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"decimals": -6, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:2138007ZFQYRUSLU3J98", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-630": { "value": "1126000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:2138007ZFQYRUSLU3J98", "period": "2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-631": { "value": "991000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:2138007ZFQYRUSLU3J98", "period": "2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-632": { "value": "1278000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:2138007ZFQYRUSLU3J98", "period": "2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-633": { "value": "
General information
The Consolidated Financial Statements
of InterContinental Hotels Group PLC
(the \u2018Group\u2019 or \u2018IHG\u2019) for the year ended
31\u00a0December 2025 were authorised
for\u00a0issue in accordance with a resolution
of\u00a0the Directors on 16\u00a0February 2026.
InterContinental Hotels Group PLC
(the\u00a0\u2018Company\u2019) is incorporated and
registered in England and Wales.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:2138007ZFQYRUSLU3J98", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-634": { "value": "
The Consolidated Financial Statements
of InterContinental Hotels Group PLC
(the \u2018Group\u2019 or \u2018IHG\u2019) for the year ended
31\u00a0December 2025 were authorised
for\u00a0issue in accordance with a resolution
of\u00a0the Directors on 16\u00a0February 2026.", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:2138007ZFQYRUSLU3J98", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-635": { "value": "InterContinental Hotels Group PLC", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:2138007ZFQYRUSLU3J98", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-636": { "value": "InterContinental Hotels Group PLC", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:2138007ZFQYRUSLU3J98", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-637": { "value": "2025-12-31", "dimensions": { "concept": "ifrs-full:DateOfEndOfReportingPeriod2013", "entity": "scheme:2138007ZFQYRUSLU3J98", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-638": { "value": "InterContinental Hotels Group PLC", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:2138007ZFQYRUSLU3J98", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-639": { "value": "PLC", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:2138007ZFQYRUSLU3J98", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-640": { "value": "England and Wales", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:2138007ZFQYRUSLU3J98", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-641": { "value": "England and Wales", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:2138007ZFQYRUSLU3J98", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-643": { "value": "
Basis of preparation
The Consolidated Financial Statements
of IHG have been prepared on a going
concern basis (see below) and under
the\u00a0historical cost convention, except
for\u00a0assets and liabilities measured at
fair\u00a0value under relevant accounting
standards. The Consolidated Financial
Statements have been prepared in
accordance with UK-adopted
international accounting standards and
with applicable law and regulations,
including the Companies Act 2006, and
with IFRS Accounting Standards as issued
by the International Accounting
Standards Board. UK-adopted
international accounting standards differ
in certain respects from IFRS Accounting
Standards as issued by the International
Accounting Standards Board. However,
the differences have no impact on the
Consolidated Financial Statements for
the years presented.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:2138007ZFQYRUSLU3J98", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-642": { "value": "
Basis of preparation
The Consolidated Financial Statements
of IHG have been prepared on a going
concern basis (see below) and under
the\u00a0historical cost convention, except
for\u00a0assets and liabilities measured at
fair\u00a0value under relevant accounting
standards. The Consolidated Financial
Statements have been prepared in
accordance with UK-adopted
international accounting standards and
with applicable law and regulations,
including the Companies Act 2006, and
with IFRS Accounting Standards as issued
by the International Accounting
Standards Board. UK-adopted
international accounting standards differ
in certain respects from IFRS Accounting
Standards as issued by the International
Accounting Standards Board. However,
the differences have no impact on the
Consolidated Financial Statements for
the years presented.
", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:2138007ZFQYRUSLU3J98", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-644": { "value": "UK", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:2138007ZFQYRUSLU3J98", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-645": { "value": "
Going concern
The period to 30 June 2027 has been
used to complete the going concern
assessment.
In adopting the going concern basis
for\u00a0preparing the Group financial
statements, the Directors have
considered a \u2018Base Case\u2019 scenario,
as\u00a0prepared by management, which
assumes Global RevPAR in 2026 and
2027 continues to grow in line with
market expectations. The assumptions
applied in the\u00a0Base Case scenario are
consistent with those used for Group
planning purposes, impairment testing
and for assessing recoverability of
deferred tax assets.
In addition, the Directors have reviewed
a \u2018Severe Downside Case\u2019 reflecting a
severe but plausible scenario equivalent
to the market conditions experienced
during the 2008/2009 global financial
crisis, in which RevPAR declines by 17%
in 2026 before recovering by 5%\u00a0in 2027.
A \u2018Combined Scenario\u2019 has also been
considered, modelling the Severe
Downside Case in conjunction with
a\u00a0significant cash flow impact from\u00a0a
one-off event, such as a cybersecurity
incident.
Principal risks that could materially
affect\u00a0RevPAR are captured within the
Severe Downside Case, while other
risks\u00a0with the potential to cause a
substantial one-off impact on cash flow \u2013
such as a cybersecurity event \u2013 are
addressed in the Combined Scenario.
Climate risks are not considered to
have\u00a0a significant impact over the
period\u00a0of assessment.
The Group enters the assessment period
with substantial liquidity at 31 December
2025 of $2,599m, comprising $1,099m
of\u00a0cash and cash equivalents (net of
overdrafts and restricted cash) and
$1,500m of undrawn bank facility.
The\u00a0Group\u2019s revolving credit facility
was\u00a0refinanced in December 2025 with
a\u00a0new $1,500m facility that matures
in\u00a02030. There are no financial covenants
in the new facility. See note 23 for
additional information. In September
2025 the Group issued a \u20ac850m bond.
There are two bond maturities in the
period under consideration, \u00a3350m in
August 2026 and \u20ac500m in May 2027.
No new funding is assumed in the
period\u00a0under review.
Under the Base Case and Severe
Downside Case there is significant
liquidity available to absorb multiple
additional risks and uncertainties. Under
the Combined Scenario there is a lower
level of liquidity, however, the Directors
also reviewed a number\u00a0of\u00a0actions that
could be taken, if\u00a0required, to reduce
discretionary spend, creating substantial
additional liquidity.
The Directors reviewed a reverse
stress\u00a0test scenario to determine what
other events could create a scenario
which would exhaust the liquidity in
the\u00a0Combined Scenario. The Directors
concluded that it was very unlikely
that\u00a0a\u00a0single risk or combination of
the\u00a0risks considered could create
the\u00a0sustained impact required.
Having reviewed these scenarios, the
Directors have a reasonable expectation
that the Group has sufficient resources
to continue operating until at least
30 June 2027. Accordingly, they continue
to adopt the going concern basis in
preparing the financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:2138007ZFQYRUSLU3J98", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-646": { "value": "
The Consolidated Financial Statements
are presented in millions of US dollars
reflecting the profile of the Group\u2019s
revenue and operating profit which are
primarily generated in US dollars or
US\u00a0dollar-linked currencies.
In the Consolidated Financial Statements,
equity share capital, the capital
redemption reserve and shares held
by\u00a0employee share trusts are translated
into\u00a0US dollars at the relevant rate of
exchange on the last day of the period;
the resultant exchange differences are
recorded in other reserves.
The functional currency of the Company
is sterling.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:2138007ZFQYRUSLU3J98", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-647": { "value": "
Critical accounting policies and
the\u00a0use of judgements, estimates
and assumptions
In determining and applying the Group\u2019s
accounting policies, management are
required to make judgements, estimates
and assumptions. An accounting policy
is considered to be critical if its selection
or application could materially affect the
reported amounts of assets and liabilities
at the date of the Consolidated Financial
Statements, or the reported amounts
of\u00a0revenues and expenses during the
reporting period, or could do so within
the next financial year.
Judgements
System Fund
The Group operates a System Fund
(the\u00a0\u2018Fund\u2019) to collect and administer
cash assessments from hotel owners
for\u00a0specified purposes of use including
marketing, reservations, certain
hotel\u00a0services and the Group\u2019s loyalty
programme, IHG One Rewards.
Assessments are generally levied as
a\u00a0percentage of hotel revenues but
may\u00a0also be volume-based or fixed
monthly fees.
The Fund is not managed to generate
a\u00a0surplus or deficit for IHG over the
longer term, but is managed for
the\u00a0benefit of\u00a0the IHG System with
the\u00a0objective of\u00a0driving revenues
for\u00a0the\u00a0hotels in the\u00a0System.
In relation to marketing and reservation
services, the Group\u2019s performance
obligation under IFRS 15 \u2018Revenue
from\u00a0Contracts with Customers\u2019
is\u00a0determined to be the continuous
performance of the services rather
than\u00a0the spending of the assessments
received. Accordingly, assessment fees
are recognised as hotel revenues occur,
Fund expenses are charged to the Group
income statement as incurred and no
constructive obligation is deemed to exist
under IAS 37 \u2018Provisions, Contingent
Liabilities and Contingent Assets\u2019.
Accordingly, no liability is recognised
relating to the balance of unspent funds.
No other critical judgements have
been\u00a0made in applying the Group\u2019s
accounting policies.
Estimates
Management consider that significant
estimates and assumptions are
used\u00a0as\u00a0described below. Estimates
and\u00a0assumptions are evaluated
by\u00a0management using historical
experience\u00a0and other factors believed
to\u00a0be reasonable based on current
circumstances.
Loyalty programme
The loyalty programme, IHG One
Rewards, enables members to earn
points during each qualifying stay at
an\u00a0IHG branded hotel and through
other\u00a0partnerships and programmes.
Members are able to consume those
points at a later date for free or reduced
accommodation or other benefits.
Points revenue includes hotel
assessments, revenue from third-party
partners and proceeds from points
purchased directly by members.
The Group recognises deferred
revenue\u00a0in an amount that reflects IHG\u2019s
unsatisfied performance obligations,
valued at the stand-alone selling price
of\u00a0the future benefit to the member.
The\u00a0amount of revenue recognised
and\u00a0deferred is impacted by
\u2018breakage\u2019 (points that will never be
consumed). On an annual basis the
Group engages an external actuary
who\u00a0uses statistical formulae to
assist\u00a0in\u00a0the estimate of breakage.
Significant estimation uncertainty
exists\u00a0in projecting members\u2019 future
consumption activity. If future member
behaviour deviates significantly from
expectations, breakage estimates
could\u00a0increase or decrease.
At 31\u00a0December 2025, deferred revenue
relating to the loyalty programme
was\u00a0$1,727m (2024: $1,653m, 2023:
$1,529m). Based on the conditions
existing at the balance sheet date, a
one\u00a0percentage point decrease/increase
in the breakage estimate relating to
earned points would increase/reduce
the deferred revenue liability by $100m
and would correspondingly impact the
value of System Fund and reimbursable
revenues recognised.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:2138007ZFQYRUSLU3J98", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-648": { "value": "
Loyalty programme
The loyalty programme, IHG One
Rewards, enables members to earn
points during each qualifying stay at
an\u00a0IHG branded hotel and through
other\u00a0partnerships and programmes.
Members are able to consume those
points at a later date for free or reduced
accommodation or other benefits.
Points revenue includes hotel
assessments, revenue from third-party
partners and proceeds from points
purchased directly by members.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCustomerLoyaltyProgrammesExplanatory", "language": "en", "entity": "scheme:2138007ZFQYRUSLU3J98", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-649": { "value": "
Material accounting policies
Basis of consolidation
The Consolidated Financial Statements
comprise the financial statements of the
Parent Company and entities controlled
by the Group. Control exists when the
Group has:
\u2013 power over an investee (i.e., existing
rights that give it the current ability
to\u00a0direct the relevant activities of
the\u00a0investee);
\u2013 exposure, or rights, to variable
returns\u00a0from its involvement with
the\u00a0investee; and
\u2013 the ability to use its power over
the\u00a0investee to affect its returns.
All intra-group balances and transactions
are eliminated on consolidation.
The assets, liabilities and results of those
businesses acquired or disposed of are
consolidated for the period during which
they were under the Group\u2019s control.
Foreign currencies
Within the Group\u2019s subsidiaries,
transactions in foreign currencies are
translated to the subsidiary\u2019s functional
currency at the exchange rates ruling
on\u00a0the dates of the transactions.
Monetary assets and liabilities
denominated in foreign currencies
are\u00a0retranslated to the subsidiary\u2019s
functional currency at the relevant rates
of\u00a0exchange ruling on the last day of
the\u00a0period. On consolidation:
\u2013 The assets and liabilities of foreign
operations of the Group\u2019s subsidiaries
with a functional currency other
than\u00a0US dollars are translated into
US\u00a0dollars at the relevant rates of
exchange ruling on the last day of the
period. The revenues and expenses
of\u00a0foreign operations are translated
into US dollars at average rates
of\u00a0exchange for each month of the
reporting period. The Group treats
specific intercompany loan balances,
which are not intended to be repaid
in\u00a0the foreseeable future, as part
of\u00a0its\u00a0net investment. The exchange
differences arising on retranslation
are\u00a0taken to the currency translation
reserve; and
\u2013 Exchange differences arising from
the\u00a0translation of instruments that
are\u00a0designated as a hedge against a
net investment in a foreign operation
are taken to the currency translation
reserve.
On disposal of a foreign operation,
the\u00a0cumulative amount recognised in
the currency translation reserve relating
to\u00a0that particular foreign operation is
recycled as part of the gain or loss
on\u00a0disposal.
Revenue recognition
Revenue is recognised at an amount
that\u00a0reflects the consideration to which
the Group expects to be entitled in
exchange for transferring goods or
services to a customer.
Fee business revenue
Under franchise agreements, the Group\u2019s
performance obligation is to\u00a0provide a
licence to use IHG\u2019s trademarks and other
intellectual property. Franchise royalty
fees are typically charged as a percentage
of hotel gross rooms revenues and are
treated as variable consideration,
recognised as the underlying hotel
revenues occur.
Under management agreements,
the\u00a0Group\u2019s performance obligation is
to\u00a0provide hotel management services
and a licence to use IHG\u2019s trademarks
and other intellectual property. Base and
incentive management fees are typically
charged. Base management fees are
typically a percentage of total hotel
revenues and incentive management
fees are generally based on the hotel\u2019s
profitability or cash flows. Both are
treated as variable consideration. Like
franchise fees, base management fees
are recognised as the underlying hotel
revenues occur. Incentive management
fees are recognised over time when it
is\u00a0considered highly probable that the
related performance criteria for each
annual period will be met, provided
there\u00a0is no expectation of a subsequent
reversal of the revenue.
Application and re-licensing fees are
not\u00a0considered to be distinct from the
franchise performance obligation and
are recognised over the life of the
related agreement.
Under franchise and management
agreements, the Group agrees to
maintain and develop certain aspects
of\u00a0the technology ecosystem benefitting
hotels, in exchange for a monthly
technology fee based on either gross
rooms revenues or the number of rooms
in the hotel. The technology fee is
charged and recognised over time
as these services are delivered.
Technology fee income is included
in Central revenue.
Technical service fees are received
in\u00a0relation to design and engineering
support provided prior to the opening
of\u00a0certain hotel properties. These
services are a distinct performance
obligation and the fees are recognised
as revenue over the pre-opening period
in line with the Group\u2019s assessment of
the stage of\u00a0completion of the project,
based on the latest expectation of hotel
opening date and its knowledge and
experience of the\u00a0pattern of work
performed on comparable projects.
The Group has applied the practical
expedient in IFRS 15 not to disclose the
aggregate amount of the transaction
price allocated to performance
obligations that are unsatisfied or
partially unsatisfied as at the end of
the\u00a0reporting period. This is for all
amounts where the Group has a right
to\u00a0consideration in\u00a0an amount that
corresponds directly with the value to\u00a0the
customer of the\u00a0Group\u2019s performance
completed to date (including franchise
and management fees).
Contract assets
Amounts paid to hotel owners to
secure\u00a0management and franchise
agreements (\u2018key money\u2019) are treated
as\u00a0consideration payable to a customer.
A\u00a0contract asset is recorded which is
recognised as a deduction to revenue
over the initial term of the agreement.
In limited cases, loans can be provided
to an owner, in such cases the initial
credit risk will be low. The difference,
if\u00a0any, between the face and market
value of the loan on inception is
recognised as a contract asset.
In limited cases, the Group may provide
performance guarantees to hotel owners.
The expected value of payments under
performance guarantees reduces
the\u00a0overall transaction price and is
recognised as a deduction to revenue
over the term of the agreement.
Typically, contract assets are not financial
assets as they represent amounts paid by
the Group at the beginning of a contract,
and so are tested for impairment based
on value in use rather than with reference
to expected credit losses. Contract assets
are reviewed for impairment when events
or changes in circumstances indicate
that\u00a0the carrying value may not be
recoverable. If carrying values exceed
the\u00a0recoverable amount, determined
by\u00a0reference to estimated future cash
flows discounted to their present
value\u00a0using a\u00a0pre-tax discount rate,
the\u00a0contract assets are written down
to\u00a0the\u00a0recoverable amount.
Deferred revenue
Deferred revenue is recognised when
payment is received before the related
performance obligation is satisfied.
Revenue is also deferred when key
money is committed and is highly likely
to be paid. The annual revenue deferral
is equal to the reduction to revenue
that\u00a0would arise if the key money were
paid at inception of the contract. When
payment is made, a net contract asset
is\u00a0recorded which is amortised over the
remaining initial term of the agreement.
Contract costs
Certain costs incurred to secure
management and franchise agreements,
typically developer commissions, are
capitalised and amortised as an expense
over the initial term of the related
agreement. These costs are presented
as contract costs in the Group statement
of financial position.
Contract costs are reviewed for
impairment when events or changes in
circumstances indicate that the carrying
value may not be recoverable with
reference to the future expected cash
flows from the contract.
Revenue from owned & leased hotels
At its owned & leased hotels, the Group\u2019s
performance obligation is to provide
accommodation and other goods and
services to guests. Revenue includes
rooms revenue and food and beverage
sales, which are recognised when the
rooms are occupied and food and
beverages are sold. Guest deposits
received in advance of hotel stays are
recorded as deferred revenue in the
Group statement of financial position.
They are recognised as revenue along
with any balancing payment from the
guest when the associated stay occurs.
System Fund and
reimbursable\u00a0revenues
System Fund and other co-brand revenues
The Group operates the Fund to collect
and administer cash assessments from
hotel owners for specified purposes of
use including marketing, reservations,
certain hotel services and IHG One
Rewards. The Fund also benefits from
certain proceeds from the sale of loyalty
points under third-party co-branding
arrangements and the sale of points
directly to members and other third
parties. The Fund is not managed to
generate a surplus or deficit for IHG
over\u00a0the longer term, but is managed
for\u00a0the benefit of the IHG System with
the objective of driving revenues for
the\u00a0hotels in the System.
The growth in the IHG One Rewards
programme means that, although
assessments are received from hotels
up\u00a0front when a member earns points,
more revenue is deferred each year
than\u00a0is recognised in the Fund. This
can\u00a0lead to accounting losses in
the\u00a0Fund each year as the deferred
revenue\u00a0balance grows.
Under both franchise and management
agreements, the Group is required
to\u00a0provide marketing and reservations
services, as well as other centrally
managed programmes. These services
are provided by the Fund and are
funded by assessment fees. Costs are
incurred and allocated to the Fund in
accordance with the principles agreed
with the IHG Owners Association
and\u00a0ensuring appropriate consistency
of\u00a0application.
The Group acts as principal in the
provision of most services as the related
expenses primarily comprise payroll and
marketing expenses under contracts
entered into by the Group. Assessment
fees from hotel owners are\u00a0generally
levied as a percentage of\u00a0hotel revenues,
but may also be volume-based or fixed
monthly fees, and\u00a0are recognised at
the\u00a0point the Group is entitled to
raise\u00a0the invoice.
Certain travel agency commission
and\u00a0other revenues within the Fund
are\u00a0recognised on a net basis, where
it\u00a0has been determined that IHG is
acting\u00a0as agent.
In respect of IHG One Rewards, the
performance obligations are to arrange
for\u00a0the provision of future benefits to
members on consumption of previously
earned reward points and Milestone
Rewards. Points are exchanged for
reward nights at an IHG hotel or other
goods or services provided by third
parties. Milestone Rewards comprise
points or other benefits such as
upgrades and food and beverage
vouchers.
Under its franchise and management
agreements, IHG receives assessment
fees based on total qualifying hotel
revenue from IHG One Rewards
members\u2019 hotel stays.
The Group\u2019s performance obligation
is\u00a0not satisfied in full until the member
has consumed the relevant benefits.
Accordingly, loyalty assessments are
allocated between points and Milestone
Rewards and deferred in an amount that
reflects the stand-alone selling price of
the future benefit to the member.
From 1 January 2024, as agreed with
the\u00a0IHG Owners Association, a portion
of\u00a0revenue relating to the consumption
of certain points sold is reported within
fee business revenue, with the remaining
amount reported within System Fund
and reimbursable revenues. Revenue
relating to points earned at hotels
continues to be reported within System
Fund and reimbursable revenues.
Revenue is impacted by a \u2018breakage\u2019
estimate of the benefits that will never
be consumed. On an annual basis,
the\u00a0Group engages an external actuary
who uses statistical formulae to assist
in\u00a0formulating this estimate, which is
adjusted to reflect actual experience
up\u00a0to the reporting date.
As materially all of the awards will be
either consumed at IHG managed or
franchised hotels owned by third parties,
or exchanged for awards provided by
third parties, IHG is deemed to be acting
as agent on consumption and therefore
recognises the related revenue net
of\u00a0the cost of reimbursing the hotel or
third party that is providing the benefit.
Performance obligations under the
Group\u2019s co-brand credit card
agreements comprise:
a) Arranging for the provision of
future\u00a0benefits to members who
have earned points or free night
certificates;
b) Providing the co-brand partners
with\u00a0access to our loyalty
programme and customer base,
and\u00a0rights to use our brands; and
c) Marketing services.
Revenue from a) is reported within
System Fund and reimbursable revenues
and revenue from b) is reported within
fee\u00a0business revenue. Revenue from c) is
recognised in either fee business revenue
or System Fund and reimbursable
revenues depending on the nature of
marketing services performed.
Fees from these agreements comprise
fixed amounts normally payable at the
beginning of the contract, and variable
amounts paid on a monthly basis.
Variable amounts are typically based
on\u00a0the number of points and free night
certificates issued to members and
the\u00a0marketing services performed
by\u00a0the\u00a0Group. Total fees are allocated
to\u00a0the\u00a0performance obligations based
on\u00a0their estimated stand-alone selling
prices. Revenue allocated to marketing
and licensing obligations is recognised
on a monthly basis as the obligations
are\u00a0satisfied. Revenue relating to points
and free night certificates is recognised
when the member has consumed the
points or certificates at a participating
hotel or has selected a reward from a
third party, net of the cost of reimbursing
the hotel or third party that is providing
the benefit.
Judgement is required in estimating
the\u00a0stand-alone selling prices which
are\u00a0based upon generally accepted
valuation methodologies regarding
the\u00a0value of the licence provided and
the number of points and certificates
expected to be issued. However,
the\u00a0value of revenue recognised and
the\u00a0deferred revenue balance at the
end\u00a0of\u00a0the year is not materially sensitive
to\u00a0changes in these assumptions.
Reimbursable revenues
In a managed property, the Group typically
acts as employer of the general manager
and, in some cases, other employees at
the hotel and is entitled to reimbursement
of these costs. The performance
obligation is satisfied over time as the
employees perform their duties, consistent
with when reimbursement is received.
Reimbursements for these services are
shown as revenue with an equal matching
employee cost, with no profit impact.
Certain other costs relating to both
managed and franchised hotels are also
contractually reimbursable to IHG and,
where IHG is deemed to be acting as
principal in the provision of the related
services, the revenue and cost are
shown on a gross basis.
Segmental information
The Group has four reportable segments
reflecting its geographical regions
(Americas, EMEAA, Greater China)
and\u00a0its Central functions.
Central functions include technology,
sales and marketing, finance, human
resources, corporate services and
insurance results. Central revenue arises
principally from technology fee income
and ancillary revenues including co-
brand licensing fees and, from 2024,
a\u00a0portion of revenue from the
consumption of certain IHG One
Rewards points.
No operating segments are aggregated
to form these reportable segments.
Management monitors the operating
results of these reportable segments for
the purpose of making decisions about
resource allocation and performance
assessment. Each of the geographical
regions is led by its own Chief Executive
Officer who reports to the Group Chief
Executive Officer.
The System Fund is not managed to
generate a profit or loss for IHG over the
longer term and cost reimbursements
do not impact in-year profit or loss.
System Fund and reimbursable revenues
and results are therefore not\u00a0regularly
reviewed by the Chief Operating Decision
Maker (\u2018CODM\u2019) and do not constitute
an\u00a0operating segment under IFRS 8
\u2018Operating Segments\u2019.
Segmental performance is evaluated
based on operating profit or loss and is
measured consistently with operating
profit or loss in the Group Financial
Statements, excluding System
Fund,\u00a0reimbursables and exceptional
items. Group financing activities,
remeasurement of contingent purchase
consideration and income taxes are
managed on a Group basis and are
not\u00a0allocated to reportable segments.
Financial income and expenses
Financial income and expenses include
income and charges on the Group\u2019s
financial assets and liabilities and related
hedging instruments.
Finance charges relating to bank and
other borrowings, including transaction
costs and any discount or premium
on\u00a0issue, are recognised in the Group
income statement using the effective
interest rate method.
In the Group statement of cash flows,
interest paid and received is presented
within cash from operating activities,
including any fees and discounts on
issuance or settlement of borrowings.
Exceptional items
The Group discloses certain financial
information both including and
excluding exceptional items. The
presentation of information excluding
exceptional items allows a better
understanding of the underlying trading
performance and trends of the Group
and provides consistency with the
Group\u2019s\u00a0internal management reporting.
All exceptional items are subject to
review by the Audit\u00a0Committee.
Operating exceptional items
Operating exceptional items includes
gains and losses within Operating profit
before System Fund and reimbursable
result that are identified as exceptional by
virtue of their size, nature or incidence.
Examples of operating exceptional
items\u00a0include, but\u00a0are not restricted to,
gains and\u00a0losses on the disposal
of\u00a0assets, impairment charges and
reversals, the\u00a0costs of individually
significant legal\u00a0cases or commercial
disputes and\u00a0reorganisation costs.
Consideration is given to consistency
of\u00a0treatment with prior years and
between gains and losses.
Tax exceptional items
Tax exceptional items includes the
tax\u00a0effects of operating exceptional
items and, where applicable, other tax
items that are\u00a0identified as exceptional by
virtue of\u00a0their\u00a0size, nature or incidence.
Examples include, but are not restricted
to, significant tax items relating to
legislative changes and transactions
with\u00a0an insignificant impact on pre-tax
profit and loss.
Earnings per share
Basic earnings per ordinary share
is\u00a0calculated by dividing the profit for
the\u00a0year available for IHG equity holders
by the weighted average number of
ordinary shares, excluding investment
in\u00a0own shares, in issue during the year.
Diluted earnings per ordinary share is
calculated by adjusting basic earnings
per ordinary share to reflect the notional
exercise of the weighted average
number of dilutive ordinary share awards
outstanding during the year. Where
the\u00a0effect of the notional exercise of
outstanding ordinary share awards is
anti-dilutive, these are excluded from
the\u00a0diluted earnings per share calculation.
Business combinations and goodwill
On the acquisition of a business,
identifiable assets acquired and liabilities
assumed are measured at their fair
value. Contingent liabilities assumed
are\u00a0measured at fair value unless this
cannot be measured reliably, in which
case they are not recognised but are
disclosed in the same manner as
other\u00a0contingent liabilities.
The measurement of deferred tax assets
and liabilities arising on acquisition is
as\u00a0described in the general principles
detailed within the \u2018Taxes\u2019 accounting
policy note on page 191 with the
exception that no deferred tax is provided
on taxable temporary differences in
connection with the initial recognition
of\u00a0goodwill.
The cost of an acquisition is measured
as the aggregate of the fair value of
the\u00a0consideration transferred.
Goodwill is recorded at cost, being
the\u00a0difference between the fair value
of\u00a0the consideration and the fair value
of\u00a0net assets acquired. Following initial
recognition, goodwill is measured at
cost less any accumulated impairment
losses and is not amortised.
Transaction costs are expensed and are
not included in the cost of acquisition.
Intangible assets
Brands
Externally acquired brands are initially
recorded at cost if separately acquired
or\u00a0fair value if acquired as part of
a\u00a0business combination, provided
the\u00a0brands are controlled through
contractual or other legal rights, or are
separable from the rest of the business.
Cost includes the fair value of
contingent purchase consideration
at\u00a0the acquisition date.
The costs of developing internally
generated brands are expensed
as\u00a0incurred.
Management agreements
Management agreements acquired
as\u00a0part of a business combination
are\u00a0initially recognised at the fair
value\u00a0attributed to those contracts
on\u00a0acquisition and are subsequently
amortised on a straight-line basis
over\u00a0the term of the agreements,
including any extension periods at
the\u00a0Group\u2019s option.
Software
Internally generated software development
costs are capitalised when all of the
following can be demonstrated:
\u2013 The ability and intention to complete
the project;
\u2013 That the completed software will
generate probable future economic
benefits;
\u2013 The availability of adequate technical,
financial and other resources to
complete the project; and
\u2013 The ability to measure the expenditure.
Amounts capitalised typically include
internal and third-party labour and
consultancy costs. Costs incurred
before the above criteria are satisfied
in\u00a0the research phase are expensed.
In\u00a0addition, configuration and
customisation costs relating to cloud
computing arrangements are expensed.
Following initial recognition, the asset
is\u00a0carried at cost less any accumulated
amortisation and impairment losses.
Costs are generally amortised over
estimated useful lives of three to five
years on a straight-line basis with the
exception of the Guest Reservation
System, which is amortised over
seven\u00a0to\u00a010 years (see page 209).
Property, plant and equipment
Property, plant and equipment are
stated at cost less depreciation and
any\u00a0accumulated impairment.
Repairs and maintenance costs are
expensed as incurred.
Land is not depreciated. All other
property, plant and equipment are
depreciated to a residual value over
their\u00a0estimated useful lives, namely:
\u2013 Buildings \u2013 over a maximum of
50 years; and
\u2013 Fixtures, fittings and equipment \u2013
three to 25 years.
All depreciation is charged on a straight-
line basis. Residual value is reassessed
annually.
Where the Group holds land or other
property which it intends to occupy and
provide hotel services, either as owner
or\u00a0manager, it is classified as property,
plant and equipment.
Leases
The Group as lessee
On inception of a contract, the Group
assesses whether it contains a lease.
A\u00a0contract contains a lease when it
conveys the right to control the use of
an identified asset for a period of time
in\u00a0exchange for consideration. The
right\u00a0to use the asset and the obligation
under\u00a0the lease to make payments are
recognised in the Group statement
of\u00a0financial position as a right-of-use
asset\u00a0and a lease liability.
Lease contracts may contain both lease
and non-lease components. The Group
allocates payments in the contract to
the\u00a0lease and non-lease components
based on their relative stand-alone prices
and applies the lease accounting model
only to lease components.
The right-of-use asset recognised at
lease commencement includes the
amount of lease liability recognised,
initial direct costs incurred and lease
payments made at or before the
commencement date, less any lease
incentives received. Right-of-use assets
are depreciated to a residual value over
the shorter of the asset\u2019s estimated
useful life and the lease term. Right-of-
use assets are also adjusted for any
remeasurement of lease liabilities and
are\u00a0subject to impairment testing.
Residual value is reassessed annually.
A lease liability is recorded when the
leased asset is available for use by
the\u00a0Group and is initially measured at
the\u00a0present value of the lease payments
to\u00a0be made over the lease term. The
lease payments include fixed payments
(including \u2018in-substance fixed\u2019 payments)
and variable lease payments that
depend on an index or a rate (initially
measured using the index or rate at
commencement), less any lease
incentives receivable. In calculating the
present value of lease payments, the
Group uses its incremental borrowing
rate at the lease commencement date
if\u00a0the interest rate\u00a0implicit in the lease
is\u00a0not readily determinable.
The Group has certain leases where
rental payments are reduced if
insufficient cash flows are generated
by\u00a0the hotel. These leases are treated
as\u00a0fully variable as there is no floor
to\u00a0the\u00a0rent reduction.
The lease term includes periods subject
to extension options which the Group
is\u00a0reasonably certain to exercise and
excludes the effect of early termination
options where the Group is reasonably
certain that it will not exercise the option.
Minimum lease payments include the
cost of a purchase option if the Group
is\u00a0reasonably certain it will purchase
the\u00a0underlying asset after the lease term.
After the commencement date, the
amount of lease liabilities is increased
to\u00a0reflect the accretion of interest and
reduced for lease payments made.
The\u00a0carrying amount of lease liabilities
is\u00a0re-measured if there is a modification,
a change in the lease term or a change
in lease payments as a result of a rent
review or change in the relevant index
or\u00a0rate.
Variable lease payments are payable
under certain of the Group\u2019s hotel leases
and arise where the Group is committed
to making lease payments that are
contingent on the performance of these
hotels. Such lease payments that do
not\u00a0depend on an index or a rate are
recognised as an expense in the period
over which the event or condition that
triggers the payment occurs.
The Group has opted not to apply the
lease accounting model to intangible
assets, leases of low\u2011value assets or
leases which have a term of less than
12\u00a0months. Costs associated with these
leases are recognised as an expense on
a straight-line basis over the lease term.
Payments and receipts are presented
as\u00a0follows in the Group statement of
cash flows:
\u2013 Short-term lease payments, payments
for leases of low-value assets and
variable lease payments that are not
included in the measurement of the
lease liabilities are presented within
cash flows from operating activities;
\u2013 Payments for the interest element
of\u00a0recognised lease liabilities are
included in interest paid within cash
flows from operating activities; and
\u2013 Payments for the principal element
of\u00a0recognised lease liabilities are
presented within cash flows from
financing activities.
The Group as lessor
Leases, including subleases, for which
the Group is a lessor are classified as
finance or operating leases. Whenever
the terms of the lease transfer
substantially all the risks and rewards
of\u00a0ownership to the lessee, the lease is
classified as a finance lease. All other
leases are classified as operating leases.
Where a leased property earns rentals
under an operating sublease outside
of\u00a0the normal course of business, the
Group\u2019s interest in the lease is classified
as an investment property within right-
of-use assets; these are subsequently
measured under the cost model.
When the lease is classified as an
operating lease, rental income arising
is\u00a0accounted for on a straight-line
basis\u00a0in the Group income statement.
When the lease is classified as a finance
lease, the Group\u2019s interest in the lease
is\u00a0derecognised and is replaced by a
finance lease receivable. Any difference
between those amounts is recognised
in\u00a0the Group income statement. Finance
lease receivables are presented within
other receivables and are initially
measured at the present value of lease
payments receivable under the sublease
plus any initial direct costs. Finance lease
interest is recognised within financial
income in the Group income statement.
Receipts are presented as follows in
the\u00a0Group statement of cash flows:
\u2013 Receipts from operating leases are
presented within cash flows from
operating activities; and
\u2013 Receipts of principal from finance
leases are presented within cash
flows\u00a0from investing activities.
Associates and joint ventures
An associate is an entity over which
the\u00a0Group has significant influence.
Significant influence is the power to
participate in the financial and operating
policy decisions of the entity, but is
not\u00a0in control or joint control over those
policies. A joint venture exists when two
or more parties have joint control over,
and rights to the net assets of, the
venture. Joint control is the contractually
agreed sharing of control which only
exists when decisions about the relevant
activities require the unanimous consent
of the parties sharing control.
In determining the extent of power
or\u00a0significant influence, consideration
is\u00a0given to other agreements between
the Group, the investee entity, and
the\u00a0investing partners. This includes
any\u00a0related management or franchise
agreements and the existence of
any\u00a0performance guarantees.
Associates and joint ventures are
accounted for using the equity method
unless the associate or joint venture
is\u00a0classified as held for sale. Under the
equity method, the Group\u2019s investment
is recorded at cost adjusted by the
Group\u2019s share of post-acquisition profits
and losses, and other movements in the
investee\u2019s reserves, applying consistent
accounting policies. When the Group\u2019s
share of losses exceeds its interest
in\u00a0an\u00a0associate or joint venture, the
Group\u2019s carrying amount is reduced
to\u00a0$nil and\u00a0recognition of further losses
is\u00a0discontinued except to the extent
that\u00a0the Group has incurred legal
or\u00a0constructive obligations or made
payments on behalf of an associate
or\u00a0joint venture.
If there is objective evidence that an
associate or joint venture is impaired,
an\u00a0impairment charge is recognised if
the carrying amount of the investment
exceeds its recoverable amount.
Upon loss of significant influence
over\u00a0an associate or joint control of a
joint venture, any retained investment
is\u00a0measured at fair value with any
difference to carrying value recognised
in\u00a0the Group income statement.
Impairment of non-financial assets
Non-financial assets are tested for
impairment when events or changes
in\u00a0circumstances indicate that the
carrying value may not be recoverable
and, in the case of goodwill and brands
with indefinite lives, at least annually.
Assets that do not generate
independent\u00a0cash inflows are allocated
to\u00a0the cash-generating unit (\u2018CGU\u2019),
or\u00a0group of CGUs, to which they belong.
For impairment testing of owned and
leased hotel properties, each hotel is
deemed to be a CGU.
If carrying values exceed their
estimated\u00a0recoverable amount, the
assets or CGUs\u00a0are written down to
the\u00a0recoverable amount. Recoverable
amount is the greater of fair value less
costs of disposal and value in use. Value
in use is assessed based on estimated
future cash flows, including the effect
of\u00a0inflation, discounted to their present
value using a pre-tax nominal discount
rate that reflects current market
assessments of the time value of money
and the risks specific to the asset.
With the exception of goodwill, an
assessment is made at each reporting
date to determine whether there is an
indication that previously recognised
impairment losses no longer exist or have
decreased. A previously recognised
impairment loss is reversed only if
there\u00a0has been a significant change
in\u00a0the assumptions used to determine
the asset\u2019s recoverable amount since
the\u00a0impairment loss was recognised.
The reversal is limited so that the
carrying amount of the asset does
not\u00a0exceed its\u00a0recoverable amount,
nor\u00a0exceed the\u00a0carrying amount that
would\u00a0have been determined, net of
depreciation or\u00a0amortisation, had no
impairment loss\u00a0been recognised
for\u00a0the\u00a0asset in\u00a0prior years.
Impairment losses, and any subsequent
reversals, are recognised in the Group
income statement.
Financial assets
On initial recognition, the Group classifies
its financial assets as being subsequently
measured at amortised cost, fair value
through other comprehensive income
(\u2018FVOCI\u2019) or fair value through profit
or\u00a0loss (\u2018FVTPL\u2019).
Financial assets which are held to collect
contractual cash flows and give rise to
cash flows that are solely payments of
principal and interest are subsequently
measured at amortised cost. Interest
on\u00a0these assets is calculated using
the\u00a0effective interest rate method and
is\u00a0recognised in the Group income
statement as financial income.
The\u00a0Group recognises a provision for
expected credit losses for financial
assets held at amortised cost. With the
exception of trade receivables, where
there has not been a significant increase
in credit risk since initial recognition,
provision is made for defaults that
are\u00a0possible within the next 12 months.
Where there has been a significant
increase in credit risk since initial
recognition, for example trade deposits
and loans where the borrower is in
financial difficulty or has not met
repayments as they fall due, provision
is\u00a0made for credit losses expected
over\u00a0the remaining life of the asset.
The Group has elected to irrevocably
designate equity investments as FVOCI
as they mainly comprise strategic
investments in entities that own hotels
which the Group manages. Changes in
their value are recognised within gains
or\u00a0losses on equity instruments classified
as FVOCI in the Group statement of
comprehensive income and are never
recycled to the Group income statement.
On disposal, any related balance within
the fair value reserve is reclassified to
retained earnings. Dividends from equity
investments classified as FVOCI are
recognised in the Group income
statement as other operating income
when the dividend has been declared,
when receipt of the funds is probable
and when the dividend is not a return
of\u00a0invested capital. Equity instruments
classified as FVOCI are not subject to
an\u00a0impairment assessment.
Financial assets not meeting the
above\u00a0criteria are measured at FVTPL.
These include money market funds,
investments which do not meet the
definition of equity and other financial
assets which do not meet the criteria
to\u00a0be measured at amortised cost
or\u00a0FVOCI.
Trade receivables
A trade receivable is recorded when
the\u00a0Group has an unconditional right to
receive payment. In respect of franchise
fees, base and incentive management
fees, technology fees and revenues
from\u00a0owned & leased hotels, the invoice
is\u00a0typically issued as\u00a0the related
performance obligations are satisfied,
as\u00a0described on pages 184\u00a0and 185.
Trade receivables typically do not bear
interest and are generally on\u00a0payment
terms of up to 30 days.
Trade receivables are initially recognised
at\u00a0fair value and subsequently measured
at amortised cost. A provision
for\u00a0impairment is made for lifetime
expected credit losses. The Group has
established a provision matrix that is based
on its historical credit loss experience
by\u00a0region and number of days past due.
Where the historical experience is not
relevant to defined owner groups, for
example those in financial distress, lifetime
expected credit losses are calculated by
reference to recent credit loss experience
for that specific population.
Trade receivables are written off
once\u00a0determined to be uncollectable.
Cash and cash equivalents
Cash comprises cash on hand
and\u00a0demand deposits.
Cash and cash equivalents comprise
short-term deposits, money market
funds and repurchase agreements
that\u00a0are readily convertible to a known
amount of cash and are subject to an
insignificant risk of changes in value.
They generally have an original maturity
of\u00a0three months or less.
Cash and cash equivalents may include
amounts which are subject to regulatory
or other contractual restrictions and
are\u00a0not available for general use by
the\u00a0Group.
Cash balances are classified as other
financial assets when the Group is not
able to freely access the funds
because they are subject to a specific
charge or other restrictions.
Money market funds
Money market funds are held at
FVTPL,\u00a0with distributions recognised
in\u00a0financial income.
Bank and other borrowings
Bank and other borrowings are initially
recognised at the fair value of the
consideration received less directly
attributable transaction costs. They
are\u00a0subsequently measured at
amortised cost.
Borrowings are classified as non-current
when there is a right, that has substance,
at the reporting date to defer settlement
for at least 12 months after the
reporting\u00a0date.
Contingent and deferred
purchase\u00a0consideration
Trade and other payables includes
contingent and deferred purchase
consideration relating to business
combinations and brand asset
acquisitions.
Contingent purchase consideration
is\u00a0measured at fair value on the date
of\u00a0acquisition. Contingent purchase
consideration relating to business
combinations and brand asset acquisitions
are subsequently remeasured at fair
value and amortised cost, respectively.
Remeasurement gain and losses are
recognised on the face of\u00a0the Group
income statement below operating profit.
