024 2023 2022 Franchise and Base Management Fees 486 468 471 456 943 958 936 861 - - - - - -
Slide 45: HY 2026 underlying fee business revenue and operating profit reconciliations
Appendices: fee business revenue and operating profit HY 2026 underlying fee business revenue and operating profit non-GAAP reconciliations Americas EMEAA Greater China Central Total IHG Operating Operating Operating Operating Operating $m Revenue Profit Revenue Profit Revenue Profit Revenue Profit
Slide 46: HY 2025 underlying fee business revenue and operating profit reconciliations
Appendices: fee business revenue and operating profit HY 2025 underlying fee business revenue and operating profit non-GAAP reconciliations Americas EMEAA Greater China Central Total IHG Operating Operating Operating Operating Operating $m Revenue Profit Revenue Profit Revenue Profit Revenue Loss Re
Slide 47: Revenue growth rate analysis HY 2026 vs HY 2025
Appendices: revenue growth Revenue growth rate analysis HY 2026 vs HY 2025 RevPAR growth % Net rooms growth % Underlying fee Comparable Total YOY Available revenue1 growth % All hotels that were open in either 2026 or 2025 (inc. new Hotels that have traded in all hotels that are ramping up, Aggregat
Slide 48: Americas highlights
Appendices: regional highlights Americas highlights Trading performance – HY RevPAR up +4.8%, with occupancy of 68.2% up +1.0%pts and rate +3.3% higher – Q2 RevPAR up +5.4%, with occupancy of 72.4% up +0.8%pts and rate +4.2% higher – Fee margin1 84.2% (HY25: 82.7%); $7m IMFs (HY25: $7m) – Operating
Slide 49: EMEAA highlights
Appendices: regional highlights EMEAA highlights Trading performance – HY RevPAR up +3.0%, with occupancy of 69.7% up +0.8%pts and rate +1.8% higher – Q2 RevPAR up +0.6%, with occupancy of 71.6% down (0.6)%pts and rate +1.6% higher – Fee margin1 69.8% (HY25: 65.8%); $60m IMFs (HY25: $62m) – Operatin
Slide 50: Greater China highlights
Appendices: regional highlights Greater China highlights Trading performance – HY RevPAR up +3.1%, with occupancy of 56.9% up +1.1%pts and rate +1.0% higher – Q2 RevPAR up +0.8%, with occupancy of 59.9% up +0.4%pts and rate +0.2% higher – Fee margin1 62.5% (HY25: 57.9%); $19m IMFs (HY25: $16m) – Ope
Slide 51: Demand drivers of rooms revenue performance
Appendices: demand drivers Demand drivers of rooms revenue performance 1 IHG Global demand drivers (HY YOY) AMER demand drivers (HY YOY) +11% +10% +8% +9% +6% +6% +4% +3% +4% +4% +3% +3% +3% +3% +2% +2% +2% +3% Q1 Q2 HY Q1 Q2 HY Q1 Q2 HY Q1 Q2 HY Q1 Q2 HY Q1 Q2 HY Business Leisure Groups Business Le
Slide 52: Net system size growth delivered through strength of brands and enterprise platform
Appendices: system growth Net system size growth delivered through strength of brands and enterprise platform HY YTD Net System Size Growth (‘000s) TOTAL IHG AMER (8.9) (5.8) 8.0 31.5 1,048.7 531.4 529.2 1,026.2 FY 2025 Openings Exits HY 2026 FY 2025 Openings Exits HY 2026 EMEAA Greater China (1.1)
Slide 53: Net system size growth delivered through strength of brands and enterprise platform
Appendices: system growth Net system size growth delivered through strength of brands and enterprise platform HY YOY Net System Size Growth (‘000s) TOTAL IHG AMER (15.1) (8.3) 65.2 1,048.7 17.4 531.4 998.6 522.3 HY 2025 Openings Exits HY 2026 HY 2025 Openings Exits HY 2026 EMEAA Greater China (2.9)
Slide 54: IHG typically converts ~100% of earnings into free cash
Appendices: cash conversion IHG typically converts ~100% of earnings into free cash 1,000 250% 800 200% 600 150% 400 100% 200 50% 0 0% 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Adjusted Free Cash Flow Adjusted Earnings Conversion Rate (%) From 2016 to 2025 cumulatively, >100% of IHG’s adjust
Slide 55: Strategic capital expenditure deployment
