Intercontinental Hotels Group Plc · LSE:IHG
Intercontinental Hotels — FY 2025 Earnings Presentation
71 slides from Intercontinental Hotels's earnings presentation, Feb 17, 2026
Slide 1: 2025 Full Year Results
2025 Full Year Results 17 February 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: FY 2025: highlights reel
FY 2025: highlights reel True Hosp I Year Resuts @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 FY 2025 Overview FY 2025 Financial Review Progress on Strategic Priorities Conclusions Live Q&A (at 9:30am London time) 5
Slide 6: FY 2025: Overview
FY 2025: Overview FY 2025 Excellent financial performance with EBIT +13% and Adjusted EPS +16%; record hotel openings; $1.1bn+ returned to shareholders; confident in long-term growth drivers RevPAR System Size Profit and Earnings Capital Returns +1.5% FY global RevPAR 1,026k rooms (6,963 hotels)
Slide 7: Delivering on our growth algorithm
Progress on strategic priorities: our growth algorithm Delivering on our growth algorithm Adjusted EPS growth in 2025 above the top-end of our medium to long-term growth algorithm range, showcasing the strength and resiliency of our business model RevPAR growth Fee revenue growth Fee margin expansio
Slide 8: FY 2025 Financial Review
FY 2025 Financial Review Michael Glover Chief Financial Officer 8
Slide 9: Financial performance overview
FY 2025 Financial Review Financial performance overview FY 2025 FY 2024 Reported Underlying % change % change Revenue from reportable segments 1 $2,468m $2,312m +7% +6% Operating profit from reportable segments1 (EBIT) $1,265m $1,124m +13% +12% Fee business revenue 1 $1,897m $1,774m +7% +6% Fee busi
Slide 10: RevPAR, occupancy and ADR performance
FY 2025 Financial Review RevPAR, occupancy and ADR performance IHG Global RevPAR, occupancy and ADR (YOY) Americas RevPAR, occupancy and ADR (YOY) +1.6% +1.5% +0.3% +0.5% (0.1)% (0.1)%pts +1.1% (0.9)%pts +0.8% +0.5%pts +0.3%pts (1.4)% Q4 FY Q4 FY EMEAA RevPAR, occupancy and ADR (YOY) Greater China R
Slide 11: Demand driver performance
FY 2025 Financial Review Demand driver performance IHG Global demand drivers (FY YOY) Americas demand drivers (FY YOY) +2% +2% +2% +1% +1% +1% 0% (1)% +1% +1% +1% (1)% (3)% 0% 0% 0% 0% (2)% Business Leisure Groups Business Leisure Groups EMEAA demand drivers (FY YOY) Greater China demand drivers (FY
Slide 12: Net system growth +4.7% YOY
FY 2025 Financial Review Net system growth +4.7% YOY ; 1 another year of accelerating performance FY25 YOY system growth Americas EMEAA Greater Global Gross openings of China 65.1k rooms (443 hotels) +11.5% up +10% YOY +9.0% +8.7% +7.9% +6.6%1 record hotel openings +4.7%1 +3.6%1 1 +1.6% Openings mix
Slide 13: Strong signings performance, supporting future system growth
FY 2025 Financial Review Strong signings performance, supporting future system growth Pipeline at Q4 Signings FY Signings 31 Dec 2025 (rooms) (rooms) (rooms) FY conversion signings Americas 9.5k 26.6k Americas up +10% YOY¹ 105.4k FY new build signings EMEAA up +8% YOY EMEAA 11.5k 43.4k 116.9k as dev
Slide 14: Long track record of delivering revenue growth with efficient cost base
FY 2025 Financial Review IHG has a long track record of delivering revenue growth while maintaining a highly efficient and effective cost base ($m) Continuous focus on ensuring our 1,800 cost base runs with maximum efficacy 1,600 $12m exceptional charge relating to 1,400 implementation costs to
Slide 15: Fee margin up +360bps YOY
FY 2025 Financial Review Fee margin up +360bps YOY, driven by fee revenue growth, cost control 1 and step-ups of non-regional ancillary fees streams (within Central) Total IHG Americas EMEAA Greater Central +190 bps +360 bps 82.2% 81.2% 83.4% China 65.3% 67.4% 60.5% 59.6% 60.9% 60.0% 64.8% 59.3% 61.
