Whitbread earnings date
Whitbread (WHF4) Q2 2027 Earnings Report
DE:WHF4 Q2 2027 EPS Results
- Actual EPS
- EUR 1.48
- Consensus EPS
- EUR 1.85
- Beat/Miss
- Missed by -EUR 0.37
- One Year Ago EPS
- EUR 1.58
DE:WHF4 Q2 2027 Revenue Results
- Actual Revenue
- EUR 1.87B
- Expected Revenue
- EUR 1.00B
- Beat/Miss
- Beat by +EUR 872.39M
- YoY Revenue Growth
- +1.99%
Earnings Announcement Details
- Quarter
- Q2 2027
- Date
- 10/13/2026
- Time
- Before Open
- Conference Call
- Tuesday, October 13, 2026
Whitbread's next earnings date is estimated for April 27, 2027, based on past reporting schedules.
Q2 2027 Earnings Call Audio
No earnings call audio is available for this earnings event.
Q2 2027 Earnings Slide Deck
No slide deck is available for this earnings event.
Q2 2027 Earnings Call Summary
The call was strongly positive overall. Whitbread reported growth and market outperformance in both the U.K. and Germany, delivered strong efficiency savings, maintained confidence in its disposal and full-year targets, and described clear progress on its five-year plan and Accelerating Growth Plan. The main challenges were industry-wide cost increases, lower food and beverage sales following restaurant closures, near-term AGP and lease-cost phasing, elevated gilt rates, U.K. ROCE still below the 15% hurdle, and the ongoing Corvex dispute.
Whitbread expects GBP 60 million of efficiencies for the full year, against GBP 250 million worth of efficiencies over the next 5 years, and remains confident in delivering GBP 450 million to GBP 500 million of disposal proceeds for the full year; its 5-year plan targets at least 15% returns on all growth investment, a 500 basis point increase in returns, GBP 2 billion of cash flow available for shareholders by FY '31, 96,000 rooms in the U.K. including 1,000 underlying rooms plus 750 rooms for the Accelerating Growth Plan this year and about 1,500 room exits, and 18,000 rooms in Germany by the end of full year '31, with GBP 200 million of Germany growth capital remaining, GBP 100 million of which will be spent this year and GBP 100 million over the remaining 4 years; the company is fully hedged this year and well hedged next year, expects GBP 40 million of year-on-year efficiency savings in the first half and GBP 20 million in the second half, expects to see a lot of the AGP impact in Q3 and the cost coming out in Q4, and said lease costs will be more back-end weighted right at the end of the year.
- Strong U.K. First-Half Trading and EBITDA GrowthU.K. accommodation sales increased 3% versus last year, with Whitbread increasing its outperformance versus the market. U.K. operating costs were flat despite industry-wide inflationary pressures, including the unexpected business-rates increase, supported by GBP 39 million of efficiencies and Accelerating Growth Plan-related cost reductions. U.K. EBITDA increased 1%.
- Germany Delivered Double-Digit GrowthWhitbread opened 1,800 rooms in Germany and delivered double-digit accommodation sales growth ahead of the wider market, which was down versus last year. Germany EBITDA increased 10% despite the majority of the previously guided one-off impact falling in the first half.
- Positive Current Trading MomentumDuring the first five weeks, U.K. total accommodation sales increased 4.5% and RevPAR increased 3.2%, with continued market outperformance. Germany delivered total accommodation sales growth of 31% and RevPAR growth of 10%, also outperforming the market.
- Germany Remains on Track for ProfitabilityManagement said it is confident in delivering a positive second-half performance in Germany and remains on course to deliver profitability in Germany this year.
- Efficiency Program Ahead of ScheduleWhitbread delivered GBP 39 million of efficiencies in the first half against a full-year target of GBP 60 million, or approximately two-thirds of the program. The company remains confident of achieving GBP 60 million for the year and is targeting GBP 250 million of efficiencies over the next five years.
- Five-Year Plan Targets Higher Returns and Shareholder Cash FlowManagement said its five-year plan is intended to deliver higher margins, cash flow and returns, including GBP 2 billion of cash flow available for shareholders by FY 2031. The company is targeting at least 15% returns on all growth investment.