Deferred purchase consideration is
subsequently measured at amortised
cost and the effect of unwinding the
discount is recorded in financial expenses.
Payments of contingent and deferred
purchase consideration reduce
the\u00a0respective liabilities. In respect
of\u00a0contingent purchase consideration,
the\u00a0portion of each payment relating
to\u00a0its original estimate of fair value on
acquisition is reported within cash flow
from investing activities in the Group
statement of cash flows and the portion
of each payment relating to the increase
or decrease in the liability since the
acquisition date is reported within
cash\u00a0flows from operating activities.
In\u00a0respect of deferred purchase
consideration, the\u00a0cash paid in excess
of\u00a0the initial fair value is reported within
cash flow from operating activities,
and\u00a0the remainder is reported within
cash flows from investing activities.
Derivative financial instruments
and\u00a0hedging
Derivatives are initially recognised
and\u00a0subsequently measured at fair value.
The subsequent accounting treatment
depends on whether the derivative is
designated as a hedging instrument and,
if so, the nature of the item being hedged.
Changes in the fair value of derivatives
which have either not been designated
as hedging instruments or relate to
the\u00a0ineffective portion of hedges are
recognised immediately in the Group
income statement.
Documentation outlining the measurement
and effectiveness of any hedging
arrangement is maintained throughout
the life of the hedge relationship.
Interest arising from currency derivatives
and interest rate swaps is recorded in
either financial income or expenses over
the term of the agreement, unless the
accounting treatment for the hedging
relationship requires the interest to
be\u00a0taken to reserves.
Within the Group statement of cash
flows, interest paid includes interest
paid\u00a0on the Group\u2019s bonds and the
related derivative financial instruments.
Cash flow hedges
Financial instruments are designated
as\u00a0cash flow hedges when they hedge
exposure to variability in cash flows
that\u00a0are attributable to either a highly
probable forecast transaction or
a\u00a0particular risk associated with a
recognised asset or liability.
Changes in the fair value are recorded
in\u00a0other comprehensive income
and\u00a0cash flow hedge reserves to the
extent\u00a0that the hedges are effective.
When the\u00a0hedged item is recognised,
the cumulative gains and losses on
the\u00a0related hedging instrument are
reclassified to the Group income
statement, within financial expenses.
Net investment hedges
Financial instruments are designated
as\u00a0net investment hedges when they
hedge the Group\u2019s net investment
in\u00a0foreign operations.
Changes in the fair value are recorded
in\u00a0other comprehensive income and
the\u00a0currency translation reserve to the
extent that the hedges are effective.
The\u00a0cumulative gains and losses remain
in\u00a0equity until the relevant foreign
operation is disposed, at which\u00a0point
they\u00a0are reclassified to the\u00a0Group
income\u00a0statement as part of\u00a0the
gain\u00a0or\u00a0loss on disposal.
Financial guarantee contracts
In limited cases, the Group may guarantee
part of mortgage loans made to facilitate
third-party ownership of\u00a0hotels under IHG
management or franchise arrangements.
The Group has\u00a0elected to apply the
requirements of\u00a0IFRS 9 \u2018Financial
Instruments\u2019 to these arrangements.
Financial guarantee contracts are initially
recognised at fair value and subsequently
measured at the higher of the amount
calculated under the Group\u2019s expected
credit loss model and any amount initially
recognised less cumulative amounts
recognised in accordance with the
Group\u2019s revenue recognition policy.
The\u00a0carrying value of\u00a0financial guarantee
liabilities is immaterial for all periods
presented.
Fair value measurement
The Group measures each of the
following at fair value on a recurring
basis:
\u2013 Financial assets and liabilities
measured at FVTPL;
\u2013 Financial assets measured at
FVOCI;\u00a0and
\u2013 Derivative financial instruments.
Other assets are measured at fair value
when impaired or re-measured on
classification as held for sale by reference
to fair value less costs of disposal.
Fair value is the price that would be
received to sell an asset or paid to transfer
a liability in an orderly transaction
between market participants. Fair value
is\u00a0measured by reference to the principal
market for the asset or liability assuming
that market participants act in their
economic best interests.
The fair value of a non-financial asset
assumes the asset is used in its highest
and best use, either through continuing
ownership or by selling it.
The Group uses valuation techniques
that maximise the use of relevant
observable inputs using the following
valuation hierarchy:
Level 1: Quoted (unadjusted) prices
in\u00a0active markets for identical
assets or liabilities.
Level 2: Other techniques for which all
inputs which have a significant
effect on the recorded fair value
are observable, either directly
or\u00a0indirectly.
Level 3:Techniques which use inputs
which have a significant effect
on the recorded fair value that
are not based on observable
market data.
For assets and liabilities measured at
fair\u00a0value on a recurring basis, the Group
determines whether transfers have
occurred between levels in the hierarchy
by reassessing categorisation (based on
the lowest level input that is significant
to\u00a0the fair value measurement as a whole)
at the end of each reporting period.
Further disclosures on the particular
valuation techniques used by the Group
are provided in note 24.
Where significant assets, such as property,
are valued by reference to fair value less
costs of disposal, an external valuation will
normally be obtained using\u00a0professional
valuers who have appropriate market
knowledge, reputation and independence.
Offsetting of financial assets
and\u00a0financial liabilities
Financial assets and financial liabilities
are offset and the net amount is
reported in the Group statement of
financial position if there is a currently
enforceable legal right to offset the
recognised amounts and there is an
intention to settle on a net basis or to
realise the assets and settle the liabilities
simultaneously. To meet these criteria,
the right of set-off must not be contingent
on a future event and must be legally
enforceable in all of the following
circumstances: the normal course of
business; the event of default; and the
event of insolvency or bankruptcy of
the\u00a0Group and all of the\u00a0counterparties.
Taxes
Current tax
Current income tax assets and liabilities
for\u00a0the current and prior periods are
measured at the amount expected to
be\u00a0recovered from, or paid to, the tax
authorities. The tax rates and tax laws
used to compute the amount are those
that are enacted or substantively enacted
at the end of the reporting period.
The calculation of the Group\u2019s current
tax charge involves consideration of
applicable tax laws and regulations in
many jurisdictions throughout the world.
From time to time, the Group is subject
to tax audits and uncertainties in these
jurisdictions. The issues involved can be
complex and audits may take a number
of years to conclude. Where the
interpretation of local tax law is not clear,
management relies on judgement and
accounting estimates to ensure all
uncertain tax positions are adequately
provided for in the Group Financial
Statements, in accordance with IFRIC 23
\u2018Uncertainty over Income Tax Treatments\u2019,
representing the Group\u2019s view of the
most\u00a0likely outcome or, where multiple
issues are considered likely to be settled
together, the probability weighted
amounts of the range of possible
outcomes.
This may involve consideration of
some\u00a0or all of the following factors:
\u2013 strength of technical argument,
impact of case law and clarity
of\u00a0legislation;
\u2013 professional advice;
\u2013 experience of interactions, and
precedents set, with the particular
taxing authority; and
\u2013 agreements previously reached in
other jurisdictions on comparable
issues.
Deferred tax
Deferred tax assets and liabilities arise
and are generally recognised in respect
of temporary differences between the
tax base and carrying value of assets
and liabilities.
Deferred tax is calculated at the tax
rates\u00a0that are expected to apply in the
periods in which the asset is released
or\u00a0the liability will be settled, based
on\u00a0tax rates and laws enacted or
substantively enacted at the end
of\u00a0the\u00a0reporting period.
Judgement is used when assessing
the\u00a0extent to which deferred tax assets,
particularly in respect of tax losses,
should be recognised. Deferred tax
assets are only recognised to the extent
that it is regarded as probable that there
will be sufficient and suitable taxable
profits or deferred tax liabilities in the
relevant legal entity or tax group against
which such assets can be utilised in
the\u00a0future. For this purpose, forecasts
of\u00a0future profits are considered by
assessing estimated future cash flows,
consistent with those disclosed on
page 183 within \u2018Going concern\u2019.
Tax\u00a0assumptions are overlaid to
these\u00a0profit forecasts to estimate
the\u00a0future taxable profits.
Deferred tax is not provided on
temporary differences arising on
investments in subsidiaries where the
Group is able to control the timing of
the\u00a0reversal and it is probable that the
temporary difference will not reverse
in\u00a0the foreseeable future.
Where deferred tax assets and liabilities
arise in the same entity, or group of
entities, and there would be a legal right
to\u00a0offset the assets and liabilities were
they to reverse, the assets and liabilities
are also offset in the Group statement
of\u00a0financial position.
The Group has applied the exception to
recognising and disclosing information
about deferred tax assets and liabilities
related to Pillar Two income taxes.
Retirement benefits
Defined contribution plans
Payments to defined contribution plans
are charged to the Group income
statement as they fall due.
Defined benefit plans
Plan assets are measured at fair value
and plan liabilities are measured on an
actuarial basis using the projected unit
credit method, discounted at an interest
rate equivalent to the current rate of
return on a high-quality corporate bond
of equivalent currency and term to the
plan liabilities. The difference between
the value of plan assets and liabilities at
the period-end date is the amount of
surplus or deficit recorded in the Group
statement of financial position as an
asset or liability. An asset is recognised
when the employer has an unconditional
right to use the surplus at some point
during the life of the plan or on its
wind-up.
The service cost of providing pension
benefits to employees, together with
the\u00a0net interest expense or income
for\u00a0the year, is charged to the Group
income statement within administrative
expenses. Net interest is calculated
by\u00a0applying the discount rate to the
net\u00a0defined benefit asset or liability,
after\u00a0any\u00a0asset restriction.
Remeasurements comprise actuarial
gains and losses, the return on plan
assets and changes in the amount of
any asset restrictions. Actuarial gains
and losses may result from differences
between the actuarial assumptions
underlying the plan liabilities and actual
experience during the year or changes
in\u00a0the actuarial assumptions used
in\u00a0the\u00a0valuation of the plan liabilities.
Remeasurement gains and losses,
and\u00a0taxation thereon, are recognised
in\u00a0other comprehensive income and
are\u00a0not reclassified to profit or loss
in\u00a0subsequent periods.
Actuarial valuations are carried out
on\u00a0a\u00a0regular basis and are updated for
material transactions and other material
changes in circumstances (including
changes in market prices and interest
rates) up to the end of the reporting
period.
Deferred compensation plan
The Group operates a deferred
compensation plan in the US which
allows certain employees to make
additional provision for retirement
through the deferral of salary with
matching company contributions within
a\u00a0dedicated trust. The related assets
and\u00a0liabilities are recognised in the
Group statement of financial position.
The Group\u2019s obligation to employees
under the plan is limited to the fair value
of\u00a0assets held by the plan and so the
assets and liabilities are valued at the
same amount, with no net impact
on\u00a0profit or\u00a0loss.
Share-based payments
The cost of equity-settled share-based
payment transactions with employees
is\u00a0measured by reference to fair value at
the date at which the right to the shares
is granted. Fair value is determined
by\u00a0an\u00a0external valuer using option
pricing models.
The cost of equity-settled share-based
payment transactions is recognised,
together with a corresponding increase
in equity, over the period in which any
performance or service conditions are
fulfilled, ending on the date on which
the\u00a0relevant employees become fully
entitled to the award (vesting date).
The Group income statement charge
represents the movement in cumulative
expense recognised at the beginning
and end of that year. No expense is
recognised for awards that do not
ultimately vest, except for awards where
vesting is conditional upon a market or
non-vesting condition, which are treated
as vesting irrespective of whether or
not\u00a0the market or non-vesting condition
is\u00a0satisfied, provided that all other
performance and/or service conditions
are satisfied.
Provisions
Provisions are recognised when
the\u00a0Group has a present obligation as
a\u00a0result of a past event, it is probable that
a\u00a0payment will be made and a reliable
estimate of the amount payable can
be\u00a0made. If the effect of the time value
of money is material, the provision
is\u00a0discounted using a current pre-tax
discount rate that reflects the risks
specific to the liability.
Commercial litigation and disputes
A provision is made when management
consider it probable that payment may
occur and the amount can be reliably
estimated even though the defence of
the related claim may still be ongoing
through the court or arbitration process.
Self-insurance reserves
The Group holds insurance policies with
third-party insurers against certain risks
relating to its corporate operations and
owned and leased properties. Certain risks
are reinsured through the Group\u2019s captive
insurance company (the \u2018Captive\u2019),
SCH\u00a0Insurance Company. This reduces
the cost of insurance to the Group.
For both the Group\u2019s self-insurance
provisions and its external insurance
obligations, in addition to the Captive
obtaining regulatory approval, each line
of\u00a0insurance is subject to review and
approval by the Insurance Executive
Sub-Committee. The level of retained
risk and expected loss is reviewed
annually to balance the level of risk
against external risk transfer costs.
Insurance reserves are held principally
in\u00a0the Captive. They are established
using independent actuarial
assessments, which reflect current
expectations of the future economic
outlook, or are based on past claims
experience provided by third parties.
Amounts utilised are principally paid
to\u00a0third-party insurers or dedicated
claims handlers for subsequent
settlement with the claimant.
Insurance
The Group\u2019s insurance reserves relating
to managed hotels are included in the
Group statement of financial position as
insurance liabilities. Insurance liabilities
include both claims which are incurred
but not reported (\u2018IBNR\u2019) and those
reported but not yet settled. Reserves
are established using IFRS 17\u2019s premium
allocation approach, as all policies have
a duration of 12 months or less, and
incorporate independent actuarial
assessments which reflect current
expectations of the future economic
outlook and past claims experience.
The Group assesses other arrangements
with guarantees and similar features
to\u00a0determine whether an insurance
contract exists. No material contracts
have been identified to date.
Insurance revenue and insurance
expenses are presented separately
within the Group income statement.
Insurance revenue comprises
reinsurance premiums which are
recognised over the period of coverage;
insurance expenses comprise the cost
of\u00a0claims and associated expenses.
The\u00a0effect of discounting is immaterial.
In order to protect certain third-party
insurers against the solvency risk of
the\u00a0Captive, the Group obtains stand-by
letters of credit (\u2018SBLCs\u2019) from various
banks with a total value of $75m
(2024: $84m). Other Group companies
indemnify the banks against losses
under these SBLCs, however this
represents a secondary guarantee
of\u00a0the\u00a0Group\u2019s obligations which are
already recorded on the statement of
financial position, either as insurance
liabilities under IFRS 17 or as self-
insurance provisions. No additional
liability is therefore recorded in
respect\u00a0of these indemnities.
Disposal of non-current assets
The Group recognises sales proceeds
and any related gain or loss on disposal
on\u00a0completion of the sales process.
In\u00a0determining whether the gain or
loss\u00a0should be recorded, the Group
considers whether it:
\u2013 has a continuing managerial
involvement to the degree
associated\u00a0with asset ownership;
\u2013 has transferred the significant risks
and rewards associated with asset
ownership; and
\u2013 can reliably measure and will
actually\u00a0receive the proceeds.
Equity share capital and reserves
Equity share capital
Equity share capital includes the total
net\u00a0proceeds (both nominal value
and\u00a0share premium) on issue of the
Company\u2019s equity share capital. Share
premium represents the amount of
proceeds received for shares in excess
of\u00a0their nominal value.
Capital redemption reserve
The capital redemption reserve
maintains the nominal value of the
equity share capital of the Company
when shares are repurchased
and\u00a0cancelled.
Shares held by employee share trusts
Shares held by employee share trusts
comprise ordinary shares held by
employee share trusts.
Other reserves
Other reserves comprise the merger
and\u00a0revaluation reserves previously
recognised under UK GAAP, together
with the reserve arising as a consequence
of the Group\u2019s capital reorganisation in
June 2005. The revaluation reserve relates
to the previous revaluations of property,
plant and equipment which were
included at deemed cost on adoption
of\u00a0IFRS. Following the change in
presentational currency to US dollars
in\u00a02008, this reserve also includes
exchange differences arising on
retranslation to period-end exchange
rates of equity share capital, the capital
redemption reserve and shares held
by\u00a0employee share trusts.
Fair value reserve
The fair value reserve comprises
movements in the value of financial
assets measured at fair value through
other comprehensive income.
Cash flow hedge reserves
The cash flow hedge reserves comprise:
\u2013 Cash flow hedge reserve: the
effective\u00a0portion of the cumulative
net\u00a0change in the fair value of hedging
instruments used in cash flow hedges
pending subsequent recognition
in\u00a0profit or loss; and
\u2013 Cost of hedging reserve: the gain
or\u00a0loss which is excluded from
the\u00a0designated hedging instrument
relating to the foreign currency
basis\u00a0spread of currency swaps.
Currency translation reserve
The currency translation reserve
comprises the movement in exchange
differences arising from the translation
of foreign operations and exchange
differences on foreign currency
borrowings and derivative financial
instruments that provide an effective
hedge against net investments in
foreign\u00a0operations. On adoption of IFRS,
cumulative exchange differences were
deemed to be $nil.
Non-controlling interest
A non-controlling interest is equity in a
subsidiary of the Group not attributable,
directly or indirectly, to the Group.
Climate change
There are no climate-related estimates
and assumptions that have a material
impact on asset values in the Group
Financial Statements. In particular,
the\u00a0following have been considered:
\u2013 In the case of goodwill and brands,
the\u00a0carrying value is recovered in
less\u00a0than five years under the Base
Case\u00a0forecasts and is not susceptible
to\u00a0medium-term risks.
\u2013 In the case of the InterContinental
Boston, for which the lease expires
in\u00a02105, the last impairment test
performed indicated sufficient
headroom above the asset value
before the asset would be impaired.
\u2013 In the case of other hotel assets
(within\u00a0property, plant and equipment,
right-of-use assets, associates or
other\u00a0financial assets) the remaining
economic lives, whether they are
sensitive to the impact of transitional
risks or are susceptible to physical
risks.
\u2013 In the case of contract assets, the
term of the management agreement
and the significant headroom of fee
income over the asset carrying value.
\u2013 In the case of trade deposits and
loans, the short-term repayment
period of these assets.
\u2013 In the case of insurance liabilities and
self-insurance provisions, the lines of
insurance written by the Captive and
procured externally, the terms of
those policies and coverage from
third-party insurers.
\u2013 The period of coverage of performance
guarantees and owner loan guarantees,
together with caps on the Group\u2019s
exposure.
Additionally, increasing operating costs
over the medium term, for example
energy, are not expected to have a
material impact on any of the
Group\u2019s\u00a0assets.
While there is currently no material
medium-term impact expected from
climate change, the risks attached
to\u00a0climate change continue to evolve
and\u00a0these will continue to be assessed
against the Group\u2019s judgements
and\u00a0estimates.
New accounting standards
and\u00a0other\u00a0changes
Adoption of new accounting standards
From 1 January 2025, the Group has
applied the following amendments:
\u2013 IAS 21 \u2013 Lack of Exchangeability
The amendment has not had a material
impact on the Group\u2019s reported financial
performance or position.
New standards issued but not
yet\u00a0effective
From 1 January 2026, the Group
will\u00a0apply the amendments to:
\u2013 IFRS 7 and 9 \u2013 Amendments to the
Classification and Measurement
of\u00a0Financial Instruments;
\u2013 IFRS 7 and 9 \u2013 Contracts Referencing
Nature-dependent Electricity; and
\u2013 Amendments arising from the IASB\u2019s
Annual Improvements Volume 11.
From 1 January 2027, the Group will
apply the amendment to:
\u2013 IAS 21 \u2013 Translation to a
Hyperinflationary Presentation
Currency.
There is no anticipated material
impact\u00a0from these amendments
on\u00a0the\u00a0Group\u2019s reported financial
performance or position.
IFRS 18 Presentation and Disclosure
in\u00a0Financial Statements
The Group will adopt IFRS 18 with
effect\u00a0from 1 January 2027. This will
replace IAS\u00a01 \u2018Presentation of Financial
Statements\u2019. IFRS 18 will require entities
to classify all income and expenses
within the income statement into
the\u00a0following categories: operating,
investing, financing, tax and
discontinued operations and will
introduce two new defined subtotals
within the Group income statement,
operating profit and profit before
financing and income taxes. Operating
profit, as defined by IFRS 18, will differ
from operating profit as reported
in\u00a0these financial statements. The
primary differences are expected to
be\u00a0the inclusion of foreign exchange
gains and losses and exclusion of the
Group\u2019s share of\u00a0profit and losses of
associates and joint ventures from IFRS
18\u2019s operating profit. The Group\u2019s share
of profit and losses of associates and
joint ventures will form part of IFRS 18\u2019s
investing category.
IFRS 18 will require restatement
of\u00a0comparative periods. There will be
no\u00a0change to the Group\u2019s reported
profit\u00a0for the year ended 31 December
2025 or net liabilities as that date when
reported, in 2027, after adoption of
IFRS\u00a018.
IFRS 18 introduces additional disclosures
within the notes to the Group financial
statements for management-defined
performance measures (subtotals of
income and expense that communicate
management\u2019s view of the performance
of the Group as a whole). Disclosures
relating to Non-GAAP measures that
meet IFRS 18\u2019s management-defined
performance measures definition,
primarily adjusted profit and interest
measures, will be included within the
financial statements in 2027.
The new standard introduces new
principles around aggregation and
disaggregation of information within
the\u00a0financial statements. Related
amendments to IAS 7 \u2018Statement of
Cash Flows\u2019 will require the Group
statement of cash flows to reconcile
operating profit or loss to operating
cash\u00a0flows and will change the Group\u2019s
classification of cash flows from
dividends and interest.
The Group has completed its initial
impact assessment, highlighting the
key\u00a0impacts of the standard as set out
above. This work will continue in 2026.
Other changes
Foreign exchange gains and losses,
which are primarily related to the
Group\u2019s\u00a0internal funding\u00a0structure, have
been presented on a separate line of
the\u00a0Group income statement to provide
greater clarity over a significant balance.
The 2024 and 2023 amounts were
previously presented within \u2018Financial
expenses\u2019. Note 7 has been revised to
exclude foreign exchange gains and
losses in the comparative periods.
Where\u00a0applicable to other notes, foreign
exchange gains and losses and net
financial expenses are now presented
separately in all periods, with no change
in\u00a0totals.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:2138007ZFQYRUSLU3J98", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-650": { "value": "
Basis of consolidation
The Consolidated Financial Statements
comprise the financial statements of the
Parent Company and entities controlled
by the Group. Control exists when the
Group has:
\u2013 power over an investee (i.e., existing
rights that give it the current ability
to\u00a0direct the relevant activities of
the\u00a0investee);
\u2013 exposure, or rights, to variable
returns\u00a0from its involvement with
the\u00a0investee; and
\u2013 the ability to use its power over
the\u00a0investee to affect its returns.
All intra-group balances and transactions
are eliminated on consolidation.
The assets, liabilities and results of those
businesses acquired or disposed of are
consolidated for the period during which
they were under the Group\u2019s control.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:2138007ZFQYRUSLU3J98", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-651": { "value": "
Foreign currencies
Within the Group\u2019s subsidiaries,
transactions in foreign currencies are
translated to the subsidiary\u2019s functional
currency at the exchange rates ruling
on\u00a0the dates of the transactions.
Monetary assets and liabilities
denominated in foreign currencies
are\u00a0retranslated to the subsidiary\u2019s
functional currency at the relevant rates
of\u00a0exchange ruling on the last day of
the\u00a0period. On consolidation:
\u2013 The assets and liabilities of foreign
operations of the Group\u2019s subsidiaries
with a functional currency other
than\u00a0US dollars are translated into
US\u00a0dollars at the relevant rates of
exchange ruling on the last day of the
period. The revenues and expenses
of\u00a0foreign operations are translated
into US dollars at average rates
of\u00a0exchange for each month of the
reporting period. The Group treats
specific intercompany loan balances,
which are not intended to be repaid
in\u00a0the foreseeable future, as part
of\u00a0its\u00a0net investment. The exchange
differences arising on retranslation
are\u00a0taken to the currency translation
reserve; and
\u2013 Exchange differences arising from
the\u00a0translation of instruments that
are\u00a0designated as a hedge against a
net investment in a foreign operation
are taken to the currency translation
reserve.
On disposal of a foreign operation,
the\u00a0cumulative amount recognised in
the currency translation reserve relating
to\u00a0that particular foreign operation is
recycled as part of the gain or loss
on\u00a0disposal.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:2138007ZFQYRUSLU3J98", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-652": { "value": "
Revenue recognition
Revenue is recognised at an amount
that\u00a0reflects the consideration to which
the Group expects to be entitled in
exchange for transferring goods or
services to a customer.
Fee business revenue
Under franchise agreements, the Group\u2019s
performance obligation is to\u00a0provide a
licence to use IHG\u2019s trademarks and other
intellectual property. Franchise royalty
fees are typically charged as a percentage
of hotel gross rooms revenues and are
treated as variable consideration,
recognised as the underlying hotel
revenues occur.
Under management agreements,
the\u00a0Group\u2019s performance obligation is
to\u00a0provide hotel management services
and a licence to use IHG\u2019s trademarks
and other intellectual property. Base and
incentive management fees are typically
charged. Base management fees are
typically a percentage of total hotel
revenues and incentive management
fees are generally based on the hotel\u2019s
profitability or cash flows. Both are
treated as variable consideration. Like
franchise fees, base management fees
are recognised as the underlying hotel
revenues occur. Incentive management
fees are recognised over time when it
is\u00a0considered highly probable that the
related performance criteria for each
annual period will be met, provided
there\u00a0is no expectation of a subsequent
reversal of the revenue.
Application and re-licensing fees are
not\u00a0considered to be distinct from the
franchise performance obligation and
are recognised over the life of the
related agreement.
Under franchise and management
agreements, the Group agrees to
maintain and develop certain aspects
of\u00a0the technology ecosystem benefitting
hotels, in exchange for a monthly
technology fee based on either gross
rooms revenues or the number of rooms
in the hotel. The technology fee is
charged and recognised over time
as these services are delivered.
Technology fee income is included
in Central revenue.
Technical service fees are received
in\u00a0relation to design and engineering
support provided prior to the opening
of\u00a0certain hotel properties. These
services are a distinct performance
obligation and the fees are recognised
as revenue over the pre-opening period
in line with the Group\u2019s assessment of
the stage of\u00a0completion of the project,
based on the latest expectation of hotel
opening date and its knowledge and
experience of the\u00a0pattern of work
performed on comparable projects.
The Group has applied the practical
expedient in IFRS 15 not to disclose the
aggregate amount of the transaction
price allocated to performance
obligations that are unsatisfied or
partially unsatisfied as at the end of
the\u00a0reporting period. This is for all
amounts where the Group has a right
to\u00a0consideration in\u00a0an amount that
corresponds directly with the value to\u00a0the
customer of the\u00a0Group\u2019s performance
completed to date (including franchise
and management fees).
Contract assets
Amounts paid to hotel owners to
secure\u00a0management and franchise
agreements (\u2018key money\u2019) are treated
as\u00a0consideration payable to a customer.
A\u00a0contract asset is recorded which is
recognised as a deduction to revenue
over the initial term of the agreement.
In limited cases, loans can be provided
to an owner, in such cases the initial
credit risk will be low. The difference,
if\u00a0any, between the face and market
value of the loan on inception is
recognised as a contract asset.
In limited cases, the Group may provide
performance guarantees to hotel owners.
The expected value of payments under
performance guarantees reduces
the\u00a0overall transaction price and is
recognised as a deduction to revenue
over the term of the agreement.
Typically, contract assets are not financial
assets as they represent amounts paid by
the Group at the beginning of a contract,
and so are tested for impairment based
on value in use rather than with reference
to expected credit losses. Contract assets
are reviewed for impairment when events
or changes in circumstances indicate
that\u00a0the carrying value may not be
recoverable. If carrying values exceed
the\u00a0recoverable amount, determined
by\u00a0reference to estimated future cash
flows discounted to their present
value\u00a0using a\u00a0pre-tax discount rate,
the\u00a0contract assets are written down
to\u00a0the\u00a0recoverable amount.
Deferred revenue
Deferred revenue is recognised when
payment is received before the related
performance obligation is satisfied.
Revenue is also deferred when key
money is committed and is highly likely
to be paid. The annual revenue deferral
is equal to the reduction to revenue
that\u00a0would arise if the key money were
paid at inception of the contract. When
payment is made, a net contract asset
is\u00a0recorded which is amortised over the
remaining initial term of the agreement.
Contract costs
Certain costs incurred to secure
management and franchise agreements,
typically developer commissions, are
capitalised and amortised as an expense
over the initial term of the related
agreement. These costs are presented
as contract costs in the Group statement
of financial position.
Contract costs are reviewed for
impairment when events or changes in
circumstances indicate that the carrying
value may not be recoverable with
reference to the future expected cash
flows from the contract.
Revenue from owned & leased hotels
At its owned & leased hotels, the Group\u2019s
performance obligation is to provide
accommodation and other goods and
services to guests. Revenue includes
rooms revenue and food and beverage
sales, which are recognised when the
rooms are occupied and food and
beverages are sold. Guest deposits
received in advance of hotel stays are
recorded as deferred revenue in the
Group statement of financial position.
They are recognised as revenue along
with any balancing payment from the
guest when the associated stay occurs.
System Fund and
reimbursable\u00a0revenues
System Fund and other co-brand revenues
The Group operates the Fund to collect
and administer cash assessments from
hotel owners for specified purposes of
use including marketing, reservations,
certain hotel services and IHG One
Rewards. The Fund also benefits from
certain proceeds from the sale of loyalty
points under third-party co-branding
arrangements and the sale of points
directly to members and other third
parties. The Fund is not managed to
generate a surplus or deficit for IHG
over\u00a0the longer term, but is managed
for\u00a0the benefit of the IHG System with
the objective of driving revenues for
the\u00a0hotels in the System.
The growth in the IHG One Rewards
programme means that, although
assessments are received from hotels
up\u00a0front when a member earns points,
more revenue is deferred each year
than\u00a0is recognised in the Fund. This
can\u00a0lead to accounting losses in
the\u00a0Fund each year as the deferred
revenue\u00a0balance grows.
Under both franchise and management
agreements, the Group is required
to\u00a0provide marketing and reservations
services, as well as other centrally
managed programmes. These services
are provided by the Fund and are
funded by assessment fees. Costs are
incurred and allocated to the Fund in
accordance with the principles agreed
with the IHG Owners Association
and\u00a0ensuring appropriate consistency
of\u00a0application.
The Group acts as principal in the
provision of most services as the related
expenses primarily comprise payroll and
marketing expenses under contracts
entered into by the Group. Assessment
fees from hotel owners are\u00a0generally
levied as a percentage of\u00a0hotel revenues,
but may also be volume-based or fixed
monthly fees, and\u00a0are recognised at
the\u00a0point the Group is entitled to
raise\u00a0the invoice.
Certain travel agency commission
and\u00a0other revenues within the Fund
are\u00a0recognised on a net basis, where
it\u00a0has been determined that IHG is
acting\u00a0as agent.
In respect of IHG One Rewards, the
performance obligations are to arrange
for\u00a0the provision of future benefits to
members on consumption of previously
earned reward points and Milestone
Rewards. Points are exchanged for
reward nights at an IHG hotel or other
goods or services provided by third
parties. Milestone Rewards comprise
points or other benefits such as
upgrades and food and beverage
vouchers.
Under its franchise and management
agreements, IHG receives assessment
fees based on total qualifying hotel
revenue from IHG One Rewards
members\u2019 hotel stays.
The Group\u2019s performance obligation
is\u00a0not satisfied in full until the member
has consumed the relevant benefits.
Accordingly, loyalty assessments are
allocated between points and Milestone
Rewards and deferred in an amount that
reflects the stand-alone selling price of
the future benefit to the member.
From 1 January 2024, as agreed with
the\u00a0IHG Owners Association, a portion
of\u00a0revenue relating to the consumption
of certain points sold is reported within
fee business revenue, with the remaining
amount reported within System Fund
and reimbursable revenues. Revenue
relating to points earned at hotels
continues to be reported within System
Fund and reimbursable revenues.
Revenue is impacted by a \u2018breakage\u2019
estimate of the benefits that will never
be consumed. On an annual basis,
the\u00a0Group engages an external actuary
who uses statistical formulae to assist
in\u00a0formulating this estimate, which is
adjusted to reflect actual experience
up\u00a0to the reporting date.
As materially all of the awards will be
either consumed at IHG managed or
franchised hotels owned by third parties,
or exchanged for awards provided by
third parties, IHG is deemed to be acting
as agent on consumption and therefore
recognises the related revenue net
of\u00a0the cost of reimbursing the hotel or
third party that is providing the benefit.
Performance obligations under the
Group\u2019s co-brand credit card
agreements comprise:
a) Arranging for the provision of
future\u00a0benefits to members who
have earned points or free night
certificates;
b) Providing the co-brand partners
with\u00a0access to our loyalty
programme and customer base,
and\u00a0rights to use our brands; and
c) Marketing services.
Revenue from a) is reported within
System Fund and reimbursable revenues
and revenue from b) is reported within
fee\u00a0business revenue. Revenue from c) is
recognised in either fee business revenue
or System Fund and reimbursable
revenues depending on the nature of
marketing services performed.
Fees from these agreements comprise
fixed amounts normally payable at the
beginning of the contract, and variable
amounts paid on a monthly basis.
Variable amounts are typically based
on\u00a0the number of points and free night
certificates issued to members and
the\u00a0marketing services performed
by\u00a0the\u00a0Group. Total fees are allocated
to\u00a0the\u00a0performance obligations based
on\u00a0their estimated stand-alone selling
prices. Revenue allocated to marketing
and licensing obligations is recognised
on a monthly basis as the obligations
are\u00a0satisfied. Revenue relating to points
and free night certificates is recognised
when the member has consumed the
points or certificates at a participating
hotel or has selected a reward from a
third party, net of the cost of reimbursing
the hotel or third party that is providing
the benefit.
Judgement is required in estimating
the\u00a0stand-alone selling prices which
are\u00a0based upon generally accepted
valuation methodologies regarding
the\u00a0value of the licence provided and
the number of points and certificates
expected to be issued. However,
the\u00a0value of revenue recognised and
the\u00a0deferred revenue balance at the
end\u00a0of\u00a0the year is not materially sensitive
to\u00a0changes in these assumptions.
Reimbursable revenues
In a managed property, the Group typically
acts as employer of the general manager
and, in some cases, other employees at
the hotel and is entitled to reimbursement
of these costs. The performance
obligation is satisfied over time as the
employees perform their duties, consistent
with when reimbursement is received.
Reimbursements for these services are
shown as revenue with an equal matching
employee cost, with no profit impact.
Certain other costs relating to both
managed and franchised hotels are also
contractually reimbursable to IHG and,
where IHG is deemed to be acting as
principal in the provision of the related
services, the revenue and cost are
shown on a gross basis.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:2138007ZFQYRUSLU3J98", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-653": { "value": "
Segmental information
The Group has four reportable segments
reflecting its geographical regions
(Americas, EMEAA, Greater China)
and\u00a0its Central functions.
Central functions include technology,
sales and marketing, finance, human
resources, corporate services and
insurance results. Central revenue arises
principally from technology fee income
and ancillary revenues including co-
brand licensing fees and, from 2024,
a\u00a0portion of revenue from the
consumption of certain IHG One
Rewards points.
No operating segments are aggregated
to form these reportable segments.
Management monitors the operating
results of these reportable segments for
the purpose of making decisions about
resource allocation and performance
assessment. Each of the geographical
regions is led by its own Chief Executive
Officer who reports to the Group Chief
Executive Officer.
The System Fund is not managed to
generate a profit or loss for IHG over the
longer term and cost reimbursements
do not impact in-year profit or loss.
System Fund and reimbursable revenues
and results are therefore not\u00a0regularly
reviewed by the Chief Operating Decision
Maker (\u2018CODM\u2019) and do not constitute
an\u00a0operating segment under IFRS 8
\u2018Operating Segments\u2019.
Segmental performance is evaluated
based on operating profit or loss and is
measured consistently with operating
profit or loss in the Group Financial
Statements, excluding System
Fund,\u00a0reimbursables and exceptional
items. Group financing activities,
remeasurement of contingent purchase
consideration and income taxes are
managed on a Group basis and are
not\u00a0allocated to reportable segments.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:2138007ZFQYRUSLU3J98", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-654": { "value": "
Financial income and expenses
Financial income and expenses include
income and charges on the Group\u2019s
financial assets and liabilities and related
hedging instruments.
Finance charges relating to bank and
other borrowings, including transaction
costs and any discount or premium
on\u00a0issue, are recognised in the Group
income statement using the effective
interest rate method.
In the Group statement of cash flows,
interest paid and received is presented
within cash from operating activities,
including any fees and discounts on
issuance or settlement of borrowings.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:2138007ZFQYRUSLU3J98", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-655": { "value": "
Exceptional items
The Group discloses certain financial
information both including and
excluding exceptional items. The
presentation of information excluding
exceptional items allows a better
understanding of the underlying trading
performance and trends of the Group
and provides consistency with the
Group\u2019s\u00a0internal management reporting.
All exceptional items are subject to
review by the Audit\u00a0Committee.
Operating exceptional items
Operating exceptional items includes
gains and losses within Operating profit
before System Fund and reimbursable
result that are identified as exceptional by
virtue of their size, nature or incidence.
Examples of operating exceptional
items\u00a0include, but\u00a0are not restricted to,
gains and\u00a0losses on the disposal
of\u00a0assets, impairment charges and
reversals, the\u00a0costs of individually
significant legal\u00a0cases or commercial
disputes and\u00a0reorganisation costs.
Consideration is given to consistency
of\u00a0treatment with prior years and
between gains and losses.
Tax exceptional items
Tax exceptional items includes the
tax\u00a0effects of operating exceptional
items and, where applicable, other tax
items that are\u00a0identified as exceptional by
virtue of\u00a0their\u00a0size, nature or incidence.
Examples include, but are not restricted
to, significant tax items relating to
legislative changes and transactions
with\u00a0an insignificant impact on pre-tax
profit and loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExceptionalItemsExplanatory", "language": "en", "entity": "scheme:2138007ZFQYRUSLU3J98", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-656": { "value": "
Earnings per share
Basic earnings per ordinary share
is\u00a0calculated by dividing the profit for
the\u00a0year available for IHG equity holders
by the weighted average number of
ordinary shares, excluding investment
in\u00a0own shares, in issue during the year.
Diluted earnings per ordinary share is
calculated by adjusting basic earnings
per ordinary share to reflect the notional
exercise of the weighted average
number of dilutive ordinary share awards
outstanding during the year. Where
the\u00a0effect of the notional exercise of
outstanding ordinary share awards is
anti-dilutive, these are excluded from
the\u00a0diluted earnings per share calculation.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:2138007ZFQYRUSLU3J98", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-657": { "value": "
Business combinations and goodwill
On the acquisition of a business,
identifiable assets acquired and liabilities
assumed are measured at their fair
value. Contingent liabilities assumed
are\u00a0measured at fair value unless this
cannot be measured reliably, in which
case they are not recognised but are
disclosed in the same manner as
other\u00a0contingent liabilities.
The measurement of deferred tax assets
and liabilities arising on acquisition is
as\u00a0described in the general principles
detailed within the \u2018Taxes\u2019 accounting
policy note on page 191 with the
exception that no deferred tax is provided
on taxable temporary differences in
connection with the initial recognition
of\u00a0goodwill.
The cost of an acquisition is measured
as the aggregate of the fair value of
the\u00a0consideration transferred.
Goodwill is recorded at cost, being
the\u00a0difference between the fair value
of\u00a0the consideration and the fair value
of\u00a0net assets acquired. Following initial
recognition, goodwill is measured at
cost less any accumulated impairment
losses and is not amortised.
Transaction costs are expensed and are
not included in the cost of acquisition.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:2138007ZFQYRUSLU3J98", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-658": { "value": "
Intangible assets
Brands
Externally acquired brands are initially
recorded at cost if separately acquired
or\u00a0fair value if acquired as part of
a\u00a0business combination, provided
the\u00a0brands are controlled through
contractual or other legal rights, or are
separable from the rest of the business.
Cost includes the fair value of
contingent purchase consideration
at\u00a0the acquisition date.
The costs of developing internally
generated brands are expensed
as\u00a0incurred.
Management agreements
Management agreements acquired
as\u00a0part of a business combination
are\u00a0initially recognised at the fair
value\u00a0attributed to those contracts
on\u00a0acquisition and are subsequently
amortised on a straight-line basis
over\u00a0the term of the agreements,
including any extension periods at
the\u00a0Group\u2019s option.
Software
Internally generated software development
costs are capitalised when all of the
following can be demonstrated:
\u2013 The ability and intention to complete
the project;
\u2013 That the completed software will
generate probable future economic
benefits;
\u2013 The availability of adequate technical,
financial and other resources to
complete the project; and
\u2013 The ability to measure the expenditure.
Amounts capitalised typically include
internal and third-party labour and
consultancy costs. Costs incurred
before the above criteria are satisfied
in\u00a0the research phase are expensed.
In\u00a0addition, configuration and
customisation costs relating to cloud
computing arrangements are expensed.
Following initial recognition, the asset
is\u00a0carried at cost less any accumulated
amortisation and impairment losses.
Costs are generally amortised over
estimated useful lives of three to five
years on a straight-line basis with the
exception of the Guest Reservation
System, which is amortised over
seven\u00a0to\u00a010 years (see page 209).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:2138007ZFQYRUSLU3J98", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-659": { "value": "
Property, plant and equipment
Property, plant and equipment are
stated at cost less depreciation and
any\u00a0accumulated impairment.
Repairs and maintenance costs are
expensed as incurred.
Land is not depreciated. All other
property, plant and equipment are
depreciated to a residual value over
their\u00a0estimated useful lives, namely:
\u2013 Buildings \u2013 over a maximum of
50 years; and
\u2013 Fixtures, fittings and equipment \u2013
three to 25 years.
All depreciation is charged on a straight-
line basis. Residual value is reassessed
annually.
Where the Group holds land or other
property which it intends to occupy and
provide hotel services, either as owner
or\u00a0manager, it is classified as property,
plant and equipment.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:2138007ZFQYRUSLU3J98", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-660": { "value": "
Leases
The Group as lessee
On inception of a contract, the Group
assesses whether it contains a lease.
A\u00a0contract contains a lease when it
conveys the right to control the use of
an identified asset for a period of time
in\u00a0exchange for consideration. The
right\u00a0to use the asset and the obligation
under\u00a0the lease to make payments are
recognised in the Group statement
of\u00a0financial position as a right-of-use
asset\u00a0and a lease liability.
Lease contracts may contain both lease
and non-lease components. The Group
allocates payments in the contract to
the\u00a0lease and non-lease components
based on their relative stand-alone prices
and applies the lease accounting model
only to lease components.