Slide 16: Cash flow: strong FCF conversion at 115% of adjusted earnings
FY 2025 Financial Review Cash flow: strong FCF conversion at 115% of adjusted earnings 1 FY 2025 ($m) +115 +67 1,332 Working (429) 1,265 Depreciation capital and and Amortisation System Fund2 Interest +83 (57) (208) (43) and tax 893 Share Key money Other Exceptional (125) buybacks items Gross & move
Slide 17: Targeted capital expenditure to drive growth
FY 2025 Financial Review Targeted capital expenditure to drive growth $m FY 2025 FY 2024 Key money & maintenance capex Key money 1 (177) (206) – Key money: used to secure hotel signings Maintenance capex (31) (31) – Maintenance: relates to owned & leased hotels and Total (208) (237) corporate infras
Slide 18: Strategic capital expenditure deployment
FY 2025 Financial Review Strategic capital expenditure deployment Gross capex spend System Fund and maintenance ($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 SaaS 250 s
Slide 19: Our asset light business delivers compound growth
FY 2025 Financial Review 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 2016-25 C
Slide 20: Continuing our capital allocation approach
FY 2025 Financial Review Continuing our capital allocation approach to routinely return surplus capital to shareholders – further $950m buyback announced for 2026 #1: Invest in the business #2: Sustainably grow the #3: Return surplus funds to drive growth ordinary dividend to shareholders Objective
Slide 21: Modelling considerations
FY 2025 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-$250m be ~27% in FY26 and for the near term mai
Slide 22: Progress on Strategic Priorities
Progress on Strategic Priorities Elie Maalouf Chief Executive Officer 22
Slide 23: Our five areas of focus
Progress on strategic priorities: our five areas of focus Our five areas of focus We made significant progress in 2025 against a clear strategy that is unlocking the full potential of our business for all stakeholders 01 02 03 04 05 Growing our Expanding Developing Driving Delivering brands key our
Slide 24: Growing our brands
Growing our brands 24
Slide 25: Newer brands add depth and breadth to our brand ladder
Progress on strategic priorities: growing our brands Newer brands add depth and breadth to our brand ladder 11 new brands in 11 years; capturing more guests and owners across more price points and property types; powered by the IHG masterbrand and IHG One Rewards Established Newer to IHG Exclusive C
Slide 26: Record development activity across established and newer brands
Progress on strategic priorities: growing our brands Record development activity across established and newer brands Established brands are driving openings and signings activity off a large base, while newer brands continue to scale at pace Established brands Newer brands to IHG1 FY Openings Establ
Slide 27: Strengthening leadership in Luxury & Lifestyle
Progress on strategic priorities: growing our brands Strengthening leadership in Luxury & Lifestyle Industry-leading portfolio of higher fee-per-key brands with 990 hotels open and in the pipeline; 14% of global system size and 22% of pipeline Brand highlights New signings in sought after destinatio
Slide 28: Building Premium power
Progress on strategic priorities: growing our brands Building Premium power Six differentiated brands that enhance our global capabilities and drive cross-category demand; 15% of global system size and 22% global pipeline 965 open and pipeline hotels (48% future rooms growth embedded in the pipeline
Slide 29: Noted Collection: highlights reel
Noted Collection: highlights reel 29
Slide 30: Noted Collection
Progress on strategic priorities: growing our brands Noted Collection A new Premium collection brand designed to power the performance of high-quality, distinctive hotels in the upscale to upper upscale segments Fills a key whitespace in the brand ladder Builds on the success of Vignette Collection
Slide 31: Extending Mainstream leadership
Progress on strategic priorities: growing our brands Extending Mainstream leadership Powerhouse portfolio of Essentials and Suites brands with 5.5k hotels open and 1.5k more in the pipeline; 68% of global system size and 56% of pipeline Brand highlights 3.3k hotels globally, 655 more in the pipeline