- Strong Forward Bookings and Full-Year ConfidenceForward bookings are ahead of last year. Management said it remains confident in the full-year outlook and in delivering its five-year plan.
- Disposal Program Remains on TrackWhitbread remains confident of delivering GBP 450 million to GBP 500 million of disposal proceeds for the full year. It had delivered GBP 20 million in the first half and approximately GBP 30 million since the balance-sheet date, including the sale of 57 restaurants and another hotel. Management said the vast majority of the target is under discussion and well progressed.
- Capital Allocation Focused on High-Returning GrowthManagement said the Accelerating Growth Plan is removing the drag of unprofitable or less profitable restaurants and replacing them with higher-returning extension rooms. The company has removed GBP 500 million of U.K. growth CapEx from its pipeline and expects future sites to generate more than 15% returns. Hotels opened over the past few years are already generating approximately 13.5% returns before reaching full maturity.
- Germany Repositioned as a Scaled, Higher-Returning BusinessWhitbread has 75 hotels open in Germany and is guiding to 18,000 rooms by the end of FY 2031. It removed GBP 500 million of German growth capital from the five-year plan, leaving GBP 200 million, including GBP 100 million to be spent this year. Management said the remaining investment is focused on higher-returning areas and expects Germany to become a profitable business that increases profit over the next few years.
- U.K. RevPAR and London Performance Show Pricing StrengthU.K. second-quarter RevPAR outperformance versus the market widened to 270 basis points. London RevPAR was close to 5% in the second quarter, and Whitbread outperformed the London market by approximately 7% in the quarter, driven by taking significantly more rate through its commercial engine and pricing power.
- Utility Hedging Provides Near-Term VisibilityThe company is fully hedged for energy this year and well hedged for next year. Management said it is comfortable with its current positioning and will provide further guidance in January.
- U.K. Network Expansion and AGP Room Growth ContinueWhitbread expects to reach 96,000 U.K. rooms under its plan. This year it expects approximately 1,000 underlying room additions plus 750 rooms from the Accelerating Growth Plan, while the five-year plan includes approximately 1,500 room exits.
- Accelerating Growth Plan Is ProgressingWhitbread reviewed approximately 430 branded restaurants and found that roughly half were suitable for extension rooms. More than 50 extension-room sites are already open. At other sites, the company is selling the restaurant operation while retaining a smaller, efficient breakfast room for hotel guests; 57 branded restaurants have been sold to a new operator.
- Selective Acquisitions Can Produce Immediate ReturnsThe company completed two Future Inns acquisitions in Bristol and Plymouth. Management said such conversions can provide quickly opened, immediately profitable and high-returning hotels with relatively minimal CapEx, although it maintains a high bar and rejects many potential opportunities.
- Prudent Investment AppraisalFor leasehold acquisitions, Whitbread capitalizes the lease in its internal investment appraisal to compare leasehold and freehold sites and seeks an equivalent 15% return on capital. Management described the process as prudent and said it also assesses rent cover and shareholder value.
DE:WHF4 Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Apr 27, 2027 | 2027 (Q4) | 0.69- | 0.89 | ― | ― |
| Oct 13, 2026 | 2027 (Q2) | 1.851.48 | 1.58 | -6.34% (-0.10) | |
| Apr 30, 2026 | 2026 (Q4) | 0.830.89 | 0.68 | 30.47% (+0.21) | |
| Oct 16, 2025 | 2026 (Q2) | 1.631.58 | 1.62 | -2.65% (-0.04) | |
| May 01, 2025 | 2025 (Q4) | 0.730.68 | 0.74 | -8.35% (-0.06) | |
| Oct 16, 2024 | 2025 (Q2) | 1.751.62 | 1.73 | -6.14% (-0.11) | |
| Apr 30, 2024 | 2024 (Q4) | 0.740.74 | 0.66 | 12.45% (+0.08) | |
| Oct 18, 2023 | 2024 (Q2) | 1.721.73 | 1.27 | 36.28% (+0.46) | |
| Apr 25, 2023 | 2023 (Q4) | 0.530.66 | 0.16 | 301.45% (+0.50) | |
| Oct 25, 2022 | 2023 (Q2) | 0.851.27 | -0.31 | 503.03% (+1.58) |
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