The right-of-use asset recognised at
lease commencement includes the
amount of lease liability recognised,
initial direct costs incurred and lease
payments made at or before the
commencement date, less any lease
incentives received. Right-of-use assets
are depreciated to a residual value over
the shorter of the asset\u2019s estimated
useful life and the lease term. Right-of-
use assets are also adjusted for any
remeasurement of lease liabilities and
are\u00a0subject to impairment testing.
Residual value is reassessed annually.
A lease liability is recorded when the
leased asset is available for use by
the\u00a0Group and is initially measured at
the\u00a0present value of the lease payments
to\u00a0be made over the lease term. The
lease payments include fixed payments
(including \u2018in-substance fixed\u2019 payments)
and variable lease payments that
depend on an index or a rate (initially
measured using the index or rate at
commencement), less any lease
incentives receivable. In calculating the
present value of lease payments, the
Group uses its incremental borrowing
rate at the lease commencement date
if\u00a0the interest rate\u00a0implicit in the lease
is\u00a0not readily determinable.
The Group has certain leases where
rental payments are reduced if
insufficient cash flows are generated
by\u00a0the hotel. These leases are treated
as\u00a0fully variable as there is no floor
to\u00a0the\u00a0rent reduction.
The lease term includes periods subject
to extension options which the Group
is\u00a0reasonably certain to exercise and
excludes the effect of early termination
options where the Group is reasonably
certain that it will not exercise the option.
Minimum lease payments include the
cost of a purchase option if the Group
is\u00a0reasonably certain it will purchase
the\u00a0underlying asset after the lease term.
After the commencement date, the
amount of lease liabilities is increased
to\u00a0reflect the accretion of interest and
reduced for lease payments made.
The\u00a0carrying amount of lease liabilities
is\u00a0re-measured if there is a modification,
a change in the lease term or a change
in lease payments as a result of a rent
review or change in the relevant index
or\u00a0rate.
Variable lease payments are payable
under certain of the Group\u2019s hotel leases
and arise where the Group is committed
to making lease payments that are
contingent on the performance of these
hotels. Such lease payments that do
not\u00a0depend on an index or a rate are
recognised as an expense in the period
over which the event or condition that
triggers the payment occurs.
The Group has opted not to apply the
lease accounting model to intangible
assets, leases of low\u2011value assets or
leases which have a term of less than
12\u00a0months. Costs associated with these
leases are recognised as an expense on
a straight-line basis over the lease term.
Payments and receipts are presented
as\u00a0follows in the Group statement of
cash flows:
\u2013 Short-term lease payments, payments
for leases of low-value assets and
variable lease payments that are not
included in the measurement of the
lease liabilities are presented within
cash flows from operating activities;
\u2013 Payments for the interest element
of\u00a0recognised lease liabilities are
included in interest paid within cash
flows from operating activities; and
\u2013 Payments for the principal element
of\u00a0recognised lease liabilities are
presented within cash flows from
financing activities.
The Group as lessor
Leases, including subleases, for which
the Group is a lessor are classified as
finance or operating leases. Whenever
the terms of the lease transfer
substantially all the risks and rewards
of\u00a0ownership to the lessee, the lease is
classified as a finance lease. All other
leases are classified as operating leases.
Where a leased property earns rentals
under an operating sublease outside
of\u00a0the normal course of business, the
Group\u2019s interest in the lease is classified
as an investment property within right-
of-use assets; these are subsequently
measured under the cost model.
When the lease is classified as an
operating lease, rental income arising
is\u00a0accounted for on a straight-line
basis\u00a0in the Group income statement.
When the lease is classified as a finance
lease, the Group\u2019s interest in the lease
is\u00a0derecognised and is replaced by a
finance lease receivable. Any difference
between those amounts is recognised
in\u00a0the Group income statement. Finance
lease receivables are presented within
other receivables and are initially
measured at the present value of lease
payments receivable under the sublease
plus any initial direct costs. Finance lease
interest is recognised within financial
income in the Group income statement.
Receipts are presented as follows in
the\u00a0Group statement of cash flows:
\u2013 Receipts from operating leases are
presented within cash flows from
operating activities; and
\u2013 Receipts of principal from finance
leases are presented within cash
flows\u00a0from investing activities.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:2138007ZFQYRUSLU3J98", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-661": { "value": "
Where a leased property earns rentals
under an operating sublease outside
of\u00a0the normal course of business, the
Group\u2019s interest in the lease is classified
as an investment property within right-
of-use assets; these are subsequently
measured under the cost model.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:2138007ZFQYRUSLU3J98", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-662": { "value": "
Associates and joint ventures
An associate is an entity over which
the\u00a0Group has significant influence.
Significant influence is the power to
participate in the financial and operating
policy decisions of the entity, but is
not\u00a0in control or joint control over those
policies. A joint venture exists when two
or more parties have joint control over,
and rights to the net assets of, the
venture. Joint control is the contractually
agreed sharing of control which only
exists when decisions about the relevant
activities require the unanimous consent
of the parties sharing control.
In determining the extent of power
or\u00a0significant influence, consideration
is\u00a0given to other agreements between
the Group, the investee entity, and
the\u00a0investing partners. This includes
any\u00a0related management or franchise
agreements and the existence of
any\u00a0performance guarantees.
Associates and joint ventures are
accounted for using the equity method
unless the associate or joint venture
is\u00a0classified as held for sale. Under the
equity method, the Group\u2019s investment
is recorded at cost adjusted by the
Group\u2019s share of post-acquisition profits
and losses, and other movements in the
investee\u2019s reserves, applying consistent
accounting policies. When the Group\u2019s
share of losses exceeds its interest
in\u00a0an\u00a0associate or joint venture, the
Group\u2019s carrying amount is reduced
to\u00a0$nil and\u00a0recognition of further losses
is\u00a0discontinued except to the extent
that\u00a0the Group has incurred legal
or\u00a0constructive obligations or made
payments on behalf of an associate
or\u00a0joint venture.
If there is objective evidence that an
associate or joint venture is impaired,
an\u00a0impairment charge is recognised if
the carrying amount of the investment
exceeds its recoverable amount.
Upon loss of significant influence
over\u00a0an associate or joint control of a
joint venture, any retained investment
is\u00a0measured at fair value with any
difference to carrying value recognised
in\u00a0the Group income statement.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:2138007ZFQYRUSLU3J98", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-663": { "value": "
Impairment of non-financial assets
Non-financial assets are tested for
impairment when events or changes
in\u00a0circumstances indicate that the
carrying value may not be recoverable
and, in the case of goodwill and brands
with indefinite lives, at least annually.
Assets that do not generate
independent\u00a0cash inflows are allocated
to\u00a0the cash-generating unit (\u2018CGU\u2019),
or\u00a0group of CGUs, to which they belong.
For impairment testing of owned and
leased hotel properties, each hotel is
deemed to be a CGU.
If carrying values exceed their
estimated\u00a0recoverable amount, the
assets or CGUs\u00a0are written down to
the\u00a0recoverable amount. Recoverable
amount is the greater of fair value less
costs of disposal and value in use. Value
in use is assessed based on estimated
future cash flows, including the effect
of\u00a0inflation, discounted to their present
value using a pre-tax nominal discount
rate that reflects current market
assessments of the time value of money
and the risks specific to the asset.
With the exception of goodwill, an
assessment is made at each reporting
date to determine whether there is an
indication that previously recognised
impairment losses no longer exist or have
decreased. A previously recognised
impairment loss is reversed only if
there\u00a0has been a significant change
in\u00a0the assumptions used to determine
the asset\u2019s recoverable amount since
the\u00a0impairment loss was recognised.
The reversal is limited so that the
carrying amount of the asset does
not\u00a0exceed its\u00a0recoverable amount,
nor\u00a0exceed the\u00a0carrying amount that
would\u00a0have been determined, net of
depreciation or\u00a0amortisation, had no
impairment loss\u00a0been recognised
for\u00a0the\u00a0asset in\u00a0prior years.
Impairment losses, and any subsequent
reversals, are recognised in the Group
income statement.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:2138007ZFQYRUSLU3J98", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-665": { "value": "
Financial assets
On initial recognition, the Group classifies
its financial assets as being subsequently
measured at amortised cost, fair value
through other comprehensive income
(\u2018FVOCI\u2019) or fair value through profit
or\u00a0loss (\u2018FVTPL\u2019).
Financial assets which are held to collect
contractual cash flows and give rise to
cash flows that are solely payments of
principal and interest are subsequently
measured at amortised cost. Interest
on\u00a0these assets is calculated using
the\u00a0effective interest rate method and
is\u00a0recognised in the Group income
statement as financial income.
The\u00a0Group recognises a provision for
expected credit losses for financial
assets held at amortised cost. With the
exception of trade receivables, where
there has not been a significant increase
in credit risk since initial recognition,
provision is made for defaults that
are\u00a0possible within the next 12 months.
Where there has been a significant
increase in credit risk since initial
recognition, for example trade deposits
and loans where the borrower is in
financial difficulty or has not met
repayments as they fall due, provision
is\u00a0made for credit losses expected
over\u00a0the remaining life of the asset.
The Group has elected to irrevocably
designate equity investments as FVOCI
as they mainly comprise strategic
investments in entities that own hotels
which the Group manages. Changes in
their value are recognised within gains
or\u00a0losses on equity instruments classified
as FVOCI in the Group statement of
comprehensive income and are never
recycled to the Group income statement.
On disposal, any related balance within
the fair value reserve is reclassified to
retained earnings. Dividends from equity
investments classified as FVOCI are
recognised in the Group income
statement as other operating income
when the dividend has been declared,
when receipt of the funds is probable
and when the dividend is not a return
of\u00a0invested capital. Equity instruments
classified as FVOCI are not subject to
an\u00a0impairment assessment.
Financial assets not meeting the
above\u00a0criteria are measured at FVTPL.
These include money market funds,
investments which do not meet the
definition of equity and other financial
assets which do not meet the criteria
to\u00a0be measured at amortised cost
or\u00a0FVOCI.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:2138007ZFQYRUSLU3J98", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-664": { "value": "
Financial assets
On initial recognition, the Group classifies
its financial assets as being subsequently
measured at amortised cost, fair value
through other comprehensive income
(\u2018FVOCI\u2019) or fair value through profit
or\u00a0loss (\u2018FVTPL\u2019).
Financial assets which are held to collect
contractual cash flows and give rise to
cash flows that are solely payments of
principal and interest are subsequently
measured at amortised cost. Interest
on\u00a0these assets is calculated using
the\u00a0effective interest rate method and
is\u00a0recognised in the Group income
statement as financial income.
The\u00a0Group recognises a provision for
expected credit losses for financial
assets held at amortised cost. With the
exception of trade receivables, where
there has not been a significant increase
in credit risk since initial recognition,
provision is made for defaults that
are\u00a0possible within the next 12 months.
Where there has been a significant
increase in credit risk since initial
recognition, for example trade deposits
and loans where the borrower is in
financial difficulty or has not met
repayments as they fall due, provision
is\u00a0made for credit losses expected
over\u00a0the remaining life of the asset.
The Group has elected to irrevocably
designate equity investments as FVOCI
as they mainly comprise strategic
investments in entities that own hotels
which the Group manages. Changes in
their value are recognised within gains
or\u00a0losses on equity instruments classified
as FVOCI in the Group statement of
comprehensive income and are never
recycled to the Group income statement.
On disposal, any related balance within
the fair value reserve is reclassified to
retained earnings. Dividends from equity
investments classified as FVOCI are
recognised in the Group income
statement as other operating income
when the dividend has been declared,
when receipt of the funds is probable
and when the dividend is not a return
of\u00a0invested capital. Equity instruments
classified as FVOCI are not subject to
an\u00a0impairment assessment.
Financial assets not meeting the
above\u00a0criteria are measured at FVTPL.
These include money market funds,
investments which do not meet the
definition of equity and other financial
assets which do not meet the criteria
to\u00a0be measured at amortised cost
or\u00a0FVOCI.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:2138007ZFQYRUSLU3J98", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-666": { "value": "Dividends from equity
investments classified as FVOCI are
recognised in the Group income
statement as other operating income
when the dividend has been declared,
when receipt of the funds is probable
and when the dividend is not a return
of\u00a0invested capital. Equity instruments
classified as FVOCI are not subject to
an\u00a0impairment assessment.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:2138007ZFQYRUSLU3J98", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-667": { "value": "
Trade receivables
A trade receivable is recorded when
the\u00a0Group has an unconditional right to
receive payment. In respect of franchise
fees, base and incentive management
fees, technology fees and revenues
from\u00a0owned & leased hotels, the invoice
is\u00a0typically issued as\u00a0the related
performance obligations are satisfied,
as\u00a0described on pages 184\u00a0and 185.
Trade receivables typically do not bear
interest and are generally on\u00a0payment
terms of up to 30 days.
Trade receivables are initially recognised
at\u00a0fair value and subsequently measured
at amortised cost. A provision
for\u00a0impairment is made for lifetime
expected credit losses. The Group has
established a provision matrix that is based
on its historical credit loss experience
by\u00a0region and number of days past due.
Where the historical experience is not
relevant to defined owner groups, for
example those in financial distress, lifetime
expected credit losses are calculated by
reference to recent credit loss experience
for that specific population.
Trade receivables are written off
once\u00a0determined to be uncollectable.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:2138007ZFQYRUSLU3J98", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-668": { "value": "
Cash and cash equivalents
Cash comprises cash on hand
and\u00a0demand deposits.
Cash and cash equivalents comprise
short-term deposits, money market
funds and repurchase agreements
that\u00a0are readily convertible to a known
amount of cash and are subject to an
insignificant risk of changes in value.
They generally have an original maturity
of\u00a0three months or less.
Cash and cash equivalents may include
amounts which are subject to regulatory
or other contractual restrictions and
are\u00a0not available for general use by
the\u00a0Group.
Cash balances are classified as other
financial assets when the Group is not
able to freely access the funds
because they are subject to a specific
charge or other restrictions.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:2138007ZFQYRUSLU3J98", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-669": { "value": "
Cash and cash equivalents may include
amounts which are subject to regulatory
or other contractual restrictions and
are\u00a0not available for general use by
the\u00a0Group.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:2138007ZFQYRUSLU3J98", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-670": { "value": "
Bank and other borrowings
Bank and other borrowings are initially
recognised at the fair value of the
consideration received less directly
attributable transaction costs. They
are\u00a0subsequently measured at
amortised cost.
Borrowings are classified as non-current
when there is a right, that has substance,
at the reporting date to defer settlement
for at least 12 months after the
reporting\u00a0date.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:2138007ZFQYRUSLU3J98", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-671": { "value": "
Contingent and deferred
purchase\u00a0consideration
Trade and other payables includes
contingent and deferred purchase
consideration relating to business
combinations and brand asset
acquisitions.
Contingent purchase consideration
is\u00a0measured at fair value on the date
of\u00a0acquisition. Contingent purchase
consideration relating to business
combinations and brand asset acquisitions
are subsequently remeasured at fair
value and amortised cost, respectively.
Remeasurement gain and losses are
recognised on the face of\u00a0the Group
income statement below operating profit.
Deferred purchase consideration is
subsequently measured at amortised
cost and the effect of unwinding the
discount is recorded in financial expenses.
Payments of contingent and deferred
purchase consideration reduce
the\u00a0respective liabilities. In respect
of\u00a0contingent purchase consideration,
the\u00a0portion of each payment relating
to\u00a0its original estimate of fair value on
acquisition is reported within cash flow
from investing activities in the Group
statement of cash flows and the portion
of each payment relating to the increase
or decrease in the liability since the
acquisition date is reported within
cash\u00a0flows from operating activities.
In\u00a0respect of deferred purchase
consideration, the\u00a0cash paid in excess
of\u00a0the initial fair value is reported within
cash flow from operating activities,
and\u00a0the remainder is reported within
cash flows from investing activities.
29. Contingencies and commitments
Litigation
From time to time, the Group is subject to legal proceedings the ultimate outcome of each being always subject to many
uncertainties inherent in litigation. These legal claims and proceedings are in various stages and include disputes related
to\u00a0specific hotels where the potential materiality is not yet known; such proceedings, either individually or in the aggregate,
have\u00a0not in the recent past and are not likely to have a material effect on the Group\u2019s financial position or profitability.
Previously\u00a0reported contingent liabilities have been resolved or are considered remote.
It is the view of the Directors that, other than to the extent that liabilities have been provided for in these Group Financial
Statements (see note 19), it is not possible to quantify any loss to which these proceedings may give rise, however, as at the
date\u00a0of reporting, the Group does not believe that the outcome of these matters will have a material effect on the Group\u2019s
financial position.
Other items
The Group had total commitments for capital expenditure of $3m at 31\u00a0December 2025 (2024: $8m). The Group has also
committed to invest $5m in one joint venture (2024: $16m in one joint venture).
", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138007ZFQYRUSLU3J98", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-672": { "value": "
Derivative financial instruments
and\u00a0hedging
Derivatives are initially recognised
and\u00a0subsequently measured at fair value.
The subsequent accounting treatment
depends on whether the derivative is
designated as a hedging instrument and,
if so, the nature of the item being hedged.
Changes in the fair value of derivatives
which have either not been designated
as hedging instruments or relate to
the\u00a0ineffective portion of hedges are
recognised immediately in the Group
income statement.
Documentation outlining the measurement
and effectiveness of any hedging
arrangement is maintained throughout
the life of the hedge relationship.
Interest arising from currency derivatives
and interest rate swaps is recorded in
either financial income or expenses over
the term of the agreement, unless the
accounting treatment for the hedging
relationship requires the interest to
be\u00a0taken to reserves.
Within the Group statement of cash
flows, interest paid includes interest
paid\u00a0on the Group\u2019s bonds and the
related derivative financial instruments.
Cash flow hedges
Financial instruments are designated
as\u00a0cash flow hedges when they hedge
exposure to variability in cash flows
that\u00a0are attributable to either a highly
probable forecast transaction or
a\u00a0particular risk associated with a
recognised asset or liability.
Changes in the fair value are recorded
in\u00a0other comprehensive income
and\u00a0cash flow hedge reserves to the
extent\u00a0that the hedges are effective.
When the\u00a0hedged item is recognised,
the cumulative gains and losses on
the\u00a0related hedging instrument are
reclassified to the Group income
statement, within financial expenses.
Net investment hedges
Financial instruments are designated
as\u00a0net investment hedges when they
hedge the Group\u2019s net investment
in\u00a0foreign operations.
Changes in the fair value are recorded
in\u00a0other comprehensive income and
the\u00a0currency translation reserve to the
extent that the hedges are effective.
The\u00a0cumulative gains and losses remain
in\u00a0equity until the relevant foreign
operation is disposed, at which\u00a0point
they\u00a0are reclassified to the\u00a0Group
income\u00a0statement as part of\u00a0the
gain\u00a0or\u00a0loss on disposal.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:2138007ZFQYRUSLU3J98", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-673": { "value": "
Financial guarantee contracts
In limited cases, the Group may guarantee
part of mortgage loans made to facilitate
third-party ownership of\u00a0hotels under IHG
management or franchise arrangements.
The Group has\u00a0elected to apply the
requirements of\u00a0IFRS 9 \u2018Financial
Instruments\u2019 to these arrangements.
Financial guarantee contracts are initially
recognised at fair value and subsequently
measured at the higher of the amount
calculated under the Group\u2019s expected
credit loss model and any amount initially
recognised less cumulative amounts
recognised in accordance with the
Group\u2019s revenue recognition policy.
The\u00a0carrying value of\u00a0financial guarantee
liabilities is immaterial for all periods
presented.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialGuaranteesExplanatory", "language": "en", "entity": "scheme:2138007ZFQYRUSLU3J98", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-674": { "value": "
Fair value measurement
The Group measures each of the
following at fair value on a recurring
basis:
\u2013 Financial assets and liabilities
measured at FVTPL;
\u2013 Financial assets measured at
FVOCI;\u00a0and
\u2013 Derivative financial instruments.
Other assets are measured at fair value
when impaired or re-measured on
classification as held for sale by reference
to fair value less costs of disposal.
Fair value is the price that would be
received to sell an asset or paid to transfer
a liability in an orderly transaction
between market participants. Fair value
is\u00a0measured by reference to the principal
market for the asset or liability assuming
that market participants act in their
economic best interests.
The fair value of a non-financial asset
assumes the asset is used in its highest
and best use, either through continuing
ownership or by selling it.
The Group uses valuation techniques
that maximise the use of relevant
observable inputs using the following
valuation hierarchy:
Level 1: Quoted (unadjusted) prices
in\u00a0active markets for identical
assets or liabilities.
Level 2: Other techniques for which all
inputs which have a significant
effect on the recorded fair value
are observable, either directly
or\u00a0indirectly.
Level 3:Techniques which use inputs
which have a significant effect
on the recorded fair value that
are not based on observable
market data.
For assets and liabilities measured at
fair\u00a0value on a recurring basis, the Group
determines whether transfers have
occurred between levels in the hierarchy
by reassessing categorisation (based on
the lowest level input that is significant
to\u00a0the fair value measurement as a whole)
at the end of each reporting period.
Further disclosures on the particular
valuation techniques used by the Group
are provided in note 24.
Where significant assets, such as property,
are valued by reference to fair value less
costs of disposal, an external valuation will
normally be obtained using\u00a0professional
valuers who have appropriate market
knowledge, reputation and independence.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:2138007ZFQYRUSLU3J98", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-675": { "value": "
Offsetting of financial assets
and\u00a0financial liabilities
Financial assets and financial liabilities
are offset and the net amount is
reported in the Group statement of
financial position if there is a currently
enforceable legal right to offset the
recognised amounts and there is an
intention to settle on a net basis or to
realise the assets and settle the liabilities
simultaneously. To meet these criteria,
the right of set-off must not be contingent
on a future event and must be legally
enforceable in all of the following
circumstances: the normal course of
business; the event of default; and the
event of insolvency or bankruptcy of
the\u00a0Group and all of the\u00a0counterparties.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:2138007ZFQYRUSLU3J98", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-676": { "value": "
Taxes
Current tax
Current income tax assets and liabilities
for\u00a0the current and prior periods are
measured at the amount expected to
be\u00a0recovered from, or paid to, the tax
authorities. The tax rates and tax laws
used to compute the amount are those
that are enacted or substantively enacted
at the end of the reporting period.
The calculation of the Group\u2019s current
tax charge involves consideration of
applicable tax laws and regulations in
many jurisdictions throughout the world.
From time to time, the Group is subject
to tax audits and uncertainties in these
jurisdictions. The issues involved can be
complex and audits may take a number
of years to conclude. Where the
interpretation of local tax law is not clear,
management relies on judgement and
accounting estimates to ensure all
uncertain tax positions are adequately
provided for in the Group Financial
Statements, in accordance with IFRIC 23
\u2018Uncertainty over Income Tax Treatments\u2019,
representing the Group\u2019s view of the
most\u00a0likely outcome or, where multiple
issues are considered likely to be settled
together, the probability weighted
amounts of the range of possible
outcomes.
This may involve consideration of
some\u00a0or all of the following factors:
\u2013 strength of technical argument,
impact of case law and clarity
of\u00a0legislation;
\u2013 professional advice;
\u2013 experience of interactions, and
precedents set, with the particular
taxing authority; and
\u2013 agreements previously reached in
other jurisdictions on comparable
issues.
Deferred tax
Deferred tax assets and liabilities arise
and are generally recognised in respect
of temporary differences between the
tax base and carrying value of assets
and liabilities.
Deferred tax is calculated at the tax
rates\u00a0that are expected to apply in the
periods in which the asset is released
or\u00a0the liability will be settled, based
on\u00a0tax rates and laws enacted or
substantively enacted at the end
of\u00a0the\u00a0reporting period.
Judgement is used when assessing
the\u00a0extent to which deferred tax assets,
particularly in respect of tax losses,
should be recognised. Deferred tax
assets are only recognised to the extent
that it is regarded as probable that there
will be sufficient and suitable taxable
profits or deferred tax liabilities in the
relevant legal entity or tax group against
which such assets can be utilised in
the\u00a0future. For this purpose, forecasts
of\u00a0future profits are considered by
assessing estimated future cash flows,
consistent with those disclosed on
page 183 within \u2018Going concern\u2019.
Tax\u00a0assumptions are overlaid to
these\u00a0profit forecasts to estimate
the\u00a0future taxable profits.
Deferred tax is not provided on
temporary differences arising on
investments in subsidiaries where the
Group is able to control the timing of
the\u00a0reversal and it is probable that the
temporary difference will not reverse
in\u00a0the foreseeable future.
Where deferred tax assets and liabilities
arise in the same entity, or group of
entities, and there would be a legal right
to\u00a0offset the assets and liabilities were
they to reverse, the assets and liabilities
are also offset in the Group statement
of\u00a0financial position.
The Group has applied the exception to
recognising and disclosing information
about deferred tax assets and liabilities
related to Pillar Two income taxes.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:2138007ZFQYRUSLU3J98", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-677": { "value": "
Deferred tax
Deferred tax assets and liabilities arise
and are generally recognised in respect
of temporary differences between the
tax base and carrying value of assets
and liabilities.
Deferred tax is calculated at the tax
rates\u00a0that are expected to apply in the
periods in which the asset is released
or\u00a0the liability will be settled, based
on\u00a0tax rates and laws enacted or
substantively enacted at the end
of\u00a0the\u00a0reporting period.
Judgement is used when assessing
the\u00a0extent to which deferred tax assets,
particularly in respect of tax losses,
should be recognised. Deferred tax
assets are only recognised to the extent
that it is regarded as probable that there
will be sufficient and suitable taxable
profits or deferred tax liabilities in the
relevant legal entity or tax group against
which such assets can be utilised in
the\u00a0future. For this purpose, forecasts
of\u00a0future profits are considered by
assessing estimated future cash flows,
consistent with those disclosed on
page 183 within \u2018Going concern\u2019.
Tax\u00a0assumptions are overlaid to
these\u00a0profit forecasts to estimate
the\u00a0future taxable profits.
Deferred tax is not provided on
temporary differences arising on
investments in subsidiaries where the
Group is able to control the timing of
the\u00a0reversal and it is probable that the
temporary difference will not reverse
in\u00a0the foreseeable future.
Where deferred tax assets and liabilities
arise in the same entity, or group of
entities, and there would be a legal right
to\u00a0offset the assets and liabilities were
they to reverse, the assets and liabilities
are also offset in the Group statement
of\u00a0financial position.
The Group has applied the exception to
recognising and disclosing information
about deferred tax assets and liabilities
related to Pillar Two income taxes.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:2138007ZFQYRUSLU3J98", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-678": { "value": "
Retirement benefits
Defined contribution plans
Payments to defined contribution plans
are charged to the Group income
statement as they fall due.
Defined benefit plans
Plan assets are measured at fair value
and plan liabilities are measured on an
actuarial basis using the projected unit
credit method, discounted at an interest
rate equivalent to the current rate of
return on a high-quality corporate bond
of equivalent currency and term to the
plan liabilities. The difference between
the value of plan assets and liabilities at
the period-end date is the amount of
surplus or deficit recorded in the Group
statement of financial position as an
asset or liability. An asset is recognised
when the employer has an unconditional
right to use the surplus at some point
during the life of the plan or on its
wind-up.
The service cost of providing pension
benefits to employees, together with
the\u00a0net interest expense or income
for\u00a0the year, is charged to the Group
income statement within administrative
expenses. Net interest is calculated
by\u00a0applying the discount rate to the
net\u00a0defined benefit asset or liability,
after\u00a0any\u00a0asset restriction.
Remeasurements comprise actuarial
gains and losses, the return on plan
assets and changes in the amount of
any asset restrictions. Actuarial gains
and losses may result from differences
between the actuarial assumptions
underlying the plan liabilities and actual
experience during the year or changes
in\u00a0the actuarial assumptions used
in\u00a0the\u00a0valuation of the plan liabilities.
Remeasurement gains and losses,
and\u00a0taxation thereon, are recognised
in\u00a0other comprehensive income and
are\u00a0not reclassified to profit or loss
in\u00a0subsequent periods.
Actuarial valuations are carried out
on\u00a0a\u00a0regular basis and are updated for
material transactions and other material
changes in circumstances (including
changes in market prices and interest
rates) up to the end of the reporting
period.
Deferred compensation plan
The Group operates a deferred
compensation plan in the US which
allows certain employees to make
additional provision for retirement
through the deferral of salary with
matching company contributions within
a\u00a0dedicated trust. The related assets
and\u00a0liabilities are recognised in the
Group statement of financial position.
The Group\u2019s obligation to employees
under the plan is limited to the fair value
of\u00a0assets held by the plan and so the
assets and liabilities are valued at the
same amount, with no net impact
on\u00a0profit or\u00a0loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:2138007ZFQYRUSLU3J98", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-679": { "value": "
Deferred compensation plan
The Group operates a deferred
compensation plan in the US which
allows certain employees to make
additional provision for retirement
through the deferral of salary with
matching company contributions within
a\u00a0dedicated trust. The related assets
and\u00a0liabilities are recognised in the
Group statement of financial position.
The Group\u2019s obligation to employees
under the plan is limited to the fair value
of\u00a0assets held by the plan and so the
assets and liabilities are valued at the
same amount, with no net impact
on\u00a0profit or\u00a0loss.
", "dimensions": { "concept": "ihg:DescriptionOfAccountingPolicyForDeferredCompensationPlanExplanatory", "language": "en", "entity": "scheme:2138007ZFQYRUSLU3J98", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-680": { "value": "
Share-based payments
The cost of equity-settled share-based
payment transactions with employees
is\u00a0measured by reference to fair value at
the date at which the right to the shares
is granted. Fair value is determined
by\u00a0an\u00a0external valuer using option
pricing models.
The cost of equity-settled share-based
payment transactions is recognised,
together with a corresponding increase
in equity, over the period in which any
performance or service conditions are
fulfilled, ending on the date on which
the\u00a0relevant employees become fully
entitled to the award (vesting date).
The Group income statement charge
represents the movement in cumulative
expense recognised at the beginning
and end of that year. No expense is
recognised for awards that do not
ultimately vest, except for awards where
vesting is conditional upon a market or
non-vesting condition, which are treated
as vesting irrespective of whether or
not\u00a0the market or non-vesting condition
is\u00a0satisfied, provided that all other
performance and/or service conditions
are satisfied.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:2138007ZFQYRUSLU3J98", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-681": { "value": "
Provisions
Provisions are recognised when
the\u00a0Group has a present obligation as
a\u00a0result of a past event, it is probable that
a\u00a0payment will be made and a reliable
estimate of the amount payable can
be\u00a0made. If the effect of the time value
of money is material, the provision
is\u00a0discounted using a current pre-tax
discount rate that reflects the risks
specific to the liability.
Commercial litigation and disputes
A provision is made when management
consider it probable that payment may
occur and the amount can be reliably
estimated even though the defence of
the related claim may still be ongoing
through the court or arbitration process.
Self-insurance reserves
The Group holds insurance policies with
third-party insurers against certain risks
relating to its corporate operations and
owned and leased properties. Certain risks
are reinsured through the Group\u2019s captive
insurance company (the \u2018Captive\u2019),
SCH\u00a0Insurance Company. This reduces
the cost of insurance to the Group.
For both the Group\u2019s self-insurance
provisions and its external insurance
obligations, in addition to the Captive
obtaining regulatory approval, each line
of\u00a0insurance is subject to review and
approval by the Insurance Executive
Sub-Committee. The level of retained
risk and expected loss is reviewed
annually to balance the level of risk
against external risk transfer costs.
Insurance reserves are held principally
in\u00a0the Captive. They are established
using independent actuarial
assessments, which reflect current
expectations of the future economic
outlook, or are based on past claims
experience provided by third parties.
Amounts utilised are principally paid
to\u00a0third-party insurers or dedicated
claims handlers for subsequent
settlement with the claimant.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:2138007ZFQYRUSLU3J98", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-682": { "value": "
Insurance
The Group\u2019s insurance reserves relating
to managed hotels are included in the
Group statement of financial position as
insurance liabilities. Insurance liabilities
include both claims which are incurred
but not reported (\u2018IBNR\u2019) and those
reported but not yet settled. Reserves
are established using IFRS 17\u2019s premium
allocation approach, as all policies have
a duration of 12 months or less, and
incorporate independent actuarial
assessments which reflect current
expectations of the future economic
outlook and past claims experience.
The Group assesses other arrangements
with guarantees and similar features
to\u00a0determine whether an insurance
contract exists. No material contracts
have been identified to date.
Insurance revenue and insurance
expenses are presented separately
within the Group income statement.
Insurance revenue comprises
reinsurance premiums which are
recognised over the period of coverage;
insurance expenses comprise the cost
of\u00a0claims and associated expenses.
The\u00a0effect of discounting is immaterial.
In order to protect certain third-party
insurers against the solvency risk of
the\u00a0Captive, the Group obtains stand-by
letters of credit (\u2018SBLCs\u2019) from various
banks with a total value of $75m
(2024: $84m). Other Group companies
indemnify the banks against losses
under these SBLCs, however this
represents a secondary guarantee
of\u00a0the\u00a0Group\u2019s obligations which are
already recorded on the statement of
financial position, either as insurance
liabilities under IFRS 17 or as self-
insurance provisions. No additional
liability is therefore recorded in
respect\u00a0of these indemnities.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInsuranceContracts", "language": "en", "entity": "scheme:2138007ZFQYRUSLU3J98", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-683": { "value": "
Disposal of non-current assets
The Group recognises sales proceeds
and any related gain or loss on disposal
on\u00a0completion of the sales process.
In\u00a0determining whether the gain or
loss\u00a0should be recorded, the Group
considers whether it:
\u2013 has a continuing managerial
involvement to the degree
associated\u00a0with asset ownership;
\u2013 has transferred the significant risks
and rewards associated with asset
ownership; and
\u2013 can reliably measure and will
actually\u00a0receive the proceeds.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:2138007ZFQYRUSLU3J98", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-684": { "value": "
Equity share capital
Equity share capital includes the total
net\u00a0proceeds (both nominal value
and\u00a0share premium) on issue of the
Company\u2019s equity share capital. Share
premium represents the amount of
proceeds received for shares in excess
of\u00a0their nominal value.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:2138007ZFQYRUSLU3J98", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-685": { "value": "
Climate change
There are no climate-related estimates
and assumptions that have a material
impact on asset values in the Group
Financial Statements. In particular,
the\u00a0following have been considered:
\u2013 In the case of goodwill and brands,
the\u00a0carrying value is recovered in
less\u00a0than five years under the Base
Case\u00a0forecasts and is not susceptible
to\u00a0medium-term risks.
\u2013 In the case of the InterContinental
Boston, for which the lease expires
in\u00a02105, the last impairment test
performed indicated sufficient
headroom above the asset value
before the asset would be impaired.
\u2013 In the case of other hotel assets
(within\u00a0property, plant and equipment,
right-of-use assets, associates or
other\u00a0financial assets) the remaining
economic lives, whether they are
sensitive to the impact of transitional
risks or are susceptible to physical
risks.
\u2013 In the case of contract assets, the
term of the management agreement
and the significant headroom of fee
income over the asset carrying value.
\u2013 In the case of trade deposits and
loans, the short-term repayment
period of these assets.
\u2013 In the case of insurance liabilities and
self-insurance provisions, the lines of
insurance written by the Captive and
procured externally, the terms of
those policies and coverage from
third-party insurers.
\u2013 The period of coverage of performance
guarantees and owner loan guarantees,
together with caps on the Group\u2019s
exposure.
Additionally, increasing operating costs
over the medium term, for example
energy, are not expected to have a
material impact on any of the
Group\u2019s\u00a0assets.
While there is currently no material
medium-term impact expected from
climate change, the risks attached
to\u00a0climate change continue to evolve
and\u00a0these will continue to be assessed
against the Group\u2019s judgements
and\u00a0estimates.
", "dimensions": { "concept": "ihg:DescriptionOfAccountingPolicyForPotentialImpactOfClimateChangeExplanatory", "language": "en", "entity": "scheme:2138007ZFQYRUSLU3J98", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-687": { "value": "
New accounting standards
and\u00a0other\u00a0changes
Adoption of new accounting standards
From 1 January 2025, the Group has
applied the following amendments:
\u2013 IAS 21 \u2013 Lack of Exchangeability
The amendment has not had a material
impact on the Group\u2019s reported financial
performance or position.
New standards issued but not
yet\u00a0effective
From 1 January 2026, the Group
will\u00a0apply the amendments to:
\u2013 IFRS 7 and 9 \u2013 Amendments to the
Classification and Measurement
of\u00a0Financial Instruments;
\u2013 IFRS 7 and 9 \u2013 Contracts Referencing
Nature-dependent Electricity; and
\u2013 Amendments arising from the IASB\u2019s
Annual Improvements Volume 11.
From 1 January 2027, the Group will
apply the amendment to:
\u2013 IAS 21 \u2013 Translation to a
Hyperinflationary Presentation
Currency.
There is no anticipated material
impact\u00a0from these amendments
on\u00a0the\u00a0Group\u2019s reported financial
performance or position.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:2138007ZFQYRUSLU3J98", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-686": { "value": "
New accounting standards
and\u00a0other\u00a0changes
Adoption of new accounting standards
From 1 January 2025, the Group has
applied the following amendments:
\u2013 IAS 21 \u2013 Lack of Exchangeability
The amendment has not had a material
impact on the Group\u2019s reported financial
performance or position.
New standards issued but not
yet\u00a0effective
From 1 January 2026, the Group
will\u00a0apply the amendments to:
\u2013 IFRS 7 and 9 \u2013 Amendments to the
Classification and Measurement
of\u00a0Financial Instruments;
\u2013 IFRS 7 and 9 \u2013 Contracts Referencing
Nature-dependent Electricity; and
\u2013 Amendments arising from the IASB\u2019s
Annual Improvements Volume 11.
From 1 January 2027, the Group will
apply the amendment to:
\u2013 IAS 21 \u2013 Translation to a
Hyperinflationary Presentation
Currency.
There is no anticipated material
impact\u00a0from these amendments
on\u00a0the\u00a0Group\u2019s reported financial
performance or position.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:2138007ZFQYRUSLU3J98", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-688": { "value": "
New standards issued but not
yet\u00a0effective
From 1 January 2026, the Group
will\u00a0apply the amendments to:
\u2013 IFRS 7 and 9 \u2013 Amendments to the
Classification and Measurement
of\u00a0Financial Instruments;
\u2013 IFRS 7 and 9 \u2013 Contracts Referencing
Nature-dependent Electricity; and
\u2013 Amendments arising from the IASB\u2019s
Annual Improvements Volume 11.
From 1 January 2027, the Group will
apply the amendment to:
\u2013 IAS 21 \u2013 Translation to a
Hyperinflationary Presentation
Currency.
There is no anticipated material
impact\u00a0from these amendments
on\u00a0the\u00a0Group\u2019s reported financial
performance or position.
IFRS 18 Presentation and Disclosure
in\u00a0Financial Statements
The Group will adopt IFRS 18 with
effect\u00a0from 1 January 2027. This will
replace IAS\u00a01 \u2018Presentation of Financial
Statements\u2019. IFRS 18 will require entities
to classify all income and expenses
within the income statement into
the\u00a0following categories: operating,
investing, financing, tax and
discontinued operations and will
introduce two new defined subtotals
within the Group income statement,
operating profit and profit before
financing and income taxes. Operating
profit, as defined by IFRS 18, will differ
from operating profit as reported
in\u00a0these financial statements. The
primary differences are expected to
be\u00a0the inclusion of foreign exchange
gains and losses and exclusion of the
Group\u2019s share of\u00a0profit and losses of
associates and joint ventures from IFRS
18\u2019s operating profit. The Group\u2019s share
of profit and losses of associates and
joint ventures will form part of IFRS 18\u2019s
investing category.
IFRS 18 will require restatement
of\u00a0comparative periods. There will be
no\u00a0change to the Group\u2019s reported
profit\u00a0for the year ended 31 December
2025 or net liabilities as that date when
reported, in 2027, after adoption of
IFRS\u00a018.
IFRS 18 introduces additional disclosures
within the notes to the Group financial
statements for management-defined
performance measures (subtotals of
income and expense that communicate
management\u2019s view of the performance
of the Group as a whole). Disclosures
relating to Non-GAAP measures that
meet IFRS 18\u2019s management-defined
performance measures definition,
primarily adjusted profit and interest
measures, will be included within the
financial statements in 2027.
The new standard introduces new
principles around aggregation and
disaggregation of information within
the\u00a0financial statements. Related
amendments to IAS 7 \u2018Statement of
Cash Flows\u2019 will require the Group
statement of cash flows to reconcile
operating profit or loss to operating
cash\u00a0flows and will change the Group\u2019s
classification of cash flows from
dividends and interest.
The Group has completed its initial
impact assessment, highlighting the
key\u00a0impacts of the standard as set out
above. This work will continue in 2026.
", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:2138007ZFQYRUSLU3J98", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-689": { "value": "
IFRS 18 Presentation and Disclosure
in\u00a0Financial Statements
", "dimensions": { "concept": "ifrs-full:DisclosureOfReclassificationsOrChangesInPresentationExplanatory", "language": "en", "entity": "scheme:2138007ZFQYRUSLU3J98", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-690": { "value": "
1. Exchange rates
2025
2024
2023
$1 equivalent
Average
Closing
Average
Closing
Average
Closing
Sterling
\u00a30.76
\u00a30.74
\u00a30.78
\u00a30.80
\u00a30.80
\u00a30.78
Euro
\u20ac0.89
\u20ac0.85
\u20ac0.92
\u20ac0.96
\u20ac0.92
\u20ac0.90
", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:2138007ZFQYRUSLU3J98", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-691": { "value": "
2. Segmental information
Revenue
2025
2024
2023
Year ended 31\u00a0December
$m
$m
$m
Americas
1,129
1,141
1,105
EMEAA
811
748
677
Greater China
165
161
161
Central
363
262
221
Revenue from reportable segments
2,468
2,312
2,164
System Fund and reimbursable revenues
2,721
2,611
2,460
Total revenue
5,189
4,923
4,624
Profit
2025
2024
2023
Year ended 31\u00a0December
$m
$m
$m
Americas
836
828
815
EMEAA
303
270
215
Greater China
99
98
96
Central
27
(72)
(107)
Operating profit from reportable segments
1,265
1,124
1,019
System Fund and reimbursable result
(46)
(83)
19
Operating exceptional items (note 6)
(21)
\u2013
28
Operating profit
1,198
1,041
1,066
Net financial expenses
(153)
(115)
(87)
Foreign exchange gains/(losses)
37
(25)
35
Remeasurement of contingent purchase consideration
(8)
(4)
(4)
Profit before tax
1,074
897
1,010
Tax
(315)
(269)
(260)
Profit for the year
759
628
750
2. Segmental information continued
Non-cash items included within operating profit from reportable segments
Americas
EMEAA
Greater
China
Central
Group
Year ended 31\u00a0December 2025
$m
$m
$m
$m
$m
Depreciation and amortisationa
25
13
3
26
67
Contract assets deduction in revenue
30
21
1
\u2013
52
Equity-settled share-based payments cost
13
7
4
18
42
Share of profit of associates and joint ventures
\u2013
(6)
\u2013
\u2013
(6)
Americas
EMEAA
Greater
China
Central
Group
Year ended 31\u00a0December 2024
$m
$m
$m
$m
$m
Depreciation and amortisationa
24
12
3
26
65
Contract assets deduction in revenue
24
18
1
\u2013
43
Equity-settled share-based payments cost
10
5
3
19
37
Share of profit of associates and joint ventures
(4)
(6)
\u2013
\u2013
(10)
Americas
EMEAA
Greater
China
Central
Group
Year ended 31\u00a0December 2023
$m
$m
$m
$m
$m
Depreciation and amortisationa
24
12
4
27
67
Contract assets deduction in revenue
21
15
1
\u2013
37
Equity-settled share-based payments cost
9
4
2
16
31
Share of profit of associates (excluding exceptional items)
(5)
(8)
\u2013
\u2013
(13)
a. Includes $18m (2024: $16m, 2023: $17m) relating to cost of sales in owned & leased hotels and $49m (2024: $49m, 2023: $50m) relating to other assets.
