IHG Hotels and Resorts announced Full Year Results for the year to 31 December 2025

Strong performance with operating profit from reportable segments +13% and Adjusted EPS1 +16%; record hotel openings; $1.1bn+ shareholder returns; confident in long-term growth drivers

Financial Performance
- Revenue (reportable segments): $2,468m (+7% YoY)
- Revenue from fee business: $1,897m (+7% YoY)
- Operating profit (reportable segments): $1,265m (+13% YoY)
- Fee margin: 64.8% (up 3.6 percentage points)
- Adjusted EPS: 501.3¢ (+16% YoY)
- IFRS results:
- Total revenue: $5,189m (+5%)
- Operating profit: $1,198m (+15%)
- Basic EPS: 490.9¢ (+26%)
- Dividend per share: 184.5¢ (+10%)
- Net debt: $3,333m (up 20% due to shareholder returns and acquisitions)

Trading & Revenue
- Global RevPAR: +1.5%
- Americas: +0.3%
- EMEAA: +4.6%
- Greater China: -1.6%
- ADR (Average Daily Rate): +0.8%
- Occupancy: +0.5 percentage points
- Total gross revenue: $35.2bn (+5%)

System Growth & Pipeline
- Gross system growth: +6.6%
- Net system growth: +4.7% (adjusted for Venetian Resort Las Vegas exit)
- Hotel openings: Record 443 hotels (65.1k rooms, +10% YoY)
- Global estate: 6,963 hotels (1,026k rooms)
- Signings: 694 hotels (102.1k rooms, +9% YoY excluding acquisitions)
- Pipeline: 2,292 hotels (340k rooms), representing 33% of current system size

Cash Flow & Shareholder Returns
- Net cash from operations: $898m (up from $724m)
- Adjusted free cash flow: $893m (up from $655m)
- Shareholder returns:
- $900m share buyback
- $270m dividends
- Proposed final dividend: 125.9¢ (+10%)
- New $950m buyback programme for 2026
- Cumulative returns: $5bn over 5 years

Strategic Highlights
- New Brand Launch: Noted Collection™ (premium collection brand)
- Acquisition: Ruby (urban lifestyle brand), expanding premium portfolio
- Record Growth: Highest ever hotel openings and signings in Greater China
- Technology & Enterprise: Continued investment in loyalty, digital platforms, and ancillary fee streams

CEO Statement (Elie Maalouf)
- Praised strong financial delivery despite turbulent conditions.
- Highlighted record hotel openings, pipeline growth, and brand expansion.
- Emphasized confidence in long-term growth drivers and commitment to shareholder returns.

This report shows IHG entering 2026 with record growth momentum, strong cash generation, and a reinforced premium portfolio.