Slide 32: Expanding in key geographic markets
Expanding in key geographic markets 32
Slide 33: Diversified geographic footprint
Progress on strategic priorities: expanding in priority growth geographies Diversified geographic footprint With 6,900+ hotels in over 100 countries, we have a strong global footprint; almost 60% of our pipeline is east of Europe in rapidly growing economies ~90% of IHG’s guests in FY 2025 travelled
Slide 34: United States and Greater China
Progress on strategic priorities: expanding in priority growth geographies United States and Greater China Gross openings accelerated for second consecutive year in the United States; Another record year of hotel openings and signings in Greater China United States Greater China 4.1k open hotels, 93
Slide 35: Germany and Japan
Progress on strategic priorities: expanding in priority growth geographies Germany and Japan Strength of enterprise platform and targeted localisation is driving share gains in strategically important mature markets Germany Japan 190 open hotels, 52 pipeline hotels 59 open hotels, 24 pipeline hotels
Slide 36: Saudi Arabia and India
Progress on strategic priorities: expanding in priority growth geographies Saudi Arabia and India Rapidly expanding in high growth emerging markets with strong pipelines is fuelling ~2x system growth over the coming years Saudia Arabia India 48 open hotels, 63 pipeline hotels 51 open hotels, 89 pipe
Slide 37: System growth
Progress on strategic priorities: expanding in priority growth geographies System growth The strength of IHG’s brand portfolio and expansion in priority growth geographies are fuelling higher openings and net system growth Improvement in gross openings... Future growth underpinned by a robust pipeli
Slide 38: Developing our leading technology and enterprise platform
Developing our leading technology and enterprise platform 38
Slide 39: 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 6,900+ hotels Promote Optimise Engage hotels operations guests Award-winni
Slide 40: Artificial Intelligence
Progress on strategic priorities: developing our leading technology and enterprise platform Artificial Intelligence Weaving AI throughout IHG’s industry-leading enterprise platform and transforming how we deliver on our growth algorithm Content platform AI trip planning AI-powered Unified loyalty Gu
Slide 41: Elevating content through a new, fully AI compatible platform
Progress on strategic priorities: developing our leading technology and enterprise platform Elevating content through a new, fully AI compatible platform Future-proofing ‘top of funnel’ visibility; phased roll-out on track to begin in 2026 Unlocking new ways to showcase and promote hotels with new a
Slide 42: Driving guest acquisition with refreshed loyalty and CRM platforms
Progress on strategic priorities: developing our leading technology and enterprise platform Driving guest acquisition with refreshed loyalty and CRM platforms Unlocking the full potential of IHG One Rewards through deeper personalisation and more memorable experiences; CRM roll-out on track to begin
Slide 43: Powerful loyalty programme is driving greater enterprise contribution
Progress on strategic priorities: developing our leading technology and enterprise platform Powerful loyalty programme is driving greater 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-me
Slide 44: Driving ancillary fee streams
Driving ancillary fee streams 44
Slide 45: Ancillary fee streams
Progress on strategic priorities: driving ancillary fee streams Ancillary fee streams Leveraging the strength of our enterprise platform to drive step changes in high margin, high growth ancillary fees while further diversifying our revenue mix Co-brand cards Loyalty point sales Branded residential
Slide 46: Our growth algorithm
Progress on strategic priorities: our growth algorithm Our growth algorithm Strong track record, recovery, performance and potential; driving compounding growth and sustainable shareholder value creation IHG's strong IHG's strong IHG's strong IHG's strong track record recovery performance potential
Slide 47: Please hold for the live Q&A
Please hold for the live Q&A which will commence at 9.30am UK time.