A further $79m (2024: $80m, 2023: $83m) was recorded within System Fund and reimbursable expenses.
Geographical information
2025
2024
2023
Year ended 31\u00a0December
$m
$m
$m
Revenue
United Kingdom
312
291
263
United States
1,965
1,902
1,777
Rest of World
1,195
1,119
1,020
3,472
3,312
3,060
System Fund revenues (note 31)
1,717
1,611
1,564
5,189
4,923
4,624
For the purposes of the above table, fee business, owned & leased and reimbursable revenues are determined according to the
location of the hotel and other revenue is attributed to the country of origin. In addition to the United Kingdom, revenue relating
to an individual country is separately disclosed when it represents 10% or more of total revenue. System Fund revenues are not
included in the geographical analysis as the Group does not monitor the Fund\u2019s revenue\u00a0by location of the hotel or, in the case
of\u00a0the loyalty programme, according to the location where members consume\u00a0their rewards.
2025
2024a
31\u00a0December
$m
$m
Non-current assets
United Kingdom
152
125
United States
1,107
1,110
Rest of World
1,241
1,017
2,500
2,252
a. The Group has revised the methodology used to allocate brands and software to individual countries to better reflect how intangible corporate assets
are deployed globally at each reporting date. The assets were previously allocated based on the location of the owning entity or based on long-term
trading expectations at the time the asset was acquired. They are now allocated based on the most relevant distribution of open and pipeline rooms at
the reporting date. The change in policy reduced the United States total by $280m (2024: $260m) and increased the United Kingdom and Rest of World
by $35m (2024:\u00a0$21m) and $245m (2024: $239m), respectively. No additional countries exceeded 10% of total non-current assets.
For the purposes of the above table, non-current assets comprise goodwill and other intangible assets, property, plant and equipment,
right-of-use assets, investments in associates and joint ventures, non-current other receivables, non-current contract costs and
non-current contract assets. In addition to the United Kingdom, non-current assets relating to an individual\u00a0country are separately
disclosed when they represent 10% or more of total non-current assets, as defined above.
$294m (2024: $307m) of tangible fixed assets are located in the United States, of which $93m (2024: $99m) relates to property,
plant and equipment and $201m (2024: $208m) relates to right-of-use assets.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:2138007ZFQYRUSLU3J98", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-692": { "value": "
Geographical information
2025
2024
2023
Year ended 31\u00a0December
$m
$m
$m
Revenue
United Kingdom
312
291
263
United States
1,965
1,902
1,777
Rest of World
1,195
1,119
1,020
3,472
3,312
3,060
System Fund revenues (note 31)
1,717
1,611
1,564
5,189
4,923
4,624
For the purposes of the above table, fee business, owned & leased and reimbursable revenues are determined according to the
location of the hotel and other revenue is attributed to the country of origin. In addition to the United Kingdom, revenue relating
to an individual country is separately disclosed when it represents 10% or more of total revenue. System Fund revenues are not
included in the geographical analysis as the Group does not monitor the Fund\u2019s revenue\u00a0by location of the hotel or, in the case
of\u00a0the loyalty programme, according to the location where members consume\u00a0their rewards.
2025
2024a
31\u00a0December
$m
$m
Non-current assets
United Kingdom
152
125
United States
1,107
1,110
Rest of World
1,241
1,017
2,500
2,252
a. The Group has revised the methodology used to allocate brands and software to individual countries to better reflect how intangible corporate assets
are deployed globally at each reporting date. The assets were previously allocated based on the location of the owning entity or based on long-term
trading expectations at the time the asset was acquired. They are now allocated based on the most relevant distribution of open and pipeline rooms at
the reporting date. The change in policy reduced the United States total by $280m (2024: $260m) and increased the United Kingdom and Rest of World
by $35m (2024:\u00a0$21m) and $245m (2024: $239m), respectively. No additional countries exceeded 10% of total non-current assets.
For the purposes of the above table, non-current assets comprise goodwill and other intangible assets, property, plant and equipment,
right-of-use assets, investments in associates and joint ventures, non-current other receivables, non-current contract costs and
non-current contract assets. In addition to the United Kingdom, non-current assets relating to an individual\u00a0country are separately
disclosed when they represent 10% or more of total non-current assets, as defined above.
$294m (2024: $307m) of tangible fixed assets are located in the United States, of which $93m (2024: $99m) relates to property,
plant and equipment and $201m (2024: $208m) relates to right-of-use assets.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeographicalAreasExplanatory", "language": "en", "entity": "scheme:2138007ZFQYRUSLU3J98", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-694": { "value": "
3. Revenue
Disaggregation of revenue
Americas
EMEAA
Greater
China
Central
Group
Year ended 31\u00a0December 2025
$m
$m
$m
$m
$m
Franchise and base management fees
943
299
129
\u2013
1,371
Incentive management fees
20
134
36
\u2013
190
Central revenue
\u2013
\u2013
\u2013
336
336
Revenue from fee business
963
433
165
336
1,897
Revenue from owned & leased hotels
166
378
\u2013
\u2013
544
Revenue from insurance activities
\u2013
\u2013
\u2013
27
27
1,129
811
165
363
2,468
System Fund revenues (note 31)
1,717
Reimbursable revenues (note 31)
1,004
Total revenue
5,189
Central revenue arises principally from technology fee income and ancillary revenues including co-brand licensing fees
and,\u00a0following execution of a revised agreement with the IHG Owners Association in 2024, a portion of revenue from the
consumption of certain IHG One Rewards points. The agreed change initially applied to 50% of proceeds from points sold
to\u00a0consumers from 1\u00a0January 2024 and increased to 100% from 1\u00a0January 2025. In line with the Group\u2019s accounting policy
(see\u00a0page 186), revenue from the sale of points is deferred until the future benefit has been consumed by the member.
Americas
EMEAA
Greater
China
Central
Group
Year ended 31\u00a0December 2024
$m
$m
$m
$m
$m
Franchise and base management fees
958
277
122
\u2013
1,357
Incentive management fees
21
118
39
\u2013
178
Central revenue
\u2013
\u2013
\u2013
239
239
Revenue from fee business
979
395
161
239
1,774
Revenue from owned & leased hotels
162
353
\u2013
\u2013
515
Revenue from insurance activities
\u2013
\u2013
\u2013
23
23
1,141
748
161
262
2,312
System Fund revenues (note 31)
1,611
Reimbursable revenues (note 31)
1,000
Total revenue
4,923
Americas
EMEAA
Greater
China
Central
Group
Year ended 31\u00a0December 2023
$m
$m
$m
$m
$m
Franchise and base management fees
936
253
115
\u2013
1,304
Incentive management fees
21
101
46
\u2013
168
Central revenue
\u2013
\u2013
\u2013
200
200
Revenue from fee business
957
354
161
200
1,672
Revenue from owned & leased hotels
148
323
\u2013
\u2013
471
Revenue from insurance activities
\u2013
\u2013
\u2013
21
21
1,105
677
161
221
2,164
System Fund revenues (note 31)
1,564
Reimbursable revenues (note 31)
896
Total revenue
4,624
Contract balances
2025
2024
31 December
$m
$m
Trade receivables (note 16)
698
651
Contract assets
798
650
Deferred revenue
(2,169)
(2,060)
3. Revenue continued
Contract assets
2025
2024
$m
$m
At 1\u00a0January
650
459
Additions
183
237
Recognised as a deduction to revenue
(52)
(43)
Impairment reversals (note 6)
\u2013
3
Repayments
(2)
\u2013
Exchange and other adjustments
19
(6)
At 31\u00a0December
798
650
Analysed as:
Current
47
38
Non-current
751
612
798
650
The increase in the balance of contract assets in 2025 and 2024 is due to payments in the year exceeding amounts recognised
as a reduction to revenue over the term of the relevant management and franchise agreements, reflecting the growth in the
Group\u2019s system size including the NOVUM conversion portfolio signed in 2024.
The Group also has future commitments for key money payments which are contingent upon future events and may reverse.
At 31\u00a0December 2025, the maximum exposure remaining under performance guarantees was $67m (2024: $77m).
Deferred revenue
Loyalty
programme
Other co-
brand fees
Application
& re-
licensing
fees
Other
Total
$m
$m
$m
$m
$m
At 1\u00a0January 2024
1,529
22
171
126
1,848
Increase in deferred revenue
726
97
23
61
907
Recognised as revenue
(602)
(8)
(23)
(58)
(691)
Exchange and other adjustments
\u2013
\u2013
\u2013
(4)
(4)
At 31\u00a0December 2024
1,653
111
171
125
2,060
Increase in deferred revenue
784
36
24
69
913
Recognised as revenue
(710)
(12)
(22)
(65)
(809)
Exchange and other adjustments
\u2013
\u2013
\u2013
5
5
At 31\u00a0December 2025
1,727
135
173
134
2,169
Analysed as:
Current
715
13
22
79
829
Non-current
1,012
122
151
55
1,340
1,727
135
173
134
2,169
At 31\u00a0December 2024 analysed as:
Current
661
12
23
70
766
Non-current
992
99
148
55
1,294
1,653
111
171
125
2,060
Increase in deferred revenue includes both amounts received and recognised as revenue in the same year. Amounts recognised
as revenue were included in deferred revenue at the beginning of the year.
Loyalty programme revenues, shown gross in the table above, are presented net of the corresponding redemption cost in the
Group income statement.
Other deferred revenue includes guest deposits received by owned & leased hotels and technical service fees.
3. Revenue continued
Transaction price allocated to remaining performance obligations
The expected timing of recognition of amounts received and not yet recognised relating to performance obligations that were
unsatisfied at the year end are as follows:
2025
2024
Loyalty and
co-brand
Other
Total
Loyalty and
co-brand
Other
Total
$m
$m
$m
$m
$m
$m
Less than one year
728
101
829
673
93
766
Between one and two years
364
41
405
355
43
398
Between two and three years
221
32
253
214
30
244
Between three and four years
146
25
171
140
24
164
Between four and five years
100
22
122
95
22
117
More than five years
303
86
389
287
84
371
1,862
307
2,169
1,764
296
2,060
Contract costs
2025
2024
$m
$m
At 1\u00a0January
95
87
Costs incurred
20
18
Charged to income statement
(9)
(8)
Exchange and other adjustments
2
(2)
At 31\u00a0December
108
95
Analysed as:
Current
5
5
Non-current
103
90
108
95
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:2138007ZFQYRUSLU3J98", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-693": { "value": "
3. Revenue
Disaggregation of revenue
Americas
EMEAA
Greater
China
Central
Group
Year ended 31\u00a0December 2025
$m
$m
$m
$m
$m
Franchise and base management fees
943
299
129
\u2013
1,371
Incentive management fees
20
134
36
\u2013
190
Central revenue
\u2013
\u2013
\u2013
336
336
Revenue from fee business
963
433
165
336
1,897
Revenue from owned & leased hotels
166
378
\u2013
\u2013
544
Revenue from insurance activities
\u2013
\u2013
\u2013
27
27
1,129
811
165
363
2,468
System Fund revenues (note 31)
1,717
Reimbursable revenues (note 31)
1,004
Total revenue
5,189
Central revenue arises principally from technology fee income and ancillary revenues including co-brand licensing fees
and,\u00a0following execution of a revised agreement with the IHG Owners Association in 2024, a portion of revenue from the
consumption of certain IHG One Rewards points. The agreed change initially applied to 50% of proceeds from points sold
to\u00a0consumers from 1\u00a0January 2024 and increased to 100% from 1\u00a0January 2025. In line with the Group\u2019s accounting policy
(see\u00a0page 186), revenue from the sale of points is deferred until the future benefit has been consumed by the member.
Americas
EMEAA
Greater
China
Central
Group
Year ended 31\u00a0December 2024
$m
$m
$m
$m
$m
Franchise and base management fees
958
277
122
\u2013
1,357
Incentive management fees
21
118
39
\u2013
178
Central revenue
\u2013
\u2013
\u2013
239
239
Revenue from fee business
979
395
161
239
1,774
Revenue from owned & leased hotels
162
353
\u2013
\u2013
515
Revenue from insurance activities
\u2013
\u2013
\u2013
23
23
1,141
748
161
262
2,312
System Fund revenues (note 31)
1,611
Reimbursable revenues (note 31)
1,000
Total revenue
4,923
Americas
EMEAA
Greater
China
Central
Group
Year ended 31\u00a0December 2023
$m
$m
$m
$m
$m
Franchise and base management fees
936
253
115
\u2013
1,304
Incentive management fees
21
101
46
\u2013
168
Central revenue
\u2013
\u2013
\u2013
200
200
Revenue from fee business
957
354
161
200
1,672
Revenue from owned & leased hotels
148
323
\u2013
\u2013
471
Revenue from insurance activities
\u2013
\u2013
\u2013
21
21
1,105
677
161
221
2,164
System Fund revenues (note 31)
1,564
Reimbursable revenues (note 31)
896
Total revenue
4,624
Contract balances
2025
2024
31 December
$m
$m
Trade receivables (note 16)
698
651
Contract assets
798
650
Deferred revenue
(2,169)
(2,060)
3. Revenue continued
Contract assets
2025
2024
$m
$m
At 1\u00a0January
650
459
Additions
183
237
Recognised as a deduction to revenue
(52)
(43)
Impairment reversals (note 6)
\u2013
3
Repayments
(2)
\u2013
Exchange and other adjustments
19
(6)
At 31\u00a0December
798
650
Analysed as:
Current
47
38
Non-current
751
612
798
650
The increase in the balance of contract assets in 2025 and 2024 is due to payments in the year exceeding amounts recognised
as a reduction to revenue over the term of the relevant management and franchise agreements, reflecting the growth in the
Group\u2019s system size including the NOVUM conversion portfolio signed in 2024.
The Group also has future commitments for key money payments which are contingent upon future events and may reverse.
At 31\u00a0December 2025, the maximum exposure remaining under performance guarantees was $67m (2024: $77m).
Deferred revenue
Loyalty
programme
Other co-
brand fees
Application
& re-
licensing
fees
Other
Total
$m
$m
$m
$m
$m
At 1\u00a0January 2024
1,529
22
171
126
1,848
Increase in deferred revenue
726
97
23
61
907
Recognised as revenue
(602)
(8)
(23)
(58)
(691)
Exchange and other adjustments
\u2013
\u2013
\u2013
(4)
(4)
At 31\u00a0December 2024
1,653
111
171
125
2,060
Increase in deferred revenue
784
36
24
69
913
Recognised as revenue
(710)
(12)
(22)
(65)
(809)
Exchange and other adjustments
\u2013
\u2013
\u2013
5
5
At 31\u00a0December 2025
1,727
135
173
134
2,169
Analysed as:
Current
715
13
22
79
829
Non-current
1,012
122
151
55
1,340
1,727
135
173
134
2,169
At 31\u00a0December 2024 analysed as:
Current
661
12
23
70
766
Non-current
992
99
148
55
1,294
1,653
111
171
125
2,060
Increase in deferred revenue includes both amounts received and recognised as revenue in the same year. Amounts recognised
as revenue were included in deferred revenue at the beginning of the year.
Loyalty programme revenues, shown gross in the table above, are presented net of the corresponding redemption cost in the
Group income statement.
Other deferred revenue includes guest deposits received by owned & leased hotels and technical service fees.
3. Revenue continued
Transaction price allocated to remaining performance obligations
The expected timing of recognition of amounts received and not yet recognised relating to performance obligations that were
unsatisfied at the year end are as follows:
2025
2024
Loyalty and
co-brand
Other
Total
Loyalty and
co-brand
Other
Total
$m
$m
$m
$m
$m
$m
Less than one year
728
101
829
673
93
766
Between one and two years
364
41
405
355
43
398
Between two and three years
221
32
253
214
30
244
Between three and four years
146
25
171
140
24
164
Between four and five years
100
22
122
95
22
117
More than five years
303
86
389
287
84
371
1,862
307
2,169
1,764
296
2,060
Contract costs
2025
2024
$m
$m
At 1\u00a0January
95
87
Costs incurred
20
18
Charged to income statement
(9)
(8)
Exchange and other adjustments
2
(2)
At 31\u00a0December
108
95
Analysed as:
Current
5
5
Non-current
103
90
108
95
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:2138007ZFQYRUSLU3J98", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-695": { "value": "
Contract assets
2025
2024
$m
$m
At 1\u00a0January
650
459
Additions
183
237
Recognised as a deduction to revenue
(52)
(43)
Impairment reversals (note 6)
\u2013
3
Repayments
(2)
\u2013
Exchange and other adjustments
19
(6)
At 31\u00a0December
798
650
Analysed as:
Current
47
38
Non-current
751
612
798
650
The increase in the balance of contract assets in 2025 and 2024 is due to payments in the year exceeding amounts recognised
as a reduction to revenue over the term of the relevant management and franchise agreements, reflecting the growth in the
Group\u2019s system size including the NOVUM conversion portfolio signed in 2024.
The Group also has future commitments for key money payments which are contingent upon future events and may reverse.
At 31\u00a0December 2025, the maximum exposure remaining under performance guarantees was $67m (2024: $77m).
Deferred revenue
Loyalty
programme
Other co-
brand fees
Application
& re-
licensing
fees
Other
Total
$m
$m
$m
$m
$m
At 1\u00a0January 2024
1,529
22
171
126
1,848
Increase in deferred revenue
726
97
23
61
907
Recognised as revenue
(602)
(8)
(23)
(58)
(691)
Exchange and other adjustments
\u2013
\u2013
\u2013
(4)
(4)
At 31\u00a0December 2024
1,653
111
171
125
2,060
Increase in deferred revenue
784
36
24
69
913
Recognised as revenue
(710)
(12)
(22)
(65)
(809)
Exchange and other adjustments
\u2013
\u2013
\u2013
5
5
At 31\u00a0December 2025
1,727
135
173
134
2,169
Analysed as:
Current
715
13
22
79
829
Non-current
1,012
122
151
55
1,340
1,727
135
173
134
2,169
At 31\u00a0December 2024 analysed as:
Current
661
12
23
70
766
Non-current
992
99
148
55
1,294
1,653
111
171
125
2,060
Increase in deferred revenue includes both amounts received and recognised as revenue in the same year. Amounts recognised
as revenue were included in deferred revenue at the beginning of the year.
Loyalty programme revenues, shown gross in the table above, are presented net of the corresponding redemption cost in the
Group income statement.
Other deferred revenue includes guest deposits received by owned & leased hotels and technical service fees.
", "dimensions": { "concept": "ifrs-full:ExplanationOfSignificantChangesInContractAssetsAndContractLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138007ZFQYRUSLU3J98", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-696": { "value": "
Deferred revenue
Loyalty
programme
Other co-
brand fees
Application
& re-
licensing
fees
Other
Total
$m
$m
$m
$m
$m
At 1\u00a0January 2024
1,529
22
171
126
1,848
Increase in deferred revenue
726
97
23
61
907
Recognised as revenue
(602)
(8)
(23)
(58)
(691)
Exchange and other adjustments
\u2013
\u2013
\u2013
(4)
(4)
At 31\u00a0December 2024
1,653
111
171
125
2,060
Increase in deferred revenue
784
36
24
69
913
Recognised as revenue
(710)
(12)
(22)
(65)
(809)
Exchange and other adjustments
\u2013
\u2013
\u2013
5
5
At 31\u00a0December 2025
1,727
135
173
134
2,169
Analysed as:
Current
715
13
22
79
829
Non-current
1,012
122
151
55
1,340
1,727
135
173
134
2,169
At 31\u00a0December 2024 analysed as:
Current
661
12
23
70
766
Non-current
992
99
148
55
1,294
1,653
111
171
125
2,060
Increase in deferred revenue includes both amounts received and recognised as revenue in the same year. Amounts recognised
as revenue were included in deferred revenue at the beginning of the year.
Loyalty programme revenues, shown gross in the table above, are presented net of the corresponding redemption cost in the
Group income statement.
Other deferred revenue includes guest deposits received by owned & leased hotels and technical service fees.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:2138007ZFQYRUSLU3J98", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-697": { "value": "
Other deferred revenue includes guest deposits received by owned & leased hotels and technical service fees.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepositsFromCustomersExplanatory", "language": "en", "entity": "scheme:2138007ZFQYRUSLU3J98", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-698": { "value": "
4. Staff costs and Directors\u2019 remuneration
Staff costs and average number of employees
2025
2024
2023
Staff costs
$m
$m
$m
Wages and salaries
1,888
1,890
1,752
Social security costs
167
159
143
Share-based payment cost (note 27)
72
67
56
Pension and other post-retirement benefits:
Defined benefit plans
7
7
4
Defined contribution plans
66
62
58
2,200
2,185
2,013
Analysed as:
Costs borne by IHGa
792
800
747
Costs borne by the System Fund or reimburseda
1,408
1,385
1,266
2,200
2,185
2,013
a. In 2025, includes $8m classified as exceptional relating to the global efficiency programme. An additional $7m is included in costs borne by the System
Fund or reimbursed.
4. Staff costs and Directors\u2019 remuneration continued
Staff costs and average number of employees continued
Monthly average number of employees, including part-time employees
2025
2024
2023
Employees whose costs are borne by IHG:
Americas
1,665
1,612
1,578
EMEAA
3,629
3,635
3,642
Greater China
368
357
352
Central
1,797
1,783
1,720
7,459
7,387
7,292
Employees whose costs are borne by the System Fund or are reimbursed
20,390
20,752
20,306
27,849
28,139
27,598
Directors\u2019 remuneration
2025
2024
2023
$m
$m
$m
Base salaries, fees, annual performance payments and benefits
7.8
6.9
6.9
+
More detailed information on the remuneration including pensions and share awards for each Director is shown in the Directors\u2019 Remuneration Report
within the \u2018Single total figure of remuneration\u2019 tables for Executive Directors on page 148 and Non-Executive Directors on page 156. Shareholdings
for\u00a0each Director are shown within \u2018Shares and awards held by Executive Directors at 31 December 2025\u2019 for Executive Directors on page 153 and
\u2018Non-Executive Directors\u2019 shareholdings\u2019 for Non-Executive Directors on page 156.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:2138007ZFQYRUSLU3J98", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-699": { "value": "
5. Auditor\u2019s remuneration paid to PricewaterhouseCoopers LLP
2025
2024
2023
$m
$m
$m
Audit of the Financial Statements
7
7
7
Audit of subsidiaries
3
3
3
Other assurance servicesa
2
1
1
12
11
11
Under SEC regulations analysed as:
Audit
11
10
10
Other audit-related
1
1
1
12
11
11
a. Other assurance services consists of controls assurance engagements, assurance services connected with the issue of bonds and audit of System
Fund financial information .
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:2138007ZFQYRUSLU3J98", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-700": { "value": "
6. Operating exceptional items
Note
2025
2024
2023
$m
$m
$m
Global efficiency programme
(a)
(12)
\u2013
\u2013
Commercial litigation and disputes
(b)
(9)
(12)
\u2013
Share of profits on the Barclay associate
(c)
\u2013
\u2013
18
Business interruption insurance
(d)
\u2013
\u2013
10
Impairment reversal on financial assets
(e)
\u2013
6
\u2013
Impairment reversal on property, plant and equipment
(f)
\u2013
3
\u2013
Impairment reversal on contract assets
(g)
\u2013
3
\u2013
Operating exceptional items
(21)
\u2013
28
Operating exceptional items analysed as:
Americas
(2)
4
27
EMEAA
(13)
(4)
1
Central
(6)
\u2013
\u2013
(21)
\u2013
28
Cash flows relating to operating exceptional items
(h)
(23)
8
(29)
+
The above items are defined by management as exceptional as further described on page 187.
(a) Global efficiency programme
Comprises costs incurred in the ongoing delivery of a global efficiency programme, designed to achieve incremental cost base
efficiencies and effectiveness. The costs, included within \u2018Cost of sales\u2019 and \u2018Administrative expenses\u2019 in the Group income
statement, are presented as exceptional because they relate to a comprehensive programme and\u00a0therefore do not reflect
normal, ongoing costs of the business. An additional $10m was charged to the System Fund (see note 31). Further exceptional
costs are expected to be incurred to complete the programme in 2026.
(b) Commercial litigation and disputes
From time to time, the Group is subject to legal proceedings the ultimate outcome of each being always subject to many
uncertainties inherent in litigation. The charge relates to the EMEAA region and includes legal costs. The costs, included within
\u2018Administrative expenses\u2019 in the Group income statement, are presented as exceptional reflecting the quantum of the costs
and\u00a0nature of the disputes.
(c) Share of profits on the Barclay associate
Related to the reversal of a liability for amounts payable to the Barclay associate, linked to the value of the hotel. The reversal,
included within \u2018Share of profits of associates and joint ventures\u2019 in the Group income statement, was presented as exceptional
for consistency with the treatment of the corresponding expense.
(d) Business interruption insurance
Related to amounts receivable from the Group\u2019s insurer under its business interruption policy for certain owned & leased hotels
due to Covid-19. The income, included within \u2018Other operating income\u2019, was presented as exceptional due to its size.
(e) Impairment reversal on financial assets
The 2024 reversal of $6m related to impairments originally recorded in 2020. These reversals, included within \u2018Impairment (loss)/
reversal on financial assets\u2019 in the Group income statement, were presented as exceptional for consistency with the treatment
of\u00a0the corresponding impairments.
(f) Impairment reversal on property, plant and equipment
The 2024 reversal of $3m related to one hotel in the UK portfolio. The original impairment was recorded in 2020. The reversal,
included within \u2018Other net impairment charges\u2019 in the Group income statement, was presented as exceptional for consistency
with the treatment applied in prior years.
(g) Impairment reversal on contract assets
The 2024 reversal of $3m related to an impairment originally recorded in 2020. The reversal, included within \u2018Other net
impairment charges\u2019 in the Group income statement, was presented as exceptional for consistency with the treatment applied
in\u00a0prior years.
(h) Cash flows relating to operating exceptional items
Comprises the cash flows within the year relating to all operating exceptional items from the current and previous periods.
", "dimensions": { "concept": "ihg:DisclosureOfExceptionalItemsExplanatory", "language": "en", "entity": "scheme:2138007ZFQYRUSLU3J98", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-701": { "value": "
7. Financial income and expenses
2025
2024a
2023a
$m
$m
$m
Financial income
Financial income on deposits and money market funds
33
48
33
Interest income on loans and other assets
16
15
6
49
63
39
Financial expenses
Interest expense on external borrowings
165
131
85
Interest expense on lease liabilities
30
30
29
Unwind of discount on deferred purchase consideration
\u2013
\u2013
1
Other charges
7
17
11
202
178
126
a. In 2025, foreign exchange gains/(losses) have been presented on a separate line of the Group income statement. The 2024 and 2023 amounts were
previously presented within \u2018Financial expenses\u2019.
Financial income comprises $34m ( 2024: $47m, 2023: $24m) relating to financial assets held at amortised cost and $15m
( 2024: $16m, 2023: $15m) relating to financial assets held at FVTPL.
Interest expense on external borrowings and unwind of discount on deferred purchase consideration relate to financial liabilities
which are held at amortised cost. Other charges includes bank charges and non-bank interest expense.
In 2025, $44m (2024: $49m, 2023: $43m) was payable to the System Fund in relation to interest accumulated on the balance of
cash received in advance of the consumption of points awarded through the IHG One Rewards loyalty programme. The expense
and corresponding System Fund interest income are eliminated within financial expenses. On a net basis, financial income and
expenses includes $3m (2024: $1m, 2023: $1m) of other interest which is also attributable to the System Fund.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:2138007ZFQYRUSLU3J98", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-702": { "value": "
8. Tax
Tax on profit for the year
United Kingdom
Other jurisdictions
Total
2025
2024
2023
2025
2024
2023
2025
2024
2023
$m
$m
$m
$m
$m
$m
$m
$m
$m
Current taxa
Current period
15
24
16
306
292
245
321
316
261
Adjustments in respect of prior periods
2
\u2013
\u2013
(3)
\u2013
12
(1)
\u2013
12
17
24
16
303
292
257
320
316
273
Deferred tax
Origination and reversal of temporary
differences
12
11
1
(39)
(56)
(21)
(27)
(45)
(20)
Changes in tax rates and tax laws
\u2013
\u2013
\u2013
\u2013
\u2013
2
\u2013
\u2013
2
Adjustments to unprovided or
unrecognised deferred taxb
\u2013
\u2013
\u2013
21
\u2013
5
21
\u2013
5
Adjustments in respect of prior periods
6
(2)
1
(5)
\u2013
(1)
1
(2)
\u2013
18
9
2
(23)
(56)
(15)
(5)
(47)
(13)
Income tax charge for the yearc
35
33
18
280
236
242
315
269
260
a. Includes $6m (2024: $2m, 2023: $nil) in respect of taxes arising under the Pillar Two framework.
b. In 2025, relates to tax arising following the completion of an intragroup restructuring.
c. \u2018Other jurisdictions\u2019 includes $205m (2024: $169m, 2023: $172m) in respect of US taxes.
8. Tax continued
The income tax charge includes the following exceptional items:
2025
2024
2023
Current
tax
Deferred
tax
Current
tax
Deferred
tax
Current
tax
Deferred
tax
$m
$m
$m
$m
$m
$m
Tax on operating exceptional items a
4
1
\u2013
\u2013
(3)
(4)
Exceptional tax charge b
(34)
13
\u2013
\u2013
\u2013
\u2013
(16)
\u2013
(7)
a. Comprises the tax impacts of the operating exceptional items in note 6.
b. Comprises a $34m current tax charge and a $34m deferred tax credit, both in respect of tax that arose on the acquisition of Holiday Inn in 1990,
and\u00a0a\u00a0$21m deferred tax charge following the completion of an intra-group restructuring transaction, which otherwise has had no impact on the
consolidated financial statements. These are presented as exceptional due to their size and non-recurring nature.
Reconciliation of tax charge
2025
2024
2023
%
%
%
Tax at UK blended rate
25.0
25.0
23.5
Tax credits
(0.5)
(0.6)
(0.5)
System Funda
(0.1)
1.2
(1.3)
Foreign exchange losses/(gains)
(0.6)
1.0
(1.0)
Other permanent differences b
\u2013
(0.5)
0.9
Non-recoverable foreign taxes
3.0
2.4
1.3
Net effect of different rates of tax c
0.4
1.5
1.5
Effect of substantive enactment of UAE tax rates and lawsd
\u2013
\u2013
(0.9)
Effect of changes in other tax rates and laws
\u2013
\u2013
0.2
Items on which deferred tax arose but where no deferred tax is recognisede
0.2
0.2
0.2
Effect of adjustments to unprovided or unrecognised deferred taxesf
1.9
\u2013
0.5
Adjustments to the tax charge in respect of prior periodsg
\u2013
(0.2)
1.3
29.3
30.0
25.7
a. The System Fund is, in general, not subject to taxation.
b. Includes (0.8)%pts (2024: (1.0)% pts, 2023: (0.6)%pts) in respect of the US Foreign-Derived Intangible Income regime.
c. Includes 1.1%pts (2024: 1.2%pts, 2023: 1.3%pts) driven by the relatively high blended US rate, which includes US Federal and State taxes.
d. During 2023, law implementing a new corporate income tax regime was substantively enacted in the UAE. This resulted in the recognition
of a deferred\u00a0tax asset of $9m in the UAE. Absent further law change, this benefit is not likely to reoccur.
e. Predominantly in respect of losses arising in the year.
f. Adjustments relating to estimated recoverable deferred tax assets. In 2025, relates to a deferred tax charge following the completion of an intra-group
restructuring transaction. In 2023, included 0.7%pts relating to the provision of previously unprovided deferred tax liabilities which arise on temporary
differences in subsidiaries.
g. Relates to the finalisation of tax returns, activity from tax authorities such as tax audits and the reassessment of provisions for uncertain tax positions.
Factors that may affect the future tax charge
Many factors will affect the Group\u2019s future tax rate, the main ones being future legislative developments, future profitability
of\u00a0underlying subsidiaries and resolution of tax uncertainties.
In 2021, the OECD made proposals for worldwide tax reform under a two \u2018pillar\u2019 system \u2013 Pillar One and Pillar Two.
Pillar One (broadly, the reallocation of certain taxing rights to countries where customers are located) has not been enacted in
any jurisdiction and, in any event, the Group would not expect to be impacted. There has been no substantial progress by the
OECD on the Pillar One rules\u00a0and\u00a0there is no certainty as to whether these will be ever enacted.
Pillar Two seeks to impose a global minimum tax, essentially establishing a floor on corporate tax competition by ensuring a large
multinational enterprise is subject to tax in each\u00a0jurisdiction at a 15% effective minimum tax rate. Pillar Two rules are in effect for
the Group and the Group\u2019s Pillar Two liability for 2025 is estimated to be $6m. The\u00a0administration and compliance behind the
rules are burdensome and the Group will rely on transitional \u2018safe harbour\u2019 exemptions which remove the need to prepare full
calculations for Pillar Two for qualifying territories. The OECD agreed in January 2026 that these transitional arrangements would
be extended a further year, until the end of 2027, and announced a\u00a0permanent safe harbour that will replace it. Based upon this
announcement, the Group expects that it will be able to rely on the\u00a0permanent safe harbour for a number of key jurisdictions,
such as the US and China where the Group\u2019s blended effective tax\u00a0rate exceeds 25%, and therefore considers the likelihood of
material future Pillar Two taxes arising to be low, based upon the\u00a0current profile of the Group\u2019s business. The Group continues
to\u00a0monitor external tax developments in this area, particularly as\u00a0the\u00a0new permanent safe harbour passes through the
legislative\u00a0process.
8. Tax continued
Tax paid
Total tax paid (net of refunds) of $307m (2024: $309m) is entirely in respect of operating activities. This comprises taxes paid
directly by Group entities to taxing authorities and taxes withheld at source in respect of fees payable to the Group. Taxes
withheld at source are paid by hotel owners to their local taxing authorities on behalf of the Group. The table below shows
the\u00a0territories to whom taxes are directly paid by the Group which exceed $5m in the current or comparative periods, in
addition\u00a0to\u00a0the UK, the Group\u2019s headquarter jurisdiction. The increase between 2023 and 2024 is predominantly driven by
the\u00a0corresponding increase to Group profitability and movement in deferred taxes. During 2025, exceptional tax of $34m
was\u00a0paid\u00a0without which there would have been a year-on-year decrease in taxes paid, as a result of tax reforms in the US.
2025
2024
2023
$m
$m
$m
Chinaa
13
11
5
Japana
9
3
3
Mexicob
8
5
3
Singaporea
9
7
4
United Kingdomb
10
10
8
United Statesb
194
220
171
Other jurisdictions
17
15
12
260
271
206
Taxes withheld at source
47
38
37
Tax paid per cash flow
307
309
243
Analysed as:
Exceptional tax paidc
34
\u2013
\u2013
Other
273
309
243
307
309
243
a. Tax payments are typically based upon the previous year\u2019s profits.
b. Tax payments are typically based upon the current year\u2019s profits.
c. Exceptional tax paid of $34m in 2025 relates to the settlement of a tax liability in the United States which originally arose as a result of the acquisition
of\u00a0Holiday Inn in 1990 and became due for payment in 2025. There was no net impact on the tax charge for any year presented. The payment is
classified as an exceptional cash flow due to its size and nature.
A reconciliation of tax paid to the current tax charge in the Group income statement is as follows:
2025
2024
2023
$m
$m
$m
Current tax charge in the Group income statement
320
316
273
Current tax charge/(credit) in the Group statement of comprehensive income
2
(3)
(6)
Current tax credit taken directly to equity
(15)
(6)
(5)
Total current tax charge
307
307
262
Movements to tax contingenciesa
(1)
(4)
(2)
Timing differences of cash tax paid and foreign exchange differences
1
6
(17)
Tax paid per cash flow
307
309
243
a. Tax contingency movements are included within the current tax charge but do not impact cash tax paid in the year. Settlements of tax contingencies
are included within cash tax paid in the year but not recorded in the current year tax charge.
8. Tax continued
Deferred tax
Property,
plant,
equipment
and
software
Application
fees
Deferred
gains
on\u00a0loan
notesa
Associates
Lossesb
Deferred
compensation
and employee
benefits
Deferred
revenuec
Research and
development
Intangible
assets
excluding
software
Other
short-term
temporary
differences d
Total
$m
$m
$m
$m
$m
$m
$m
$m
$m
$m
$m
At 1\u00a0January 2024
(30)
42
(34)
(60)
76
95
\u2013
15
(46)
8
66
Group income
statement
21
\u2013
\u2013
1
(7)
9
30
18
(14)
(11)
47
Group statement of
comprehensive income
\u2013
\u2013
\u2013
\u2013
(3)
\u2013
\u2013
\u2013
\u2013
(13)
(16)
Group statement of
changes in equity
\u2013
\u2013
\u2013
\u2013
\u2013
9
\u2013
\u2013
\u2013
\u2013
9
Exchange and other
adjustments
\u2013
\u2013
\u2013
\u2013
(1)
\u2013
\u2013
\u2013
\u2013
(1)
(2)
At 31\u00a0December 2024
(9)
42
(34)
(59)
65
113
30
33
(60)
(17)
104
Group income
statement
(1)
1
34
1
\u2013
8
19
(17)
(14)
(26)
5
Group statement of
comprehensive income
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
14
14
Group statement of
changes in equity
\u2013
\u2013
\u2013
\u2013
\u2013
(6)
\u2013
\u2013
\u2013
\u2013
(6)
Exchange and other
adjustments
2
\u2013
\u2013
\u2013
5
3
\u2013
\u2013
2
\u2013
12
At 31\u00a0December 2025
(8)
43
\u2013
(58)
70
118
49
16
(72)
(29)
129
a. In 2025, movement is in respect of tax arising on the acquisition of Holiday Inn in 1990. This is included within the exceptional tax charge.
b. Wholly in respect of revenue losses.
c. The movements in 2024 arose as a result of a revised agreement with the IHG Owners Association (see note 3) and deferred revenue in respect
of co-branding agreements.
d. Primarily in respect of contract costs, right-of-use assets, unrealised foreign exchange and expected credit losses on trade receivables, none of
which\u00a0has a balance exceeding $20m.
The analysis of the deferred tax balance after considering the offset of assets and liabilities within entities where there is a
legal\u00a0right to do so and an analysis of the deferred tax balance showing all territories with balances greater than $10m in either
the\u00a0current or prior year are as follows:
2025
2024
$m
$m
Deferred tax assets
146
122
Deferred tax liabilities
(17)
(18)
129
104
Analysed as:
United Arab Emirates
13
12
United Kingdom
92
99
United States
33
\u2013
Other
(9)
(7)
129
104
A deferred tax asset of $4m (2024: $3m) has been recognised in legal entities which have made a loss in the current or the
previous year.
8. Tax continued
Recoverability of UK deferred tax assets
The Group has recognised deferred tax assets of $92m (2024: $99m) in the UK. The major components are revenue losses
of\u00a0$65m (2024: $62m) and tax depreciation of $30m (2024: $32m), reduced by a deferred tax liability of $19m (2024: $13m) on
past tax deductions in respect of intellectual property. The losses have arisen by identifiable non-recurring events, for example
special contributions into a former Group pension scheme and the impact of Covid-19, absent which, the UK tax group would
have been profitable, and there has been a history of loss usage since the Covid-19 restrictions eased. The losses do not expire,
although they can only be offset against 50% of annual UK taxable profits.
Unrecognised deferred tax assets
The Group does not recognise deferred tax assets if it cannot anticipate being able to offset them against existing deferred tax
liabilities or against future profits or gains.
The total unrecognised deferred tax position is as follows:
Gross
Unrecognised deferred
tax
2025
2024
2025
2024
$m
$m
$m
$m
Revenue losses
480
432
84
75
Capital losses
630
580
158
146
1,110
1,012
242
221
Tax credits
61
46
61
46
Othera
17
22
4
7
1,188
1,080
307
274
a. Primarily relates to costs incurred for which tax relief has not been obtained.
There is no expiry date to any of the above unrecognised assets other than for the losses and tax credits as shown in the
table\u00a0below:
Gross
Unrecognised deferred
tax
2025
2024
2025
2024
Expiry date
$m
$m
$m
$m
2025
\u2013
11
\u2013
2
2026
6
7
1
1
2027
6
7
1
1
2029
10
10
10
10
2032
15
15
15
15
After 2032
34
21
34
21
Unprovided deferred tax liabilities
No deferred tax liability has been provided in respect of $42m (2024: $517m) of temporary differences relating to subsidiaries
(comprising undistributed earnings and inherent gains and losses).
Uncertain tax positions
Current tax payable includes $11m (2024: $9m) in respect of uncertain tax positions, with the largest single item not exceeding
$3m (2024: $3m). There are no amounts recognised in relation to uncertain tax positions within deferred tax in either the current
or prior year.
