Year in review - Whitbread PLC
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Annual Report 2026 Hero

Driving long-term value

We own Premier Inn, the UK’s largest hotel brand, with over 86,000 rooms across c.850 hotels and we also have a growing presence in Germany, with 65 hotels open. Our scale and commitment to operational excellence mean we can deliver a fantastic experience for our guests, rewarding employment for our teams whilst driving long‑term returns for our shareholders.

OUR BRANDS

Our hotels

Statutory Revenue

£ 2920 m

2024/25: £2,922m

Adjusted Profit Before Tax†

£ 483 m

2024/25: £483m

Statutory Profit Before Tax

£ 298 m

2024/25: £368m

Adjusted basic earnings per share†

208 .5 p

2024/25: 194.6p

Statutory basic earnings per share

123 .3 p

2024/25: 141.5p

Dividend per share

97 .0 p

2024/25: 97.0p

Adjusted operating cash flow†

£ 713 m

2024/25: £723m

Lease-adjusted net debt to adjusted EBITDAR†

3 .3 x

2024/25: 3.0x

Total shareholder returns*

£ 419 m

2024/25: £442m

Column

Five Year Plan

Five Year Plan Agp

1/5

UK: Network expansion

Overview

  • We still see significant potential to grow our market share in the UK
  • However, reflecting recent changes to employment costs as well as business rates, we have reappraised all of our projects to ensure we are allocating and prioritising capital spend optimally in order to maximise returns

Performance in 2025/26

  • c.600 new rooms opened
  • c.600 lower returning rooms closed

New Five-Year Plan actions

  • Reappraised all projects to ensure we are allocating capex optimally
  • Reallocating capex to highest returning growth opportunities
  • Pipeline of 8,000 higher returning rooms
  • Exit approximately 1,500 lower returning rooms

2030/31 outcomes vs 2025/26

  • Incremental adjusted PBT† contribution of £110m
  • 96,000 open rooms in the UK and Ireland, including AGP
Five Year Plan Uk Network Expansion

2/5

UK: Accelerating Growth Plan (AGP)

Overview

  • We are now two years into our plan to optimise the delivery of F&B at our sites by converting some of our lower returning branded restaurants into a more efficient, integrated F&B offering, whilst at the same time unlocking higher returning new extension rooms
  • Following positive early results, we are proposing to extend the plan to include all of our remaining branded restaurants Performance in 2025/26
  • c.600 extension rooms opened
  • 51 branded restaurants sold for £50m, with agreed terms of sale, subject to conditions, on a further 60 sites

New Five-Year Plan actions

  • Extending plan to replace all of our lower returning branded restaurants with a more efficient, integrated F&B offer
  • Proposed exit from remaining branded restaurants
  • Adding more new extension rooms

2030/31 outcomes vs 2025/26

  • Incremental adjusted PBT contribution of £100m
  • 3,000 higher returning extension rooms
Five Year Plan Germany Continuing Momentum

3/5

Commercial and efficiencies

Overview

  • Our vertically integrated model allows us to develop a powerful commercial programme which is a key source of competitive advantage. The result is that even relatively modest increases in like-for-like sales† can generate significant profit growth
  • We are proud of our reputation as a low-cost, high value for money operator and have again reviewed all of our initiatives

Performance in 2025/26

  • Return to RevPAR growth in the UK, outperforming the M&E market
  • £83m of cost efficiencies

New Five-Year Plan actions

  • Delivery of strong commercial programme
  • Increasing use of technology and AI to drive revenue
  • Increasing delivery of cost efficiencies to help to mitigate inflationary pressures

2030/31 outcomes vs 2025/26

  • Confidence in driving like-for-like sales momentum and sustaining market outperformance
  • £250m of efficiencies in aggregate between 2026/27 and 2030/31
Five Year Plan Efficiencies

4/5

Germany: Accelerating returns

Overview

  • We have made great progress in Germany and have grown substantially
  • While our journey to profitability has taken longer than expected, we now have a clear path to drive double-digit returns

Performance in 2025/26

  • >600 new rooms opened
  • £2m adjusted PBT† delivered

New Five-Year Plan actions

  • Refining property growth strategy, optimisation of low returning sites
  • Reducing committed pipeline, focusing on proven formats
  • Accelerating cashflow and returns

2030/31 outcomes vs 2025/26

  • Incremental adjusted PBT contribution of £65m
  • 18,000 open rooms
  • Double-digit returns on capital on our open estate
Five Year Plan Capital Allocation

5/5

Capital allocation

Overview

  • Retaining a flexible approach to property ownership and maintaining investment grade have allowed us to keep financing costs low whilst also providing commercial benefits
  • Whilst there is no change to our previously announced capital allocation framework, we are making some significant changes to our previous capital expenditure programmes and asset mix

Performance in 2025/26

  • £313m of property-related proceeds
  • £419m of shareholder returns via share buy-backs and dividends

New Five-Year Plan actions

  • Reprioritising capex to drive high‑returning growth
  • Recycle £1.5bn of property to fund growth

2030/31 outcomes vs 2025/26

  • Reducing gross capex spend by £1bn and net capex by more than £1bn
  • Reduce Group freehold mix from 50% to between 30% and 40% over time
  • Lease-adjusted leverage† will remain below threshold of 3.5x

Our performance

Our Teams

Force for Good

Our employees are our key strength. Through a comprehensive approach to training, inclusion and wellbeing, we secure opportunities for growth and our teams consistently exceed customer expectations.

Material topics

2

By investing in new hotels, we support local development and regeneration and create new jobs. We work to improve the nutritional value of our food. Our long-standing partnership with Great Ormond Street Hospital (GOSH) provides vital funding to develop state-of-the-art facilities.

Material topics

We take responsibility for the emissions of our property portfolio, one of the largest in the UK, and work to achieve our Net Zero target. We reduce our environmental footprint by using less water and minimise our food waste. Our procurement standards are designed to uphold human rights and minimise negative outcomes for nature.

Material topics


*   By ‘low-carbon’ we mean that the hotels are powered by electricity backed by Renewable Energy Guarantees of Origin (REGO) and no gas or liquefied petroleum gas (LPG) is used for water and space heating and cooking. REGO certifies that the equivalent number of units of electricity purchased have been generated from renewable sources such as wind or solar.

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