(Posted 12th August 2026)
Strong performance with operating profit from reportable segments1 +10% and Adjusted EPS1 +13%; record development activity, with openings and signings both up +8% on an organic basis; on track to return $1.2bn+ to shareholders; compelling long-term growth drivers
| 6 months ended 30 June | 2026 | 2025 | % change | Underlying1 % change |
|---|---|---|---|---|
| Results from reportable segments1: | ||||
| Revenue1 | $1,255m | $1,175m | +7% | +6% |
| Revenue from fee business1 | $971m | $908m | +7% | +6% |
| Operating profit1 | $665m | $604m | +10% | +10% |
| Fee margin1 | 65.9% | 64.7% | +1.2%pts | |
| Adjusted EPS1 | 274.7¢ | 242.5¢ | +13% | |
| IFRS results: | ||||
| Total revenue | $2,659m | $2,519m | +6% | |
| Operating profit | $671m | $623m | +8% | |
| Basic EPS | 283.3¢ | 300.1¢ | (6)% | |
| Interim dividend per share | 64.5¢ | 58.6¢ | +10% | |
| Net debt1 | $3,663m | $3,361m | +9% |
Trading and revenue
- H1 Global RevPAR1 +4.1%, with Americas +4.8%, EMEAA +3.0% and Greater China +3.1%
- Average daily rate +2.5%, occupancy +1.0%pts
- Total gross revenue1 $18.2bn, +7% at constant currency
System size and pipeline
- Gross system growth +6.5% YOY and net system growth of +5.0% YOY
- Opened 31.5k rooms (197 hotels), a record level, and up +8% YOY when excluding the Ruby brand acquisition in 2025
- Global estate of 1,049k rooms (7,109 hotels)
- Signed 49.2k rooms (352 hotels), also up +8% YOY on an organic basis
- Global pipeline of 348k rooms (2,385 hotels), up +3% YOY, and represents 33% of current system size
Margin and profit
- Fee margin1 65.9%, up +1.2%pts, with fee business revenue1 growth of +7% exceeding cost growth of +4%
- Operating profit from reportable segments1 of $665m, up +10%, after the impact of $5m insurance-related expense on a fire?damaged leased hotel, and $6m net benefit from the YOY movement in average currency rates
- IFRS operating profit of $671m includes System Fund and reimbursables $9m profit (2025: $31m profit) and $3m exceptional costs (2025: $12m)
- Adjusted EPS1 of 274.7¢, up +13%, includes adjusted interest expense1 of $106m (2025: $91m), an adjusted tax1 rate of 26% (2025: 26%) and a 4.0% reduction in the basic weighted average number of ordinary shares
- IFRS basic EPS includes foreign exchange losses of $7m (2025: gains of $79m) predominantly due to translation of intra-group monetary assets and liabilities held between subsidiaries with differing functional currencies
Cash flow and net debt
- Net cash from operating activities of $355m (2025: $312m) and adjusted free cash flow1 of $360m (2025: $302m), driven by the increase in profit
- Net debt1 increase of $330m since the start of the year, driven by $564m related to shareholder returns through dividend payments and share buybacks; $11m foreign exchange net favourable impact on net debt
- Trailing 12-month Adjusted EBITDA1 of $1,392m, +11% YOY; net debt:adjusted EBITDA ratio of 2.63x
Shareholder returns
- $950m share buyback programme for 2026, 42% completed as at 30 June; interim dividend +10% to 64.5¢
- On track to return $1.2bn+ to shareholders in 2026, equivalent to 5.8% of market capitalisation at start of year
Elie Maalouf, Chief Executive Officer, IHG Hotels & Resorts, said
“Our diverse global footprint and better-than-expected demand in most markets around the world delivered strong RevPAR growth of +4.1% in the first six months of 2026. Trading in the US accelerated in the second quarter, growth in Greater China continued and a good performance elsewhere in our EMEAA region helped offset challenges in the Middle East. This robust revenue growth, combined with an acceleration in net system growth, an efficient cost base driving further margin expansion and the ongoing return of surplus capital to shareholders, delivered adjusted EPS growth of +13%.
We had record levels of development activity with almost 200 hotel openings in the first half. This drove net system growth of 5% and expanded our global estate to 7,100 hotels. Our pipeline grew to 2,400 hotels with increases in all three regions and 352 signings in total – almost two a day – representing +8% growth year-on-year.
Thanks to the hard work of our teams, we’re making excellent progress on growing our brands, expanding in key geographic markets, developing our leading technology and enterprise platform, and driving ancillary fee streams. While there are ongoing impacts from the Middle East conflict, including some wider disruption to international travel flows, we continue to expect these to be fully offset by growth in demand elsewhere. This demonstrates the strength of IHG’s business model which is strategically diversified and resilient, with our ability to capture demand across geographies, chainscales and the different stay occasions of business, leisure and groups travel, as well as being heavily weighted to domestic and intra-regional travel.
We remain on track to meet full year consensus profit and earnings expectations. We are also confident in the successful delivery of our growth algorithm, which is driven by the strength of IHG’s enterprise platform and our ability to further capitalise on our scale, leading positions and the attractive long-term demand drivers for our markets.”
Download the full announcement of our 2026 Half Year Results