The Group\u2019s most material territories for tax are the US and the UK, and the Group has now agreed all US federal tax returns up
to\u00a0and including 2020. The US Internal Revenue Service is conducting routine audits of the 2021 and 2022 US federal tax return
periods. The Group considers the risk of material adjustment to be low. In the UK, the Group has agreed all UK Corporation Tax
returns for periods up to 2023.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:2138007ZFQYRUSLU3J98", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-703": { "value": "
Pillar Two seeks to impose a global minimum tax, essentially establishing a floor on corporate tax competition by ensuring a large
multinational enterprise is subject to tax in each\u00a0jurisdiction at a 15% effective minimum tax rate. Pillar Two rules are in effect for
the Group and the Group\u2019s Pillar Two liability for 2025 is estimated to be $6m. The\u00a0administration and compliance behind the
rules are burdensome and the Group will rely on transitional \u2018safe harbour\u2019 exemptions which remove the need to prepare full
calculations for Pillar Two for qualifying territories. The OECD agreed in January 2026 that these transitional arrangements would
be extended a further year, until the end of 2027, and announced a\u00a0permanent safe harbour that will replace it. Based upon this
announcement, the Group expects that it will be able to rely on the\u00a0permanent safe harbour for a number of key jurisdictions,
such as the US and China where the Group\u2019s blended effective tax\u00a0rate exceeds 25%, and therefore considers the likelihood of
material future Pillar Two taxes arising to be low, based upon the\u00a0current profile of the Group\u2019s business. The Group continues
to\u00a0monitor external tax developments in this area, particularly as\u00a0the\u00a0new permanent safe harbour passes through the
legislative\u00a0process.
", "dimensions": { "concept": "ifrs-full:DisclosureOfKnownOrReasonablyEstimableInformationAboutExposureToPillarTwoIncomeTaxesExplanatory", "language": "en", "entity": "scheme:2138007ZFQYRUSLU3J98", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-704": { "value": "
Deferred tax
Property,
plant,
equipment
and
software
Application
fees
Deferred
gains
on\u00a0loan
notesa
Associates
Lossesb
Deferred
compensation
and employee
benefits
Deferred
revenuec
Research and
development
Intangible
assets
excluding
software
Other
short-term
temporary
differences d
Total
$m
$m
$m
$m
$m
$m
$m
$m
$m
$m
$m
At 1\u00a0January 2024
(30)
42
(34)
(60)
76
95
\u2013
15
(46)
8
66
Group income
statement
21
\u2013
\u2013
1
(7)
9
30
18
(14)
(11)
47
Group statement of
comprehensive income
\u2013
\u2013
\u2013
\u2013
(3)
\u2013
\u2013
\u2013
\u2013
(13)
(16)
Group statement of
changes in equity
\u2013
\u2013
\u2013
\u2013
\u2013
9
\u2013
\u2013
\u2013
\u2013
9
Exchange and other
adjustments
\u2013
\u2013
\u2013
\u2013
(1)
\u2013
\u2013
\u2013
\u2013
(1)
(2)
At 31\u00a0December 2024
(9)
42
(34)
(59)
65
113
30
33
(60)
(17)
104
Group income
statement
(1)
1
34
1
\u2013
8
19
(17)
(14)
(26)
5
Group statement of
comprehensive income
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
14
14
Group statement of
changes in equity
\u2013
\u2013
\u2013
\u2013
\u2013
(6)
\u2013
\u2013
\u2013
\u2013
(6)
Exchange and other
adjustments
2
\u2013
\u2013
\u2013
5
3
\u2013
\u2013
2
\u2013
12
At 31\u00a0December 2025
(8)
43
\u2013
(58)
70
118
49
16
(72)
(29)
129
a. In 2025, movement is in respect of tax arising on the acquisition of Holiday Inn in 1990. This is included within the exceptional tax charge.
b. Wholly in respect of revenue losses.
c. The movements in 2024 arose as a result of a revised agreement with the IHG Owners Association (see note 3) and deferred revenue in respect
of co-branding agreements.
d. Primarily in respect of contract costs, right-of-use assets, unrealised foreign exchange and expected credit losses on trade receivables, none of
which\u00a0has a balance exceeding $20m.
The analysis of the deferred tax balance after considering the offset of assets and liabilities within entities where there is a
legal\u00a0right to do so and an analysis of the deferred tax balance showing all territories with balances greater than $10m in either
the\u00a0current or prior year are as follows:
2025
2024
$m
$m
Deferred tax assets
146
122
Deferred tax liabilities
(17)
(18)
129
104
Analysed as:
United Arab Emirates
13
12
United Kingdom
92
99
United States
33
\u2013
Other
(9)
(7)
129
104
A deferred tax asset of $4m (2024: $3m) has been recognised in legal entities which have made a loss in the current or the
previous year.
8. Tax continued
Recoverability of UK deferred tax assets
The Group has recognised deferred tax assets of $92m (2024: $99m) in the UK. The major components are revenue losses
of\u00a0$65m (2024: $62m) and tax depreciation of $30m (2024: $32m), reduced by a deferred tax liability of $19m (2024: $13m) on
past tax deductions in respect of intellectual property. The losses have arisen by identifiable non-recurring events, for example
special contributions into a former Group pension scheme and the impact of Covid-19, absent which, the UK tax group would
have been profitable, and there has been a history of loss usage since the Covid-19 restrictions eased. The losses do not expire,
although they can only be offset against 50% of annual UK taxable profits.
Unrecognised deferred tax assets
The Group does not recognise deferred tax assets if it cannot anticipate being able to offset them against existing deferred tax
liabilities or against future profits or gains.
The total unrecognised deferred tax position is as follows:
Gross
Unrecognised deferred
tax
2025
2024
2025
2024
$m
$m
$m
$m
Revenue losses
480
432
84
75
Capital losses
630
580
158
146
1,110
1,012
242
221
Tax credits
61
46
61
46
Othera
17
22
4
7
1,188
1,080
307
274
a. Primarily relates to costs incurred for which tax relief has not been obtained.
There is no expiry date to any of the above unrecognised assets other than for the losses and tax credits as shown in the
table\u00a0below:
Gross
Unrecognised deferred
tax
2025
2024
2025
2024
Expiry date
$m
$m
$m
$m
2025
\u2013
11
\u2013
2
2026
6
7
1
1
2027
6
7
1
1
2029
10
10
10
10
2032
15
15
15
15
After 2032
34
21
34
21
Unprovided deferred tax liabilities
No deferred tax liability has been provided in respect of $42m (2024: $517m) of temporary differences relating to subsidiaries
(comprising undistributed earnings and inherent gains and losses).
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:2138007ZFQYRUSLU3J98", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-705": { "value": "
9. Dividends
2025
2024
2023
Paid during the year
cents
per share
$m
cents
per share
$m
cents
per share
$m
Final (declared for previous year)
114.4
180
104.0
172
94.5
166
Interim
58.6
90
53.2
87
48.3
79
173.0
270
157.2
259
142.8
245
The final dividend in respect of 2025 of 125.9\u00a2 per ordinary share (amounting to approximately $190m) is proposed for approval
at\u00a0the AGM on 7\u00a0May 2026. The final dividend is first determined in US dollars and the sterling amount will be announced on\u00a0
27\u00a0April 2026 using the average of the daily exchange rates for the three working days commencing 22 April 2026.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:2138007ZFQYRUSLU3J98", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-706": { "value": "1.730", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:2138007ZFQYRUSLU3J98", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD/xbrli:shares" } }, "f-707": { "value": "1.259", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:2138007ZFQYRUSLU3J98", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD/xbrli:shares" } }, "f-708": { "value": "190000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners", "entity": "scheme:2138007ZFQYRUSLU3J98", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-709": { "value": "
10. Earnings per ordinary share
Basic earnings per ordinary share
2025
2024
2023
Profit available for equity holders ($m)
758
628
750
Basic weighted average number of ordinary shares (millions)
154.4
161.2
169.0
Basic earnings per ordinary share (cents)
490.9
389.6
443.8
Diluted earnings per ordinary share
Profit available for equity holders ($m)
758
628
750
Diluted weighted average number of ordinary shares (millions)
155.8
163.0
170.0
Diluted earnings per ordinary share (cents)
486.5
385.3
441.2
Basic and diluted share denominators are calculated as follows:
2025
millions
2024
millions
2023
millions
Weighted average number of ordinary shares in issue
161.0
168.6
177.0
Weighted average number of treasury sharesa
(6.6)
(7.4)
(8.0)
Basic weighted average number of ordinary shares
154.4
161.2
169.0
Dilutive potential ordinary shares
1.4
1.8
1.0
Diluted weighted average number of ordinary shares
155.8
163.0
170.0
a. Includes other shares that do not receive dividends.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:2138007ZFQYRUSLU3J98", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-712": { "value": "
11. Goodwill and other intangible assets
Goodwill
Brands
Software
Management
agreements
Other
intangibles
Total
$m
$m
$m
$m
$m
$m
Cost
At 1\u00a0January 2024
516
439
825
122
24
1,926
Additions
\u2013
\u2013
48
\u2013
1
49
Fully amortised assets written off
\u2013
\u2013
(49)
\u2013
(1)
(50)
Disposals
\u2013
\u2013
(4)
\u2013
\u2013
(4)
Exchange and other adjustments
(5)
\u2013
\u2013
\u2013
\u2013
(5)
At 31\u00a0December 2024
511
439
820
122
24
1,916
Additions
\u2013
136
49
\u2013
\u2013
185
Fully amortised assets written off
\u2013
\u2013
(87)
\u2013
\u2013
(87)
Exchange and other adjustments
7
15
1
\u2013
1
24
At 31\u00a0December 2025
518
590
783
122
25
2,038
Amortisation and impairment
At 1\u00a0January 2024
(180)
\u2013
(528)
(103)
(16)
(827)
Provided
\u2013
\u2013
(17)
(1)
(1)
(19)
System Fund expense
\u2013
\u2013
(77)
\u2013
(1)
(78)
Impairment charge
\u2013
\u2013
(2)
\u2013
\u2013
(2)
System Fund impairment charge
\u2013
\u2013
(3)
\u2013
\u2013
(3)
Fully amortised assets written off
\u2013
\u2013
49
\u2013
1
50
Disposals
\u2013
\u2013
4
\u2013
\u2013
4
Exchange and other adjustments
\u2013
\u2013
1
\u2013
\u2013
1
At 31\u00a0December 2024
(180)
\u2013
(573)
(104)
(17)
(874)
Provided
\u2013
\u2013
(14)
(1)
(1)
(16)
System Fund expense
\u2013
\u2013
(75)
\u2013
\u2013
(75)
Fully amortised assets written off
\u2013
\u2013
87
\u2013
\u2013
87
Exchange and other adjustments
(3)
\u2013
\u2013
(1)
(1)
(5)
At 31\u00a0December 2025
(183)
\u2013
(575)
(106)
(19)
(883)
Net book value
At 31\u00a0December 2025
335
590
208
16
6
1,155
At 31\u00a0December 2024
331
439
247
18
7
1,042
At 1\u00a0January 2024
336
439
297
19
8
1,099
11. Goodwill and other intangible assets continued
Goodwill and brands
Brands
During the year, the Group acquired the Ruby brand and related intellectual property. The transaction is accounted for as
an\u00a0asset acquisition. The brand was recognised at cost of \u20ac129m ($136m), including the fair value of contingent purchase
consideration at\u00a0the\u00a0acquisition date of \u20ac15m ($16m).
The carrying value of acquired brands at 31 December 2025 was $590m, including Ruby ($151m), Kimpton ($193m),
Regent\u00a0($57m) and Six Senses\u00a0($189m). Each brand is considered to have an indefinite life given their strong brand awareness and
reputation, and management\u2019s commitment to continued investment in their growth. The brands are protected by trademarks
and there are\u00a0not\u00a0believed to be any legal, regulatory or contractual provisions that limit the useful lives of the brands. In the
hotel industry\u00a0there are a number of brands that have existed for many years and IHG has brands that are over 60 years old.
Allocation of goodwill and brands to CGUs
Americas (group of
CGUs)
EMEAA (group of
CGUs)
Greater China
Total
$m
$m
$m
$m
At 1 January 2024a
282
415
78
775
Allocation adjustmentsa
3
(3)
\u2013
\u2013
Exchange adjustments
\u2013
(5)
\u2013
(5)
At 31 December 2024a
285
407
78
770
Additions
\u2013
136
\u2013
136
Allocation adjustments
(14)
13
1
\u2013
Exchange adjustments
\u2013
19
\u2013
19
At 31 December 2025
271
575
79
925
Analysed as:
Goodwill
132
195
8
335
Brands
139
380
71
590
a. The Group has revised the methodology used to allocate brands to groups of CGUs. Brands, which are corporate assets for the purpose of impairment
testing, were previously allocated based on long-term trading expectations at the time the asset was acquired. They\u00a0are\u00a0now allocated based on the
current distribution of open and pipeline rooms to better reflect their deployment across the groups of CGUs at each reporting date. The change in
policy reduced the allocation to Americas at 31 December 2025 by $173m (2024: $134m) and increased the allocation to EMEAA and Greater China by
$124m (2024:\u00a0$80m) and $49m (2024: $54m), respectively. No impairments arose under either policy. There is no change to the allocation of goodwill.
The recoverable amounts of the CGUs, or groups of CGUs, have been determined from value in use calculations. The key
assumptions are RevPAR growth (detailed on page 183 within \u2018Going concern\u2019), terminal growth rates and pre-tax discount rates.
Cash flows beyond the five-year period are extrapolated using terminal growth rates that do not exceed the average long-term
growth rates for the relevant markets. Cash flow projections are discounted using pre-tax rates that are based on the Group\u2019s
weighted average cost of capital and incorporate adjustments reflecting risks specific to the territory of the CGU.
The weighted average terminal growth rates and pre-tax discount rates are as follows:
2025
2024
Terminal
growth rate
Pre-tax
discount rate
Terminal
growth rate
Pre-tax
discount rate
%
%
%
%
Americas
2.0
12.0
2.1
11.6
EMEAA
2.3
12.9
2.5
13.6
Greater China
2.5
9.9
2.5
10.5
Given the significant amounts by which the recoverable amounts exceed the carrying values, and reflecting the number of years
of\u00a0Base Case forecasts required to recover the carrying value, management have determined that impairment charges would
not arise from reasonably possible changes in the key assumptions.
Software
Software includes $60m relating to the development of the next-generation Guest Reservation System with Amadeus
of\u00a0which\u00a0$55m is internally\u00a0developed software which is being amortised over seven to 10 years, with two years remaining
at\u00a031\u00a0December 2025.
In 2024, a total of $5m impairment was charged relating to assets which had been replaced as a result of more recent initiatives.
Management agreements
Management agreements relate to contracts recognised at fair value on acquisition. The weighted average remaining
amortisation period for all management agreements is 11 years (2024: 13 years).
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:2138007ZFQYRUSLU3J98", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-711": { "value": "
11. Goodwill and other intangible assets
Goodwill
Brands
Software
Management
agreements
Other
intangibles
Total
$m
$m
$m
$m
$m
$m
Cost
At 1\u00a0January 2024
516
439
825
122
24
1,926
Additions
\u2013
\u2013
48
\u2013
1
49
Fully amortised assets written off
\u2013
\u2013
(49)
\u2013
(1)
(50)
Disposals
\u2013
\u2013
(4)
\u2013
\u2013
(4)
Exchange and other adjustments
(5)
\u2013
\u2013
\u2013
\u2013
(5)
At 31\u00a0December 2024
511
439
820
122
24
1,916
Additions
\u2013
136
49
\u2013
\u2013
185
Fully amortised assets written off
\u2013
\u2013
(87)
\u2013
\u2013
(87)
Exchange and other adjustments
7
15
1
\u2013
1
24
At 31\u00a0December 2025
518
590
783
122
25
2,038
Amortisation and impairment
At 1\u00a0January 2024
(180)
\u2013
(528)
(103)
(16)
(827)
Provided
\u2013
\u2013
(17)
(1)
(1)
(19)
System Fund expense
\u2013
\u2013
(77)
\u2013
(1)
(78)
Impairment charge
\u2013
\u2013
(2)
\u2013
\u2013
(2)
System Fund impairment charge
\u2013
\u2013
(3)
\u2013
\u2013
(3)
Fully amortised assets written off
\u2013
\u2013
49
\u2013
1
50
Disposals
\u2013
\u2013
4
\u2013
\u2013
4
Exchange and other adjustments
\u2013
\u2013
1
\u2013
\u2013
1
At 31\u00a0December 2024
(180)
\u2013
(573)
(104)
(17)
(874)
Provided
\u2013
\u2013
(14)
(1)
(1)
(16)
System Fund expense
\u2013
\u2013
(75)
\u2013
\u2013
(75)
Fully amortised assets written off
\u2013
\u2013
87
\u2013
\u2013
87
Exchange and other adjustments
(3)
\u2013
\u2013
(1)
(1)
(5)
At 31\u00a0December 2025
(183)
\u2013
(575)
(106)
(19)
(883)
Net book value
At 31\u00a0December 2025
335
590
208
16
6
1,155
At 31\u00a0December 2024
331
439
247
18
7
1,042
At 1\u00a0January 2024
336
439
297
19
8
1,099
11. Goodwill and other intangible assets continued
Goodwill and brands
Brands
During the year, the Group acquired the Ruby brand and related intellectual property. The transaction is accounted for as
an\u00a0asset acquisition. The brand was recognised at cost of \u20ac129m ($136m), including the fair value of contingent purchase
consideration at\u00a0the\u00a0acquisition date of \u20ac15m ($16m).
The carrying value of acquired brands at 31 December 2025 was $590m, including Ruby ($151m), Kimpton ($193m),
Regent\u00a0($57m) and Six Senses\u00a0($189m). Each brand is considered to have an indefinite life given their strong brand awareness and
reputation, and management\u2019s commitment to continued investment in their growth. The brands are protected by trademarks
and there are\u00a0not\u00a0believed to be any legal, regulatory or contractual provisions that limit the useful lives of the brands. In the
hotel industry\u00a0there are a number of brands that have existed for many years and IHG has brands that are over 60 years old.
Allocation of goodwill and brands to CGUs
Americas (group of
CGUs)
EMEAA (group of
CGUs)
Greater China
Total
$m
$m
$m
$m
At 1 January 2024a
282
415
78
775
Allocation adjustmentsa
3
(3)
\u2013
\u2013
Exchange adjustments
\u2013
(5)
\u2013
(5)
At 31 December 2024a
285
407
78
770
Additions
\u2013
136
\u2013
136
Allocation adjustments
(14)
13
1
\u2013
Exchange adjustments
\u2013
19
\u2013
19
At 31 December 2025
271
575
79
925
Analysed as:
Goodwill
132
195
8
335
Brands
139
380
71
590
a. The Group has revised the methodology used to allocate brands to groups of CGUs. Brands, which are corporate assets for the purpose of impairment
testing, were previously allocated based on long-term trading expectations at the time the asset was acquired. They\u00a0are\u00a0now allocated based on the
current distribution of open and pipeline rooms to better reflect their deployment across the groups of CGUs at each reporting date. The change in
policy reduced the allocation to Americas at 31 December 2025 by $173m (2024: $134m) and increased the allocation to EMEAA and Greater China by
$124m (2024:\u00a0$80m) and $49m (2024: $54m), respectively. No impairments arose under either policy. There is no change to the allocation of goodwill.
The recoverable amounts of the CGUs, or groups of CGUs, have been determined from value in use calculations. The key
assumptions are RevPAR growth (detailed on page 183 within \u2018Going concern\u2019), terminal growth rates and pre-tax discount rates.
Cash flows beyond the five-year period are extrapolated using terminal growth rates that do not exceed the average long-term
growth rates for the relevant markets. Cash flow projections are discounted using pre-tax rates that are based on the Group\u2019s
weighted average cost of capital and incorporate adjustments reflecting risks specific to the territory of the CGU.
The weighted average terminal growth rates and pre-tax discount rates are as follows:
2025
2024
Terminal
growth rate
Pre-tax
discount rate
Terminal
growth rate
Pre-tax
discount rate
%
%
%
%
Americas
2.0
12.0
2.1
11.6
EMEAA
2.3
12.9
2.5
13.6
Greater China
2.5
9.9
2.5
10.5
Given the significant amounts by which the recoverable amounts exceed the carrying values, and reflecting the number of years
of\u00a0Base Case forecasts required to recover the carrying value, management have determined that impairment charges would
not arise from reasonably possible changes in the key assumptions.
Software
Software includes $60m relating to the development of the next-generation Guest Reservation System with Amadeus
of\u00a0which\u00a0$55m is internally\u00a0developed software which is being amortised over seven to 10 years, with two years remaining
at\u00a031\u00a0December 2025.
In 2024, a total of $5m impairment was charged relating to assets which had been replaced as a result of more recent initiatives.
Management agreements
Management agreements relate to contracts recognised at fair value on acquisition. The weighted average remaining
amortisation period for all management agreements is 11 years (2024: 13 years).
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:2138007ZFQYRUSLU3J98", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-710": { "value": "
11. Goodwill and other intangible assets
Goodwill
Brands
Software
Management
agreements
Other
intangibles
Total
$m
$m
$m
$m
$m
$m
Cost
At 1\u00a0January 2024
516
439
825
122
24
1,926
Additions
\u2013
\u2013
48
\u2013
1
49
Fully amortised assets written off
\u2013
\u2013
(49)
\u2013
(1)
(50)
Disposals
\u2013
\u2013
(4)
\u2013
\u2013
(4)
Exchange and other adjustments
(5)
\u2013
\u2013
\u2013
\u2013
(5)
At 31\u00a0December 2024
511
439
820
122
24
1,916
Additions
\u2013
136
49
\u2013
\u2013
185
Fully amortised assets written off
\u2013
\u2013
(87)
\u2013
\u2013
(87)
Exchange and other adjustments
7
15
1
\u2013
1
24
At 31\u00a0December 2025
518
590
783
122
25
2,038
Amortisation and impairment
At 1\u00a0January 2024
(180)
\u2013
(528)
(103)
(16)
(827)
Provided
\u2013
\u2013
(17)
(1)
(1)
(19)
System Fund expense
\u2013
\u2013
(77)
\u2013
(1)
(78)
Impairment charge
\u2013
\u2013
(2)
\u2013
\u2013
(2)
System Fund impairment charge
\u2013
\u2013
(3)
\u2013
\u2013
(3)
Fully amortised assets written off
\u2013
\u2013
49
\u2013
1
50
Disposals
\u2013
\u2013
4
\u2013
\u2013
4
Exchange and other adjustments
\u2013
\u2013
1
\u2013
\u2013
1
At 31\u00a0December 2024
(180)
\u2013
(573)
(104)
(17)
(874)
Provided
\u2013
\u2013
(14)
(1)
(1)
(16)
System Fund expense
\u2013
\u2013
(75)
\u2013
\u2013
(75)
Fully amortised assets written off
\u2013
\u2013
87
\u2013
\u2013
87
Exchange and other adjustments
(3)
\u2013
\u2013
(1)
(1)
(5)
At 31\u00a0December 2025
(183)
\u2013
(575)
(106)
(19)
(883)
Net book value
At 31\u00a0December 2025
335
590
208
16
6
1,155
At 31\u00a0December 2024
331
439
247
18
7
1,042
At 1\u00a0January 2024
336
439
297
19
8
1,099
11. Goodwill and other intangible assets continued
Goodwill and brands
Brands
During the year, the Group acquired the Ruby brand and related intellectual property. The transaction is accounted for as
an\u00a0asset acquisition. The brand was recognised at cost of \u20ac129m ($136m), including the fair value of contingent purchase
consideration at\u00a0the\u00a0acquisition date of \u20ac15m ($16m).
The carrying value of acquired brands at 31 December 2025 was $590m, including Ruby ($151m), Kimpton ($193m),
Regent\u00a0($57m) and Six Senses\u00a0($189m). Each brand is considered to have an indefinite life given their strong brand awareness and
reputation, and management\u2019s commitment to continued investment in their growth. The brands are protected by trademarks
and there are\u00a0not\u00a0believed to be any legal, regulatory or contractual provisions that limit the useful lives of the brands. In the
hotel industry\u00a0there are a number of brands that have existed for many years and IHG has brands that are over 60 years old.
Allocation of goodwill and brands to CGUs
Americas (group of
CGUs)
EMEAA (group of
CGUs)
Greater China
Total
$m
$m
$m
$m
At 1 January 2024a
282
415
78
775
Allocation adjustmentsa
3
(3)
\u2013
\u2013
Exchange adjustments
\u2013
(5)
\u2013
(5)
At 31 December 2024a
285
407
78
770
Additions
\u2013
136
\u2013
136
Allocation adjustments
(14)
13
1
\u2013
Exchange adjustments
\u2013
19
\u2013
19
At 31 December 2025
271
575
79
925
Analysed as:
Goodwill
132
195
8
335
Brands
139
380
71
590
a. The Group has revised the methodology used to allocate brands to groups of CGUs. Brands, which are corporate assets for the purpose of impairment
testing, were previously allocated based on long-term trading expectations at the time the asset was acquired. They\u00a0are\u00a0now allocated based on the
current distribution of open and pipeline rooms to better reflect their deployment across the groups of CGUs at each reporting date. The change in
policy reduced the allocation to Americas at 31 December 2025 by $173m (2024: $134m) and increased the allocation to EMEAA and Greater China by
$124m (2024:\u00a0$80m) and $49m (2024: $54m), respectively. No impairments arose under either policy. There is no change to the allocation of goodwill.
The recoverable amounts of the CGUs, or groups of CGUs, have been determined from value in use calculations. The key
assumptions are RevPAR growth (detailed on page 183 within \u2018Going concern\u2019), terminal growth rates and pre-tax discount rates.
Cash flows beyond the five-year period are extrapolated using terminal growth rates that do not exceed the average long-term
growth rates for the relevant markets. Cash flow projections are discounted using pre-tax rates that are based on the Group\u2019s
weighted average cost of capital and incorporate adjustments reflecting risks specific to the territory of the CGU.
The weighted average terminal growth rates and pre-tax discount rates are as follows:
2025
2024
Terminal
growth rate
Pre-tax
discount rate
Terminal
growth rate
Pre-tax
discount rate
%
%
%
%
Americas
2.0
12.0
2.1
11.6
EMEAA
2.3
12.9
2.5
13.6
Greater China
2.5
9.9
2.5
10.5
Given the significant amounts by which the recoverable amounts exceed the carrying values, and reflecting the number of years
of\u00a0Base Case forecasts required to recover the carrying value, management have determined that impairment charges would
not arise from reasonably possible changes in the key assumptions.
Software
Software includes $60m relating to the development of the next-generation Guest Reservation System with Amadeus
of\u00a0which\u00a0$55m is internally\u00a0developed software which is being amortised over seven to 10 years, with two years remaining
at\u00a031\u00a0December 2025.
In 2024, a total of $5m impairment was charged relating to assets which had been replaced as a result of more recent initiatives.
Management agreements
Management agreements relate to contracts recognised at fair value on acquisition. The weighted average remaining
amortisation period for all management agreements is 11 years (2024: 13 years).
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:2138007ZFQYRUSLU3J98", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-713": { "value": "
12. Property, plant and equipment
Land and
buildings
Fixtures,
fittings and
equipment
Total
$m
$m
$m
Cost
At 1\u00a0January 2024
111
300
411
Additions
\u2013
27
27
Fully depreciated assets written off
(3)
(27)
(30)
Disposals
(8)
(8)
(16)
Exchange and other adjustments
(1)
(4)
(5)
At 31\u00a0December 2024
99
288
387
Additions
\u2013
28
28
Fully depreciated assets written off
\u2013
(32)
(32)
Disposals
\u2013
(1)
(1)
Exchange and other adjustments
\u2013
10
10
At 31\u00a0December 2025
99
293
392
Depreciation and impairment
At 1\u00a0January 2024
(54)
(204)
(258)
Provided
(3)
(21)
(24)
System Fund expense
\u2013
(4)
(4)
Impairment reversal
\u2013
3
3
Fully depreciated assets written off
3
27
30
Disposals
\u2013
8
8
Exchange and other adjustments
1
3
4
At 31\u00a0December 2024
(53)
(188)
(241)
Provided
(3)
(24)
(27)
System Fund expense
\u2013
(3)
(3)
Impairment charge
(1)
\u2013
(1)
Fully depreciated assets written off
\u2013
32
32
Disposals
\u2013
1
1
Exchange and other adjustments
\u2013
(5)
(5)
At 31\u00a0December 2025
(57)
(187)
(244)
Net book value
At 31\u00a0December 2025
42
106
148
At 31\u00a0December 2024
46
100
146
At 1\u00a0January 2024
57
96
153
The Group\u2019s property, plant and equipment mainly comprises buildings and leasehold improvements on 17 hotels (2024:\u00a017\u00a0hotels),
and offices and computer hardware throughout the world.
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:2138007ZFQYRUSLU3J98", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-714": { "value": "
13. Leases
Right-of-use assets
Land and
buildings
Investment
property
Other
Total
$m
$m
$m
$m
Cost
At 1\u00a0January 2024
534
52
3
589
Additions and other remeasurements
28
\u2013
5
33
Transfers to finance lease receivable
(13)
(14)
(4)
(31)
Terminations
(11)
\u2013
(1)
(12)
Exchange and other adjustments
(5)
\u2013
\u2013
(5)
At 31\u00a0December 2024
533
38
3
574
Additions and other remeasurements
16
\u2013
1
17
Terminations
(2)
\u2013
\u2013
(2)
Exchange and other adjustments
8
\u2013
\u2013
8
At 31\u00a0December 2025
555
38
4
597
Depreciation and impairment
At 1\u00a0January 2024
(266)
(49)
(1)
(316)
Provided
(21)
\u2013
(1)
(22)
System Fund expense
2
\u2013
\u2013
2
Transfers to finance lease receivable
8
13
\u2013
21
Terminations
11
\u2013
1
12
Exchange and other adjustments
5
\u2013
\u2013
5
At 31\u00a0December 2024
(261)
(36)
(1)
(298)
Provided
(23)
\u2013
(1)
(24)
System Fund expense
(1)
\u2013
\u2013
(1)
Impairment charge
(1)
\u2013
\u2013
(1)
Terminations
2
\u2013
\u2013
2
Exchange and other adjustments
(6)
\u2013
\u2013
(6)
At 31\u00a0December 2025
(290)
(36)
(2)
(328)
Net book value
At 31\u00a0December 2025
265
2
2
269
At 31\u00a0December 2024
272
2
2
276
At 1\u00a0January 2024
268
3
2
273
13. Leases continued
The Group\u2019s leased assets mainly comprise hotels and offices. Leases contain a wide range of different terms and conditions.
The\u00a0term of property leases ranges from one to ninety-nine years. The weighted average lease term remaining on the Group\u2019s
top\u00a0eight\u00a0leases (which comprise 95% (2024: 95%) of the total lease liability) is 57 years (2024: 56 years). The\u00a0InterContinental
Boston lease, expiring in 2105, has a significant impact on this weighted average lease term; excluding this\u00a0lease the weighted
average lease term is six years (2024: seven years). Undiscounted cash flows on the Boston lease of\u00a0$3,170m (2024: $3,191m)
represent 95% (2024: 95%) of the total undiscounted cash flows relating to lease liabilities.
Many of the Group\u2019s property leases contain extension or early termination options, which are used for operational flexibility.
The\u00a0lease agreement over the US corporate headquarters contains a material extension option which is not included in the
calculation of the lease asset and liability as the extension would not take effect before 2031 and there is no reasonable certainty
the option will be exercised. The value of the undiscounted rental payments relating to this lease and not included in the value
of\u00a0the lease asset and liability is $339m. Additionally, the Group has the option to extend the term of the InterContinental Boston
lease for two additional 20-year terms, the first of which would take effect from 2105. These extension options have not been
included in the calculation of the lease liability.
Lease liabilities
The Group\u2019s lease liabilities are discounted at incremental borrowing rates of up to 9.9%. The rate implicit in the InterContinental
Boston lease was 9.7% and was derived from a valuation of the hotel at lease inception in 2006.
2025
2024
Currency
$m
$m
US dollars
343
357
Sterling
32
31
Euros
5
3
Other
26
23
406
414
Analysed as:
Current
28
26
Non-current
378
388
406
414
The maturity analysis of lease liabilities is disclosed in note 23.
The Group\u2019s lease liability is not materially sensitive to inflation as $326m (2024: $335m) relates to the InterContinental Boston
and\u00a0the US corporate headquarters, which both include fixed payments and are not subject to inflationary adjustments.
Amounts recognised in the Group income statement
2025
2024
2023
$m
$m
$m
Depreciation of right-of-use assets
24
22
22
System Fund depreciation of right-of-use assets
1
(2)
2
Impairment charge
1
\u2013
\u2013
Expense relating to variable lease payments
84
77
62
Expense relating to short-term leases and low-value assets
2
1
2
Income from operating subleases
(7)
(3)
(2)
Recognised in operating profit
105
95
86
Interest on lease liabilities
30
30
29
Total recognised in the Group income statement
135
125
115
Amounts recognised in the Group statement of cash flows
2025
2024
2023
$m
$m
$m
Operating activities
107
108
92
Investing activities
(4)
(4)
\u2013
Financing activities
30
46
28
Net cash paid
133
150
120
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:2138007ZFQYRUSLU3J98", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-716": { "value": "
14. Investment in associates and joint ventures
2025
2024
$m
$m
Cost
At 1\u00a0January
108
101
Additions
11
6
Share of profits
6
10
System Fund share of losses
(2)
(2)
Dividends and distributions
(13)
(7)
Exchange and other adjustments
2
\u2013
At 31\u00a0December
112
108
Impairment
At 1\u00a0January
(57)
(53)
Impairment charge
\u2013
(4)
At 31\u00a0December
(57)
(57)
Net book value
55
51
Analysed as:
Associates
39
46
Joint ventures
16
5
55
51
Impairment
In 2024, the impairment charge of $4m related to an associate in the Americas region and arose due to a decline in
trading\u00a0conditions.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:2138007ZFQYRUSLU3J98", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-715": { "value": "
14. Investment in associates and joint ventures
2025
2024
$m
$m
Cost
At 1\u00a0January
108
101
Additions
11
6
Share of profits
6
10
System Fund share of losses
(2)
(2)
Dividends and distributions
(13)
(7)
Exchange and other adjustments
2
\u2013
At 31\u00a0December
112
108
Impairment
At 1\u00a0January
(57)
(53)
Impairment charge
\u2013
(4)
At 31\u00a0December
(57)
(57)
Net book value
55
51
Analysed as:
Associates
39
46
Joint ventures
16
5
55
51
Impairment
In 2024, the impairment charge of $4m related to an associate in the Americas region and arose due to a decline in
trading\u00a0conditions.
", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:2138007ZFQYRUSLU3J98", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-717": { "value": "
15. Other financial assets
2025
2024
$m
$m
Equity securities
93
97
Restricted funds:
Ring-fenced amounts to satisfy insurance claims:
\u00a0 \u00a0 Cash
\u2013
1
\u00a0 \u00a0 Money market funds
7
10
Accounts pledged as security
27
31
Other
2
1
36
43
Trade deposits and loans
85
79
214
219
Analysed as:
Current
3
7
Non-current
211
212
214
219
Restricted funds
Amounts ring-fenced to satisfy insurance claims are principally held in the Group\u2019s Captive, which is a regulated entity.
The accounts pledged as security are subject to a charge in favour of the members of the UK unfunded pension arrangement
(see\u00a0note 26). During 2025, \u00a35m ($7m) of the charge was released. The accounts will be pledged as security until the date at
which the\u00a0UK unfunded pension liabilities have been fully\u00a0discharged, unless otherwise agreed with the trustees, and amounts
pledged\u00a0may change in future years.
Expected credit losses
Other financial assets with a net book value of $53m (2024: $50m) are subject to the expected credit loss model requirements
of\u00a0IFRS\u00a09. Equity securities, money market funds and other amounts measured at fair value are excluded. The gross value of
trade\u00a0deposits and loans that were subject to the expected credit loss requirements is $56m with credit loss allowances
of $5m (2024:\u00a0$51m gross, $3m allowance). Other expected credit losses are considered to be immaterial.
Credit risk
Restricted funds are held with bank counterparties which are rated at least A+ based on S&P\u2019s ratings. Trade deposits and loans
are entered into with creditworthy third parties, subject to credit verification procedures. The maximum exposure to credit risk
of\u00a0other financial assets at the end of the reporting period is their carrying value of $214m (2024: $219m).
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:2138007ZFQYRUSLU3J98", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-718": { "value": "
16. Trade and other receivables
2025
2024
$m
$m
Current
Trade receivables
698
651
Other receivables
49
41
Prepayments
86
93
833
785
Non-current
Finance lease receivables
7
12
Other receivables
7
5
Prepayments
5
18
19
35
16. Trade and other receivables continued
Expected credit losses
The ageing of trade receivables shown below reflects the initial terms under the invoice rather than the revised terms in cases
where payment flexibility has been provided to owners. The net balances presented in the table below could result in additional
credit losses if they are ultimately found to be uncollectable. Expected credit losses relating to other receivables following their
initial recognition are immaterial.
2025
2024
Gross
Credit loss
allowance
Net
Gross
Credit loss
allowance
Net
$m
$m
$m
$m
$m
$m
Not past due
400
\u2013
400
384
\u2013
384
Past due 1 to 30 days
105
(5)
100
90
(4)
86
Past due 31 to 90 days
81
(6)
75
80
(5)
75
Past due 91 to 180 days
59
(10)
49
53
(8)
45
Past due 181 to 360 days
59
(19)
40
66
(19)
47
Past due more than 361 days
144
(110)
34
98
(84)
14
848
(150)
698
771
(120)
651
2025
2024
Movement in the allowance for expected credit losses
$m
$m
At 1\u00a0January
(120)
(106)
Impairment loss
(20)
(16)
System Fund impairment loss
(19)
(9)
Amounts written off
13
8
Exchange and other adjustments
(4)
3
At 31\u00a0December
(150)
(120)
Credit risk
The Group trades only with recognised, creditworthy third parties. It is the Group\u2019s policy that all customers who wish to trade on
credit terms are subject to credit verification procedures. The maximum exposure to credit risk for trade and other receivables,
excluding prepayments, at the end of the reporting period is their carrying value of $761m (2024: $709m).
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:2138007ZFQYRUSLU3J98", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-719": { "value": "
2025
2024
Movement in the allowance for expected credit losses
$m
$m
At 1\u00a0January
(120)
(106)
Impairment loss
(20)
(16)
System Fund impairment loss
(19)
(9)
Amounts written off
13
8
Exchange and other adjustments
(4)
3
At 31\u00a0December
(150)
(120)
", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:2138007ZFQYRUSLU3J98", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-720": { "value": "
17. Cash and cash equivalents
2025
2024
$m
$m
Cash at bank and in hand
180
142
Short-term deposits
515
411
Money market funds
334
415
Repurchase agreements
100
40
Cash and cash equivalents as recorded in the Group statement of financial position
1,129
1,008
Bank overdrafts
(3)
(17)
Cash and cash equivalents as recorded in the Group statement of cash flows
1,126
991
Cash at bank and in hand includes bank balances of $28m (2024: $33m) which are matched by bank overdrafts of $3m
(2024:\u00a0$17m) under the Group\u2019s cash pooling arrangements. Under these arrangements, each pool contains a number of bank
accounts with the same financial institution and interest is paid/received on pooled net balances for each currency. The cash
pools are used for day-to-day cash management purposes and are managed as closely as possible to a zero balance on a
net\u00a0basis for each pool. Overseas subsidiaries are typically in a cash-positive position with the matching overdrafts, which are
repayable on demand, held by the Group\u2019s central treasury company in the UK. Accordingly, bank overdrafts are included
within\u00a0cash and cash equivalents for the purposes of the cash flow statement.
17. Cash and cash equivalents continued
Cash and cash equivalents with restrictions on use
2025
2024
$m
$m
Countries with restrictions on repatriation
4
2
Capital expenditure under lease agreements
17
15
Other restrictions
6
5
27
22
Details of the credit risk on cash and cash equivalents is included in note 23.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:2138007ZFQYRUSLU3J98", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-721": { "value": "
Cash and cash equivalents with restrictions on use
2025
2024
$m
$m
Countries with restrictions on repatriation
4
2
Capital expenditure under lease agreements
17
15
Other restrictions
6
5
27
22
Details of the credit risk on cash and cash equivalents is included in note 23
18. Trade and other payables
2025
2024
$m
$m
Current
Trade payables
103
111
Other tax and social security payables
57
61
Other payables
114
116
Contingent purchase consideration (note 24)
38
\u2013
Accruals
364
362
676
650
Non-current
Other payables
9
5
Contingent purchase consideration (note 24)
60
73
69
78
", "dimensions": { "concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:2138007ZFQYRUSLU3J98", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-723": { "value": "
18. Trade and other payables
2025
2024
$m
$m
Current
Trade payables
103
111
Other tax and social security payables
57
61
Other payables
114
116
Contingent purchase consideration (note 24)
38
\u2013
Accruals
364
362
676
650
Non-current
Other payables
9
5
Contingent purchase consideration (note 24)
60
73
69
78
Third-party bank loan guarantees
At 31\u00a0December 2025, the Group has issued financial guarantee contracts of up to $26m (2024: $31m). The carrying amount
of\u00a0these guarantees was $nil in all periods presented. The largest guarantee has a gross guaranteed amount of $21m
(2024:\u00a0$21m) and the underlying loan matures in 2029. Should the Group fund any amount under the guarantee, there is a
cross-indemnity that the Group would seek to pursue for the other parties\u2019 share.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138007ZFQYRUSLU3J98", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-722": { "value": "
18. Trade and other payables
2025
2024
$m
$m
Current
Trade payables
103
111
Other tax and social security payables
57
61
Other payables
114
116
Contingent purchase consideration (note 24)
38
\u2013
Accruals
364
362
676
650
Non-current
Other payables
9
5
Contingent purchase consideration (note 24)
60
73
69
78
Third-party bank loan guarantees
At 31\u00a0December 2025, the Group has issued financial guarantee contracts of up to $26m (2024: $31m). The carrying amount
of\u00a0these guarantees was $nil in all periods presented. The largest guarantee has a gross guaranteed amount of $21m
(2024:\u00a0$21m) and the underlying loan matures in 2029. Should the Group fund any amount under the guarantee, there is a
cross-indemnity that the Group would seek to pursue for the other parties\u2019 share.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:2138007ZFQYRUSLU3J98", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-724": { "value": "
19. Provisions
Commercial
litigation and
disputes
Self-
insurance
reserves
Other
Total
$m
$m
$m
$m
At 31\u00a0December 2024
14
9
16
39
Provided
16
11
4
31
Utilised
(15)
(9)
\u2013
(24)
Released
(3)
\u2013
(2)
(5)
Exchange and other adjustments
\u2013
\u2013
2
2
At 31\u00a0December 2025
12
11
20
43
Analysed as:
Current
11
4
6
21
Non-current
1
7
14
22
12
11
20
43
19. Provisions continued
Self-insurance reserves
Self-insurance reserves consist of $7m of incurred but not reported (\u2018IBNR\u2019) reserves and $4m of claims reported but not yet
settled. $6m of these amounts relates to employment-related obligations. The utilisation of IBNR reserves is dependent on the
timing of claims being reported and ultimately being settled; based on historical experience this is expected to be settled within
five years. The maximum liabilities of the last five policy years is $131m, noting that actual claims did not significantly differ to
estimates in 2025 or 2024.