Slide 48: Q&A registration
Q&A Analysts and institutional investors wishing to ask questions are required to register at the IHG Hotels & Resorts Full Year 2025 Results Live Q&A Registration Page (https://registrations.events/direct/LON45116971000000). Dial-in details for the Q&A are provided when you register and will appear
Slide 49: Appendices
IHG HOTELS & RESORTS ne | \ me Ill Appendices
Slide 50: Revenue and operating profit breakdown
Appendices: revenue and operating profit Revenue and operating profit breakdown Results from reportable segments FY 2025 FY 2024 ‘25 vs ’24 ‘25 vs ‘24 $ change % change Franchise and base management fees $1,371m $1,357m $14m 1% Incentive management fees $190m $178m $12m 7% Central revenue $336m $239
Slide 51: Revenue and operating profit 2023-2025
Appendices: revenue and operating profit Revenue and operating profit 2023-2025 (post-IFRS 17) Total Revenue Total Operating Profit¹ FY FY Actual ($m) 2025 2024 2023 2025 2024 2023 Franchise and Base Management Fees 943 958 936 - - - Incentive Management Fees 20 21 21 - - - Fee Business 963 979 957
Slide 52: Revenue and operating profit 2019-2022
Appendices: revenue and operating profit Revenue and operating profit 2019-2022 (pre-IFRS 17) Total Revenue Total Operating Profit¹ Actual ($m) FY 2022 FY 2021 FY 2020 FY 2019 FY 2022 FY 2021 FY 2020 FY 2019 Franchise and Base Management Fees 861 683 452 840 - - - - Incentive Management Fees 18 8 5
Slide 53: FY 2025 underlying fee business revenue and operating profit non-GAAP reconciliations
Appendices: fee business revenue and operating profit FY 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 Profit
Slide 54: FY 2024 underlying fee business revenue and operating profit non-GAAP reconciliations
Appendices: fee business revenue and operating profit FY 2024 underlying fee business revenue and operating profit non-GAAP reconciliations Americas EMEAA Greater China Central Total IHG Operating Operating Operating Operating Operating $m Revenue Profit Revenue Profit Revenue Profit Revenue Loss Re
Slide 55: Currency impacts
Appendices: currency impacts Currency impacts ($m) Reported FY24 Reported FY25 Revenue1 FY24 at FY25 AER2,3 Var. FY25 at FY24 AER2,3 Var. Americas 1,141 1,138 (3) 1,129 1,131 (2) EMEAA 748 767 19 811 790 21 Greater China 161 161 - 165 165 - Central4 262 263 1 363 362 1 Total IHG 2,312 2,329 17 2,468
Slide 56: Revenue growth rate analysis FY 2025 vs FY 2024
Appendices: revenue growth Revenue growth rate analysis FY 2025 vs FY 2024 RevPAR growth % Net rooms growth % Underlying fee revenue1 Comparable Total YOY Available growth % Comments All hotels that were open in either 2024 or 2025 (incl. new Hotels that have hotels that are Aggregate number traded
Slide 57: Americas highlights
Appendices: regional highlights Americas highlights Trading performance – FY RevPAR up +0.3%, with occupancy of 68.0% down (0.1)%pt and rate +0.5% higher – Q4 RevPAR down (1.4)%, with occupancy of 64.4% down (0.9)%pts and rate down (0.1)% – Fee margin1 83.4% (81.2% FY24); $20m IMFs ($21m FY24) – Ope
Slide 58: EMEAA highlights
Appendices: regional highlights EMEAA highlights Trading performance – FY RevPAR up +4.6%, with occupancy of 72.7% up +1.6%pts and rate +2.4% higher – Q4 RevPAR up +7.1%, with occupancy of 75.2% up +2.7%pts and rate +3.3% higher – Fee margin1 67.4% (65.3% FY24); $134m IMFs ($118m FY24) – Operating p
Slide 59: Greater China highlights
Appendices: regional highlights Greater China highlights Trading performance – FY RevPAR down -1.6%, with occupancy of 59.7% up +0.5%pts and rate (2.4)% lower – Q4 RevPAR up +1.1%, with occupancy of 60.6% up +0.5%pts and rate +0.3% higher – Fee margin1 60.0% (60.9% FY24); $36m IMFs ($39m FY24) – Ope