Appendices: capital expenditure Strategic capital expenditure deployment Gross capex spend System Fund and maintenance ($m) expenditure formed the majority of 400 IHG’s capex historically 350 With the completion of GRS, the 300 reduction in IHG’s O&L estate, and the increasing utilisation of Saa
Slide 56: Asset light business delivers compound growth with limited capex
Appendices: capital expenditure Our asset light business delivers compound growth that is accelerating while still requiring only limited capital expenditure Gross and net capex versus progression of fee business revenue and profit ($m) Fee business revenue IHG’s asset-light model delivers 2000 20
Slide 57: Currency impacts
Appendices: currency impacts Currency impacts ($m) Reported HY26 1 Revenue HY26 at HY25 AER2,3 Var. Americas 584 581 3 EMEAA 391 383 8 Greater China 88 84 4 Central4 192 190 2 Total IHG 1,255 1,238 17 Operating Profit1 Americas 442 440 2 EMEAA 141 139 2 Greater China 55 53 2 Central4 27 27 - Total I
Slide 58: Ordinary shares
Appendices: ordinary shares Ordinary shares Number of shares (m) HY 2026 HY 2025 Opening balance at 1 January 157.1 164.7 Closing balance at 30 June 154.4 160.9 Closing balance excluding treasury1, ESOT and forfeitable shares 149.0 154.4 Basic weighted average shares (excluding treasury, ESOT and fo
Slide 59: Luxury & Lifestyle
Appendices: brand key stats Luxury & Lifestyle Driving high-value growth through an industry-leading collection of six brands; 600+ open properties in the system; pipeline of 400 more represents future rooms growth of ~52% Six Senses Regent InterContinental Exclusive experiences in Prestigious accol
Slide 60: Luxury & Lifestyle
Appendices: brand key stats Luxury & Lifestyle This high fee-per-key brand segment now accounts for 14% of our system size and 21% of our pipeline Vignette Collection Kimpton Hotel Indigo Ahead of target to reach 100 Over 150 open and pipeline Over 330 open and pipeline hotels in 10 years of launch
Slide 61: Premium
Appendices: brand key stats Premium Uniquely tailored to target upscale customer segments; 677 open properties in the system; pipeline of 341 more represents future rooms growth of ~45% Noted Collection voco Ruby First three hotels signed within Conversion friendly brand with First two US signings t
Slide 62: Premium
Appendices: brand key stats Premium This brand segment now accounts for 16% of our system size and 21% of our pipeline HUALUXE Crowne Plaza EVEN 4 hotels opened in H1 and a New visual identity and brand 70+ open and pipeline hotels further 19 in the pipeline hallmarks landing with guests HUALUXE Zho
Slide 63: Essentials
Appendices: brand key stats Essentials Extending industry leadership with powerhouse brands; 4.8k open properties in the system; pipeline of 1.2k more represents future rooms growth of ~26% Holiday Inn Express Holiday Inn Garner avid 4k hotels in system and 65 hotels signed in H1 Our fastest scaling
Slide 64: Suites and Exclusive Partnerships
Appendices: brand key stats Suites and Exclusive Partnerships An expanding footprint of Suites properties across chain scales; 823 open properties in the system; pipeline of 417 more represents future rooms growth of ~44% Staybridge Suites Atwell Suites Candlewood Suites Over 500 open and pipeline F
Slide 65: Suites and Exclusive Partnerships
Appendices: brand key stats Suites and Exclusive Partnerships New Iberostar Beachfront Resorts properties expand IHG’s presence in popular holiday destinations, including Marrakesh and Cancun Holiday Inn Iberostar Beachfront Club Vacations Resorts Vacation ownership across 3 hotel openings and the U
Slide 66: IHG Checks In On… AI Guest Acquisition & Loyalty
IHG Checks In On… AI Guest Acquisition & Loyalty
Slide 67: Artificial Intelligence
IHG Checks In On… AI Guest Acquisition & Loyalty Artificial Intelligence Weaving AI throughout IHG’s industry-leading enterprise platform to support the delivery of our growth algorithm Content platform AI trip planning AI-powered Guest CRM Guest acquisition & loyalty marketing Search, discover, boo
Slide 68: Over half of active US travellers are now using AI
IHG Checks In On… AI Guest Acquisition & Loyalty Over half of active US travellers are now using AI 56% of travellers used AI for planning, booking or in-destination assistance for at least one trip in the past 12 months, up from 33% in H1 2025 H1 2025 H2 2025 H1 2026 33% 43% 56% Source: Phocuswrigh
Slide 69: Enhancing search capabilities on our app and websites
IHG Checks In On… AI Guest Acquisition & Loyalty Enhancing search capabilities on our app and websites Bringing conversational search into IHG’s digital channels, further enhancing the guest discovery experience Live demo in episode 71
Slide 70: Meeting travellers needs wherever they search
IHG Checks In On… AI Guest Acquisition & Loyalty Meeting travellers needs wherever they search Our ChatGPT plug-in surfaces real-time availability, pricing, interactive maps and amenities, helping guests move naturally from discovery to comparison Live demo in episode 72
Slide 71: Powerful loyalty programme backed by our award-winning app
IHG Checks In On… AI Guest Acquisition & Loyalty Powerful loyalty programme backed by our award-winning app IHG One Rewards has rapidly grown to >160 million loyalty members that are ~10x more likely to book direct and spend ~20% more than non-members 160m+ ~10x Spend loyalty members more likely ~20
Slide 72: Elevating content through a new, fully AI compatible platform
IHG Checks In On… AI Guest Acquisition & Loyalty Elevating content through a new, fully AI compatible platform Enhancing how our hotels show up across digital channels and AI-powered search with more detailed and engaging content Previous Content New Content Live demo in episode 74
Slide 73: Elevating content through a new, fully AI compatible platform
IHG Checks In On… AI Guest Acquisition & Loyalty Elevating content through a new, fully AI compatible platform Enhancing how our hotels show up across digital channels and AI-powered search with more detailed and engaging content Previous Content New Content Live demo in episode 75
Slide 74: Delivering value to owners through IHG's managed channels
IHG Checks In On… AI Guest Acquisition & Loyalty Delivering value to owners through IHG’s managed channels 83% of rooms revenue booked in HY 2026 came through IHG-managed channels, including ~26% Digital Direct through our app and websites Enterprise contribution Channel mix HY 2026 Other via 82% 83
Slide 75: Leveraging AI to deliver more personalized experiences
IHG Checks In On… AI Guest Acquisition & Loyalty Leveraging AI to deliver more personalized experiences Guest preference data and our new CRM enable us to deliver even better guest experiences and deepen guest loyalty Live demo in episode 77
Slide 76: Leveraging AI to deliver more personalized experiences
IHG Checks In On… AI Guest Acquisition & Loyalty Leveraging AI to deliver more personalized experiences Guest preference data and our new CRM enable us to deliver even better guest experiences and deepen guest loyalty Live demo in episode 78
Slide 77: Artificial Intelligence: Guest Acquisition & Loyalty
IHG Checks In On… AI Guest Acquisition & Loyalty Artificial Intelligence: Guest Acquisition & Loyalty Delivering ‘top of funnel’ visibility, driving booking conversions and deepening guest loyalty as we deliver on our growth algorithm Better search results Increased revenue Deeper loyalty AI trip pl
Slide 78: Cautionary note regarding forward-looking statements
Cautionary note regarding forward-looking statements This presentation may contain projections and forward looking-statements. The words “believe”, “expect”, “anticipate”, “intend” and “plan” and similar expressions identify forward-looking statements. All statements other than statements of histori
InterContinental Hotels Group — H1 2026 Earnings Presentation on 6ix