Other
Other predominantly includes dilapidations provisions relating to leased properties.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:2138007ZFQYRUSLU3J98", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-725": { "value": "
20. Insurance
2025
2024
$m
$m
At 1\u00a0January
39
37
Insurance expenses
32
28
Claims and other amounts paid
(24)
(23)
Impact of discounting and other changes
(2)
(3)
At 31\u00a0December
45
39
Analysed as:
Current
16
14
Non-current
29
25
45
39
Incurred but not reported claimsa
24
18
Reported but not settled claims
21
21
45
39
a. Includes unallocated loss expenses.
Of the total reserves, $19m (2024: $15m) relates to international general liability and $20m (2024: $17m) relates to workers\u2019
compensation. The utilisation of IBNR reserves is dependent on the timing of claims being reported and ultimately being settled;
based on historical experience the majority are expected to be settled within five years (2024: five years). The maximum liabilities
of the last five policy years is $77m (2024: $71m). Actual claims have not significantly differed from estimates in the last five years.
2025
2024
$m
$m
Revenue from insurance activities
27
23
Insurance expenses (inclusive of overhead costs)
(36)
(29)
Insurance result
(9)
(6)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInsuranceContractsExplanatory", "language": "en", "entity": "scheme:2138007ZFQYRUSLU3J98", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-726": { "value": "
2025
2024
$m
$m
Revenue from insurance activities
27
23
Insurance expenses (inclusive of overhead costs)
(36)
(29)
Insurance result
(9)
(6)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInsurancePremiumRevenueExplanatory", "language": "en", "entity": "scheme:2138007ZFQYRUSLU3J98", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-727": { "value": "
21. Loans and other borrowings
Discount at
issue
2025
2024
Maturity date
%
$m
$m
Current
Bank overdrafts (note 17)
n/a
n/a
3
17
\u00a3300m 3.750% bonds 2025
14 August 2025
0.986
\u2013
381
\u00a3350m 2.125% bonds 2026
24 August 2026
0.550
475
\u2013
478
398
Non\u2011current
\u00a3350m 2.125% bonds 2026
24 August 2026
0.550
\u2013
441
\u20ac500m 2.125% bonds 2027
15 May 2027
0.470
594
526
\u00a3400m 3.375% bonds 2028
8 October 2028
1.034
539
502
\u20ac600m 4.375% bonds 2029
28 November 2029
0.098
705
623
\u20ac850m 3.375% bonds 2030
10 September 2030
0.483
1,000
\u2013
\u20ac750m 3.625% bonds 2031
27 September 2031
0.116
885
784
3,723
2,876
Total loans and other borrowings
4,201
3,274
Denominated in the following currencies:
Sterling
1,014
1,324
US dollars
3
16
Euros
3,184
1,933
Other
\u2013
1
4,201
3,274
Bonds
Interest is payable annually on the dates in the table, at the rates stated.
Revolving Credit Facility (\u2018RCF\u2019)
In December 2025, the Group entered into a new $1,500m syndicated RCF which matures in 2030. A variable rate of interest
is\u00a0payable on amounts drawn. The previous facility of $1,350m was cancelled during the year.
The maximum amount drawn during the period was $75m (2024: $nil). There were no amounts drawn at 31\u00a0December 2025
nor\u00a031\u00a0December 2024.
The Group has no uncommitted facilities at 31\u00a0December 2025 (2024: $nil).
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:2138007ZFQYRUSLU3J98", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-728": { "value": "
22. Net debt
2025
2024
$m
$m
Cash and cash equivalents
1,129
1,008
Loans and other borrowings
\u2013 current
(478)
(398)
\u2013 non-current
(3,723)
(2,876)
Lease liabilities
\u2013 current
(28)
(26)
\u2013 non-current
(378)
(388)
Principal amounts payable on maturity of derivative financial instruments (note 23)
145
(102)
Net debt
(3,333)
(2,782)
2025
2024
Movement in net debt
$m
$m
Net increase/(decrease) in cash and cash equivalents, net of overdrafts
94
(269)
Add back financing cash flows in respect of other components of net debt:
Principal element of lease payments
30
46
Issue of long-term bonds
(990)
(834)
Repayment of long-term bonds
403
547
Settlement of currency swaps
\u2013
45
Drawdown of Revolving Credit Facility
(75)
\u2013
Repayment of Revolving Credit Facility
75
\u2013
(557)
(196)
Increase in net debt arising from cash flows
(463)
(465)
Other movements:
Lease liabilities
(19)
(36)
Increase in accrued interest
(2)
(6)
Exchange and other adjustments
(67)
(3)
(88)
(45)
Increase in net debt
(551)
(510)
Net debt at beginning of the year
(2,782)
(2,272)
Net debt at end of the year
(3,333)
(2,782)
22. Net debt continued
Loans and other borrowings (excluding bank overdrafts), lease liabilities and currency swaps and forwards comprise the liabilities
included in the financing activities section of the Group statement of cash flows and their movements are analysed as follows:
At 1\u00a0January
2025
Financing
cash flows
Exchange
adjustments
Othera,b
At
31\u00a0December
2025
$m
$m
$m
$m
$m
Lease liabilities
414
(30)
3
19
406
Bonds
3,257
587
362
(8)
4,198
3,671
557
365
11
4,604
Currency swaps
78
\u2013
\u2013
(154)
(76)
Currency forwards
(4)
\u2013
\u2013
(28)
(32)
3,745
557
365
(171)
4,496
At 1\u00a0January
2024
Financing
cash\u00a0flows
Exchange
adjustments
Othera,b
At
31\u00a0December
2024
$m
$m
$m
$m
$m
Lease liabilities
426
(46)
(2)
36
414
Bonds
3,122
287
(157)
5
3,257
3,548
241
(159)
41
3,671
Currency swaps
20
(45)
\u2013
103
78
Currency forwards
(15)
\u2013
\u2013
11
(4)
3,553
196
(159)
155
3,745
a. The non-cash increase in lease liabilities principally arises from additions and other remeasurements.
b. The change in value of currency swaps and forwards represents fair value movements and additions.
", "dimensions": { "concept": "ihg:DisclosureOfDetailedInformationAboutNetDebtExplanatory", "language": "en", "entity": "scheme:2138007ZFQYRUSLU3J98", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-730": { "value": "
23. Financial risk management and derivative financial instruments
Overview
The Group is exposed to financial risks that arise in relation to underlying business activities. These risks include: market risk,
liquidity risk, credit risk and capital risk. There are Board approved policies in place to manage these risks. Treasury activities to
manage these risks may include money market funds, repurchase agreements, spot and forward foreign exchange instruments,
currency swaps, interest rate swaps and forward rate agreements.
Market risk
Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in
market\u00a0prices. Market risk comprises: foreign exchange risk and interest rate risk. Financial instruments affected by market risk
include loans and other borrowings, cash and cash equivalents, trade loans and deposits, equity investments and derivatives.
Foreign exchange risk
Movements in foreign exchange rates can affect the Group\u2019s reported profit or loss and net liabilities. The most significant
exposures of the Group are in currencies that are freely convertible. The Group\u2019s reported debt has an exposure to borrowings
held in sterling and euros. After the effect of currency swaps, the Group holds its bond debt in sterling, which is the primary
currency of shareholder returns, and in US dollars, the predominant currency of the Group\u2019s revenue and cash flows. US\u00a0dollar
borrowings or currency derivatives also act as a net investment hedge of US dollar denominated assets.
When the Group borrows in a currency that differs from the borrowing entity\u2019s functional currency, it enters into currency swaps
at the same time to minimise foreign exchange risk. Currency swaps were transacted against the \u20ac500m 2.125% 2027 bonds,
in\u00a0November 2018, converting the proceeds and interest into sterling. Similar currency swaps were transacted for the \u20ac600m
4.375% 2029 bonds in November 2023, \u20ac750m 3.625% 2031 bonds in September 2024 and \u20ac850m 3.375% 2030 bonds in
September 2025, converting the proceeds and interest into US dollars (see page 221).
Interest rate risk
The Group\u2019s policy requires a minimum of 50% fixed rate debt. With the exception of overdrafts, 100% of borrowings were fixed
rate debt at 31\u00a0December 2025 (2024: 100%).
23. Financial risk management and derivative financial instruments continued
Derivative financial instruments
Derivatives are recorded in the Group statement of financial position at fair value (see note 24) as follows:
2025
2024
Derivatives
$m
$m
Currency swaps
76
(78)
Currency forwards
32
4
108
(74)
Analysed as:
Non-current assets
120
4
Non-current liabilities
(12)
(78)
108
(74)
The carrying amount of currency swaps and forwards comprises a $145m gain (2024: $102m loss) relating to exchange
movements\u00a0on the underlying principal, included within net debt (see note 22), and a $37m loss (2024: $28m gain) relating
to\u00a0other fair value movements.
Details of the credit risk on derivative financial instruments are included on page 223.
Currency swaps and forwards have been transacted as follows:
Date of
designation
Hedge
type
Pay
leg
Interest
rate
Receive
leg
Interest
rate
Maturity
Risk
Hedged item
November 2018
Cash flow
\u00a3436m
3.493%
\u20ac500m
2.125%
May 2027
Foreign exchange
\u20ac500m 2.125% bonds 2027
November 2023
Cash flow
$657m
5.975%
\u20ac600m
4.375%
November 2029
Foreign exchange
\u20ac600m 4.375% bonds 2029
September 2024
Cash flow
$834m
4.903%
\u20ac750m
3.625%
September 2031
Foreign exchange
\u20ac750m 3.625% bonds 2031
September 2025
Cash flow
$990m
4.874%
\u20ac850m
3.375%
September 2030
Foreign exchange
\u20ac850m 3.375% bonds 2030
October 2023
Net
investment
$425m
n/a
\u00a3344m
n/a
October 2028
Spot foreign
exchange
Net assets of specified
subsidiaries with US dollar
functional currency
Cash flow hedges
There is an economic relationship between the hedged item and the hedging instrument as the critical terms are aligned,
such\u00a0that the hedge ratio is 1:1.
The change in the fair value of hedging instruments used to measure hedge ineffectiveness in the period mirrors that of the
hypothetical derivative (hedged item) and was a $151m gain (2024: $90m loss).
Hedge ineffectiveness arises where the cumulative change in the fair value of the swaps exceeds the change in fair value
of\u00a0the\u00a0future cash flows of the bonds, and may be due to any opening fair value of the hedging instrument, or a change
in\u00a0the\u00a0credit risk of the Group or counterparty. The cumulative ineffectiveness is immaterial in all years presented.
Amounts recognised in the cash flow hedge reserves are analysed in note 28.
Net investment hedges
The Group currently designates the following as net investment hedges of its foreign operations, being the net assets of certain
Group subsidiaries with a US dollar functional currency:
\u2013 Borrowings under the RCF;
\u2013 Long-dated currency forward contracts; and
\u2013 Certain short-dated foreign exchange swaps.
There is an economic relationship between the hedged item and the hedging instrument as the net investment creates a foreign
exchange risk that will match the foreign exchange risk on the US dollar borrowings or foreign exchange swaps or forwards. The
hedge ratio is 1:1 as the underlying risk of the hedging instrument is identical to the hedged risk component. Hedge effectiveness
is assessed by comparing changes in the carrying amount of the hedging instrument that is attributable to a change in the spot
rate with changes in the investment in the foreign operation due to movements in the spot rate.
The change in value of hedging instruments recognised in the currency translation reserve through other comprehensive
income was a gain of $35m (2024: $7m loss). The cumulative ineffectiveness is immaterial in all years presented.
23. Financial risk management and derivative financial instruments continued
Interest and foreign exchange risk sensitivities
The following table shows the impact of a general strengthening in the US dollar against sterling and euro on the Group\u2019s
profit\u00a0or loss before tax and net liabilities, and the impact of a rise in US dollar and sterling interest rates on the Group\u2019s profit
before tax. The impact of the strengthening in the euro against sterling on net liabilities is also shown, as this impacts the fair
value of the currency swaps.
2025
2024
2023
$m
$m
$m
(Decrease)/increase in profit before tax
Sterling: US dollar exchange rate
$0.05 fall
(8)
(38)
(14)
Euro: US dollar exchange rate
$0.05 fall
(4)
(7)
(3)
US dollar interest rates
1% increase
4
4
2
Sterling interest rates
1% increase
5
3
9
Decrease/(increase) in net liabilities
Sterling: US dollar exchange rate
$0.05 fall
(12)
3
(12)
Euro: US dollar exchange rate
$0.05 fall
21
25
49
Sterling: euro exchange rate
\u20ac0.05 fall
34
31
64
Exchange rate sensitivity on profit before tax predominantly relates to the Group\u2019s internal funding structure. The sensitivity
is\u00a0calculated using the intra-group balances at 31 December which can be subject to change over time. The sensitivity on net
liabilities predominantly relates to the net impact of changes in bonds and the fair value of derivatives.
Interest rate sensitivity relates to cash\u00a0and overdraft balances. 100% of bonds, and the related derivatives, are fixed.
Liquidity risk
Group policy ensures sufficient liquidity is maintained to meet all foreseeable medium-term cash requirements and provide
headroom against unforeseen obligations.
Cash and cash equivalents are held in short-term deposits, repurchase agreements and cash funds which allow daily
withdrawals of cash. Most of the Group\u2019s funds are held in the UK or US, although $4m (2024: $2m) is held in countries where
repatriation is restricted (see note 17).
Medium- and long-term borrowing requirements are met through committed bank facilities and bonds as detailed in note 21.
In December 2025, the Group entered into a new RCF, replacing the previous facility. The new facility does not contain financial
covenant\u00a0measures.
The interest margin payable on the RCF is linked to the Group\u2019s credit rating and is currently 0.45%.
23. Financial risk management and derivative financial instruments continued
The following are the undiscounted contractual cash flows of financial liabilities, including interest payments and derivative
financial instruments. Liabilities relating to the Group\u2019s deferred compensation plan are excluded; their settlement is funded
entirely by the realisation of the related deferred compensation plan investments and no net cash flow arises.
Less than
1 year
Between
1 and 2
years
Between
2 and 5
years
More than
5 years
Total
31\u00a0December 2025
$m
$m
$m
$m
$m
Non-derivative financial liabilities:
Bank overdrafts
3
\u2013
\u2013
\u2013
3
Bonds
608
715
2,519
913
4,755
Lease liabilities
53
51
136
3,090
3,330
Trade and other payables (excluding contingent
purchase\u00a0consideration)
581
1
2
6
590
Contingent purchase consideration
39
\u2013
42
53
134
Financial guarantee contracts
26
\u2013
\u2013
\u2013
26
Derivative financial instruments:
Currency swaps hedging bonds inflows
(109)
(697)
(1,963)
(913)
(3,682)
Currency swaps hedging bonds outflows
150
727
1,997
875
3,749
Forward currency contract inflows
\u2013
\u2013
(462)
\u2013
(462)
Forward currency contract outflows
\u2013
\u2013
425
\u2013
425
Less than
1 year
Between
1 and 2
years
Between
2 and 5
years
More than
5 years
Total
31\u00a0December 2024
$m
$m
$m
$m
$m
Non-derivative financial liabilities:
Bank overdrafts
17
\u2013
\u2013
\u2013
17
Bonds
482
531
1,859
837
3,709
Lease liabilities
52
50
139
3,125
3,366
Trade and other payables (excluding contingent
purchase\u00a0consideration)
589
1
1
3
594
Contingent purchase consideration
\u2013
39
42
\u2013
81
Financial guarantee contracts
31
\u2013
\u2013
\u2013
31
Derivative financial instruments:
Currency swaps hedging bonds inflows
(66)
(66)
(1,324)
(837)
(2,293)
Currency swaps hedging bonds outflows
101
100
1,457
916
2,574
Forward currency contract inflows
\u2013
\u2013
(431)
\u2013
(431)
Forward currency contract outflows
\u2013
\u2013
425
\u2013
425
Credit risk
Credit risk on cash and cash equivalents is minimised by operating a policy on the investment of surplus cash that generally
restricts counterparties to those with a BBB- credit rating or better or those providing adequate security. The Group uses
long-term credit ratings from S&P, Moody\u2019s and Fitch Ratings as a basis for setting its counterparty limits.
In order to manage the Group\u2019s credit risk exposure, the treasury function sets counterparty exposure limits using metrics
including credit ratings, the relative placing of credit default swap pricings, tier 1 capital and share price volatility of the
relevant\u00a0counterparty.
Repurchase agreements are fully collateralised investments, with a maturity of three months or less. The Group accepts only
government or supranational bonds where the lowest credit rating is AA- or better as collateral. In the event of default, ownership
of these securities would revert to the Group. The securities held as collateral are to protect against default by the counterparty.
The Group\u2019s exposure to credit risk arises from default of the counterparty, with the maximum exposure equal to the carrying
amount of each financial asset, including derivative financial instruments. The expected credit loss on cash and cash equivalents
is considered to be immaterial.
23. Financial risk management and derivative financial instruments continued
The table below analyses the Group\u2019s short-term deposits, money market funds and repurchase agreement collateral classified
as cash and cash equivalents by counterparty credit rating:
AAA
AA+
AA
AA-
A+
A
A-
BBB+ and
below
Total
31\u00a0December 2025
$m
$m
$m
$m
$m
$m
$m
$m
$m
Short-term deposits
\u2013
\u2013
\u2013
94
245
166
\u2013
10
515
Money market funds
334
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
334
Repurchase agreements
71
\u2013
14
15
\u2013
\u2013
\u2013
\u2013
100
AAA
AA+
AA
AA-
A+
A
A-
BBB+ and
below
Total
31\u00a0December 2024
$m
$m
$m
$m
$m
$m
$m
$m
$m
Short-term deposits
\u2013
\u2013
\u2013
41
107
249
\u2013
14
411
Money market funds
415
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
415
Repurchase agreements
26
9
2
3
\u2013
\u2013
\u2013
\u2013
40
Capital risk management
The Group\u2019s capital structure consists of net debt, issued share capital and reserves. The structure is managed with the objective of
maintaining an investment grade credit rating, to provide ongoing returns to shareholders and to service debt obligations, while
maintaining maximum operational flexibility and ensuring the Group is able to continue as a going concern. A key characteristic
of IHG\u2019s managed and franchised business model is that it is highly cash generative, with a high return on capital employed.
Surplus cash is either reinvested in the business, used to repay debt or returned to shareholders.
The Group\u2019s debt is monitored on the basis of a cash flow leverage ratio, being net debt divided by adjusted EBITDA. The Group
has a stated aim of maintaining this ratio at 2.5x to 3.0x. The ratio at 31\u00a0December 2025 was 2.50 (2024: 2.34).
The Group currently has a senior unsecured long-term credit rating of BBB from S&P and a Baa2 rating from Moody\u2019s. In the
event of the S&P rating being downgraded below BBB- (a downgrade of two levels) there would be an additional step-up coupon
of 1.25% payable on the bonds maturing between 2026 and 2029 and in the event of the Moody\u2019s rating being downgraded
below Baa3 (a downgrade of two levels) there would be an additional step-up coupon of 1.25% payable on the bonds maturing
in\u00a02029. The bonds maturing in 2030 and 2031 do not have a step-up coupon.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:2138007ZFQYRUSLU3J98", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-729": { "value": "
23. Financial risk management and derivative financial instruments
Overview
The Group is exposed to financial risks that arise in relation to underlying business activities. These risks include: market risk,
liquidity risk, credit risk and capital risk. There are Board approved policies in place to manage these risks. Treasury activities to
manage these risks may include money market funds, repurchase agreements, spot and forward foreign exchange instruments,
currency swaps, interest rate swaps and forward rate agreements.
Market risk
Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in
market\u00a0prices. Market risk comprises: foreign exchange risk and interest rate risk. Financial instruments affected by market risk
include loans and other borrowings, cash and cash equivalents, trade loans and deposits, equity investments and derivatives.
Foreign exchange risk
Movements in foreign exchange rates can affect the Group\u2019s reported profit or loss and net liabilities. The most significant
exposures of the Group are in currencies that are freely convertible. The Group\u2019s reported debt has an exposure to borrowings
held in sterling and euros. After the effect of currency swaps, the Group holds its bond debt in sterling, which is the primary
currency of shareholder returns, and in US dollars, the predominant currency of the Group\u2019s revenue and cash flows. US\u00a0dollar
borrowings or currency derivatives also act as a net investment hedge of US dollar denominated assets.
When the Group borrows in a currency that differs from the borrowing entity\u2019s functional currency, it enters into currency swaps
at the same time to minimise foreign exchange risk. Currency swaps were transacted against the \u20ac500m 2.125% 2027 bonds,
in\u00a0November 2018, converting the proceeds and interest into sterling. Similar currency swaps were transacted for the \u20ac600m
4.375% 2029 bonds in November 2023, \u20ac750m 3.625% 2031 bonds in September 2024 and \u20ac850m 3.375% 2030 bonds in
September 2025, converting the proceeds and interest into US dollars (see page 221).
Interest rate risk
The Group\u2019s policy requires a minimum of 50% fixed rate debt. With the exception of overdrafts, 100% of borrowings were fixed
rate debt at 31\u00a0December 2025 (2024: 100%).
23. Financial risk management and derivative financial instruments continued
Derivative financial instruments
Derivatives are recorded in the Group statement of financial position at fair value (see note 24) as follows:
2025
2024
Derivatives
$m
$m
Currency swaps
76
(78)
Currency forwards
32
4
108
(74)
Analysed as:
Non-current assets
120
4
Non-current liabilities
(12)
(78)
108
(74)
The carrying amount of currency swaps and forwards comprises a $145m gain (2024: $102m loss) relating to exchange
movements\u00a0on the underlying principal, included within net debt (see note 22), and a $37m loss (2024: $28m gain) relating
to\u00a0other fair value movements.
Details of the credit risk on derivative financial instruments are included on page 223.
Currency swaps and forwards have been transacted as follows:
Date of
designation
Hedge
type
Pay
leg
Interest
rate
Receive
leg
Interest
rate
Maturity
Risk
Hedged item
November 2018
Cash flow
\u00a3436m
3.493%
\u20ac500m
2.125%
May 2027
Foreign exchange
\u20ac500m 2.125% bonds 2027
November 2023
Cash flow
$657m
5.975%
\u20ac600m
4.375%
November 2029
Foreign exchange
\u20ac600m 4.375% bonds 2029
September 2024
Cash flow
$834m
4.903%
\u20ac750m
3.625%
September 2031
Foreign exchange
\u20ac750m 3.625% bonds 2031
September 2025
Cash flow
$990m
4.874%
\u20ac850m
3.375%
September 2030
Foreign exchange
\u20ac850m 3.375% bonds 2030
October 2023
Net
investment
$425m
n/a
\u00a3344m
n/a
October 2028
Spot foreign
exchange
Net assets of specified
subsidiaries with US dollar
functional currency
Cash flow hedges
There is an economic relationship between the hedged item and the hedging instrument as the critical terms are aligned,
such\u00a0that the hedge ratio is 1:1.
The change in the fair value of hedging instruments used to measure hedge ineffectiveness in the period mirrors that of the
hypothetical derivative (hedged item) and was a $151m gain (2024: $90m loss).
Hedge ineffectiveness arises where the cumulative change in the fair value of the swaps exceeds the change in fair value
of\u00a0the\u00a0future cash flows of the bonds, and may be due to any opening fair value of the hedging instrument, or a change
in\u00a0the\u00a0credit risk of the Group or counterparty. The cumulative ineffectiveness is immaterial in all years presented.
Amounts recognised in the cash flow hedge reserves are analysed in note 28.
Net investment hedges
The Group currently designates the following as net investment hedges of its foreign operations, being the net assets of certain
Group subsidiaries with a US dollar functional currency:
\u2013 Borrowings under the RCF;
\u2013 Long-dated currency forward contracts; and
\u2013 Certain short-dated foreign exchange swaps.
There is an economic relationship between the hedged item and the hedging instrument as the net investment creates a foreign
exchange risk that will match the foreign exchange risk on the US dollar borrowings or foreign exchange swaps or forwards. The
hedge ratio is 1:1 as the underlying risk of the hedging instrument is identical to the hedged risk component. Hedge effectiveness
is assessed by comparing changes in the carrying amount of the hedging instrument that is attributable to a change in the spot
rate with changes in the investment in the foreign operation due to movements in the spot rate.
The change in value of hedging instruments recognised in the currency translation reserve through other comprehensive
income was a gain of $35m (2024: $7m loss). The cumulative ineffectiveness is immaterial in all years presented.
23. Financial risk management and derivative financial instruments continued
Interest and foreign exchange risk sensitivities
The following table shows the impact of a general strengthening in the US dollar against sterling and euro on the Group\u2019s
profit\u00a0or loss before tax and net liabilities, and the impact of a rise in US dollar and sterling interest rates on the Group\u2019s profit
before tax. The impact of the strengthening in the euro against sterling on net liabilities is also shown, as this impacts the fair
value of the currency swaps.
2025
2024
2023
$m
$m
$m
(Decrease)/increase in profit before tax
Sterling: US dollar exchange rate
$0.05 fall
(8)
(38)
(14)
Euro: US dollar exchange rate
$0.05 fall
(4)
(7)
(3)
US dollar interest rates
1% increase
4
4
2
Sterling interest rates
1% increase
5
3
9
Decrease/(increase) in net liabilities
Sterling: US dollar exchange rate
$0.05 fall
(12)
3
(12)
Euro: US dollar exchange rate
$0.05 fall
21
25
49
Sterling: euro exchange rate
\u20ac0.05 fall
34
31
64
Exchange rate sensitivity on profit before tax predominantly relates to the Group\u2019s internal funding structure. The sensitivity
is\u00a0calculated using the intra-group balances at 31 December which can be subject to change over time. The sensitivity on net
liabilities predominantly relates to the net impact of changes in bonds and the fair value of derivatives.
Interest rate sensitivity relates to cash\u00a0and overdraft balances. 100% of bonds, and the related derivatives, are fixed.
Liquidity risk
Group policy ensures sufficient liquidity is maintained to meet all foreseeable medium-term cash requirements and provide
headroom against unforeseen obligations.
Cash and cash equivalents are held in short-term deposits, repurchase agreements and cash funds which allow daily
withdrawals of cash. Most of the Group\u2019s funds are held in the UK or US, although $4m (2024: $2m) is held in countries where
repatriation is restricted (see note 17).
Medium- and long-term borrowing requirements are met through committed bank facilities and bonds as detailed in note 21.
In December 2025, the Group entered into a new RCF, replacing the previous facility. The new facility does not contain financial
covenant\u00a0measures.
The interest margin payable on the RCF is linked to the Group\u2019s credit rating and is currently 0.45%.
23. Financial risk management and derivative financial instruments continued
The following are the undiscounted contractual cash flows of financial liabilities, including interest payments and derivative
financial instruments. Liabilities relating to the Group\u2019s deferred compensation plan are excluded; their settlement is funded
entirely by the realisation of the related deferred compensation plan investments and no net cash flow arises.
Less than
1 year
Between
1 and 2
years
Between
2 and 5
years
More than
5 years
Total
31\u00a0December 2025
$m
$m
$m
$m
$m
Non-derivative financial liabilities:
Bank overdrafts
3
\u2013
\u2013
\u2013
3
Bonds
608
715
2,519
913
4,755
Lease liabilities
53
51
136
3,090
3,330
Trade and other payables (excluding contingent
purchase\u00a0consideration)
581
1
2
6
590
Contingent purchase consideration
39
\u2013
42
53
134
Financial guarantee contracts
26
\u2013
\u2013
\u2013
26
Derivative financial instruments:
Currency swaps hedging bonds inflows
(109)
(697)
(1,963)
(913)
(3,682)
Currency swaps hedging bonds outflows
150
727
1,997
875
3,749
Forward currency contract inflows
\u2013
\u2013
(462)
\u2013
(462)
Forward currency contract outflows
\u2013
\u2013
425
\u2013
425
Less than
1 year
Between
1 and 2
years
Between
2 and 5
years
More than
5 years
Total
31\u00a0December 2024
$m
$m
$m
$m
$m
Non-derivative financial liabilities:
Bank overdrafts
17
\u2013
\u2013
\u2013
17
Bonds
482
531
1,859
837
3,709
Lease liabilities
52
50
139
3,125
3,366
Trade and other payables (excluding contingent
purchase\u00a0consideration)
589
1
1
3
594
Contingent purchase consideration
\u2013
39
42
\u2013
81
Financial guarantee contracts
31
\u2013
\u2013
\u2013
31
Derivative financial instruments:
Currency swaps hedging bonds inflows
(66)
(66)
(1,324)
(837)
(2,293)
Currency swaps hedging bonds outflows
101
100
1,457
916
2,574
Forward currency contract inflows
\u2013
\u2013
(431)
\u2013
(431)
Forward currency contract outflows
\u2013
\u2013
425
\u2013
425
Credit risk
Credit risk on cash and cash equivalents is minimised by operating a policy on the investment of surplus cash that generally
restricts counterparties to those with a BBB- credit rating or better or those providing adequate security. The Group uses
long-term credit ratings from S&P, Moody\u2019s and Fitch Ratings as a basis for setting its counterparty limits.
In order to manage the Group\u2019s credit risk exposure, the treasury function sets counterparty exposure limits using metrics
including credit ratings, the relative placing of credit default swap pricings, tier 1 capital and share price volatility of the
relevant\u00a0counterparty.
Repurchase agreements are fully collateralised investments, with a maturity of three months or less. The Group accepts only
government or supranational bonds where the lowest credit rating is AA- or better as collateral. In the event of default, ownership
of these securities would revert to the Group. The securities held as collateral are to protect against default by the counterparty.
The Group\u2019s exposure to credit risk arises from default of the counterparty, with the maximum exposure equal to the carrying
amount of each financial asset, including derivative financial instruments. The expected credit loss on cash and cash equivalents
is considered to be immaterial.
23. Financial risk management and derivative financial instruments continued
The table below analyses the Group\u2019s short-term deposits, money market funds and repurchase agreement collateral classified
as cash and cash equivalents by counterparty credit rating:
AAA
AA+
AA
AA-
A+
A
A-
BBB+ and
below
Total
31\u00a0December 2025
$m
$m
$m
$m
$m
$m
$m
$m
$m
Short-term deposits
\u2013
\u2013
\u2013
94
245
166
\u2013
10
515
Money market funds
334
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
334
Repurchase agreements
71
\u2013
14
15
\u2013
\u2013
\u2013
\u2013
100
AAA
AA+
AA
AA-
A+
A
A-
BBB+ and
below
Total
31\u00a0December 2024
$m
$m
$m
$m
$m
$m
$m
$m
$m
Short-term deposits
\u2013
\u2013
\u2013
41
107
249
\u2013
14
411
Money market funds
415
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
415
Repurchase agreements
26
9
2
3
\u2013
\u2013
\u2013
\u2013
40
Capital risk management
The Group\u2019s capital structure consists of net debt, issued share capital and reserves. The structure is managed with the objective of
maintaining an investment grade credit rating, to provide ongoing returns to shareholders and to service debt obligations, while
maintaining maximum operational flexibility and ensuring the Group is able to continue as a going concern. A key characteristic
of IHG\u2019s managed and franchised business model is that it is highly cash generative, with a high return on capital employed.
Surplus cash is either reinvested in the business, used to repay debt or returned to shareholders.
The Group\u2019s debt is monitored on the basis of a cash flow leverage ratio, being net debt divided by adjusted EBITDA. The Group
has a stated aim of maintaining this ratio at 2.5x to 3.0x. The ratio at 31\u00a0December 2025 was 2.50 (2024: 2.34).
The Group currently has a senior unsecured long-term credit rating of BBB from S&P and a Baa2 rating from Moody\u2019s. In the
event of the S&P rating being downgraded below BBB- (a downgrade of two levels) there would be an additional step-up coupon
of 1.25% payable on the bonds maturing between 2026 and 2029 and in the event of the Moody\u2019s rating being downgraded
below Baa3 (a downgrade of two levels) there would be an additional step-up coupon of 1.25% payable on the bonds maturing
in\u00a02029. The bonds maturing in 2030 and 2031 do not have a step-up coupon.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:2138007ZFQYRUSLU3J98", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-731": { "value": "
Market risk
Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in
market\u00a0prices. Market risk comprises: foreign exchange risk and interest rate risk. Financial instruments affected by market risk
include loans and other borrowings, cash and cash equivalents, trade loans and deposits, equity investments and derivatives.
Foreign exchange risk
Movements in foreign exchange rates can affect the Group\u2019s reported profit or loss and net liabilities. The most significant
exposures of the Group are in currencies that are freely convertible. The Group\u2019s reported debt has an exposure to borrowings
held in sterling and euros. After the effect of currency swaps, the Group holds its bond debt in sterling, which is the primary
currency of shareholder returns, and in US dollars, the predominant currency of the Group\u2019s revenue and cash flows. US\u00a0dollar
borrowings or currency derivatives also act as a net investment hedge of US dollar denominated assets.
When the Group borrows in a currency that differs from the borrowing entity\u2019s functional currency, it enters into currency swaps
at the same time to minimise foreign exchange risk. Currency swaps were transacted against the \u20ac500m 2.125% 2027 bonds,
in\u00a0November 2018, converting the proceeds and interest into sterling. Similar currency swaps were transacted for the \u20ac600m
4.375% 2029 bonds in November 2023, \u20ac750m 3.625% 2031 bonds in September 2024 and \u20ac850m 3.375% 2030 bonds in
September 2025, converting the proceeds and interest into US dollars (see page 221).
Interest rate risk
The Group\u2019s policy requires a minimum of 50% fixed rate debt. With the exception of overdrafts, 100% of borrowings were fixed
rate debt at 31\u00a0December 2025 (2024: 100%).
23. Financial risk management and derivative financial instruments continued
Derivative financial instruments
Derivatives are recorded in the Group statement of financial position at fair value (see note 24) as follows:
2025
2024
Derivatives
$m
$m
Currency swaps
76
(78)
Currency forwards
32
4
108
(74)
Analysed as:
Non-current assets
120
4
Non-current liabilities
(12)
(78)
108
(74)
The carrying amount of currency swaps and forwards comprises a $145m gain (2024: $102m loss) relating to exchange
movements\u00a0on the underlying principal, included within net debt (see note 22), and a $37m loss (2024: $28m gain) relating
to\u00a0other fair value movements.
Details of the credit risk on derivative financial instruments are included on page 223.
Currency swaps and forwards have been transacted as follows:
Date of
designation
Hedge
type
Pay
leg
Interest
rate
Receive
leg
Interest
rate
Maturity
Risk
Hedged item
November 2018
Cash flow
\u00a3436m
3.493%
\u20ac500m
2.125%
May 2027
Foreign exchange
\u20ac500m 2.125% bonds 2027
November 2023
Cash flow
$657m
5.975%
\u20ac600m
4.375%
November 2029
Foreign exchange
\u20ac600m 4.375% bonds 2029
September 2024
Cash flow
$834m
4.903%
\u20ac750m
3.625%
September 2031
Foreign exchange
\u20ac750m 3.625% bonds 2031
September 2025
Cash flow
$990m
4.874%
\u20ac850m
3.375%
September 2030
Foreign exchange
\u20ac850m 3.375% bonds 2030
October 2023
Net
investment
$425m
n/a
\u00a3344m
n/a
October 2028
Spot foreign
exchange
Net assets of specified
subsidiaries with US dollar
functional currency
Cash flow hedges
There is an economic relationship between the hedged item and the hedging instrument as the critical terms are aligned,
such\u00a0that the hedge ratio is 1:1.
The change in the fair value of hedging instruments used to measure hedge ineffectiveness in the period mirrors that of the
hypothetical derivative (hedged item) and was a $151m gain (2024: $90m loss).
Hedge ineffectiveness arises where the cumulative change in the fair value of the swaps exceeds the change in fair value
of\u00a0the\u00a0future cash flows of the bonds, and may be due to any opening fair value of the hedging instrument, or a change
in\u00a0the\u00a0credit risk of the Group or counterparty. The cumulative ineffectiveness is immaterial in all years presented.
Amounts recognised in the cash flow hedge reserves are analysed in note 28.
Net investment hedges
The Group currently designates the following as net investment hedges of its foreign operations, being the net assets of certain
Group subsidiaries with a US dollar functional currency:
\u2013 Borrowings under the RCF;
\u2013 Long-dated currency forward contracts; and
\u2013 Certain short-dated foreign exchange swaps.
There is an economic relationship between the hedged item and the hedging instrument as the net investment creates a foreign
exchange risk that will match the foreign exchange risk on the US dollar borrowings or foreign exchange swaps or forwards. The
hedge ratio is 1:1 as the underlying risk of the hedging instrument is identical to the hedged risk component. Hedge effectiveness
is assessed by comparing changes in the carrying amount of the hedging instrument that is attributable to a change in the spot
rate with changes in the investment in the foreign operation due to movements in the spot rate.
The change in value of hedging instruments recognised in the currency translation reserve through other comprehensive
income was a gain of $35m (2024: $7m loss). The cumulative ineffectiveness is immaterial in all years presented.
23. Financial risk management and derivative financial instruments continued
Interest and foreign exchange risk sensitivities
The following table shows the impact of a general strengthening in the US dollar against sterling and euro on the Group\u2019s
profit\u00a0or loss before tax and net liabilities, and the impact of a rise in US dollar and sterling interest rates on the Group\u2019s profit
before tax. The impact of the strengthening in the euro against sterling on net liabilities is also shown, as this impacts the fair
value of the currency swaps.
2025
2024
2023
$m
$m
$m
(Decrease)/increase in profit before tax
Sterling: US dollar exchange rate
$0.05 fall
(8)
(38)
(14)
Euro: US dollar exchange rate
$0.05 fall
(4)
(7)
(3)
US dollar interest rates
1% increase
4
4
2
Sterling interest rates
1% increase
5
3
9
Decrease/(increase) in net liabilities
Sterling: US dollar exchange rate
$0.05 fall
(12)
3
(12)
Euro: US dollar exchange rate
$0.05 fall
21
25
49
Sterling: euro exchange rate
\u20ac0.05 fall
34
31
64
Exchange rate sensitivity on profit before tax predominantly relates to the Group\u2019s internal funding structure. The sensitivity
is\u00a0calculated using the intra-group balances at 31 December which can be subject to change over time. The sensitivity on net
liabilities predominantly relates to the net impact of changes in bonds and the fair value of derivatives.
Interest rate sensitivity relates to cash\u00a0and overdraft balances. 100% of bonds, and the related derivatives, are fixed.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:2138007ZFQYRUSLU3J98", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-732": { "value": "
Liquidity risk
Group policy ensures sufficient liquidity is maintained to meet all foreseeable medium-term cash requirements and provide
headroom against unforeseen obligations.
Cash and cash equivalents are held in short-term deposits, repurchase agreements and cash funds which allow daily
withdrawals of cash. Most of the Group\u2019s funds are held in the UK or US, although $4m (2024: $2m) is held in countries where
repatriation is restricted (see note 17).
Medium- and long-term borrowing requirements are met through committed bank facilities and bonds as detailed in note 21.
In December 2025, the Group entered into a new RCF, replacing the previous facility. The new facility does not contain financial
covenant\u00a0measures.
The interest margin payable on the RCF is linked to the Group\u2019s credit rating and is currently 0.45%.
23. Financial risk management and derivative financial instruments continued
The following are the undiscounted contractual cash flows of financial liabilities, including interest payments and derivative
financial instruments. Liabilities relating to the Group\u2019s deferred compensation plan are excluded; their settlement is funded
entirely by the realisation of the related deferred compensation plan investments and no net cash flow arises.
Less than
1 year
Between
1 and 2
years
Between
2 and 5
years
More than
5 years
Total
31\u00a0December 2025
$m
$m
$m
$m
$m
Non-derivative financial liabilities:
Bank overdrafts
3
\u2013
\u2013
\u2013
3
Bonds
608
715
2,519
913
4,755
Lease liabilities
53
51
136
3,090
3,330
Trade and other payables (excluding contingent
purchase\u00a0consideration)
581
1
2
6
590
Contingent purchase consideration
39
\u2013
42
53
134
Financial guarantee contracts
26
\u2013
\u2013
\u2013
26
Derivative financial instruments:
Currency swaps hedging bonds inflows
(109)
(697)
(1,963)
(913)
(3,682)
Currency swaps hedging bonds outflows
150
727
1,997
875
3,749
Forward currency contract inflows
\u2013
\u2013
(462)
\u2013
(462)
Forward currency contract outflows
\u2013
\u2013
425
\u2013
425
Less than
1 year
Between
1 and 2
years
Between
2 and 5
years
More than
5 years
Total
31\u00a0December 2024
$m
$m
$m
$m
$m
Non-derivative financial liabilities:
Bank overdrafts
17
\u2013
\u2013
\u2013
17
Bonds
482
531
1,859
837
3,709
Lease liabilities
52
50
139
3,125
3,366
Trade and other payables (excluding contingent
purchase\u00a0consideration)
589
1
1
3
594
Contingent purchase consideration
\u2013
39
42
\u2013
81
Financial guarantee contracts
31
\u2013
\u2013
\u2013
31
Derivative financial instruments:
Currency swaps hedging bonds inflows
(66)
(66)
(1,324)
(837)
(2,293)
Currency swaps hedging bonds outflows
101
100
1,457
916
2,574
Forward currency contract inflows
\u2013
\u2013
(431)
\u2013
(431)
Forward currency contract outflows
\u2013
\u2013
425
\u2013
425
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:2138007ZFQYRUSLU3J98", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-734": { "value": "
Credit risk
Credit risk on cash and cash equivalents is minimised by operating a policy on the investment of surplus cash that generally
restricts counterparties to those with a BBB- credit rating or better or those providing adequate security. The Group uses
long-term credit ratings from S&P, Moody\u2019s and Fitch Ratings as a basis for setting its counterparty limits.
In order to manage the Group\u2019s credit risk exposure, the treasury function sets counterparty exposure limits using metrics
including credit ratings, the relative placing of credit default swap pricings, tier 1 capital and share price volatility of the
relevant\u00a0counterparty.