Slide 60: Demand drivers of rooms revenue performance
Appendices: demand drivers Demand drivers of rooms revenue performance 1 IHG Global demand drivers (FY YOY) Americas demand drivers (FY YOY) +7% +6% +4% +3% +3% +3% +2% +2% +3% +2% +2% +2% +2% +1% +1% 0% 0% 0% 0% (1)% (1)% (2)% (1)% (1)% (3)% (2)% (3)% (4)% (4)% (7)% Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY Q1
Slide 61: Net system growth delivered through strength of brands and enterprise platform
Appendices: net system growth Net system growth delivered through strength of brands and enterprise platform FY YOY Reported Net System Growth (‘000s) TOTAL IHG AMER (26.0) 65.1 18.8 (17.6) 1,026.2 987.1 528.0 529.2 FY 2024 Openings Exits FY 2025 FY 2024 Openings Exits FY 2025 EMEAA Greater China (5
Slide 62: Ordinary shares
Appendices: ordinary shares Ordinary shares Number of shares (m) FY 2025 FY 2024 Opening balance at 1 January 164.7 172.3 Closing balance at 31 December 157.1 164.7 Closing balance excluding treasury1, ESOT and forfeitable shares 150.6 157.4 Basic weighted average shares (excluding treasury, ESOT an
Slide 63: 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 64: Luxury & Lifestyle
Appendices: brand key stats Luxury & Lifestyle Driving high-value growth through an industry-leading collection of six brands; 590 open properties in the system; pipeline of 400 more represents future rooms growth of ~53% Six Senses Regent InterContinental Exclusive experiences in Top 3 most loved h
Slide 65: Luxury & Lifestyle
Appendices: brand key stats Luxury & Lifestyle This high fee-per-key brand segment now accounts for 14% of our system size and 22% of our pipeline Vignette Collection Kimpton Hotel Indigo Ahead of target to reach 100 Over 150 open and pipeline Over 320 open and pipeline hotels in 10 years of launch
Slide 66: Premium
Appendices: brand key stats Premium Uniquely tailored to target upscale customer segments; 635 open properties in the system; pipeline of 330 more represents future rooms growth of ~48% voco Ruby HUALUXE Over 230 open and pipeline Distinct hotels in popular city Nearly 2x system growth hotels in aro
Slide 67: Premium
Appendices: brand key stats Premium This brand segment now accounts for 15% of our system size and 22% of our pipeline; Crowne Plaza’s pipeline as a percentage of system size at its highest level in over 15 years Crowne Plaza EVEN Increased hotel openings and The brand’s first Middle East signings o
Slide 68: Essentials
Appendices: brand key stats Essentials Extending industry leadership with powerhouse brands; 4.7k open properties in the system; pipeline of 1.1k more represents future rooms growth of ~25% Holiday Inn Express Holiday Inn Garner avid Approaching 4k hotels in Nearly 100 hotels signed Our fastest scal
Slide 69: Suites and Exclusive Partnerships
Appendices: brand key stats Suites and Exclusive Partnerships An expanding footprint of suites properties across chain scales; 808 open properties in the system; pipeline of 400 more represents future rooms growth of ~43% Staybridge Suites Atwell Suites Candlewood Suites 500 open and pipeline hotels
Slide 70: Suites and Exclusive Partnerships
Appendices: brand key stats Suites and Exclusive Partnerships New Iberostar Beachfront Resorts properties added to IHG’s system and pipeline take open and pipeline hotels to 67; pipeline represents future rooms growth of ~11% Holiday Inn Iberostar Beachfront Club Vacations Resorts Vacation ownership
Slide 71: 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 — FY 2025 Earnings Presentation on 6ix