Repurchase agreements are fully collateralised investments, with a maturity of three months or less. The Group accepts only
government or supranational bonds where the lowest credit rating is AA- or better as collateral. In the event of default, ownership
of these securities would revert to the Group. The securities held as collateral are to protect against default by the counterparty.
The Group\u2019s exposure to credit risk arises from default of the counterparty, with the maximum exposure equal to the carrying
amount of each financial asset, including derivative financial instruments. The expected credit loss on cash and cash equivalents
is considered to be immaterial.
23. Financial risk management and derivative financial instruments continued
The table below analyses the Group\u2019s short-term deposits, money market funds and repurchase agreement collateral classified
as cash and cash equivalents by counterparty credit rating:
AAA
AA+
AA
AA-
A+
A
A-
BBB+ and
below
Total
31\u00a0December 2025
$m
$m
$m
$m
$m
$m
$m
$m
$m
Short-term deposits
\u2013
\u2013
\u2013
94
245
166
\u2013
10
515
Money market funds
334
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
334
Repurchase agreements
71
\u2013
14
15
\u2013
\u2013
\u2013
\u2013
100
AAA
AA+
AA
AA-
A+
A
A-
BBB+ and
below
Total
31\u00a0December 2024
$m
$m
$m
$m
$m
$m
$m
$m
$m
Short-term deposits
\u2013
\u2013
\u2013
41
107
249
\u2013
14
411
Money market funds
415
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
415
Repurchase agreements
26
9
2
3
\u2013
\u2013
\u2013
\u2013
40
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:2138007ZFQYRUSLU3J98", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-733": { "value": "
Credit risk
Credit risk on cash and cash equivalents is minimised by operating a policy on the investment of surplus cash that generally
restricts counterparties to those with a BBB- credit rating or better or those providing adequate security. The Group uses
long-term credit ratings from S&P, Moody\u2019s and Fitch Ratings as a basis for setting its counterparty limits.
In order to manage the Group\u2019s credit risk exposure, the treasury function sets counterparty exposure limits using metrics
including credit ratings, the relative placing of credit default swap pricings, tier 1 capital and share price volatility of the
relevant\u00a0counterparty.
Repurchase agreements are fully collateralised investments, with a maturity of three months or less. The Group accepts only
government or supranational bonds where the lowest credit rating is AA- or better as collateral. In the event of default, ownership
of these securities would revert to the Group. The securities held as collateral are to protect against default by the counterparty.
The Group\u2019s exposure to credit risk arises from default of the counterparty, with the maximum exposure equal to the carrying
amount of each financial asset, including derivative financial instruments. The expected credit loss on cash and cash equivalents
is considered to be immaterial.
23. Financial risk management and derivative financial instruments continued
The table below analyses the Group\u2019s short-term deposits, money market funds and repurchase agreement collateral classified
as cash and cash equivalents by counterparty credit rating:
AAA
AA+
AA
AA-
A+
A
A-
BBB+ and
below
Total
31\u00a0December 2025
$m
$m
$m
$m
$m
$m
$m
$m
$m
Short-term deposits
\u2013
\u2013
\u2013
94
245
166
\u2013
10
515
Money market funds
334
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
334
Repurchase agreements
71
\u2013
14
15
\u2013
\u2013
\u2013
\u2013
100
AAA
AA+
AA
AA-
A+
A
A-
BBB+ and
below
Total
31\u00a0December 2024
$m
$m
$m
$m
$m
$m
$m
$m
$m
Short-term deposits
\u2013
\u2013
\u2013
41
107
249
\u2013
14
411
Money market funds
415
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
415
Repurchase agreements
26
9
2
3
\u2013
\u2013
\u2013
\u2013
40
", "dimensions": { "concept": "ifrs-full:DisclosureOfRepurchaseAndReverseRepurchaseAgreementsExplanatory", "language": "en", "entity": "scheme:2138007ZFQYRUSLU3J98", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-735": { "value": "
Capital risk management
The Group\u2019s capital structure consists of net debt, issued share capital and reserves. The structure is managed with the objective of
maintaining an investment grade credit rating, to provide ongoing returns to shareholders and to service debt obligations, while
maintaining maximum operational flexibility and ensuring the Group is able to continue as a going concern. A key characteristic
of IHG\u2019s managed and franchised business model is that it is highly cash generative, with a high return on capital employed.
Surplus cash is either reinvested in the business, used to repay debt or returned to shareholders.
The Group\u2019s debt is monitored on the basis of a cash flow leverage ratio, being net debt divided by adjusted EBITDA. The Group
has a stated aim of maintaining this ratio at 2.5x to 3.0x. The ratio at 31\u00a0December 2025 was 2.50 (2024: 2.34).
The Group currently has a senior unsecured long-term credit rating of BBB from S&P and a Baa2 rating from Moody\u2019s. In the
event of the S&P rating being downgraded below BBB- (a downgrade of two levels) there would be an additional step-up coupon
of 1.25% payable on the bonds maturing between 2026 and 2029 and in the event of the Moody\u2019s rating being downgraded
below Baa3 (a downgrade of two levels) there would be an additional step-up coupon of 1.25% payable on the bonds maturing
in\u00a02029. The bonds maturing in 2030 and 2031 do not have a step-up coupon.
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:2138007ZFQYRUSLU3J98", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-736": { "value": "
24. Classification and measurement of financial instruments
Accounting classification and fair value hierarchy
2025
2024
Hierarchy of
fair value
measurement
Fair
valuea
Amortised
cost
Not
categorised
as a financial
instrument
Total
Fair
valuea
Amortised
cost
Not
categorised
as a financial
instrument
Total
$m
$m
$m
$m
$m
$m
$m
$m
Financial assets
Other financial assets
1,3b
161
53
\u2013
214
169
50
\u2013
219
Cash and cash equivalents
1
334
795
\u2013
1,129
415
593
\u2013
1,008
Derivative financial
instruments
2
120
\u2013
\u2013
120
4
\u2013
\u2013
4
Deferred compensation
plan investments
1
316
\u2013
\u2013
316
286
\u2013
\u2013
286
Trade and other
receivables
\u2013
\u2013
761
91
852
\u2013
697
123
820
Financial liabilities
Derivative financial
instruments
2
(12)
\u2013
\u2013
(12)
(78)
\u2013
\u2013
(78)
Deferred compensation
plan liabilities
1
(316)
\u2013
\u2013
(316)
(286)
\u2013
\u2013
(286)
Loans and other
borrowings
\u2013
\u2013
(4,201)
\u2013
(4,201)
\u2013
(3,274)
\u2013
(3,274)
Trade and other payables
3
(79)
(609)
(57)
(745)
(73)
(594)
(61)
(728)
a. With the exception of equity securities of $88m (2024: $89m) measured at fair value through other comprehensive income, all are measured
at\u00a0fair\u00a0value through profit or loss. Of those, the financial assets related to the deferred compensation plan investments were designated as such upon
initial\u00a0recognition. For derivative financial instruments, these are measured at fair value through profit or loss prior to the application of hedge accounting.
b. Of those measured at fair value, $36m (2024: $43m) are Level 1 and $125m (2024: $126m) are Level 3.
24. Classification and measurement of financial instruments continued
Financial assets and liabilities measured at amortised cost whose carrying amount is not a reasonable approximation of fair value
are as follows:
2025
2024
Hierarchy of
fair value
measurement
Carrying
value
Fair value
Carrying
value
Fair value
$m
$m
$m
$m
\u00a3300m 3.750% bonds 2025
1
\u2013
\u2013
381
373
\u00a3350m 2.125% bonds 2026
1
475
465
441
418
\u20ac500m 2.125% bonds 2027
1
594
584
526
513
\u00a3400m 3.375% bonds 2028
1
539
523
502
471
\u20ac600m 4.375% bonds 2029
1
705
734
623
658
\u20ac850m 3.375% bonds 2030
1
1,000
996
\u2013
\u2013
\u20ac750m 3.625% bonds 2031
1
885
884
784
786
Right of offset
Cash pooling arrangements (see note 17) and derivative financial instruments (see note 23) are entered into under master
netting\u00a0arrangements and other similar agreements. These instruments are not offset in the Group statement of financial
position. Certain loans to and from an associate are offset as described in note 30. There are no other financial instruments
with\u00a0a significant fair value which are subject to enforceable master netting agreements.
Valuation techniques
Money market funds, deferred compensation plan investments and bonds
The fair value of money market funds (including accounts pledged as security in note 15), deferred compensation plan
investments and bonds is based on their quoted market price.
The deferred compensation plan liabilities are valued at the same amount as the plan assets as the Group\u2019s obligation to
employees under the deferred compensation plan is limited to the fair value of assets held.
Unquoted equity securities
Unquoted equity securities are fair valued using a discounted cash flow model, either internally or using professional external
valuers. The significant unobservable inputs used to determine the fair value of the equity securities are RevPAR growth
(based\u00a0on the market-specific growth assumptions used by external valuers), pre-tax discount rate which ranged from 6.4%
to\u00a010.0% (2024: 6.4% to 10.0%), and a non-marketability factor which ranged from 20.0% to 30.0% (2024: 20.0% to 30.0%).
There is no material sensitivity arising from changes in assumptions.
Trade deposits and loans
The value of trade deposits and loans measured at FVTPL are reassessed as market interest rates and credit risk assessments
change. The amount recognised of $34m (2024: $31m) is the discounted value of the total expected amount receivable,
discounted using unobservable interest rates for loans with similar term and risk. There is no significant sensitivity arising
from\u00a0changes in interest rates.
Derivative financial instruments and other payables
Currency swaps and currency forwards are measured at the present value of future cash flows discounted back based on
quoted forward exchange rates and the applicable yield curves derived from quoted interest rates. Adjustments for credit risk
use\u00a0observable credit default swap spreads.
The Group\u2019s put option over part of its investment in the Barclay associate expired at the end of 2025. It was valued at $nil in 2024.
Deferred purchase consideration
Deferred purchase consideration arose in respect of the acquisition of Regent (see page 226). The final instalment of $13m
was\u00a0paid\u00a0in 2024.
24. Classification and measurement of financial instruments continued
Contingent purchase consideration
Regent
Trade and other payables measured at fair value comprises contingent purchase consideration relating to the Regent
business combination.
In 2018, the Group acquired a 51% controlling interest in Regent Hospitality Worldwide, Inc (\u2018RHW\u2019), with put and call options
existing over the remaining 49% shareholding exercisable in a phased manner from 2026 to 2033. The Group has a present
ownership interest in the remaining shares and the acquisition was accounted for as 100% owned with no non-controlling
interest recognised. Contingent purchase consideration comprises the present value of the expected amounts payable
on\u00a0exercise of the options based on the annual trailing revenue of RHW in the year preceding exercise with a floor applied.
The value of the contingent purchase consideration is subject to periodic reassessment as interest rates and RHW revenue
expectations change. The range of possible outcomes is $81m to $261m (undiscounted). The liability is subject to
remeasurement at each reporting date, discounting at a rate based on observable US corporate bond rates of similar term
to\u00a0the\u00a0expected payment dates.
At 31 December 2025, the Group expected to exercise a call option to acquire 25% of the shareholding in the first quarter of
2026\u00a0for $39m. The\u00a0remaining 24% is expected to be acquired in 2028. The fair value is not materially sensitive to reasonable
changes in\u00a0assumptions.
Ruby
Trade and other payables measured at amortised cost includes contingent purchase consideration of $19m relating
to\u00a0the\u00a0Ruby\u00a0brand acquisition which was completed in 2025.
The value of the contingent purchase consideration comprises the present value of the expected amounts payable,
contingent\u00a0on the number of Ruby branded rooms operated by the seller at the end of 2029 and 2034.
The range of possible undiscounted payments is \u20acnil to \u20ac181m ($213m). The liability is subject to remeasurement at each
reporting\u00a0date, discounted at the rate determined on acquisition.
The significant unobservable input is the expected number of rooms operated by the seller at 31 December 2029 and 2034.
If\u00a0the expected room count were to increase or decrease by 25%, the amount of contingent consideration would increase/
decrease by $19m and $19m respectively.
Level 3 reconciliation
Other
financial
assets
Contingent
purchase
consideration
$m
$m
At 1\u00a0January 2024
110
(69)
Additions
20
\u2013
Unrealised changes in fair value
\u2013
(4)
Exchange and other adjustments
(4)
\u2013
At 31\u00a0December 2024
126
(73)
Unrealised changes in fair value
(1)
(6)
At 31\u00a0December 2025
125
(79)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:2138007ZFQYRUSLU3J98", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-737": { "value": "
Accounting classification and fair value hierarchy
2025
2024
Hierarchy of
fair value
measurement
Fair
valuea
Amortised
cost
Not
categorised
as a financial
instrument
Total
Fair
valuea
Amortised
cost
Not
categorised
as a financial
instrument
Total
$m
$m
$m
$m
$m
$m
$m
$m
Financial assets
Other financial assets
1,3b
161
53
\u2013
214
169
50
\u2013
219
Cash and cash equivalents
1
334
795
\u2013
1,129
415
593
\u2013
1,008
Derivative financial
instruments
2
120
\u2013
\u2013
120
4
\u2013
\u2013
4
Deferred compensation
plan investments
1
316
\u2013
\u2013
316
286
\u2013
\u2013
286
Trade and other
receivables
\u2013
\u2013
761
91
852
\u2013
697
123
820
Financial liabilities
Derivative financial
instruments
2
(12)
\u2013
\u2013
(12)
(78)
\u2013
\u2013
(78)
Deferred compensation
plan liabilities
1
(316)
\u2013
\u2013
(316)
(286)
\u2013
\u2013
(286)
Loans and other
borrowings
\u2013
\u2013
(4,201)
\u2013
(4,201)
\u2013
(3,274)
\u2013
(3,274)
Trade and other payables
3
(79)
(609)
(57)
(745)
(73)
(594)
(61)
(728)
a. With the exception of equity securities of $88m (2024: $89m) measured at fair value through other comprehensive income, all are measured
at\u00a0fair\u00a0value through profit or loss. Of those, the financial assets related to the deferred compensation plan investments were designated as such upon
initial\u00a0recognition. For derivative financial instruments, these are measured at fair value through profit or loss prior to the application of hedge accounting.
b. Of those measured at fair value, $36m (2024: $43m) are Level 1 and $125m (2024: $126m) are Level 3.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:2138007ZFQYRUSLU3J98", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-739": { "value": "
25. Reconciliation of profit for the year to cash flow from operations
2025
2024
2023
$m
$m
$m
Profit for the year
759
628
750
Adjustments for:
Net financial expenses
153
115
87
Foreign exchange (gains)/losses
(37)
25
(35)
Remeasurement of contingent purchase consideration
8
4
4
Income tax charge
315
269
260
Operating profit adjustments:
Impairment loss/(reversal) on financial assets
21
10
(1)
Other net impairment charges
2
\u2013
\u2013
Other operating exceptional items
21
12
(28)
Depreciation and amortisation
67
65
67
111
87
38
Contract assets deduction in revenue
52
43
37
Share-based payments cost
47
44
36
Share of profits of associates and joint ventures (before exceptional items)
(6)
(10)
(13)
93
77
60
System Fund adjustments:
Depreciation and amortisation
79
80
83
Impairment loss on financial assets
19
9
\u2013
Other impairment charges
\u2013
3
\u2013
Share-based payments cost
25
23
20
Share of losses of associates
2
2
3
125
117
106
Working capital and other adjustments:
Increase in deferred revenue
107
214
123
Increase in trade and other receivables
(51)
(106)
(70)
(Decrease)/increase in trade and other payables
(25)
(45)
31
Other net adjustments
5
(7)
(5)
36
56
79
Cash flows relating to operating exceptional items
(23)
8
(29)
Contract acquisition costs, net of repayments
(179)
(237)
(101)
Total adjustments
602
521
469
Cash flow from operations
1,361
1,149
1,219
In 2025, increase in deferred revenue includes $37m (2024: $100m) of initial upfront payments received in relation to US co-brand
credit card agreements which will be recognised over the term of those agreements.
Other net adjustments includes dividends received from associates and joint ventures of $6m (2024: $7m; 2023 $1m).
", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:2138007ZFQYRUSLU3J98", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-738": { "value": "
25. Reconciliation of profit for the year to cash flow from operations
2025
2024
2023
$m
$m
$m
Profit for the year
759
628
750
Adjustments for:
Net financial expenses
153
115
87
Foreign exchange (gains)/losses
(37)
25
(35)
Remeasurement of contingent purchase consideration
8
4
4
Income tax charge
315
269
260
Operating profit adjustments:
Impairment loss/(reversal) on financial assets
21
10
(1)
Other net impairment charges
2
\u2013
\u2013
Other operating exceptional items
21
12
(28)
Depreciation and amortisation
67
65
67
111
87
38
Contract assets deduction in revenue
52
43
37
Share-based payments cost
47
44
36
Share of profits of associates and joint ventures (before exceptional items)
(6)
(10)
(13)
93
77
60
System Fund adjustments:
Depreciation and amortisation
79
80
83
Impairment loss on financial assets
19
9
\u2013
Other impairment charges
\u2013
3
\u2013
Share-based payments cost
25
23
20
Share of losses of associates
2
2
3
125
117
106
Working capital and other adjustments:
Increase in deferred revenue
107
214
123
Increase in trade and other receivables
(51)
(106)
(70)
(Decrease)/increase in trade and other payables
(25)
(45)
31
Other net adjustments
5
(7)
(5)
36
56
79
Cash flows relating to operating exceptional items
(23)
8
(29)
Contract acquisition costs, net of repayments
(179)
(237)
(101)
Total adjustments
602
521
469
Cash flow from operations
1,361
1,149
1,219
In 2025, increase in deferred revenue includes $37m (2024: $100m) of initial upfront payments received in relation to US co-brand
credit card agreements which will be recognised over the term of those agreements.
Other net adjustments includes dividends received from associates and joint ventures of $6m (2024: $7m; 2023 $1m).
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:2138007ZFQYRUSLU3J98", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-740": { "value": "
26. Retirement benefits
UK
Since 2014, UK retirement benefits are provided for eligible employees by the IHG UK Defined Contribution Pension Plan. Members
are provided with defined contribution arrangements under this plan; benefits are based on each individual member\u2019s personal
account. The plan is HM Revenue & Customs registered and governed by an independent trustee, assisted by professional
advisers as and when required. The overall operation of the plan is subject to the oversight of The Pensions Regulator.
The former defined benefit plan, the InterContinental Hotels UK Pension Plan, was wound up in 2015 following the completion of the
buy-out and transfer of the defined benefit obligations to Rothesay Life.
Residual defined benefit obligations remain in respect of additional benefits provided to members of an unfunded pension
arrangement (\u2018UK plan\u2019) who were affected by lifetime or annual allowances under the former defined benefit arrangements.
Accrual under this arrangement ceased with effect from 1 July 2013 and a cash-out offer in 2014 resulted in the extinguishment
of approximately 70% of the unfunded pension obligations. The Group meets the benefit payment obligations of the remaining
members as they fall due. A charge over certain ring-fenced accounts totalling $27m (\u00a320m) at 31\u00a0December 2025 (see note 15)
is\u00a0currently held as security on behalf of the remaining members.
US
During 2018, the Group completed a termination of the US funded Inter-Continental Hotels Pension Plan, which involved certain
qualifying members receiving lump-sum cash-out payments with the remaining pension obligations subject to a buy-out by
Banner Life Insurance Company, a subsidiary of Legal & General America.
The Group continues to maintain the unfunded Inter-Continental Hotels Non-qualified Pension Plans (\u2018US plans\u2019) and unfunded
Inter-Continental Hotels Corporation Postretirement Medical, Dental, Vision and Death Benefit Plan (\u2018US post-retirement plan\u2019),
both of which are defined benefit plans. Both plans are closed to new members. A Retirement Committee, comprising senior
Group employees and assisted by professional advisers as and when required, has responsibility for oversight of the plans.
Other post-employment benefits
Disclosures in this note concerning assumptions, sensitivities, future benefit payments and duration of pension obligations relate
to the UK\u00a0and US plans and the US post-retirement plan. The Group also maintains immaterial post-employment benefit plans in
various countries, including the Philippines, which are accounted for as defined benefit plans.
At 31\u00a0December 2025, the net retirement benefit asset relating to the Philippines plan was $3m (2024: $3m) comprising plan
assets of $15m (2024: $13m) and a defined benefit obligation of $12m (2024: $10m).
A retirement benefit liability totalling $9m (2024: $7m) was recognised in respect of all other countries\u2019 plans.
26. Retirement benefits continued
Movement in retirement benefit obligations
2025
2024
2023
$m
$m
$m
At 1\u00a0January
68
66
66
Group contributions
(6)
(6)
(5)
Interest expense recognised in profit or loss
6
5
3
Actuarial (gains)/losses recognised in other comprehensive income
\u2013
(4)
2
Exchange and other adjustments
1
7
\u2013
At 31\u00a0December
69
68
66
Comprising:
UK plan
18
17
19
US plans
30
31
34
US post-retirement plan
12
13
13
Other post-employment benefit plans
9
7
\u2013
69
68
66
The value of benefits paid is equal to contributions paid into the plans by the Group.
Assumptions
The principal financial assumptions used by the actuaries to determine the defined benefit obligations are:
2025
2024
2023
%
%
%
UK plan only:
Pension increases
3.0
3.2
3.1
Inflation rate
3.0
3.2
3.1
Discount rate:
UK plan
5.6
5.6
4.8
US plans
5.0
5.3
4.7
US post-retirement plan
5.0
5.3
4.7
US healthcare cost trend rate assumed for the next year:
Pre-65 (ultimate rate reached in 2036)
8.2
8.6
7.8
Post-65 (ultimate rate reached in 2036)
9.5
9.7
8.6
Ultimate rate that the cost rate trends to
4.5
4.5
4.5
26. Retirement benefits continued
Mortality is the most significant demographic assumption. The current assumptions for the UK are based on the S3PA \u2018light\u2019
year\u00a0of birth tables with projected mortality improvements using the CMI_2024 model and a 1.25% per annum long-term trend
using core parameters and underlying rates with weightings of 91% and 85% for pensioners and 86% and 84% for non-pensioners,
male\u00a0and female respectively. In the US, the current assumptions use rates from the Pri-2012 Mortality Study and Generationally
Projected with Scale MP-2021 mortality tables.
The assumptions applied to the UK plan and US plans for life expectancy at retirement age are as follows:
UK
US
2025
years
2024
years
2023
years
2025
years
2024
years
2023
years
Current pensioners at 65a
\u2013 male
24
23
23
22
22
22
\u2013 female
26
25
25
24
23
23
Future pensioners at 65b
\u2013 male
25
23
23
23
23
23
\u2013 female
27
25
25
25
25
25
a. Relates to assumptions based on longevity following retirement at the end of the reporting period.
b. Relates to assumptions based on longevity relating to an employee retiring in 2045.
The assumptions allow for expected increases in longevity.
Sensitivities
Changes in assumptions used for determining retirement benefit costs and obligations may have an impact on the Group
income statement and the Group statement of financial position. The key assumptions are the discount rate, the rate of inflation,
the\u00a0assumed mortality rate and the healthcare costs trend rate. The sensitivity analysis below relates to the increase/(decrease)
in\u00a0the benefit obligation and is based on extrapolating reasonable changes in these assumptions, using year-end conditions
and\u00a0assuming no interdependency between the assumptions:
2025
2024
$m
$m
Discount rate
1%
decrease
5
5
1%
increase
(5)
(5)
Inflation rate
0.25%
decrease
\u2013
(1)
0.25%
increase
\u2013
\u2013
Mortality rate
One-year
increase
3
2
Healthcare costs trend rate
1%
decrease
(1)
(1)
1%
increase
1
1
Estimated future benefit payments
2025
2024
$m
$m
Within one year
5
5
Between one and five years
20
20
More than five years
78
81
103
106
Average duration of pension obligations
2025
years
2024
years
UK plan
12.0
12.0
US plans
7.1
7.1
US post-retirement plan
7.1
7.4
Defined contribution plans
The Group also operates a number of smaller pension plans outside the UK, the most significant of which is a defined
contribution plan in the US which is designed to comply with the requirements of the Internal Revenue Code Section 409A.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:2138007ZFQYRUSLU3J98", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-741": { "value": "
27. Share\u2011based payments
In 2023, the new Deferred Award Plan rules (\u2018DAP\u2019) replaced the IHG Annual Performance Plan (\u2018APP\u2019) and Long Term Incentive
Plan (\u2018LTIP\u2019) as a simplified, combined set of plan rules which govern the Company\u2019s discretionary incentive plans.
Awards granted under the DAP can consist of Deferred Annual Incentive (\u2018DAI\u2019), Long-Term Incentive (\u2018LTI\u2019), Restricted Stock
Unit\u00a0(\u2018RSU\u2019) and other ad hoc awards.
The DAP rules were approved at the AGM on 5 May 2023, with all LTI and RSU awards granted after this date and DAI awards
granted in respect of 2024 and future APP years being subject to the rules of the DAP. All previously granted awards are subject
to the LTIP and APP rules respectively.
Annual Performance/Deferred Annual Incentive Awards
Eligible employees (including Executive Directors) may receive all or part of their bonus in the form of deferred shares and/or
receive one-off awards of shares. Deferred shares in relation to annual performance-related bonus plans are released on the
third\u00a0anniversary of the award date. Awards are conditional on the participants remaining in the employment of a participating
company or leaving for a qualifying reason. The grant of deferred shares under the APP/DAP is at the discretion of the
Remuneration Committee.
The number of shares is typically calculated by dividing a specific percentage of the participant\u2019s annual performance-related
bonus award by the average of the middle market quoted prices on the three consecutive business days following the
announcement of the Group\u2019s results for the relevant financial year.
Long Term Incentive and Restricted Stock Units
Executive Directors and eligible employees may receive conditional share awards, which normally have a vesting period of
three years, subject to continued employment. In addition, certain LTI awards made to Executive Directors are normally subject
to\u00a0a further two-year holding period after vesting.
LTI awards are subject to performance-based vesting conditions set by the Remuneration Committee, which are normally
measured over the vesting period.
Awards are normally made annually and, except in exceptional circumstances, do not exceed the limit set out in the Directors\u2019
Remuneration Policy and DAP Rules.
Colleague Share Plan
The Colleague Share Plan gives eligible corporate employees the opportunity to purchase shares up to an annual limit. After the
end of the plan year, the participant will be awarded the right to receive one matching share for every purchased share (subject
to continued employment). If the participant holds the purchased shares until the second anniversary of the end of the plan year,
the conditional right to matching shares vests.
The total fair value of the Colleague Share Plan is not significant.
+
More detailed information on the performance measures for awards to Executive Directors is shown in the Directors\u2019 Remuneration Report
on\u00a0pages\u00a0148 to\u00a0153.
Costs relating to share-based payment transactions
2025
2024
2023
$m
$m
$m
Equity-settled
Operating profit before System Fund and reimbursables
42
37
31
System Fund
25
23
20
67
60
51
Cash-settled
Operating profit before System Fund and reimbursables
5
7
5
72
67
56
No consideration was received in respect of ordinary shares issued under option schemes during 2025, 2024 or 2023.
27. Share\u2011based payments continued
Option pricing models, assumptions and movements in awards outstanding
APP/DAP
LTIP/DAP
Binomial valuation model
Monte Carlo Simulation, Binomial
and Finnerty valuation models
Option pricing models and assumptions
2025
2024
2023
2025
2024
2023
Weighted average share price (pence)
9,420.1
8,481.8
5,571.7
9,250.0
7,940.0
5,318.0
Expected dividend yield
1.84%
2.12%
2.52% to 2.77%
Risk-free interest rate
3.88%
4.20%
3.85%
Volatilitya
21%
26%
29% to 30%
Term (years)
2.9
2.2
2.3
2.8
3.0
3.0
a. The expected volatility was determined by calculating the historical volatility of the Company\u2019s share price corresponding to the expected life of the
share award.
Number of share awards (thousands)
APP/DAP
LTIP/DAP
Deferred shares/
one-off awards
Performance-related
awards/LTI
Restricted stock units
Outstanding at 1\u00a0January 2023
321
933
1,575
Granted
214
329
683
Vested
(186)
(180)
(533)
Lapsed or cancelled
(17)
(246)
(63)
Outstanding at 31\u00a0December 2023
332
836
1,662
Granted
104
279
495
Vested
(44)
(136)
(402)
Lapsed or cancelled
(6)
(148)
(106)
Outstanding at 31\u00a0December 2024
386
831
1,649
Granted
82
270
470
Vested
(174)
(246)
(599)
Lapsed or cancelled
(5)
(77)
(93)
Outstanding at 31\u00a0December 2025
289
778
1,427
Average fair value of awards granted during the year (cents)
2025
12,412.2
6,698.1
11,754.0
2024
10,837.6
5,812.6
10,302.3
2023
6,926.4
3,169.7
6,351.0
Weighted average remaining contract life (years)
At 31\u00a0December 2025
1.0
1.1
1.1
At 31\u00a0December 2024
0.9
1.1
1.1
At 31\u00a0December 2023
1.5
1.3
1.3
The above awards do not vest until the performance and service conditions have been met.
The weighted average share price at the date of vesting for share awards during the year was 9,963.6p (2024: 8,225.7p,
2023:\u00a05,740.3p) including the Colleague Share Plan. The closing share price on 31\u00a0December 2025 was 10,460.0p
(31\u00a0December 2024: 9,954.0p, 31\u00a0December 2023: 7,090.0p) and the range during the year was 7,424.0p to 10,880.0p
(2024: 7,016.0p to 10,180.0p, 2023: 4,832.0p to 7,118.0p).
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:2138007ZFQYRUSLU3J98", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-742": { "value": "
28. Equity
Equity share capital
Number of
shares
Nominal
value
Share
premium
Equity share
capital
Allotted, called up and fully paid
millions
$m
$m
$m
At 1\u00a0January 2023 (ordinary shares of 20340\u2044399p each)
183
46
91
137
Repurchased and cancelled under share repurchase programme
(11)
(3)
\u2013
(3)
Exchange adjustments
\u2013
3
4
7
At 31\u00a0December 2023 (ordinary shares of 20340\u2044 399p each)
172
46
95
141
Repurchased and cancelled under share repurchase programme
(7)
(2)
\u2013
(2)
Exchange adjustments
\u2013
(1)
(1)
(2)
At 31\u00a0December 2024 (ordinary shares of 20340\u2044 399p each)
165
43
94
137
Repurchased and cancelled under share repurchase programme
(8)
(2)
\u2013
(2)
Exchange adjustments
\u2013
3
7
10
At 31\u00a0December 2025 (ordinary shares of 20340\u2044 399p each)
157
44
101
145
In February 2025, the Board approved a $900m share buyback programme which completed on 29\u00a0December 2025.
In\u00a0February 2024, the Board approved a $800m share buyback programme which completed on 27\u00a0December 2024.
In\u00a0February 2023, the Board approved a $750m share buyback programme which completed on 29\u00a0December 2023.
Number of
sharesa
Totalb,c
Shares repurchased and total consideration paid for share buyback programme
millions
$m
31\u00a0December 2025
7.6
882
31\u00a0December 2024
7.5
812
31\u00a0December 2023
10.9
790
a. Shares were repurchased and subsequently cancelled.
b. Includes transaction costs. In 2025, $15m of taxes previously provided for\u00a0in respect of the 2024 and 2023 buyback programmes were reversed,
following legislative changes.
c. In 2023, $38m related to the completion of the 2022 programme and $752m related to the 2023 programme.
The Board reviewed the Parent Company Financial Statements to confirm availability of sufficient distributable reserves
prior\u00a0to\u00a0approving shareholder returns.
For each of the share buyback programmes undertaken, authority was given to the Company at the respective AGM prior
to\u00a0commencement of the buyback.
In February 2026, the Board approved a further $950m share buyback programme. A\u00a0resolution to renew the authority
to\u00a0repurchase shares will be put to shareholders at the AGM on 7\u00a0May 2026.
The Company no longer has an authorised share capital.
Shares held by employee share trusts
Number of
shares
Carrying
value
Market
value
millions
$m
$m
31\u00a0December 2025
1.0
59.0
146.3
31\u00a0December 2024
1.2
63.0
144.9
31\u00a0December 2023
0.8
35.0
73.6
Shares held by employee share trusts includes 0.2m shares (2024: 0.2m shares) held in a nominee account on behalf of participants.
28. Equity continued
Treasury shares
Number of
shares
Nominal
value
millions
$m
At 1\u00a0January 2023
7.5
1.9
Transferred to employee share trusts
(0.5)
(0.1)
Repurchased under share repurchase programme
\u2013
0.1
At 31\u00a0December 2023
7.0
1.9
Transferred to employee share trusts
(0.8)
(0.2)
Exchange adjustments
\u2013
(0.1)
At 31\u00a0December 2024
6.2
1.6
Transferred to employee share trusts
(0.7)
(0.2)
Exchange adjustments
\u2013
0.1
At 31\u00a0December 2025
5.5
1.5
Cash flow hedge reserves
Cash flow
hedge
reserve
Cost of
hedging
reserve
Total
$m
$m
$m
At 1\u00a0January 2023
8
(8)
\u2013
Change in fair value of currency swaps recognised in other comprehensive income
(30)
\u2013
(30)
Reclassified from other comprehensive income to profit or loss \u2013 included in
financial\u00a0expenses
28
\u2013
28
At 31\u00a0December 2023
6
(8)
(2)
Costs of hedging deferred and recognised in other comprehensive income
\u2013
(11)
(11)
Change in fair value of currency swaps recognised in other comprehensive income
(113)
\u2013
(113)
Reclassified from other comprehensive income to profit or loss \u2013 included in
financial\u00a0expenses
165
\u2013
165
Deferred tax
(11)
\u2013
(11)
At 31\u00a0December 2024
47
(19)
28
Costs of hedging deferred and recognised in other comprehensive income
\u2013
4
4
Change in fair value of currency swaps recognised in other comprehensive income
126
\u2013
126
Reclassified from other comprehensive income to profit or loss \u2013 included in
financial\u00a0expenses
(187)
\u2013
(187)
Deferred tax
14
\u2013
14
Exchange adjustments
1
\u2013
1
At 31\u00a0December 2025
1
(15)
(14)
Amounts reclassified from other comprehensive income to financial expenses comprise $31m (2024: $28m, 2023: $14m)
net\u00a0interest payable on the currency swaps and an exchange gain of $218m (2024: $137m loss, 2023: $14m loss) which offsets
a\u00a0corresponding gain or loss on the hedged bonds.
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:2138007ZFQYRUSLU3J98", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-743": { "value": "
Equity share capital
Number of
shares
Nominal
value
Share
premium
Equity share
capital
Allotted, called up and fully paid
millions
$m
$m
$m
At 1\u00a0January 2023 (ordinary shares of 20340\u2044399p each)
183
46
91
137
Repurchased and cancelled under share repurchase programme
(11)
(3)
\u2013
(3)
Exchange adjustments
\u2013
3
4
7
At 31\u00a0December 2023 (ordinary shares of 20340\u2044 399p each)
172
46
95
141
Repurchased and cancelled under share repurchase programme
(7)
(2)
\u2013
(2)
Exchange adjustments
\u2013
(1)
(1)
(2)
At 31\u00a0December 2024 (ordinary shares of 20340\u2044 399p each)
165
43
94
137
Repurchased and cancelled under share repurchase programme
(8)
(2)
\u2013
(2)
Exchange adjustments
\u2013
3
7
10
At 31\u00a0December 2025 (ordinary shares of 20340\u2044 399p each)
157
44
101
145
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:2138007ZFQYRUSLU3J98", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-744": { "value": "
Treasury shares
Number of
shares
Nominal
value
millions
$m
At 1\u00a0January 2023
7.5
1.9
Transferred to employee share trusts
(0.5)
(0.1)
Repurchased under share repurchase programme
\u2013
0.1
At 31\u00a0December 2023
7.0
1.9
Transferred to employee share trusts
(0.8)
(0.2)
Exchange adjustments
\u2013
(0.1)
At 31\u00a0December 2024
6.2
1.6
Transferred to employee share trusts
(0.7)
(0.2)
Exchange adjustments
\u2013
0.1
At 31\u00a0December 2025
5.5
1.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:2138007ZFQYRUSLU3J98", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-746": { "value": "
29. Contingencies and commitments
Litigation
From time to time, the Group is subject to legal proceedings the ultimate outcome of each being always subject to many
uncertainties inherent in litigation. These legal claims and proceedings are in various stages and include disputes related
to\u00a0specific hotels where the potential materiality is not yet known; such proceedings, either individually or in the aggregate,
have\u00a0not in the recent past and are not likely to have a material effect on the Group\u2019s financial position or profitability.
Previously\u00a0reported contingent liabilities have been resolved or are considered remote.
It is the view of the Directors that, other than to the extent that liabilities have been provided for in these Group Financial
Statements (see note 19), it is not possible to quantify any loss to which these proceedings may give rise, however, as at the
date\u00a0of reporting, the Group does not believe that the outcome of these matters will have a material effect on the Group\u2019s
financial position.
Other items
The Group had total commitments for capital expenditure of $3m at 31\u00a0December 2025 (2024: $8m). The Group has also
committed to invest $5m in one joint venture (2024: $16m in one joint venture).
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:2138007ZFQYRUSLU3J98", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-745": { "value": "
29. Contingencies and commitments
Litigation
From time to time, the Group is subject to legal proceedings the ultimate outcome of each being always subject to many
uncertainties inherent in litigation. These legal claims and proceedings are in various stages and include disputes related
to\u00a0specific hotels where the potential materiality is not yet known; such proceedings, either individually or in the aggregate,
have\u00a0not in the recent past and are not likely to have a material effect on the Group\u2019s financial position or profitability.
Previously\u00a0reported contingent liabilities have been resolved or are considered remote.
It is the view of the Directors that, other than to the extent that liabilities have been provided for in these Group Financial
Statements (see note 19), it is not possible to quantify any loss to which these proceedings may give rise, however, as at the
date\u00a0of reporting, the Group does not believe that the outcome of these matters will have a material effect on the Group\u2019s
financial position.
Other items
The Group had total commitments for capital expenditure of $3m at 31\u00a0December 2025 (2024: $8m). The Group has also
committed to invest $5m in one joint venture (2024: $16m in one joint venture).
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138007ZFQYRUSLU3J98", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-747": { "value": "
30. Related party disclosures
Key management personnel
Total compensation
2025
2024
2023
$m
$m
$m
Short-term employment benefits
22.0
20.1
18.6
Contributions to defined contribution pension plans
0.5
0.4
0.5
Equity compensation benefitsa
18.6
16.4
15.8
41.1
36.9
34.9
a. As measured in accordance with IFRS 2 \u2018Share-based Payment\u2019.
There were no other transactions with key management personnel, defined as the Board and Executive Committee, during the
years ended 31\u00a0December 2025, 2024 or 2023.
Associates and joint ventures
2025
2024
2023
$m
$m
$m
Fee revenue
10
12
11
Expenses
(1)
\u2013
\u2013
Amounts receivable (net)
50
41
19
Amounts payable
(1)
\u2013
(10)
The Group has a performance guarantee with a maximum exposure remaining of $2m (2024: $4m) for one associate.
The Group funds shortfalls in owner returns relating to the Barclay associate. In addition, loans both to and from the\u00a0Barclay
associate of $237m (2024: $237m) are offset in accordance with the provisions of IAS 32 \u2018Financial Instruments: Presentation\u2019
and presented net in the Group statement of financial position. Interest payable and receivable under the loans is\u00a0equivalent.
The\u00a0loans have an average interest rate of 4.1% (2024: 4.1%) and interest is presented net in the Group income statement.
Notes\u00a06 and 14 contain details of other transactions with the Barclay associate.
Amounts receivable include $35m preferred equity investments in three associates (2024: $34m in three associates) which
are\u00a0presented within other financial assets. The face value of these receivables is $47m, the difference to book value being
due\u00a0to\u00a0discounting for time value of money and provisions for expected credit losses.
The closing loan and preferred equity balances above represent the maximum amount outstanding during the year.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:2138007ZFQYRUSLU3J98", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-748": { "value": "
Key management personnel
Total compensation
2025
2024
2023
$m
$m
$m
Short-term employment benefits
22.0
20.1
18.6
Contributions to defined contribution pension plans
0.5
0.4
0.5
Equity compensation benefitsa
18.6
16.4
15.8
41.1
36.9
34.9
a. As measured in accordance with IFRS 2 \u2018Share-based Payment\u2019.
There were no other transactions with key management personnel, defined as the Board and Executive Committee, during the
years ended 31\u00a0December 2025, 2024 or 2023.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:2138007ZFQYRUSLU3J98", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-749": { "value": "
31. System Fund and reimbursables
System Fund and reimbursable revenues and expenses comprise:
2025
2024
2023
$m
$m
$m
System Fund revenues
1,717
1,611
1,564
Reimbursable revenues
1,004
1,000
896
System Fund and reimbursable revenues
2,721
2,611
2,460
System Fund expenses
(1,763)
(1,694)
(1,545)
Reimbursable expenses
(1,004)
(1,000)
(896)
System Fund and reimbursable expenses
(2,767)
(2,694)
(2,441)
System Fund revenues include:
2025
2024
2023
$m
$m
$m
Loyalty programme revenues, net of the cost of point redemptions
355
355
379
Marketing, reservation and other hotel fees
1,362
1,256
1,185
System Fund expenses include:
2025
2024
2023
$m
$m
$m
Marketing
542
520
498
Staff costs (excluding costs relating to the global efficiency programme)
424
436
399
Global efficiency programmea
10
\u2013
\u2013
Depreciation and amortisation
79
80
83
Impairment loss on trade receivables (note 16)
19
9
\u2013
Other net impairment charges (note 11)
\u2013
3
\u2013
a. Comprises costs incurred in the ongoing delivery of a programme designed to achieve incremental cost base efficiencies and effectiveness.
An\u00a0additional $12m, that is not charged to the System Fund, is included in operating exceptional items (note 6).
", "dimensions": { "concept": "ihg:DisclosureOfSystemFundAndReimbursablesExplanatory", "language": "en", "entity": "scheme:2138007ZFQYRUSLU3J98", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-750": { "value": "
32. Group companies
In accordance with Section 409 of the Companies Act 2006, a full list of entities in which the Group has an interest of greater
than or equal to 20%, the registered office and effective percentage of equity owned as at 31\u00a0December 2025 are disclosed below.
Unless otherwise stated, the ownership interest disclosed comprises either ordinary shares, certificated or uncertificated
membership interests which are indirectly held by InterContinental Hotels Group PLC.
Fully owned subsidiaries
10000 Champion Acquisition LLC (k)
24th Street JV Development LLC (k)
24th Street Operator Sub, LLC (k)
2250 Blake Street Hotel, LLC (k)
36th Street IHG Sub, LLC (k)
426 Main Ave. LLC (k)
46 Nevins Street Associates, LLC (k)
Alpha Kimball Hotel, LLC (k)
Asia Pacific Holdings Limited (n)
Barclay Operating Corp. (k)
BHMC Canada Inc. (o)
BHR Holdings B.V. (p)
BHR Pacific Holdings, Inc. (k)
BHTC Canada Inc. (o)
Blythswood Square Glasgow Hotel
OpCo\u00a0Limited (n)
BOC Barclay Sub LLC (k)
Bristol Oakbrook Tenant Company (k)
Cambridge Lodging LLC (k)
Capital Lodging LLC (k)
CECNY Land Holdings LLC (k)
CF Irving Owner, LLC (k)
CF McKinney Owner, LLC (k)
Compa\u00f1ia Inter-Continental De Hoteles
El\u00a0Salvador SA (n)
Crowne Plaza, LLC (k)
Cumberland Akers Hotel, LLC (k)
Dunwoody Operations, LLC (k)
Edinburgh George Street Hotel OpCo Limited (n)
EVEN Real Estate Holding LLC (k)
Gem Brand Company Ltd. (n)
Grand Central Glasgow Hotel OpCo Limited (n)
Guangzhou SC Hotels Services Ltd. (t)
Hawthorne Land Holdings LLC (k)
HH France Holdings SAS (x)
HH Hotels (EMEA) BV (p)
HH Hotels (Romania) SRL (y)
HIM (Aruba) N.V. (z)
Hoft Properties LLC (k)
Holiday Hospitality Franchising, LLC (k)
Holiday Inn Mexicana S.A. (ab)
Holiday Inns (China) Limited (ay)
Holiday Inns (Courtalin) Holding SAS (x)
Holiday Inns (Courtalin) SAS (x)
Holiday Inns (Germany), LLC (k)
Holiday Inns (Jamaica), Inc. (k)
Holiday Inns (Middle East) Limited (ay)
Holiday Inns (Philippines), Inc. (k)
Holiday Inns (Saudi Arabia), Inc. (k)
Holiday Inns (Thailand) Limited (ay)
Holiday Inns Crowne Plaza (Hong Kong), Inc. (k)
Holiday Inns Holdings (Australia) Pty. Limited (aa)
Holiday Inns, Inc. (k)
Holiday Inns of Belgium N.V. (ad)
Holiday Pacific Equity Corporation (k)
Holiday Pacific Limited Liability Company (k)
Holiday Pacific Partners Limited Partnership (k)
Hotel InterContinental London (Holdings)
Limited (n)
Hotel Inter-Continental London Limited (n)
Hoteles Y Turismo HIH Srl (n)
IC Hotelbetriebsf\u00fchrungs GmbH (ae)
IC Hotels Management (Portugal) Unipessoal,
Lda (af)
IC International Hotels Limited Liability
Company (ag)
IHC Arabia for Management, LLC (u)
IHC Hotel Limited (n)
IHC Hotel Management (EGY) LLC (ac)
IHC May Fair Hotel Limited (n)
IHC Overseas (U.K.) Limited (n)
IHG (Dominica) Ltd. (bk)
IHG (Marseille) SAS (x)
IHG (Myanmar) Limited (ah)
IHG (Thailand) Limited (bu)
IHG Bangkok Ltd (v)
IHG Brasil Administracao de Hoteis e
Servicos\u00a0Ltda (ak)
IHG Commissions Services SRL (co)
IHG de Argentina SA (al)
IHG ECS (Barbados) SRL (co)
IHG Finance LLC (k)
IHG Franchising Brasil Ltda (bd)
IHG Franchising DR Corporation (k)
IHG Franchising, LLC (k)
IHG Honduras S. de R.L. (cq)
IHG Hotels (New Zealand) Limited (an)
IHG Hotels Limited (n)
IHG Hotels Management (Australia) Pty
Limited\u00a0(aa)
IHG Hotels South Africa (Pty) Limited (ap)
IHG International Holdings, Inc. (k) (c)
IHG Istanbul Otel Y\u00f6netim Limited \u015eirketi (bx)
IHG Japan (Management), LLC (ar)
IHG Japan (Osaka), LLC (ar)
IHG Korea Management LLC (cj)
IHG Management (Maryland), LLC (cl)
IHG Management (Netherlands) B.V. (p)
IHG Management d.o.o. Beograd (cc)
IHG Management MD Barclay Sub, LLC (k)
IHG Management SL d.o.o. (bo)
IHG Mexico Operaciones SA de CV (ab)
IHG Middle East Management
Consultancies\u00a0LLC (br)
IHG Peru SRL (cf)
IHG PS Nominees Limited (n)
IHG Systems Pty Limited (aa)
IHG Szalloda Budapest Szolgaltato Kft (at)
IHG Technology Solutions, LLC (k)
IHG UK Leased Hotels Limited (n)
(formerly\u00a0Russell Hotel OpCo Limited
changed 2\u00a0January 2026)
IHG Universal Blvd Member LLC (k)
InterContinental Berlin Service Company
GmbH\u00a0(au)
InterContinental (PB) 1 (n)
InterContinental (PB) 3 Limited (n)
Intercontinental D.C. Operating Corp. (k)
Inter-Continental Florida Partner Corp. (k)
InterContinental Gestion Hotelera SLU (by)
InterContinental Hotel Berlin GmbH (au)
Inter-Continental Hoteleira Limitada (aw)
Inter-Continental Hotels (Montreal)
Operating\u00a0Corp. (ax)
InterContinental Hotels (Puerto Rico) Inc. (az)
Inter-Continental Hotels Corporation (k)
Intercontinental Hotels Corporation Limited (m)
InterContinental Hotels Group (Asia Pacific)
Pte\u00a0Ltd. (ai)
InterContinental Hotels Group (Australia)
Pty\u00a0Limited (aa)
InterContinental Hotels Group (Canada), Inc. (o)
InterContinental Hotels Group (Greater China)
Limited (ay)
InterContinental Hotels Group (India) Private
Limited (aq)
InterContinental Hotels Group (Japan), Inc. (k)
InterContinental Hotels Group (New Zealand)
Limited (an)
InterContinental Hotels Group (Shanghai)
Ltd\u00a0(bb)
InterContinental Hotels Group (Vietnam)
Company Limited (q)
InterContinental Hotels Group do Brasil
Limitada (bc)
InterContinental Hotels Group Healthcare
Trustee Limited (n)
InterContinental Hotels Group Operating
Corp.\u00a0(e) (k)
InterContinental Hotels Group Resources,
LLC\u00a0(k)
InterContinental Hotels Group Services
Company (n)
InterContinental Hotels Italia, Srl (be)
InterContinental Hotels Limited (a) (n)
InterContinental Hotels
Managementgesellschaft mbH (bf)
InterContinental Hotels Management
Montenegro d.o.o. (ce)
InterContinental Hotels Nevada Corporation (k)
InterContinental Hotels of San Francisco, Inc. (k)
Intercontinental IOHC (Mauritius) Ltd. (bg)
InterContinental Management AM, LLC (cm)
InterContinental Management Bulgaria
EOOD\u00a0(bp)
InterContinental Management France SAS (x)
InterContinental Management Poland
sp.\u00a0z.o.o.\u00a0(cn)
InterContinental Overseas Holdings, LLC (k)
KG Benefits LLC (k)
KG Gift Card Inc. (k)
KG Liability LLC (k)
KG Technology, LLC (k)
KHRG 851 LLC (k)
KHRG Aertson LLC (k)
KHRG Allegro, LLC (k)
KHRG Argyle, LLC (k)
KHRG Atlanta Midtown LLC (k)
KHRG Baltimore, LLC (k)
KHRG Born LLC (k)
KHRG Bozeman LLC (k)
KHRG Buckhead LLC (k)
32. Group companies continued
KHRG Canary LLC (k)
KHRG Cayman LLC (k)
KHRG Cayman Employer Ltd. (bt)
KHRG Charlottesville LLC (k)
KHRG Dallas LLC (k)
KHRG Dallas Beverage Company, LLC (k)
KHRG Employer, LLC (k)
KHRG Gray LLC (k)
KHRG Gray U2 LLC (k)
KHRG Huntington Beach LLC (k)
KHRG Key West LLC (k)
KHRG King Street, LLC (k)
KHRG La Peer LLC (k)
KHRG Miami Beach LLC (k)
KHRG New Orleans LLC (k)
KHRG NPC LLC (k)
KHRG Palladian LLC (k)
KHRG Palomar Phoenix LLC (k)
KHRG Philly Monaco LLC (k)
KHRG Porsche Drive LLC (k)
KHRG Reynolds LLC (k)
KHRG Riverplace LLC (k)
KHRG Sacramento LLC (k)
KHRG Schofield LLC (k)
KHRG SFD LLC (k)
KHRG SF Wharf LLC (k)
KHRG SF Wharf U2 LLC (k)
KHRG South Beach LLC (k)
KHRG State Street LLC (k)
KHRG Sutter LLC (k)
KHRG Sutter Union LLC (k)
KHRG Taconic LLC (k)
KHRG Tariff LLC (k)
KHRG Texas Hospitality, LLC (k)
KHRG Texas Operations, LLC (k)
KHRG Tryon LLC (k)
KHRG Vero Beach, LLC (k)
KHRG Vintage Park LLC (k)
KHRG Westwood, LLC (k)
KHRG Wilshire LLC (k)
Kimpton Hollywood Licenses LLC (k)
Kimpton Hotel & Restaurant Group, LLC (k)
Kimpton Hotel Frankfurt GmbH (ao)
Kimpton Phoenix Licenses Holdings LLC (k)
Louisiana Acquisitions Corp. (k)
Luxury Resorts and Spas (France) SAS (ck)
Manchester Oxford Street Hotel OpCo
Limited\u00a0(n)
Mercer Fairview Holdings LLC (k)
Met Leeds Hotel OpCo Limited (s)
MH Lodging LLC (k)
Oxford Spires Hotel OpCo Limited (n)
Oxford Thames Hotel OpCo Limited (n)
PML Services LLC (k)
Pollstrong Limited (n)
Priscilla Holiday of Texas, Inc. (k)
Project Capital Lending LLC (k)
PT SC Hotels & Resorts Indonesia (bh)
Raison d\u2019Etre Spas, Sweden AB (av)
Ravinia Republica Dominicana SRL (cs)
Regent Asia Pacific Hotel Management
Limited\u00a0(bw)
Regent Asia Pacific Management Limited (cp)
Regent Berlin GmbH (bf)
Regent International Hotels Ltd (bw)
Roxburghe Hotel Edinburgh OpCo Limited (n)
SBS Maryland Beverage Company LLC (k)
SC Leisure Group Limited (n)
SC Reservations (Philippines) Inc. (k)
SCH Insurance Company (bi)
Semiramis for training of Hotel Personnel
and\u00a0Hotel Management SAE (ch)
Six Continents Holdings Limited (n)
Six Continents Hotels Belize Limited (cb)
Six Continents Hotels International Limited (n)
Six Continents Hotels, Inc. (k)
Six Continents International Holdings B.V. (p)
Six Continents Investments Limited (f) (n)
Six Continents Limited (n)
Six Continents Overseas Holdings Limited (n)
Six Senses Americas IP, LLC (k)
Six Senses North America Management, LLC (k)
SLC Sustainable Luxury Cyprus Limited (cr)
SPHC Management Ltd. (bq)
SS Aetna Acquisition, LLC (k)
St. David\u2019s Cardiff Hotel OpCo Limited (n)
Sustainable Luxury Holdings (BVI) Limited (v)
Sustainable Luxury Lanka Private Ltd. (ci)
Sustainable Luxury Maldives Private Limited (w)
Sustainable Luxury Mauritius Limited (as)
Sustainable Luxury UK Limited (n)
Wotton House Hotel OpCo Limited (s)
WY BLL Owner, LLC (k)
York Station Road Hotel OpCo Limited (s)
Subsidiaries where the effective
interest is less than 100%
IHG ANA Hotels Group Japan LLC (74.66%) (ar)
IHG ANA Hotels Holdings Co., Ltd. (66%) (ar)
Regent Hospitality Worldwide, Inc. (51%) (bt)
Six Continents Hotels de Colombia SA
(94.99%)\u00a0(bj)
Sustainable Luxury Holding (Thailand) Limited
(49%) (c) (j) (aj)
Sustainable Luxury Hospitality (Thailand)
Limited (73.99%) (c) (j) (bl)
Sustainable Luxury Management (Thailand)
Limited (73.99%) (c) (j) (aj)
Sustainable Luxury Operations (Thailand)
Limited (99.9998%) (j) (aj)
Universal de Hoteles SA (99.99%) (j) (bj)
Associates, joint ventures and other
111 East 48th Street Holdings LLC
(19.9%) (g) (h) (k)
131 West 23rd Owner, LLC (0%) (b) (ct)
Alkoer, Sociedad de Responsabilidad
Limitada de Capital Variable (50%) (h) (cg)
ASR-JV One, LLC (0%) (d) (h) (l)
Beijing Orient Express Hotel Co., Ltd.
(16.25%)\u00a0(bm)
Blue Blood (Tianjin) Equity Investment
Management Co., Limited (30.05%) (bn)
Carr SWW Subventure, LLC (26.666%) (g) (ca)
Carr Waterfront Hotel, LLC (11.46%) (g) (h) (ca)
Carr Wharf 3B Leaseholder, LLC (11.46%) (g) (ca)
Carr Wharf 3B Lessee, LLC (11.46%) (g) (ca)
China Hotel Investment Ltd. (30.05%) (i) (am)
Desarrollo Alkoer Irapuato S. de R.L. de C.V.
(50%) (cg)
Desarrollo Alkoer Saltillo S. de R.L. de C.V.
(50%)\u00a0(cg)
Desarrollo Alkoer Silao S. de R.L. de C.V.
(50%)\u00a0(cg)
EDG Alpharetta EH, LLC (0%) (b) (h) (r)
Gestion Hotelera Gestel, C.A. (50%) (c) (h) (ba)
Groups360, LLC (11.96%) (h) (l)
Inter-Continental Hotels Saudi Arabia Ltd.
(40%)\u00a0(bs)
NF III Seattle, LLC (25%) (g) (k)
NF III Seattle Op Co, LLC (25%) (g) (k)
Nuevas Fronteras S.A. (23.66%) (cd)
President Hotel & Tower Co Ltd. (30%) (bu)
Sustainable Luxury Gravity Global Private
Limited (51%) (h) (bz)
Tianjin ICBCI IHG Equity Investment Fund
Management Co., Limited (21.04%) (bv)
Universal Blvd Holdings LLC (25%) (k)
Universal Blvd Hotel Venture LLC (25%) (k)
32. Group companies continued
Key
(a) Directly owned by InterContinental
Hotels Group PLC
(b) 8% cumulative preference shares
(c) Ordinary A and ordinary B shares
(d) 12.5% cumulative preference shares
(e) \u00bc vote ordinary shares and
ordinary\u00a0shares
(f) Ordinary shares, 5% cumulative
preference shares and 7%
cumulative\u00a0preference shares
(g) The entities do not have share
capital\u00a0and are governed by an
operating agreement
(h) Accounted for as associates
and\u00a0joint\u00a0ventures due to IHG\u2019s
decision-making rights contained
in\u00a0the partnership agreement
(i) Accounted for as an other financial
asset due to IHG being unable to
exercise significant influence over
the\u00a0financial and operating policy
decisions of the entity
(j) Minority interest relates to one or
more\u00a0individual shareholders who
are\u00a0employed or were previously
employed by the entity
Registered addresses
(k) Three Ravinia Drive, Suite 100, Atlanta,
GA\u00a030346, USA
(l) 251 Little Falls Drive, Suite 400, Wilmington,
New Castle County, DE 19808, USA
(m) Clarendon House, 2 Church Street,
Hamilton HM11, Bermuda
(n) 1 Windsor Dials, Arthur Road, Windsor,
Berkshire, SL4 1RS, UK
(o) 40 Temperance Street, Suite 3200,
Toronto, M5HOBR, Ontario, Canada
(p) Kingsfordweg 151, 1043 GR Amsterdam,
The Netherlands
(q) Room No. 23, Floor 16, Saigon Tower
Building, No. 29 Le Duan, Sai Gon Ward,
Ho Chi Minh City, Vietnam
(r) The Corporation Trust Centre, 1209
Orange Street, Wilmington, DE 19801, USA
(s) c/o BDO LLP, 5 Temple Square, Liverpool,
L2 5RH, UK
(t) Building 4, No 13 Xiao Gang Zhong
Ma\u00a0Road, Zhuhai District, Guangzhou,
Guangdong, P.R. China
(u) 7729 Innovation Boulevard, 3004 Al Aqeeq
District, 13519 Riyadh, Kingdom of Saudi
Arabia
(v) Flemming House, Wickhams Cay,
P.O.\u00a0Box\u00a0662, Road Town, Tortola VG1110,
British Virgin Islands
(w) c/o Premier Corporate Services Limited,
First Floor, Unit C102, MA, Alidhooge,
Shaheedhu Kudaveni Thutthu Manik
Hingun, Male, Republic of Maldives
(x) 31\u201333 rue Mogador, 75009 Paris, France
(y) Bucharest, 2nd District, 2 Gara Her\u0103str\u0103u
Street, 2nd floor, module 33, Romania
(z) J E Irausquin Boulevard 93, 1Eagle/
Paardenbaai, Oranjestad West, Aruba
(aa) Level 11, 20 Bond Street, Sydney NSW
2000, Australia
(ab) Ontario # 1050, Col. Providencia,
Guadalajara, Jalisco CP44630, Mexico
(ac) Administrative unit no. 8, the ground
floor\u00a0of the building F1, El Emdad and
El\u00a0Tamween Street, Nasr City, Cairo,
the\u00a0Arab\u00a0Republic of Egypt
(ad) Rond-Point Robert Schuman 11, 1040
Brussels, Belgium
(ae) QBC 4 \u2013 Am Belvedere 4, 1100,
Vienna,\u00a0Austria
(af) Avenida da Republica, no 52 \u2013 9,
1069 \u2013 211, Lisbon, Portugal
(ag) Room 60, Section 11 Floor 3 Premises I,
Building 1, House 125, Varshavskoye
shosse Str, Vn.Ter.G. Municipal District
Severnoye Chertanovo, Moscow City,
117587, Russia
(ah) No. 84, Pan Haliain Street, Unit #1, Level 8,
Uniteam Marine Office Building,
Sanchuang Township, Yangon, Myanmar
(ai) 230 Victoria Street, #13-00 Bugis Junction
Towers, 188024, Singapore
(aj) 57, 9th Floor, Park Ventures Ecoplex,
Unit\u00a0902\u2013904, Wireless Road, Limpini,
Pathum Wan Bangkok 103330, Thailand
(ak) Alameda Jau 536, Suite 3S-B, 01420-000
S\u00e3o Paulo, Brazil
(al) Avenida Cordoba 1547, piso 8, oficina A,
1055 Buenos Aires, Argentina
(am) The Phoenix Centre, George Street,
Belleville St. Michael, Barbados
(an) Level 10, 55 Shortland Street, Auckland
Central, Auckland 1010, New Zealand
(ao) Junghofstrasse 7, 60315, Frankfurt am
Main, Germany
(ap) Central Office Park Unit 4, 257 Jean
Avenue, Centurion 0157, South Africa
(aq) 11th Floor, Building No. 10, Tower C,
DLF\u00a0Phase-II, DLF Cyber City, Gurgaon,
Haryana-122002, India
(ar) 20th Floor, Toranomon Kotoshira Tower,
2\u20138, Toranomon 1-chom, Minato-ku,
105-0001, Tokyo, Japan
(as) Venture Corporate Services (Mauritius)
Ltd, Level 3, Tower 1, Nexteracom Towers,
Cybercity, Ebene, Republic of Mauritius
(at) 1103 Budapest, K\u00f6\u00e9r utca 2/A. C. \u00e9p.,
Hungary
(au) Budapester Str. 2, 10787 Berlin, Germany
(av) Grevgatan 15, 11453 Stockholm, Sweden
(aw) Alameda Jau 536, Suite 3S-E, 01420-000
S\u00e3o Paulo, Brazil
(ax) 1980 P\u00e9rodeau Street, Vaudreuil-Dorion,
J7V 8P7, Quebec, Canada
(ay) Room 1928, 19/F, Lee Garden One,
33\u00a0Hysan Avenue, Causeway Bay,
HongKong
(az) 361 San Francisco Street Penthouse,
San\u00a0Juan, PR 00901, Puerto Rico
(ba) Hotel Tamanaco Inter-Continental,
Final\u00a0Av. Ppal, Mercedes, Caracas,
Venezuela
(bb) 22/F Citigroup Tower, No. 33
Huayanshiqiao Road, Lujiazui, Pudong
New Area, 200120, Shanghai, P.R. China
(bc) Alameda Jau 536, Suite 3S-C, 01420-000
S\u00e3o Paulo, Brazil
(bd) Alameda Jau 536, Suite 3S-D, 01420-000
S\u00e3o Paulo, Brazil
(be) Viale Monte Nero n.84, 20135 Milano, Italy
(bf) Thurn-und-Taxis-Platz 6 \u2013 60313 Frankfurt
am Main, Germany
(bg) c/o Juris Tax Ltd. Level 3, Ebene House,
Hotel Avenue, 33 Cybercity, Ebene 72201,
Republic of Mauritius
(bh) Menara Imperium 22nd Floor, Suite D, JI.
HR. Rasuna Said Kav.1, Guntur Sub-district,
Setiabudi District, South Jakarta 12980,
Indonesia
(bi) Primmer Piper Eggleston & Cramer PC,
30\u00a0Main St., Suite 500, P.O. Box 1489,
Burlington, VT 05402-1489, USA
(bj) Calle 49, Sur 45 A 300, Oficina 1102,
055422 Envigado, Antioquia, Colombia
(bk) 10 Kings Lane, Roseau, Dominica
(bl) No. 56 Moo 5, Tambol Koh Yao Noi,
Amphur Ko Yao, Pang-nga Province 82160,
Thailand
(bm) Room 311, Building 1, No. 6 East Wen
Hua\u00a0Yuan Road, Beijing Economy and
Technology Development Zone, Beijing,
P.R. China
32. Group companies continued
(bn) Room N306, 3rd Floor, Building 6, Binhai
Financial Street, No. 52 West Xincheng
Road, Tianjin Economy and Technology
Development Zone, Tianjin, P.R. China
(bo) Cesta v Mestni log 1, 1000 Ljubljana,
Slovenia
(bp) 37A Professor Fridtjof Nansen Street,
5th\u00a0Floor, District Sredets, Sofia, 1142,
Bulgaria
(bq) C/o Holiday Inn & Suites, Cnr Waigani
Drive & Wards Road, Port Moresby,
National Capital District, Papua New Guinea
(br) Suite 2201, Festival Tower, Dubai Festival
City, Al Rebbat St., P.O. Box 58191, Dubai,
United Arab Emirates
(bs) Madinah Road, Jeddah, P.O Box 9456,
Post\u00a0Code 21413, Jeddah, Saudi Arabia
(bt) Maples Corporate Services Ltd.\u2013
PO\u00a0Box\u00a0309, Ugland House, Grand
Cayman \u2013 KY1-1104, Cayman Islands
(bu) 971, 973 Ploenchit Road, Lumpini,
Pathumwan, Bangkok 10330, Thailand
(bv) Room R316, 3rd Floor, Building 6, Binhai
Financial Street, No. 52 West Xincheng
Road, Tianjin Economy and Technology
Development Zone, Tianjin, P.R. China
(bw) 14th Floor, South China Building, 1\u20133
Wyndham Street, Hong Kong, SAR
(bx) Maslak Mah. Eski B\u00fcy\u00fckdere Cad.
Orjin\u00a0Maslak \u0130\u015e, Merkezi Sitesi No: 27
IC\u00a0KapiI No: 4 Sariyer/Istanbul, Turkey
(by) Paseo de Recoletos 37\u201341,
28004 Madrid, Spain
(bz) B-11515 Bhikaj Cama Place, New Delhi,
South Delhi, 110066 India
(ca) Carr Hospitality, LLC, 1455 Pennsylvania
Avenue, NW, Suite 200, Washington,
DC\u00a020004, USA
(cb) 84 Albert Street, Belize City, Belize, C.A.
(cc) Krunska 73, 3rd floor, office no.3, Vra\u010dar,
11000 Belgrade, Serbia
(cd) Moreno 809 2 Piso, C1091AAQ
Buenos\u00a0Aires, Argentina
(ce) Bulevar Svetog Petra Cetinjskog
149 \u2013 81000 Podgorica, Montenegro
(cf) Bernard Monteagudo 201, 15076,
Lima,\u00a0Peru
(cg) Avenida Ejercito Nacional Mexicano
No.\u00a0769, Torre B Piso 8, Granada,
Miguel\u00a0Hidalgo, Ciudad de Mexico,
CP\u00a011520, Mexico
(ch) Ground Floor, Al Kamel Law Building,
Plot\u00a052-b, Banks Area, Six of October City,
Egypt
(ci) Shop No. L3\u20136, Amity Building,
No.\u00a0125\u00a0High Level Road, Maharagama,
Colombo, Sri Lanka
(cj) Office #3082, 30th Floor, ASEM Tower,
517\u00a0Yeongdong-daero, Gangnam-gu,
Seoul, (Samseong-dong), 06164,
Republic of Korea
(ck) 291 Rue des Tovets, Courch\u00e9vel 1850,
73120, Courch\u00e9vel, France
(cl) 2 Wisconsin Circle #700, Chevy Chase,
MD\u00a020815, USA
(cm) 23/6 D, Anhaght Str., Yerevan,
0069, Armenia
(cn) Generation Park Z \u2013 ul. Towarowa 28,
00-839 Warsaw, Poland
(co) Suite 1, Ground Floor, The Financial
Services Centre, Bishops Court Hill,
St.\u00a0Michael, BB14004, Barbados
(cp) Brumby Centre, Lot 42, Jalan Muhibbah,
87000 Labuan F.T., Malaysia
(cq) Blvd, Morazan, Centro Comercial
El\u00a0Dorado, 6th Floor, Tegucigalpa,
Honduras
(cr) ATS Services Limited, Capital Center,
9th\u00a0Floor, 2\u20134 Arch, Makarios III Ave.,
1065\u00a0Nicosia, Cyprus
(cs) Max Henriquez Ure\u00f1a N\u00b0 11, Ensanche
Naco, Santo Domingo de Guzman,
Distrito\u00a0Nacional, Santo Domingo
(ct) Harvard Business Services, Inc.,
16192\u00a0Coastal Hwy, Lewes,
Delaware\u00a019958, USA", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:2138007ZFQYRUSLU3J98", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-751": { "value": "
Fully owned subsidiaries
10000 Champion Acquisition LLC (k)
24th Street JV Development LLC (k)
24th Street Operator Sub, LLC (k)
2250 Blake Street Hotel, LLC (k)
36th Street IHG Sub, LLC (k)
426 Main Ave. LLC (k)
46 Nevins Street Associates, LLC (k)
Alpha Kimball Hotel, LLC (k)
Asia Pacific Holdings Limited (n)
Barclay Operating Corp. (k)
BHMC Canada Inc. (o)
BHR Holdings B.V. (p)
BHR Pacific Holdings, Inc. (k)
BHTC Canada Inc. (o)
Blythswood Square Glasgow Hotel
OpCo\u00a0Limited (n)
BOC Barclay Sub LLC (k)
Bristol Oakbrook Tenant Company (k)
Cambridge Lodging LLC (k)
Capital Lodging LLC (k)
CECNY Land Holdings LLC (k)
CF Irving Owner, LLC (k)
CF McKinney Owner, LLC (k)
Compa\u00f1ia Inter-Continental De Hoteles
El\u00a0Salvador SA (n)
Crowne Plaza, LLC (k)
Cumberland Akers Hotel, LLC (k)
Dunwoody Operations, LLC (k)
Edinburgh George Street Hotel OpCo Limited (n)
EVEN Real Estate Holding LLC (k)
Gem Brand Company Ltd. (n)
Grand Central Glasgow Hotel OpCo Limited (n)
Guangzhou SC Hotels Services Ltd. (t)
Hawthorne Land Holdings LLC (k)
HH France Holdings SAS (x)
HH Hotels (EMEA) BV (p)
HH Hotels (Romania) SRL (y)
HIM (Aruba) N.V. (z)
Hoft Properties LLC (k)
Holiday Hospitality Franchising, LLC (k)
Holiday Inn Mexicana S.A. (ab)
Holiday Inns (China) Limited (ay)
Holiday Inns (Courtalin) Holding SAS (x)
Holiday Inns (Courtalin) SAS (x)
Holiday Inns (Germany), LLC (k)
Holiday Inns (Jamaica), Inc. (k)
Holiday Inns (Middle East) Limited (ay)
Holiday Inns (Philippines), Inc. (k)
Holiday Inns (Saudi Arabia), Inc. (k)
Holiday Inns (Thailand) Limited (ay)
Holiday Inns Crowne Plaza (Hong Kong), Inc. (k)
Holiday Inns Holdings (Australia) Pty. Limited (aa)
Holiday Inns, Inc. (k)
Holiday Inns of Belgium N.V. (ad)
Holiday Pacific Equity Corporation (k)
Holiday Pacific Limited Liability Company (k)
Holiday Pacific Partners Limited Partnership (k)
Hotel InterContinental London (Holdings)
Limited (n)
Hotel Inter-Continental London Limited (n)
Hoteles Y Turismo HIH Srl (n)
IC Hotelbetriebsf\u00fchrungs GmbH (ae)
IC Hotels Management (Portugal) Unipessoal,
Lda (af)
IC International Hotels Limited Liability
Company (ag)
IHC Arabia for Management, LLC (u)
IHC Hotel Limited (n)
IHC Hotel Management (EGY) LLC (ac)
IHC May Fair Hotel Limited (n)
IHC Overseas (U.K.) Limited (n)
IHG (Dominica) Ltd. (bk)
IHG (Marseille) SAS (x)
IHG (Myanmar) Limited (ah)
IHG (Thailand) Limited (bu)
IHG Bangkok Ltd (v)
IHG Brasil Administracao de Hoteis e
Servicos\u00a0Ltda (ak)
IHG Commissions Services SRL (co)
IHG de Argentina SA (al)
IHG ECS (Barbados) SRL (co)
IHG Finance LLC (k)
IHG Franchising Brasil Ltda (bd)
IHG Franchising DR Corporation (k)
IHG Franchising, LLC (k)
IHG Honduras S. de R.L. (cq)
IHG Hotels (New Zealand) Limited (an)
IHG Hotels Limited (n)
IHG Hotels Management (Australia) Pty
Limited\u00a0(aa)
IHG Hotels South Africa (Pty) Limited (ap)
IHG International Holdings, Inc. (k) (c)
IHG Istanbul Otel Y\u00f6netim Limited \u015eirketi (bx)
IHG Japan (Management), LLC (ar)
IHG Japan (Osaka), LLC (ar)
IHG Korea Management LLC (cj)
IHG Management (Maryland), LLC (cl)
IHG Management (Netherlands) B.V. (p)
IHG Management d.o.o. Beograd (cc)
IHG Management MD Barclay Sub, LLC (k)
IHG Management SL d.o.o. (bo)
IHG Mexico Operaciones SA de CV (ab)
IHG Middle East Management
Consultancies\u00a0LLC (br)
IHG Peru SRL (cf)
IHG PS Nominees Limited (n)
IHG Systems Pty Limited (aa)
IHG Szalloda Budapest Szolgaltato Kft (at)
IHG Technology Solutions, LLC (k)
IHG UK Leased Hotels Limited (n)
(formerly\u00a0Russell Hotel OpCo Limited
changed 2\u00a0January 2026)
IHG Universal Blvd Member LLC (k)
InterContinental Berlin Service Company
GmbH\u00a0(au)
InterContinental (PB) 1 (n)
InterContinental (PB) 3 Limited (n)
Intercontinental D.C. Operating Corp. (k)
Inter-Continental Florida Partner Corp. (k)
InterContinental Gestion Hotelera SLU (by)
InterContinental Hotel Berlin GmbH (au)
Inter-Continental Hoteleira Limitada (aw)
Inter-Continental Hotels (Montreal)
Operating\u00a0Corp. (ax)
InterContinental Hotels (Puerto Rico) Inc. (az)
Inter-Continental Hotels Corporation (k)
Intercontinental Hotels Corporation Limited (m)
InterContinental Hotels Group (Asia Pacific)
Pte\u00a0Ltd. (ai)
InterContinental Hotels Group (Australia)
Pty\u00a0Limited (aa)
InterContinental Hotels Group (Canada), Inc. (o)
InterContinental Hotels Group (Greater China)
Limited (ay)
InterContinental Hotels Group (India) Private
Limited (aq)
InterContinental Hotels Group (Japan), Inc. (k)
InterContinental Hotels Group (New Zealand)
Limited (an)
InterContinental Hotels Group (Shanghai)
Ltd\u00a0(bb)
InterContinental Hotels Group (Vietnam)
Company Limited (q)
InterContinental Hotels Group do Brasil
Limitada (bc)
InterContinental Hotels Group Healthcare
Trustee Limited (n)
InterContinental Hotels Group Operating
Corp.\u00a0(e) (k)
InterContinental Hotels Group Resources,
LLC\u00a0(k)
InterContinental Hotels Group Services
Company (n)
InterContinental Hotels Italia, Srl (be)
InterContinental Hotels Limited (a) (n)
InterContinental Hotels
Managementgesellschaft mbH (bf)
InterContinental Hotels Management
Montenegro d.o.o. (ce)
InterContinental Hotels Nevada Corporation (k)
InterContinental Hotels of San Francisco, Inc. (k)
Intercontinental IOHC (Mauritius) Ltd. (bg)
InterContinental Management AM, LLC (cm)
InterContinental Management Bulgaria
EOOD\u00a0(bp)
InterContinental Management France SAS (x)
InterContinental Management Poland
sp.\u00a0z.o.o.\u00a0(cn)
InterContinental Overseas Holdings, LLC (k)
KG Benefits LLC (k)
KG Gift Card Inc. (k)
KG Liability LLC (k)
KG Technology, LLC (k)
KHRG 851 LLC (k)
KHRG Aertson LLC (k)
KHRG Allegro, LLC (k)
KHRG Argyle, LLC (k)
KHRG Atlanta Midtown LLC (k)
KHRG Baltimore, LLC (k)
KHRG Born LLC (k)
KHRG Bozeman LLC (k)
KHRG Buckhead LLC (k)
32. Group companies continued
KHRG Canary LLC (k)
KHRG Cayman LLC (k)
KHRG Cayman Employer Ltd. (bt)
KHRG Charlottesville LLC (k)
KHRG Dallas LLC (k)
KHRG Dallas Beverage Company, LLC (k)
KHRG Employer, LLC (k)
KHRG Gray LLC (k)
KHRG Gray U2 LLC (k)
KHRG Huntington Beach LLC (k)
KHRG Key West LLC (k)
KHRG King Street, LLC (k)
KHRG La Peer LLC (k)
KHRG Miami Beach LLC (k)
KHRG New Orleans LLC (k)
KHRG NPC LLC (k)
KHRG Palladian LLC (k)
KHRG Palomar Phoenix LLC (k)
KHRG Philly Monaco LLC (k)
KHRG Porsche Drive LLC (k)
KHRG Reynolds LLC (k)
KHRG Riverplace LLC (k)
KHRG Sacramento LLC (k)
KHRG Schofield LLC (k)
KHRG SFD LLC (k)
KHRG SF Wharf LLC (k)
KHRG SF Wharf U2 LLC (k)
KHRG South Beach LLC (k)
KHRG State Street LLC (k)
KHRG Sutter LLC (k)
KHRG Sutter Union LLC (k)
KHRG Taconic LLC (k)
KHRG Tariff LLC (k)
KHRG Texas Hospitality, LLC (k)
KHRG Texas Operations, LLC (k)
KHRG Tryon LLC (k)
KHRG Vero Beach, LLC (k)
KHRG Vintage Park LLC (k)
KHRG Westwood, LLC (k)
KHRG Wilshire LLC (k)
Kimpton Hollywood Licenses LLC (k)
Kimpton Hotel & Restaurant Group, LLC (k)
Kimpton Hotel Frankfurt GmbH (ao)
Kimpton Phoenix Licenses Holdings LLC (k)
Louisiana Acquisitions Corp. (k)
Luxury Resorts and Spas (France) SAS (ck)
Manchester Oxford Street Hotel OpCo
Limited\u00a0(n)
Mercer Fairview Holdings LLC (k)
Met Leeds Hotel OpCo Limited (s)
MH Lodging LLC (k)
Oxford Spires Hotel OpCo Limited (n)
Oxford Thames Hotel OpCo Limited (n)
PML Services LLC (k)
Pollstrong Limited (n)
Priscilla Holiday of Texas, Inc. (k)
Project Capital Lending LLC (k)
PT SC Hotels & Resorts Indonesia (bh)
Raison d\u2019Etre Spas, Sweden AB (av)
Ravinia Republica Dominicana SRL (cs)
Regent Asia Pacific Hotel Management
Limited\u00a0(bw)
Regent Asia Pacific Management Limited (cp)
Regent Berlin GmbH (bf)
Regent International Hotels Ltd (bw)
Roxburghe Hotel Edinburgh OpCo Limited (n)
SBS Maryland Beverage Company LLC (k)
SC Leisure Group Limited (n)
SC Reservations (Philippines) Inc. (k)
SCH Insurance Company (bi)
Semiramis for training of Hotel Personnel
and\u00a0Hotel Management SAE (ch)
Six Continents Holdings Limited (n)
Six Continents Hotels Belize Limited (cb)
Six Continents Hotels International Limited (n)
Six Continents Hotels, Inc. (k)
Six Continents International Holdings B.V. (p)
Six Continents Investments Limited (f) (n)
Six Continents Limited (n)
Six Continents Overseas Holdings Limited (n)
Six Senses Americas IP, LLC (k)
Six Senses North America Management, LLC (k)
SLC Sustainable Luxury Cyprus Limited (cr)
SPHC Management Ltd. (bq)
SS Aetna Acquisition, LLC (k)
St. David\u2019s Cardiff Hotel OpCo Limited (n)
Sustainable Luxury Holdings (BVI) Limited (v)
Sustainable Luxury Lanka Private Ltd. (ci)
Sustainable Luxury Maldives Private Limited (w)
Sustainable Luxury Mauritius Limited (as)
Sustainable Luxury UK Limited (n)
Wotton House Hotel OpCo Limited (s)
WY BLL Owner, LLC (k)
York Station Road Hotel OpCo Limited (s)
Subsidiaries where the effective
interest is less than 100%
IHG ANA Hotels Group Japan LLC (74.66%) (ar)
IHG ANA Hotels Holdings Co., Ltd. (66%) (ar)
Regent Hospitality Worldwide, Inc. (51%) (bt)
Six Continents Hotels de Colombia SA
(94.99%)\u00a0(bj)
Sustainable Luxury Holding (Thailand) Limited
(49%) (c) (j) (aj)
Sustainable Luxury Hospitality (Thailand)
Limited (73.99%) (c) (j) (bl)
Sustainable Luxury Management (Thailand)
Limited (73.99%) (c) (j) (aj)
Sustainable Luxury Operations (Thailand)
Limited (99.9998%) (j) (aj)
Universal de Hoteles SA (99.99%) (j) (bj)
Associates, joint ventures and other
111 East 48th Street Holdings LLC
(19.9%) (g) (h) (k)
131 West 23rd Owner, LLC (0%) (b) (ct)
Alkoer, Sociedad de Responsabilidad
Limitada de Capital Variable (50%) (h) (cg)
ASR-JV One, LLC (0%) (d) (h) (l)
Beijing Orient Express Hotel Co., Ltd.
(16.25%)\u00a0(bm)
Blue Blood (Tianjin) Equity Investment
Management Co., Limited (30.05%) (bn)
Carr SWW Subventure, LLC (26.666%) (g) (ca)
Carr Waterfront Hotel, LLC (11.46%) (g) (h) (ca)
Carr Wharf 3B Leaseholder, LLC (11.46%) (g) (ca)
Carr Wharf 3B Lessee, LLC (11.46%) (g) (ca)
China Hotel Investment Ltd. (30.05%) (i) (am)
Desarrollo Alkoer Irapuato S. de R.L. de C.V.
(50%) (cg)
Desarrollo Alkoer Saltillo S. de R.L. de C.V.
(50%)\u00a0(cg)
Desarrollo Alkoer Silao S. de R.L. de C.V.
(50%)\u00a0(cg)
EDG Alpharetta EH, LLC (0%) (b) (h) (r)
Gestion Hotelera Gestel, C.A. (50%) (c) (h) (ba)
Groups360, LLC (11.96%) (h) (l)
Inter-Continental Hotels Saudi Arabia Ltd.
(40%)\u00a0(bs)
NF III Seattle, LLC (25%) (g) (k)
NF III Seattle Op Co, LLC (25%) (g) (k)
Nuevas Fronteras S.A. (23.66%) (cd)
President Hotel & Tower Co Ltd. (30%) (bu)
Sustainable Luxury Gravity Global Private
Limited (51%) (h) (bz)
Tianjin ICBCI IHG Equity Investment Fund
Management Co., Limited (21.04%) (bv)
Universal Blvd Holdings LLC (25%) (k)
Universal Blvd Hotel Venture LLC (25%) (k)
32. Group companies continued
Key
(a) Directly owned by InterContinental
Hotels Group PLC
(b) 8% cumulative preference shares
(c) Ordinary A and ordinary B shares
(d) 12.5% cumulative preference shares
(e) \u00bc vote ordinary shares and
ordinary\u00a0shares
(f) Ordinary shares, 5% cumulative
preference shares and 7%
cumulative\u00a0preference shares
(g) The entities do not have share
capital\u00a0and are governed by an
operating agreement
(h) Accounted for as associates
and\u00a0joint\u00a0ventures due to IHG\u2019s
decision-making rights contained
in\u00a0the partnership agreement
(i) Accounted for as an other financial
asset due to IHG being unable to
exercise significant influence over
the\u00a0financial and operating policy
decisions of the entity
(j) Minority interest relates to one or
more\u00a0individual shareholders who
are\u00a0employed or were previously
employed by the entity
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:2138007ZFQYRUSLU3J98", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-752": { "value": "1 Windsor Dials, Arthur Road, Windsor, Berkshire, SL4 1RS, UK", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:2138007ZFQYRUSLU3J98", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } } } }