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"ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2025-02-28T00:00:00/2026-02-27T00:00:00", "unit": "iso4217:GBP" } }, "fact-415": { "value": "-186100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2024-03-01T00:00:00/2025-02-28T00:00:00", "unit": "iso4217:GBP" } }, "fact-416": { "value": "-676400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2025-02-28T00:00:00/2026-02-27T00:00:00", "unit": "iso4217:GBP" } }, "fact-417": { "value": "213200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2024-03-01T00:00:00/2025-02-28T00:00:00", "unit": "iso4217:GBP" } }, "fact-418": { "value": "909000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2025-02-28T00:00:00", "unit": "iso4217:GBP" } }, "fact-419": { "value": "696700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2024-03-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-420": { "value": "1100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2025-02-28T00:00:00/2026-02-27T00:00:00", "unit": "iso4217:GBP" } }, "fact-421": { "value": "-900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2024-03-01T00:00:00/2025-02-28T00:00:00", "unit": "iso4217:GBP" } }, "fact-422": { "value": "233700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2026-02-27T00:00:00", "unit": "iso4217:GBP" } }, "fact-423": { "value": "909000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2025-02-28T00:00:00", "unit": "iso4217:GBP" } }, "fact-480": { "value": "The consolidated financial statements of Whitbread PLC for the year ended 26 February 2026 were authorised for issue by the Board of Directors on 29 April 2026.", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2025-02-28T00:00:00/2026-02-27T00:00:00" } }, "fact-426": { "value": "The consolidated financial statements of Whitbread PLC for the year ended 26 February 2026 were authorised for issue by the Board of Directors on 29 April 2026. Whitbread PLC is a public company limited by shares incorporated in the United Kingdom under the Companies Act and is registered in England and Wales. The Company\u2019s ordinary shares are traded on the London Stock Exchange. The address of the registered office is shown on page 142. Whitbread PLC and its subsidiaries and joint ventures operate hotels and restaurants located in the UK and internationally", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2025-02-28T00:00:00/2026-02-27T00:00:00" } }, "fact-2": { "value": "Whitbread PLC", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2025-02-28T00:00:00/2026-02-27T00:00:00" } }, "fact-424": { "value": "Whitbread PLC", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2025-02-28T00:00:00/2026-02-27T00:00:00" } }, "fact-3": { "value": "public company limited by shares", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2025-02-28T00:00:00/2026-02-27T00:00:00" } }, "fact-5": { "value": "United Kingdom", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2025-02-28T00:00:00/2026-02-27T00:00:00" } }, "fact-4": { "value": "England and Wales", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2025-02-28T00:00:00/2026-02-27T00:00:00" } }, "fact-6": { "value": "Whitbread PLC and its subsidiaries and joint ventures operate hotels and restaurants located in the UK and internationally", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2025-02-28T00:00:00/2026-02-27T00:00:00" } }, "fact-425": { "value": "
2. Accounting policies
Basis of accounting and preparation
The consolidated financial statements of Whitbread PLC and all its subsidiaries have been
prepared in accordance with International Accounting Standards in conformity with the
requirements of the Companies Act 2006 and UK-adopted International Accounting Standards.
The consolidated financial statements have been prepared on the historical cost basis,
except for certain financial instruments that are measured at fair value at the end of each
reporting period, assets classified as held for sale and the defined benefit pension scheme
as explained in the accounting policies below.
The consolidated financial statements are presented in pounds sterling and all values are rounded
to the nearest hundred thousand except when otherwise indicated. The financial year represents
the 52 weeks to 26 February 2026 (prior financial year: 52 weeks to 27 February 2025).
Going concern
The Group\u2019s and Company\u2019s (the \u201cGroup\u201d) business activities, together with the factors
likely to affect future development, performance and position, are set out in the Strategic
Report. The Group\u2019s financial position, cash flows, liquidity and borrowing facilities are
described in the Financial Review. The principal risks and uncertainties faced by the Group
are detailed in the Risk Management section and Note 24 to the financial statements
includes the Group\u2019s financial Risk Management objectives, its financial instruments and
hedging activities, exposure to liquidity risk and details of its capital structure.
The Directors have considered these areas alongside the principal risks and the potential
impact on the Group\u2019s ability to continue as a Going Concern. Details of the Group\u2019s
available and drawn facilities are provided in Note 20. At the year end, the Group held
cash and cash equivalents of \u00a3233.7m and had access to committed borrowing facilities
of \u00a3775.0m, of which \u00a3nil had been drawn.
The Group\u2019s forecasts demonstrate that it is expected to maintain significant financial
resources and operate within its covenant for at least 12 months from the date of approval
of these financial statements. In the event that additional funding was required, the Directors
have a reasonable expectation that such funding could be secured through existing
financing channels.
The Directors have also considered the potential impact of climate-related factors on cash flows and liquidity over the period of the assessment and do not expect these to materially affect the Group\u2019s ability to continue to operate. After due consideration of all relevant factors, the Directors are satisfied that the Group has adequate resources to continue in operational existence for the foreseeable future, being a period of at least 12 months from the date of signing these financial statements. Accordingly, the financial statements have been prepared on a Going Concern basis. Changes in accounting policies The accounting policies adopted in the preparation of these consolidated financial statements are consistent with those followed in the preparation of the consolidated financial statements for the year ended 27 February 2025, except for the adoption of the new standards and policies applicable for the year ended 26 February 2026. The significant accounting policies adopted during the year are set out below. They have been assessed as not having a material financial impact. The Group has applied the following standards and amendments for the first time for the annual reporting period commencing 1 March 2025: \u2022 Amendments to IAS 21 \u2013 Lack of Exchangeability (effective for periods beginning on or after 1 January 2025). These amendments did not have a material impact on the Group\u2019s financial statements. Standards issued by the IASB not effective for the current year and not early adopted by the Group The Group intends to apply the Amendment to IFRS 9 as issued by the IASB in May 2024 for the first time retrospectively in next year\u2019s Annual Report and Accounts therefore would disclose 2026 year-end cash at bank and in hand as shown in the table in Note 19: \u2022 Amendments to IFRS 9 and IFRS 7 \u2013 Classification and Measurement of Financial Instruments (effective for periods beginning on or after 1 January 2026). The impact of the following is under assessment: \u2022 IFRS 18 Presentation and Disclosure in Financial Statements, which will become effective in the consolidated Group financial statements for the financial year ending 26 February 2028 Whilst the following standards and amendments are relevant to the Group, they have been assessed as not having a material impact nor additional disclosure requirements at this time: \u2022 Annual improvements to IFRS \u2013 volume 11 (effective for periods beginning on or after 1 January 2026). \u2022 IFRS 19 Subsidiaries without Public Accountability: Disclosures (effective for periods beginning on or after 1 January 2027). The Group does not intend to early adopt any of these new standards or amendments.
Basis of consolidation
The consolidated financial statements incorporate the accounts of Whitbread PLC and all its
subsidiaries, together with the Group\u2019s share of the net assets and results of joint ventures
incorporated using the equity method of accounting. These are adjusted, where appropriate,
to conform to Group accounting policies. The financial statements of significant trading
subsidiaries are prepared for the same reporting year as the parent company.
A subsidiary is an entity controlled by the Group. Control is achieved when the Company:
\u2022 has power over the investee;
\u2022 is exposed, or has rights, to variable returns from its involvement with the investee; and
\u2022 has the ability to use its power to affect its returns.
The Company reassesses whether or not it controls an investee if facts and circumstances
indicate that there are changes to one or more of the three elements of control listed above.
Apart from the acquisition of Whitbread Group PLC by Whitbread PLC in 2000/01, which
was accounted for using merger accounting, acquisitions by the Group are accounted for
under the acquisition method and any goodwill arising is capitalised as an intangible asset.
The results of subsidiaries acquired or disposed of during the year are included in the
consolidated financial statements from, or up to, the date that control passes respectively.
All intra-Group transactions, balances, income and expenses are eliminated on consolidation.
Unrealised losses are also eliminated, unless the transaction provides evidence of an
impairment of the asset transferred.
Business combinations
Acquisitions of businesses are accounted for using the acquisition method. The consideration
transferred in a business combination is measured at fair value, which is calculated as the
sum of the acquisition-date fair values of assets transferred by the Group, liabilities incurred
by the Group to the former owners of the acquiree and any equity interest issued by the
Group in exchange for control of the acquiree. Acquisition-related costs are recognised in
the consolidated income statement as incurred.
When the consideration transferred by the Group in a business combination includes
contingent consideration, the contingent consideration is measured at its acquisition-date
fair value and included as part of the consideration transferred in a business combination.
Changes in fair value of the contingent consideration that qualify as measurement period
adjustments are adjusted retrospectively, with corresponding adjustments against goodwill.
Measurement period adjustments are adjustments that arise from additional information
obtained during the \u2018measurement period\u2019 (which cannot exceed one year from the
acquisition date) about facts and circumstances that existed at the acquisition date.
Changes in the fair value of the contingent consideration at subsequent reporting dates
that do not qualify as measurement period adjustments are recognised within finance costs
in the consolidated income statement, unless the contingent consideration is classified as equity .
If the initial accounting for a business combination is incomplete by the end of the reporting
period in which the combination occurs, the Group reports provisional amounts for the
items for which the accounting is incomplete. Those provisional amounts are adjusted
during the measurement period (see above), or additional assets or liabilities are recognised,
to reflect new information obtained about facts and circumstances that existed as of the
acquisition date that, if known, would have affected the amounts recognised as of that date.
During this and the previous year, the Group has purchased a number of properties; the
legal form of the transactions varies between acquisition of the property or acquisition
of the company holding title of the property, as well as noting that a number of properties
are purchased in a condition that means they do not meet the definition of a business on
acquisition. For the remaining properties which do meet the definition of being a business
on acquisition, these transactions have been accounted for as asset acquisitions under IFRS
3 Business Combinations as the fair value of the assets is concentrated in a single group of
similar assets in each deal analysed. The transactions form part of the Group\u2019s strategic
priorities over both international growth and continued UK market share gains.
Goodwill
Goodwill arising on acquisition is capitalised and represents the excess of the fair value of
consideration over the value of the Group\u2019s interest in the identifiable assets and liabilities
of a subsidiary, at the date of acquisition. Goodwill is not amortised but reviewed for
impairment annually, or more frequently if events or changes in circumstances indicate
that the carrying value may be impaired. On disposal of a subsidiary, the attributable
amount of goodwill is included in the determination of the profit or loss on disposal.
Intangible assets
Intangible assets are carried at cost less accumulated amortisation and accumulated
impairment losses.
Intangible assets acquired separately from a business are carried initially at cost. An intangible
asset acquired as part of a business combination is recognised at fair value, separately from
goodwill if the asset is separable, or arises from contractual or other legal rights, and its fair
value can be measured reliably.
Amortisation of IT software and technology is calculated on a straight-line basis over
the estimated life which varies between three and ten years.
The carrying values are reviewed for impairment if events or changes in circumstances
indicate that they may not be recoverable.
Software as a Service (SaaS) arrangements
SaaS arrangements are service contracts providing the Company with the right to access
the cloud provider\u2019s application software over the contract period. Costs incurred to
configure or customise, and the ongoing fees to obtain access to the cloud provider\u2019s
application software, are recognised as operating expenses when the services are received.
Some of these costs incurred are for the development of software code that enhances or
modifies, or creates additional capability to, existing on-premise systems and meets the
definition of and recognition criteria for an intangible asset. These costs are recognised as
intangible software assets and amortised over the useful life of the software on a straight-line
basis. The useful lives of these assets are reviewed at least at the end of each financial year,
and any change accounted for prospectively as a change in accounting estimate.
Property, plant and equipment
Property, plant and equipment acquired separately from a business are stated at cost less
accumulated depreciation and impairment. Gross interest costs incurred on the financing of
qualifying assets are capitalised until the time that the assets are available for use. Property,
plant and equipment acquired as part of a business combination are recognised at fair value.
Depreciation is calculated on a straight-line basis over the estimated useful life of the asset
as follows:
\u2022 freehold land is not depreciated;
\u2022 freehold and long leasehold buildings are depreciated to their estimated residual values
over periods up to 50 years; and
\u2022 plant and equipment is depreciated over 3 to 25 years.
The residual values and estimated useful lives are reviewed annually.
Profits or losses on disposal of property, plant and equipment reflect the difference
between net selling price and carrying amount at the date of disposal and are recognised
in the consolidated income statement.
Leases
Right-of-use assets
A contract contains a lease if the contract conveys the right to control the use of an
identified asset for a period of time in exchange for consideration, these assets are called
right-of-use assets. The Group recognises right-of-use assets for hotel and restaurant
properties along with other equipment at the commencement date of the lease (i.e. the
date the underlying asset is available for use). Right-of-use assets are measured at cost,
less any accumulated depreciation and impairment losses, and adjusted for any remeasurement
of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities
recognised, initial direct costs incurred, and lease payments made at or before the
commencement date, less any lease incentives received. Unless the Group is reasonably
certain to obtain ownership of the leased asset at the end of the lease term, the recognised
right-of-use asset is depreciated over the shorter of its estimated useful life and lease term.
Lease liabilities
At the commencement date of the lease, the Group recognises lease liabilities measured at
the present value of lease payments to be made over the lease term. The lease payments
include fixed payments and variable lease payments that depend on an index or a rate less
any lease incentives receivable. Variable lease payments that do not depend on an index or
a rate (e.g. turnover rent) are recognised as an expense in the period over which the event
or condition that triggers the payment occurs. The Group incurs service charges on property
leases which are non-lease components of the contract under IFRS 16 and therefore these
charges are recorded separately within operating costs. In calculating the present value of
lease payments, the Group uses the incremental borrowing rate at the lease commencement
date if the interest rate implicit in the lease is not readily determinable. Incremental borrowing
rates are determined quarterly and depend on the country, currency and start date of the
lease. The incremental borrowing rate is determined based on a series of inputs including:
the risk-free rate based on government bond rates; a country-specific risk adjustment;
and a credit risk adjustment based on the Group\u2019s credit rating.
After the commencement date, the amount of lease liabilities is increased to reflect lease
interest charges and reduced for lease payments made. In addition, the carrying amount
of lease liabilities is remeasured if there is a modification or a change in the lease term.
Cash outflows relating to lease interest are recorded within net cash flows from operating
activities and cash outflows relating to principal repayments are included within net cash
flows from financing activities in the consolidated cash flow statement.
Group as a lessor
Leases are classified as finance leases where the terms of the agreement transfer substantially
all risks and rewards of ownership to the lessee. All other leases are treated as operating
leases, with rental income recognised on a straight-line basis over the lease term.
Sale and leaseback
A sale and leaseback transaction occurs when the Group sells an asset and immediately
reacquires the use of the same asset in the same state as sold by entering into a lease with
the buyer. A sale occurs when control of the underlying asset passes to the buyer. A lease
liability is recognised, the associated property, plant and equipment asset is derecognised,
and a right-of-use asset is recognised at the proportion of the carrying value relating to the
right retained. Any gain or loss arising therefore relates to the rights transferred to the
buyer and development of the underlying asset.
Impairment of non-current assets
Property, plant and equipment and right-of-use assets
The carrying values of property, plant and equipment and right-of-use assets are reviewed
for impairment whenever events or changes in circumstances indicate that their carrying
values may not be recoverable. Individual assets are grouped into cash generating units
(CGUs), for impairment purposes, at the lowest level at which there are identifiable cash
flows that are largely independent of the cash flows of other assets.
The recoverable amount of an asset or CGU is the greater of its fair value less costs
of disposal (FVLCD) and value in use (VIU). For an asset that does not generate largely
independent cash inflows, the recoverable amount is determined with reference to the CGU
to which the asset belongs. In estimating value in use, the estimated future cash flows are
discounted to their present value, using a pre-tax discount rate that reflects current market
assessments of the time value of money and the risks specific to the asset. To estimate fair
value less costs of disposal, the Group uses a number of techniques including third-party
valuations, market multiple approaches and discounted cash flows.
Impairment charges
An impairment loss is recognised if the carrying amount of an asset or CGU exceeds
its estimated recoverable amount. Impairment losses recognised in respect of CGUs are
allocated first to reduce the carrying amount of any goodwill allocated to the units and
then to reduce the carrying amounts of other assets in the CGU, on a pro rata basis. Any
impairment in the values of property, plant and equipment and right-of-use assets is
charged to the consolidated income statement within operating costs.
Impairment reversals
An assessment is made at each reporting date as to whether there is any indication
that previously recognised impairment losses may no longer exist or may have decreased.
If such an indication exists, the CGU\u2019s recoverable amount is estimated. A previously recognised
impairment loss is reversed only if there has been a change in the estimated future cash
flows used to determine the asset\u2019s recoverable amount since the last impairment loss was
recognised. If that is the case, the carrying amount of the asset is increased to its recoverable
amount. That increased amount cannot exceed the carrying amount that would have been
determined, net of depreciation, had no impairment loss been recognised for the asset in
prior years. Such a reversal is recognised in the consolidated income statement. After such
a reversal, the depreciation charge is adjusted in future periods to allocate the asset\u2019s carrying
amount, less any residual value, on a straight-line basis over its remaining useful life.
Central assets
For the purposes of impairment testing, all centrally held assets are allocated in line
with IAS 36 to CGUs based on management\u2019s view of the consumption of the asset.
Any resulting impairment is recorded against the centrally held asset.
Goodwill
Goodwill acquired through business combinations is allocated to groups of CGUs at the
level management monitors goodwill, which is at an operating segment level. The Group
performs an annual review of its goodwill to ensure that its carrying amount is not greater
than its recoverable amount. The recoverable amount is determined as the greater of fair
value, less costs of disposal and value in use. Where required, an impairment is then made
to reduce the carrying amount to the recoverable amount.
Investments in joint ventures The Group assesses investments for impairment whenever events or changes in circumstances indicate that the carrying value may not be recoverable. If any such indication of impairment exists, the carrying amount of the investment is compared with its recoverable amount. Where the carrying amount exceeds the recoverable amount, the investment is written down to its recoverable amount. Assets held for sale Non-current assets and disposal groups are classified as held for sale only if available for immediate sale in their present condition and a sale is highly probable and expected to be completed within one year from the date of classification. Such assets are measured at the lower of carrying amount and fair value, less the cost of disposal, and are not depreciated or amortised. In accordance with IFRS 5 Non-current Assets Held for Sale and Discontinued Operations, the net results of discontinued operations are presented separately in the consolidated income statement. Inventories Inventories are stated at the lower of cost and net realisable value. Cost is calculated on the basis of first in, first out and net realisable value is the estimated selling price less any costs to sell. Provisions Provisions are recognised when the Group has a present legal or constructive obligation as a result of a past event, it is probable that an outflow of resources will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. Provisions are discounted to present value, using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the liability. The amortisation of the discount is recognised as a finance cost. Onerous contracts Present obligations arising under onerous contracts are recognised and measured as provisions. An onerous contract is considered to exist where the Group has a contract under which the unavoidable costs of meeting the obligations under the contract exceed the economic benefits expected to be received under it. Restructuring costs A restructuring provision is recognised when the Group has developed a detailed formal plan and has raised a valid expectation, in those affected, that it will carry out the restructuring by starting to implement the plan or announcing its main features to those affected by it. The measurement of a restructuring provision includes only the direct expenditures arising from the restructuring, which are those amounts that are both necessarily entailed by the restructuring and not associated with the ongoing activities of the entity.
Property-related remediation
The Group recognises provisions for property-related remediation where it has a present
obligation, it is probable that an outflow will be required and a reliable estimate can be
made, with amounts measured at the best estimate of expected remediation costs. Matters
not meeting these criteria remain as contingent liabilities. While the Group seeks to recover
costs from original developers or other responsible parties, no asset is recognised until
recovery is virtually certain. The Group has previously disclosed as contingent liabilities
property-related topics in relation to Fire Safety (including Cladding Materials) which it
has now provided for known items and therefore does not continue to disclose these
matters further in the Notes to the consolidated financial statements.
Adjusting items and use of alternative performance measures
We use a range of measures to monitor the financial performance of the Group. These
measures include both statutory measures in accordance with IFRS and alternative performance
measures (APMs) which are consistent with the way the business performance is measured
internally by the Board and Executive Committee. A glossary of APMs and reconciliations
to statutory measures is given on pages 227 to 233.
The term \u2018adjusted profit\u2019 is not defined under IFRS and may not be directly comparable
with adjusted profit measures used by other companies. It is not intended to be a substitute
for, or superior to, statutory measures of profit. Adjusted measures of profitability are
non-IFRS because they exclude amounts that are included in, or include amounts that are
excluded from, the most directly comparable measure calculated and presented in
accordance with IFRS.
The Group makes certain adjustments to the statutory profit measures in order to derive
many of its APMs. The Group\u2019s policy is to exclude items that are considered to be
significant in nature and quantum, not in the normal course of business or are consistent
with items that were treated as adjusting in prior periods or that span multiple financial
periods. Treatment as an adjusting item provides users of the accounts with additional
useful information to assess the year-on-year trading performance of the Group.
On this basis, the following are examples of items that may be classified as adjusting items:
\u2022 net charges associated with the strategic review of the Group\u2019s hotel and restaurant
property estate;
\u2022 significant restructuring costs and other associated costs arising from strategy changes
that are not considered by the Group to be part of the normal operating costs of the business;
\u2022 significant pension charges arising as a result of the changes to UK defined benefit
scheme practices;
\u2022 net impairment and related charges for sites which are/were underperforming that are
considered to be significant in nature and/or value to the trading performance of the business;
\u2022 costs in relation to non-trading legacy sites which are deemed to be significant and not
reflective of the Group\u2019s ongoing trading results;
\u2022 transformation and change costs associated with the implementation of the Group\u2019s IT
strategic programme;
\u2022 profit or loss on the sale of a business or investment, and the associated cost impact
on the continuing business from the sale of the business or investment;
\u2022 acquisition costs incurred as part of a business combination or other strategic asset acquisitions;
\u2022 amortisation of intangible assets recognised as part of a business combination or other
transaction outside of the ordinary course of business; and
\u2022 tax settlements in respect of prior years, including the related interest and the impact
of changes in the statutory tax rate, the inclusion of which would distort year-on-year
comparability, as well as the tax impact of the adjusting items identified above.
The Group income statement is presented in a columnar format to enable users of the
accounts to see the Group\u2019s performance before adjusting items, the adjusting items and
the statutory total on a line-by-line basis. The Directors believe that the adjusted profit and
earnings per share measures provide additional useful information to shareholders on the
performance of the business. These measures are consistent with how business performance
is measured internally by the Board and Executive Committee.
Foreign currency translation
Monetary assets and liabilities denominated in foreign currencies are translated into functional
currency at the rates of exchange quoted at the balance sheet date. Non-monetary items
that are measured in terms of historical cost in a foreign currency are translated using the
exchange rates as at the dates of the initial transactions.
Day-to-day transactions in a foreign currency are recorded in the functional currency
at an average rate for the month in which those transactions take place, which is used
as a reasonable approximation to the actual transaction rate. Translation differences
on monetary items are taken to the consolidated income statement.
A number of subsidiaries within the Group have a non-sterling functional currency. The
financial performance and end position of these entities are translated into sterling in the
consolidated financial statements. Balance sheet items are translated at the rate applicable
at the balance sheet date. Transactions reported in the consolidated income statement are
translated using an average rate for the month in which they occur.
The differences that arise from translating the results of foreign entities at average rates
of exchange, and their assets and liabilities at closing rates, are dealt with in a separate
component of equity. On disposal of a foreign entity, the deferred cumulative amount
recognised in equity relating to that particular foreign operation is recognised in the
consolidated income statement. All other currency gains and losses are dealt with
in the income statement.
Revenue recognition
Revenue is recognised at an amount that reflects the consideration to which the Group
expects to be entitled in exchange for transferring goods or services to a customer.
Consideration is net of discounts, allowances for customer loyalty and other promotional
activities and amounts collected on behalf of other parties, such as value added tax.
Revenue includes duties which the Group pays as principal.
The Group has analysed its business activities and applied the five-step model prescribed
by IFRS 15 Revenue from Contracts with Customers to each material line of business, as
outlined below:
Sale of accommodation
The contract to provide accommodation is established when the customer books accommodation.
The performance obligation is to provide the right to use accommodation for a given
number of nights, and the transaction price is the room rate for each night determined at
the time of booking. The performance obligation is met when the customer is given the
right to use the accommodation, and so revenue is recognised for each night as it takes
place, at the room rate for that night.
Sale of food and beverage
The contract is established when the customer orders the food or beverage item and the
performance obligation is the provision of food and beverage by the outlet. The performance
obligation is satisfied when the food and beverage are delivered to the customer, and revenue
is recognised at this point at the price for the items purchased. Where payment is made on
the same day there are no contract assets or liabilities.
Payment terms
Customers may pay in advance for accommodation, food and beverage. In this case the
Group has received consideration for services not yet provided. This is treated as a contract
liability, net of VAT, until the performance obligation is met. The Group has taken advantage
of the practical expedient in IFRS 15 to not adjust the consideration for the effects of a
financing component as the period between payment and the performance obligation
is less than one year.
Payment terms for corporate customers are generally 30 days with amounts recorded
in trade and other receivables once the performance obligations have been met.
Contract costs
The Group applies the practical expedient in paragraph 94 of IFRS 15 and consequently
contract costs incurred related to contracts with an amortisation period of less than one
year have been expensed as incurred.
Variable consideration The Group makes an estimate, based on historical information, of amounts that will be refunded to customers. The refund liability represents variable consideration under IFRS 15 with revenue recognised reduced by this amount and a corresponding liability recognised in other payables in the consolidated balance sheet. Certain restaurants within the Group offer customer loyalty programmes where the customer can earn vouchers for historic purchases which are redeemable as discounts on future purchases. The loyalty points issued by the Group are a separate performance obligation providing a material right to a future discount. The sales price of goods is allocated to the loyalty points and the goods sold based on their relative standalone selling prices, with the loyalty points, standalone price based on the value of the points to the customer, adjusted for expected redemption rates. The amount allocated to loyalty points is deferred as a contract liability within trade and other payables. Revenue is recognised as the points are redeemed by the customer. Finance income Interest income is recognised as the interest accrues, using the effective interest method. Finance costs Borrowing costs are recognised as an expense in the period in which they are incurred, except for gross interest costs incurred on the financing of major projects, which are capitalised until the time that the projects are available for use. Retirement benefits In respect of the defined benefit pension scheme, the surplus recognised in the consolidated balance sheet represents the fair value of scheme assets, reduced by the present value of the defined benefit obligation. Where the calculation results in a surplus to the Group, the recognised asset is limited to the present value of any future available refunds from the plan. The cost of providing benefits is determined using the projected unit credit actuarial valuation method. Remeasurements are recognised in full in the period in which they occur in the statement of comprehensive income and are not reclassified to the consolidated income statement in subsequent periods. For defined benefit plans, the employer\u2019s portion of the past and current service cost is charged to operating profit, with net interest costs reported within finance costs. In addition, all administration costs, other than those relating to the management of plan assets or taxes payable by the plan itself, are charged as incurred to operating costs in the consolidated income statement. Net interest is calculated by applying the opening discount rate to the opening net defined benefit obligation, taking into account the expected contributions and benefits paid. Curtailments and settlements relating to the Group\u2019s defined benefit plan are recognised in the period in which the curtailment or settlement occurs. Payments to defined contribution pension schemes are charged as an expense as they fall due.
Share-based payment transactions
Equity-settled transactions
Certain employees and Directors of the Group receive equity-settled remuneration
in the form of share-based payment transactions, whereby employees render services
in exchange for shares or rights over shares. The cost of these equity-settled transactions
is measured by reference to the fair value, determined using a stochastic model, at the date
at which they are granted. The cost of equity-settled transactions is recognised, together
with a corresponding increase in equity, over the period in which the performance conditions
or non-vesting conditions are fulfilled, ending on the relevant vesting date. Except for awards
subject to market-related conditions for vesting, the cumulative expense recognised for
equity-settled transactions, at each reporting date until the vesting date, reflects the extent
to which the vesting period has expired, and is adjusted to reflect the management\u2019s best
available
estimate of the number of equity instruments that will ultimately vest. The income
statement charge or credit for a period represents the movement in cumulative expense
recognised as at the beginning and end of that period. If options are subject to market-related
conditions, awards are not cumulatively adjusted for the likelihood of these targets being met.
Instead, these conditions are included in the fair value of the awards.
Where an equity-settled award is cancelled, it is treated as if it had vested on the date of
cancellation, and any expense not yet recognised for the award is recognised immediately.
Where an equity-settled award is forfeited, the related expense recognised to date is reversed.
Where an equity-settled award is replaced by newly granted instruments, these are accounted
for as a modification of the existing award. When the terms of an equity-settled award are
modified, the minimum expense recognised is the grant date fair value of the unmodified
award, provided the original vesting terms of the award are met. An additional expense,
measured as at the date of modification, is recognised for any modification that increases
the total fair value of the share-based payment transaction, or is otherwise beneficial to
the employee.
Tax
The income tax charge represents both the income tax payable, based on profit for the
year, and deferred income tax.
Deferred income tax is recognised in full, using the liability method, in respect of temporary
differences between the tax base of the Group\u2019s assets and liabilities and their carrying
amounts that have originated but have not been reversed by the balance sheet date. No
deferred tax is recognised if the temporary difference arises from the initial recognition
of goodwill, or the initial recognition of an asset or liability, in a transaction that is not a
business combination and, at the time of the transaction, affects neither the accounting
profit nor taxable profit or loss. Deferred income tax is recognised in respect of taxable
temporary differences associated with investments in joint ventures, except where the
timing of the reversal of the temporary differences can be controlled and it is probable
that the temporary differences will not reverse in the foreseeable future.
Deferred income tax assets are recognised to the extent that it is probable that taxable
profit will be available against which the deductible temporary differences or unused tax
losses can be utilised. The carrying amount of deferred income tax assets is reviewed at
each balance sheet date and reduced to the extent that it is no longer probable that
sufficient taxable profit will be available to allow all, or part of, the deferred income
tax asset to be utilised.
Deferred income tax assets and liabilities are measured at the tax rates that are expected
to apply in the year when the asset is realised or the liability is settled, based on tax rates
that have been enacted or substantively enacted at the balance sheet date.
Income tax is charged or credited to other comprehensive income if it relates to items that
are charged or credited to other comprehensive income. Similarly, income tax is charged
or credited directly to equity if it relates to items that are charged or credited directly
to equity. Otherwise, income tax is recognised in the consolidated income statement.
Investments in joint ventures
Investments in joint arrangements are classified as either joint operations or joint ventures
depending on the contractual rights and obligations of each investor. The Group has
assessed the nature of its joint arrangements and determined them to be joint ventures.
The Group\u2019s investments in joint ventures are accounted for using the equity method.
Under the equity method, the investment in a joint venture is initially recognised at cost.
The carrying amount of the investment is adjusted to recognise changes in the Group\u2019s
share of net assets of the joint venture since the acquisition date. Goodwill relating to
joint ventures is included in the carrying amount of the investment.
The consolidated income statement reflects the Group\u2019s share of the results of operations
of the joint ventures. Any change in other comprehensive income of those investees is
presented as part of the Group\u2019s consolidated statement of comprehensive income. Unrealised
gains and losses resulting from transactions between the Group and the joint ventures are
eliminated to the extent of the interest in the joint venture. When necessary, adjustments
are made to bring the accounting policies in line with those of the Group.
Financial assets
Trade receivables and contract assets
Trade receivables and contract assets are initially measured at fair value. Subsequently they
are measured at amortised cost as the objective of the business model is to hold the assets
to collect contractual cash flows and the contractual terms of the asset give rise to cash
flows on specified dates, which are solely payments of principal and interest.
In line with the IFRS 9 Financial Instruments \u2018simplified approach\u2019, the Group segments its
trade receivables and contract assets based on shared characteristics and recognises a loss
allowance for the lifetime expected credit loss for each segment. The expected credit loss
is based on the Group\u2019s historical credit loss experience, adjusted for factors that are
specific to the debtors, general economic conditions and an assessment of the current
and forecast conditions at the reporting date.
Credit impaired financial assets A financial asset is credit impaired when one or more events that have a detrimental impact on the estimated future cash flows of that financial asset have occurred, such as significant financial difficulty of the debtor or default by the debtor. The Group writes off a financial asset where there is no realistic prospect of recovery. Credit losses are recorded within operating costs in the consolidated income statement. Cash and cash equivalents Cash and cash equivalents comprise cash at bank, cash in hand, and deposits (including money market funds) which are short term, highly liquid and not at significant risk of changes in value. Recognition and derecognition The recognition of financial assets occurs when the Group becomes party to the contractual provisions of the instrument. The Group derecognises a financial asset only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership of the asset to another entity. Derivatives and hedging The Group enters into derivative transactions to manage its exposure to interest rate, foreign exchange rate and power commodity price risks. Derivatives are recognised initially at fair value on the date the contract is entered into and subsequently remeasured to their fair value at each reporting date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship. A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability. Derivatives are not offset in the financial statements unless the Group has both the legal right and intention to offset. A derivative is presented as a non-current asset or a non-current liability if the remaining maturity of the instrument is more than 12 months and is not expected to be realised or settled within 12 months. Other derivatives are presented as current assets or current liabilities. The Group designates certain derivatives as hedging instruments in respect of interest rate, foreign currency and power commodity price risks as either fair value hedges or cash flow hedges. Hedges of foreign exchange risk on firm commitments are accounted for as cash flow hedges.
At the inception of the hedge relationship, the Group documents the relationship between
the hedging instrument and the hedged item, along with its Risk Management objectives
and its strategy for undertaking various hedge transactions. The Group documents whether
the hedging instrument is effective in offsetting the hedged risk, by confirming that:
\u2022 there is an economic relationship between hedged items and the hedging instrument;
\u2022 the effect of credit risk does not dominate the value changes that result from that
economic relationship; and
\u2022 the planned ratio of hedge:hedge item is the same as the actual ratio of hedge:hedge item.
The fair value change on qualifying fair value hedges is recognised in profit or loss.
Cash flow hedges
The effective portion of changes in the fair value of derivatives that are designated as cash
flow hedges is recognised in other comprehensive income and accumulated under the cash
flow hedging reserve. Any gain or loss relating to the ineffective portion of the hedge is
recognised immediately in profit or loss. Amounts previously recognised in other comprehensive
income and accumulated in equity are reclassified to profit or loss in the periods when the
hedged item affects profit or loss, in the same line as the recognised hedged item.
The Group discontinues hedge accounting when the hedge relationship ceases to meet the
qualifying criteria, or when the hedging instrument expires, is sold, terminated or exercised.
Hedges of a net investment
Hedges of a net investment in a foreign operation, including a hedge of a monetary item
that is accounted for as part of the net investment, are accounted for in a way similar
to cash flow hedges. Gains or losses on the hedging instrument relating to the effective
portion of the hedge are recognised in other comprehensive income while any gains or
losses relating to the ineffective portion are recognised in the statement of profit or loss.
On disposal of the foreign operation, the cumulative value of any such gains or losses
recorded in equity is transferred to the consolidated income statement.
The Group uses a cross-currency swap as a hedge of its exposure to foreign exchange
risk on its investments in foreign subsidiaries. Refer to Note 25 for more details.
Fair value hedges
Derivative financial instruments are classified as fair value hedges when they hedge the
Group\u2019s exposure to changes in the fair value of a recognised asset or liability. Changes in
the fair value of derivatives that are designated as fair value hedges are recognised in the
Group income statement within finance income or costs, offset with any changes in the fair
value of the hedged item that is attributable to the hedged risk.
If the hedge no longer meets the criteria for hedge accounting, the adjustment to the
carrying amount of a hedged item is amortised to the Group income statement over the
remaining period to maturity
Offsetting financial instruments
Financial assets and liabilities are offset, and the net amount reported in the Group balance
sheet when there is a current legally enforceable right to offset the recognised amounts
and there is an intention to settle on a net basis or realise the asset and settle the
liability simultaneously .
Financial liabilities
Debt and equity instruments are classified as financial liabilities or equity in accordance
with the substance of the contractual arrangements.
Financial liabilities are measured at amortised cost using the effective interest rate method
unless they are required to be measured at fair value through profit or loss or the Group
has opted to measure them at fair value through the profit or loss. The effective interest
rate method calculates the amortised cost of a financial liability and allocates interest
expense to the relevant period.
Borrowings
Borrowings are initially recognised at the fair value of the consideration received, net of
any directly associated issue costs. Borrowings are subsequently recorded at amortised
cost, with any difference between the amount initially recorded and the redemption value
recognised in the consolidated income statement using the effective interest method.
Recognition and derecognition
The recognition of liabilities occurs when the Group becomes party to the contractual
provisions of the instrument.
The derecognition of financial liabilities occurs when the obligation under the liability is
discharged, cancelled or expires. When the Group exchanges with the existing lender one
debt instrument into another one with the substantially different terms, such exchange is
accounted for as an extinguishment of the original financial liability and the recognition
of a new financial liability.
Share buy-back transactions
Shares purchased for cancellation are deducted from retained earnings. The Group
uses irrevocable closed period buy-back programmes. A liability to purchase shares is
recognised at inception of the programme with any subsequent reduction in the obligation
credited back to retained earnings at the end of the programme. Share capital is reduced
and credited to the capital redemption reserve once shares are cancelled, maintaining
non-distributable reserves.
Critical accounting judgements and key sources of estimation uncertainty
The preparation of financial statements requires management to make judgements, estimates
and assumptions that affect the amounts reported as assets and liabilities at the balance
sheet date and the amounts reported as revenues and expenses during the year. Although
these amounts are based on management\u2019s best estimates, events or actions may mean
that actual results ultimately differ from those estimates, and these differences may be material.
These judgements and estimates and the underlying assumptions are reviewed regularly.
The Group has considered the impact of climate-related risks on its financial performance
and position, and although the impact represents an uncertainty, it is not considered to
be material.
Critical accounting judgements
The following are the critical accounting judgements, apart from those involving estimations
(dealt with separately below) that management has made in the process of applying the
Group\u2019s accounting policies and which have the most significant effect on the amounts
recognised in the financial statements.
Adjusting items
During the year certain items are identified and separately disclosed as adjusting items.
Judgement is applied as to whether the item meets the necessary criteria as per the
accounting policy disclosed earlier in this Note. This assessment covers the nature
of the item, the cause of occurrence and the scale of impact of that item on reported
performance. Reversals of previous adjusting items are assessed based on the same
criteria. Note 6 provides information on all of the items disclosed as adjusting in the
current year and comparative financial statements.
Assets held for sale
As per the accounting policy above assets are classified as held for sale only if the asset
is available for immediate sale in its present condition and a sale is highly probable and
expected to be completed within one year from the date of classification.
As a result of the Group\u2019s Accelerating Growth Plan (AGP) the Group is actively marketing
a significant number of sites. Judgement exists on a site-by-site basis as to whether the
sale will complete within one year. In exercising its judgement, management has taken
into consideration all available information including external market expert advice.
Recognition of German deferred tax asset
The Group, through its market entry in Germany, has generated tax losses that will be
available for offset against future taxable profits. These losses have resulted in a material
unrecognised deferred tax asset of \u00a377.3m (unrecognised tax losses carried forward of
\u00a3284.7m (\u20ac325.5m)) at this balance sheet date (2024/25: \u00a380.9m). If the Group were
to fully recognise the deferred tax asset in this financial year it would have the effect
of reducing the Group\u2019s effective tax rate from 28.6% to 2.7%.
The German reportable segment\u2019s results have continued to improve, with this forecast
to continue in future reporting periods. However, the forecasts used to support whether
sufficient positive evidence exists to recognise the deferred tax asset are instead based
on the German taxable profits profile. Following this assessment, the Group has judged
that at the balance sheet date there remains to be insufficient convincing other evidence,
as required under IAS 12, that it will have sufficient taxable profits to realise the above
deferred tax asset at this time.
In July 2025, the German legislator substantively enacted a reduction to the corporate
income tax rate by 1 percentage point per annum over a five-year period, commencing
in 2028 and concluding in 2032. This phased reduction will lower the statutory corporate
income tax rate from 15% to 10% by 2032. Trade taxes have not been amended and as a
result the blended deferred tax rate applied to German losses under IAS 12 has reduced
from 31.9% (2024/25) to 27.2% (2025/26). The unrecognised deferred tax asset above
has been calculated accordingly.
Key sources of estimation uncertainty
The following are the key areas of estimation uncertainty that may have a significant risk
of causing a material adjustment to the carrying amounts of assets and liabilities within
the next financial year.
Defined benefit pension
Defined benefit pension plans are accounted for in accordance with actuarial advice using
the projected unit credit method. The Group makes significant estimates in relation to the
discount rates, mortality rates and inflation rates used to calculate the present value of the
defined benefit obligation. Note 32 describes the assumptions used together with an
analysis of the sensitivity to changes in key assumptions.
Impairment testing \u2013 Property, plant and equipment and right-of-use assets
The performance of the Group\u2019s impairment review requires management to make
a number of judgements and estimates which are presented together below for ease
of understanding but identified separately:
Estimates within impairment testing:
Inputs used to estimate value in use
The estimate of value in use is most sensitive to the following inputs:
\u2022 Forecast period cash flows \u2013 the initial five-year period\u2019s cash flows are drawn from
the five-year business plan.
\u2022 Discount rate \u2013 judgement is required in estimating the Weighted Average Cost of
Capital (WACC) of a typical market participant and in assessing the specific country
and currency risks associated with the Group. The rate used is adjusted for the Group\u2019s
gearing, including equity, borrowings and lease liabilities.
\u2022 Maturity profile of individual sites \u2013 judgement is required to estimate the time taken
for sites to reach maturity and the sites\u2019 trading level once they are mature.
Methodology used to estimate fair value
Fair value is determined using a range of methods, including present value techniques using
assumptions consistent with the value in use calculations and market multiple techniques
using externally available data. To assess the fair value for disposal sites the Group has
sought property expert valuations based on insight into specific local market factors.
Judgements within impairment testing:
Strategic impact on composition of CGUs
The Group exercises judgement in assessing the impairment of assets identified for
disposal, particularly when they do not yet meet the criteria for classification as held for
sale under IFRS 5. For such individual assets, where their value is primarily expected to be
realised through sale and cash flows from continuing use are negligible, the Group applies
IAS 36 to impair them to their fair value less costs of disposal. This approach reflects that
the economic value of these assets is predominantly derived from their impending sale,
even if they form part of a larger cash-generating unit.
Identification of indicators of impairment and reversal
The Group assesses each of its CGUs for indicators of impairment or reversal at the
end of each reporting period and, where there are indicators of impairment or reversal,
management performs an impairment assessment.
Useful economic life review \u2013 AGP site extensions and conversions
Where site extensions or conversions are committed as part of Whitbread\u2019s Accelerating
Growth Plan, the Group commences accelerated depreciation on assets that will no longer
be used after the site redevelopment. The Group\u2019s key judgement here has been assessing
that the trigger point for commitment to the extension or conversion is from the date that
the site has both planning permission and an approved internal business case to proceed.
From this point, the remaining useful life of affected assets is reassessed with an estimated
end date aligned with when the asset will no longer be used. The resulting depreciation
charge, along with any write-offs of similar assets that have been disposed of as at the
balance sheet date, are treated as adjusting items.
Key estimates and sensitivities for impairment of assets are disclosed in Note 14.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2025-02-28T00:00:00/2026-02-27T00:00:00" } }, "fact-428": { "value": "Basis of accounting and preparation The consolidated financial statements of Whitbread PLC and all its subsidiaries have been prepared in accordance with International Accounting Standards in conformity with the requirements of the Companies Act 2006 and UK-adopted International Accounting Standards. The consolidated financial statements have been prepared on the historical cost basis, except for certain financial instruments that are measured at fair value at the end of each reporting period, assets classified as held for sale and the defined benefit pension scheme as explained in the accounting policies below. The consolidated financial statements are presented in pounds sterling and all values are rounded to the nearest hundred thousand except when otherwise indicated. The financial year represents the 52 weeks to 26 February 2026 (prior financial year: 52 weeks to 27 February 2025). Going concern The Group\u2019s and Company\u2019s (the \u201cGroup\u201d) business activities, together with the factors likely to affect future development, performance and position, are set out in the Strategic Report. The Group\u2019s financial position, cash flows, liquidity and borrowing facilities are described in the Financial Review. The principal risks and uncertainties faced by the Group are detailed in the Risk Management section and Note 24 to the financial statements includes the Group\u2019s financial Risk Management objectives, its financial instruments and hedging activities, exposure to liquidity risk and details of its capital structure. The Directors have considered these areas alongside the principal risks and the potential impact on the Group\u2019s ability to continue as a Going Concern. Details of the Group\u2019s available and drawn facilities are provided in Note 20. At the year end, the Group held cash and cash equivalents of \u00a3233.7m and had access to committed borrowing facilities of \u00a3775.0m, of which \u00a3nil had been drawn. The Group\u2019s forecasts demonstrate that it is expected to maintain significant financial resources and operate within its covenant for at least 12 months from the date of approval of these financial statements. In the event that additional funding was required, the Directors have a reasonable expectation that such funding could be secured through existing financing channels.
The Directors have also considered the potential impact of climate-related factors on cash
flows and liquidity over the period of the assessment and do not expect these to materially
affect the Group\u2019s ability to continue to operate.
After due consideration of all relevant factors, the Directors are satisfied that the Group
has adequate resources to continue in operational existence for the foreseeable future,
being a period of at least 12 months from the date of signing these financial statements.
Accordingly, the financial statements have been prepared on a Going Concern basis.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2025-02-28T00:00:00/2026-02-27T00:00:00" } }, "fact-481": { "value": "The consolidated financial statements of Whitbread PLC and all its subsidiaries have been prepared in accordance with International Accounting Standards in conformity with the requirements of the Companies Act 2006 and UK-adopted International Accounting Standards. ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2025-02-28T00:00:00/2026-02-27T00:00:00" } }, "fact-482": { "value": "The consolidated financial statements are presented in pounds sterling and all values are rounded to the nearest hundred thousand except when otherwise indicated. The financial year represents the 52 weeks to 26 February 2026 (prior financial year: 52 weeks to 27 February 2025). ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2025-02-28T00:00:00/2026-02-27T00:00:00" } }, "fact-485": { "value": "Going concern The Group\u2019s and Company\u2019s (the \u201cGroup\u201d) business activities, together with the factors likely to affect future development, performance and position, are set out in the Strategic Report. The Group\u2019s financial position, cash flows, liquidity and borrowing facilities are described in the Financial Review. The principal risks and uncertainties faced by the Group are detailed in the Risk Management section and Note 24 to the financial statements includes the Group\u2019s financial Risk Management objectives, its financial instruments and hedging activities, exposure to liquidity risk and details of its capital structure. The Directors have considered these areas alongside the principal risks and the potential impact on the Group\u2019s ability to continue as a Going Concern. Details of the Group\u2019s available and drawn facilities are provided in Note 20. At the year end, the Group held cash and cash equivalents of \u00a3233.7m and had access to committed borrowing facilities of \u00a3775.0m, of which \u00a3nil had been drawn. The Group\u2019s forecasts demonstrate that it is expected to maintain significant financial resources and operate within its covenant for at least 12 months from the date of approval of these financial statements. In the event that additional funding was required, the Directors have a reasonable expectation that such funding could be secured through existing financing channels. The Directors have also considered the potential impact of climate-related factors on cash flows and liquidity over the period of the assessment and do not expect these to materially affect the Group\u2019s ability to continue to operate. After due consideration of all relevant factors, the Directors are satisfied that the Group has adequate resources to continue in operational existence for the foreseeable future, being a period of at least 12 months from the date of signing these financial statements. Accordingly, the financial statements have been prepared on a Going Concern basis. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2025-02-28T00:00:00/2026-02-27T00:00:00" } }, "fact-427": { "value": "
Changes in accounting policies
The accounting policies adopted in the preparation of these consolidated financial
statements are consistent with those followed in the preparation of the consolidated
financial statements for the year ended 27 February 2025, except for the adoption of the
new standards and policies applicable for the year ended 26 February 2026. The significant
accounting policies adopted during the year are set out below. They have been assessed as
not having a material financial impact.
The Group has applied the following standards and amendments for the first time for
the annual reporting period commencing 1 March 2025:
\u2022 Amendments to IAS 21 \u2013 Lack of Exchangeability (effective for periods beginning on or
after 1 January 2025). These amendments did not have a material impact on the Group\u2019s
financial statements.
Standards issued by the IASB not effective for the current year and not early
adopted by the Group
The Group intends to apply the Amendment to IFRS 9 as issued by the IASB in May 2024
for the first time retrospectively in next year\u2019s Annual Report and Accounts therefore would
disclose 2026 year-end cash at bank and in hand as shown in the table in Note 19:
\u2022 Amendments to IFRS 9 and IFRS 7 \u2013 Classification and Measurement of Financial
Instruments (effective for periods beginning on or after 1 January 2026).
The impact of the following is under assessment:
\u2022 IFRS 18 Presentation and Disclosure in Financial Statements, which will become effective in
the consolidated Group financial statements for the financial year ending 26 February 2028
Whilst the following standards and amendments are relevant to the Group, they have been
assessed as not having a material impact nor additional disclosure requirements at this time:
\u2022 Annual improvements to IFRS \u2013 volume 11 (effective for periods beginning on or after
1 January 2026).
\u2022 IFRS 19 Subsidiaries without Public Accountability: Disclosures (effective for periods
beginning on or after 1 January 2027).
The Group does not intend to early adopt any of these new standards or amendments.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2025-02-28T00:00:00/2026-02-27T00:00:00" } }, "fact-483": { "value": "The Group has applied the following standards and amendments for the first time for the annual reporting period commencing 1 March 2025: \u2022 Amendments to IAS 21 \u2013 Lack of Exchangeability (effective for periods beginning on or after 1 January 2025). These amendments did not have a material impact on the Group\u2019s financial statements. ", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2025-02-28T00:00:00/2026-02-27T00:00:00" } }, "fact-484": { "value": "Standards issued by the IASB not effective for the current year and not early adopted by the Group The Group intends to apply the Amendment to IFRS 9 as issued by the IASB in May 2024 for the first time retrospectively in next year\u2019s Annual Report and Accounts therefore would disclose 2026 year-end cash at bank and in hand as shown in the table in Note 19: \u2022 Amendments to IFRS 9 and IFRS 7 \u2013 Classification and Measurement of Financial Instruments (effective for periods beginning on or after 1 January 2026). The impact of the following is under assessment: \u2022 IFRS 18 Presentation and Disclosure in Financial Statements, which will become effective in the consolidated Group financial statements for the financial year ending 26 February 2028 Whilst the following standards and amendments are relevant to the Group, they have been assessed as not having a material impact nor additional disclosure requirements at this time: \u2022 Annual improvements to IFRS \u2013 volume 11 (effective for periods beginning on or after 1 January 2026). \u2022 IFRS 19 Subsidiaries without Public Accountability: Disclosures (effective for periods beginning on or after 1 January 2027). The Group does not intend to early adopt any of these new standards or amendments. ", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2025-02-28T00:00:00/2026-02-27T00:00:00" } }, "fact-429": { "value": "Basis of consolidation The consolidated financial statements incorporate the accounts of Whitbread PLC and all its subsidiaries, together with the Group\u2019s share of the net assets and results of joint ventures incorporated using the equity method of accounting. These are adjusted, where appropriate, to conform to Group accounting policies. The financial statements of significant trading subsidiaries are prepared for the same reporting year as the parent company. A subsidiary is an entity controlled by the Group. Control is achieved when the Company: \u2022 has power over the investee; \u2022 is exposed, or has rights, to variable returns from its involvement with the investee; and \u2022 has the ability to use its power to affect its returns. The Company reassesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control listed above. Apart from the acquisition of Whitbread Group PLC by Whitbread PLC in 2000/01, which was accounted for using merger accounting, acquisitions by the Group are accounted for under the acquisition method and any goodwill arising is capitalised as an intangible asset. The results of subsidiaries acquired or disposed of during the year are included in the consolidated financial statements from, or up to, the date that control passes respectively. All intra-Group transactions, balances, income and expenses are eliminated on consolidation. Unrealised losses are also eliminated, unless the transaction provides evidence of an impairment of the asset transferred. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2025-02-28T00:00:00/2026-02-27T00:00:00" } }, "fact-486": { "value": "The consolidated financial statements incorporate the accounts of Whitbread PLC and all its subsidiaries, together with the Group\u2019s share of the net assets and results of joint ventures incorporated using the equity method of accounting. These are adjusted, where appropriate, to conform to Group accounting policies. The financial statements of significant trading subsidiaries are prepared for the same reporting year as the parent company. A subsidiary is an entity controlled by the Group. Control is achieved when the Company: \u2022 has power over the investee; \u2022 is exposed, or has rights, to variable returns from its involvement with the investee; and \u2022 has the ability to use its power to affect its returns. The Company reassesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control listed above. Apart from the acquisition of Whitbread Group PLC by Whitbread PLC in 2000/01, which was accounted for using merger accounting, acquisitions by the Group are accounted for under the acquisition method and any goodwill arising is capitalised as an intangible asset. The results of subsidiaries acquired or disposed of during the year are included in the consolidated financial statements from, or up to, the date that control passes respectively. All intra-Group transactions, balances, income and expenses are eliminated on consolidation. Unrealised losses are also eliminated, unless the transaction provides evidence of an impairment of the asset transferred. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2025-02-28T00:00:00/2026-02-27T00:00:00" } }, "fact-487": { "value": "Business combinations Acquisitions of businesses are accounted for using the acquisition method. The consideration transferred in a business combination is measured at fair value, which is calculated as the sum of the acquisition-date fair values of assets transferred by the Group, liabilities incurred by the Group to the former owners of the acquiree and any equity interest issued by the Group in exchange for control of the acquiree. Acquisition-related costs are recognised in the consolidated income statement as incurred. When the consideration transferred by the Group in a business combination includes contingent consideration, the contingent consideration is measured at its acquisition-date fair value and included as part of the consideration transferred in a business combination. Changes in fair value of the contingent consideration that qualify as measurement period adjustments are adjusted retrospectively, with corresponding adjustments against goodwill. Measurement period adjustments are adjustments that arise from additional information obtained during the \u2018measurement period\u2019 (which cannot exceed one year from the acquisition date) about facts and circumstances that existed at the acquisition date. Changes in the fair value of the contingent consideration at subsequent reporting dates that do not qualify as measurement period adjustments are recognised within finance costs in the consolidated income statement, unless the contingent consideration is classified as equity If the initial accounting for a business combination is incomplete by the end of the reporting period in which the combination occurs, the Group reports provisional amounts for the items for which the accounting is incomplete. Those provisional amounts are adjusted during the measurement period (see above), or additional assets or liabilities are recognised, to reflect new information obtained about facts and circumstances that existed as of the acquisition date that, if known, would have affected the amounts recognised as of that date. During this and the previous year, the Group has purchased a number of properties; the legal form of the transactions varies between acquisition of the property or acquisition of the company holding title of the property, as well as noting that a number of properties are purchased in a condition that means they do not meet the definition of a business on acquisition. For the remaining properties which do meet the definition of being a business on acquisition, these transactions have been accounted for as asset acquisitions under IFRS 3 Business Combinations as the fair value of the assets is concentrated in a single group of similar assets in each deal analysed. The transactions form part of the Group\u2019s strategic priorities over both international growth and continued UK market share gains. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2025-02-28T00:00:00/2026-02-27T00:00:00" } }, "fact-430": { "value": "Business combinations Acquisitions of businesses are accounted for using the acquisition method. The consideration transferred in a business combination is measured at fair value, which is calculated as the sum of the acquisition-date fair values of assets transferred by the Group, liabilities incurred by the Group to the former owners of the acquiree and any equity interest issued by the Group in exchange for control of the acquiree. Acquisition-related costs are recognised in the consolidated income statement as incurred. When the consideration transferred by the Group in a business combination includes contingent consideration, the contingent consideration is measured at its acquisition-date fair value and included as part of the consideration transferred in a business combination. Changes in fair value of the contingent consideration that qualify as measurement period adjustments are adjusted retrospectively, with corresponding adjustments against goodwill. Measurement period adjustments are adjustments that arise from additional information obtained during the \u2018measurement period\u2019 (which cannot exceed one year from the acquisition date) about facts and circumstances that existed at the acquisition date. Changes in the fair value of the contingent consideration at subsequent reporting dates that do not qualify as measurement period adjustments are recognised within finance costs in the consolidated income statement, unless the contingent consideration is classified as equity . If the initial accounting for a business combination is incomplete by the end of the reporting period in which the combination occurs, the Group reports provisional amounts for the items for which the accounting is incomplete. Those provisional amounts are adjusted during the measurement period (see above), or additional assets or liabilities are recognised, to reflect new information obtained about facts and circumstances that existed as of the acquisition date that, if known, would have affected the amounts recognised as of that date. During this and the previous year, the Group has purchased a number of properties; the legal form of the transactions varies between acquisition of the property or acquisition of the company holding title of the property, as well as noting that a number of properties are purchased in a condition that means they do not meet the definition of a business on acquisition. For the remaining properties which do meet the definition of being a business on acquisition, these transactions have been accounted for as asset acquisitions under IFRS 3 Business Combinations as the fair value of the assets is concentrated in a single group of similar assets in each deal analysed. The transactions form part of the Group\u2019s strategic priorities over both international growth and continued UK market share gains. Goodwill Goodwill arising on acquisition is capitalised and represents the excess of the fair value of consideration over the value of the Group\u2019s interest in the identifiable assets and liabilities of a subsidiary, at the date of acquisition. Goodwill is not amortised but reviewed for impairment annually, or more frequently if events or changes in circumstances indicate that the carrying value may be impaired. On disposal of a subsidiary, the attributable amount of goodwill is included in the determination of the profit or loss on disposal. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2025-02-28T00:00:00/2026-02-27T00:00:00" } }, "fact-528": { "value": "Goodwill Goodwill arising on acquisition is capitalised and represents the excess of the fair value of consideration over the value of the Group\u2019s interest in the identifiable assets and liabilities of a subsidiary, at the date of acquisition. Goodwill is not amortised but reviewed for impairment annually, or more frequently if events or changes in circumstances indicate that the carrying value may be impaired. On disposal of a subsidiary, the attributable amount of goodwill is included in the determination of the profit or loss on disposal. Intangible assets Intangible assets are carried at cost less accumulated amortisation and accumulated impairment losses. Intangible assets acquired separately from a business are carried initially at cost. An intangible asset acquired as part of a business combination is recognised at fair value, separately from goodwill if the asset is separable, or arises from contractual or other legal rights, and its fair value can be measured reliably. Amortisation of IT software and technology is calculated on a straight-line basis over the estimated life which varies between three and ten years. The carrying values are reviewed for impairment if events or changes in circumstances indicate that they may not be recoverable. Software as a Service (SaaS) arrangements SaaS arrangements are service contracts providing the Company with the right to access the cloud provider\u2019s application software over the contract period. Costs incurred to configure or customise, and the ongoing fees to obtain access to the cloud provider\u2019s application software, are recognised as operating expenses when the services are received. Some of these costs incurred are for the development of software code that enhances or modifies, or creates additional capability to, existing on-premise systems and meets the definition of and recognition criteria for an intangible asset. These costs are recognised as intangible software assets and amortised over the useful life of the software on a straight-line basis. The useful lives of these assets are reviewed at least at the end of each financial year, and any change accounted for prospectively as a change in accounting estimate. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2025-02-28T00:00:00/2026-02-27T00:00:00" } }, "fact-488": { "value": "Goodwill Goodwill arising on acquisition is capitalised and represents the excess of the fair value of consideration over the value of the Group\u2019s interest in the identifiable assets and liabilities of a subsidiary, at the date of acquisition. Goodwill is not amortised but reviewed for impairment annually, or more frequently if events or changes in circumstances indicate that the carrying value may be impaired. On disposal of a subsidiary, the attributable amount of goodwill is included in the determination of the profit or loss on disposal. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2025-02-28T00:00:00/2026-02-27T00:00:00" } }, "fact-431": { "value": "Intangible assets Intangible assets are carried at cost less accumulated amortisation and accumulated impairment losses. Intangible assets acquired separately from a business are carried initially at cost. An intangible asset acquired as part of a business combination is recognised at fair value, separately from goodwill if the asset is separable, or arises from contractual or other legal rights, and its fair value can be measured reliably. Amortisation of IT software and technology is calculated on a straight-line basis over the estimated life which varies between three and ten years. The carrying values are reviewed for impairment if events or changes in circumstances indicate that they may not be recoverable. Software as a Service (SaaS) arrangements SaaS arrangements are service contracts providing the Company with the right to access the cloud provider\u2019s application software over the contract period. Costs incurred to configure or customise, and the ongoing fees to obtain access to the cloud provider\u2019s application software, are recognised as operating expenses when the services are received. Some of these costs incurred are for the development of software code that enhances or modifies, or creates additional capability to, existing on-premise systems and meets the definition of and recognition criteria for an intangible asset. These costs are recognised as intangible software assets and amortised over the useful life of the software on a straight-line basis. The useful lives of these assets are reviewed at least at the end of each financial year, and any change accounted for prospectively as a change in accounting estimate. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2025-02-28T00:00:00/2026-02-27T00:00:00" } }, "fact-432": { "value": "Property, plant and equipment Property, plant and equipment acquired separately from a business are stated at cost less accumulated depreciation and impairment. Gross interest costs incurred on the financing of qualifying assets are capitalised until the time that the assets are available for use. Property, plant and equipment acquired as part of a business combination are recognised at fair value. Depreciation is calculated on a straight-line basis over the estimated useful life of the asset as follows: \u2022 freehold land is not depreciated; \u2022 freehold and long leasehold buildings are depreciated to their estimated residual values over periods up to 50 years; and \u2022 plant and equipment is depreciated over 3 to 25 years. The residual values and estimated useful lives are reviewed annually. Profits or losses on disposal of property, plant and equipment reflect the difference between net selling price and carrying amount at the date of disposal and are recognised in the consolidated income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2025-02-28T00:00:00/2026-02-27T00:00:00" } }, "fact-433": { "value": "Leases Right-of-use assets A contract contains a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration, these assets are called right-of-use assets. The Group recognises right-of-use assets for hotel and restaurant properties along with other equipment at the commencement date of the lease (i.e. the date the underlying asset is available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognised, initial direct costs incurred, and lease payments made at or before the commencement date, less any lease incentives received. Unless the Group is reasonably certain to obtain ownership of the leased asset at the end of the lease term, the recognised right-of-use asset is depreciated over the shorter of its estimated useful life and lease term. Lease liabilities At the commencement date of the lease, the Group recognises lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include fixed payments and variable lease payments that depend on an index or a rate less any lease incentives receivable. Variable lease payments that do not depend on an index or a rate (e.g. turnover rent) are recognised as an expense in the period over which the event or condition that triggers the payment occurs. The Group incurs service charges on property leases which are non-lease components of the contract under IFRS 16 and therefore these charges are recorded separately within operating costs. In calculating the present value of lease payments, the Group uses the incremental borrowing rate at the lease commencement date if the interest rate implicit in the lease is not readily determinable. Incremental borrowing rates are determined quarterly and depend on the country, currency and start date of the lease. The incremental borrowing rate is determined based on a series of inputs including: the risk-free rate based on government bond rates; a country-specific risk adjustment; and a credit risk adjustment based on the Group\u2019s credit rating. After the commencement date, the amount of lease liabilities is increased to reflect lease interest charges and reduced for lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification or a change in the lease term. Cash outflows relating to lease interest are recorded within net cash flows from operating activities and cash outflows relating to principal repayments are included within net cash flows from financing activities in the consolidated cash flow statement. Group as a lessor Leases are classified as finance leases where the terms of the agreement transfer substantially all risks and rewards of ownership to the lessee. All other leases are treated as operating leases, with rental income recognised on a straight-line basis over the lease term. Sale and leaseback A sale and leaseback transaction occurs when the Group sells an asset and immediately reacquires the use of the same asset in the same state as sold by entering into a lease with the buyer. A sale occurs when control of the underlying asset passes to the buyer. A lease liability is recognised, the associated property, plant and equipment asset is derecognised, and a right-of-use asset is recognised at the proportion of the carrying value relating to the right retained. Any gain or loss arising therefore relates to the rights transferred to the buyer and development of the underlying asset. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2025-02-28T00:00:00/2026-02-27T00:00:00" } }, "fact-434": { "value": "Impairment of non-current assets Property, plant and equipment and right-of-use assets The carrying values of property, plant and equipment and right-of-use assets are reviewed for impairment whenever events or changes in circumstances indicate that their carrying values may not be recoverable. Individual assets are grouped into cash generating units (CGUs), for impairment purposes, at the lowest level at which there are identifiable cash flows that are largely independent of the cash flows of other assets. The recoverable amount of an asset or CGU is the greater of its fair value less costs of disposal (FVLCD) and value in use (VIU). For an asset that does not generate largely independent cash inflows, the recoverable amount is determined with reference to the CGU to which the asset belongs. In estimating value in use, the estimated future cash flows are discounted to their present value, using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. To estimate fair value less costs of disposal, the Group uses a number of techniques including third-party valuations, market multiple approaches and discounted cash flows. Impairment charges An impairment loss is recognised if the carrying amount of an asset or CGU exceeds its estimated recoverable amount. Impairment losses recognised in respect of CGUs are allocated first to reduce the carrying amount of any goodwill allocated to the units and then to reduce the carrying amounts of other assets in the CGU, on a pro rata basis. Any impairment in the values of property, plant and equipment and right-of-use assets is charged to the consolidated income statement within operating costs. Impairment reversals An assessment is made at each reporting date as to whether there is any indication that previously recognised impairment losses may no longer exist or may have decreased. If such an indication exists, the CGU\u2019s recoverable amount is estimated. A previously recognised impairment loss is reversed only if there has been a change in the estimated future cash flows used to determine the asset\u2019s recoverable amount since the last impairment loss was recognised. If that is the case, the carrying amount of the asset is increased to its recoverable amount. That increased amount cannot exceed the carrying amount that would have been determined, net of depreciation, had no impairment loss been recognised for the asset in prior years. Such a reversal is recognised in the consolidated income statement. After such a reversal, the depreciation charge is adjusted in future periods to allocate the asset\u2019s carrying amount, less any residual value, on a straight-line basis over its remaining useful life. Central assets For the purposes of impairment testing, all centrally held assets are allocated in line with IAS 36 to CGUs based on management\u2019s view of the consumption of the asset. Any resulting impairment is recorded against the centrally held asset. Goodwill Goodwill acquired through business combinations is allocated to groups of CGUs at the level management monitors goodwill, which is at an operating segment level. The Group performs an annual review of its goodwill to ensure that its carrying amount is not greater than its recoverable amount. The recoverable amount is determined as the greater of fair value, less costs of disposal and value in use. Where required, an impairment is then made to reduce the carrying amount to the recoverable amount.
Investments in joint ventures
The Group assesses investments for impairment whenever events or changes in circumstances
indicate that the carrying value may not be recoverable. If any such indication of impairment
exists, the carrying amount of the investment is compared with its recoverable amount.
Where the carrying amount exceeds the recoverable amount, the investment is written
down to its recoverable amount.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2025-02-28T00:00:00/2026-02-27T00:00:00" } }, "fact-435": { "value": "
Assets held for sale
Non-current assets and disposal groups are classified as held for sale only if available
for immediate sale in their present condition and a sale is highly probable and expected
to be completed within one year from the date of classification.
Such assets are measured at the lower of carrying amount and fair value, less the cost
of disposal, and are not depreciated or amortised.
In accordance with IFRS 5 Non-current Assets Held for Sale and Discontinued Operations,
the net results of discontinued operations are presented separately in the consolidated
income statement.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2025-02-28T00:00:00/2026-02-27T00:00:00" } }, "fact-489": { "value": "Assets held for sale Non-current assets and disposal groups are classified as held for sale only if available for immediate sale in their present condition and a sale is highly probable and expected to be completed within one year from the date of classification. Such assets are measured at the lower of carrying amount and fair value, less the cost of disposal, and are not depreciated or amortised. In accordance with IFRS 5 Non-current Assets Held for Sale and Discontinued Operations, the net results of discontinued operations are presented separately in the consolidated income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2025-02-28T00:00:00/2026-02-27T00:00:00" } }, "fact-436": { "value": "
Inventories
Inventories are stated at the lower of cost and net realisable value. Cost is calculated on the
basis of first in, first out and net realisable value is the estimated selling price less any costs
to sell.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2025-02-28T00:00:00/2026-02-27T00:00:00" } }, "fact-437": { "value": "
Provisions
Provisions are recognised when the Group has a present legal or constructive obligation as
a result of a past event, it is probable that an outflow of resources will be required to settle
the obligation and a reliable estimate can be made of the amount of the obligation.
Provisions are discounted to present value, using a pre-tax discount rate that reflects
current market assessments of the time value of money and the risks specific to the liability.
The amortisation of the discount is recognised as a finance cost.
Onerous contracts
Present obligations arising under onerous contracts are recognised and measured as
provisions. An onerous contract is considered to exist where the Group has a contract
under which the unavoidable costs of meeting the obligations under the contract exceed
the economic benefits expected to be received under it.
Restructuring costs
A restructuring provision is recognised when the Group has developed a detailed formal
plan and has raised a valid expectation, in those affected, that it will carry out the restructuring
by starting to implement the plan or announcing its main features to those affected by it.
The measurement of a restructuring provision includes only the direct expenditures arising
from the restructuring, which are those amounts that are both necessarily entailed by the
restructuring and not associated with the ongoing activities of the entity.
Property-related remediation The Group recognises provisions for property-related remediation where it has a present obligation, it is probable that an outflow will be required and a reliable estimate can be made, with amounts measured at the best estimate of expected remediation costs. Matters not meeting these criteria remain as contingent liabilities. While the Group seeks to recover costs from original developers or other responsible parties, no asset is recognised until recovery is virtually certain. The Group has previously disclosed as contingent liabilities property-related topics in relation to Fire Safety (including Cladding Materials) which it has now provided for known items and therefore does not continue to disclose these matters further in the Notes to the consolidated financial statements. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2025-02-28T00:00:00/2026-02-27T00:00:00" } }, "fact-490": { "value": "Property-related remediation The Group recognises provisions for property-related remediation where it has a present obligation, it is probable that an outflow will be required and a reliable estimate can be made, with amounts measured at the best estimate of expected remediation costs. Matters not meeting these criteria remain as contingent liabilities. While the Group seeks to recover costs from original developers or other responsible parties, no asset is recognised until recovery is virtually certain. The Group has previously disclosed as contingent liabilities property-related topics in relation to Fire Safety (including Cladding Materials) which it has now provided for known items and therefore does not continue to disclose these matters further in the Notes to the consolidated financial statements. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDecommissioningRestorationAndRehabilitationProvisionsExplanatory", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2025-02-28T00:00:00/2026-02-27T00:00:00" } }, "fact-439": { "value": "Adjusting items and use of alternative performance measures We use a range of measures to monitor the financial performance of the Group. These measures include both statutory measures in accordance with IFRS and alternative performance measures (APMs) which are consistent with the way the business performance is measured internally by the Board and Executive Committee. A glossary of APMs and reconciliations to statutory measures is given on pages 227 to 233. The term \u2018adjusted profit\u2019 is not defined under IFRS and may not be directly comparable with adjusted profit measures used by other companies. It is not intended to be a substitute for, or superior to, statutory measures of profit. Adjusted measures of profitability are non-IFRS because they exclude amounts that are included in, or include amounts that are excluded from, the most directly comparable measure calculated and presented in accordance with IFRS. The Group makes certain adjustments to the statutory profit measures in order to derive many of its APMs. The Group\u2019s policy is to exclude items that are considered to be significant in nature and quantum, not in the normal course of business or are consistent with items that were treated as adjusting in prior periods or that span multiple financial periods. Treatment as an adjusting item provides users of the accounts with additional useful information to assess the year-on-year trading performance of the Group. On this basis, the following are examples of items that may be classified as adjusting items: \u2022 net charges associated with the strategic review of the Group\u2019s hotel and restaurant property estate; \u2022 significant restructuring costs and other associated costs arising from strategy changes that are not considered by the Group to be part of the normal operating costs of the business; \u2022 significant pension charges arising as a result of the changes to UK defined benefit scheme practices; \u2022 net impairment and related charges for sites which are/were underperforming that are considered to be significant in nature and/or value to the trading performance of the business; \u2022 costs in relation to non-trading legacy sites which are deemed to be significant and not reflective of the Group\u2019s ongoing trading results; \u2022 transformation and change costs associated with the implementation of the Group\u2019s IT strategic programme; \u2022 profit or loss on the sale of a business or investment, and the associated cost impact on the continuing business from the sale of the business or investment; \u2022 acquisition costs incurred as part of a business combination or other strategic asset acquisitions; \u2022 amortisation of intangible assets recognised as part of a business combination or other transaction outside of the ordinary course of business; and \u2022 tax settlements in respect of prior years, including the related interest and the impact of changes in the statutory tax rate, the inclusion of which would distort year-on-year comparability, as well as the tax impact of the adjusting items identified above. The Group income statement is presented in a columnar format to enable users of the accounts to see the Group\u2019s performance before adjusting items, the adjusting items and the statutory total on a line-by-line basis. The Directors believe that the adjusted profit and earnings per share measures provide additional useful information to shareholders on the performance of the business. These measures are consistent with how business performance is measured internally by the Board and Executive Committee. ", "dimensions": { "concept": "whitbreadplc:DesciptionOfAccountingPolicyForAdjustingItemsAndUseOfAlternativePerformanceMeasures", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2025-02-28T00:00:00/2026-02-27T00:00:00" } }, "fact-438": { "value": "Foreign currency translation Monetary assets and liabilities denominated in foreign currencies are translated into functional currency at the rates of exchange quoted at the balance sheet date. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates as at the dates of the initial transactions. Day-to-day transactions in a foreign currency are recorded in the functional currency at an average rate for the month in which those transactions take place, which is used as a reasonable approximation to the actual transaction rate. Translation differences on monetary items are taken to the consolidated income statement. A number of subsidiaries within the Group have a non-sterling functional currency. The financial performance and end position of these entities are translated into sterling in the consolidated financial statements. Balance sheet items are translated at the rate applicable at the balance sheet date. Transactions reported in the consolidated income statement are translated using an average rate for the month in which they occur. The differences that arise from translating the results of foreign entities at average rates of exchange, and their assets and liabilities at closing rates, are dealt with in a separate component of equity. On disposal of a foreign entity, the deferred cumulative amount recognised in equity relating to that particular foreign operation is recognised in the consolidated income statement. All other currency gains and losses are dealt with in the income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2025-02-28T00:00:00/2026-02-27T00:00:00" } }, "fact-440": { "value": "Revenue recognition Revenue is recognised at an amount that reflects the consideration to which the Group expects to be entitled in exchange for transferring goods or services to a customer. Consideration is net of discounts, allowances for customer loyalty and other promotional activities and amounts collected on behalf of other parties, such as value added tax. Revenue includes duties which the Group pays as principal. The Group has analysed its business activities and applied the five-step model prescribed by IFRS 15 Revenue from Contracts with Customers to each material line of business, as outlined below: Sale of accommodation The contract to provide accommodation is established when the customer books accommodation. The performance obligation is to provide the right to use accommodation for a given number of nights, and the transaction price is the room rate for each night determined at the time of booking. The performance obligation is met when the customer is given the right to use the accommodation, and so revenue is recognised for each night as it takes place, at the room rate for that night. Sale of food and beverage The contract is established when the customer orders the food or beverage item and the performance obligation is the provision of food and beverage by the outlet. The performance obligation is satisfied when the food and beverage are delivered to the customer, and revenue is recognised at this point at the price for the items purchased. Where payment is made on the same day there are no contract assets or liabilities. Payment terms Customers may pay in advance for accommodation, food and beverage. In this case the Group has received consideration for services not yet provided. This is treated as a contract liability, net of VAT, until the performance obligation is met. The Group has taken advantage of the practical expedient in IFRS 15 to not adjust the consideration for the effects of a financing component as the period between payment and the performance obligation is less than one year. Payment terms for corporate customers are generally 30 days with amounts recorded in trade and other receivables once the performance obligations have been met. Contract costs The Group applies the practical expedient in paragraph 94 of IFRS 15 and consequently contract costs incurred related to contracts with an amortisation period of less than one year have been expensed as incurred.
Variable consideration
The Group makes an estimate, based on historical information, of amounts that will be
refunded to customers. The refund liability represents variable consideration under IFRS 15
with revenue recognised reduced by this amount and a corresponding liability recognised
in other payables in the consolidated balance sheet.
Certain restaurants within the Group offer customer loyalty programmes where the
customer can earn vouchers for historic purchases which are redeemable as discounts
on future purchases. The loyalty points issued by the Group are a separate performance
obligation providing a material right to a future discount. The sales price of goods is allocated
to the loyalty points and the goods sold based on their relative standalone selling prices,
with the loyalty points, standalone price based on the value of the points to the customer,
adjusted for expected redemption rates. The amount allocated to loyalty points is deferred
as a contract liability within trade and other payables. Revenue is recognised as the points
are redeemed by the customer.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2025-02-28T00:00:00/2026-02-27T00:00:00" } }, "fact-441": { "value": "
Finance income
Interest income is recognised as the interest accrues, using the effective interest method.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2025-02-28T00:00:00/2026-02-27T00:00:00" } }, "fact-491": { "value": "Finance income Interest income is recognised as the interest accrues, using the effective interest method. Finance costs Borrowing costs are recognised as an expense in the period in which they are incurred, except for gross interest costs incurred on the financing of major projects, which are capitalised until the time that the projects are available for use. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2025-02-28T00:00:00/2026-02-27T00:00:00" } }, "fact-442": { "value": "
Finance costs
Borrowing costs are recognised as an expense in the period in which they are incurred,
except for gross interest costs incurred on the financing of major projects, which are
capitalised until the time that the projects are available for use.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2025-02-28T00:00:00/2026-02-27T00:00:00" } }, "fact-529": { "value": "Finance costs Borrowing costs are recognised as an expense in the period in which they are incurred, except for gross interest costs incurred on the financing of major projects, which are capitalised until the time that the projects are available for use. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2025-02-28T00:00:00/2026-02-27T00:00:00" } }, "fact-443": { "value": "
Retirement benefits
In respect of the defined benefit pension scheme, the surplus recognised in the consolidated
balance sheet represents the fair value of scheme assets, reduced by the present value of
the defined benefit obligation. Where the calculation results in a surplus to the Group, the
recognised asset is limited to the present value of any future available refunds from the plan.
The cost of providing benefits is determined using the projected unit credit actuarial valuation
method. Remeasurements are recognised in full in the period in which they occur in the
statement of comprehensive income and are not reclassified to the consolidated income
statement in subsequent periods.
For defined benefit plans, the employer\u2019s portion of the past and current service
cost is charged to operating profit, with net interest costs reported within finance costs.
In addition, all administration costs, other than those relating to the management of plan
assets or taxes payable by the plan itself, are charged as incurred to operating costs in the
consolidated income statement. Net interest is calculated by applying the opening discount
rate to the opening net defined benefit obligation, taking into account the expected
contributions and benefits paid.
Curtailments and settlements relating to the Group\u2019s defined benefit plan are recognised
in the period in which the curtailment or settlement occurs.
Payments to defined contribution pension schemes are charged as an expense as they fall due.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2025-02-28T00:00:00/2026-02-27T00:00:00" } }, "fact-445": { "value": "Equity-settled transactions Certain employees and Directors of the Group receive equity-settled remuneration in the form of share-based payment transactions, whereby employees render services in exchange for shares or rights over shares. The cost of these equity-settled transactions is measured by reference to the fair value, determined using a stochastic model, at the date at which they are granted. The cost of equity-settled transactions is recognised, together with a corresponding increase in equity, over the period in which the performance conditions or non-vesting conditions are fulfilled, ending on the relevant vesting date. Except for awards subject to market-related conditions for vesting, the cumulative expense recognised for equity-settled transactions, at each reporting date until the vesting date, reflects the extent to which the vesting period has expired, and is adjusted to reflect the management\u2019s best available estimate of the number of equity instruments that will ultimately vest. The income statement charge or credit for a period represents the movement in cumulative expense recognised as at the beginning and end of that period. If options are subject to market-related conditions, awards are not cumulatively adjusted for the likelihood of these targets being met. Instead, these conditions are included in the fair value of the awards. Where an equity-settled award is cancelled, it is treated as if it had vested on the date of cancellation, and any expense not yet recognised for the award is recognised immediately. Where an equity-settled award is forfeited, the related expense recognised to date is reversed. Where an equity-settled award is replaced by newly granted instruments, these are accounted for as a modification of the existing award. When the terms of an equity-settled award are modified, the minimum expense recognised is the grant date fair value of the unmodified award, provided the original vesting terms of the award are met. An additional expense, measured as at the date of modification, is recognised for any modification that increases the total fair value of the share-based payment transaction, or is otherwise beneficial to the employee. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2025-02-28T00:00:00/2026-02-27T00:00:00" } }, "fact-494": { "value": "Tax The income tax charge represents both the income tax payable, based on profit for the year, and deferred income tax. Deferred income tax is recognised in full, using the liability method, in respect of temporary differences between the tax base of the Group\u2019s assets and liabilities and their carrying amounts that have originated but have not been reversed by the balance sheet date. No deferred tax is recognised if the temporary difference arises from the initial recognition of goodwill, or the initial recognition of an asset or liability, in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss. Deferred income tax is recognised in respect of taxable temporary differences associated with investments in joint ventures, except where the timing of the reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future. Deferred income tax assets are recognised to the extent that it is probable that taxable profit will be available against which the deductible temporary differences or unused tax losses can be utilised. The carrying amount of deferred income tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all, or part of, the deferred income tax asset to be utilised. Deferred income tax assets and liabilities are measured at the tax rates that are expected to apply in the year when the asset is realised or the liability is settled, based on tax rates that have been enacted or substantively enacted at the balance sheet date. Income tax is charged or credited to other comprehensive income if it relates to items that are charged or credited to other comprehensive income. Similarly, income tax is charged or credited directly to equity if it relates to items that are charged or credited directly to equity. Otherwise, income tax is recognised in the consolidated income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2025-02-28T00:00:00/2026-02-27T00:00:00" } }, "fact-447": { "value": "Tax The income tax charge represents both the income tax payable, based on profit for the year, and deferred income tax. Deferred income tax is recognised in full, using the liability method, in respect of temporary differences between the tax base of the Group\u2019s assets and liabilities and their carrying amounts that have originated but have not been reversed by the balance sheet date. No deferred tax is recognised if the temporary difference arises from the initial recognition of goodwill, or the initial recognition of an asset or liability, in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss. Deferred income tax is recognised in respect of taxable temporary differences associated with investments in joint ventures, except where the timing of the reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future. Deferred income tax assets are recognised to the extent that it is probable that taxable profit will be available against which the deductible temporary differences or unused tax losses can be utilised. The carrying amount of deferred income tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all, or part of, the deferred income tax asset to be utilised. Deferred income tax assets and liabilities are measured at the tax rates that are expected to apply in the year when the asset is realised or the liability is settled, based on tax rates that have been enacted or substantively enacted at the balance sheet date. Income tax is charged or credited to other comprehensive income if it relates to items that are charged or credited to other comprehensive income. Similarly, income tax is charged or credited directly to equity if it relates to items that are charged or credited directly to equity. Otherwise, income tax is recognised in the consolidated income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2025-02-28T00:00:00/2026-02-27T00:00:00" } }, "fact-492": { "value": "Investments in joint ventures Investments in joint arrangements are classified as either joint operations or joint ventures depending on the contractual rights and obligations of each investor. The Group has assessed the nature of its joint arrangements and determined them to be joint ventures. The Group\u2019s investments in joint ventures are accounted for using the equity method. Under the equity method, the investment in a joint venture is initially recognised at cost. The carrying amount of the investment is adjusted to recognise changes in the Group\u2019s share of net assets of the joint venture since the acquisition date. Goodwill relating to joint ventures is included in the carrying amount of the investment. The consolidated income statement reflects the Group\u2019s share of the results of operations of the joint ventures. Any change in other comprehensive income of those investees is presented as part of the Group\u2019s consolidated statement of comprehensive income. Unrealised gains and losses resulting from transactions between the Group and the joint ventures are eliminated to the extent of the interest in the joint venture. When necessary, adjustments are made to bring the accounting policies in line with those of the Group. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2025-02-28T00:00:00/2026-02-27T00:00:00" } }, "fact-444": { "value": "Investments in joint ventures Investments in joint arrangements are classified as either joint operations or joint ventures depending on the contractual rights and obligations of each investor. The Group has assessed the nature of its joint arrangements and determined them to be joint ventures. The Group\u2019s investments in joint ventures are accounted for using the equity method. Under the equity method, the investment in a joint venture is initially recognised at cost. The carrying amount of the investment is adjusted to recognise changes in the Group\u2019s share of net assets of the joint venture since the acquisition date. Goodwill relating to joint ventures is included in the carrying amount of the investment. The consolidated income statement reflects the Group\u2019s share of the results of operations of the joint ventures. Any change in other comprehensive income of those investees is presented as part of the Group\u2019s consolidated statement of comprehensive income. Unrealised gains and losses resulting from transactions between the Group and the joint ventures are eliminated to the extent of the interest in the joint venture. When necessary, adjustments are made to bring the accounting policies in line with those of the Group. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2025-02-28T00:00:00/2026-02-27T00:00:00" } }, "fact-446": { "value": "Financial assets Trade receivables and contract assets Trade receivables and contract assets are initially measured at fair value. Subsequently they are measured at amortised cost as the objective of the business model is to hold the assets to collect contractual cash flows and the contractual terms of the asset give rise to cash flows on specified dates, which are solely payments of principal and interest. In line with the IFRS 9 Financial Instruments \u2018simplified approach\u2019, the Group segments its trade receivables and contract assets based on shared characteristics and recognises a loss allowance for the lifetime expected credit loss for each segment. The expected credit loss is based on the Group\u2019s historical credit loss experience, adjusted for factors that are specific to the debtors, general economic conditions and an assessment of the current and forecast conditions at the reporting date. Credit impaired financial assets A financial asset is credit impaired when one or more events that have a detrimental impact on the estimated future cash flows of that financial asset have occurred, such as significant financial difficulty of the debtor or default by the debtor. The Group writes off a financial asset where there is no realistic prospect of recovery. Credit losses are recorded within operating costs in the consolidated income statement. Cash and cash equivalents Cash and cash equivalents comprise cash at bank, cash in hand, and deposits (including money market funds) which are short term, highly liquid and not at significant risk of changes in value. Recognition and derecognition The recognition of financial assets occurs when the Group becomes party to the contractual provisions of the instrument. The Group derecognises a financial asset only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership of the asset to another entity. Derivatives and hedging The Group enters into derivative transactions to manage its exposure to interest rate, foreign exchange rate and power commodity price risks. Derivatives are recognised initially at fair value on the date the contract is entered into and subsequently remeasured to their fair value at each reporting date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship. A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability. Derivatives are not offset in the financial statements unless the Group has both the legal right and intention to offset. A derivative is presented as a non-current asset or a non-current liability if the remaining maturity of the instrument is more than 12 months and is not expected to be realised or settled within 12 months. Other derivatives are presented as current assets or current liabilities. The Group designates certain derivatives as hedging instruments in respect of interest rate, foreign currency and power commodity price risks as either fair value hedges or cash flow hedges. Hedges of foreign exchange risk on firm commitments are accounted for as cash flow hedges. At the inception of the hedge relationship, the Group documents the relationship between the hedging instrument and the hedged item, along with its Risk Management objectives and its strategy for undertaking various hedge transactions. The Group documents whether the hedging instrument is effective in offsetting the hedged risk, by confirming that: \u2022 there is an economic relationship between hedged items and the hedging instrument; \u2022 the effect of credit risk does not dominate the value changes that result from that economic relationship; and \u2022 the planned ratio of hedge:hedge item is the same as the actual ratio of hedge:hedge item. The fair value change on qualifying fair value hedges is recognised in profit or loss. Cash flow hedges The effective portion of changes in the fair value of derivatives that are designated as cash flow hedges is recognised in other comprehensive income and accumulated under the cash flow hedging reserve. Any gain or loss relating to the ineffective portion of the hedge is recognised immediately in profit or loss. Amounts previously recognised in other comprehensive income and accumulated in equity are reclassified to profit or loss in the periods when the hedged item affects profit or loss, in the same line as the recognised hedged item. The Group discontinues hedge accounting when the hedge relationship ceases to meet the qualifying criteria, or when the hedging instrument expires, is sold, terminated or exercised. Hedges of a net investment Hedges of a net investment in a foreign operation, including a hedge of a monetary item that is accounted for as part of the net investment, are accounted for in a way similar to cash flow hedges. Gains or losses on the hedging instrument relating to the effective portion of the hedge are recognised in other comprehensive income while any gains or losses relating to the ineffective portion are recognised in the statement of profit or loss. On disposal of the foreign operation, the cumulative value of any such gains or losses recorded in equity is transferred to the consolidated income statement. The Group uses a cross-currency swap as a hedge of its exposure to foreign exchange risk on its investments in foreign subsidiaries. Refer to Note 25 for more details. Fair value hedges Derivative financial instruments are classified as fair value hedges when they hedge the Group\u2019s exposure to changes in the fair value of a recognised asset or liability. Changes in the fair value of derivatives that are designated as fair value hedges are recognised in the Group income statement within finance income or costs, offset with any changes in the fair value of the hedged item that is attributable to the hedged risk. If the hedge no longer meets the criteria for hedge accounting, the adjustment to the carrying amount of a hedged item is amortised to the Group income statement over the remaining period to maturity Offsetting financial instruments Financial assets and liabilities are offset, and the net amount reported in the Group balance sheet when there is a current legally enforceable right to offset the recognised amounts and there is an intention to settle on a net basis or realise the asset and settle the liability simultaneously . Financial liabilities Debt and equity instruments are classified as financial liabilities or equity in accordance with the substance of the contractual arrangements. Financial liabilities are measured at amortised cost using the effective interest rate method unless they are required to be measured at fair value through profit or loss or the Group has opted to measure them at fair value through the profit or loss. The effective interest rate method calculates the amortised cost of a financial liability and allocates interest expense to the relevant period. Borrowings Borrowings are initially recognised at the fair value of the consideration received, net of any directly associated issue costs. Borrowings are subsequently recorded at amortised cost, with any difference between the amount initially recorded and the redemption value recognised in the consolidated income statement using the effective interest method. Recognition and derecognition The recognition of liabilities occurs when the Group becomes party to the contractual provisions of the instrument. The derecognition of financial liabilities occurs when the obligation under the liability is discharged, cancelled or expires. When the Group exchanges with the existing lender one debt instrument into another one with the substantially different terms, such exchange is accounted for as an extinguishment of the original financial liability and the recognition of a new financial liability. Share buy-back transactions Shares purchased for cancellation are deducted from retained earnings. The Group uses irrevocable closed period buy-back programmes. A liability to purchase shares is recognised at inception of the programme with any subsequent reduction in the obligation credited back to retained earnings at the end of the programme. Share capital is reduced and credited to the capital redemption reserve once shares are cancelled, maintaining non-distributable reserves. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2025-02-28T00:00:00/2026-02-27T00:00:00" } }, "fact-530": { "value": "Financial assets Trade receivables and contract assets Trade receivables and contract assets are initially measured at fair value. Subsequently they are measured at amortised cost as the objective of the business model is to hold the assets to collect contractual cash flows and the contractual terms of the asset give rise to cash flows on specified dates, which are solely payments of principal and interest. In line with the IFRS 9 Financial Instruments \u2018simplified approach\u2019, the Group segments its trade receivables and contract assets based on shared characteristics and recognises a loss allowance for the lifetime expected credit loss for each segment. The expected credit loss is based on the Group\u2019s historical credit loss experience, adjusted for factors that are specific to the debtors, general economic conditions and an assessment of the current and forecast conditions at the reporting date. Credit impaired financial assets A financial asset is credit impaired when one or more events that have a detrimental impact on the estimated future cash flows of that financial asset have occurred, such as significant financial difficulty of the debtor or default by the debtor. The Group writes off a financial asset where there is no realistic prospect of recovery. Credit losses are recorded within operating costs in the consolidated income statement. Cash and cash equivalents Cash and cash equivalents comprise cash at bank, cash in hand, and deposits (including money market funds) which are short term, highly liquid and not at significant risk of changes in value. Recognition and derecognition The recognition of financial assets occurs when the Group becomes party to the contractual provisions of the instrument. The Group derecognises a financial asset only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership of the asset to another entity. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2025-02-28T00:00:00/2026-02-27T00:00:00" } }, "fact-493": { "value": "Trade receivables and contract assets Trade receivables and contract assets are initially measured at fair value. Subsequently they are measured at amortised cost as the objective of the business model is to hold the assets to collect contractual cash flows and the contractual terms of the asset give rise to cash flows on specified dates, which are solely payments of principal and interest. In line with the IFRS 9 Financial Instruments \u2018simplified approach\u2019, the Group segments its trade receivables and contract assets based on shared characteristics and recognises a loss allowance for the lifetime expected credit loss for each segment. The expected credit loss is based on the Group\u2019s historical credit loss experience, adjusted for factors that are specific to the debtors, general economic conditions and an assessment of the current and forecast conditions at the reporting date. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2025-02-28T00:00:00/2026-02-27T00:00:00" } }, "fact-495": { "value": "
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank, cash in hand, and deposits (including
money market funds) which are short term, highly liquid and not at significant risk of
changes in value.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2025-02-28T00:00:00/2026-02-27T00:00:00" } }, "fact-497": { "value": "Recognition and derecognition The recognition of financial assets occurs when the Group becomes party to the contractual provisions of the instrument. The Group derecognises a financial asset only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership of the asset to another entity. Recognition and derecognition The recognition of liabilities occurs when the Group becomes party to the contractual provisions of the instrument. The derecognition of financial liabilities occurs when the obligation under the liability is discharged, cancelled or expires. When the Group exchanges with the existing lender one debt instrument into another one with the substantially different terms, such exchange is accounted for as an extinguishment of the original financial liability and the recognition of a new financial liability. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2025-02-28T00:00:00/2026-02-27T00:00:00" } }, "fact-496": { "value": "
Derivatives and hedging
The Group enters into derivative transactions to manage its exposure to interest rate,
foreign exchange rate and power commodity price risks.
Derivatives are recognised initially at fair value on the date the contract is entered into
and subsequently remeasured to their fair value at each reporting date. The resulting gain
or loss is recognised in profit or loss immediately unless the derivative is designated and
effective as a hedging instrument, in which event the timing of the recognition in profit
or loss depends on the nature of the hedge relationship.
A derivative with a positive fair value is recognised as a financial asset, whereas a derivative
with a negative fair value is recognised as a financial liability. Derivatives are not offset in
the financial statements unless the Group has both the legal right and intention to offset.
A derivative is presented as a non-current asset or a non-current liability if the remaining
maturity of the instrument is more than 12 months and is not expected to be realised or
settled within 12 months. Other derivatives are presented as current assets or current liabilities.
The Group designates certain derivatives as hedging instruments in respect of interest rate,
foreign currency and power commodity price risks as either fair value hedges or cash flow
hedges. Hedges of foreign exchange risk on firm commitments are accounted for as cash
flow hedges.
At the inception of the hedge relationship, the Group documents the relationship between the hedging instrument and the hedged item, along with its Risk Management objectives and its strategy for undertaking various hedge transactions. The Group documents whether the hedging instrument is effective in offsetting the hedged risk, by confirming that: \u2022 there is an economic relationship between hedged items and the hedging instrument; \u2022 the effect of credit risk does not dominate the value changes that result from that economic relationship; and \u2022 the planned ratio of hedge:hedge item is the same as the actual ratio of hedge:hedge item. The fair value change on qualifying fair value hedges is recognised in profit or loss. Cash flow hedges The effective portion of changes in the fair value of derivatives that are designated as cash flow hedges is recognised in other comprehensive income and accumulated under the cash flow hedging reserve. Any gain or loss relating to the ineffective portion of the hedge is recognised immediately in profit or loss. Amounts previously recognised in other comprehensive income and accumulated in equity are reclassified to profit or loss in the periods when the hedged item affects profit or loss, in the same line as the recognised hedged item. The Group discontinues hedge accounting when the hedge relationship ceases to meet the qualifying criteria, or when the hedging instrument expires, is sold, terminated or exercised. Hedges of a net investment Hedges of a net investment in a foreign operation, including a hedge of a monetary item that is accounted for as part of the net investment, are accounted for in a way similar to cash flow hedges. Gains or losses on the hedging instrument relating to the effective portion of the hedge are recognised in other comprehensive income while any gains or losses relating to the ineffective portion are recognised in the statement of profit or loss. On disposal of the foreign operation, the cumulative value of any such gains or losses recorded in equity is transferred to the consolidated income statement. The Group uses a cross-currency swap as a hedge of its exposure to foreign exchange risk on its investments in foreign subsidiaries. Refer to Note 25 for more details. Fair value hedges Derivative financial instruments are classified as fair value hedges when they hedge the Group\u2019s exposure to changes in the fair value of a recognised asset or liability. Changes in the fair value of derivatives that are designated as fair value hedges are recognised in the Group income statement within finance income or costs, offset with any changes in the fair value of the hedged item that is attributable to the hedged risk. If the hedge no longer meets the criteria for hedge accounting, the adjustment to the carrying amount of a hedged item is amortised to the Group income statement over the remaining period to maturity Financial assets and liabilities are offset, and the net amount reported in the Group balance sheet when there is a current legally enforceable right to offset the recognised amounts and there is an intention to settle on a net basis or realise the asset and settle the liability simultaneously . ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2025-02-28T00:00:00/2026-02-27T00:00:00" } }, "fact-547": { "value": "Derivatives and hedging The Group enters into derivative transactions to manage its exposure to interest rate, foreign exchange rate and power commodity price risks. Derivatives are recognised initially at fair value on the date the contract is entered into and subsequently remeasured to their fair value at each reporting date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship. A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability. Derivatives are not offset in the financial statements unless the Group has both the legal right and intention to offset. A derivative is presented as a non-current asset or a non-current liability if the remaining maturity of the instrument is more than 12 months and is not expected to be realised or settled within 12 months. Other derivatives are presented as current assets or current liabilities. The Group designates certain derivatives as hedging instruments in respect of interest rate, foreign currency and power commodity price risks as either fair value hedges or cash flow hedges. Hedges of foreign exchange risk on firm commitments are accounted for as cash flow hedges. At the inception of the hedge relationship, the Group documents the relationship between the hedging instrument and the hedged item, along with its Risk Management objectives and its strategy for undertaking various hedge transactions. The Group documents whether the hedging instrument is effective in offsetting the hedged risk, by confirming that: \u2022 there is an economic relationship between hedged items and the hedging instrument; \u2022 the effect of credit risk does not dominate the value changes that result from that economic relationship; and \u2022 the planned ratio of hedge:hedge item is the same as the actual ratio of hedge:hedge item. The fair value change on qualifying fair value hedges is recognised in profit or loss. Cash flow hedges The effective portion of changes in the fair value of derivatives that are designated as cash flow hedges is recognised in other comprehensive income and accumulated under the cash flow hedging reserve. Any gain or loss relating to the ineffective portion of the hedge is recognised immediately in profit or loss. Amounts previously recognised in other comprehensive income and accumulated in equity are reclassified to profit or loss in the periods when the hedged item affects profit or loss, in the same line as the recognised hedged item. The Group discontinues hedge accounting when the hedge relationship ceases to meet the qualifying criteria, or when the hedging instrument expires, is sold, terminated or exercised. Hedges of a net investment Hedges of a net investment in a foreign operation, including a hedge of a monetary item that is accounted for as part of the net investment, are accounted for in a way similar to cash flow hedges. Gains or losses on the hedging instrument relating to the effective portion of the hedge are recognised in other comprehensive income while any gains or losses relating to the ineffective portion are recognised in the statement of profit or loss. On disposal of the foreign operation, the cumulative value of any such gains or losses recorded in equity is transferred to the consolidated income statement. The Group uses a cross-currency swap as a hedge of its exposure to foreign exchange risk on its investments in foreign subsidiaries. Refer to Note 25 for more details. Fair value hedges Derivative financial instruments are classified as fair value hedges when they hedge the Group\u2019s exposure to changes in the fair value of a recognised asset or liability. Changes in the fair value of derivatives that are designated as fair value hedges are recognised in the Group income statement within finance income or costs, offset with any changes in the fair value of the hedged item that is attributable to the hedged risk. If the hedge no longer meets the criteria for hedge accounting, the adjustment to the carrying amount of a hedged item is amortised to the Group income statement over the remaining period to maturity Offsetting financial instruments Financial assets and liabilities are offset, and the net amount reported in the Group balance sheet when there is a current legally enforceable right to offset the recognised amounts and there is an intention to settle on a net basis or realise the asset and settle the liability simultaneously . ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2025-02-28T00:00:00/2026-02-27T00:00:00" } }, "fact-531": { "value": "Derivatives and hedging The Group enters into derivative transactions to manage its exposure to interest rate, foreign exchange rate and power commodity price risks. Derivatives are recognised initially at fair value on the date the contract is entered into and subsequently remeasured to their fair value at each reporting date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship. A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability. Derivatives are not offset in the financial statements unless the Group has both the legal right and intention to offset. A derivative is presented as a non-current asset or a non-current liability if the remaining maturity of the instrument is more than 12 months and is not expected to be realised or settled within 12 months. Other derivatives are presented as current assets or current liabilities. The Group designates certain derivatives as hedging instruments in respect of interest rate, foreign currency and power commodity price risks as either fair value hedges or cash flow hedges. Hedges of foreign exchange risk on firm commitments are accounted for as cash flow hedges. At the inception of the hedge relationship, the Group documents the relationship between the hedging instrument and the hedged item, along with its Risk Management objectives and its strategy for undertaking various hedge transactions. The Group documents whether the hedging instrument is effective in offsetting the hedged risk, by confirming that: \u2022 there is an economic relationship between hedged items and the hedging instrument; \u2022 the effect of credit risk does not dominate the value changes that result from that economic relationship; and \u2022 the planned ratio of hedge:hedge item is the same as the actual ratio of hedge:hedge item. The fair value change on qualifying fair value hedges is recognised in profit or loss. Cash flow hedges The effective portion of changes in the fair value of derivatives that are designated as cash flow hedges is recognised in other comprehensive income and accumulated under the cash flow hedging reserve. Any gain or loss relating to the ineffective portion of the hedge is recognised immediately in profit or loss. Amounts previously recognised in other comprehensive income and accumulated in equity are reclassified to profit or loss in the periods when the hedged item affects profit or loss, in the same line as the recognised hedged item. The Group discontinues hedge accounting when the hedge relationship ceases to meet the qualifying criteria, or when the hedging instrument expires, is sold, terminated or exercised. Hedges of a net investment Hedges of a net investment in a foreign operation, including a hedge of a monetary item that is accounted for as part of the net investment, are accounted for in a way similar to cash flow hedges. Gains or losses on the hedging instrument relating to the effective portion of the hedge are recognised in other comprehensive income while any gains or losses relating to the ineffective portion are recognised in the statement of profit or loss. On disposal of the foreign operation, the cumulative value of any such gains or losses recorded in equity is transferred to the consolidated income statement. The Group uses a cross-currency swap as a hedge of its exposure to foreign exchange risk on its investments in foreign subsidiaries. Refer to Note 25 for more details. Fair value hedges Derivative financial instruments are classified as fair value hedges when they hedge the Group\u2019s exposure to changes in the fair value of a recognised asset or liability. Changes in the fair value of derivatives that are designated as fair value hedges are recognised in the Group income statement within finance income or costs, offset with any changes in the fair value of the hedged item that is attributable to the hedged risk. If the hedge no longer meets the criteria for hedge accounting, the adjustment to the carrying amount of a hedged item is amortised to the Group income statement over the remaining period to maturity Offsetting financial instruments Financial assets and liabilities are offset, and the net amount reported in the Group balance sheet when there is a current legally enforceable right to offset the recognised amounts and there is an intention to settle on a net basis or realise the asset and settle the liability simultaneously ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2025-02-28T00:00:00/2026-02-27T00:00:00" } }, "fact-532": { "value": "Financial liabilities Debt and equity instruments are classified as financial liabilities or equity in accordance with the substance of the contractual arrangements. Financial liabilities are measured at amortised cost using the effective interest rate method unless they are required to be measured at fair value through profit or loss or the Group has opted to measure them at fair value through the profit or loss. The effective interest rate method calculates the amortised cost of a financial liability and allocates interest expense to the relevant period. Borrowings Borrowings are initially recognised at the fair value of the consideration received, net of any directly associated issue costs. Borrowings are subsequently recorded at amortised cost, with any difference between the amount initially recorded and the redemption value recognised in the consolidated income statement using the effective interest method. Recognition and derecognition The recognition of liabilities occurs when the Group becomes party to the contractual provisions of the instrument. The derecognition of financial liabilities occurs when the obligation under the liability is discharged, cancelled or expires. When the Group exchanges with the existing lender one debt instrument into another one with the substantially different terms, such exchange is accounted for as an extinguishment of the original financial liability and the recognition of a new financial liability. Share buy-back transactions Shares purchased for cancellation are deducted from retained earnings. The Group uses irrevocable closed period buy-back programmes. A liability to purchase shares is recognised at inception of the programme with any subsequent reduction in the obligation credited back to retained earnings at the end of the programme. Share capital is reduced and credited to the capital redemption reserve once shares are cancelled, maintaining non-distributable reserves. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2025-02-28T00:00:00/2026-02-27T00:00:00" } }, "fact-498": { "value": "Borrowings Borrowings are initially recognised at the fair value of the consideration received, net of any directly associated issue costs. Borrowings are subsequently recorded at amortised cost, with any difference between the amount initially recorded and the redemption value recognised in the consolidated income statement using the effective interest method. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2025-02-28T00:00:00/2026-02-27T00:00:00" } }, "fact-499": { "value": "Critical accounting judgements and key sources of estimation uncertainty The preparation of financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported as assets and liabilities at the balance sheet date and the amounts reported as revenues and expenses during the year. Although these amounts are based on management\u2019s best estimates, events or actions may mean that actual results ultimately differ from those estimates, and these differences may be material. These judgements and estimates and the underlying assumptions are reviewed regularly. The Group has considered the impact of climate-related risks on its financial performance and position, and although the impact represents an uncertainty, it is not considered to be material. Critical accounting judgements The following are the critical accounting judgements, apart from those involving estimations (dealt with separately below) that management has made in the process of applying the Group\u2019s accounting policies and which have the most significant effect on the amounts recognised in the financial statements. Adjusting items During the year certain items are identified and separately disclosed as adjusting items. Judgement is applied as to whether the item meets the necessary criteria as per the accounting policy disclosed earlier in this Note. This assessment covers the nature of the item, the cause of occurrence and the scale of impact of that item on reported performance. Reversals of previous adjusting items are assessed based on the same criteria. Note 6 provides information on all of the items disclosed as adjusting in the current year and comparative financial statements. Assets held for sale As per the accounting policy above assets are classified as held for sale only if the asset is available for immediate sale in its present condition and a sale is highly probable and expected to be completed within one year from the date of classification. As a result of the Group\u2019s Accelerating Growth Plan (AGP) the Group is actively marketing a significant number of sites. Judgement exists on a site-by-site basis as to whether the sale will complete within one year. In exercising its judgement, management has taken into consideration all available information including external market expert advice. Recognition of German deferred tax asset The Group, through its market entry in Germany, has generated tax losses that will be available for offset against future taxable profits. These losses have resulted in a material unrecognised deferred tax asset of \u00a377.3m (unrecognised tax losses carried forward of \u00a3284.7m (\u20ac325.5m)) at this balance sheet date (2024/25: \u00a380.9m). If the Group were to fully recognise the deferred tax asset in this financial year it would have the effect of reducing the Group\u2019s effective tax rate from 28.6% to 2.7%. The German reportable segment\u2019s results have continued to improve, with this forecast to continue in future reporting periods. However, the forecasts used to support whether sufficient positive evidence exists to recognise the deferred tax asset are instead based on the German taxable profits profile. Following this assessment, the Group has judged that at the balance sheet date there remains to be insufficient convincing other evidence, as required under IAS 12, that it will have sufficient taxable profits to realise the above deferred tax asset at this time. In July 2025, the German legislator substantively enacted a reduction to the corporate income tax rate by 1 percentage point per annum over a five-year period, commencing in 2028 and concluding in 2032. This phased reduction will lower the statutory corporate income tax rate from 15% to 10% by 2032. Trade taxes have not been amended and as a result the blended deferred tax rate applied to German losses under IAS 12 has reduced from 31.9% (2024/25) to 27.2% (2025/26). The unrecognised deferred tax asset above has been calculated accordingly. Key sources of estimation uncertainty The following are the key areas of estimation uncertainty that may have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year. Defined benefit pension Defined benefit pension plans are accounted for in accordance with actuarial advice using the projected unit credit method. The Group makes significant estimates in relation to the discount rates, mortality rates and inflation rates used to calculate the present value of the defined benefit obligation. Note 32 describes the assumptions used together with an analysis of the sensitivity to changes in key assumptions. Impairment testing \u2013 Property, plant and equipment and right-of-use assets The performance of the Group\u2019s impairment review requires management to make a number of judgements and estimates which are presented together below for ease of understanding but identified separately: Estimates within impairment testing: Inputs used to estimate value in use The estimate of value in use is most sensitive to the following inputs: \u2022 Forecast period cash flows \u2013 the initial five-year period\u2019s cash flows are drawn from the five-year business plan. \u2022 Discount rate \u2013 judgement is required in estimating the Weighted Average Cost of Capital (WACC) of a typical market participant and in assessing the specific country and currency risks associated with the Group. The rate used is adjusted for the Group\u2019s gearing, including equity, borrowings and lease liabilities. \u2022 Maturity profile of individual sites \u2013 judgement is required to estimate the time taken for sites to reach maturity and the sites\u2019 trading level once they are mature. Methodology used to estimate fair value Fair value is determined using a range of methods, including present value techniques using assumptions consistent with the value in use calculations and market multiple techniques using externally available data. To assess the fair value for disposal sites the Group has sought property expert valuations based on insight into specific local market factors. Judgements within impairment testing: Strategic impact on composition of CGUs The Group exercises judgement in assessing the impairment of assets identified for disposal, particularly when they do not yet meet the criteria for classification as held for sale under IFRS 5. For such individual assets, where their value is primarily expected to be realised through sale and cash flows from continuing use are negligible, the Group applies IAS 36 to impair them to their fair value less costs of disposal. This approach reflects that the economic value of these assets is predominantly derived from their impending sale, even if they form part of a larger cash-generating unit. Identification of indicators of impairment and reversal The Group assesses each of its CGUs for indicators of impairment or reversal at the end of each reporting period and, where there are indicators of impairment or reversal, management performs an impairment assessment. Useful economic life review \u2013 AGP site extensions and conversions Where site extensions or conversions are committed as part of Whitbread\u2019s Accelerating Growth Plan, the Group commences accelerated depreciation on assets that will no longer be used after the site redevelopment. The Group\u2019s key judgement here has been assessing that the trigger point for commitment to the extension or conversion is from the date that the site has both planning permission and an approved internal business case to proceed. From this point, the remaining useful life of affected assets is reassessed with an estimated end date aligned with when the asset will no longer be used. The resulting depreciation charge, along with any write-offs of similar assets that have been disposed of as at the balance sheet date, are treated as adjusting items. Key estimates and sensitivities for impairment of assets are disclosed in Note 14.", "dimensions": { "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2025-02-28T00:00:00/2026-02-27T00:00:00" } }, "fact-448": { "value": "Critical accounting judgements and key sources of estimation uncertainty The preparation of financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported as assets and liabilities at the balance sheet date and the amounts reported as revenues and expenses during the year. Although these amounts are based on management\u2019s best estimates, events or actions may mean that actual results ultimately differ from those estimates, and these differences may be material. These judgements and estimates and the underlying assumptions are reviewed regularly. The Group has considered the impact of climate-related risks on its financial performance and position, and although the impact represents an uncertainty, it is not considered to be material. Critical accounting judgements The following are the critical accounting judgements, apart from those involving estimations (dealt with separately below) that management has made in the process of applying the Group\u2019s accounting policies and which have the most significant effect on the amounts recognised in the financial statements. Adjusting items During the year certain items are identified and separately disclosed as adjusting items. Judgement is applied as to whether the item meets the necessary criteria as per the accounting policy disclosed earlier in this Note. This assessment covers the nature of the item, the cause of occurrence and the scale of impact of that item on reported performance. Reversals of previous adjusting items are assessed based on the same criteria. Note 6 provides information on all of the items disclosed as adjusting in the current year and comparative financial statements. Assets held for sale As per the accounting policy above assets are classified as held for sale only if the asset is available for immediate sale in its present condition and a sale is highly probable and expected to be completed within one year from the date of classification. As a result of the Group\u2019s Accelerating Growth Plan (AGP) the Group is actively marketing a significant number of sites. Judgement exists on a site-by-site basis as to whether the sale will complete within one year. In exercising its judgement, management has taken into consideration all available information including external market expert advice. Recognition of German deferred tax asset The Group, through its market entry in Germany, has generated tax losses that will be available for offset against future taxable profits. These losses have resulted in a material unrecognised deferred tax asset of \u00a377.3m (unrecognised tax losses carried forward of \u00a3284.7m (\u20ac325.5m)) at this balance sheet date (2024/25: \u00a380.9m). If the Group were to fully recognise the deferred tax asset in this financial year it would have the effect of reducing the Group\u2019s effective tax rate from 28.6% to 2.7%. The German reportable segment\u2019s results have continued to improve, with this forecast to continue in future reporting periods. However, the forecasts used to support whether sufficient positive evidence exists to recognise the deferred tax asset are instead based on the German taxable profits profile. Following this assessment, the Group has judged that at the balance sheet date there remains to be insufficient convincing other evidence, as required under IAS 12, that it will have sufficient taxable profits to realise the above deferred tax asset at this time. In July 2025, the German legislator substantively enacted a reduction to the corporate income tax rate by 1 percentage point per annum over a five-year period, commencing in 2028 and concluding in 2032. This phased reduction will lower the statutory corporate income tax rate from 15% to 10% by 2032. Trade taxes have not been amended and as a result the blended deferred tax rate applied to German losses under IAS 12 has reduced from 31.9% (2024/25) to 27.2% (2025/26). The unrecognised deferred tax asset above has been calculated accordingly. Key sources of estimation uncertainty The following are the key areas of estimation uncertainty that may have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year. Defined benefit pension Defined benefit pension plans are accounted for in accordance with actuarial advice using the projected unit credit method. The Group makes significant estimates in relation to the discount rates, mortality rates and inflation rates used to calculate the present value of the defined benefit obligation. Note 32 describes the assumptions used together with an analysis of the sensitivity to changes in key assumptions. Impairment testing \u2013 Property, plant and equipment and right-of-use assets The performance of the Group\u2019s impairment review requires management to make a number of judgements and estimates which are presented together below for ease of understanding but identified separately: Estimates within impairment testing: Inputs used to estimate value in use The estimate of value in use is most sensitive to the following inputs: \u2022 Forecast period cash flows \u2013 the initial five-year period\u2019s cash flows are drawn from the five-year business plan. \u2022 Discount rate \u2013 judgement is required in estimating the Weighted Average Cost of Capital (WACC) of a typical market participant and in assessing the specific country and currency risks associated with the Group. The rate used is adjusted for the Group\u2019s gearing, including equity, borrowings and lease liabilities. \u2022 Maturity profile of individual sites \u2013 judgement is required to estimate the time taken for sites to reach maturity and the sites\u2019 trading level once they are mature. Methodology used to estimate fair value Fair value is determined using a range of methods, including present value techniques using assumptions consistent with the value in use calculations and market multiple techniques using externally available data. To assess the fair value for disposal sites the Group has sought property expert valuations based on insight into specific local market factors. Judgements within impairment testing: Strategic impact on composition of CGUs The Group exercises judgement in assessing the impairment of assets identified for disposal, particularly when they do not yet meet the criteria for classification as held for sale under IFRS 5. For such individual assets, where their value is primarily expected to be realised through sale and cash flows from continuing use are negligible, the Group applies IAS 36 to impair them to their fair value less costs of disposal. This approach reflects that the economic value of these assets is predominantly derived from their impending sale, even if they form part of a larger cash-generating unit. Identification of indicators of impairment and reversal The Group assesses each of its CGUs for indicators of impairment or reversal at the end of each reporting period and, where there are indicators of impairment or reversal, management performs an impairment assessment. Useful economic life review \u2013 AGP site extensions and conversions Where site extensions or conversions are committed as part of Whitbread\u2019s Accelerating Growth Plan, the Group commences accelerated depreciation on assets that will no longer be used after the site redevelopment. The Group\u2019s key judgement here has been assessing that the trigger point for commitment to the extension or conversion is from the date that the site has both planning permission and an approved internal business case to proceed. From this point, the remaining useful life of affected assets is reassessed with an estimated end date aligned with when the asset will no longer be used. The resulting depreciation charge, along with any write-offs of similar assets that have been disposed of as at the balance sheet date, are treated as adjusting items. Key estimates and sensitivities for impairment of assets are disclosed in Note 14.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2025-02-28T00:00:00/2026-02-27T00:00:00" } }, "fact-449": { "value": "
3. Segment information
The Group provides services in relation to accommodation, food and beverage both in the UK and internationally. Management monitors the segment performance separately for
the purpose of making decisions about allocating resources and assessing performance. Segment performance is measured based on segment adjusted profit/(loss), defined below.
Included within central and other in the following tables are the costs of running the public company, other central overhead costs and share of profit from joint ventures.
The following tables present revenue and profit information regarding business operating segments for the years ended 26 February 2026 and 27 February 2025.
52 weeks to 26 February 2026
52 weeks to 27 February 2025
Central and Central and
UK and Ireland
1
Germany
2
other Total
UK and Ireland
1
Germany
2
other Total
Revenue \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Accommodation
2,024.9
220.8
\u2014
2,245.7
2,010.1
197.6
\u2014
2,207.7
Food and beverage
594.8
32.5
\u2014
627.3
646.4
26.7
\u2014
673.1
Other
39.6
7.6
\u2014
47.2
34.8
6.3
\u2014
41.1
Revenue
2,659.3
260.9
\u2014
2,920.2
2,691.3
230.6
\u2014
2,921.9
52 weeks to 26 February 2026
52 weeks to 27 February 2025
Central and Central and
UK and Ireland
1
Germany
2
other Total
UK and Ireland
1
Germany
2
 other Total
Profit/(loss) \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Adjusted operating profit/(loss)
660.3
18.9
(30.3)
648.9
653.1
9.9
(33.4)
629.6
Segmental royalty fees
3
(7.0)
5.9
1.1
\u2014
(1.0)
\u2014
1.0
\u2014
Segment adjusted operating profit/(loss)
653.3
24.8
(29.2)
648.9
652.1
9.9
(32.4)
629.6
Net finance (costs)/income
(154.3)
(22.8)
11.3
(165.8)
(145.3)
(21.2)
20.3
(146.2)
Segment adjusted profit/(loss) before tax
499.0
2.0
(17.9)
483.1
506.8
(11.3)
(12.1)
483.4
Adjusting items before tax (Note 6)
(184.7)
(115.6)
Profit before tax
298.4
367.8
1 The UK and Ireland segment includes operations of the Group within Crown Dependencies. Royalty fees are charged between the geographies within this segment.
2 The Germany segment includes operations of the Group within Austria.
3 Royalty fees are charged from the UK to other geographies, prior to this financial year inter-segmental royalty fees were waived for the Germany segment.
52 weeks to 26 February 2026
52 weeks to 27 February 2025
Central and Central and
UK and Ireland Germany other Total UK and Ireland Germany other Total
Other segment information \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Capital expenditure:
Property, plant and equipment \u2013 cash basis
567.3
88.4
\u2014
655.7
399.6
66.8
\u2014
466.4
Property, plant and equipment \u2013 accruals basis (Note 13)
595.9
111.7
\u2014
707.6
402.0
63.3
\u2014
465.3
Intangible assets (Note 12)
18.2
1.5
\u2014
19.7
18.9
0.7
\u2014
19.6
Cash outflows from lease interest and payment of principal
of lease liabilities
289.5
60.4
\u2014
349.9
262.4
53.0
\u2014
315.4
Depreciation \u2013 property, plant and equipment (Note 13)
168.4
16.0
\u2014
184.4
162.7
14.6
\u2014
177.3
Depreciation \u2013 right-of-use assets (Note 22)
164.9
43.7
\u2014
208.6
152.8
41.5
\u2014
194.3
Amortisation (Note 12)
32.8
0.4
\u2014
33.2
30.1
0.1
\u2014
30.2
Segment assets and liabilities are not disclosed because they are not reported to, or reviewed by, the Chief Operating Decision Maker. The Group\u2019s revenue and non-current assets 1 , split by country in which the legal entity resides, is as follows:
Group revenue
Group non-current assets
1
2025/26 2024/25 2026 2025
Geographical information \u00a3m \u00a3m \u00a3m \u00a3m
United Kingdom
2,611.0
2,649.1
7,224.4
7,063.3
Germany
256.8
226.3
1,387.3
1,219.4
Ireland
35.9
29.6
217.6
179.4
Other
16.5
16.9
108.2
106.7
2,920.2
2,921.9
8,937.5
8,568.8
1 Non-current assets exclude derivative financial instruments, deferred tax assets and the surplus on the Group\u2019s defined benefit pension scheme.", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2025-02-28T00:00:00/2026-02-27T00:00:00" } }, "fact-500": { "value": "The following tables present revenue and profit information regarding business operating segments for the years ended 26 February 2026 and 27 February 2025.
52 weeks to 26 February 2026
52 weeks to 27 February 2025
Central and Central and
UK and Ireland
1
Germany
2
other Total
UK and Ireland
1
Germany
2
other Total
Revenue \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Accommodation
2,024.9
220.8
\u2014
2,245.7
2,010.1
197.6
\u2014
2,207.7
Food and beverage
594.8
32.5
\u2014
627.3
646.4
26.7
\u2014
673.1
Other
39.6
7.6
\u2014
47.2
34.8
6.3
\u2014
41.1
Revenue
2,659.3
260.9
\u2014
2,920.2
2,691.3
230.6
\u2014
2,921.9
52 weeks to 26 February 2026
52 weeks to 27 February 2025
Central and Central and
UK and Ireland
1
Germany
2
other Total
UK and Ireland
1
Germany
2
 other Total
Profit/(loss) \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Adjusted operating profit/(loss)
660.3
18.9
(30.3)
648.9
653.1
9.9
(33.4)
629.6
Segmental royalty fees
3
(7.0)
5.9
1.1
\u2014
(1.0)
\u2014
1.0
\u2014
Segment adjusted operating profit/(loss)
653.3
24.8
(29.2)
648.9
652.1
9.9
(32.4)
629.6
Net finance (costs)/income
(154.3)
(22.8)
11.3
(165.8)
(145.3)
(21.2)
20.3
(146.2)
Segment adjusted profit/(loss) before tax
499.0
2.0
(17.9)
483.1
506.8
(11.3)
(12.1)
483.4
Adjusting items before tax (Note 6)
(184.7)
(115.6)
Profit before tax
298.4
367.8
1 The UK and Ireland segment includes operations of the Group within Crown Dependencies. Royalty fees are charged between the geographies within this segment. 2 The Germany segment includes operations of the Group within Austria. 3 Royalty fees are charged from the UK to other geographies, prior to this financial year inter-segmental royalty fees were waived for the Germany segment. ", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2025-02-28T00:00:00/2026-02-27T00:00:00" } }, "fact-501": { "value": "
The Group\u2019s revenue and non-current assets
1
, split by country in which the legal entity resides, is as follows:
Group revenue
Group non-current assets
1
2025/26 2024/25 2026 2025
Geographical information \u00a3m \u00a3m \u00a3m \u00a3m
United Kingdom
2,611.0
2,649.1
7,224.4
7,063.3
Germany
256.8
226.3
1,387.3
1,219.4
Ireland
35.9
29.6
217.6
179.4
Other
16.5
16.9
108.2
106.7
2,920.2
2,921.9
8,937.5
8,568.8
1 Non-current assets exclude derivative financial instruments, deferred tax assets and the surplus on the Group\u2019s defined benefit pension scheme.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2025-02-28T00:00:00/2026-02-27T00:00:00" } }, "fact-533": { "value": "The Group\u2019s revenue and non-current assets 1 , split by country in which the legal entity resides, is as follows:
Group revenue
Group non-current assets
1
2025/26 2024/25 2026 2025
Geographical information \u00a3m \u00a3m \u00a3m \u00a3m
United Kingdom
2,611.0
2,649.1
7,224.4
7,063.3
Germany
256.8
226.3
1,387.3
1,219.4
Ireland
35.9
29.6
217.6
179.4
Other
16.5
16.9
108.2
106.7
2,920.2
2,921.9
8,937.5
8,568.8
1 Non-current assets exclude derivative financial instruments, deferred tax assets and the surplus on the Group\u2019s defined benefit pension scheme.", "dimensions": { "concept": "ifrs-full:DisclosureOfGeographicalAreasExplanatory", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2025-02-28T00:00:00/2026-02-27T00:00:00" } }, "fact-450": { "value": "
4. Other income
An analysis of the Group\u2019s other income is as follows:
2025/26 2024/25
\u00a3m \u00a3m
Rental income
4.7
5.5
Other
1.9
1.0
Other income before adjusting items
6.6
6.5
Legal claim settlements and insurance proceeds (Note 6)
2.6
0.9
Other income
9.2
7.4
5. Operating costs
2025/26 2024/25
\u00a3m \u00a3m
Cost of inventories recognised as an expense
1,2
215.1
225.7
Employee benefits expense
2
(Note 7)
801.6
818.7
Amortisation of intangible assets (Note 12)
33.2
30.2
Depreciation \u2013 property, plant and equipment (Note 13)
184.4
177.3
Depreciation \u2013 right-of-use assets (Note 22)
208.6
194.3
Utilities
119.4
134.8
Rates
106.7
105.4
Laundry costs
79.6
78.0
Site repairs and maintenance
131.7
131.5
Marketing and commissions
141.4
127.6
Site operating costs
154.1
157.0
Variable lease payment expenses (Note 22)
3.5
4.0
Net foreign exchange differences
(0.5)
0.5
Other operating charges
2
103.8
118.5
Adjusting operating costs
2
(Note 6)
187.3
116.5
2,469.9
2,420.0
1 Cost of inventories recognised as an expense includes \u00a38.1m (2024/25: \u00a36.8m) of inventory write
downs recorded during the year.
2 Operating costs above are before adjusting items. Adjusting operating costs includes a charge
of \u00a3nil relating to cost of inventories recognised as an expense (2024/25: \u00a34.4m), a charge for
net impairments and write-offs of \u00a3162.5m (2024/25: charge of \u00a376.5m), a charge of \u00a31.7m
(2024/25: charge of \u00a323.1m) relating to employee benefit expenses and a charge of \u00a323.1m
(2024/25: charge of \u00a312.5m) relating to other operating charges (see Note 6).
Fees paid to the Group\u2019s auditor during the year consisted of:
2025/26 2024/25
\u00a3m \u00a3m
Audit of the Group\u2019s financial statements
1.3
1.3
Audit of the Group\u2019s subsidiaries
0.7
0.7
Total audit fees
2.0
2.0
Audit-related assurance
0.1
0.1
Other non-audit fees
\u2014
0.2
Total non-audit fees
0.1
0.3
Included in other operating charges
2.1
2.3
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2025-02-28T00:00:00/2026-02-27T00:00:00" } }, "fact-502": { "value": "4. Other income An analysis of the Group\u2019s other income is as follows:
2025/26 2024/25
\u00a3m \u00a3m
Rental income
4.7
5.5
Other
1.9
1.0
Other income before adjusting items
6.6
6.5
Legal claim settlements and insurance proceeds (Note 6)
2.6
0.9
Other income
9.2
7.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2025-02-28T00:00:00/2026-02-27T00:00:00" } }, "fact-548": { "value": "5. Operating costs
2025/26 2024/25
\u00a3m \u00a3m
Cost of inventories recognised as an expense
1,2
215.1
225.7
Employee benefits expense
2
(Note 7)
801.6
818.7
Amortisation of intangible assets (Note 12)
33.2
30.2
Depreciation \u2013 property, plant and equipment (Note 13)
184.4
177.3
Depreciation \u2013 right-of-use assets (Note 22)
208.6
194.3
Utilities
119.4
134.8
Rates
106.7
105.4
Laundry costs
79.6
78.0
Site repairs and maintenance
131.7
131.5
Marketing and commissions
141.4
127.6
Site operating costs
154.1
157.0
Variable lease payment expenses (Note 22)
3.5
4.0
Net foreign exchange differences
(0.5)
0.5
Other operating charges
2
103.8
118.5
Adjusting operating costs
2
(Note 6)
187.3
116.5
2,469.9
2,420.0
1 Cost of inventories recognised as an expense includes \u00a38.1m (2024/25: \u00a36.8m) of inventory write downs recorded during the year. 2 Operating costs above are before adjusting items. Adjusting operating costs includes a charge of \u00a3nil relating to cost of inventories recognised as an expense (2024/25: \u00a34.4m), a charge for net impairments and write-offs of \u00a3162.5m (2024/25: charge of \u00a376.5m), a charge of \u00a31.7m (2024/25: charge of \u00a323.1m) relating to employee benefit expenses and a charge of \u00a323.1m (2024/25: charge of \u00a312.5m) relating to other operating charges (see Note 6). Fees paid to the Group\u2019s auditor during the year consisted of:
2025/26 2024/25
\u00a3m \u00a3m
Audit of the Group\u2019s financial statements
1.3
1.3
Audit of the Group\u2019s subsidiaries
0.7
0.7
Total audit fees
2.0
2.0
Audit-related assurance
0.1
0.1
Other non-audit fees
\u2014
0.2
Total non-audit fees
0.1
0.3
Included in other operating charges
2.1
2.3
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2025-02-28T00:00:00/2026-02-27T00:00:00" } }, "fact-503": { "value": "5. Operating costs
2025/26 2024/25
\u00a3m \u00a3m
Cost of inventories recognised as an expense
1,2
215.1
225.7
Employee benefits expense
2
(Note 7)
801.6
818.7
Amortisation of intangible assets (Note 12)
33.2
30.2
Depreciation \u2013 property, plant and equipment (Note 13)
184.4
177.3
Depreciation \u2013 right-of-use assets (Note 22)
208.6
194.3
Utilities
119.4
134.8
Rates
106.7
105.4
Laundry costs
79.6
78.0
Site repairs and maintenance
131.7
131.5
Marketing and commissions
141.4
127.6
Site operating costs
154.1
157.0
Variable lease payment expenses (Note 22)
3.5
4.0
Net foreign exchange differences
(0.5)
0.5
Other operating charges
2
103.8
118.5
Adjusting operating costs
2
(Note 6)
187.3
116.5
2,469.9
2,420.0
1 Cost of inventories recognised as an expense includes \u00a38.1m (2024/25: \u00a36.8m) of inventory write downs recorded during the year. 2 Operating costs above are before adjusting items. Adjusting operating costs includes a charge of \u00a3nil relating to cost of inventories recognised as an expense (2024/25: \u00a34.4m), a charge for net impairments and write-offs of \u00a3162.5m (2024/25: charge of \u00a376.5m), a charge of \u00a31.7m (2024/25: charge of \u00a323.1m) relating to employee benefit expenses and a charge of \u00a323.1m (2024/25: charge of \u00a312.5m) relating to other operating charges (see Note 6). Fees paid to the Group\u2019s auditor during the year consisted of:
2025/26 2024/25
\u00a3m \u00a3m
Audit of the Group\u2019s financial statements
1.3
1.3
Audit of the Group\u2019s subsidiaries
0.7
0.7
Total audit fees
2.0
2.0
Audit-related assurance
0.1
0.1
Other non-audit fees
\u2014
0.2
Total non-audit fees
0.1
0.3
Included in other operating charges
2.1
2.3
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2025-02-28T00:00:00/2026-02-27T00:00:00" } }, "fact-534": { "value": "
2025/26 2024/25
\u00a3m \u00a3m
Cost of inventories recognised as an expense
1,2
215.1
225.7
Employee benefits expense
2
(Note 7)
801.6
818.7
Amortisation of intangible assets (Note 12)
33.2
30.2
Depreciation \u2013 property, plant and equipment (Note 13)
184.4
177.3
Depreciation \u2013 right-of-use assets (Note 22)
208.6
194.3
Utilities
119.4
134.8
Rates
106.7
105.4
Laundry costs
79.6
78.0
Site repairs and maintenance
131.7
131.5
Marketing and commissions
141.4
127.6
Site operating costs
154.1
157.0
Variable lease payment expenses (Note 22)
3.5
4.0
Net foreign exchange differences
(0.5)
0.5
Other operating charges
2
103.8
118.5
Adjusting operating costs
2
(Note 6)
187.3
116.5
2,469.9
2,420.0
1 Cost of inventories recognised as an expense includes \u00a38.1m (2024/25: \u00a36.8m) of inventory write downs recorded during the year. 2 Operating costs above are before adjusting items. Adjusting operating costs includes a charge of \u00a3nil relating to cost of inventories recognised as an expense (2024/25: \u00a34.4m), a charge for net impairments and write-offs of \u00a3162.5m (2024/25: charge of \u00a376.5m), a charge of \u00a31.7m (2024/25: charge of \u00a323.1m) relating to employee benefit expenses and a charge of \u00a323.1m (2024/25: charge of \u00a312.5m) relating to other operating charges (see Note 6). ", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2025-02-28T00:00:00/2026-02-27T00:00:00" } }, "fact-535": { "value": "Fees paid to the Group\u2019s auditor during the year consisted of:
2025/26 2024/25
\u00a3m \u00a3m
Audit of the Group\u2019s financial statements
1.3
1.3
Audit of the Group\u2019s subsidiaries
0.7
0.7
Total audit fees
2.0
2.0
Audit-related assurance
0.1
0.1
Other non-audit fees
\u2014
0.2
Total non-audit fees
0.1
0.3
Included in other operating charges
2.1
2.3
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2025-02-28T00:00:00/2026-02-27T00:00:00" } }, "fact-451": { "value": "
6. Adjusting items
As set out in the policy in Note 2, we use a range of measures to monitor the financial
performance of the Group. These measures include both statutory measures in accordance
with IFRS and APMs which are consistent with the way that the business performance is
measured internally. We report adjusted measures because we believe they provide both
management and investors with useful additional information about the financial performance
of the Group\u2019s businesses. Adjusted measures of profitability represent the equivalent IFRS
measures adjusted for specific items that we consider hinder the comparison of the financial
performance of the Group\u2019s businesses either from one period to another or with other
similar businesses.
Adjusting items were as follows:
2025/26 2024/25
\u00a3m \u00a3m
Other income:
Legal claim settlements and insurance proceeds
1
2.6
0.9
Adjusting other income
2.6
0.9
Operating costs:
Net impairment charges \u2013 property, plant and equipment,
right-of-use assets and assets held for sale
2
(32.0)
(33.0)
Accelerating Growth Plan-related net impairment charges and
write-offs
3
(130.5)
(43.5)
Net gain on disposals of property
4
6.4
40.1
Property and other provisions
5
(14.3)
(4.4)
Strategic IT programme costs
6
(8.0)
(24.8)
Strategic F&B programme costs
7
(4.3)
(19.9)
Strategic supply chain programme costs
8
(2.9)
(24.1)
Employment tax settlement
9
\u2014
2.0
Other restructuring costs
10
(1.7)
(8.9)
Adjusting operating costs before joint ventures
(187.3)
(116.5)
Adjusting items before tax
(184.7)
(115.6)
Tax adjustments included in reported profit after tax, but excluded in arriving at adjusted
profit after tax:
2025/26 2024/25
\u00a3m \u00a3m
Tax on adjusting items
11
35.6
20.3
Impact of change in tax rates
12
2.1
\u2014
Adjusting tax credit
37.7
20.3
1 During the year, the Group received settlements of \u00a32.6m in relation to insurance claims for damaged
inventory (2024/25: received settlements for business interruption insurance claims of \u00a30.9m).
2 The Group has identified indicators of impairment and impairment reversal relating to assets held by
the Group at the year-end date, including those sites impacted by the Accelerating Growth Plan (see
footnote 3 below). For those sites not impacted by the Accelerating Growth Plan, an impairment
review of relevant assets was undertaken, resulting in adjusting net impairment charges of \u00a332.0m
(2024/25: \u00a333.0m).
Further information is provided in Note 14.
3 Included in the amounts recorded during the period are impairments arising from the Group\u2019s
continued optimisation of its UK F&B strategy, the Accelerating Growth Plan. The net impairment of
\u00a3130.5m comprises impairment charges of \u00a3102.9m relating to sites and accelerated depreciation of
\u00a327.6m (2024/25: Impairment of \u00a343.5m including \u00a31.0m relating to accelerated depreciation).
Further information on impairment is provided in Note 14.
4 During the year, the Group recognised net gains of \u00a34.8m on sale and leaseback property disposals
(2024/25: \u00a30.1m) and net gains of \u00a31.6m on other property disposals (2024/25: \u00a340.0m). No gains
or losses relating to these assets were recognised in other comprehensive income.
5 The Group recorded a \u00a315.2m property-related provision and released \u00a30.9m of provisions in respect
of historic tax positions. During the comparative year, the group created a provision in relation to
damaged inventory of \u00a34.4m.
6 The Group has assessed the presentation of costs incurred in relation to the current and future
implementation of its strategic IT programmes. The programmes in scope are the Group\u2019s Hotel
Management System, HR & Payroll System, F&B System and Strategic Network. These represent
significant business change costs for the Group rather than replacements of IT systems with the
system products being Software as a Service (SaaS).
Cash costs incurred on the programmes and presented within adjusting items in the period
were \u00a38.0m, with cumulative cash costs to date being \u00a373.7m (2024/25: \u00a365.7m).
7 The Group has incurred legal, advisory and project management costs regarding the announced
changes to facilitate the Accelerating Growth Plan (AGP) as well as restructuring costs. This programme
represents a significant business change for the Group\u2019s strategic focus in relation to F&B.
Cash costs incurred on the programmes and presented within adjusting items in the period
were \u00a34.3m, with cumulative cash costs to date being \u00a330.1m (2024/25: \u00a325.8m).
8 As part of the Group\u2019s strategic supply chain programme the Group has incurred costs of \u00a32.9m
in relation to associated IT and project management costs (2024/25: \u00a324.1m relating to supplier
contract exit fees). This decision allows the Group to make use of a different supply model and it is
expected the commercial and strategic benefit will be seen over several years.
9 During the comparative year, the Group received confirmation that a previous enquiry from HMRC
on historic taxes has been closed. \u00a32.0m has been released through adjusting items from accruals
held in relation to these enquiries.
10 During the year, the Group restructured its UK Contact Centre, resulting in a charge of \u00a31.7m.
During the comparative year, restructuring of the UK and Germany Support Centres and site
operations in Germany resulted in a charge of \u00a38.9m.
11 The Group recognised tax credits of \u00a335.6m (2024/25: \u00a320.3m) in relation to its adjusting items in
the financial year. This includes a deferred tax charge of \u00a38.4m (2024/25: nil) in the year arising from
changes in the recoverability of indexation allowances in relation to property.
12 In July 2025, the German government substantively enacted legislation to reduce the corporate
income tax rate by 1% per annum over a five-year period, commencing in 2028 and concluding
in 2032. The change has resulted in the remeasurement of certain deferred tax assets and liabilities
which are forecast to be utilised or to crystallise from 2028. As a result, a credit of \u00a32.1m is recorded
in the income statement.
Summary of adjusting item lines that can be forecast:
Low range High range Expected year
\u00a3m \u00a3m of completion
Accelerating Growth Plan-related net impairment
charges and write-offs
50.0
70.0
FY29
Strategic F&B programme costs
20.0
30.0
FY29
Strategic IT programme costs
5.0
10.0
FY27
Forecast adjusting items before tax
75.0
110.0
", "dimensions": { "concept": "whitbreadplc:DisclosureOfAdjustingItems", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2025-02-28T00:00:00/2026-02-27T00:00:00" } }, "fact-452": { "value": "
7. Employee benefits expense
2025/26 2024/25
\u00a3m \u00a3m
Wages and salaries
704.6
738.8
Social security costs
75.9
63.5
Defined contribution pension costs
21.1
16.4
801.6
818.7
The amounts above exclude adjusting items. Wages and salaries excludes a charge
of \u00a31.7m (2024/25: charge of \u00a323.1m).
Included in wages and salaries is a share-based payments expense of \u00a316.7m (2024/25: \u00a316.8m),
which arises from transactions accounted for as equity-settled share-based payments.
Employee costs are split between hourly paid and salaried employees as below:
2025/26 2024/25
\u00a3m \u00a3m
Employee costs \u2013 hourly paid
534.1
548.5
Employee costs \u2013 salaried
267.5
270.2
801.6
818.7
2025/26 2024/25
Average number of employees directly employed Number Number
UK and Ireland
30,723
33,157
Germany
1,663
1,543
32,386
34,700
Employees of joint ventures are excluded from the numbers above.
Directors\u2019 remuneration is disclosed below:
2025/26 2024/25
\u00a3m \u00a3m
Directors\u2019 remuneration
3.5
3.5
Aggregate contributions to the defined contribution pension scheme
\u2014
\u2014
Aggregate gains on the exercise of share options
0.3
0.3
The number of Directors accruing benefits under the defined benefit pension scheme was
nil (2024/25: nil).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2025-02-28T00:00:00/2026-02-27T00:00:00" } }, "fact-453": { "value": "
8. Finance (costs)/income
2025/26 2024/25
Finance costs \u00a3m \u00a3m
Interest on bank loans and overdrafts
(5.0)
(4.7)
Interest on other loans
(42.7)
(24.7)
Interest on lease liabilities (Note 22)
(177.0)
(166.7)
Interest capitalised (Note 13)
23.0
8.7
Credit/(costs) in relation to hedging (Note 25)
1.4
(1.1)
(200.3)
(188.5)
2025/26 2024/25
Finance income \u00a3m \u00a3m
Bank interest receivable
26.8
33.5
IAS 19 pension net finance income (Note 32)
7.5
8.3
Other interest receivable
0.2
0.5
34.5
42.3
Total net finance costs
(165.8)
(146.2)
Net finance costs include \u00a3201.7m (2024/25: \u00a3187.4m) finance costs and \u00a326.8m
(2024/25: \u00a333.5m) finance income in respect of financial assets and liabilities that
are measured at amortised cost using the effective interest rate method.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2025-02-28T00:00:00/2026-02-27T00:00:00" } }, "fact-551": { "value": "8. Finance (costs)/income
2025/26 2024/25
Finance costs \u00a3m \u00a3m
Interest on bank loans and overdrafts
(5.0)
(4.7)
Interest on other loans
(42.7)
(24.7)
Interest on lease liabilities (Note 22)
(177.0)
(166.7)
Interest capitalised (Note 13)
23.0
8.7
Credit/(costs) in relation to hedging (Note 25)
1.4
(1.1)
(200.3)
(188.5)
2025/26 2024/25
Finance income \u00a3m \u00a3m
Bank interest receivable
26.8
33.5
IAS 19 pension net finance income (Note 32)
7.5
8.3
Other interest receivable
0.2
0.5
34.5
42.3
Total net finance costs
(165.8)
(146.2)
Net finance costs include \u00a3201.7m (2024/25: \u00a3187.4m) finance costs and \u00a326.8m (2024/25: \u00a333.5m) finance income in respect of financial assets and liabilities that are measured at amortised cost using the effective interest rate method.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2025-02-28T00:00:00/2026-02-27T00:00:00" } }, "fact-550": { "value": "8. Finance (costs)/income
2025/26 2024/25
Finance costs \u00a3m \u00a3m
Interest on bank loans and overdrafts
(5.0)
(4.7)
Interest on other loans
(42.7)
(24.7)
Interest on lease liabilities (Note 22)
(177.0)
(166.7)
Interest capitalised (Note 13)
23.0
8.7
Credit/(costs) in relation to hedging (Note 25)
1.4
(1.1)
(200.3)
(188.5)
2025/26 2024/25
Finance income \u00a3m \u00a3m
Bank interest receivable
26.8
33.5
IAS 19 pension net finance income (Note 32)
7.5
8.3
Other interest receivable
0.2
0.5
34.5
42.3
Total net finance costs
(165.8)
(146.2)
Net finance costs include \u00a3201.7m (2024/25: \u00a3187.4m) finance costs and \u00a326.8m (2024/25: \u00a333.5m) finance income in respect of financial assets and liabilities that are measured at amortised cost using the effective interest rate method.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2025-02-28T00:00:00/2026-02-27T00:00:00" } }, "fact-549": { "value": "8. Finance (costs)/income
2025/26 2024/25
Finance costs \u00a3m \u00a3m
Interest on bank loans and overdrafts
(5.0)
(4.7)
Interest on other loans
(42.7)
(24.7)
Interest on lease liabilities (Note 22)
(177.0)
(166.7)
Interest capitalised (Note 13)
23.0
8.7
Credit/(costs) in relation to hedging (Note 25)
1.4
(1.1)
(200.3)
(188.5)
2025/26 2024/25
Finance income \u00a3m \u00a3m
Bank interest receivable
26.8
33.5
IAS 19 pension net finance income (Note 32)
7.5
8.3
Other interest receivable
0.2
0.5
34.5
42.3
Total net finance costs
(165.8)
(146.2)
Net finance costs include \u00a3201.7m (2024/25: \u00a3187.4m) finance costs and \u00a326.8m (2024/25: \u00a333.5m) finance income in respect of financial assets and liabilities that are measured at amortised cost using the effective interest rate method.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2025-02-28T00:00:00/2026-02-27T00:00:00" } }, "fact-536": { "value": "8. Finance (costs)/income
2025/26 2024/25
Finance costs \u00a3m \u00a3m
Interest on bank loans and overdrafts
(5.0)
(4.7)
Interest on other loans
(42.7)
(24.7)
Interest on lease liabilities (Note 22)
(177.0)
(166.7)
Interest capitalised (Note 13)
23.0
8.7
Credit/(costs) in relation to hedging (Note 25)
1.4
(1.1)
(200.3)
(188.5)
2025/26 2024/25
Finance income \u00a3m \u00a3m
Bank interest receivable
26.8
33.5
IAS 19 pension net finance income (Note 32)
7.5
8.3
Other interest receivable
0.2
0.5
34.5
42.3
Total net finance costs
(165.8)
(146.2)
Net finance costs include \u00a3201.7m (2024/25: \u00a3187.4m) finance costs and \u00a326.8m (2024/25: \u00a333.5m) finance income in respect of financial assets and liabilities that are measured at amortised cost using the effective interest rate method.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2025-02-28T00:00:00/2026-02-27T00:00:00" } }, "fact-504": { "value": "8. Finance (costs)/income
2025/26 2024/25
Finance costs \u00a3m \u00a3m
Interest on bank loans and overdrafts
(5.0)
(4.7)
Interest on other loans
(42.7)
(24.7)
Interest on lease liabilities (Note 22)
(177.0)
(166.7)
Interest capitalised (Note 13)
23.0
8.7
Credit/(costs) in relation to hedging (Note 25)
1.4
(1.1)
(200.3)
(188.5)
2025/26 2024/25
Finance income \u00a3m \u00a3m
Bank interest receivable
26.8
33.5
IAS 19 pension net finance income (Note 32)
7.5
8.3
Other interest receivable
0.2
0.5
34.5
42.3
Total net finance costs
(165.8)
(146.2)
Net finance costs include \u00a3201.7m (2024/25: \u00a3187.4m) finance costs and \u00a326.8m (2024/25: \u00a333.5m) finance income in respect of financial assets and liabilities that are measured at amortised cost using the effective interest rate method.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2025-02-28T00:00:00/2026-02-27T00:00:00" } }, "fact-505": { "value": "
9. Taxation
2025/26 2024/25
Consolidated income statement \u00a3m \u00a3m
Current tax:
Current tax expense
83.9
51.4
Adjustments in respect of previous periods
(1.2)
(1.1)
82.7
50.3
Deferred tax:
Origination and reversal of temporary differences
3.8
63.1
Effect of in-year rate differential/change in tax rates
(2.1)
\u2014
Adjustments in respect of previous periods
1.1
0.7
2.8
63.8
Tax reported in the consolidated income statement
85.5
114.1
2025/26 2024/25
Consolidated statement of other comprehensive income \u00a3m \u00a3m
Current tax:
Defined benefit pension scheme
1.7
1.8
Tax on net movement on hedge of a net investment
(3.3)
2.1
Tax on exchange differences on translation of foreign operations
3.5
(2.4)
1.9
1.5
Deferred tax:
Cash flow hedges
0.6
3.6
Defined benefit pension scheme
(4.3)
(14.4)
(3.7)
(10.8)
Tax reported in other comprehensive income
(1.8)
(9.3)
A reconciliation of the tax expense applicable to adjusted profit before tax and profit before tax at the statutory tax rate, to the actual tax expense at the Group\u2019s effective tax rate,
for the years ended 26 February 2026 and 27 February 2025 respectively is set out here. All current year items have been tax effected at the UK statutory rate of 25.0% (2024/25: 25.0%)
with the exception of the effect of unrecognised losses in overseas companies, which has been tax effected at the statutory rate in the relevant jurisdictions with an adjustment to account
for the differential tax rates included in the effect of different tax rates.
2025/26
2024/25
Tax on adjusted Tax on adjusted
profit Tax on profit profit Tax on profit
\u00a3m \u00a3m \u00a3m \u00a3m
Profit before tax as reported in the consolidated income statement
483.1
298.4
483.4
367.8
Tax at current UK tax rate of 25.0% (2024/25: 25.0%)
120.8
74.6
120.9
92.0
Effect of different tax rates
(3.3)
(3.1)
(2.7)
(4.5)
Unrecognised losses in overseas companies
5.1
10.4
9.3
17.6
Expenditure not allowable
1.2
1.9
3.3
5.4
Adjustments to current tax expense in respect of previous years
(1.2)
(1.2)
(1.0)
(1.0)
Adjustments to deferred tax expense in respect of previous years
1.0
1.0
0.7
0.7
Impact of deferred tax rate change
\u2014
(2.1)
\u2014
\u2014
Impact of deferred tax related to indexation allowance
0.3
8.7
2.7
2.7
Impact of property disposals
\u2014
(4.0)
\u2014
\u2014
Other movements
(0.7)
(0.7)
1.2
1.2
Tax expense reported in the consolidated income statement
123.2
85.5
134.4
114.1
Effective tax rate
25.5%
28.7%
27.8%
31.0%
Pillar two
The Group is within the scope of the OECD Pillar Two rules. Based on the Group\u2019s current assessment, Pillar Two is not expected to have a material impact on the Group\u2019s tax charge.
The Group has applied the mandatory temporary exception in respect of deferred taxes arising from Pillar Two income taxes, as required by IAS 12.
Deferred tax The major deferred tax assets/(liabilities) recognised by the Group and movement during the current and prior financial years are as follows:
Accelerated Rolled over gains
capital and property
allowances revaluations Pensions
Leases
2
Losses
Other
3
Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 29 February 2024
(109.7)
(86.1)
(62.2)
43.8
35.2
(2.1)
(181.1)
(Expense)/credit to consolidated income statement
1
(20.9)
(9.0)
(3.7)
6.0
(33.9)
(2.3)
(63.8)
Credit/(expense) to statement of comprehensive income
\u2014
\u2014
14.4
\u2014
\u2014
(3.6)
10.8
Expense to statement of changes in equity
\u2014
\u2014
\u2014
\u2014
\u2014
(0.8)
(0.8)
Foreign exchange and other movements
\u2014
\u2014
\u2014
0.1
(0.3)
0.3
0.1
At 27 February 2025
(130.6)
(95.1)
(51.5)
49.9
1.0
(8.5)
(234.8)
(Expense)/credit to consolidated income statement
1
(7.6)
(5.4)
(0.5)
12.6
(0.5)
(1.4)
(2.8)
Credit/(expense) to statement of comprehensive income
\u2014
\u2014
4.3
\u2014
\u2014
(0.6)
3.7
Expense to statement of changes in equity
\u2014
\u2014
\u2014
\u2014
\u2014
(0.1)
(0.1)
Foreign exchange and other movements
\u2014
\u2014
0.1
(0.1)
\u2014
0.3
0.3
At 26 February 2026
(138.2)
(100.5)
(47.6)
62.4
0.5
(10.3)
(233.7)
1 The consolidated income statement expense of \u00a32.8m is lower than the prior year charge of \u00a363.8m. This predominantly relates to the utilisation of UK tax losses of \u00a3nil (2024/25: charge of \u00a329.6m) and a higher credit arising on fixed asset impairments of \u00a333.2m (2024/25: \u00a310.6m). 2 The Leases category includes an asset of \u00a351.8m (2024/25: \u00a354.8m) for IFRS 16 transitional adjustments and an asset of \u00a313.2m (2024/25: nil) for deferred accounting profits on sale and leaseback transactions. 3 The Other category includes a deferred tax liability of \u00a317.8m (2024/25: \u00a314.8m) in respect of capitalised interest and a deferred tax asset of \u00a35.5m (2024/25: \u00a35.8m) in respect of share-based payments. The Group recognises UK deferred tax assets to the extent that taxable profits will be available to utilise deductible temporary differences or unused tax losses. At 26 February 2026, no net UK deferred asset is unrecognised (2024/25: \u00a3nil). The Group has generated unrecognised tax losses in Germany of \u00a3284.7m (\u20ac325.5m) (2024/25: \u00a3253.6m (\u20ac307.3m)) that will be available for offset against future taxable profits. Whilst the gross tax losses have increased, the unrecognised deferred tax asset has fallen to \u00a377.3m (2024/25: \u00a380.9m). This is a result of the substantive enactment of a phased reduction to the corporate income tax rate in Germany from 15% to 10% by 2032. Trade taxes have not been amended and as a result the blended deferred tax rate applied to German losses under IAS 12 has reduced from 31.9% (2024/25) to 27.2% (2025/26). Refer to Note 2 for further information. At 26 February 2026, no deferred tax asset is recognised (2024/25: \u00a3nil) on gross temporary differences of \u00a32.0m (2024/25: \u00a32.4m) relating to the accumulated losses of other international subsidiaries as the Group is able to control the timings of the reversal of these temporary differences and it is probable that they will not reverse in the foreseeable future. Tax relief on total interest capitalised amounts to \u00a34.2m (2024/25: \u00a32.0m).", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2025-02-28T00:00:00/2026-02-27T00:00:00" } }, "fact-454": { "value": "9. Taxation
2025/26 2024/25
Consolidated income statement \u00a3m \u00a3m
Current tax:
Current tax expense
83.9
51.4
Adjustments in respect of previous periods
(1.2)
(1.1)
82.7
50.3
Deferred tax:
Origination and reversal of temporary differences
3.8
63.1
Effect of in-year rate differential/change in tax rates
(2.1)
\u2014
Adjustments in respect of previous periods
1.1
0.7
2.8
63.8
Tax reported in the consolidated income statement
85.5
114.1
2025/26 2024/25
Consolidated statement of other comprehensive income \u00a3m \u00a3m
Current tax:
Defined benefit pension scheme
1.7
1.8
Tax on net movement on hedge of a net investment
(3.3)
2.1
Tax on exchange differences on translation of foreign operations
3.5
(2.4)
1.9
1.5
Deferred tax:
Cash flow hedges
0.6
3.6
Defined benefit pension scheme
(4.3)
(14.4)
(3.7)
(10.8)
Tax reported in other comprehensive income
(1.8)
(9.3)
A reconciliation of the tax expense applicable to adjusted profit before tax and profit before tax at the statutory tax rate, to the actual tax expense at the Group\u2019s effective tax rate, for the years ended 26 February 2026 and 27 February 2025 respectively is set out here. All current year items have been tax effected at the UK statutory rate of 25.0% (2024/25: 25.0%) with the exception of the effect of unrecognised losses in overseas companies, which has been tax effected at the statutory rate in the relevant jurisdictions with an adjustment to account for the differential tax rates included in the effect of different tax rates.
2025/26
2024/25
Tax on adjusted Tax on adjusted
profit Tax on profit profit Tax on profit
\u00a3m \u00a3m \u00a3m \u00a3m
Profit before tax as reported in the consolidated income statement
483.1
298.4
483.4
367.8
Tax at current UK tax rate of 25.0% (2024/25: 25.0%)
120.8
74.6
120.9
92.0
Effect of different tax rates
(3.3)
(3.1)
(2.7)
(4.5)
Unrecognised losses in overseas companies
5.1
10.4
9.3
17.6
Expenditure not allowable
1.2
1.9
3.3
5.4
Adjustments to current tax expense in respect of previous years
(1.2)
(1.2)
(1.0)
(1.0)
Adjustments to deferred tax expense in respect of previous years
1.0
1.0
0.7
0.7
Impact of deferred tax rate change
\u2014
(2.1)
\u2014
\u2014
Impact of deferred tax related to indexation allowance
0.3
8.7
2.7
2.7
Impact of property disposals
\u2014
(4.0)
\u2014
\u2014
Other movements
(0.7)
(0.7)
1.2
1.2
Tax expense reported in the consolidated income statement
123.2
85.5
134.4
114.1
Effective tax rate
25.5%
28.7%
27.8%
31.0%
Pillar two The Group is within the scope of the OECD Pillar Two rules. Based on the Group\u2019s current assessment, Pillar Two is not expected to have a material impact on the Group\u2019s tax charge. The Group has applied the mandatory temporary exception in respect of deferred taxes arising from Pillar Two income taxes, as required by IAS 12.
Deferred tax
The major deferred tax assets/(liabilities) recognised by the Group and movement during the current and prior financial years are as follows:
Accelerated Rolled over gains
capital and property
allowances revaluations Pensions
Leases
2
Losses
Other
3
Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 29 February 2024
(109.7)
(86.1)
(62.2)
43.8
35.2
(2.1)
(181.1)
(Expense)/credit to consolidated income statement
1
(20.9)
(9.0)
(3.7)
6.0
(33.9)
(2.3)
(63.8)
Credit/(expense) to statement of comprehensive income
\u2014
\u2014
14.4
\u2014
\u2014
(3.6)
10.8
Expense to statement of changes in equity
\u2014
\u2014
\u2014
\u2014
\u2014
(0.8)
(0.8)
Foreign exchange and other movements
\u2014
\u2014
\u2014
0.1
(0.3)
0.3
0.1
At 27 February 2025
(130.6)
(95.1)
(51.5)
49.9
1.0
(8.5)
(234.8)
(Expense)/credit to consolidated income statement
1
(7.6)
(5.4)
(0.5)
12.6
(0.5)
(1.4)
(2.8)
Credit/(expense) to statement of comprehensive income
\u2014
\u2014
4.3
\u2014
\u2014
(0.6)
3.7
Expense to statement of changes in equity
\u2014
\u2014
\u2014
\u2014
\u2014
(0.1)
(0.1)
Foreign exchange and other movements
\u2014
\u2014
0.1
(0.1)
\u2014
0.3
0.3
At 26 February 2026
(138.2)
(100.5)
(47.6)
62.4
0.5
(10.3)
(233.7)
1 The consolidated income statement expense of \u00a32.8m is lower than the prior year charge of \u00a363.8m. This predominantly relates to the utilisation of UK tax losses of \u00a3nil (2024/25: charge of \u00a329.6m) and a higher
credit arising on fixed asset impairments of \u00a333.2m (2024/25: \u00a310.6m).
2 The Leases category includes an asset of \u00a351.8m (2024/25: \u00a354.8m) for IFRS 16 transitional adjustments and an asset of \u00a313.2m (2024/25: nil) for deferred accounting profits on sale and leaseback transactions.
3 The Other category includes a deferred tax liability of \u00a317.8m (2024/25: \u00a314.8m) in respect of capitalised interest and a deferred tax asset of \u00a35.5m (2024/25: \u00a35.8m) in respect of share-based payments.
The Group recognises UK deferred tax assets to the extent that taxable profits will be available to utilise deductible temporary differences or unused tax losses. At 26 February 2026,
no net UK deferred asset is unrecognised (2024/25: \u00a3nil).
The Group has generated unrecognised tax losses in Germany of \u00a3284.7m (\u20ac325.5m) (2024/25: \u00a3253.6m (\u20ac307.3m)) that will be available for offset against future taxable profits. Whilst
the gross tax losses have increased, the unrecognised deferred tax asset has fallen to \u00a377.3m (2024/25: \u00a380.9m). This is a result of the substantive enactment of a phased reduction to
the corporate income tax rate in Germany from 15% to 10% by 2032. Trade taxes have not been amended and as a result the blended deferred tax rate applied to German losses under
IAS 12 has reduced from 31.9% (2024/25) to 27.2% (2025/26). Refer to Note 2 for further information.
At 26 February 2026, no deferred tax asset is recognised (2024/25: \u00a3nil) on gross temporary differences of \u00a32.0m (2024/25: \u00a32.4m) relating to the accumulated losses of other international
subsidiaries as the Group is able to control the timings of the reversal of these temporary differences and it is probable that they will not reverse in the foreseeable future.
Tax relief on total interest capitalised amounts to \u00a34.2m (2024/25: \u00a32.0m).
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2025-02-28T00:00:00/2026-02-27T00:00:00" } }, "fact-537": { "value": "Deferred tax The major deferred tax assets/(liabilities) recognised by the Group and movement during the current and prior financial years are as follows:
Accelerated Rolled over gains
capital and property
allowances revaluations Pensions
Leases
2
Losses
Other
3
Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 29 February 2024
(109.7)
(86.1)
(62.2)
43.8
35.2
(2.1)
(181.1)
(Expense)/credit to consolidated income statement
1
(20.9)
(9.0)
(3.7)
6.0
(33.9)
(2.3)
(63.8)
Credit/(expense) to statement of comprehensive income
\u2014
\u2014
14.4
\u2014
\u2014
(3.6)
10.8
Expense to statement of changes in equity
\u2014
\u2014
\u2014
\u2014
\u2014
(0.8)
(0.8)
Foreign exchange and other movements
\u2014
\u2014
\u2014
0.1
(0.3)
0.3
0.1
At 27 February 2025
(130.6)
(95.1)
(51.5)
49.9
1.0
(8.5)
(234.8)
(Expense)/credit to consolidated income statement
1
(7.6)
(5.4)
(0.5)
12.6
(0.5)
(1.4)
(2.8)
Credit/(expense) to statement of comprehensive income
\u2014
\u2014
4.3
\u2014
\u2014
(0.6)
3.7
Expense to statement of changes in equity
\u2014
\u2014
\u2014
\u2014
\u2014
(0.1)
(0.1)
Foreign exchange and other movements
\u2014
\u2014
0.1
(0.1)
\u2014
0.3
0.3
At 26 February 2026
(138.2)
(100.5)
(47.6)
62.4
0.5
(10.3)
(233.7)
1 The consolidated income statement expense of \u00a32.8m is lower than the prior year charge of \u00a363.8m. This predominantly relates to the utilisation of UK tax losses of \u00a3nil (2024/25: charge of \u00a329.6m) and a higher credit arising on fixed asset impairments of \u00a333.2m (2024/25: \u00a310.6m). 2 The Leases category includes an asset of \u00a351.8m (2024/25: \u00a354.8m) for IFRS 16 transitional adjustments and an asset of \u00a313.2m (2024/25: nil) for deferred accounting profits on sale and leaseback transactions. 3 The Other category includes a deferred tax liability of \u00a317.8m (2024/25: \u00a314.8m) in respect of capitalised interest and a deferred tax asset of \u00a35.5m (2024/25: \u00a35.8m) in respect of share-based payments. The Group recognises UK deferred tax assets to the extent that taxable profits will be available to utilise deductible temporary differences or unused tax losses. At 26 February 2026, no net UK deferred asset is unrecognised (2024/25: \u00a3nil). The Group has generated unrecognised tax losses in Germany of \u00a3284.7m (\u20ac325.5m) (2024/25: \u00a3253.6m (\u20ac307.3m)) that will be available for offset against future taxable profits. Whilst the gross tax losses have increased, the unrecognised deferred tax asset has fallen to \u00a377.3m (2024/25: \u00a380.9m). This is a result of the substantive enactment of a phased reduction to the corporate income tax rate in Germany from 15% to 10% by 2032. Trade taxes have not been amended and as a result the blended deferred tax rate applied to German losses under IAS 12 has reduced from 31.9% (2024/25) to 27.2% (2025/26). Refer to Note 2 for further information. At 26 February 2026, no deferred tax asset is recognised (2024/25: \u00a3nil) on gross temporary differences of \u00a32.0m (2024/25: \u00a32.4m) relating to the accumulated losses of other international subsidiaries as the Group is able to control the timings of the reversal of these temporary differences and it is probable that they will not reverse in the foreseeable future. Tax relief on total interest capitalised amounts to \u00a34.2m (2024/25: \u00a32.0m).", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2025-02-28T00:00:00/2026-02-27T00:00:00" } }, "fact-455": { "value": "
10. Earnings per share
The basic earnings per share (EPS) figures are calculated by dividing the net profit/(loss)
for the period attributable to ordinary shareholders of the parent by the weighted average
number of ordinary shares in issue during the period after deducting treasury shares and
shares held by an independently managed employee share ownership trust (ESOT).
The diluted earnings per share figures allow for the dilutive effect of the conversion into
ordinary shares of the weighted average number of options outstanding during the period.
Where the average share price for the period is lower than the option price, the options
become anti-dilutive and are excluded from the calculation.
The number of shares used for the earnings per share calculations is as follows:
2025/26 2024/25
million million
Basic weighted average number of ordinary shares
172.6
179.3
Effect of dilution \u2013 share options
1.3
1.2
Diluted weighted average number of ordinary shares
173.9
180.5
The total number of shares in issue at the year end, as used in the calculation of the basic
weighted average number of ordinary shares, was 180.1m, less 12.5m treasury shares held
by Whitbread PLC and 0.6m held by the ESOT (2024/25: 188.8m, less 12.5m treasury shares
held by Whitbread PLC and 0.8m held by the ESOT).
The profits used for the earnings per share calculations are as follows:
2025/26 2024/25
\u00a3m \u00a3m
Profit for the year attributable to parent shareholders
212.9
253.7
Adjusting items before tax (Note 6)
184.7
115.6
Adjusting tax credit (Note 6)
(37.7)
(20.3)
Adjusted profit for the year attributable to parent shareholders
359.9
349.0
2025/26 2024/25
pence pence
Basic EPS on profit for the year
123.3
141.5
Adjusting items before tax
107.0
64.4
Adjusting tax credit
(21.8)
(11.3)
Basic EPS on adjusted profit for the year
208.5
194.6
Diluted EPS on profit for the year
122.4
140.6
Diluted EPS on adjusted profit for the year
207.0
193.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2025-02-28T00:00:00/2026-02-27T00:00:00" } }, "fact-456": { "value": "
11. Dividends paid and proposed
2025/26
2024/25
pence per pence per
share
\u00a3m
share
\u00a3m
Final dividend proposed and paid
relating to the prior year
60.60
106.5
62.90
114.7
Interim dividend proposed and paid
for the current year
36.40
62.3
36.40
65.2
Unclaimed dividend written back
\u2014
\u2014
N/A
(2.1)
Total equity dividends paid in
the year
168.8
177.8
Dividends on other shares:
B shares
\u2014
\u2014
11.40
0.2
C shares
\u2014
\u2014
7.60
0.1
Total dividends paid
168.8
178.1
Proposed for approval at annual
general meeting:
Final equity dividend for the
current year
60.60
101.3
60.60
106.4
B and C shares were fully converted and cancelled on 16 December 2024; therefore, no such
shares were in issue during 2025/26.
A final dividend of 60.60p per share amounting to a dividend of \u00a3101.3m was recommended
by the Directors at their meeting on 29 April 2026. A Dividend Reinvestment Plan (DRIP)
alternative will be offered. The proposed final dividend is subject to approval by shareholders
at the annual general meeting and has not been included as a liability in these consolidated
financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2025-02-28T00:00:00/2026-02-27T00:00:00" } }, "fact-506": { "value": "0.606", "decimals": 4, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2025-02-28T00:00:00/2026-02-27T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-507": { "value": "106500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2025-02-28T00:00:00/2026-02-27T00:00:00", "unit": "iso4217:GBP" } }, "fact-457": { "value": "
12. Intangible assets
IT software and
Goodwill technology Total
\u00a3m \u00a3m \u00a3m
Cost
At 29 February 2024
350.1
160.0
510.1
Additions
\u2014
19.6
19.6
Assets written off
\u2014
(12.6)
(12.6)
Foreign currency translation
\u2014
(0.1)
(0.1)
At 27 February 2025
350.1
166.9
517.0
Additions
\u2014
19.7
19.7
Assets written off
\u2014
(21.9)
(21.9)
Foreign currency translation
\u2014
0.3
0.3
At 26 February 2026
350.1
165.0
515.1
Amortisation and impairment
At 29 February 2024
(239.6)
(85.5)
(325.1)
Amortisation during the year
\u2014
(30.2)
(30.2)
Amortisation on assets written off
\u2014
12.6
12.6
Foreign currency translation
\u2014
\u2014
\u2014
At 27 February 2025
(239.6)
(103.1)
(342.7)
Amortisation during the year
\u2014
(33.2)
(33.2)
Amortisation on assets written off
\u2014
21.9
21.9
Foreign currency translation
\u2014
(0.1)
(0.1)
At 26 February 2026
(239.6)
(114.5)
(354.1)
Net book value at 26 February 2026
110.5
50.5
161.0
Net book value at 27 February 2025
110.5
63.8
174.3
Other than goodwill, there are no intangible assets with indefinite lives. IT software and
technology assets, which are made up entirely of internally generated assets, have been
assessed as having finite lives and are amortised under the straight-line method over
periods ranging from three to ten years.
Note 14 contains details of the impairment review conducted on goodwill as at the year end date.
Capital expenditure commitments
Capital expenditure commitments in relation to intangible assets at the year end amounted
to \u00a31.4m (2024/25: \u00a34.3m).
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2025-02-28T00:00:00/2026-02-27T00:00:00" } }, "fact-538": { "value": "12. Intangible assets
IT software and
Goodwill technology Total
\u00a3m \u00a3m \u00a3m
Cost
At 29 February 2024
350.1
160.0
510.1
Additions
\u2014
19.6
19.6
Assets written off
\u2014
(12.6)
(12.6)
Foreign currency translation
\u2014
(0.1)
(0.1)
At 27 February 2025
350.1
166.9
517.0
Additions
\u2014
19.7
19.7
Assets written off
\u2014
(21.9)
(21.9)
Foreign currency translation
\u2014
0.3
0.3
At 26 February 2026
350.1
165.0
515.1
Amortisation and impairment
At 29 February 2024
(239.6)
(85.5)
(325.1)
Amortisation during the year
\u2014
(30.2)
(30.2)
Amortisation on assets written off
\u2014
12.6
12.6
Foreign currency translation
\u2014
\u2014
\u2014
At 27 February 2025
(239.6)
(103.1)
(342.7)
Amortisation during the year
\u2014
(33.2)
(33.2)
Amortisation on assets written off
\u2014
21.9
21.9
Foreign currency translation
\u2014
(0.1)
(0.1)
At 26 February 2026
(239.6)
(114.5)
(354.1)
Net book value at 26 February 2026
110.5
50.5
161.0
Net book value at 27 February 2025
110.5
63.8
174.3
Other than goodwill, there are no intangible assets with indefinite lives. IT software and technology assets, which are made up entirely of internally generated assets, have been assessed as having finite lives and are amortised under the straight-line method over periods ranging from three to ten years. Note 14 contains details of the impairment review conducted on goodwill as at the year end date. Capital expenditure commitments Capital expenditure commitments in relation to intangible assets at the year end amounted to \u00a31.4m (2024/25: \u00a34.3m).", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2025-02-28T00:00:00/2026-02-27T00:00:00" } }, "fact-508": { "value": "12. Intangible assets
IT software and
Goodwill technology Total
\u00a3m \u00a3m \u00a3m
Cost
At 29 February 2024
350.1
160.0
510.1
Additions
\u2014
19.6
19.6
Assets written off
\u2014
(12.6)
(12.6)
Foreign currency translation
\u2014
(0.1)
(0.1)
At 27 February 2025
350.1
166.9
517.0
Additions
\u2014
19.7
19.7
Assets written off
\u2014
(21.9)
(21.9)
Foreign currency translation
\u2014
0.3
0.3
At 26 February 2026
350.1
165.0
515.1
Amortisation and impairment
At 29 February 2024
(239.6)
(85.5)
(325.1)
Amortisation during the year
\u2014
(30.2)
(30.2)
Amortisation on assets written off
\u2014
12.6
12.6
Foreign currency translation
\u2014
\u2014
\u2014
At 27 February 2025
(239.6)
(103.1)
(342.7)
Amortisation during the year
\u2014
(33.2)
(33.2)
Amortisation on assets written off
\u2014
21.9
21.9
Foreign currency translation
\u2014
(0.1)
(0.1)
At 26 February 2026
(239.6)
(114.5)
(354.1)
Net book value at 26 February 2026
110.5
50.5
161.0
Net book value at 27 February 2025
110.5
63.8
174.3
Other than goodwill, there are no intangible assets with indefinite lives. IT software and technology assets, which are made up entirely of internally generated assets, have been assessed as having finite lives and are amortised under the straight-line method over periods ranging from three to ten years. Note 14 contains details of the impairment review conducted on goodwill as at the year end date. Capital expenditure commitments Capital expenditure commitments in relation to intangible assets at the year end amounted to \u00a31.4m (2024/25: \u00a34.3m).", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2025-02-28T00:00:00/2026-02-27T00:00:00" } }, "fact-458": { "value": "
13. Property, plant and equipment
Land and Plant and
buildings equipment Total
\u00a3m \u00a3m \u00a3m
Cost
At 29 February 2024
4,110.8
1,787.4
5,898.2
Additions
228.0
237.3
465.3
Interest capitalised
8.7
\u2014
8.7
Net movements to assets held for sale in the year
(261.8)
(62.3)
(324.1)
Disposals
(0.6)
(0.1)
(0.7)
Assets written off
(2.2)
(103.7)
(105.9)
Foreign currency translation
(22.5)
(3.8)
(26.3)
Asset reclassified from right-of-use asset
(3.8)
\u2014
(3.8)
At 27 February 2025
4,056.6
1,854.8
5,911.4
Additions
430.1
277.5
707.6
Interest capitalised
23.0
\u2014
23.0
Net movements to assets held for sale in the year
(234.6)
(52.5)
(287.1)
Assets written off
(20.2)
(117.1)
(137.3)
Foreign currency translation
38.7
6.5
45.2
At 26 February 2026
4,293.6
1,969.2
6,262.8
Land and Plant and
buildings equipment Total
\u00a3m \u00a3m \u00a3m
Depreciation and impairment
At 29 February 2024
(441.9)
(828.4)
(1,270.3)
Depreciation charge for the year
(21.5)
(155.8)
(177.3)
Net impairment charge (Note 14)
(46.2)
(2.1)
(48.3)
Net movements to assets held for sale in the year
120.8
36.3
157.1
Disposals
0.5
0.1
0.6
Depreciation on assets written off
0.3
100.1
100.4
Foreign currency translation
2.3
1.5
3.8
At 27 February 2025
(385.7)
(848.3)
(1,234.0)
Depreciation charge for the year
(23.6)
(160.8)
(184.4)
Net impairment charge (Note 14)
(118.8)
(11.5)
(130.3)
Net movements to assets held for sale in the year
19.7
19.9
39.6
Depreciation on assets written off
20.2
117.1
137.3
Foreign currency translation
(3.8)
(2.8)
(6.6)
At 26 February 2026
(492.0)
(886.4)
(1,378.4)
Net book value at 26 February 2026
3,801.6
1,082.8
4,884.4
Net book value at 27 February 2025
3,670.9
1,006.5
4,677.4
Included above are assets under construction of \u00a3827.6m (2024/25: \u00a3612.5m) land and
buildings and \u00a3126.8m (2024/25: \u00a369.7m) plant and equipment.
There is a charge in favour of the pension scheme over properties with a market value
of \u00a3531.5m (2024/25: \u00a3531.5m). See Note 32 for further information.
Amounts relating to right-of-use assets under IFRS 16 are detailed in Note 22.
Capital expenditure commitments
2026 2025
\u00a3m \u00a3m
Capital expenditure commitments for property, plant and
equipment for which no provision has been made
370.0
271.8
Capitalised interest
Interest capitalised during the year amounted to \u00a323.0m, using an average rate of 3.4%
(2024/25: \u00a38.7m, using an average rate of 2.4%).
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2025-02-28T00:00:00/2026-02-27T00:00:00" } }, "fact-459": { "value": "
14. Impairment
Summary of impairment charges and reversals
During this year, net impairment charges of \u00a3162.5m (2024/25: \u00a376.5m) were recognised
within operating costs.
Accelerating Growth Plan:
Net impairment, write-offs and accelerated depreciation of \u00a3130.5m (2024/25: \u00a343.5m) has
been recognised in respect of the Group continuing with and proposing an extension to the
Accelerating Growth Plan (AGP).
UK:
Outside of Accelerating Growth Plan-related impairments, gross impairment charges in the
UK of \u00a315.5m (2024/25: \u00a315.8m) and no gross impairment reversals in the UK (2024/25: \u00a35.3m)
have been recorded across right-of-use assets and property, plant and equipment.
Germany:
The Group continues to make progress through organic and portfolio acquisitions in order
to access German markets, with 2025/26 performance reflecting the increased maturity of
open sites. Impairment indicators were identified at a small number of German sites, which
has resulted in a net impairment charge of \u00a316.5m (2024/25: \u00a322.5m impairment charge).
The charges/(reversals) were recognised on the following classes of assets:
Impairment Impairment
charge reversal Total
2025/26 \u00a3m \u00a3m \u00a3m
Impairment charges/(reversals) included in
operating costs
Property, plant and equipment
1
132.7
(2.4)
130.3
Accelerating Growth Plan sites
117.6
(2.4)
Rest of estate
15.1
\u2014
Right-of-use assets
21.4
(0.1)
21.3
Accelerating Growth Plan sites
4.5
(0.1)
Rest of estate
16.9
\u2014
Assets held for sale
10.9
\u2014
10.9
Accelerating Growth Plan sites
10.9
\u2014
Total charges/(reversals) for impairment included
in operating costs
165.0
(2.5)
162.5
1 The net impairment charge of \u00a3130.3m above includes \u00a327.6m of accelerated depreciation in relation
to the Extensions programme.
Impairment Impairment
charge reversal Total
2024/25 \u00a3m \u00a3m \u00a3m
Impairment charges/(reversals) included in
operating costs
Property, plant and equipment
1
52.8
(3.5)
49.3
Accelerating Growth Plan sites
30.6
(1.5)
Rest of estate
22.2
(2.0)
Right-of-use assets
29.3
(4.0)
25.3
Accelerating Growth Plan sites
13.2
(0.7)
Rest of estate
16.1
(3.3)
Assets held for sale
7.2
(5.3)
1.9
Accelerating Growth Plan sites
7.2
(5.3)
Total charges/(reversals) for impairment included
in operating costs
89.3
(12.8)
76.5
1 The net impairment charge of \u00a349.3m above includes \u00a31.0m of accelerated depreciation in relation to
the Extensions programme.
Property, plant and equipment and right-of-use assets \u2013 impairment review
The carrying value of property, plant and equipment and right-of-use assets are reviewed
for impairment whenever events or changes in circumstances indicate that their carrying
values may not be recoverable.
The majority of the Group\u2019s trading sites offer a combination of accommodation and
food and beverage services, either through a hotel and branded restaurant at the same
location or a hotel which offers food and beverage. Due to the high dependency between
accommodation and food and beverage cash flows at these locations, each trading site is
considered to represent a separate cash-generating unit (\u2018CGU\u2019). Exceptions to this exist
in the form of a small number of sites where a third party provides food and beverage
services. In addition, in circumstances where the Group is committed at the balance sheet
date to the disposal of a portion of a site, the related proportion is not included in the
trading CGU as the economic benefits are expected to be received principally through sale.
The Group exercises judgement in assessing the impairment of assets identified for
disposal, particularly when they do not yet meet the criteria for classification as held for
sale under IFRS 5. For such individual assets, where their value is primarily expected to be
realised through sale and cash flows from continuing use are negligible, the Group applies
IAS 36 to impair them to their fair value less costs of disposal. This approach reflects that
the economic value of these assets is predominantly derived from their impending sale,
even if they form part of a larger cash-generating unit.
In assessing whether an asset has been impaired, the carrying amount of the CGU is
compared to its recoverable amount. The recoverable amount is the higher of its value
in use and its fair value less costs of disposal.
Valuation methodology:
The Group calculates a value in use (VIU) for each CGU. The key assumptions used
in calculating VIU are set out below.
Where the VIU is lower than the carrying value of the CGU, the Group additionally
estimates a fair value less costs of disposal (FVLCD) for each site.
\u2022 For leasehold sites, FVLCD is estimated based on present value techniques using
a discounted cash flow method.
\u2022 For freehold sites, FVLCD is estimated based on applying a market multiple to the
CGU EBITDAR.
The assumptions applied in estimating fair value for each of the above are set out below.
Both estimates of FVLCD rely on inputs not normally observable by market participants
and are therefore level 3 measurements in the fair value hierarchy.
All of the impairment assessments take account of expected market conditions which
include future risks including climate change and related legislation.
Key assumptions:
VIU for freehold and leasehold sites:
The key assumptions used by management in estimating VIU were:
Discount rates
The discount rate is based on the Weighted Average Cost of Capital (WACC) of a typical
market participant, taking into account specific country and currency risks associated with
the Group.
2025/26
2024/25
UK
Germany
UK
Germany
Average pre-tax discount rate
11.3%
9.5%
11.4%
9.2%
Average post-tax discount rate
9.0%
7.4%
9.1%
7.0%
Approved budget period
Forecast cashflow for the initial five-year period are based on actual cash flows and
considered after applying management\u2019s assumptions of the performance of the Group
over the next five years. The assumptions used are consistent with those applied in
assessing the Group\u2019s longer term viability.
The key assumptions used by management in setting the board approved financial budgets
for the initial five-year period were as follows:
\u2022 Forecast period cashflows: The initial five-year period\u2019s cashflows are drawn from the
5-year business plan. Cash flows used in impairment testing reflect the current condition
of assets and exclude future enhancements or expansions not already committed.
\u2022 Forecast growth rates: Forecast growth rates are based on the Group business plan, which
includes assumptions around the UK and German economies over the next five years.
\u2022 Operating profits are forecast based on historical experience of operating margins,
adjusted for the impact of inflation and cost saving initiatives.
\u2022 Local factors impacting the site in the current year or expected to impact the site in
future years. Key assumptions include the maturity profile of individual sites, the future
potential of immature sites and the impact of increasing or reducing market supply in
the local area.
Long-term growth rates
A long-term growth rate of 2.0% (2025: 2.0%) was used for cash flows subsequent to the
five-year approved budget/plan period. This long-term growth rate is a conservative rate
and is considered to be lower than the long-term historical growth rates of the underlying
territories in which the CGUs operate and the long-term growth rate prospects of the
sectors in which the CGUs operate.
FVLCD for leasehold sites:
The key assumptions used by management in estimating the FVLCD on a discounted
cashflow method were similar to those used in the VIU assessment, modified to reflect
estimated cost of disposal and lease payments.
Discount rates
The discount rate is based on the Weighted Average Cost of Capital (WACC) of a typical
market participant, taking into account specific country and currency risks associated with
the Group.
2025/26
2024/25
UK
Germany
UK
Germany
Average pre-tax discount rate for
FVLCD for leaseholds
11.5%
9.9%
12.1%
10.0%
FVLCD for freehold sites:
The key assumption used by management in estimating the FVLCD for freehold sites is an
EBITDAR multiple.
EBITDAR multiple
An EBITDAR multiple is estimated based on a normalised trading basis, with reference to
market data obtained from external sources. This resulted in a multiple in the range of 9
to 11 times.
Methodology in relation to the Group\u2019s Accelerating Growth Plan
As set out in detail on page 16 of the Strategic Report, the Group has announced a
proposed extension to the Accelerating Growth Plan. When considered together, the
existing and proposed extension to AGP have had the following impact on the Group\u2019s
impairment review:
Extensions programme:
As part of the Group\u2019s Extensions programme, certain branded restaurant units are being
repurposed, with smaller areas dedicated to integrated food and beverage services and
where appropriate the remaining space converted to additional hotel rooms. The
composition of the CGU remains unchanged.
During the year, planning applications were submitted for a number of sites, with approvals
received for some locations. The useful economic lives of relevant buildings and FF&E have
been reassessed based on the status of planning approvals and commencement of works.
Where all relevant internal and external approvals have been obtained, the carrying value
of the related assets is written down accordingly.
During the year, \u00a327.6m was written off. The Group expects to incur further charges
of between \u00a350.0m and \u00a370.0m over the coming financial years.
Disposal sites:
Disposal sites that were actively marketed at the year end, with a valid expectation of
disposal within 12 months of the balance sheet date, have been classified as assets held for
sale. As the economic benefits of these sites are expected to be realised principally through
sale rather than continuing use, they have been measured at the lower of carrying value
and fair value less costs of disposal. The remaining net book value of \u00a339.2m (2024/25: \u00a368.0m)
is presented within assets held for sale.
The Group has announced its proposed extension to AGP, and there is an expectation that
the committed plan to dispose of a further group of sites to third parties will take place.
These disposal sites do not meet the criteria for classification as assets held for sale, but
are measured at the lower of carrying value and net realisable value as the individual
assets\u2019 VIU is estimated to be close to its now measurable fair value less costs of disposal.
In these cases, net realisable value is represented by FVLCD. With the announcement of the
proposed extension to the Accelerating Growth Plan the Group has recorded an
impairment of \u00a375.4m.
Sensitivity to changes in assumptions
The level of impairment is predominantly dependent upon estimates used in arriving at
future growth rates and the discount rates applied to cash flow projections. The incremental
impact on the net impairment charge of applying a reasonably possible change in assumptions
to the growth rates used in the five-year business plans, long-term growth rates, pre-tax
discount rates, EBITDAR multiple and FV of disposal is as follows:
Total
\u00a3m
Incremental increase/(decrease) to the net impairment charge
Increase to net impairment charge if year one\u2019s cash flows reduced by 10%
1.3
Decrease to net impairment charge if year one\u2019s cash flows increased by 10%
(1.3)
Increase to net impairment charge if discount rates increased by 2%
5.8
Decrease to net impairment charge if discount rates reduced by 2%
(3.8)
Increase to net impairment charge if the fair value of AGP disposal sites
reduced by 20%
18.7
Decrease to net impairment charge if the fair value of AGP disposal sites
increased by 20%
(13.4)
Increase to net impairment charge if long-term growth rates reduced by 1%
8.7
Increase to net impairment charge if EBITDAR multiple reduced by 10%
8.8
The above sensitivity analyses are based on a reasonably possible change in an assumption
(in line with disclosure requirements) whilst holding all other assumptions constant. In practice,
this is unlikely to occur and changes in some of the assumptions may be correlated.
Goodwill \u2013 impairment review
Following the impairment assessment over property, plant and equipment and right-of-use
assets, the Group completed an impairment review of goodwill. Goodwill acquired through
business combinations is allocated to groups of CGUs at an operating segment level, being
the level at which management monitors goodwill. As a result of the German goodwill
being impaired in previous years, all of the Group\u2019s goodwill is allocated to the UK and
Ireland segment.
The recoverable amount is the higher of FVLCD and VIU using the same assumptions
as those used in the site level impairment reviews. The future cash flows are based on
assumptions from the approved budget and cover a five-year period. These forecasts
include management\u2019s most recent view of medium-term trading prospects. Cash flows
beyond this period are extrapolated using a 2.0% (2024/25: 2.0%) growth rate. The pre-tax
discount rate applied to cash flow projections is 11.5% (2024/25: 11.4%).
Given the level of headroom within the UK segment, there is no reasonably possible change
that could result in a further material impairment of goodwill.
Assets held for sale \u2013 impairment review
In addition to impairments on assets transferred to held for sale in the year, an impairment
charge of \u00a310.9m (2024/25: \u00a31.9m) was recorded in relation to assets which had previously
been classified as held for sale as a result of a reduction in expected sales proceeds.
", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2025-02-28T00:00:00/2026-02-27T00:00:00" } }, "fact-509": { "value": "Assets held for sale \u2013 impairment review In addition to impairments on assets transferred to held for sale in the year, an impairment charge of \u00a310.9m (2024/25: \u00a31.9m) was recorded in relation to assets which had previously been classified as held for sale as a result of a reduction in expected sales proceeds.
15. Assets classified as held for sale
The following table presents the major classes of assets and liabilities classified as held for sale:
2026 2025
\u00a3m \u00a3m
Property, plant and equipment
109.2
128.8
Right-of-use assets
1.4
1.1
Lease liabilities
(2.1)
(1.7)
Assets classified as held for sale
108.5
128.2
At the year end, there were 86 sites with a combined net book value of \u00a3108.5m
(2024/25: 107 with net book value of \u00a3128.2m) classified as assets held for sale (AHFS).
There are no gains or losses recognised in other comprehensive income with respect to
these assets. The value and number of assets held for sale are both heightened by the
Group\u2019s continued commitment to the Accelerating Growth Plan.
Sites are classified as held for sale only if they are available for immediate sale in their
present condition and a sale is highly probable and expected to be completed within one
year from the date of classification. Where there has been a delay in disposing of a site,
the Group remains committed to its plan to sell the asset. If a site no longer meets this
criteria at future reporting dates it is transferred back to property, plant and equipment.
Included within assets held for sale are assets which were written down to fair value less
costs to sell of \u00a362.5m (2024/25: \u00a356.4m). The fair value of property assets was determined
based on current prices in an active market for similar properties or from independent
market valuations of the assets by management\u2019s experts. Where such information is not
available management considers information from a variety of sources including current
prices for properties of a different nature or recent prices of similar properties, adjusted to
reflect those differences. This is a level 3 measurement as per the fair value hierarchy set
out in Note 25. The key inputs under this approach are the property size and location.
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2025-02-28T00:00:00/2026-02-27T00:00:00" } }, "fact-460": { "value": "15. Assets classified as held for sale The following table presents the major classes of assets and liabilities classified as held for sale:
2026 2025
\u00a3m \u00a3m
Property, plant and equipment
109.2
128.8
Right-of-use assets
1.4
1.1
Lease liabilities
(2.1)
(1.7)
Assets classified as held for sale
108.5
128.2
At the year end, there were 86 sites with a combined net book value of \u00a3108.5m (2024/25: 107 with net book value of \u00a3128.2m) classified as assets held for sale (AHFS). There are no gains or losses recognised in other comprehensive income with respect to these assets. The value and number of assets held for sale are both heightened by the Group\u2019s continued commitment to the Accelerating Growth Plan. Sites are classified as held for sale only if they are available for immediate sale in their present condition and a sale is highly probable and expected to be completed within one year from the date of classification. Where there has been a delay in disposing of a site, the Group remains committed to its plan to sell the asset. If a site no longer meets this criteria at future reporting dates it is transferred back to property, plant and equipment. Included within assets held for sale are assets which were written down to fair value less costs to sell of \u00a362.5m (2024/25: \u00a356.4m). The fair value of property assets was determined based on current prices in an active market for similar properties or from independent market valuations of the assets by management\u2019s experts. Where such information is not available management considers information from a variety of sources including current prices for properties of a different nature or recent prices of similar properties, adjusted to reflect those differences. This is a level 3 measurement as per the fair value hierarchy set out in Note 25. The key inputs under this approach are the property size and location.", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2025-02-28T00:00:00/2026-02-27T00:00:00" } }, "fact-510": { "value": "
16. Investment in joint ventures
2026 2025
Movement in investment in joint ventures \u00a3m \u00a3m
Opening investment in joint ventures
54.4
50.8
Share of profit for the year
4.7
4.7
Foreign exchange movements
(3.7)
0.1
Distributions received from joint ventures
(1.4)
(1.2)
Closing investment in joint ventures
54.0
54.4
Premier Inn Hotels LLC
The Group holds a 49% interest in Premier Inn Hotels LLC, a joint venture which operates
Premier Inn branded hotels in the United Arab Emirates. The investment forms part of the
Group\u2019s international growth strategy. Premier Inn Hotels LLC holds a 49% investment in
Premier Inn Qatar Limited.
During the year, Premier Inn Hotels LLC repatriated \u00a31.4m (2024/25: \u00a31.2m) to the Group
as a return of capital contributed to the joint venture. The Group continues to exercise
significant influence over the entity.
During the year, the Group also charged a franchise fee aggregating to \u00a31.1m
(2024/25: \u00a31.0m) which has been repatriated by Premier Inn Hotels LLC and
recorded in the Group\u2019s Income Statement.
Subsequent to the balance sheet date, there has been military escalation in the region
in which the joint venture operates (UAE and Qatar). The potential impact on operations
and financial performance will be assessed in the next financial reporting period.
2026
2025
Premier Inn Premier Inn
Hotels LLC Hotels LLC
Summary of joint ventures\u2019 balance sheets \u00a3m \u00a3m
Current assets
25.7
20.8
Non-current assets
123.6
132.8
Current liabilities
(14.8)
(13.7)
Non-current liabilities
(24.3)
(29.0)
Net assets
110.2
110.9
Group\u2019s share of interest in joint ventures\u2019 net assets
54.0
54.4
Group\u2019s carrying amount of the investment
54.0
54.4
Within gross balance sheets
Cash and cash equivalents
22.5
17.8
Current financial liabilities
(2.7)
(4.8)
Non-current financial liabilities
(24.3)
(29.0)
2025/26
2024/25
Premier Inn Premier Inn
Hotels LLC Hotels LLC
Summary of joint ventures\u2019 income statement \u00a3m \u00a3m
Revenue
37.3
35.6
Depreciation and amortisation
(3.2)
(2.9)
Other operating costs
(22.2)
(20.6)
Finance costs
(1.2)
(1.8)
Profit before tax
10.7
10.3
Income tax
(1.1)
(0.7)
Profit after tax
9.6
9.6
Group share
Profit after tax
4.7
4.7
At 26 February 2026, the Group\u2019s share of the capital commitments of its joint ventures amounted to \u00a31.2m (2024/25: \u00a31.2m). ", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2025-02-28T00:00:00/2026-02-27T00:00:00" } }, "fact-461": { "value": "16. Investment in joint ventures
2026 2025
Movement in investment in joint ventures \u00a3m \u00a3m
Opening investment in joint ventures
54.4
50.8
Share of profit for the year
4.7
4.7
Foreign exchange movements
(3.7)
0.1
Distributions received from joint ventures
(1.4)
(1.2)
Closing investment in joint ventures
54.0
54.4
Premier Inn Hotels LLC The Group holds a 49% interest in Premier Inn Hotels LLC, a joint venture which operates Premier Inn branded hotels in the United Arab Emirates. The investment forms part of the Group\u2019s international growth strategy. Premier Inn Hotels LLC holds a 49% investment in Premier Inn Qatar Limited. During the year, Premier Inn Hotels LLC repatriated \u00a31.4m (2024/25: \u00a31.2m) to the Group as a return of capital contributed to the joint venture. The Group continues to exercise significant influence over the entity. During the year, the Group also charged a franchise fee aggregating to \u00a31.1m (2024/25: \u00a31.0m) which has been repatriated by Premier Inn Hotels LLC and recorded in the Group\u2019s Income Statement. Subsequent to the balance sheet date, there has been military escalation in the region in which the joint venture operates (UAE and Qatar). The potential impact on operations and financial performance will be assessed in the next financial reporting period.
2026
2025
Premier Inn Premier Inn
Hotels LLC Hotels LLC
Summary of joint ventures\u2019 balance sheets \u00a3m \u00a3m
Current assets
25.7
20.8
Non-current assets
123.6
132.8
Current liabilities
(14.8)
(13.7)
Non-current liabilities
(24.3)
(29.0)
Net assets
110.2
110.9
Group\u2019s share of interest in joint ventures\u2019 net assets
54.0
54.4
Group\u2019s carrying amount of the investment
54.0
54.4
Within gross balance sheets
Cash and cash equivalents
22.5
17.8
Current financial liabilities
(2.7)
(4.8)
Non-current financial liabilities
(24.3)
(29.0)
2025/26
2024/25
Premier Inn Premier Inn
Hotels LLC Hotels LLC
Summary of joint ventures\u2019 income statement \u00a3m \u00a3m
Revenue
37.3
35.6
Depreciation and amortisation
(3.2)
(2.9)
Other operating costs
(22.2)
(20.6)
Finance costs
(1.2)
(1.8)
Profit before tax
10.7
10.3
Income tax
(1.1)
(0.7)
Profit after tax
9.6
9.6
Group share
Profit after tax
4.7
4.7
At 26 February 2026, the Group\u2019s share of the capital commitments of its joint ventures
amounted to \u00a31.2m (2024/25: \u00a31.2m).
9. Related parties
Details of related undertakings are shown below:
Active related undertakings
% of class of
% of class of shares held by
shares held the Group (if
by the different from % of nominal
Country of Class of shares parent the parent value (where
Company name incorporation held company company) applicable)
AIRE HIEX Stuttgart
Germany
8
Ordinary
\u2014
100.0
100.0
Verwaltungs GmbH
EUR 50,
000
Elm Hotel
England
1
Ordinary \u00a30.10
\u2014
100.0
100.0
Holdings Limited
Farringdon Scottish
Scotland
2
N/A
N/A
N/A
N/A
Partnership
Leeds City Hotels
England
1
Ordinary
\u2014
100.0
100.0
Limited \u00a3100.00
London Hotel Holdings
England
1
Ordinary
\u2014
100.0
100.0
Limited \u00a3100.00
London Hotel Holdings
England
1
Ordinary
\u2014
100.0
100.0
2 Limited \u00a3100.00
London Hotel Holdings
England
1
Ordinary
\u2014
100.0
100.0
3 Limited \u00a310.00
London Hotel Holdings
England
1
Ordinary
\u2014
100.0
100.0
4 Limited \u00a310.00
London Hotel
England
1
Ordinary
\u2014
100.0
100.0
Holdings 5 Limited \u00a310.00
Manchester Hotel
England
1
Ordinary
\u2014
100.0
100.0
Holdings Limited \u00a310.00
Milton (SC) 2 Limited
Scotland
2
Ordinary \u00a31.00
\u2014
100.0
100.0
Milton (SC) Limited
Scotland
2
Ordinary \u00a31.00
\u2014
100.0
100.0
Milton 1 Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Moorgate Scottish
Scotland
2
N/A
N/A
N/A
N/A
Limited Partnership
Newbury Park
England
1
Ordinary
\u2014
100.0
100.0
Hotels Limited \u00a3100.00
PI Hotels and Restaurants
Ireland
3
Ordinary EUR 1
\u2014
100.0
100.0
Ireland Limited
Premier Inn (Bath Street)
Jersey
5
Ordinary \u00a31.00
\u2014
100.0
100.0
Limited
% of class of
% of class of shares held by
shares held the Group (if
by the different from % of nominal
Country of Class of shares parent the parent value (where
Company name incorporation held company company) applicable)
Premier Inn (Guernsey)
Guernsey
15
Ordinary \u00a31.00
\u2014
100.0
100.0
Limited
Premier Inn (Isle of Man)
Isle of Man
4
Ordinary \u00a31.00
\u2014
100.0
100.0
Limited
Premier Inn (Jersey)
Jersey
5
Ordinary \u00a31.00
\u2014
100.0
100.0
Limited
Premier Inn (UK) Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Premier Inn AT Holding
Austria
17
Ordinary
\u2014
100.0
100.0
GmbH EUR 35,000
Premier Inn AT
Austria
17
Ordinary
\u2014
100.0
100.0
Hotelbetriebsgesellschaft EUR 35,000
GmbH
Premier Inn AT
Austria
17
Ordinary
\u2014
100.0
100.0
Immobilienbesitz GmbH EUR 35,000
Premier Inn Dortmund
Germany
8
Ordinary
\u2014
100.0
100.0
K\u00f6nigswall GmbH EUR 25,000
Premier Inn Essen City
Germany
8
Ordinary
\u2014
100.0
100.0
Hauptbahnhof GmbH EUR 25,000
Premier Inn Flensburg
Germany
8
Ordinary
\u2014
100.0
100.0
City GmbH EUR 25,000
Premier Inn Frankfurt
Germany
8
Ordinary
\u2014
100.0
100.0
City Ostbahnhof GmbH EUR 25,000
Premier Inn Frankfurt
Germany
8
Ordinary
\u2014
100.0
100.0
Eschborn GmbH EUR 25,000
Premier Inn
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Glasgow Limited
Premier Inn GmbH
Germany
8
Ordinary
\u2014
100.0
100.0
EUR 25,000
Premier Inn Hamburg
Germany
8
Ordinary
\u2014
100.0
100.0
Nordanalstrasse GmbH EUR 25,000
Premier Inn Holding GmbH
Germany
8
Ordinary
\u2014
100.0
100.0
EUR 25,000
% of class of
% of class of shares held by
shares held the Group (if
by the different from % of nominal
Country of Class of shares parent the parent value (where
Company name incorporation held company company) applicable)
Premier Inn Hotel GmbH
Germany
8
There are no
\u2014
100.0
100.0
classes of
shares. The
total nominal
share capital
of amounts to
EUR
300,000
and is divided
into two
shares, one
in the nominal
amount of
EUR 275,000
and one in
the nominal
amount of
EUR 25,000
Premier Inn Hotels Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Premier Inn Hotels LLC
United Arab
Ordinary
\u2014
49.0
49.0
Emirates
6
AED 1,000
Premier Inn Hotels Qatar
Qatar
7
Ordinary
\u2014
24.0
24.0
QAR 100.00
Premier Inn Immo 19
Germany
8
Ordinary
\u2014
100.0
100.0
GmbH EUR 25,000
Premier Inn Immo 20
Germany
8
Ordinary
\u2014
100.0
100.0
GmbH EUR 25,000
Premier Inn Immo 21
Germany
8
Ordinary
\u2014
100.0
100.0
GmbH EUR 25,000
Premier Inn Immo 22
Germany
8
Ordinary
\u2014
100.0
100.0
GmbH EUR 25,000
Premier Inn Immo 23
Germany
8
Ordinary
\u2014
100.0
100.0
GmbH EUR 25,000
Premier Inn Immo 24
Germany
8
Ordinary
\u2014
100.0
100.0
GmbH EUR 25,000
Premier Inn Immo
Germany
8
Ordinary
\u2014
100.0
100.0
25 GmbH EUR 25,000
% of class of
% of class of shares held by
shares held the Group (if
by the different from % of nominal
Country of Class of shares parent the parent value (where
Company name incorporation held company company) applicable)
Premier Inn International
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Development Limited
Premier Inn Manchester
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Airport Limited
Premier Inn Mannheim
Germany
8
Ordinary
\u2014
100.0
100.0
Quadrate T1 GmbH EUR 25,000
Premier Inn M\u00fcnchen
Germany
8
Ordinary
\u2014
100.0
100.0
Frankfurter Ring GmbH EUR 25,000
Premier Inn
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Ochre Limited
Premier Inn Rostock
Germany
8
Ordinary
\u2014
100.0
100.0
City Hafen GmbH EUR 25,000
Premier Inn
Germany
8
Ordinary
\u2014
100.0
100.0
Verwaltungsgesellschaft
EUR 50,
000
S\u00fcd GmbH
Premier Inn Westminster
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Limited
Premier Travel Inn
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
India Limited
PT. Whitbread Indonesia
Indonesia
10
Ordinary
\u2014
100.0
100.0
USD 1.00
PTI Middle East Limited
United Arab
Ordinary
\u2014
100.0
100.0
Emirates
11
AED 1,000
Quay House Admirals
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Way Land Limited
Silk Street Hotels Limited
England
1
Deferred \u00a31.00
\u2014
100.0
99.1
Ordinary
\u2014
100.0
100.0
USD 0.01
St Andrews Homes
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Limited
% of class of
% of class of shares held by
shares held the Group (if
by the different from % of nominal
Country of Class of shares parent the parent value (where
Company name incorporation held company company) applicable)
Swift Hotels Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
99.9
Preference
\u2014
100.0
0.1
\u00a35.00
T.F. Ashe & Nephew
England
1
Deferred \u00a31.00
\u2014
100.0
0.1
Limited
Ordinary \u00a30.01
100.0
100.0
UNA 312. Equity
Germany
8
Ordinary
\u2014
100.0
100.0
Management GmbH EUR 25,000
UNA 352. Equity
Germany
8
Ordinary
\u2014
100.0
100.0
Management GmbH EUR 25,000
Wembley Park
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Holdings Limited
Whitbread East
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Pennines Limited
Whitbread Group PLC
England
1
Ordinary \u00a30.23
100.0
\u2014
50.0
A ordinary
100.0
\u2014
50.0
\u00a30.25
Whitbread Hotel
England
1
Ordinary \u00a30.10
\u2014
100.0
100.0
Company Limited
Whitbread International
China
9
Ordinary
\u2014
100.0
100.0
Sourcing Business Services RMB 1.00
(Shanghai) Co., Ltd
Whitbread Properties
England
1
5% non-
\u2014
100.0
24.9
Limited cumulative
preference \u00a30.50
7% non-
\u2014
100.0
24.9
cumulative
preference \u00a30.25
Ordinary \u00a30.175
\u2014
100.0
58.7
WHRI Development DMCC United Arab Ordinary
\u2014
100.0
24.9
Emirates
12
AED 1,000
WHRI Holding
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Company Limited
Dormant related undertakings
% of class of
% of class of shares held by
shares held the Group (if
by the different from % of nominal
Country of Class of shares the parent the parent value (where
Company name incorporation held company company) applicable)
Advisebegin Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Alastair Campbell &
Scotland
14
Ordinary \u00a31.00
\u2014
100.0
100.0
Company Limited
Archibald Campbell
Scotland
14
Ordinary \u00a31.00
\u2014
100.0
100.0
Hope & King Limited
Autumn Days Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Belgrave Hotel Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Brickwoods Limited
England
1
Ordinary \u00a30.25
\u2014
100.0
100.0
Belstead Brook Manor
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Hotel Limited
Brewers Fayre Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Britannia Inns Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Broughton Park
England
1
Ordinary \u00a30.01
\u2014
100.0
100.0
Hotel Limited
Carpenters of
Widnes Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Deferred
\u2014
100.0
100.0
ordinary \u00a31.00
Cherwell Inns Limited
England
1
A ordinary non-
\u2014
100.0
66.7
voting \u00a31.00
Ordinary \u00a31.00
\u2014
100.0
33.3
Chiswell Overseas Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Chiswell Properties Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Churchgate Manor
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Hotel Limited
Country Club Hotels Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Cromwell Hotel (Stevenage)
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Cymric Hotel
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Company Limited
Danesk Limited
Scotland
13
Ordinary \u00a31.00
\u2014
100.0
100.0
% of class of
% of class of shares held by
shares held the Group (if
by the different from % of nominal
Country of Class of shares the parent the parent value (where
Company name incorporation held company company) applicable)
David Williams
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
(Builth)\ue01eLimited
Dealend Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Delamont Freres Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Delaunay Freres Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Dome Restaurants Limited England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Dragon Inns and
Restaurants Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Dukes Head 1988 Limited
England
1
B ordinary \u00a31.00
\u2014
100.0
100.0
W ordinary \u00a31.00
\u2014
100.0
100.0
Duttons Brewery Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
E. Lacon & Co., Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Evan Evans Bevan Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Finite Hotel Systems Limited
England
1
A ordinary \u00a31.00
\u2014
100.0
50.0
B ordinary \u00a31.00
\u2014
100.0
50.0
Fleet Wines & Spirits Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Forest of Arden Golf and
Country Club Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Gable Care Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Goodhews (Castle)
England
1
A ordinary \u00a31.00
\u2014
100.0
51.0
Ordinary \u00a31.00
\u2014
100.0
49.0
Goodhews (Holdings)
England
1
A ordinary \u00a31.00
\u2014
100.0
42.2
Limited
B ordinary \u00a31.00
\u2014
100.0
42.2
C ordinary \u00a31.00
\u2014
100.0
15.6
Goodhews (Inns)
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Goodhews (Restaurants)
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Goodhews B. & S. Limited England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Goodhews Enterprises
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Goodhews Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
% of class of
% of class of shares held by
shares held the Group (if
by the different from % of nominal
Country of Class of shares the parent the parent value (where
Company name incorporation held company company) applicable)
Gough Brothers Limited
England
1
Deferred
\u2014
100.0
97.6
ordinary \u00a30.20
Ordinary \u00a31.00
\u2014
100.0
2.4
Grosvenor Leisure Limited England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Hammock Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Hart & Co. (Boats) Limited
England
1
1% non-
\u2014
100.0
99.0
cumulative
preference \u00a31.00
Ordinary \u00a31.00
\u2014
100.0
1.0
1% non-
\u2014
100.0
\u2014
cumulative
preference \u00a30.01
Harveys Leisure
England
1
A ordinary \u00a31.00
\u2014
100.0
70.0
Promotions Limited
B ordinary \u00a31.00
\u2014
100.0
30.0
Hunter & Oliver Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
J. Burton (Warwick) Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
J. J. Norman and Ellery
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Limited
James Bell and
England
1
Deferred
\u2014
100.0
96.2
Company Limited ordinary \u00a30.25
Ordinary 0.01
\u2014
100.0
3.8
Jestbread Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Kingsmills Hotel
Scotland
16
Ordinary \u00a31.00
\u2014
100.0
100.0
Company Limited
Lambtons Ale Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Latewise Limited
England
1
Ordinary \u00a31.00
\u2014
53.4
53.4
Lawnpark Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Leisure and Retail
England
1
Ordinary \u00a31.00
\u2014
99.6
99.6
Resources Limited
% of class of
% of class of shares held by
shares held the Group (if
by the different from % of nominal
Country of Class of shares the parent the parent value (where
Company name incorporation held company company) applicable)
Lloyds Avenue
England
1
3% non-
\u2014
100.0
50.0
Catering Limited cumulative
preference \u00a31.00
Ordinary \u00a31.00
\u2014
100.0
50.0
London International
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Hotel Limited
Mackeson &
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Company Limited
Mackies Wine
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Company Limited
Maredrove Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Marine Hotel
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Porthcawl Limited
Marlow Catering Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Meon Valley Golf and
Country Club Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Milton 2 Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Morans of Bristol Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Morris\u2019s Wine
England
1
Ordinary \u00a31.00
\u2014
100.0
5.4
Stores Limited 5.6% non-
\u2014
100.0
94.6
cumulative
preference \u00a31.00
New Clapton Stadium
England
1
Ordinary \u00a30.05
\u2014
100.0
100.0
Company Limited
Norseman Lager Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Pacific Caledonian
Scotland
13
Ordinary \u00a31.00
\u2014
100.0
100.0
Properties Limited
Percheron Properties
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Limited
Peter Dominic Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
PI Hotels York Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Piquant Caterers Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
% of class of
% of class of shares held by
shares held the Group (if
by the different from % of nominal
Country of Class of shares the parent the parent value (where
Company name incorporation held company company) applicable)
Pizzaland Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Premier Inn Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Premier Inn Troon Limited England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Premier Inn Manchester
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Trafford Limited
Priory Leisure Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Raybain (Northern) Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Raybain (Wine Bars)
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Limited
Respotel Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Rhymney Breweries Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
S & S Property Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
S.H. Ward &
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Company Limited
Salford Automatics Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Scorechance 1 Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Scorechance 12 Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Scorechance 17 Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Scorechance 25 Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Scorechance 8 Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Sheffield Automatics
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Limited
Shewell Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Silk Street Hotel
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Liverpool Limited
Small & Co.
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
(Engineering)\ue01eLimited
Small & Co. Limited
England
1
7% cumulative
\u2014
100.0
0.7
preference \u00a31.00
Ordinary \u00a31.00
\u2014
100.0
99.3
% of class of
% of class of shares held by
shares held the Group (if
by the different from % of nominal
Country of Class of shares the parent the parent value (where
Company name incorporation held company company) applicable)
Spring Soft Drinks Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Sprowston Manor
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Hotel Limited
Square October 1 Limited England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Square October 2 Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Square October 3 Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
St Andrews Homes
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
(1995) Limited
St Martins Care Homes
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Investments Limited
Stoneshell Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Stripe Travel Inn Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Strong and Co. of
Romsey Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Summerfields Care Limited England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Sun Taverns Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Sweetings (Chop House)
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Limited
Swift (Lurchrise) Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Swift Hotels (1995) Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Swift Hotels
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
(Management) Limited
Swift Inns and
Restaurants Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Swift Profit Sharing
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Scheme Trustees Limited
Swift Quest Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Swingbridge Hotel Limited England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Tewkesbury Park Golf
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
and Country Club Limited
% of class of
% of class of shares held by
shares held the Group (if
by the different from % of nominal
Country of Class of shares the parent the parent value (where
Company name incorporation held company company) applicable)
The Barcave Group Limited
England
1
7% cumulative
\u2014
100.0
90.9
preference \u00a31.00
Ordinary \u00a31.00
\u2014
100.0
9.1
The Dominic Group Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
The Four Seasons Hotel
England
1
8% cumulative
\u2014
100.0
33.0
Investments Limited preference A
\u00a31.00
8% cumulative
\u2014
100.0
28.1
preference B
\u00a31.00
Ordinary \u00a31.00
\u2014
100.0
30.2
Preferred
\u2014
100.0
8.8
ordinary \u00a31.00
The Four Seasons
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Hotel Investments
Management Limited
The Four Seasons
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Hotel Limited
The Oyster Spa
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Company Limited
The Portsmouth
England
1
Ordinary \u00a30.25
\u2014
100.0
100.0
and Brighton United
Breweries, Limited
Thomas Wethered
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
& Sons Limited
Threlfalls (Liverpool
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
& Birkenhead) Limited
Threlfalls (Salford) Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Trentrise Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Uncle Sam\u2019s Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Virlat Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
% of class of
% of class of shares held by
shares held the Group (if
by the different from % of nominal
Country of Class of shares the parent the parent value (where
Company name incorporation held company company) applicable)
W. M. Darley, Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
49.8
Preference \u00a31.00
\u2014
100.0
49.8
Preferred
\u2014
100.0
0.4
ordinary \u00a30.01
W. R. Wines Limited
England
1
Deferred \u00a31.00
\u2014
100.0
99.0
Ordinary \u00a30.01
\u2014
100.0
1.0
West Country
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Breweries Limited
Wentworth Guarantee
England
1
N/A
N/A
N/A
N/A
Company Limited
Wheeler Gate Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Whitbread (Condor)
England
1
Ordinary
\u2014
100.0
100.0
Holdings Limited \u00a30.0001
Whitbread (G.C.) Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Whitbread Company
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Two Limited
Whitbread
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Developments Limited
Whitbread Devon Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Whitbread Directors
England
1
Ordinary \u00a30.05
\u2014
100.0
100.0
1 Limited
Whitbread Directors
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
2 Limited
Whitbread Dunstable
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Limited
Whitbread Enterprise
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Centre Limited
Whitbread Finance PLC
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Whitbread Fremlins Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Whitbread Golf and
England
1
5% non-
\u2014
100.0
45.0
Country Club Limited cumulative
preference \u00a31.00
A ordinary \u00a31.00
\u2014
100.0
55.0
% of class of
% of class of shares held by
shares held the Group (if
by the different from % of nominal
Country of Class of shares the parent the parent value (where
Company name incorporation held company company) applicable)
Whitbread Golf Club
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Limited
Whitbread Guarantee
England
1
N/A
N/A
N/A
N/A
Company Two Limited
Whitbread Healthcare
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Trustees Limited
Whitbread Hotel
England
1
Ordinary \u00a30.05
\u2014
100.0
100.0
(Bournemouth) Limited
Whitbread Hotels
England
1
Deferred \u00a31.00
\u2014
100.0
100.0
(Management) Limited
USD 0.01
\u2014
100.0
\u2014
Whitbread International
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Limited
Whitbread International
England
1
Ordinary \u00a30.25
\u2014
100.0
100.0
Trading Limited
Whitbread Investment
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Company Limited
Whitbread Investment
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Company Securities Limited
Whitbread London Limited England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Whitbread Nominees
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Limited
Whitbread Pension
England
1
N/A
N/A
N/A
N/A
Trustee Directors
Company Limited
Whitbread Pension Trustees
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Whitbread Pub and
Bars Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Whitbread Pub
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Partnership Limited
Whitbread Pub Restaurants
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Business Limited
% of class of
% of class of shares held by
shares held the Group (if
by the different from % of nominal
Country of Class of shares the parent the parent value (where
Company name incorporation held company company) applicable)
Whitbread Quest
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Trustee Limited
Whitbread Restaurants
England
1
Ordinary \u00a31.00
\u2014
100.0
\u2014
(Australia) Limited
Ordinary \u00a30.56
\u2014
100.0
100.0
Whitbread Restaurants
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Limited
Whitbread Scotland Limited
Scotland
14
Ordinary \u00a31.00
\u2014
100.0
100.0
Whitbread Secretaries
England
1
Ordinary \u00a30.05
\u2014
100.0
50.0
Limited 4% preference
\u2014
100.0
50.0
\u00a30.05
Whitbread Share Ownership
England
1
N/A
N/A
N/A
N/A
Trustees Limited
Whitbread Spa Company
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Limited
Whitbread Sunderland
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
(1995) Limited
Whitbread Sunderland 2
England
1
Ordinary \u00a31.00
\u2014
100.0
57.0
Limited 5.6% non-
\u2014
100.0
43.0
cumulative
preference
\u00a31.00
Whitbread Sunderland
England
1
Ordinary \u00a35.00
\u2014
100.0
50.0
Limited Preference
\u2014
100.0
50.0
\u00a35.00
Whitbread Trafalgar
England
1
A ordinary
\u2014
100.0
50.0
Properties Limited \u00a31.00
B ordinary
\u2014
100.0
50.0
\u00a31.00
Whitbread UK Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Whitbread Wales Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Whitbread Wessex Limited England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Whitbread West
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Pennines Limited
% of class of
% of class of shares held by
shares held the Group (if
by the different from % of nominal
Country of Class of shares the parent the parent value (where
Company name incorporation held company company) applicable)
White Cross Films Limited England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Wiggin Tree Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Willhouse Limited
England
1
Deferred \u00a31.00
\u2014
100.0
50.0
Q ordinary
\u2014
100.0
25.0
\u00a31.00
W ordinary
\u2014
100.0
25.0
\u00a31.00
William Overy
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Crane Hire Limited
The registered office of the above companies is as follows:
1 Whitbread Court, Houghton Hall Business Park, Porz Avenue, Dunstable, Bedfordshire LU5 5XE.
2 4th Floor, Saltire Court, 20 Castle Terrace, Edinburgh EH1 2EN, Scotland.
3 Ground Floor, Two Dockland Central, Guild St, North Dock, Dublin D01 K2C5, Ireland.
4 2nd Floor, St Mary\u2019s Court, 20 Hill Street, Douglas IM1 1EU, Isle of Man.
5 4th Floor, St Paul\u2019s Gate, 22\u201324 New Street, St Helier JE1 4TR, Jersey.
6 Ground Floor, Premier Inn Dubai Investment Park, P.O. Box 35118, Dubai, United Arab Emirates.
7 3rd Floor, Tornado Towers, PO Box 34040, Doha, Qatar.
8 Europa-Allee 22, 60327 Frankfurt am Main, Germany.
9 Room 742, 968 West Beijing Road, Jing\u2019an District, Shanghai, China.
10
Gandaria 8 Office Tower, 19th Floor Unit A1, Jalan Sultan Iskandarmuda, Kebayoran Lama, 12240, Indonesia.
11 TMF Services B.V., Nassima Tower, Office 1401, Sheikh Zayed Road, PO Box 213975, Dubai,
United Arab Emirates.
12 Almas 6C, Almas Tower, Jumeirah Lake Towers, Dubai, United Arab Emirates.
13 4th Floor, 115 George Street, Edinburgh EH2 4JN, Scotland.
14 The Royal Scot Hotel, 111 Glasgow Road, Edinburgh EH12 8NF, Scotland.
15 11 New St, Guernsey GY1 3EG, Guernsey.
16 Swallow Royal Scot Hotel, Glasgow Road, Edinburgh EN12 8NF, Scotland.
17 Hegelgasse 13, 1010 Wien, Austria.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2025-02-28T00:00:00/2026-02-27T00:00:00" } }, "fact-462": { "value": "
17. Inventories
2026 2025
\u00a3m \u00a3m
Finished goods held for resale
9.2
13.9
Consumables
1.8
3.2
11.0
17.1
The carrying value of inventories is stated net of a provision of \u00a30.3m (2024/25: \u00a30.7m).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2025-02-28T00:00:00/2026-02-27T00:00:00" } }, "fact-463": { "value": "
18. Trade and other receivables
2026 2025
\u00a3m \u00a3m
Trade receivables
43.3
55.3
Prepayments and accrued income
67.5
53.7
Other receivables
25.9
18.1
136.7
127.1
Analysed as:
Current
136.7
127.1
Non-current
\u2014
\u2014
136.7
127.1
Trade and other receivables are non-interest bearing and are generally on 30-day terms.
Trade receivables includes \u00a343.2m (2024/25: \u00a349.3m) relating to contracts with customers.
The allowance for expected credit loss relating to trade and other receivables at
26 February 2026 was \u00a31.2m (2024/25: \u00a30.9m). During the year, credit write-backs of
\u00a30.3m (2024/25: credit write-backs of \u00a30.5m) were recognised within operating costs
in the consolidated income statement.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2025-02-28T00:00:00/2026-02-27T00:00:00" } }, "fact-539": { "value": "18. Trade and other receivables
2026 2025
\u00a3m \u00a3m
Trade receivables
43.3
55.3
Prepayments and accrued income
67.5
53.7
Other receivables
25.9
18.1
136.7
127.1
Analysed as:
Current
136.7
127.1
Non-current
\u2014
\u2014
136.7
127.1
Trade and other receivables are non-interest bearing and are generally on 30-day terms. Trade receivables includes \u00a343.2m (2024/25: \u00a349.3m) relating to contracts with customers. The allowance for expected credit loss relating to trade and other receivables at 26 February 2026 was \u00a31.2m (2024/25: \u00a30.9m). During the year, credit write-backs of \u00a30.3m (2024/25: credit write-backs of \u00a30.5m) were recognised within operating costs in the consolidated income statement.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2025-02-28T00:00:00/2026-02-27T00:00:00" } }, "fact-511": { "value": "18. Trade and other receivables
2026 2025
\u00a3m \u00a3m
Trade receivables
43.3
55.3
Prepayments and accrued income
67.5
53.7
Other receivables
25.9
18.1
136.7
127.1
Analysed as:
Current
136.7
127.1
Non-current
\u2014
\u2014
136.7
127.1
Trade and other receivables are non-interest bearing and are generally on 30-day terms. Trade receivables includes \u00a343.2m (2024/25: \u00a349.3m) relating to contracts with customers. The allowance for expected credit loss relating to trade and other receivables at 26 February 2026 was \u00a31.2m (2024/25: \u00a30.9m). During the year, credit write-backs of \u00a30.3m (2024/25: credit write-backs of \u00a30.5m) were recognised within operating costs in the consolidated income statement.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2025-02-28T00:00:00/2026-02-27T00:00:00" } }, "fact-464": { "value": "
19. Cash and cash equivalents
2026 2025
\u00a3m \u00a3m
Cash at bank and in hand (excluding committed payment runs
1
)
23.9
62.1
Committed payment runs
1
(69.3)
(60.2)
Cash at bank and in hand
(45.4)
1.9
Money market funds
2
278.6
572.1
Short-term deposits
3
0.5
335.0
Cash and cash equivalents
233.7
909.0
1 In line with the Group\u2019s accounting policy, cash at bank is reduced at the point when BACS payment
runs are created. In the current year this results in a temporary negative cash at bank and in hand
balance of \u00a345.4m that does not represent an overdraft. The payment runs were settled on the day
after the year-end, with funding from the day-maturing money market funds. The IASB\u2019s May 2024
Amendment to IFRS 9 requires that the liability should be derecognised and subsequently cash at
bank reduced, at the settlement date of the liability. The Group does not intend to apply the optional
early derecognition election for financial liabilities under the May 2024 IFRS 9 amendments, contained
within paragraph B3.3.8 of IFRS 9. This retrospective application will result in FY26\u2019s cash at bank and
in hand being restated to the value of \u00a323.9m, as shown in the table above.
2
Money market funds used by the Group are short-term, highly liquid investments that are readily
convertible to known amounts of cash and are subject to an insignificant risk of changes in value.
The Group typically holds MMF investments on a rolling 24 hour maturity to ensure funds are readily
available to meet operational cash requirements whilst achieving finance income for the Group.
3 Short-term deposits are made for varying periods of between one day and three months depending
on the immediate cash requirements of the Group. They earn interest at the respective short-term
deposit rates.
The Group does not have material cash balances which are subject to contractual or regulatory
restrictions. For the purposes of the consolidated cash flow statement, cash and cash
equivalents comprise the amounts as disclosed above.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2025-02-28T00:00:00/2026-02-27T00:00:00" } }, "fact-512": { "value": "
20. Borrowings
Amounts drawn down on the Group\u2019s borrowing facilities are as follows:
Current
Non-current
2026 2025 2026 2025
\u00a3m \u00a3m \u00a3m \u00a3m
Senior unsecured bonds
\u2014
450.0
943.0
942.4
\u2014
450.0
943.0
942.4
Revolving credit facility and covenant
The Group has a five-year \u00a3775.0m multicurrency revolving credit facility agreement, which
expires on 25 May 2029. The facility\u2019s terms include variable interest rates, with GBP linked
to SONIA and EUR linked to EURIBOR. The revolving credit facility agreement contains one
financial covenant ratio, being:
Net debt/adjusted EBITDA <3.5x, on a frozen GAAP basis.
During the year, the Group utilised the facility for short-term working capital requirements
with a maximum drawdown of \u00a350.0m, all of which was fully repaid prior to the reporting
date. As at 26 February 2026, the facility was undrawn (2024/25: \u00a3nil).
Senior unsecured bonds
The Group has issued senior unsecured bonds with coupons and maturities as shown
in the following table:
Year Principal
Title issued
value
Maturity
Coupon
2027 senior unsecured \u2013 green use of
proceeds bonds
2021
\u00a3300.0m
31 May 2027
2.375%
2031 senior unsecured \u2013 green use of
proceeds bonds
2021
\u00a3250.0m
31 May 2031
3.000%
2032 senior unsecured bonds
2025
\u00a3400.0m
31 May 2032
5.500%
On 16 October 2025, the Group repaid bonds on maturity with a principal value of \u00a3450.0m.
As a result of the hedging arrangements in place, the total cash outflow recorded by the
Group was \u00a3453.8m.
Unamortised arrangement fees of \u00a34.0m (2024/25: \u00a35.0m) and unamortised coupon
discounts of \u00a31.9m (2024/25: \u00a32.6m) incurred in relation to the bonds are included in the
carrying value and are being amortised over the term of the bonds. In addition, \u00a3150.0m
of the \u00a3400.0m 5.500% Bonds are held at fair value following set up of a fair value hedge,
resulting in a fair value credit of \u00a31.0m as at the balance sheet date. The bonds contain
an early prepayment option which meets the definition of an embedded derivative.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2025-02-28T00:00:00/2026-02-27T00:00:00" } }, "fact-465": { "value": "20. Borrowings Amounts drawn down on the Group\u2019s borrowing facilities are as follows:
Current
Non-current
2026 2025 2026 2025
\u00a3m \u00a3m \u00a3m \u00a3m
Senior unsecured bonds
\u2014
450.0
943.0
942.4
\u2014
450.0
943.0
942.4
Revolving credit facility and covenant The Group has a five-year \u00a3775.0m multicurrency revolving credit facility agreement, which expires on 25 May 2029. The facility\u2019s terms include variable interest rates, with GBP linked to SONIA and EUR linked to EURIBOR. The revolving credit facility agreement contains one financial covenant ratio, being: Net debt/adjusted EBITDA <3.5x, on a frozen GAAP basis. During the year, the Group utilised the facility for short-term working capital requirements with a maximum drawdown of \u00a350.0m, all of which was fully repaid prior to the reporting date. As at 26 February 2026, the facility was undrawn (2024/25: \u00a3nil). Senior unsecured bonds The Group has issued senior unsecured bonds with coupons and maturities as shown in the following table:
Year Principal
Title issued
value
Maturity
Coupon
2027 senior unsecured \u2013 green use of
proceeds bonds
2021
\u00a3300.0m
31 May 2027
2.375%
2031 senior unsecured \u2013 green use of
proceeds bonds
2021
\u00a3250.0m
31 May 2031
3.000%
2032 senior unsecured bonds
2025
\u00a3400.0m
31 May 2032
5.500%
On 16 October 2025, the Group repaid bonds on maturity with a principal value of \u00a3450.0m. As a result of the hedging arrangements in place, the total cash outflow recorded by the Group was \u00a3453.8m. Unamortised arrangement fees of \u00a34.0m (2024/25: \u00a35.0m) and unamortised coupon discounts of \u00a31.9m (2024/25: \u00a32.6m) incurred in relation to the bonds are included in the carrying value and are being amortised over the term of the bonds. In addition, \u00a3150.0m of the \u00a3400.0m 5.500% Bonds are held at fair value following set up of a fair value hedge, resulting in a fair value credit of \u00a31.0m as at the balance sheet date. The bonds contain an early prepayment option which meets the definition of an embedded derivative. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2025-02-28T00:00:00/2026-02-27T00:00:00" } }, "fact-540": { "value": "20. Borrowings Amounts drawn down on the Group\u2019s borrowing facilities are as follows:
Current
Non-current
2026 2025 2026 2025
\u00a3m \u00a3m \u00a3m \u00a3m
Senior unsecured bonds
\u2014
450.0
943.0
942.4
\u2014
450.0
943.0
942.4
Revolving credit facility and covenant The Group has a five-year \u00a3775.0m multicurrency revolving credit facility agreement, which expires on 25 May 2029. The facility\u2019s terms include variable interest rates, with GBP linked to SONIA and EUR linked to EURIBOR. The revolving credit facility agreement contains one financial covenant ratio, being: Net debt/adjusted EBITDA <3.5x, on a frozen GAAP basis. During the year, the Group utilised the facility for short-term working capital requirements with a maximum drawdown of \u00a350.0m, all of which was fully repaid prior to the reporting date. As at 26 February 2026, the facility was undrawn (2024/25: \u00a3nil). Senior unsecured bonds The Group has issued senior unsecured bonds with coupons and maturities as shown in the following table:
Year Principal
Title issued
value
Maturity
Coupon
2027 senior unsecured \u2013 green use of
proceeds bonds
2021
\u00a3300.0m
31 May 2027
2.375%
2031 senior unsecured \u2013 green use of
proceeds bonds
2021
\u00a3250.0m
31 May 2031
3.000%
2032 senior unsecured bonds
2025
\u00a3400.0m
31 May 2032
5.500%
On 16 October 2025, the Group repaid bonds on maturity with a principal value of \u00a3450.0m. As a result of the hedging arrangements in place, the total cash outflow recorded by the Group was \u00a3453.8m. Unamortised arrangement fees of \u00a34.0m (2024/25: \u00a35.0m) and unamortised coupon discounts of \u00a31.9m (2024/25: \u00a32.6m) incurred in relation to the bonds are included in the carrying value and are being amortised over the term of the bonds. In addition, \u00a3150.0m of the \u00a3400.0m 5.500% Bonds are held at fair value following set up of a fair value hedge, resulting in a fair value credit of \u00a31.0m as at the balance sheet date. The bonds contain an early prepayment option which meets the definition of an embedded derivative. 21. Movements in cash and net debt
Share buy-back Cost of
commitments borrowings and
including Net new Transfers to amortisation of
27 February transaction lease Foreign assets held for Impact of fair premiums and 26 February
2025 costs Cash flow liabilities exchange sale value hedge discounts 2026
Year ended 26 February 2026 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cash and cash equivalents
909.0
\u2014
(676.4)
\u2014
1.1
\u2014
\u2014
\u2014
233.7
Liabilities from financing activities
Borrowings
(1,392.4)
\u2014
450.0
\u2014
\u2014
\u2014
1.1
(1.7)
(943.0)
Lease liabilities
(4,233.8)
\u2014
172.9
(411.2)
(51.0)
\u2014
\u2014
\u2014
(4,523.1)
Committed share buy-back
\u2014
(250.4)
250.4
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Total liabilities from financing activities
(5,626.2)
(250.4)
873.3
(411.2)
(51.0)
\u2014
1.1
(1.7)
(5,466.1)
Less: lease liabilities
4,233.8
\u2014
(172.9)
411.2
51.0
\u2014
\u2014
\u2014
4,523.1
Less: committed share buy-back
\u2014
250.4
(250.4)
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Net debt
(483.4)
\u2014
(226.4)
\u2014
1.1
\u2014
1.1
(1.7)
(709.3)
Share buy-back Cost of
commitments borrowings and
including Net new Transfers to amortisation of
29 February transaction lease Foreign assets held for Impact of fair premiums and 27 February
2024 costs Cash flow liabilities exchange sale value hedge discounts 2025
Year ended 27 February 2025 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cash and cash equivalents
696.7
\u2014
213.2
\u2014
(0.9)
\u2014
\u2014
\u2014
909.0
Liabilities from financing activities
\u2014
Borrowings
(994.9)
\u2014
(398.3)
\u2014
\u2014
\u2014
\u2014
0.8
(1,392.4)
Lease liabilities
(4,098.4)
\u2014
148.7
(311.1)
31.6
(4.6)
\u2014
\u2014
(4,233.8)
Committed share buy-back
(12.3)
(252.0)
264.3
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Total liabilities from financing activities
(5,105.6)
(252.0)
14.7
(311.1)
31.6
(4.6)
\u2014
0.8
(5,626.2)
Less: lease liabilities
4,098.4
\u2014
(148.7)
311.1
(31.6)
4.6
\u2014
\u2014
4,233.8
Less: committed share buy-back
12.3
252.0
(264.3)
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Net debt
(298.2)
\u2014
(185.1)
\u2014
(0.9)
\u2014
\u2014
0.8
(483.4)
25. Financial instruments The carrying values of financial assets and liabilities at each reporting date are as follows:
Amortised cost
Fair value
Financial Financial Hedging
assets liabilities instruments Other Carrying value
At 26 February 2026 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Trade and other receivables
69.2
\u2014
\u2014
\u2014
69.2
Cash and cash equivalents
(44.9)
\u2014
\u2014
278.6
233.7
Interest-bearing loans and borrowings
\u2014
(794.0)
\u2014
(149.0)
(943.0)
Lease liabilities
\u2014
(4,523.1)
\u2014
\u2014
(4,523.1)
Derivative financial instruments
\u2014
\u2014
(9.4)
\u2014
(9.4)
Trade and other payables
\u2014
(197.8)
\u2014
\u2014
(197.8)
Amortised cost
Fair value
Financial Financial Hedging
assets liabilities instruments Other Carrying value
At 27 February 2025 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Trade and other receivables
73.4
\u2014
\u2014
\u2014
73.4
Cash and cash equivalents
336.9
\u2014
\u2014
572.1
909.0
Interest-bearing loans and borrowings
\u2014
(1,392.4)
\u2014
\u2014
(1,392.4)
Lease liabilities
\u2014
(4,233.8)
\u2014
\u2014
(4,233.8)
Derivative financial instruments
\u2014
\u2014
18.5
\u2014
18.5
Trade and other payables
\u2014
(170.4)
\u2014
\u2014
(170.4)
Fair values IFRS 13 Fair Value Measurement requires that the classification of financial instruments at fair value be determined by reference to the source of inputs used to derive the fair value. The classification uses the following three-level hierarchy: \u2022 level 1 \u2013 quoted prices (unadjusted) in active markets for identical assets or liabilities; \u2022 level 2 \u2013 other techniques for which all inputs, which have a significant effect on the recorded fair value, are observable, either directly or indirectly; and \u2022 level 3 \u2013 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 that are recognised in the financial statements at fair value 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 the fair value measurement as a whole) at the end of each reporting period. Financial assets and liabilities measured at amortised cost The carrying values of trade and other receivables, cash and cash equivalents and trade and other payables are considered to be reasonable approximations of their fair values largely due to the short-term maturities of these instruments. The fair value of the Group\u2019s borrowings is estimated at \u00a3926.9m (2024/25: \u00a31,344.8m). The fair value of the Group\u2019s borrowings is based on level 1 valuation techniques where there is an active market for the instrument and on level 2 valuation techniques otherwise. Financial assets and liabilities measured at fair value
2026 2025
\u00a3m \u00a3m
Financial assets
Derivative financial instruments \u2013 level 2
0.1
19.9
Financial liabilities
Derivative financial instruments \u2013 level 2
(9.5)
(1.4)
During the year ended 26 February 2026, there were no transfers between fair value measurement levels. Derivative financial instruments include \u00a30.1m assets (2024/25: \u00a3nil) due after one year, \u00a3nil assets (2024/25: \u00a319.9m) due within one year, \u00a3nil liabilities (2024/25: \u00a31.4m) due within one year and \u00a39.5m liabilities (2024/25: \u00a3nil) due after one year. The fair value of derivative instruments classified as level 2 is calculated by discounting all future cash flows by the relevant market discount rate at the balance sheet date. The fair values of money market funds within cash and cash equivalents classified as level 1 are calculated by reference to their active market values at 26 February 2026. Derivative financial instruments Hedge of net investment in foreign operations The Group maintains a strategy of hedging its net investment in its German operations against movements in the GBP:EUR exchange rate. The cross-currency swaps entered into in October 2019 matured and settled in October 2025. Upon maturity, the Group entered into new FX swap arrangements to maintain this hedge position. Also within the financial year, the Group entered into FX forward arrangements to increase the hedging of its net investment in its German operations as well as a portion of its Irish operations. There is an economic relationship between the hedged item and the hedging instrument as the net investment creates a translation risk that will match the foreign exchange risk on the cross-currency swaps. The Group has established a hedge ratio of 1:1 as the underlying risk of the hedging instrument is identical to the hedged risk component. The hedge ineffectiveness will arise if the amount of the investment in the foreign subsidiary was to become lower than the nominal amount of the swaps. The net investment hedges were assessed to be highly effective at 26 February 2026 and a net unrealised loss of \u00a315.4m (2024/25: gain of \u00a316.7m) has been recorded in the translation reserve. The Group has recorded credit of hedging of \u00a31.4m (2024/25: costs of hedging of \u00a31.1m) within finance costs in the consolidated income statement as a result of the foreign currency basis spread within the hedging instrument. Cash flow hedges Commodity price risk The Group is exposed to the impact of changes in gas and power prices. In the UK, the Group manages this risk by entering into physical supply agreements with an energy supplier. As at 26 February 2026, the Group did not designate any financial instruments as cash flow hedges for commodity price risk (2024/25: the Group had fixed prices in respect of approximately 80% of its gas and power requirements for the next financial year). Interest rate risk The Group maintains hedge relationships to manage the variability of GBP cash flows arising from changes in floating interest rates on its GBP-denominated floating rate debt. These hedging relationships are in place for a period of two years and are executed through a partial-term interest rate hedge. Fair value hedges The Group maintains fixed rate debt as part of its strategy to manage interest rate fluctuations on the income statement, aiming for no less than two-thirds of total debt. The Group issued GBP debt with a fixed coupon of 5.50% and is exposed to changes in the fair value of this debt. The Group meets its objective of having effective GBP floating rate debt by entering into an interest rate swap, which hedges the fair value risk. There is an economic relationship between the hedged item and the hedging instrument as the terms of the interest rate swap match the terms of the fixed rate loan. The Group has established a hedge ratio of 1:1 for the hedging relationships as the underlying risk of the interest rate swap is identical to the hedged risk component. The impact of the hedging instruments and hedged items on the statement of financial position is as follows:
Change in fair
value used for
measuring
Notional Carrying ineffectiveness Change in fair value
amount amount for the year of hedged item
At 26 February 2026 \u00a3m
\u00a3m
Line item in statement of financial position
\u00a3m
Hedged item
\u00a3m
Net investment in foreign operations
Foreign exchange swaps
478.0
(9.0)
Derivative financial instruments
(9.0)
Net investment in foreign subsidiaries
9.0
Foreign exchange forwards
95.6
(0.5)
Derivative financial instruments
(0.5)
Net investment in foreign subsidiaries
0.5
Cash flow hedges
Interest rate swaps
150.0
1.1
Derivative financial instruments
1.1
Highly probable forecast net interest payments
(1.1)
Fair value hedges
Interest rate swaps
150.0
(1.0)
Derivative financial instruments
(1.0)
\u00a3150m of \u00a3400m 5.50% Guaranteed Notes
1.0
Change in fair
value used for
measuring
Notional Carrying ineffectiveness Change in fair value
amount amount for the year of hedged item
At 27 February 2025 \u00a3m
\u00a3m
Line item in statement of financial position
\u00a3m
Hedged item
\u00a3m
Net investment in foreign operations
Cross-currency swaps
450.0
19.9
Derivative financial instruments
16.1
Net investment in foreign subsidiaries
(16.1)
Cash flow hedges
Power commodity swaps
4.5
(1.4)
Derivative financial instruments
5.7
Highly probable forecast future power usage
N/A \u2013 future usage
The impact of the hedging instruments in the consolidated income statement and consolidated statement of comprehensive income is as follows:
Total hedging Amount
gain/(loss) reclassified Accumulated value
recognised in from OCI to recognised in cash flow
OCI profit or loss hedge reserve
2025/26 \u00a3m
\u00a3m
Line item in the consolidated income statement
\u00a3m
Power commodity swaps
\u2014
\u2014
N/A - future usage
\u2014
Total hedging Amount
gain/(loss) reclassified Accumulated value
recognised in from OCI to recognised in cash flow
OCI profit or loss hedge reserve
2024/25 \u00a3m
\u00a3m
Line item in the consolidated income statement
\u00a3m
Power commodity swaps
5.7
8.8
N/A \u2013 future usage
(1.4)
Impact of hedging on equity Set out below is the reconciliation of each component of equity and the analysis of other comprehensive income:
Foreign
Cash flow currency
hedge translation
reserve reserve
\u00a3m \u00a3m
At 29 February 2024
(11.6)
25.9
Net fair value movement recognised in other comprehensive
income:
\u2013 Power commodity swaps
5.7
\u2014
Reclassified and reported in the consolidated income statement:
\u2013 Power commodity swaps
8.8
\u2014
Foreign exchange arising on consolidation
\u2014
(20.9)
Fair value movement on derivatives designated as net investment
hedges
\u2014
16.7
Net current tax credit
\u2014
0.3
Deferred tax charge
(3.6)
\u2014
At 27 February 2025
(0.7)
22.0
Net fair value movement recognised in other comprehensive
income:
\u2013 Power commodity swaps
(0.2)
\u2014
\u2013 Interest rate swaps
0.9
\u2014
Reclassified and reported in the consolidated income statement:
\u2013 Power commodity swaps
1.6
\u2014
Foreign exchange arising on consolidation
\u2014
29.2
Fair value movement on derivatives designated as net investment
hedges
\u2014
(15.4)
Net current tax charge
\u2014
(0.2)
Deferred tax charge
(0.6)
\u2014
At 26 February 2026
1.0
35.6
The foreign currency translation reserve includes an accumulated gain of \u00a31.9m (2024/25: gain of \u00a317.3m) relating to derivatives designated as net investment hedges. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2025-02-28T00:00:00/2026-02-27T00:00:00" } }, "fact-466": { "value": "
21. Movements in cash and net debt
Share buy-back Cost of
commitments borrowings and
including Net new Transfers to amortisation of
27 February transaction lease Foreign assets held for Impact of fair premiums and 26 February
2025 costs Cash flow liabilities exchange sale value hedge discounts 2026
Year ended 26 February 2026 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cash and cash equivalents
909.0
\u2014
(676.4)
\u2014
1.1
\u2014
\u2014
\u2014
233.7
Liabilities from financing activities
Borrowings
(1,392.4)
\u2014
450.0
\u2014
\u2014
\u2014
1.1
(1.7)
(943.0)
Lease liabilities
(4,233.8)
\u2014
172.9
(411.2)
(51.0)
\u2014
\u2014
\u2014
(4,523.1)
Committed share buy-back
\u2014
(250.4)
250.4
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Total liabilities from financing activities
(5,626.2)
(250.4)
873.3
(411.2)
(51.0)
\u2014
1.1
(1.7)
(5,466.1)
Less: lease liabilities
4,233.8
\u2014
(172.9)
411.2
51.0
\u2014
\u2014
\u2014
4,523.1
Less: committed share buy-back
\u2014
250.4
(250.4)
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Net debt
(483.4)
\u2014
(226.4)
\u2014
1.1
\u2014
1.1
(1.7)
(709.3)
Share buy-back Cost of
commitments borrowings and
including Net new Transfers to amortisation of
29 February transaction lease Foreign assets held for Impact of fair premiums and 27 February
2024 costs Cash flow liabilities exchange sale value hedge discounts 2025
Year ended 27 February 2025 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cash and cash equivalents
696.7
\u2014
213.2
\u2014
(0.9)
\u2014
\u2014
\u2014
909.0
Liabilities from financing activities
\u2014
Borrowings
(994.9)
\u2014
(398.3)
\u2014
\u2014
\u2014
\u2014
0.8
(1,392.4)
Lease liabilities
(4,098.4)
\u2014
148.7
(311.1)
31.6
(4.6)
\u2014
\u2014
(4,233.8)
Committed share buy-back
(12.3)
(252.0)
264.3
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Total liabilities from financing activities
(5,105.6)
(252.0)
14.7
(311.1)
31.6
(4.6)
\u2014
0.8
(5,626.2)
Less: lease liabilities
4,098.4
\u2014
(148.7)
311.1
(31.6)
4.6
\u2014
\u2014
4,233.8
Less: committed share buy-back
12.3
252.0
(264.3)
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Net debt
(298.2)
\u2014
(185.1)
\u2014
(0.9)
\u2014
\u2014
0.8
(483.4)
", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2025-02-28T00:00:00/2026-02-27T00:00:00" } }, "fact-467": { "value": "
22. Lease arrangements
The Group leases various buildings which are used as hotels and restaurants. The leases are
non-cancellable leases with varying terms, rent review clauses and renewal rights and include
variable payments that are not fixed in amount but based upon a percentage of sales. The
Group also leases various plant and equipment under non-cancellable lease agreements.
An analysis of the Group\u2019s right-of-use assets and lease liabilities is as follows:
Property Other Total
Right-of-use assets \u00a3m \u00a3m \u00a3m
At 29 February 2024
3,594.6
2.4
3,597.0
Additions including sale and leaseback of property
323.4
0.5
323.9
Net impairment charge (Note 14)
(25.3)
\u2014
(25.3)
Foreign currency translation
(30.4)
\u2014
(30.4)
Depreciation
(193.1)
(1.2)
(194.3)
Terminations
(1.6)
\u2014
(1.6)
Net movements from assets held for sale in the year
3.7
\u2014
3.7
Reclassification to property, plant and equipment
1
(10.3)
\u2014
(10.3)
At 27 February 2025
3,661.0
1.7
3,662.7
Additions including sale and leaseback of property
354.4
2.1
356.5
Net impairment charge (Note 14)
(21.3)
\u2014
(21.3)
Foreign currency translation
48.1
\u2014
48.1
Depreciation
(207.6)
(1.0)
(208.6)
Terminations
(0.3)
\u2014
(0.3)
Net movements from assets held for sale in the year
1.0
\u2014
1.0
At 26 February 2026
3,835.3
2.8
3,838.1
Property Other Total
Lease liabilities \u00a3m \u00a3m \u00a3m
At 29 February 2024
4,096.6
1.8
4,098.4
Additions including sale and leaseback of property
327.6
0.4
328.0
Interest
166.6
0.1
166.7
Foreign currency translation
(31.6)
\u2014
(31.6)
Payments
(313.7)
(1.7)
(315.4)
Terminations
(0.3)
\u2014
(0.3)
Net movements from assets held for sale in the year
4.6
\u2014
4.6
Reclassification to property, plant and equipment
1
(16.6)
\u2014
(16.6)
At 27 February 2025
4,233.2
0.6
4,233.8
Additions including sale and leaseback of property
410.1
2.1
412.2
Interest
177.0
\u2014
177.0
Foreign currency translation
51.0
\u2014
51.0
Payments
(347.8)
(2.1)
(349.9)
Terminations
(1.0)
\u2014
(1.0)
At 26 February 2026
4,522.5
0.6
4,523.1
1 During the comparative year, the Group acquired two properties over which it had previously held a
leasehold interest.
During the year, the Group had non-cash additions to right-of-use assets and lease liabilities
of \u00a3269.5m (2024/25: \u00a3205.0m) relating to new leases and \u00a387.0m (2024/25: \u00a3118.9m)
relating to amendments to existing leases. The difference mainly relates to \u00a351.6m of sale
and leaseback of properties (2024/25: \u00a34.1m mainly relating to net lease payments).
A maturity analysis of gross lease liability payments is included within Note 24.
Amounts recognised in the Group income statement
2025/26 2024/25
\u00a3m \u00a3m
Depreciation expense of right-of-use assets
208.6
194.3
Interest on lease liabilities
177.0
166.7
Expense relating to low-value assets and short-term leases
\u2014
\u2014
Variable lease payment expenses
3.5
4.0
Impairment losses of right-of-use assets (Note 14)
21.3
25.3
Rental income
(4.7)
(5.5)
Net lease expense recognised in the consolidated
income statement
405.7
384.8
The Group\u2019s total cash outflow in relation to leases was \u00a3353.4m including variable lease
payments of \u00a33.5m (2024/25: \u00a3319.4m including variable lease payments of \u00a34.0m).
Future possible cash outflows not included in the lease liability
The Group has several lease contracts that include extension and termination options.
Set out below are the undiscounted future rental payments relating to periods following
the exercise date of extension and termination options that are not included in the
lease liability.
2025/26 2024/25
\u00a3m \u00a3m
Extension options expected not to be exercised
2,055.0
1,600.8
Termination options expected to be exercised
\u2014
\u2014
2,055.0
1,600.8
The Group uses judgement in determining whether termination and extension option
periods will be included within the lease term. The Group assumes that, unless a decision
has been made to exit a lease, termination options will not be exercised as a result of
historical practices within the Group. At the outset of a lease, the Group assumes that
it will not exercise extension options. Due to the length of the Group\u2019s leases, there
is generally insufficient evidence that exercising an extension option is certain.
Future increases or decreases in rentals linked to an index or rate (not arising on a sale and
leaseback transaction) are not included in the lease liability until the change in cash flows
takes effect. Approximately 77% of the Group\u2019s lease liabilities are subject to inflation-linked
rentals (with 83% of these leases containing caps) and a further 10% which are subject to
open market rent or similar review clauses. Rental changes linked to inflation or rent
reviews typically occur on an annual or five-yearly basis.
As at 26 February 2026, the Group was committed to leases with future cash outflows
totalling \u00a31,512.0m (2024/25: \u00a31,182.3m) which had not yet commenced and as such are
not accounted for as a liability. A liability and right-of-use asset will be recognised for
these leases at the lease commencement date.
The Group as a lessor
The Group acts as a lessor in relation to a number of non-trading legacy sites and in
subletting space within trading sites. Rental income recognised by the Group during the
year is \u00a34.7m (2024/25: \u00a35.5m). Future minimum rentals receivable under non-cancellable
operating leases at the year end are as follows:
2025/26 2024/25
\u00a3m \u00a3m
Within one year
4.0
4.1
After one year but not more than five years
9.9
7.9
More than five years
12.9
12.7
26.8
24.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2025-02-28T00:00:00/2026-02-27T00:00:00" } }, "fact-513": { "value": "
Property Other Total
Right-of-use assets \u00a3m \u00a3m \u00a3m
At 29 February 2024
3,594.6
2.4
3,597.0
Additions including sale and leaseback of property
323.4
0.5
323.9
Net impairment charge (Note 14)
(25.3)
\u2014
(25.3)
Foreign currency translation
(30.4)
\u2014
(30.4)
Depreciation
(193.1)
(1.2)
(194.3)
Terminations
(1.6)
\u2014
(1.6)
Net movements from assets held for sale in the year
3.7
\u2014
3.7
Reclassification to property, plant and equipment
1
(10.3)
\u2014
(10.3)
At 27 February 2025
3,661.0
1.7
3,662.7
Additions including sale and leaseback of property
354.4
2.1
356.5
Net impairment charge (Note 14)
(21.3)
\u2014
(21.3)
Foreign currency translation
48.1
\u2014
48.1
Depreciation
(207.6)
(1.0)
(208.6)
Terminations
(0.3)
\u2014
(0.3)
Net movements from assets held for sale in the year
1.0
\u2014
1.0
At 26 February 2026
3,835.3
2.8
3,838.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2025-02-28T00:00:00/2026-02-27T00:00:00" } }, "fact-468": { "value": "
23. Provisions
Onerous
contracts and Property Insurance
Restructuring related costs costs claims Other Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 29 February 2024
\u2014
2.9
5.6
8.3
1.8
18.6
Created
8.6
24.0
0.9
2.0
\u2014
35.5
Utilised
(2.0)
(10.7)
(2.7)
(2.1)
(0.2)
(17.7)
Released
(0.1)
\u2014
(0.4)
(1.0)
\u2014
(1.5)
Foreign exchange
\u2014
\u2014
(0.1)
\u2014
\u2014
(0.1)
At 27 February 2025
6.5
16.2
3.3
7.2
1.6
34.8
Created
0.8
\u2014
15.8
2.0
\u2014
18.6
Utilised
(6.1)
(14.2)
(1.5)
(3.1)
\u2014
(24.9)
Released
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Foreign exchange
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
At 26 February 2026
1.2
2.0
17.6
6.1
1.6
28.5
Analysed as:
Current
1.2
2.0
17.6
\u2014
1.6
22.4
Non-current
\u2014
\u2014
\u2014
6.1
\u2014
6.1
At 26 February 2026
1.2
2.0
17.6
6.1
1.6
28.5
Analysed as:
Current
6.5
16.2
3.3
\u2014
1.6
27.6
Non-current
\u2014
\u2014
\u2014
7.2
\u2014
7.2
At 27 February 2025
6.5
16.2
3.3
7.2
1.6
34.8
Restructuring
During the year, the Group progressed the restructuring programmes announced last year
for its UK and Germany Support Centres, as well as its site operations in Germany resulting
in a provision created of \u00a30.8m and \u00a36.1m utilised.
Onerous contracts
Onerous contract provisions relate primarily to property, software licences and supplier
contracts where the contracts have become onerous. Provision is made for property-related
costs for the period that a sublet or assignment of the lease is not possible.
Property related
The amount and timing of the expected cash outflows are subject to variation. The Group
utilises the skills and expertise of both internal and external property experts to determine
the provision held. Provisions are expected to be utilised over a period of up to ten years.
During the year, the Group utilised \u00a30.2m of property-related onerous provisions.
Exit fees
The Group has incurred exit fees in relation to the Group\u2019s strategic decision to exit and
change to a new logistics provider. A provision of \u00a324.0m was created in the previous year
in relation to these contracts. During the year, the Group utilised the remaining \u00a314.0m of
the provision (2024/25: utilised \u00a310.0m).
Property costs
The Group has established a provision for the performance of property-related remediation
works at a small number of the Group\u2019s sites. A provision of \u00a33.3m is brought forward
in relation to these costs. During the year \u00a31.5m of the provision has been utilised, and
\u00a315.8m was created. The provision is expected to be utilised over the next two years.
Insurance
A provision of \u00a37.2m was brought forward in relation to the estimate of the cost of future
claims against the Group from employees and the public. The claims covered typically
relate to accidents and injuries sustained within Whitbread\u2019s trading sites. During the year,
\u00a33.1m of the provision was utilised and \u00a32.0m was created.
Other
The Group has previously announced its intention to exit hotel operations in South East
Asia. The \u00a31.6m provision has been carried forward for risks arising from indemnity agreements.
The Group operates leases where it neither anticipates nor intends exiting a lease;
therefore, the Group has determined that the circumstances in which these leases would
end mean that an outflow of resources is not considered probable. As a result, the Group
does not hold a material dilapidations provision.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2025-02-28T00:00:00/2026-02-27T00:00:00" } }, "fact-514": { "value": "23. Provisions
Onerous
contracts and Property Insurance
Restructuring related costs costs claims Other Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 29 February 2024
\u2014
2.9
5.6
8.3
1.8
18.6
Created
8.6
24.0
0.9
2.0
\u2014
35.5
Utilised
(2.0)
(10.7)
(2.7)
(2.1)
(0.2)
(17.7)
Released
(0.1)
\u2014
(0.4)
(1.0)
\u2014
(1.5)
Foreign exchange
\u2014
\u2014
(0.1)
\u2014
\u2014
(0.1)
At 27 February 2025
6.5
16.2
3.3
7.2
1.6
34.8
Created
0.8
\u2014
15.8
2.0
\u2014
18.6
Utilised
(6.1)
(14.2)
(1.5)
(3.1)
\u2014
(24.9)
Released
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Foreign exchange
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
At 26 February 2026
1.2
2.0
17.6
6.1
1.6
28.5
Analysed as:
Current
1.2
2.0
17.6
\u2014
1.6
22.4
Non-current
\u2014
\u2014
\u2014
6.1
\u2014
6.1
At 26 February 2026
1.2
2.0
17.6
6.1
1.6
28.5
Analysed as:
Current
6.5
16.2
3.3
\u2014
1.6
27.6
Non-current
\u2014
\u2014
\u2014
7.2
\u2014
7.2
At 27 February 2025
6.5
16.2
3.3
7.2
1.6
34.8
Restructuring During the year, the Group progressed the restructuring programmes announced last year for its UK and Germany Support Centres, as well as its site operations in Germany resulting in a provision created of \u00a30.8m and \u00a36.1m utilised. Onerous contracts Onerous contract provisions relate primarily to property, software licences and supplier contracts where the contracts have become onerous. Provision is made for property-related costs for the period that a sublet or assignment of the lease is not possible. Property related The amount and timing of the expected cash outflows are subject to variation. The Group utilises the skills and expertise of both internal and external property experts to determine the provision held. Provisions are expected to be utilised over a period of up to ten years. During the year, the Group utilised \u00a30.2m of property-related onerous provisions. Exit fees The Group has incurred exit fees in relation to the Group\u2019s strategic decision to exit and change to a new logistics provider. A provision of \u00a324.0m was created in the previous year in relation to these contracts. During the year, the Group utilised the remaining \u00a314.0m of the provision (2024/25: utilised \u00a310.0m). ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2025-02-28T00:00:00/2026-02-27T00:00:00" } }, "fact-515": { "value": "Property costs The Group has established a provision for the performance of property-related remediation works at a small number of the Group\u2019s sites. A provision of \u00a33.3m is brought forward in relation to these costs. During the year \u00a31.5m of the provision has been utilised, and \u00a315.8m was created. The provision is expected to be utilised over the next two years. Insurance A provision of \u00a37.2m was brought forward in relation to the estimate of the cost of future claims against the Group from employees and the public. The claims covered typically relate to accidents and injuries sustained within Whitbread\u2019s trading sites. During the year, \u00a33.1m of the provision was utilised and \u00a32.0m was created. Other The Group has previously announced its intention to exit hotel operations in South East Asia. The \u00a31.6m provision has been carried forward for risks arising from indemnity agreements. The Group operates leases where it neither anticipates nor intends exiting a lease; therefore, the Group has determined that the circumstances in which these leases would end mean that an outflow of resources is not considered probable. As a result, the Group does not hold a material dilapidations provision.
30. Contingent liabilities
The Group previously stated that it was involved in legal proceedings in relation to a
third-party intellectual property claim, this matter was successfully defended during the
current period and the Group no longer deems this to be a contingent liability.
The Group has updated it\u2019s accounting policy (Note 2) in relation to property-related
remediation, clarifying its accounting treatment in this area, as well as having created
related provisions in the financial year (Note 23).
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2025-02-28T00:00:00/2026-02-27T00:00:00" } }, "fact-469": { "value": "
24. Financial Risk Management objectives and policies
The Group\u2019s principal financial instruments, other than derivatives, comprise bank loans,
senior unsecured bonds, cash, short-term deposits, money market funds, trade receivables
and trade payables. The Group\u2019s financial instrument policies can be found in the accounting
policies in Note 2. The Board agrees policies for managing the financial risks summarised below:
Interest rate risk
The Group\u2019s exposure to market risk for changes in interest rates relates primarily to the
Group\u2019s long-term debt obligations. Interest rate swaps are used where necessary to
maintain a mix of fixed and floating rate borrowings to manage this risk, in line with the
Group treasury policy. At the year end, 100% of Group debt was fixed for an average of
4.4 years at an average interest rate of 3.9% (2024/25: 100% for 3.9 years at 3.7%).
In accordance with IFRS 7 Financial Instruments: Disclosures, the Group has undertaken
sensitivity analysis on its financial instruments which are affected by changes in interest
rates. This analysis has been prepared on the basis of a constant amount of net debt,
a constant ratio of fixed to floating interest rates, and the hedging instruments in place
at 26 February 2026 and 27 February 2025 respectively. Consequently, the analysis
relates to the situation at those dates and is not representative of the years then ended.
The following assumptions were made:
\u2022 balance sheet sensitivity to interest rates applies only to derivative financial instruments,
as the carrying value of debt and deposits does not change as interest rates move; and
\u2022 gains or losses are recognised in equity or the consolidated income statement in line
with the accounting policies set out in Note 2.
Based on the Group\u2019s cash and cash equivalent position at the year end, a 1%pt increase
in interest rates would increase the Group\u2019s profit before tax by \u00a32.3m (2024/25: \u00a39.1m).
Liquidity risk
In its funding strategy, the Group\u2019s objective is to maintain a balance between the
continuity of funding and flexibility through the use of overdrafts and bank loans.
This strategy includes monitoring the maturity of financial liabilities to avoid the risk
of a shortage of funds.
Excess cash used in managing liquidity is placed on interest-bearing deposit where
maturity is fixed at no more than three months. Short-term flexibility is achieved through
the use of short-term borrowing on the money markets and through drawings under the
Group\u2019s revolving credit facility. The facility is typically utilised for periods of around one
month to meet short-term liquidity needs.
Fair value hedges The Group presents the time bands below as they reflect the maturity profile that it monitors in its liquidity management activities. The tables below summarise the Group\u2019s financial liabilities at 26 February 2026 and 27 February 2025 based on contractual undiscounted payments, including interest:
Less than Between 1 Between 3 Between 10 and More than Carrying
12 months and 3 years and 10 years 20 years 20 years Total value
26 February 2026 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Non-derivative financial assets/liabilities:
Interest-bearing loans and borrowings
36.6
366.1
760.5
\u2014
\u2014
1,163.2
943.0
Lease liabilities
359.2
728.4
2,434.9
2,351.0
1,780.0
7,653.5
4,523.1
Trade and other payables
197.8
\u2014
\u2014
\u2014
\u2014
197.8
197.8
593.6
1,094.5
3,195.4
2,351.0
1,780.0
9,014.5
5,663.9
Derivative financial assets/liabilities:
Foreign exchange swaps and forwards
Derivative contracts \u2013 receipts
\u2014
\u2014
(574.7)
\u2014
\u2014
(574.7)
Derivative contracts \u2013 payments
\u2014
\u2014
543.2
\u2014
\u2014
543.2
\u2014
\u2014
(31.5)
\u2014
\u2014
(31.5)
Total
593.6
1,094.5
3,163.9
2,351.0
1,780.0
8,983.0
Less than Between 1 Between 3 Between 10 and More than Carrying
12 months and 3 years and 10 years 20 years 20 years Total value
27 February 2025 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Non-derivative financial assets/liabilities:
Interest-bearing loans and borrowings
501.8
373.3
790.0
\u2014
\u2014
1,665.1
1,392.4
Lease liabilities
337.8
673.2
2,282.8
2,271.6
1,562.1
7,127.5
4,233.8
Trade and other payables
170.4
\u2014
\u2014
\u2014
\u2014
170.4
170.4
1,010.0
1,046.5
3,072.8
2,271.6
1,562.1
8,963.0
5,796.6
Derivative financial assets/liabilities:
Cross-currency swaps
Derivative contracts \u2013 receipts
(465.2)
\u2014
\u2014
\u2014
\u2014
(465.2)
Derivative contracts \u2013 payments
439.1
\u2014
\u2014
\u2014
\u2014
439.1
(26.1)
\u2014
\u2014
\u2014
\u2014
(26.1)
Total
983.9
1,046.5
3,072.8
2,271.6
1,562.1
8,936.9
Credit risk
Due to the high level of cash held at the year end, the most significant credit risk faced by
the Group is that arising on cash and cash equivalents. The Group\u2019s exposure arises from
default of the counterparty, with a maximum exposure equal to the carrying value of these
instruments. The Group seeks to minimise the risk of default in relation to cash and cash
equivalents by spreading investments across a number of counterparties and dealing in
accordance with the Group treasury policy which specifies acceptable credit ratings and
maximum investments for any counterparty. Counterparties for cash and cash equivalents
and derivatives contracts are required to have a long-term credit rating of A- or better at
contract inception from either Moody\u2019s, Standard & Poor\u2019s or Fitch. Exposures to these
counterparties are regularly monitored and, if the long-term credit rating falls below A-,
management will make a decision on remedial action to be taken.
In the event that any of the Group\u2019s banks get into financial difficulty, the Group is exposed
to the risk of withdrawal of currently undrawn committed facilities. This risk is mitigated by
the Group having a range of counterparties to its facilities.
The Group is exposed to a small amount of credit risk attributable to its trade and other
receivables. This is minimised by dealing with counterparties with good credit ratings. The
amounts included in the balance sheet are net of expected credit losses, which have been
estimated by management based on prior experience and any known factors at the balance
sheet date.
The Group\u2019s maximum exposure to credit risk arising from trade and other receivables,
derivatives and cash and cash equivalents is \u00a3303.0m (2024/25: \u00a31,002.3m).
Foreign currency risk
The Group operates internationally and is exposed to foreign currency risk arising from net
investments in foreign operations. See Note 25 for more details. At 26 February 2026, the
Group has an exposure in relation to euro denominated net assets that are not hedged
against of \u00a3142.1m, primarily relating to operations in Germany and the Republic of Ireland.
The Group\u2019s functional currency is GBP.
The Group manages foreign currency risk by using natural hedges and derivative instruments.
Where appropriate, the Group designates certain assets and liabilities as hedges of net
investments in foreign operations under IFRS 9. The objective is to minimise volatility in
equity arising from exchange rate movements.
The following table illustrates the impact on equity of a reasonably possible change in
the EUR/GBP exchange rate at the reporting date, assuming all other variables remain
constant. A 10% strengthening or weakening of the euro against sterling has been
considered reasonable based on historical volatility.
Impact on equity
Change in EUR/GBP (\u00a3m)
+10% (euro strengthens)
11.4
-10% (euro weakens)
(15.8)
The sensitivity analysis is based on \u20ac162.5m net assets translated at a closing rate of
\u20ac1.14:\u00a31.00. There is no material impact on profit or loss as the exposure relates to net
investments in foreign operations.
The Group applies hedge accounting for certain euro-denominated borrowings designated
as hedges of net investments in foreign operations. The effectiveness of these hedges is
assessed regularly and was continually effective throughout the financial year
Capital management
The Group\u2019s primary objective in regard to capital management is to ensure that it
continues to operate as a Going Concern and has sufficient funds at its disposal to grow
the business for the benefit of shareholders. The Group seeks to maintain a ratio of debt
to equity that balances risks and returns and also complies with the Group\u2019s net debt to
EBITDA covenant. See pages 18 to 29 of this report for the policies and objectives of the
Board regarding capital management, analysis of the Group\u2019s credit facilities and financing
plans for the coming years.
The Group aims to maintain sufficient funds for working capital and future investment in
order to meet growth targets. The management of equity through share buy-backs and
new issues is considered as part of the overall leverage framework balanced against the
funding requirements of future growth. In addition, the Group may carry out a number
of sale and leaseback transactions to provide further funding for growth.
The Group has access to a \u00a3775.0m multicurrency revolving credit facility with a final
maturity date on 25 May 2029. There is one financial covenant ratio, being net
debt/adjusted EBITDA <3.5x, on a frozen GAAP basis.
The above matters are considered at regular intervals and form part of the business
planning and budgeting processes. In addition, the Board regularly reviews the Group\u2019s
dividend policy and funding strategy.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2025-02-28T00:00:00/2026-02-27T00:00:00" } }, "fact-516": { "value": "Interest rate risk The Group\u2019s exposure to market risk for changes in interest rates relates primarily to the Group\u2019s long-term debt obligations. Interest rate swaps are used where necessary to maintain a mix of fixed and floating rate borrowings to manage this risk, in line with the Group treasury policy. At the year end, 100% of Group debt was fixed for an average of 4.4 years at an average interest rate of 3.9% (2024/25: 100% for 3.9 years at 3.7%). In accordance with IFRS 7 Financial Instruments: Disclosures, the Group has undertaken sensitivity analysis on its financial instruments which are affected by changes in interest rates. This analysis has been prepared on the basis of a constant amount of net debt, a constant ratio of fixed to floating interest rates, and the hedging instruments in place at 26 February 2026 and 27 February 2025 respectively. Consequently, the analysis relates to the situation at those dates and is not representative of the years then ended. The following assumptions were made: \u2022 balance sheet sensitivity to interest rates applies only to derivative financial instruments, as the carrying value of debt and deposits does not change as interest rates move; and \u2022 gains or losses are recognised in equity or the consolidated income statement in line with the accounting policies set out in Note 2. Based on the Group\u2019s cash and cash equivalent position at the year end, a 1%pt increase in interest rates would increase the Group\u2019s profit before tax by \u00a32.3m (2024/25: \u00a39.1m). Foreign currency risk The Group operates internationally and is exposed to foreign currency risk arising from net investments in foreign operations. See Note 25 for more details. At 26 February 2026, the Group has an exposure in relation to euro denominated net assets that are not hedged against of \u00a3142.1m, primarily relating to operations in Germany and the Republic of Ireland. The Group\u2019s functional currency is GBP. The Group manages foreign currency risk by using natural hedges and derivative instruments. Where appropriate, the Group designates certain assets and liabilities as hedges of net investments in foreign operations under IFRS 9. The objective is to minimise volatility in equity arising from exchange rate movements. The following table illustrates the impact on equity of a reasonably possible change in the EUR/GBP exchange rate at the reporting date, assuming all other variables remain constant. A 10% strengthening or weakening of the euro against sterling has been considered reasonable based on historical volatility.
Impact on equity
Change in EUR/GBP (\u00a3m)
+10% (euro strengthens)
11.4
-10% (euro weakens)
(15.8)
The sensitivity analysis is based on \u20ac162.5m net assets translated at a closing rate of \u20ac1.14:\u00a31.00. There is no material impact on profit or loss as the exposure relates to net investments in foreign operations. The Group applies hedge accounting for certain euro-denominated borrowings designated as hedges of net investments in foreign operations. The effectiveness of these hedges is assessed regularly and was continually effective throughout the financial year ", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2025-02-28T00:00:00/2026-02-27T00:00:00" } }, "fact-517": { "value": "Liquidity risk In its funding strategy, the Group\u2019s objective is to maintain a balance between the continuity of funding and flexibility through the use of overdrafts and bank loans. This strategy includes monitoring the maturity of financial liabilities to avoid the risk of a shortage of funds. Excess cash used in managing liquidity is placed on interest-bearing deposit where maturity is fixed at no more than three months. Short-term flexibility is achieved through the use of short-term borrowing on the money markets and through drawings under the Group\u2019s revolving credit facility. The facility is typically utilised for periods of around one month to meet short-term liquidity needs.
Fair value hedges
The Group presents the time bands below as they reflect the maturity profile that it monitors in its liquidity management activities. The tables below summarise the Group\u2019s financial
liabilities at 26 February 2026 and 27 February 2025 based on contractual undiscounted payments, including interest:
Less than Between 1 Between 3 Between 10 and More than Carrying
12 months and 3 years and 10 years 20 years 20 years Total value
26 February 2026 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Non-derivative financial assets/liabilities:
Interest-bearing loans and borrowings
36.6
366.1
760.5
\u2014
\u2014
1,163.2
943.0
Lease liabilities
359.2
728.4
2,434.9
2,351.0
1,780.0
7,653.5
4,523.1
Trade and other payables
197.8
\u2014
\u2014
\u2014
\u2014
197.8
197.8
593.6
1,094.5
3,195.4
2,351.0
1,780.0
9,014.5
5,663.9
Derivative financial assets/liabilities:
Foreign exchange swaps and forwards
Derivative contracts \u2013 receipts
\u2014
\u2014
(574.7)
\u2014
\u2014
(574.7)
Derivative contracts \u2013 payments
\u2014
\u2014
543.2
\u2014
\u2014
543.2
\u2014
\u2014
(31.5)
\u2014
\u2014
(31.5)
Total
593.6
1,094.5
3,163.9
2,351.0
1,780.0
8,983.0
Less than Between 1 Between 3 Between 10 and More than Carrying
12 months and 3 years and 10 years 20 years 20 years Total value
27 February 2025 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Non-derivative financial assets/liabilities:
Interest-bearing loans and borrowings
501.8
373.3
790.0
\u2014
\u2014
1,665.1
1,392.4
Lease liabilities
337.8
673.2
2,282.8
2,271.6
1,562.1
7,127.5
4,233.8
Trade and other payables
170.4
\u2014
\u2014
\u2014
\u2014
170.4
170.4
1,010.0
1,046.5
3,072.8
2,271.6
1,562.1
8,963.0
5,796.6
Derivative financial assets/liabilities:
Cross-currency swaps
Derivative contracts \u2013 receipts
(465.2)
\u2014
\u2014
\u2014
\u2014
(465.2)
Derivative contracts \u2013 payments
439.1
\u2014
\u2014
\u2014
\u2014
439.1
(26.1)
\u2014
\u2014
\u2014
\u2014
(26.1)
Total
983.9
1,046.5
3,072.8
2,271.6
1,562.1
8,936.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2025-02-28T00:00:00/2026-02-27T00:00:00" } }, "fact-518": { "value": "Credit risk Due to the high level of cash held at the year end, the most significant credit risk faced by the Group is that arising on cash and cash equivalents. The Group\u2019s exposure arises from default of the counterparty, with a maximum exposure equal to the carrying value of these instruments. The Group seeks to minimise the risk of default in relation to cash and cash equivalents by spreading investments across a number of counterparties and dealing in accordance with the Group treasury policy which specifies acceptable credit ratings and maximum investments for any counterparty. Counterparties for cash and cash equivalents and derivatives contracts are required to have a long-term credit rating of A- or better at contract inception from either Moody\u2019s, Standard & Poor\u2019s or Fitch. Exposures to these counterparties are regularly monitored and, if the long-term credit rating falls below A-, management will make a decision on remedial action to be taken. In the event that any of the Group\u2019s banks get into financial difficulty, the Group is exposed to the risk of withdrawal of currently undrawn committed facilities. This risk is mitigated by the Group having a range of counterparties to its facilities. The Group is exposed to a small amount of credit risk attributable to its trade and other receivables. This is minimised by dealing with counterparties with good credit ratings. The amounts included in the balance sheet are net of expected credit losses, which have been estimated by management based on prior experience and any known factors at the balance sheet date. The Group\u2019s maximum exposure to credit risk arising from trade and other receivables, derivatives and cash and cash equivalents is \u00a3303.0m (2024/25: \u00a31,002.3m). ", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2025-02-28T00:00:00/2026-02-27T00:00:00" } }, "fact-519": { "value": "Capital management The Group\u2019s primary objective in regard to capital management is to ensure that it continues to operate as a Going Concern and has sufficient funds at its disposal to grow the business for the benefit of shareholders. The Group seeks to maintain a ratio of debt to equity that balances risks and returns and also complies with the Group\u2019s net debt to EBITDA covenant. See pages 18 to 29 of this report for the policies and objectives of the Board regarding capital management, analysis of the Group\u2019s credit facilities and financing plans for the coming years. The Group aims to maintain sufficient funds for working capital and future investment in order to meet growth targets. The management of equity through share buy-backs and new issues is considered as part of the overall leverage framework balanced against the funding requirements of future growth. In addition, the Group may carry out a number of sale and leaseback transactions to provide further funding for growth. The Group has access to a \u00a3775.0m multicurrency revolving credit facility with a final maturity date on 25 May 2029. There is one financial covenant ratio, being net debt/adjusted EBITDA <3.5x, on a frozen GAAP basis. The above matters are considered at regular intervals and form part of the business planning and budgeting processes. In addition, the Board regularly reviews the Group\u2019s dividend policy and funding strategy.", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2025-02-28T00:00:00/2026-02-27T00:00:00" } }, "fact-470": { "value": "
Fair values
IFRS 13 Fair Value Measurement requires that the classification of financial instruments at fair value be determined by reference to the source of inputs used to derive the fair value.
The classification uses the following three-level hierarchy:
\u2022 level 1 \u2013 quoted prices (unadjusted) in active markets for identical assets or liabilities;
\u2022 level 2 \u2013 other techniques for which all inputs, which have a significant effect on the recorded fair value, are observable, either directly or indirectly; and
\u2022 level 3 \u2013 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 that are recognised in the financial statements at fair value 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 the fair value measurement as a whole) at the end of each reporting period.
Financial assets and liabilities measured at amortised cost
The carrying values of trade and other receivables, cash and cash equivalents and trade
and other payables are considered to be reasonable approximations of their fair values
largely due to the short-term maturities of these instruments.
The fair value of the Group\u2019s borrowings is estimated at \u00a3926.9m (2024/25: \u00a31,344.8m).
The fair value of the Group\u2019s borrowings is based on level 1 valuation techniques where
there is an active market for the instrument and on level 2 valuation techniques otherwise.
Financial assets and liabilities measured at fair value
2026 2025
\u00a3m \u00a3m
Financial assets
Derivative financial instruments \u2013 level 2
0.1
19.9
Financial liabilities
Derivative financial instruments \u2013 level 2
(9.5)
(1.4)
During the year ended 26 February 2026, there were no transfers between fair value
measurement levels. Derivative financial instruments include \u00a30.1m assets (2024/25: \u00a3nil)
due after one year, \u00a3nil assets (2024/25: \u00a319.9m) due within one year, \u00a3nil liabilities
(2024/25: \u00a31.4m) due within one year and \u00a39.5m liabilities (2024/25: \u00a3nil) due after one year.
The fair value of derivative instruments classified as level 2 is calculated by discounting all
future cash flows by the relevant market discount rate at the balance sheet date. The fair
values of money market funds within cash and cash equivalents classified as level 1 are
calculated by reference to their active market values at 26 February 2026.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2025-02-28T00:00:00/2026-02-27T00:00:00" } }, "fact-520": { "value": "Fair values IFRS 13 Fair Value Measurement requires that the classification of financial instruments at fair value be determined by reference to the source of inputs used to derive the fair value. The classification uses the following three-level hierarchy: \u2022 level 1 \u2013 quoted prices (unadjusted) in active markets for identical assets or liabilities; \u2022 level 2 \u2013 other techniques for which all inputs, which have a significant effect on the recorded fair value, are observable, either directly or indirectly; and \u2022 level 3 \u2013 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 that are recognised in the financial statements at fair value 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 the fair value measurement as a whole) at the end of each reporting period. Financial assets and liabilities measured at amortised cost The carrying values of trade and other receivables, cash and cash equivalents and trade and other payables are considered to be reasonable approximations of their fair values largely due to the short-term maturities of these instruments. The fair value of the Group\u2019s borrowings is estimated at \u00a3926.9m (2024/25: \u00a31,344.8m). The fair value of the Group\u2019s borrowings is based on level 1 valuation techniques where there is an active market for the instrument and on level 2 valuation techniques otherwise. Financial assets and liabilities measured at fair value
2026 2025
\u00a3m \u00a3m
Financial assets
Derivative financial instruments \u2013 level 2
0.1
19.9
Financial liabilities
Derivative financial instruments \u2013 level 2
(9.5)
(1.4)
During the year ended 26 February 2026, there were no transfers between fair value measurement levels. Derivative financial instruments include \u00a30.1m assets (2024/25: \u00a3nil) due after one year, \u00a3nil assets (2024/25: \u00a319.9m) due within one year, \u00a3nil liabilities (2024/25: \u00a31.4m) due within one year and \u00a39.5m liabilities (2024/25: \u00a3nil) due after one year. The fair value of derivative instruments classified as level 2 is calculated by discounting all future cash flows by the relevant market discount rate at the balance sheet date. The fair values of money market funds within cash and cash equivalents classified as level 1 are calculated by reference to their active market values at 26 February 2026. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2025-02-28T00:00:00/2026-02-27T00:00:00" } }, "fact-471": { "value": "
Derivative financial instruments
Hedge of net investment in foreign operations
The Group maintains a strategy of hedging its net investment in its German operations
against movements in the GBP:EUR exchange rate. The cross-currency swaps entered into
in October 2019 matured and settled in October 2025. Upon maturity, the Group entered
into new FX swap arrangements to maintain this hedge position. Also within the financial
year, the Group entered into FX forward arrangements to increase the hedging of its net
investment in its German operations as well as a portion of its Irish operations.
There is an economic relationship between the hedged item and the hedging instrument
as the net investment creates a translation risk that will match the foreign exchange risk on
the cross-currency swaps. The Group has established a hedge ratio of 1:1 as the underlying
risk of the hedging instrument is identical to the hedged risk component. The hedge
ineffectiveness will arise if the amount of the investment in the foreign subsidiary was
to become lower than the nominal amount of the swaps.
The net investment hedges were assessed to be highly effective at 26 February 2026
and a net unrealised loss of \u00a315.4m (2024/25: gain of \u00a316.7m) has been recorded in the
translation reserve. The Group has recorded credit of hedging of \u00a31.4m (2024/25: costs
of hedging of \u00a31.1m) within finance costs in the consolidated income statement as a
result of the foreign currency basis spread within the hedging instrument.
Cash flow hedges
Commodity price risk
The Group is exposed to the impact of changes in gas and power prices. In the UK, the
Group manages this risk by entering into physical supply agreements with an energy supplier.
As at 26 February 2026, the Group did not designate any financial instruments as cash
flow hedges for commodity price risk (2024/25: the Group had fixed prices in respect
of approximately 80% of its gas and power requirements for the next financial year).
Interest rate risk
The Group maintains hedge relationships to manage the variability of GBP cash flows
arising from changes in floating interest rates on its GBP-denominated floating rate debt.
These hedging relationships are in place for a period of two years and are executed
through a partial-term interest rate hedge.
Fair value hedges
The Group maintains fixed rate debt as part of its strategy to manage interest rate fluctuations
on the income statement, aiming for no less than two-thirds of total debt. The Group issued
GBP debt with a fixed coupon of 5.50% and is exposed to changes in the fair value of this
debt. The Group meets its objective of having effective GBP floating rate debt by entering
into an interest rate swap, which hedges the fair value risk.
There is an economic relationship between the hedged item and the hedging instrument
as the terms of the interest rate swap match the terms of the fixed rate loan. The Group has
established a hedge ratio of 1:1 for the hedging relationships as the underlying risk of the
interest rate swap is identical to the hedged risk component.
The impact of the hedging instruments and hedged items on the statement of financial position is as follows:
Change in fair
value used for
measuring
Notional Carrying ineffectiveness Change in fair value
amount amount for the year of hedged item
At 26 February 2026 \u00a3m
\u00a3m
Line item in statement of financial position
\u00a3m
Hedged item
\u00a3m
Net investment in foreign operations
Foreign exchange swaps
478.0
(9.0)
Derivative financial instruments
(9.0)
Net investment in foreign subsidiaries
9.0
Foreign exchange forwards
95.6
(0.5)
Derivative financial instruments
(0.5)
Net investment in foreign subsidiaries
0.5
Cash flow hedges
Interest rate swaps
150.0
1.1
Derivative financial instruments
1.1
Highly probable forecast net interest payments
(1.1)
Fair value hedges
Interest rate swaps
150.0
(1.0)
Derivative financial instruments
(1.0)
\u00a3150m of \u00a3400m 5.50% Guaranteed Notes
1.0
Change in fair
value used for
measuring
Notional Carrying ineffectiveness Change in fair value
amount amount for the year of hedged item
At 27 February 2025 \u00a3m
\u00a3m
Line item in statement of financial position
\u00a3m
Hedged item
\u00a3m
Net investment in foreign operations
Cross-currency swaps
450.0
19.9
Derivative financial instruments
16.1
Net investment in foreign subsidiaries
(16.1)
Cash flow hedges
Power commodity swaps
4.5
(1.4)
Derivative financial instruments
5.7
Highly probable forecast future power usage
N/A \u2013 future usage
The impact of the hedging instruments in the consolidated income statement and consolidated statement of comprehensive income is as follows:
Total hedging Amount
gain/(loss) reclassified Accumulated value
recognised in from OCI to recognised in cash flow
OCI profit or loss hedge reserve
2025/26 \u00a3m
\u00a3m
Line item in the consolidated income statement
\u00a3m
Power commodity swaps
\u2014
\u2014
N/A - future usage
\u2014
Total hedging Amount
gain/(loss) reclassified Accumulated value
recognised in from OCI to recognised in cash flow
OCI profit or loss hedge reserve
2024/25 \u00a3m
\u00a3m
Line item in the consolidated income statement
\u00a3m
Power commodity swaps
5.7
8.8
N/A \u2013 future usage
(1.4)
Impact of hedging on equity
Set out below is the reconciliation of each component of equity and the analysis of other
comprehensive income:
Foreign
Cash flow currency
hedge translation
reserve reserve
\u00a3m \u00a3m
At 29 February 2024
(11.6)
25.9
Net fair value movement recognised in other comprehensive
income:
\u2013 Power commodity swaps
5.7
\u2014
Reclassified and reported in the consolidated income statement:
\u2013 Power commodity swaps
8.8
\u2014
Foreign exchange arising on consolidation
\u2014
(20.9)
Fair value movement on derivatives designated as net investment
hedges
\u2014
16.7
Net current tax credit
\u2014
0.3
Deferred tax charge
(3.6)
\u2014
At 27 February 2025
(0.7)
22.0
Net fair value movement recognised in other comprehensive
income:
\u2013 Power commodity swaps
(0.2)
\u2014
\u2013 Interest rate swaps
0.9
\u2014
Reclassified and reported in the consolidated income statement:
\u2013 Power commodity swaps
1.6
\u2014
Foreign exchange arising on consolidation
\u2014
29.2
Fair value movement on derivatives designated as net investment
hedges
\u2014
(15.4)
Net current tax charge
\u2014
(0.2)
Deferred tax charge
(0.6)
\u2014
At 26 February 2026
1.0
35.6
The foreign currency translation reserve includes an accumulated gain of \u00a31.9m (2024/25:
gain of \u00a317.3m) relating to derivatives designated as net investment hedges.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2025-02-28T00:00:00/2026-02-27T00:00:00" } }, "fact-521": { "value": "Derivative financial instruments Hedge of net investment in foreign operations The Group maintains a strategy of hedging its net investment in its German operations against movements in the GBP:EUR exchange rate. The cross-currency swaps entered into in October 2019 matured and settled in October 2025. Upon maturity, the Group entered into new FX swap arrangements to maintain this hedge position. Also within the financial year, the Group entered into FX forward arrangements to increase the hedging of its net investment in its German operations as well as a portion of its Irish operations. There is an economic relationship between the hedged item and the hedging instrument as the net investment creates a translation risk that will match the foreign exchange risk on the cross-currency swaps. The Group has established a hedge ratio of 1:1 as the underlying risk of the hedging instrument is identical to the hedged risk component. The hedge ineffectiveness will arise if the amount of the investment in the foreign subsidiary was to become lower than the nominal amount of the swaps. The net investment hedges were assessed to be highly effective at 26 February 2026 and a net unrealised loss of \u00a315.4m (2024/25: gain of \u00a316.7m) has been recorded in the translation reserve. The Group has recorded credit of hedging of \u00a31.4m (2024/25: costs of hedging of \u00a31.1m) within finance costs in the consolidated income statement as a result of the foreign currency basis spread within the hedging instrument. Impact of hedging on equity Set out below is the reconciliation of each component of equity and the analysis of other comprehensive income:
Foreign
Cash flow currency
hedge translation
reserve reserve
\u00a3m \u00a3m
At 29 February 2024
(11.6)
25.9
Net fair value movement recognised in other comprehensive
income:
\u2013 Power commodity swaps
5.7
\u2014
Reclassified and reported in the consolidated income statement:
\u2013 Power commodity swaps
8.8
\u2014
Foreign exchange arising on consolidation
\u2014
(20.9)
Fair value movement on derivatives designated as net investment
hedges
\u2014
16.7
Net current tax credit
\u2014
0.3
Deferred tax charge
(3.6)
\u2014
At 27 February 2025
(0.7)
22.0
Net fair value movement recognised in other comprehensive
income:
\u2013 Power commodity swaps
(0.2)
\u2014
\u2013 Interest rate swaps
0.9
\u2014
Reclassified and reported in the consolidated income statement:
\u2013 Power commodity swaps
1.6
\u2014
Foreign exchange arising on consolidation
\u2014
29.2
Fair value movement on derivatives designated as net investment
hedges
\u2014
(15.4)
Net current tax charge
\u2014
(0.2)
Deferred tax charge
(0.6)
\u2014
At 26 February 2026
1.0
35.6
The foreign currency translation reserve includes an accumulated gain of \u00a31.9m (2024/25: gain of \u00a317.3m) relating to derivatives designated as net investment hedges. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralHedgeAccountingExplanatory", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2025-02-28T00:00:00/2026-02-27T00:00:00" } }, "fact-472": { "value": "
26. Trade and other payables
2026 2025
\u00a3m \u00a3m
Trade payables
81.0
96.1
Other taxes and social security
68.0
73.8
Contract liabilities
186.2
183.3
Accruals
237.7
233.3
Other payables
116.8
74.3
689.7
660.8
Analysed as:
Current
689.7
660.8
Non-current
\u2014
\u2014
689.7
660.8
Included with contract liabilities is \u00a3183.8m (2024/25: \u00a3180.0m) relating to payments
received for accommodation where the stay will take place after the year end and \u00a32.4m
(2024/25: \u00a33.3m) revenue deferred relating to the Group\u2019s restaurant customer loyalty
programmes. During the year, \u00a3180.0m presented as a contract liability at 26 February
2026 has been recognised in revenue (2024/25: \u00a3177.1m).
Trade payables typically have maturities up to 60 days depending on the nature of the
purchase transaction and the agreed terms.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2025-02-28T00:00:00/2026-02-27T00:00:00" } }, "fact-541": { "value": "26. Trade and other payables
2026 2025
\u00a3m \u00a3m
Trade payables
81.0
96.1
Other taxes and social security
68.0
73.8
Contract liabilities
186.2
183.3
Accruals
237.7
233.3
Other payables
116.8
74.3
689.7
660.8
Analysed as:
Current
689.7
660.8
Non-current
\u2014
\u2014
689.7
660.8
Included with contract liabilities is \u00a3183.8m (2024/25: \u00a3180.0m) relating to payments received for accommodation where the stay will take place after the year end and \u00a32.4m (2024/25: \u00a33.3m) revenue deferred relating to the Group\u2019s restaurant customer loyalty programmes. During the year, \u00a3180.0m presented as a contract liability at 26 February 2026 has been recognised in revenue (2024/25: \u00a3177.1m). Trade payables typically have maturities up to 60 days depending on the nature of the purchase transaction and the agreed terms.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2025-02-28T00:00:00/2026-02-27T00:00:00" } }, "fact-522": { "value": "26. Trade and other payables
2026 2025
\u00a3m \u00a3m
Trade payables
81.0
96.1
Other taxes and social security
68.0
73.8
Contract liabilities
186.2
183.3
Accruals
237.7
233.3
Other payables
116.8
74.3
689.7
660.8
Analysed as:
Current
689.7
660.8
Non-current
\u2014
\u2014
689.7
660.8
Included with contract liabilities is \u00a3183.8m (2024/25: \u00a3180.0m) relating to payments received for accommodation where the stay will take place after the year end and \u00a32.4m (2024/25: \u00a33.3m) revenue deferred relating to the Group\u2019s restaurant customer loyalty programmes. During the year, \u00a3180.0m presented as a contract liability at 26 February 2026 has been recognised in revenue (2024/25: \u00a3177.1m). Trade payables typically have maturities up to 60 days depending on the nature of the purchase transaction and the agreed terms.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2025-02-28T00:00:00/2026-02-27T00:00:00" } }, "fact-473": { "value": "
27. Share capital
Ordinary share capital
Allotted, called up and fully paid ordinary shares of 76.80 pence each (2024/25:
76.80 pence each)
million
\u00a3m
At 29 February 2024
197.5
151.8
Issued on exercise of employee share options
0.1
0.1
Conversion of preference share capital
0.1
0.1
Cancellations following share buy-back
(8.9)
(6.8)
At 27 February 2025
188.8
145.2
Issued on exercise of employee share options
0.1
0.1
Cancellations following share buy-back
(8.8)
(6.7)
At 26 February 2026
180.1
138.6
Employee share options
During the year, options over 0.1m (2024/25: 0.1m) ordinary shares, fully paid, were
exercised by employees under the terms of various share option schemes. The Company
received proceeds of \u00a35.2m (2024/25: \u00a33.3m) on exercise of these options.
Share buy-back, commitment and cancellation
The Company purchased and cancelled 8.8m (2024/25: 8.9m) shares with a nominal value
of \u00a36.7m (2024/25: \u00a36.8m) under the share buy-back programmes running through this
financial year. Consideration of \u00a3250.4m (2024/25: \u00a3264.3m), including associated fees and
stamp duty of \u00a31.2m (2024/25: \u00a32.0m), was paid during the year with fees of \u00a30.9m
accrued for (2024/25: \u00a3nil).
Share forfeiture
The Group has implemented a share forfeiture programme following the completion of a
tracing and notification exercise to any shareholders who have not had contact with the
Company over the past 12 years, in accordance with the provisions set out in the Company\u2019s
articles of association. Under the share forfeiture programme the shares and dividends
associated with shares of untraced members have been forfeited.
Other than shares issued in the normal course of business as part of the share-based
payments schemes, there have been no transactions involving ordinary shares or potential
ordinary shares since the reporting date and before the completion of these consolidated
financial statements.
28. Reserves
Share premium
The share premium reserve is the premium paid on the Company\u2019s 76.80 pence ordinary shares.
Capital redemption reserve
A capital redemption reserve was created on the cancellation of the Group\u2019s B and C
preference shares and also includes the nominal value of cancelled ordinary shares.
Retained earnings
In accordance with IFRS practice, retained earnings include revaluation reserves which
arose on transition to IFRS.
Currency translation reserve
The foreign currency translation reserve is used to record exchange differences arising from
the translation of the financial statements of foreign subsidiaries, other foreign currency
investments and exchange differences on derivative instruments that provide a hedge
against net investments in foreign operations.
Other reserves
The movement in other reserves during the year is set out in the table below:
Excluded
Treasury Merger Hedging component of Total other
reserve reserve reserve hedge reserve reserves
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 29 February 2024
538.1
1,855.0
11.6
(5.8)
2,398.9
Other comprehensive income \u2013 net gain on cash flow hedges (Note 25)
\u2014
\u2014
(14.5)
\u2014
(14.5)
Other comprehensive income \u2013 deferred tax on cash flow hedges (Note 25)
\u2014
\u2014
3.6
\u2014
3.6
Other comprehensive income \u2013 loss on net investment hedges
\u2014
\u2014
\u2014
0.6
0.6
Costs in relation to hedging
\u2014
\u2014
\u2014
(1.1)
(1.1)
Loss on ESOT shares issued
(8.1)
\u2014
\u2014
\u2014
(8.1)
At 27 February 2025
530.0
1,855.0
0.7
(6.3)
2,379.4
Other comprehensive income \u2013 net gain on cash flow hedges (Note 25)
\u2014
\u2014
(2.3)
\u2014
(2.3)
Other comprehensive income \u2013 deferred tax on cash flow hedges (Note 25)
\u2014
\u2014
0.6
\u2014
0.6
Other comprehensive income \u2013 loss on net investment hedges
\u2014
\u2014
\u2014
6.6
6.6
Credit in relation to hedging
\u2014
\u2014
\u2014
1.4
1.4
Purchase of ESOT shares
11.3
\u2014
\u2014
\u2014
11.3
Loss on ESOT shares issued
(13.8)
\u2014
\u2014
\u2014
(13.8)
At 26 February 2026
527.5
1,855.0
(1.0)
1.7
2,383.2
Treasury reserve This reserve relates to shares held by an independently managed employee share ownership trust (ESOT) and treasury shares held by Whitbread PLC. The shares held by the ESOT were purchased in order to satisfy outstanding employee share options and potential awards under the Long Term Incentive Plan (LTIP) and other incentive schemes. The movement in treasury reserves during the year is set out in the table below:
Treasury shares held by
Whitbread PLC
ESOT shares held
million
\u00a3m
million
\u00a3m
At 29 February 2024
12.5
514.5
0.9
23.6
Exercised during the year
\u2014
\u2014
(0.3)
(8.1)
Purchase of ESOT shares
\u2014
(5.1)
0.2
5.1
At 27 February 2025
12.5
509.4
0.8
20.6
Exercised during the year
\u2014
\u2014
(0.5)
(13.8)
Purchase of ESOT shares
\u2014
\u2014
0.4
11.3
At 26 February 2026
12.5
509.4
0.7
18.1
During the year, 0.4m shares were purchased by the Group\u2019s independently managed Employee Share Ownership Trust (ESOT) for consideration of \u00a311.3m. Merger reserve The merger reserve arose as a consequence of the merger in 2000/01 of Whitbread Group PLC and Whitbread PLC. Hedging reserve The hedging reserve records movements for effective cash flow hedges measured at fair value. Excluded component of hedge reserve The excluded component of hedge reserve records movements in the elements of derivatives used in hedging arrangements that are excluded from the hedge relationship.", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2025-02-28T00:00:00/2026-02-27T00:00:00" } }, "fact-523": { "value": "27. Share capital Ordinary share capital Allotted, called up and fully paid ordinary shares of 76.80 pence each (2024/25: 76.80 pence each)
million
\u00a3m
At 29 February 2024
197.5
151.8
Issued on exercise of employee share options
0.1
0.1
Conversion of preference share capital
0.1
0.1
Cancellations following share buy-back
(8.9)
(6.8)
At 27 February 2025
188.8
145.2
Issued on exercise of employee share options
0.1
0.1
Cancellations following share buy-back
(8.8)
(6.7)
At 26 February 2026
180.1
138.6
Employee share options During the year, options over 0.1m (2024/25: 0.1m) ordinary shares, fully paid, were exercised by employees under the terms of various share option schemes. The Company received proceeds of \u00a35.2m (2024/25: \u00a33.3m) on exercise of these options. Share buy-back, commitment and cancellation The Company purchased and cancelled 8.8m (2024/25: 8.9m) shares with a nominal value of \u00a36.7m (2024/25: \u00a36.8m) under the share buy-back programmes running through this financial year. Consideration of \u00a3250.4m (2024/25: \u00a3264.3m), including associated fees and stamp duty of \u00a31.2m (2024/25: \u00a32.0m), was paid during the year with fees of \u00a30.9m accrued for (2024/25: \u00a3nil). Share forfeiture The Group has implemented a share forfeiture programme following the completion of a tracing and notification exercise to any shareholders who have not had contact with the Company over the past 12 years, in accordance with the provisions set out in the Company\u2019s articles of association. Under the share forfeiture programme the shares and dividends associated with shares of untraced members have been forfeited. Other than shares issued in the normal course of business as part of the share-based payments schemes, there have been no transactions involving ordinary shares or potential ordinary shares since the reporting date and before the completion of these consolidated financial statements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2025-02-28T00:00:00/2026-02-27T00:00:00" } }, "fact-524": { "value": "28. Reserves Share premium The share premium reserve is the premium paid on the Company\u2019s 76.80 pence ordinary shares. Capital redemption reserve A capital redemption reserve was created on the cancellation of the Group\u2019s B and C preference shares and also includes the nominal value of cancelled ordinary shares. Retained earnings In accordance with IFRS practice, retained earnings include revaluation reserves which arose on transition to IFRS. Currency translation reserve The foreign currency translation reserve is used to record exchange differences arising from the translation of the financial statements of foreign subsidiaries, other foreign currency investments and exchange differences on derivative instruments that provide a hedge against net investments in foreign operations. Other reserves The movement in other reserves during the year is set out in the table below:
Excluded
Treasury Merger Hedging component of Total other
reserve reserve reserve hedge reserve reserves
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 29 February 2024
538.1
1,855.0
11.6
(5.8)
2,398.9
Other comprehensive income \u2013 net gain on cash flow hedges (Note 25)
\u2014
\u2014
(14.5)
\u2014
(14.5)
Other comprehensive income \u2013 deferred tax on cash flow hedges (Note 25)
\u2014
\u2014
3.6
\u2014
3.6
Other comprehensive income \u2013 loss on net investment hedges
\u2014
\u2014
\u2014
0.6
0.6
Costs in relation to hedging
\u2014
\u2014
\u2014
(1.1)
(1.1)
Loss on ESOT shares issued
(8.1)
\u2014
\u2014
\u2014
(8.1)
At 27 February 2025
530.0
1,855.0
0.7
(6.3)
2,379.4
Other comprehensive income \u2013 net gain on cash flow hedges (Note 25)
\u2014
\u2014
(2.3)
\u2014
(2.3)
Other comprehensive income \u2013 deferred tax on cash flow hedges (Note 25)
\u2014
\u2014
0.6
\u2014
0.6
Other comprehensive income \u2013 loss on net investment hedges
\u2014
\u2014
\u2014
6.6
6.6
Credit in relation to hedging
\u2014
\u2014
\u2014
1.4
1.4
Purchase of ESOT shares
11.3
\u2014
\u2014
\u2014
11.3
Loss on ESOT shares issued
(13.8)
\u2014
\u2014
\u2014
(13.8)
At 26 February 2026
527.5
1,855.0
(1.0)
1.7
2,383.2
Treasury reserve
This reserve relates to shares held by an independently managed employee share
ownership trust (ESOT) and treasury shares held by Whitbread PLC. The shares held by the
ESOT were purchased in order to satisfy outstanding employee share options and potential
awards under the Long Term Incentive Plan (LTIP) and other incentive schemes.
The movement in treasury reserves during the year is set out in the table below:
Treasury shares held by
Whitbread PLC
ESOT shares held
million
\u00a3m
million
\u00a3m
At 29 February 2024
12.5
514.5
0.9
23.6
Exercised during the year
\u2014
\u2014
(0.3)
(8.1)
Purchase of ESOT shares
\u2014
(5.1)
0.2
5.1
At 27 February 2025
12.5
509.4
0.8
20.6
Exercised during the year
\u2014
\u2014
(0.5)
(13.8)
Purchase of ESOT shares
\u2014
\u2014
0.4
11.3
At 26 February 2026
12.5
509.4
0.7
18.1
During the year, 0.4m shares were purchased by the Group\u2019s independently managed
Employee Share Ownership Trust (ESOT) for consideration of \u00a311.3m.
Merger reserve
The merger reserve arose as a consequence of the merger in 2000/01 of Whitbread Group PLC
and Whitbread PLC.
Hedging reserve
The hedging reserve records movements for effective cash flow hedges measured at fair value.
Excluded component of hedge reserve
The excluded component of hedge reserve records movements in the elements of
derivatives used in hedging arrangements that are excluded from the hedge relationship.
", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2025-02-28T00:00:00/2026-02-27T00:00:00" } }, "fact-542": { "value": "Treasury reserve This reserve relates to shares held by an independently managed employee share ownership trust (ESOT) and treasury shares held by Whitbread PLC. The shares held by the ESOT were purchased in order to satisfy outstanding employee share options and potential awards under the Long Term Incentive Plan (LTIP) and other incentive schemes. The movement in treasury reserves during the year is set out in the table below:
Treasury shares held by
Whitbread PLC
ESOT shares held
million
\u00a3m
million
\u00a3m
At 29 February 2024
12.5
514.5
0.9
23.6
Exercised during the year
\u2014
\u2014
(0.3)
(8.1)
Purchase of ESOT shares
\u2014
(5.1)
0.2
5.1
At 27 February 2025
12.5
509.4
0.8
20.6
Exercised during the year
\u2014
\u2014
(0.5)
(13.8)
Purchase of ESOT shares
\u2014
\u2014
0.4
11.3
At 26 February 2026
12.5
509.4
0.7
18.1
During the year, 0.4m shares were purchased by the Group\u2019s independently managed Employee Share Ownership Trust (ESOT) for consideration of \u00a311.3m. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2025-02-28T00:00:00/2026-02-27T00:00:00" } }, "fact-474": { "value": "
29. Analysis of cash flows given in the cash flow statement
2025/26 2024/25
\u00a3m \u00a3m
Profit for the year
212.9
253.7
Adjustments for:
Tax expense
85.5
114.1
Net finance costs (Note 8)
165.8
146.2
Share of profit from joint ventures
(4.7)
(4.7)
Depreciation and amortisation
426.2
401.8
Share-based payments
16.7
16.8
Net impairment charge (Note 14)
162.5
76.5
Net gain on disposals of property
(6.4)
(40.1)
Other non-cash items
23.6
35.6
Cash generated from operations before working capital changes
1,082.1
999.9
Decrease in inventories
6.2
4.1
(Increase)/decrease in trade and other receivables
(1.1)
4.1
Decrease in trade and other payables
(14.6)
(3.6)
Cash generated from operations
1,072.6
1,004.5
Other non-cash items include a \u00a30.3m inflow representing bad debt charges (2024/25: \u00a3nil),
an
inflow of \u00a318.7m (2024/25: \u00a333.9m inflow) as a result of net provision-related movements,
an inflow of \u00a35.1m (2024/25: \u00a35.1m inflow) representing non-cash pension scheme
administration costs, an outflow of \u00a3nil (2024/25: \u00a33.6m) in relation to other adjusting item
write-offs and an outflow of \u00a30.5m (2024/25: \u00a30.2m inflow) from foreign exchange gains.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2025-02-28T00:00:00/2026-02-27T00:00:00" } }, "fact-475": { "value": "30. Contingent liabilities The Group previously stated that it was involved in legal proceedings in relation to a third-party intellectual property claim, this matter was successfully defended during the current period and the Group no longer deems this to be a contingent liability. The Group has updated it\u2019s accounting policy (Note 2) in relation to property-related remediation, clarifying its accounting treatment in this area, as well as having created related provisions in the financial year (Note 23).", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2025-02-28T00:00:00/2026-02-27T00:00:00" } }, "fact-543": { "value": "30. Contingent liabilities The Group previously stated that it was involved in legal proceedings in relation to a third-party intellectual property claim, this matter was successfully defended during the current period and the Group no longer deems this to be a contingent liability. The Group has updated it\u2019s accounting policy (Note 2) in relation to property-related remediation, clarifying its accounting treatment in this area, as well as having created related provisions in the financial year (Note 23).", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2025-02-28T00:00:00/2026-02-27T00:00:00" } }, "fact-476": { "value": "
31. Share-based payment plans
Long Term Incentive Plan (LTIP)
LTIP awards were made to Directors and senior executives of the Group prior to the
adoption of the Restricted Share Plan. Vesting of share awards under the scheme was
dependent on continued employment and meeting performance targets over a three-year
vesting period. The awards are settled in equity once exercised.
Deferred equity awards
Share awards are made under the Whitbread Directors\u2019 Incentive Scheme implemented
during 2004/05. The awards are not subject to performance conditions and will vest in full
on the release date subject to continued employment at that date. If the director or senior
executive of the Group ceases to be an employee of Whitbread prior to the release date,
normally three years after the award, by reason of redundancy, death, injury, ill health,
disability or some other reason considered to be a permitted reason by the Remuneration
Committee, the awards may be released in full. If employment ceases for any other reason,
the proportion of awards which vest depends upon the year in which the award was made
and the date that employment ceased. If employment ceases in the first year after an
award is made, none of the award vests, between the first and second anniversary, 25%
vests, and between the second and third anniversary, 50% vests. The awards are settled in
equity once exercised.
R&R Scheme
The R&R Scheme enables Whitbread to make share awards periodically on a flexible basis.
There are typically no performance conditions but these can be imposed by Whitbread at
time of grant. Vesting of awards under this scheme is dependent on being in employment
at date of vesting. If employment at Whitbread ceases prior to the vesting date by reason
of resignation or is terminated for cause, all unvested awards will lapse. If employment
ceases for any other reason, any vesting will be at the discretion of the Remuneration
Committee and if granted will be on a pro-rated basis to the leaving date. The awards are
settled in equity once exercised.
Restricted Share Plan (RSP)
At the general meeting held on 6 December 2019, it was agreed that the Restricted Share
Plan would replace the Long Term Incentive Plan. Vesting of all shares under the scheme
will depend on continued employment and meeting underpin targets over a period of at
least three years. Details of the underpin target that apply to RSP awards are included in
the remuneration report on page 130. After vesting there is an additional holding period
applicable to Directors and senior executives such that the underpin measurement period
and holding period are at least five years. If employment at Whitbread ceases prior to the
vesting date by reason of resignation or terminated for cause, all unvested shares will lapse.
If employment ceases for any other reason, any vesting will be at the discretion of the
Remuneration Committee and if granted will be on a pro-rated basis to the leaving date.
The awards are settled in equity once exercised.
Movements in the number of share awards are as follows:
Outstanding at Granted Exercised Expired Outstanding at Exercisable at
the beginning during during during the end of the end of
52 weeks to 26 February 2026 of the year the year the year the year the year the year
Long Term Incentive Plan
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Deferred equity awards
375,868
114,875
(130,122)
\u2014
360,621
51,578
R&R Scheme
176,352
13,477
(132,654)
(2,121)
55,054
\u2014
Restricted Share Plan
704,761
256,207
(102,995)
(5,008)
852,965
19,093
1,256,981
384,559
(365,771)
(7,129)
1,268,640
70,671
Outstanding at Granted Exercised Expired Outstanding at Exercisable at
the beginning during during during the end of the end of
52 weeks to 27 February 2025 of the year the year the year the year the year the year
Long Term Incentive Plan
569
\u2014
\u2014
(569)
\u2014
\u2014
Deferred equity awards
310,012
152,385
(62,436)
(24,093)
375,868
1,019
R&R Scheme
383,905
14,996
(210,792)
(11,757)
176,352
123,572
Restricted Share Plan
615,136
187,944
(46,155)
(52,164)
704,761
120,000
1,309,622
355,325
(319,383)
(88,583)
1,256,981
244,591
Employee Sharesave scheme
The employee Sharesave scheme is open to all employees and provides for a purchase price equal to the market price on the day preceding the date of invitation, with a 20% discount.
The shares can be purchased over the six-month period following the third or fifth anniversary of the commencement date, depending on the length chosen by the employee.
The weighted average exercise price (WAEP) of movements in the number of share awards is as follows:
2025/26
2024/25
WAEP \u00a3 per WAEP \u00a3 per
Options
share
Options
share
Outstanding at the beginning of the year
1,210,203
23.29
1,213,411
23.79
Granted during the year
335,287
22.06
405,496
23.33
Exercised during the year
(225,660)
22.17
(140,968)
24.93
Expired during the year
(264,668)
23.33
(267,736)
24.76
Outstanding at the end of the year
1,055,162
22.97
1,210,203
23.29
Exercisable at the year end
190,716
20.87
85,757
24.52
Outstanding options to purchase ordinary shares of 76.80 pence between 2026 and 2031 are exercisable at prices between \u00a320.51 and \u00a327.11 per share (2024/25: between 2025 and 2030
at prices between \u00a320.51 and \u00a331.62 per share). The weighted average share price at the date of exercise for options exercised during the year was \u00a322.17 (2024/25: \u00a331.17).
The weighted average contractual life of the share options outstanding as at 26 February 2026 is between two and three years.
The following tables list the inputs to the model used for years ended 26 February 2026 and 27 February 2025:
Weighted
Price at Expected Expected Expected Risk-free average
Exercise price grant date term dividend yield volatility rate Vesting fair value
26 February 2026
Grant date
\u00a3 \u00a3 Years % % % conditions \u00a3 per share
Deferred equity awards
09.05.2025
\u2014
28.10
2.00
2.00
N/A
N/A
Service
3
26.52
Deferred equity awards
19.06.2025
\u2014
27.58
2.00
2.00
N/A
N/A
Service
3
26.04
Restricted Share Plan
09.05.2025
\u2014
28.10
2.00
2.00
N/A
N/A
Non-market
1,2,3,4
26.47
Restricted Share Plan
19.06.2025
\u2014
27.58
2.00
2.00
N/A
N/A
Non-market
1,2,3,4
26.04
Restricted Share Plan
21.01.2026
\u2014
27.14
2.00
2.00
N/A
N/A
Non-market
1,2,3,4
25.95
R&R awards
09.05.2025
\u2014
28.10
2.00
2.00
N/A
N/A
Service
3
26.87
R&R awards
19.06.2025
\u2014
27.58
2.00
2.00
N/A
N/A
Service
3
26.84
R&R awards
21.01.2026
\u2014
27.14
2.00
2.00
N/A
N/A
Service
3
26.23
SAYE \u2013 three years
12.12.2025
22.06
24.00
3.21
2.00
29.0
3.74
Service
3
5.93
SAYE \u2013 five years
12.12.2025
22.06
24.00
5.21
2.00
29.0
3.97
Service
3
7.15
Weighted
Price at Expected Expected Expected Risk-free average
Exercise price grant date term dividend yield volatility rate Vesting fair value
27 February 2025
Grant date
\u00a3 \u00a3 Years % % % conditions \u00a3 per share
Deferred equity awards
30.04.2024
\u2014
31.67
2.15
2.00
N/A
N/A
Service
3
30.36
Deferred equity awards
30.01.2025
\u2014
28.72
2.27
2.00
N/A
N/A
Service
3
27.44
Restricted Share Plan
30.04.2024
\u2014
31.67
3.00
2.00
N/A
N/A
Non-market
1,2,3,4
29.83
Restricted Share Plan
30.01.2025
\u2014
28.72
2.27
2.00
N/A
N/A
Non-market
1,2,3,4
27.44
R&R awards
30.04.2024
\u2014
31.67
1.19
2.00
N/A
N/A
Service
3
30.92
R&R awards
30.01.2025
\u2014
28.72
0.44
2.00
N/A
N/A
Service
3
28.47
SAYE \u2013 three years
16.12.2024
23.33
29.42
3.21
2.00
38.8
4.20
Service
3
10.68
SAYE \u2013 five years
16.12.2024
23.33
29.42
5.21
2.00
38.8
4.20
Service
3
12.14
1 Return on capital employed.
2 Other performance conditions.
3 Employment service.
4 Lease-adjusted net debt.
The fair value of share options granted is estimated as at the date of grant using a stochastic model, taking into account the terms and conditions upon which the options were granted.
Expected volatility reflects the assumption that historical volatility is indicative of future trends, which may not necessarily be the actual outcome. The risk-free rate is the rate of interest
obtainable from government securities over the expected life of the equity incentive. The expected dividend yield is calculated on the basis of publicly available information at the time
of the grant date which, in most cases, is the historical dividend yield. No other features relating to the granting of options were incorporated into the measurement of fair value.
Employee share ownership trust (ESOT)
The Company funds an ESOT to enable it to acquire and hold shares for the share-based
payment plans noted above. The ESOT held 0.7m shares at 26 February 2026 (2024/25:
0.8m). All dividends on the shares in the ESOT are waived by the Trustee.
Total charged to the consolidated income statement for all schemes
2025/26 2024/25
\u00a3m \u00a3m
Deferred equity
5.5
3.5
R&R Scheme
0.9
2.1
Restricted Share Plan
3.5
5.7
Employee Sharesave scheme
6.8
5.5
Equity settled
16.7
16.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2025-02-28T00:00:00/2026-02-27T00:00:00" } }, "fact-477": { "value": "
32. Retirement benefits
Defined contribution schemes
The Group operates a contracted-in defined contribution scheme under the Whitbread
Group Pension Fund. Contributions by both employees and Group companies are held
in externally invested, trustee-administered funds.
The Group contributes a specified percentage of earnings for members of the above
defined contribution scheme, and thereafter has no further obligations in relation to the
scheme. The total cost charged to the consolidated income statement in relation to the
defined contribution scheme in the year was \u00a321.1m (2024/25: \u00a316.4m). At the year end,
the Group owed outstanding contributions of \u00a33.2m (2024/25: \u00a33.1m) in respect of the
defined contribution scheme.
Defined benefit scheme
The defined benefit (final salary) section of the principal Group pension scheme, the
Whitbread Group Pension Fund, was closed to new members on 31 December 2001 and to
future accrual on 31 December 2009. The Whitbread Group Pension Fund is set up under
UK trust law, registered with His Majesty\u2019s Revenue and Customs (HMRC) and regulated by
the Pensions Regulator. The Whitbread Group Pension Fund is governed by a corporate
trustee which operates the scheme in accordance with the requirements of UK pensions
legislation.
The surplus recognised in the consolidated balance sheet in respect of the defined benefit
pension scheme is the fair value of the plan assets less the present value of the defined
benefit obligation at the end of the reporting period. The IAS 19 pension cost relating to
the defined benefit section of the Whitbread Group Pension Fund is assessed in accordance
with actuarial advice from, and calculations provided by, Lane Clark & Peacock, using the
projected unit credit method. The present value of the defined benefit obligation is determined
by discounting the estimated future cash outflows using interest rates of high quality corporate
bonds that have terms to maturity approximating to the terms of the related pension obligation.
Actuarial gains and losses arising from experience adjustments and changes in actuarial
assumptions are charged or credited to equity in other comprehensive income in the period
in which they arise. As the scheme is closed to future accrual, there is no future service cost.
The surplus has been recognised as, under the governing documentation of the Whitbread
Group Pension Fund, the Group has an unconditional right to receive a refund, assuming
the gradual settlement of the scheme liabilities over time until all members and their dependants
have either died or left the scheme, in accordance with the provisions of IFRIC 14 IAS 19
\u2013 The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction.
With the pensioner buy-in policy purchased in June 2022, the defined benefit scheme
has now insured around 50% of pensioners, under which the benefits payable to defined
benefit members covered under the policy became fully insured, thus reducing the Group\u2019s
exposure to changes in longevity, interest rates, inflation and other relevant factors.
The weighted average duration of the defined benefit plan obligation at the end of the
reporting period is 11 years (2024/25: 12 years).
Funding
Expected contributions to be made in the next reporting period total \u00a36.2m (2024/25: \u00a36.7m).
In 2025/26, contributions were \u00a35.3m with \u00a35.1m from the employer, and \u00a30.2m of benefits
settled by the Group in relation to an unfunded scheme (2024/25: \u00a317.1m with \u00a35.1m from
the employer, \u00a311.8m from Moorgate Scottish Limited Partnership (SLP) and \u00a30.2m of
benefits settled by the Group in relation to an unfunded scheme). In addition, Whitbread
paid \u00a31.0m (2024/25: \u00a30.8m) of investment manager expenses.
A scheme specific actuarial valuation for the purpose of determining the level of cash
contributions to be paid into the Whitbread Group Pension Fund was undertaken as
at 31 March 2023 by Towers Watson Ltd using the projected unit credit method.
The valuation showed a surplus of assets relative to technical provisions of \u00a334.0m
(31 March 2020: surplus of \u00a355.0m). As a result, no deficit reduction contributions are due.
A scheme specific actuarial valuation of the scheme as at 31 March 2025 is currently being
carried out, with the majority of principal assumptions now being substantively agreed by
the Trust and Company.
The Trustee holds as security \u00a3531.5m of Whitbread\u2019s freehold property. This is expected
to remain in place until certain steps are taken in relation to the Scottish Partnership
arrangements, with the expectation that these steps will occur during the 2026/27 financial
year. Following that, the security held by the Trustee will be the lower of: \u00a3500.0m; and
120% of the buy-out deficit and will remain in place until there is no longer a buy-out deficit.
Investment in Moorgate SLP
Up until February 2025, the pension scheme received a share of the partnership profits
from its investment in Moorgate SLP, which was established by the Group in the year ended
4 March 2010 (the share in profits was accounted for by the Group as pension contributions
at the time of payment). The partnership interests in Moorgate SLP are held by the Group,
the general partner and by the pension scheme.
Moorgate SLP holds an investment in a further partnership, Farringdon Scottish Partnership
(SP), established in the same year. Property assets were transferred from other Group
companies to Farringdon SP and are leased back to Whitbread Group PLC and Premier Inn
Hotels Limited. The Group retains control over these properties, including the flexibility to
substitute alternative properties. However, the Trustee has first charge over the property
portfolio and certain other assets with an aggregate value of \u00a3228.0m which is included
in the charge of \u00a3531.5m above. The Group retains control over both partnerships and,
as such, they are fully consolidated in these consolidated financial statements.
The pension scheme is a partner in Moorgate SLP and, as such, was entitled to an annual
share of the profits of the partnership up until February 2026. The underlying agreement
will most likely terminate during the next financial year. At the end of this agreement, the
partnership capital allocated to the pension scheme partner will, depending on the funding
position of the Pension Scheme as at 31 March 2025, be transferred in cash to the pension
scheme up to a value of \u00a3150.0m. The Group does not currently expect to need to pay out
a material value under this clause as the funding position is expected to be in surplus,
noting this is dependent on the conclusion of the actuarial valuation of the scheme as at 31
March 2025.
Under IAS 19, the investment held by the pension scheme in Moorgate SLP, a consolidated
entity, does not represent a plan asset for the purposes of the consolidated financial statements.
Risks
Through its defined benefit scheme, the Group is exposed to a number of risks in relation to the IAS 19 surplus, the most significant of which are detailed below:
Risk
Description
Principal impact on assets and obligation reconciliations
Market volatility
The value of the defined benefit obligation is linked to AA-rated corporate bonds whilst the
\u2022
Return on plan assets
scheme invests some of its assets in other asset classes (including those denominated in foreign
\u2022
Actuarial movements in financial assumptions
currencies). These assets include private equities, secure income assets, gilts, swaps and cash. This
exposes the Group to risks including those relating to interest rates, equity markets, foreign
exchange and climate change. As a result, any change in market conditions which impacts the
value of the scheme\u2019s assets or the interest rate on AA-rated corporate bonds will lead to volatility
in the Group\u2019s net pension surplus on the balance sheet, pension expense in the income statement
and remeasurement of movements in other comprehensive income. There is the potential for
heightened market volatility through a number of different sources, including the economic impact
of geopolitical events (e.g. regional conflicts or the potential for trade wars), and the policy
response of central banks to changing economic conditions (e.g. growth and inflation) which could
have consequential implications on interest rates, in addition to wider economic impacts. There are
also longer-term macroeconomic risks, such as the possible risk of recession and constraints on
market liquidity, which could all adversely affect the scheme\u2019s assets.
Inflationary risk
Due to the link between the scheme obligation and inflation, an increase in the expected future
\u2022
Actuarial movements in financial assumptions
rate of inflation will lead to higher scheme liabilities, although this is mitigated by the scheme
holding inflation-linked assets which aim to match the increase in liabilities.
Accounting The defined benefit obligation is calculated by projecting the future cash flows of the scheme for
\u2022
Discount rate: interest income on scheme assets and cost
assumptions many years into the future. Consequently, the assumptions used can have a significant impact on on liabilities
the balance sheet position and income statement charge. In practice, future scheme experience
\u2022
Mortality: actuarial movements in demographic assumptions
may not be in line with the assumptions adopted. For example, an increase in the life expectancy of
\u2022
Actuarial movements in financial assumptions
members would increase scheme liabilities.
The principal assumptions used by the independent qualified actuaries in updating the most
recent valuation carried out as at 31 March 2025 of the UK scheme to 26 February 2026 for
IAS 19 Employee Benefits purposes (2024/25: 31 March 2023 of the UK scheme to
27 February 2025) were:
At At
26 February 27 February
2026 2025
% %
Pre-April 2006 rate of increase in pensions in payment
2.90
3.00
Post-April 2006 rate of increase in pensions in payment
2.00
2.10
Pension increases in deferment
2.90
3.00
Discount rate
5.50
5.50
Inflation assumption
3.00
3.20
Life expectancy assumptions
Retiring at the balance sheet date at age 65 \u2013 male
19.9 years
19.7 years
Retiring at the balance sheet date at age 65 \u2013 female
23.0 years
22.4 years
Retiring at the balance sheet date in 20 years at age 65 \u2013 male
20.8 years
20.7 years
Retiring at the balance sheet date in 20 years at age 65 \u2013 female
24.2 years
23.5 years
The mortality assumptions are based on standard mortality tables which allow for future
mortality improvements. The mortality improvements assumption has been updated to
use the CMI 2024 model with appropriate parameterisation (2024/25: CMI 2023).
The amounts recognised in the consolidated income statement in respect of the defined
benefit scheme are as follows:
2025/26 2024/25
\u00a3m \u00a3m
Net interest on net defined benefit surplus
(7.5)
(8.3)
Administrative expense
5.2
5.1
Total income recognised in the consolidated income statement
(gross of deferred tax)
(2.3)
(3.2)
The amounts taken to the consolidated statement of comprehensive income are as follows:
2025/26 2024/25
\u00a3m \u00a3m
Actuarial gains
(13.7)
(59.8)
Return on plan assets lower than discount rate
25.0
111.5
Remeasurement effects recognised in other comprehensive
income
11.3
51.7
The amounts recognised in the consolidated balance sheet are as follows:
2026 2025
\u00a3m \u00a3m
Present value of defined benefit obligation
(1,614.0)
(1,641.2)
Fair value of scheme assets
1,745.9
1,775.8
Surplus recognised in the consolidated balance sheet
131.9
134.6
Changes in the present value of the defined benefit obligation are as follows:
2025/26 2024/25
\u00a3m \u00a3m
Opening defined benefit obligation
1,641.2
1,719.6
Interest cost
87.5
83.7
Remeasurement due to:
Changes in financial assumptions
(35.0)
(95.4)
Changes in demographic assumptions
8.9
26.9
Experience adjustments
12.4
8.7
Benefits paid
(100.8)
(102.1)
Unfunded pension scheme benefits settled by the Group
1
(0.2)
(0.2)
Closing defined benefit obligation
1,614.0
1,641.2
Changes in the fair value of the scheme assets are as follows:
2025/26 2024/25
\u00a3m \u00a3m
Opening fair value of scheme assets
1,775.8
1,884.8
Interest income on scheme assets
95.0
92.0
Return on plan assets lower than discount rate
2
(25.0)
(111.5)
Contributions from employer
1
5.1
5.1
Additional contributions from Moorgate SLP
1
\u2014
11.8
Investment manager expenses paid by the employer
1
1.0
0.8
Benefits paid
(100.8)
(102.1)
Administrative expenses
(5.2)
(5.1)
Closing fair value of scheme assets
1,745.9
1,775.8
The major categories of plan assets are as follows:
2026
2025
Quoted and Quoted and
pooled Unquoted Total pooled Unquoted Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Bonds
461.0
\u2014
461.0
38.3
1.2
39.5
Private markets
\u2014
211.1
211.1
\u2014
273.5
273.5
Liability-driven investments (LDI)
3
605.6
\u2014
605.6
981.5
\u2014
981.5
Cash and other
4
22.7
4.5
27.2
20.0
4.1
24.1
Buy-in insurance
\u2014
441.0
441.0
\u2014
457.2
457.2
1,089.3
656.6
1,745.9
1,039.8
736.0
1,775.8
1 The total of these items equals the cash paid by the Group as per the consolidated cash flow statement. \u2018Contributions from employer\u2019 include contributions to cover administration expenses.
2 Includes cost of managing fund assets.
3 Liability-driven investments include UK fixed and index-linked gilts, repurchase agreements and reverse repurchase agreements, interest rate and inflation (RPI) swaps, gilt futures and cash.
4 Other primarily relates to assets held in respect of cash and net current assets.
The assumptions in relation to discount rate, mortality and inflation have a significant effect on the measurement of scheme liabilities. The following table shows the sensitivity of the valuation to changes in these assumptions:
(Increase)/decrease in Decrease/(increase) in gross
net defined benefit surplus defined benefit liability
2026 2025 2026 2025
\u00a3m \u00a3m \u00a3m \u00a3m
Discount rate
1.00% increase to discount rate
(125.0)
(131.0)
158.0
165.0
1.00% decrease to discount rate
152.0
159.0
(189.0)
(199.0)
Inflation
0.25% increase to inflation rate
26.0
23.0
(32.0)
(29.0)
0.25% decrease to inflation rate
(25.0)
(23.0)
31.0
29.0
Life expectancy
Additional one-year increase to life
expectancy
36.0
38.0
(56.0)
(60.0)
The above sensitivity analyses are based on a change in an assumption whilst holding all other assumptions constant. In practice, this is unlikely to occur and changes in some of the assumptions may be correlated. Where the discount rate is changed this will have an impact on the valuation of scheme assets in the opposing direction. When calculating the sensitivity of the defined benefit obligation to significant actuarial assumptions, the same method (projected unit credit method) has been applied as when calculating the pension surplus recognised within the consolidated balance sheet. The methods and types of assumptions did not change. As the Trustees of the Fund have a strategy in place to hedge the Fund\u2019s liabilities against movements in interest rates and inflation, it is likely that movements in assets and liabilities will offset.", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2025-02-28T00:00:00/2026-02-27T00:00:00" } }, "fact-544": { "value": "Defined contribution schemes The Group operates a contracted-in defined contribution scheme under the Whitbread Group Pension Fund. Contributions by both employees and Group companies are held in externally invested, trustee-administered funds. The Group contributes a specified percentage of earnings for members of the above defined contribution scheme, and thereafter has no further obligations in relation to the scheme. The total cost charged to the consolidated income statement in relation to the defined contribution scheme in the year was \u00a321.1m (2024/25: \u00a316.4m). At the year end, the Group owed outstanding contributions of \u00a33.2m (2024/25: \u00a33.1m) in respect of the defined contribution scheme. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedContributionPlansExplanatory", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2025-02-28T00:00:00/2026-02-27T00:00:00" } }, "fact-525": { "value": "Defined benefit scheme The defined benefit (final salary) section of the principal Group pension scheme, the Whitbread Group Pension Fund, was closed to new members on 31 December 2001 and to future accrual on 31 December 2009. The Whitbread Group Pension Fund is set up under UK trust law, registered with His Majesty\u2019s Revenue and Customs (HMRC) and regulated by the Pensions Regulator. The Whitbread Group Pension Fund is governed by a corporate trustee which operates the scheme in accordance with the requirements of UK pensions legislation. The surplus recognised in the consolidated balance sheet in respect of the defined benefit pension scheme is the fair value of the plan assets less the present value of the defined benefit obligation at the end of the reporting period. The IAS 19 pension cost relating to the defined benefit section of the Whitbread Group Pension Fund is assessed in accordance with actuarial advice from, and calculations provided by, Lane Clark & Peacock, using the projected unit credit method. The present value of the defined benefit obligation is determined by discounting the estimated future cash outflows using interest rates of high quality corporate bonds that have terms to maturity approximating to the terms of the related pension obligation. Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or credited to equity in other comprehensive income in the period in which they arise. As the scheme is closed to future accrual, there is no future service cost. The surplus has been recognised as, under the governing documentation of the Whitbread Group Pension Fund, the Group has an unconditional right to receive a refund, assuming the gradual settlement of the scheme liabilities over time until all members and their dependants have either died or left the scheme, in accordance with the provisions of IFRIC 14 IAS 19 \u2013 The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction. With the pensioner buy-in policy purchased in June 2022, the defined benefit scheme has now insured around 50% of pensioners, under which the benefits payable to defined benefit members covered under the policy became fully insured, thus reducing the Group\u2019s exposure to changes in longevity, interest rates, inflation and other relevant factors. The weighted average duration of the defined benefit plan obligation at the end of the reporting period is 11 years (2024/25: 12 years). Funding Expected contributions to be made in the next reporting period total \u00a36.2m (2024/25: \u00a36.7m). In 2025/26, contributions were \u00a35.3m with \u00a35.1m from the employer, and \u00a30.2m of benefits settled by the Group in relation to an unfunded scheme (2024/25: \u00a317.1m with \u00a35.1m from the employer, \u00a311.8m from Moorgate Scottish Limited Partnership (SLP) and \u00a30.2m of benefits settled by the Group in relation to an unfunded scheme). In addition, Whitbread paid \u00a31.0m (2024/25: \u00a30.8m) of investment manager expenses. A scheme specific actuarial valuation for the purpose of determining the level of cash contributions to be paid into the Whitbread Group Pension Fund was undertaken as at 31 March 2023 by Towers Watson Ltd using the projected unit credit method. The valuation showed a surplus of assets relative to technical provisions of \u00a334.0m (31 March 2020: surplus of \u00a355.0m). As a result, no deficit reduction contributions are due. A scheme specific actuarial valuation of the scheme as at 31 March 2025 is currently being carried out, with the majority of principal assumptions now being substantively agreed by the Trust and Company. The Trustee holds as security \u00a3531.5m of Whitbread\u2019s freehold property. This is expected to remain in place until certain steps are taken in relation to the Scottish Partnership arrangements, with the expectation that these steps will occur during the 2026/27 financial year. Following that, the security held by the Trustee will be the lower of: \u00a3500.0m; and 120% of the buy-out deficit and will remain in place until there is no longer a buy-out deficit. Investment in Moorgate SLP Up until February 2025, the pension scheme received a share of the partnership profits from its investment in Moorgate SLP, which was established by the Group in the year ended 4 March 2010 (the share in profits was accounted for by the Group as pension contributions at the time of payment). The partnership interests in Moorgate SLP are held by the Group, the general partner and by the pension scheme. Moorgate SLP holds an investment in a further partnership, Farringdon Scottish Partnership (SP), established in the same year. Property assets were transferred from other Group companies to Farringdon SP and are leased back to Whitbread Group PLC and Premier Inn Hotels Limited. The Group retains control over these properties, including the flexibility to substitute alternative properties. However, the Trustee has first charge over the property portfolio and certain other assets with an aggregate value of \u00a3228.0m which is included in the charge of \u00a3531.5m above. The Group retains control over both partnerships and, as such, they are fully consolidated in these consolidated financial statements. The pension scheme is a partner in Moorgate SLP and, as such, was entitled to an annual share of the profits of the partnership up until February 2026. The underlying agreement will most likely terminate during the next financial year. At the end of this agreement, the partnership capital allocated to the pension scheme partner will, depending on the funding position of the Pension Scheme as at 31 March 2025, be transferred in cash to the pension scheme up to a value of \u00a3150.0m. The Group does not currently expect to need to pay out a material value under this clause as the funding position is expected to be in surplus, noting this is dependent on the conclusion of the actuarial valuation of the scheme as at 31 March 2025. Under IAS 19, the investment held by the pension scheme in Moorgate SLP, a consolidated entity, does not represent a plan asset for the purposes of the consolidated financial statements.
Risks
Through its defined benefit scheme, the Group is exposed to a number of risks in relation to the IAS 19 surplus, the most significant of which are detailed below:
Risk
Description
Principal impact on assets and obligation reconciliations
Market volatility
The value of the defined benefit obligation is linked to AA-rated corporate bonds whilst the
\u2022
Return on plan assets
scheme invests some of its assets in other asset classes (including those denominated in foreign
\u2022
Actuarial movements in financial assumptions
currencies). These assets include private equities, secure income assets, gilts, swaps and cash. This
exposes the Group to risks including those relating to interest rates, equity markets, foreign
exchange and climate change. As a result, any change in market conditions which impacts the
value of the scheme\u2019s assets or the interest rate on AA-rated corporate bonds will lead to volatility
in the Group\u2019s net pension surplus on the balance sheet, pension expense in the income statement
and remeasurement of movements in other comprehensive income. There is the potential for
heightened market volatility through a number of different sources, including the economic impact
of geopolitical events (e.g. regional conflicts or the potential for trade wars), and the policy
response of central banks to changing economic conditions (e.g. growth and inflation) which could
have consequential implications on interest rates, in addition to wider economic impacts. There are
also longer-term macroeconomic risks, such as the possible risk of recession and constraints on
market liquidity, which could all adversely affect the scheme\u2019s assets.
Inflationary risk
Due to the link between the scheme obligation and inflation, an increase in the expected future
\u2022
Actuarial movements in financial assumptions
rate of inflation will lead to higher scheme liabilities, although this is mitigated by the scheme
holding inflation-linked assets which aim to match the increase in liabilities.
Accounting The defined benefit obligation is calculated by projecting the future cash flows of the scheme for
\u2022
Discount rate: interest income on scheme assets and cost
assumptions many years into the future. Consequently, the assumptions used can have a significant impact on on liabilities
the balance sheet position and income statement charge. In practice, future scheme experience
\u2022
Mortality: actuarial movements in demographic assumptions
may not be in line with the assumptions adopted. For example, an increase in the life expectancy of
\u2022
Actuarial movements in financial assumptions
members would increase scheme liabilities. The principal assumptions used by the independent qualified actuaries in updating the most recent valuation carried out as at 31 March 2025 of the UK scheme to 26 February 2026 for IAS 19 Employee Benefits purposes (2024/25: 31 March 2023 of the UK scheme to 27 February 2025) were:
At At
26 February 27 February
2026 2025
% %
Pre-April 2006 rate of increase in pensions in payment
2.90
3.00
Post-April 2006 rate of increase in pensions in payment
2.00
2.10
Pension increases in deferment
2.90
3.00
Discount rate
5.50
5.50
Inflation assumption
3.00
3.20
Life expectancy assumptions
Retiring at the balance sheet date at age 65 \u2013 male
19.9 years
19.7 years
Retiring at the balance sheet date at age 65 \u2013 female
23.0 years
22.4 years
Retiring at the balance sheet date in 20 years at age 65 \u2013 male
20.8 years
20.7 years
Retiring at the balance sheet date in 20 years at age 65 \u2013 female
24.2 years
23.5 years
The mortality assumptions are based on standard mortality tables which allow for future mortality improvements. The mortality improvements assumption has been updated to use the CMI 2024 model with appropriate parameterisation (2024/25: CMI 2023). The amounts recognised in the consolidated income statement in respect of the defined benefit scheme are as follows:
2025/26 2024/25
\u00a3m \u00a3m
Net interest on net defined benefit surplus
(7.5)
(8.3)
Administrative expense
5.2
5.1
Total income recognised in the consolidated income statement
(gross of deferred tax)
(2.3)
(3.2)
The amounts taken to the consolidated statement of comprehensive income are as follows:
2025/26 2024/25
\u00a3m \u00a3m
Actuarial gains
(13.7)
(59.8)
Return on plan assets lower than discount rate
25.0
111.5
Remeasurement effects recognised in other comprehensive
income
11.3
51.7
The amounts recognised in the consolidated balance sheet are as follows:
2026 2025
\u00a3m \u00a3m
Present value of defined benefit obligation
(1,614.0)
(1,641.2)
Fair value of scheme assets
1,745.9
1,775.8
Surplus recognised in the consolidated balance sheet
131.9
134.6
Changes in the present value of the defined benefit obligation are as follows:
2025/26 2024/25
\u00a3m \u00a3m
Opening defined benefit obligation
1,641.2
1,719.6
Interest cost
87.5
83.7
Remeasurement due to:
Changes in financial assumptions
(35.0)
(95.4)
Changes in demographic assumptions
8.9
26.9
Experience adjustments
12.4
8.7
Benefits paid
(100.8)
(102.1)
Unfunded pension scheme benefits settled by the Group
1
(0.2)
(0.2)
Closing defined benefit obligation
1,614.0
1,641.2
Changes in the fair value of the scheme assets are as follows:
2025/26 2024/25
\u00a3m \u00a3m
Opening fair value of scheme assets
1,775.8
1,884.8
Interest income on scheme assets
95.0
92.0
Return on plan assets lower than discount rate
2
(25.0)
(111.5)
Contributions from employer
1
5.1
5.1
Additional contributions from Moorgate SLP
1
\u2014
11.8
Investment manager expenses paid by the employer
1
1.0
0.8
Benefits paid
(100.8)
(102.1)
Administrative expenses
(5.2)
(5.1)
Closing fair value of scheme assets
1,745.9
1,775.8
The major categories of plan assets are as follows:
2026
2025
Quoted and Quoted and
pooled Unquoted Total pooled Unquoted Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Bonds
461.0
\u2014
461.0
38.3
1.2
39.5
Private markets
\u2014
211.1
211.1
\u2014
273.5
273.5
Liability-driven investments (LDI)
3
605.6
\u2014
605.6
981.5
\u2014
981.5
Cash and other
4
22.7
4.5
27.2
20.0
4.1
24.1
Buy-in insurance
\u2014
441.0
441.0
\u2014
457.2
457.2
1,089.3
656.6
1,745.9
1,039.8
736.0
1,775.8
1 The total of these items equals the cash paid by the Group as per the consolidated cash flow statement. \u2018Contributions from employer\u2019 include contributions to cover administration expenses. 2 Includes cost of managing fund assets. 3 Liability-driven investments include UK fixed and index-linked gilts, repurchase agreements and reverse repurchase agreements, interest rate and inflation (RPI) swaps, gilt futures and cash. 4 Other primarily relates to assets held in respect of cash and net current assets.
The assumptions in relation to discount rate, mortality and inflation have a significant effect
on the measurement of scheme liabilities. The following table shows the sensitivity of the
valuation to changes in these assumptions:
(Increase)/decrease in Decrease/(increase) in gross
net defined benefit surplus defined benefit liability
2026 2025 2026 2025
\u00a3m \u00a3m \u00a3m \u00a3m
Discount rate
1.00% increase to discount rate
(125.0)
(131.0)
158.0
165.0
1.00% decrease to discount rate
152.0
159.0
(189.0)
(199.0)
Inflation
0.25% increase to inflation rate
26.0
23.0
(32.0)
(29.0)
0.25% decrease to inflation rate
(25.0)
(23.0)
31.0
29.0
Life expectancy
Additional one-year increase to life
expectancy
36.0
38.0
(56.0)
(60.0)
The above sensitivity analyses are based on a change in an assumption whilst holding all
other assumptions constant. In practice, this is unlikely to occur and changes in some of
the assumptions may be correlated. Where the discount rate is changed this will have an
impact on the valuation of scheme assets in the opposing direction.
When calculating the sensitivity of the defined benefit obligation to significant actuarial
assumptions, the same method (projected unit credit method) has been applied as
when calculating the pension surplus recognised within the consolidated balance sheet.
The methods and types of assumptions did not change.
As the Trustees of the Fund have a strategy in place to hedge the Fund\u2019s liabilities against
movements in interest rates and inflation, it is likely that movements in assets and liabilities
will offset.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedBenefitPlansExplanatory", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2025-02-28T00:00:00/2026-02-27T00:00:00" } }, "fact-478": { "value": "
33. Related party disclosure
The Group consists of a parent company, Whitbread PLC, incorporated in the UK, and a
number of subsidiaries and joint ventures held directly and indirectly by Whitbread PLC,
which operate and are incorporated around the world. Note 9 to the Company\u2019s separate
financial statements lists details of the interests in subsidiaries and related undertakings.
The Group holds 6% as a general partnership interest in Moorgate Scottish Limited
Partnership (SLP) with Whitbread Pension Trustees holding the balance as a limited
partner. Moorgate SLP holds a 67.8% investment in a further partnership, Farringdon
Scottish Partnership (SP), which was established by the Group to hold property assets.
The remaining 32.2% interest in Farringdon SP is owned by the Group. The partnerships
were set up in 2009/10 as part of a transaction with Whitbread Pension Trustees and the
Group retains control over both partnerships and, as such, they are fully consolidated in
these consolidated financial statements. Further details can be found in Note 32.
Shares in Whitbread Group PLC are held directly by Whitbread PLC. Shares in the other
subsidiaries are held directly and indirectly by Whitbread Group PLC.
Related party transactions
2025/26 2024/25
Joint Joint
ventures ventures
\u00a3m \u00a3m
Sales to a related party
1.1
1.1
Purchases from a related party
\u2014
\u2014
Amounts owed by a related party
1.1
\u2014
Amounts owed to a related party
\u2014
\u2014
Other transactions with joint ventures
The majority of the sales to a related party relate to the \u00a31.1m (2024/25: \u00a31.1m) franchise
fee charged by Whitbread to one of its joint ventures.
For details of the Group\u2019s investments in and loans to joint ventures, see Note 16; those
details are excluded from the table above.
Key management personnel
The key management personnel of the Group are defined as the members of the Whitbread
PLC Executive Committee. Compensation of key management personnel (including
Directors) is set out below.
2025/26 2024/25
\u00a3m \u00a3m
Short-term employee benefits
7.6
7.5
Post-employment benefits
\u2014
\u2014
Share-based payments
5.2
6.0
12.8
13.5
Terms and conditions of transactions with related parties
Sales to, and purchases from, related parties are made at normal market prices. Outstanding
balances at year end are unsecured and settlement occurs in cash. There have been no
guarantees provided, or received, for any related party receivables. No adjustment for
expected credit loss relating to amounts owed by related parties has been made (2024/25: \u00a3nil).
An assessment is undertaken, each financial year, through examining the financial position
of the related parties and the market in which the related parties operate.
Transactions with other related parties
Details of transactions with Directors are detailed in Note 7.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2025-02-28T00:00:00/2026-02-27T00:00:00" } }, "fact-545": { "value": "33. Related party disclosure The Group consists of a parent company, Whitbread PLC, incorporated in the UK, and a number of subsidiaries and joint ventures held directly and indirectly by Whitbread PLC, which operate and are incorporated around the world. Note 9 to the Company\u2019s separate financial statements lists details of the interests in subsidiaries and related undertakings. The Group holds 6% as a general partnership interest in Moorgate Scottish Limited Partnership (SLP) with Whitbread Pension Trustees holding the balance as a limited partner. Moorgate SLP holds a 67.8% investment in a further partnership, Farringdon Scottish Partnership (SP), which was established by the Group to hold property assets. The remaining 32.2% interest in Farringdon SP is owned by the Group. The partnerships were set up in 2009/10 as part of a transaction with Whitbread Pension Trustees and the Group retains control over both partnerships and, as such, they are fully consolidated in these consolidated financial statements. Further details can be found in Note 32. Shares in Whitbread Group PLC are held directly by Whitbread PLC. Shares in the other subsidiaries are held directly and indirectly by Whitbread Group PLC. Related party transactions
2025/26 2024/25
Joint Joint
ventures ventures
\u00a3m \u00a3m
Sales to a related party
1.1
1.1
Purchases from a related party
\u2014
\u2014
Amounts owed by a related party
1.1
\u2014
Amounts owed to a related party
\u2014
\u2014
Other transactions with joint ventures The majority of the sales to a related party relate to the \u00a31.1m (2024/25: \u00a31.1m) franchise fee charged by Whitbread to one of its joint ventures. For details of the Group\u2019s investments in and loans to joint ventures, see Note 16; those details are excluded from the table above. Key management personnel The key management personnel of the Group are defined as the members of the Whitbread PLC Executive Committee. Compensation of key management personnel (including Directors) is set out below.
2025/26 2024/25
\u00a3m \u00a3m
Short-term employee benefits
7.6
7.5
Post-employment benefits
\u2014
\u2014
Share-based payments
5.2
6.0
12.8
13.5
Terms and conditions of transactions with related parties Sales to, and purchases from, related parties are made at normal market prices. Outstanding balances at year end are unsecured and settlement occurs in cash. There have been no guarantees provided, or received, for any related party receivables. No adjustment for expected credit loss relating to amounts owed by related parties has been made (2024/25: \u00a3nil). An assessment is undertaken, each financial year, through examining the financial position of the related parties and the market in which the related parties operate. Transactions with other related parties Details of transactions with Directors are detailed in Note 7.", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2025-02-28T00:00:00/2026-02-27T00:00:00" } }, "fact-526": { "value": "33. Related party disclosure The Group consists of a parent company, Whitbread PLC, incorporated in the UK, and a number of subsidiaries and joint ventures held directly and indirectly by Whitbread PLC, which operate and are incorporated around the world. Note 9 to the Company\u2019s separate financial statements lists details of the interests in subsidiaries and related undertakings. The Group holds 6% as a general partnership interest in Moorgate Scottish Limited Partnership (SLP) with Whitbread Pension Trustees holding the balance as a limited partner. Moorgate SLP holds a 67.8% investment in a further partnership, Farringdon Scottish Partnership (SP), which was established by the Group to hold property assets. The remaining 32.2% interest in Farringdon SP is owned by the Group. The partnerships were set up in 2009/10 as part of a transaction with Whitbread Pension Trustees and the Group retains control over both partnerships and, as such, they are fully consolidated in these consolidated financial statements. Further details can be found in Note 32. Shares in Whitbread Group PLC are held directly by Whitbread PLC. Shares in the other subsidiaries are held directly and indirectly by Whitbread Group PLC. Related party transactions
2025/26 2024/25
Joint Joint
ventures ventures
\u00a3m \u00a3m
Sales to a related party
1.1
1.1
Purchases from a related party
\u2014
\u2014
Amounts owed by a related party
1.1
\u2014
Amounts owed to a related party
\u2014
\u2014
Other transactions with joint ventures The majority of the sales to a related party relate to the \u00a31.1m (2024/25: \u00a31.1m) franchise fee charged by Whitbread to one of its joint ventures. For details of the Group\u2019s investments in and loans to joint ventures, see Note 16; those details are excluded from the table above. Key management personnel The key management personnel of the Group are defined as the members of the Whitbread PLC Executive Committee. Compensation of key management personnel (including Directors) is set out below.
2025/26 2024/25
\u00a3m \u00a3m
Short-term employee benefits
7.6
7.5
Post-employment benefits
\u2014
\u2014
Share-based payments
5.2
6.0
12.8
13.5
Terms and conditions of transactions with related parties Sales to, and purchases from, related parties are made at normal market prices. Outstanding balances at year end are unsecured and settlement occurs in cash. There have been no guarantees provided, or received, for any related party receivables. No adjustment for expected credit loss relating to amounts owed by related parties has been made (2024/25: \u00a3nil). An assessment is undertaken, each financial year, through examining the financial position of the related parties and the market in which the related parties operate. Transactions with other related parties Details of transactions with Directors are detailed in Note 7.", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2025-02-28T00:00:00/2026-02-27T00:00:00" } }, "fact-479": { "value": "
34. Events after the balance sheet date
Accelerating Growth Plan
The results include the announcement of the proposed extension of the Accelerating
Growth Plan to optimise UK F&B to include all of the Group\u2019s remaining branded
restaurants.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2025-02-28T00:00:00/2026-02-27T00:00:00" } }, "fact-546": { "value": "9. Related parties Details of related undertakings are shown below: Active related undertakings
% of class of
% of class of shares held by
shares held the Group (if
by the different from % of nominal
Country of Class of shares parent the parent value (where
Company name incorporation held company company) applicable)
AIRE HIEX Stuttgart
Germany
8
Ordinary
\u2014
100.0
100.0
Verwaltungs GmbH
EUR 50,
000
Elm Hotel
England
1
Ordinary \u00a30.10
\u2014
100.0
100.0
Holdings Limited
Farringdon Scottish
Scotland
2
N/A
N/A
N/A
N/A
Partnership
Leeds City Hotels
England
1
Ordinary
\u2014
100.0
100.0
Limited \u00a3100.00
London Hotel Holdings
England
1
Ordinary
\u2014
100.0
100.0
Limited \u00a3100.00
London Hotel Holdings
England
1
Ordinary
\u2014
100.0
100.0
2 Limited \u00a3100.00
London Hotel Holdings
England
1
Ordinary
\u2014
100.0
100.0
3 Limited \u00a310.00
London Hotel Holdings
England
1
Ordinary
\u2014
100.0
100.0
4 Limited \u00a310.00
London Hotel
England
1
Ordinary
\u2014
100.0
100.0
Holdings 5 Limited \u00a310.00
Manchester Hotel
England
1
Ordinary
\u2014
100.0
100.0
Holdings Limited \u00a310.00
Milton (SC) 2 Limited
Scotland
2
Ordinary \u00a31.00
\u2014
100.0
100.0
Milton (SC) Limited
Scotland
2
Ordinary \u00a31.00
\u2014
100.0
100.0
Milton 1 Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Moorgate Scottish
Scotland
2
N/A
N/A
N/A
N/A
Limited Partnership
Newbury Park
England
1
Ordinary
\u2014
100.0
100.0
Hotels Limited \u00a3100.00
PI Hotels and Restaurants
Ireland
3
Ordinary EUR 1
\u2014
100.0
100.0
Ireland Limited
Premier Inn (Bath Street)
Jersey
5
Ordinary \u00a31.00
\u2014
100.0
100.0
Limited
% of class of
% of class of shares held by
shares held the Group (if
by the different from % of nominal
Country of Class of shares parent the parent value (where
Company name incorporation held company company) applicable)
Premier Inn (Guernsey)
Guernsey
15
Ordinary \u00a31.00
\u2014
100.0
100.0
Limited
Premier Inn (Isle of Man)
Isle of Man
4
Ordinary \u00a31.00
\u2014
100.0
100.0
Limited
Premier Inn (Jersey)
Jersey
5
Ordinary \u00a31.00
\u2014
100.0
100.0
Limited
Premier Inn (UK) Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Premier Inn AT Holding
Austria
17
Ordinary
\u2014
100.0
100.0
GmbH EUR 35,000
Premier Inn AT
Austria
17
Ordinary
\u2014
100.0
100.0
Hotelbetriebsgesellschaft EUR 35,000
GmbH
Premier Inn AT
Austria
17
Ordinary
\u2014
100.0
100.0
Immobilienbesitz GmbH EUR 35,000
Premier Inn Dortmund
Germany
8
Ordinary
\u2014
100.0
100.0
K\u00f6nigswall GmbH EUR 25,000
Premier Inn Essen City
Germany
8
Ordinary
\u2014
100.0
100.0
Hauptbahnhof GmbH EUR 25,000
Premier Inn Flensburg
Germany
8
Ordinary
\u2014
100.0
100.0
City GmbH EUR 25,000
Premier Inn Frankfurt
Germany
8
Ordinary
\u2014
100.0
100.0
City Ostbahnhof GmbH EUR 25,000
Premier Inn Frankfurt
Germany
8
Ordinary
\u2014
100.0
100.0
Eschborn GmbH EUR 25,000
Premier Inn
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Glasgow Limited
Premier Inn GmbH
Germany
8
Ordinary
\u2014
100.0
100.0
EUR 25,000
Premier Inn Hamburg
Germany
8
Ordinary
\u2014
100.0
100.0
Nordanalstrasse GmbH EUR 25,000
Premier Inn Holding GmbH
Germany
8
Ordinary
\u2014
100.0
100.0
EUR 25,000
% of class of
% of class of shares held by
shares held the Group (if
by the different from % of nominal
Country of Class of shares parent the parent value (where
Company name incorporation held company company) applicable)
Premier Inn Hotel GmbH
Germany
8
There are no
\u2014
100.0
100.0
classes of
shares. The
total nominal
share capital
of amounts to
EUR
300,000
and is divided
into two
shares, one
in the nominal
amount of
EUR 275,000
and one in
the nominal
amount of
EUR 25,000
Premier Inn Hotels Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Premier Inn Hotels LLC
United Arab
Ordinary
\u2014
49.0
49.0
Emirates
6
AED 1,000
Premier Inn Hotels Qatar
Qatar
7
Ordinary
\u2014
24.0
24.0
QAR 100.00
Premier Inn Immo 19
Germany
8
Ordinary
\u2014
100.0
100.0
GmbH EUR 25,000
Premier Inn Immo 20
Germany
8
Ordinary
\u2014
100.0
100.0
GmbH EUR 25,000
Premier Inn Immo 21
Germany
8
Ordinary
\u2014
100.0
100.0
GmbH EUR 25,000
Premier Inn Immo 22
Germany
8
Ordinary
\u2014
100.0
100.0
GmbH EUR 25,000
Premier Inn Immo 23
Germany
8
Ordinary
\u2014
100.0
100.0
GmbH EUR 25,000
Premier Inn Immo 24
Germany
8
Ordinary
\u2014
100.0
100.0
GmbH EUR 25,000
Premier Inn Immo
Germany
8
Ordinary
\u2014
100.0
100.0
25 GmbH EUR 25,000
% of class of
% of class of shares held by
shares held the Group (if
by the different from % of nominal
Country of Class of shares parent the parent value (where
Company name incorporation held company company) applicable)
Premier Inn International
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Development Limited
Premier Inn Manchester
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Airport Limited
Premier Inn Mannheim
Germany
8
Ordinary
\u2014
100.0
100.0
Quadrate T1 GmbH EUR 25,000
Premier Inn M\u00fcnchen
Germany
8
Ordinary
\u2014
100.0
100.0
Frankfurter Ring GmbH EUR 25,000
Premier Inn
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Ochre Limited
Premier Inn Rostock
Germany
8
Ordinary
\u2014
100.0
100.0
City Hafen GmbH EUR 25,000
Premier Inn
Germany
8
Ordinary
\u2014
100.0
100.0
Verwaltungsgesellschaft
EUR 50,
000
S\u00fcd GmbH
Premier Inn Westminster
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Limited
Premier Travel Inn
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
India Limited
PT. Whitbread Indonesia
Indonesia
10
Ordinary
\u2014
100.0
100.0
USD 1.00
PTI Middle East Limited
United Arab
Ordinary
\u2014
100.0
100.0
Emirates
11
AED 1,000
Quay House Admirals
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Way Land Limited
Silk Street Hotels Limited
England
1
Deferred \u00a31.00
\u2014
100.0
99.1
Ordinary
\u2014
100.0
100.0
USD 0.01
St Andrews Homes
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Limited
% of class of
% of class of shares held by
shares held the Group (if
by the different from % of nominal
Country of Class of shares parent the parent value (where
Company name incorporation held company company) applicable)
Swift Hotels Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
99.9
Preference
\u2014
100.0
0.1
\u00a35.00
T.F. Ashe & Nephew
England
1
Deferred \u00a31.00
\u2014
100.0
0.1
Limited
Ordinary \u00a30.01
100.0
100.0
UNA 312. Equity
Germany
8
Ordinary
\u2014
100.0
100.0
Management GmbH EUR 25,000
UNA 352. Equity
Germany
8
Ordinary
\u2014
100.0
100.0
Management GmbH EUR 25,000
Wembley Park
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Holdings Limited
Whitbread East
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Pennines Limited
Whitbread Group PLC
England
1
Ordinary \u00a30.23
100.0
\u2014
50.0
A ordinary
100.0
\u2014
50.0
\u00a30.25
Whitbread Hotel
England
1
Ordinary \u00a30.10
\u2014
100.0
100.0
Company Limited
Whitbread International
China
9
Ordinary
\u2014
100.0
100.0
Sourcing Business Services RMB 1.00
(Shanghai) Co., Ltd
Whitbread Properties
England
1
5% non-
\u2014
100.0
24.9
Limited cumulative
preference \u00a30.50
7% non-
\u2014
100.0
24.9
cumulative
preference \u00a30.25
Ordinary \u00a30.175
\u2014
100.0
58.7
WHRI Development DMCC United Arab Ordinary
\u2014
100.0
24.9
Emirates
12
AED 1,000
WHRI Holding
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Company Limited
Dormant related undertakings
% of class of
% of class of shares held by
shares held the Group (if
by the different from % of nominal
Country of Class of shares the parent the parent value (where
Company name incorporation held company company) applicable)
Advisebegin Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Alastair Campbell &
Scotland
14
Ordinary \u00a31.00
\u2014
100.0
100.0
Company Limited
Archibald Campbell
Scotland
14
Ordinary \u00a31.00
\u2014
100.0
100.0
Hope & King Limited
Autumn Days Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Belgrave Hotel Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Brickwoods Limited
England
1
Ordinary \u00a30.25
\u2014
100.0
100.0
Belstead Brook Manor
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Hotel Limited
Brewers Fayre Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Britannia Inns Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Broughton Park
England
1
Ordinary \u00a30.01
\u2014
100.0
100.0
Hotel Limited
Carpenters of
Widnes Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Deferred
\u2014
100.0
100.0
ordinary \u00a31.00
Cherwell Inns Limited
England
1
A ordinary non-
\u2014
100.0
66.7
voting \u00a31.00
Ordinary \u00a31.00
\u2014
100.0
33.3
Chiswell Overseas Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Chiswell Properties Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Churchgate Manor
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Hotel Limited
Country Club Hotels Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Cromwell Hotel (Stevenage)
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Cymric Hotel
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Company Limited
Danesk Limited
Scotland
13
Ordinary \u00a31.00
\u2014
100.0
100.0
% of class of
% of class of shares held by
shares held the Group (if
by the different from % of nominal
Country of Class of shares the parent the parent value (where
Company name incorporation held company company) applicable)
David Williams
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
(Builth)\ue01eLimited
Dealend Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Delamont Freres Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Delaunay Freres Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Dome Restaurants Limited England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Dragon Inns and
Restaurants Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Dukes Head 1988 Limited
England
1
B ordinary \u00a31.00
\u2014
100.0
100.0
W ordinary \u00a31.00
\u2014
100.0
100.0
Duttons Brewery Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
E. Lacon & Co., Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Evan Evans Bevan Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Finite Hotel Systems Limited
England
1
A ordinary \u00a31.00
\u2014
100.0
50.0
B ordinary \u00a31.00
\u2014
100.0
50.0
Fleet Wines & Spirits Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Forest of Arden Golf and
Country Club Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Gable Care Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Goodhews (Castle)
England
1
A ordinary \u00a31.00
\u2014
100.0
51.0
Ordinary \u00a31.00
\u2014
100.0
49.0
Goodhews (Holdings)
England
1
A ordinary \u00a31.00
\u2014
100.0
42.2
Limited
B ordinary \u00a31.00
\u2014
100.0
42.2
C ordinary \u00a31.00
\u2014
100.0
15.6
Goodhews (Inns)
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Goodhews (Restaurants)
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Goodhews B. & S. Limited England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Goodhews Enterprises
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Goodhews Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
% of class of
% of class of shares held by
shares held the Group (if
by the different from % of nominal
Country of Class of shares the parent the parent value (where
Company name incorporation held company company) applicable)
Gough Brothers Limited
England
1
Deferred
\u2014
100.0
97.6
ordinary \u00a30.20
Ordinary \u00a31.00
\u2014
100.0
2.4
Grosvenor Leisure Limited England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Hammock Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Hart & Co. (Boats) Limited
England
1
1% non-
\u2014
100.0
99.0
cumulative
preference \u00a31.00
Ordinary \u00a31.00
\u2014
100.0
1.0
1% non-
\u2014
100.0
\u2014
cumulative
preference \u00a30.01
Harveys Leisure
England
1
A ordinary \u00a31.00
\u2014
100.0
70.0
Promotions Limited
B ordinary \u00a31.00
\u2014
100.0
30.0
Hunter & Oliver Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
J. Burton (Warwick) Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
J. J. Norman and Ellery
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Limited
James Bell and
England
1
Deferred
\u2014
100.0
96.2
Company Limited ordinary \u00a30.25
Ordinary 0.01
\u2014
100.0
3.8
Jestbread Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Kingsmills Hotel
Scotland
16
Ordinary \u00a31.00
\u2014
100.0
100.0
Company Limited
Lambtons Ale Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Latewise Limited
England
1
Ordinary \u00a31.00
\u2014
53.4
53.4
Lawnpark Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Leisure and Retail
England
1
Ordinary \u00a31.00
\u2014
99.6
99.6
Resources Limited
% of class of
% of class of shares held by
shares held the Group (if
by the different from % of nominal
Country of Class of shares the parent the parent value (where
Company name incorporation held company company) applicable)
Lloyds Avenue
England
1
3% non-
\u2014
100.0
50.0
Catering Limited cumulative
preference \u00a31.00
Ordinary \u00a31.00
\u2014
100.0
50.0
London International
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Hotel Limited
Mackeson &
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Company Limited
Mackies Wine
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Company Limited
Maredrove Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Marine Hotel
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Porthcawl Limited
Marlow Catering Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Meon Valley Golf and
Country Club Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Milton 2 Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Morans of Bristol Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Morris\u2019s Wine
England
1
Ordinary \u00a31.00
\u2014
100.0
5.4
Stores Limited 5.6% non-
\u2014
100.0
94.6
cumulative
preference \u00a31.00
New Clapton Stadium
England
1
Ordinary \u00a30.05
\u2014
100.0
100.0
Company Limited
Norseman Lager Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Pacific Caledonian
Scotland
13
Ordinary \u00a31.00
\u2014
100.0
100.0
Properties Limited
Percheron Properties
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Limited
Peter Dominic Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
PI Hotels York Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Piquant Caterers Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
% of class of
% of class of shares held by
shares held the Group (if
by the different from % of nominal
Country of Class of shares the parent the parent value (where
Company name incorporation held company company) applicable)
Pizzaland Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Premier Inn Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Premier Inn Troon Limited England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Premier Inn Manchester
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Trafford Limited
Priory Leisure Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Raybain (Northern) Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Raybain (Wine Bars)
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Limited
Respotel Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Rhymney Breweries Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
S & S Property Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
S.H. Ward &
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Company Limited
Salford Automatics Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Scorechance 1 Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Scorechance 12 Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Scorechance 17 Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Scorechance 25 Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Scorechance 8 Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Sheffield Automatics
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Limited
Shewell Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Silk Street Hotel
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Liverpool Limited
Small & Co.
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
(Engineering)\ue01eLimited
Small & Co. Limited
England
1
7% cumulative
\u2014
100.0
0.7
preference \u00a31.00
Ordinary \u00a31.00
\u2014
100.0
99.3
% of class of
% of class of shares held by
shares held the Group (if
by the different from % of nominal
Country of Class of shares the parent the parent value (where
Company name incorporation held company company) applicable)
Spring Soft Drinks Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Sprowston Manor
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Hotel Limited
Square October 1 Limited England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Square October 2 Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Square October 3 Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
St Andrews Homes
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
(1995) Limited
St Martins Care Homes
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Investments Limited
Stoneshell Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Stripe Travel Inn Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Strong and Co. of
Romsey Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Summerfields Care Limited England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Sun Taverns Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Sweetings (Chop House)
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Limited
Swift (Lurchrise) Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Swift Hotels (1995) Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Swift Hotels
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
(Management) Limited
Swift Inns and
Restaurants Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Swift Profit Sharing
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Scheme Trustees Limited
Swift Quest Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Swingbridge Hotel Limited England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Tewkesbury Park Golf
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
and Country Club Limited
% of class of
% of class of shares held by
shares held the Group (if
by the different from % of nominal
Country of Class of shares the parent the parent value (where
Company name incorporation held company company) applicable)
The Barcave Group Limited
England
1
7% cumulative
\u2014
100.0
90.9
preference \u00a31.00
Ordinary \u00a31.00
\u2014
100.0
9.1
The Dominic Group Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
The Four Seasons Hotel
England
1
8% cumulative
\u2014
100.0
33.0
Investments Limited preference A
\u00a31.00
8% cumulative
\u2014
100.0
28.1
preference B
\u00a31.00
Ordinary \u00a31.00
\u2014
100.0
30.2
Preferred
\u2014
100.0
8.8
ordinary \u00a31.00
The Four Seasons
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Hotel Investments
Management Limited
The Four Seasons
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Hotel Limited
The Oyster Spa
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Company Limited
The Portsmouth
England
1
Ordinary \u00a30.25
\u2014
100.0
100.0
and Brighton United
Breweries, Limited
Thomas Wethered
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
& Sons Limited
Threlfalls (Liverpool
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
& Birkenhead) Limited
Threlfalls (Salford) Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Trentrise Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Uncle Sam\u2019s Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Virlat Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
% of class of
% of class of shares held by
shares held the Group (if
by the different from % of nominal
Country of Class of shares the parent the parent value (where
Company name incorporation held company company) applicable)
W. M. Darley, Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
49.8
Preference \u00a31.00
\u2014
100.0
49.8
Preferred
\u2014
100.0
0.4
ordinary \u00a30.01
W. R. Wines Limited
England
1
Deferred \u00a31.00
\u2014
100.0
99.0
Ordinary \u00a30.01
\u2014
100.0
1.0
West Country
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Breweries Limited
Wentworth Guarantee
England
1
N/A
N/A
N/A
N/A
Company Limited
Wheeler Gate Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Whitbread (Condor)
England
1
Ordinary
\u2014
100.0
100.0
Holdings Limited \u00a30.0001
Whitbread (G.C.) Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Whitbread Company
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Two Limited
Whitbread
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Developments Limited
Whitbread Devon Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Whitbread Directors
England
1
Ordinary \u00a30.05
\u2014
100.0
100.0
1 Limited
Whitbread Directors
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
2 Limited
Whitbread Dunstable
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Limited
Whitbread Enterprise
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Centre Limited
Whitbread Finance PLC
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Whitbread Fremlins Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Whitbread Golf and
England
1
5% non-
\u2014
100.0
45.0
Country Club Limited cumulative
preference \u00a31.00
A ordinary \u00a31.00
\u2014
100.0
55.0
% of class of
% of class of shares held by
shares held the Group (if
by the different from % of nominal
Country of Class of shares the parent the parent value (where
Company name incorporation held company company) applicable)
Whitbread Golf Club
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Limited
Whitbread Guarantee
England
1
N/A
N/A
N/A
N/A
Company Two Limited
Whitbread Healthcare
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Trustees Limited
Whitbread Hotel
England
1
Ordinary \u00a30.05
\u2014
100.0
100.0
(Bournemouth) Limited
Whitbread Hotels
England
1
Deferred \u00a31.00
\u2014
100.0
100.0
(Management) Limited
USD 0.01
\u2014
100.0
\u2014
Whitbread International
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Limited
Whitbread International
England
1
Ordinary \u00a30.25
\u2014
100.0
100.0
Trading Limited
Whitbread Investment
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Company Limited
Whitbread Investment
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Company Securities Limited
Whitbread London Limited England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Whitbread Nominees
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Limited
Whitbread Pension
England
1
N/A
N/A
N/A
N/A
Trustee Directors
Company Limited
Whitbread Pension Trustees
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Whitbread Pub and
Bars Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Whitbread Pub
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Partnership Limited
Whitbread Pub Restaurants
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Business Limited
% of class of
% of class of shares held by
shares held the Group (if
by the different from % of nominal
Country of Class of shares the parent the parent value (where
Company name incorporation held company company) applicable)
Whitbread Quest
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Trustee Limited
Whitbread Restaurants
England
1
Ordinary \u00a31.00
\u2014
100.0
\u2014
(Australia) Limited
Ordinary \u00a30.56
\u2014
100.0
100.0
Whitbread Restaurants
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Limited
Whitbread Scotland Limited
Scotland
14
Ordinary \u00a31.00
\u2014
100.0
100.0
Whitbread Secretaries
England
1
Ordinary \u00a30.05
\u2014
100.0
50.0
Limited 4% preference
\u2014
100.0
50.0
\u00a30.05
Whitbread Share Ownership
England
1
N/A
N/A
N/A
N/A
Trustees Limited
Whitbread Spa Company
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Limited
Whitbread Sunderland
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
(1995) Limited
Whitbread Sunderland 2
England
1
Ordinary \u00a31.00
\u2014
100.0
57.0
Limited 5.6% non-
\u2014
100.0
43.0
cumulative
preference
\u00a31.00
Whitbread Sunderland
England
1
Ordinary \u00a35.00
\u2014
100.0
50.0
Limited Preference
\u2014
100.0
50.0
\u00a35.00
Whitbread Trafalgar
England
1
A ordinary
\u2014
100.0
50.0
Properties Limited \u00a31.00
B ordinary
\u2014
100.0
50.0
\u00a31.00
Whitbread UK Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Whitbread Wales Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Whitbread Wessex Limited England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Whitbread West
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Pennines Limited
% of class of
% of class of shares held by
shares held the Group (if
by the different from % of nominal
Country of Class of shares the parent the parent value (where
Company name incorporation held company company) applicable)
White Cross Films Limited England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Wiggin Tree Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Willhouse Limited
England
1
Deferred \u00a31.00
\u2014
100.0
50.0
Q ordinary
\u2014
100.0
25.0
\u00a31.00
W ordinary
\u2014
100.0
25.0
\u00a31.00
William Overy
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Crane Hire Limited
The registered office of the above companies is as follows: 1 Whitbread Court, Houghton Hall Business Park, Porz Avenue, Dunstable, Bedfordshire LU5 5XE. 2 4th Floor, Saltire Court, 20 Castle Terrace, Edinburgh EH1 2EN, Scotland. 3 Ground Floor, Two Dockland Central, Guild St, North Dock, Dublin D01 K2C5, Ireland. 4 2nd Floor, St Mary\u2019s Court, 20 Hill Street, Douglas IM1 1EU, Isle of Man. 5 4th Floor, St Paul\u2019s Gate, 22\u201324 New Street, St Helier JE1 4TR, Jersey. 6 Ground Floor, Premier Inn Dubai Investment Park, P.O. Box 35118, Dubai, United Arab Emirates. 7 3rd Floor, Tornado Towers, PO Box 34040, Doha, Qatar. 8 Europa-Allee 22, 60327 Frankfurt am Main, Germany. 9 Room 742, 968 West Beijing Road, Jing\u2019an District, Shanghai, China. 10 Gandaria 8 Office Tower, 19th Floor Unit A1, Jalan Sultan Iskandarmuda, Kebayoran Lama, 12240, Indonesia. 11 TMF Services B.V., Nassima Tower, Office 1401, Sheikh Zayed Road, PO Box 213975, Dubai, United Arab Emirates. 12 Almas 6C, Almas Tower, Jumeirah Lake Towers, Dubai, United Arab Emirates. 13 4th Floor, 115 George Street, Edinburgh EH2 4JN, Scotland. 14 The Royal Scot Hotel, 111 Glasgow Road, Edinburgh EH12 8NF, Scotland. 15 11 New St, Guernsey GY1 3EG, Guernsey. 16 Swallow Royal Scot Hotel, Glasgow Road, Edinburgh EN12 8NF, Scotland. 17 Hegelgasse 13, 1010 Wien, Austria.", "dimensions": { "concept": "ifrs-full:DisclosureOfCompositionOfGroupExplanatory", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2025-02-28T00:00:00/2026-02-27T00:00:00" } }, "fact-527": { "value": "9. Related parties Details of related undertakings are shown below: Active related undertakings
% of class of
% of class of shares held by
shares held the Group (if
by the different from % of nominal
Country of Class of shares parent the parent value (where
Company name incorporation held company company) applicable)
AIRE HIEX Stuttgart
Germany
8
Ordinary
\u2014
100.0
100.0
Verwaltungs GmbH
EUR 50,
000
Elm Hotel
England
1
Ordinary \u00a30.10
\u2014
100.0
100.0
Holdings Limited
Farringdon Scottish
Scotland
2
N/A
N/A
N/A
N/A
Partnership
Leeds City Hotels
England
1
Ordinary
\u2014
100.0
100.0
Limited \u00a3100.00
London Hotel Holdings
England
1
Ordinary
\u2014
100.0
100.0
Limited \u00a3100.00
London Hotel Holdings
England
1
Ordinary
\u2014
100.0
100.0
2 Limited \u00a3100.00
London Hotel Holdings
England
1
Ordinary
\u2014
100.0
100.0
3 Limited \u00a310.00
London Hotel Holdings
England
1
Ordinary
\u2014
100.0
100.0
4 Limited \u00a310.00
London Hotel
England
1
Ordinary
\u2014
100.0
100.0
Holdings 5 Limited \u00a310.00
Manchester Hotel
England
1
Ordinary
\u2014
100.0
100.0
Holdings Limited \u00a310.00
Milton (SC) 2 Limited
Scotland
2
Ordinary \u00a31.00
\u2014
100.0
100.0
Milton (SC) Limited
Scotland
2
Ordinary \u00a31.00
\u2014
100.0
100.0
Milton 1 Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Moorgate Scottish
Scotland
2
N/A
N/A
N/A
N/A
Limited Partnership
Newbury Park
England
1
Ordinary
\u2014
100.0
100.0
Hotels Limited \u00a3100.00
PI Hotels and Restaurants
Ireland
3
Ordinary EUR 1
\u2014
100.0
100.0
Ireland Limited
Premier Inn (Bath Street)
Jersey
5
Ordinary \u00a31.00
\u2014
100.0
100.0
Limited
% of class of
% of class of shares held by
shares held the Group (if
by the different from % of nominal
Country of Class of shares parent the parent value (where
Company name incorporation held company company) applicable)
Premier Inn (Guernsey)
Guernsey
15
Ordinary \u00a31.00
\u2014
100.0
100.0
Limited
Premier Inn (Isle of Man)
Isle of Man
4
Ordinary \u00a31.00
\u2014
100.0
100.0
Limited
Premier Inn (Jersey)
Jersey
5
Ordinary \u00a31.00
\u2014
100.0
100.0
Limited
Premier Inn (UK) Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Premier Inn AT Holding
Austria
17
Ordinary
\u2014
100.0
100.0
GmbH EUR 35,000
Premier Inn AT
Austria
17
Ordinary
\u2014
100.0
100.0
Hotelbetriebsgesellschaft EUR 35,000
GmbH
Premier Inn AT
Austria
17
Ordinary
\u2014
100.0
100.0
Immobilienbesitz GmbH EUR 35,000
Premier Inn Dortmund
Germany
8
Ordinary
\u2014
100.0
100.0
K\u00f6nigswall GmbH EUR 25,000
Premier Inn Essen City
Germany
8
Ordinary
\u2014
100.0
100.0
Hauptbahnhof GmbH EUR 25,000
Premier Inn Flensburg
Germany
8
Ordinary
\u2014
100.0
100.0
City GmbH EUR 25,000
Premier Inn Frankfurt
Germany
8
Ordinary
\u2014
100.0
100.0
City Ostbahnhof GmbH EUR 25,000
Premier Inn Frankfurt
Germany
8
Ordinary
\u2014
100.0
100.0
Eschborn GmbH EUR 25,000
Premier Inn
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Glasgow Limited
Premier Inn GmbH
Germany
8
Ordinary
\u2014
100.0
100.0
EUR 25,000
Premier Inn Hamburg
Germany
8
Ordinary
\u2014
100.0
100.0
Nordanalstrasse GmbH EUR 25,000
Premier Inn Holding GmbH
Germany
8
Ordinary
\u2014
100.0
100.0
EUR 25,000
% of class of
% of class of shares held by
shares held the Group (if
by the different from % of nominal
Country of Class of shares parent the parent value (where
Company name incorporation held company company) applicable)
Premier Inn Hotel GmbH
Germany
8
There are no
\u2014
100.0
100.0
classes of
shares. The
total nominal
share capital
of amounts to
EUR
300,000
and is divided
into two
shares, one
in the nominal
amount of
EUR 275,000
and one in
the nominal
amount of
EUR 25,000
Premier Inn Hotels Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Premier Inn Hotels LLC
United Arab
Ordinary
\u2014
49.0
49.0
Emirates
6
AED 1,000
Premier Inn Hotels Qatar
Qatar
7
Ordinary
\u2014
24.0
24.0
QAR 100.00
Premier Inn Immo 19
Germany
8
Ordinary
\u2014
100.0
100.0
GmbH EUR 25,000
Premier Inn Immo 20
Germany
8
Ordinary
\u2014
100.0
100.0
GmbH EUR 25,000
Premier Inn Immo 21
Germany
8
Ordinary
\u2014
100.0
100.0
GmbH EUR 25,000
Premier Inn Immo 22
Germany
8
Ordinary
\u2014
100.0
100.0
GmbH EUR 25,000
Premier Inn Immo 23
Germany
8
Ordinary
\u2014
100.0
100.0
GmbH EUR 25,000
Premier Inn Immo 24
Germany
8
Ordinary
\u2014
100.0
100.0
GmbH EUR 25,000
Premier Inn Immo
Germany
8
Ordinary
\u2014
100.0
100.0
25 GmbH EUR 25,000
% of class of
% of class of shares held by
shares held the Group (if
by the different from % of nominal
Country of Class of shares parent the parent value (where
Company name incorporation held company company) applicable)
Premier Inn International
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Development Limited
Premier Inn Manchester
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Airport Limited
Premier Inn Mannheim
Germany
8
Ordinary
\u2014
100.0
100.0
Quadrate T1 GmbH EUR 25,000
Premier Inn M\u00fcnchen
Germany
8
Ordinary
\u2014
100.0
100.0
Frankfurter Ring GmbH EUR 25,000
Premier Inn
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Ochre Limited
Premier Inn Rostock
Germany
8
Ordinary
\u2014
100.0
100.0
City Hafen GmbH EUR 25,000
Premier Inn
Germany
8
Ordinary
\u2014
100.0
100.0
Verwaltungsgesellschaft
EUR 50,
000
S\u00fcd GmbH
Premier Inn Westminster
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Limited
Premier Travel Inn
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
India Limited
PT. Whitbread Indonesia
Indonesia
10
Ordinary
\u2014
100.0
100.0
USD 1.00
PTI Middle East Limited
United Arab
Ordinary
\u2014
100.0
100.0
Emirates
11
AED 1,000
Quay House Admirals
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Way Land Limited
Silk Street Hotels Limited
England
1
Deferred \u00a31.00
\u2014
100.0
99.1
Ordinary
\u2014
100.0
100.0
USD 0.01
St Andrews Homes
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Limited
% of class of
% of class of shares held by
shares held the Group (if
by the different from % of nominal
Country of Class of shares parent the parent value (where
Company name incorporation held company company) applicable)
Swift Hotels Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
99.9
Preference
\u2014
100.0
0.1
\u00a35.00
T.F. Ashe & Nephew
England
1
Deferred \u00a31.00
\u2014
100.0
0.1
Limited
Ordinary \u00a30.01
100.0
100.0
UNA 312. Equity
Germany
8
Ordinary
\u2014
100.0
100.0
Management GmbH EUR 25,000
UNA 352. Equity
Germany
8
Ordinary
\u2014
100.0
100.0
Management GmbH EUR 25,000
Wembley Park
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Holdings Limited
Whitbread East
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Pennines Limited
Whitbread Group PLC
England
1
Ordinary \u00a30.23
100.0
\u2014
50.0
A ordinary
100.0
\u2014
50.0
\u00a30.25
Whitbread Hotel
England
1
Ordinary \u00a30.10
\u2014
100.0
100.0
Company Limited
Whitbread International
China
9
Ordinary
\u2014
100.0
100.0
Sourcing Business Services RMB 1.00
(Shanghai) Co., Ltd
Whitbread Properties
England
1
5% non-
\u2014
100.0
24.9
Limited cumulative
preference \u00a30.50
7% non-
\u2014
100.0
24.9
cumulative
preference \u00a30.25
Ordinary \u00a30.175
\u2014
100.0
58.7
WHRI Development DMCC United Arab Ordinary
\u2014
100.0
24.9
Emirates
12
AED 1,000
WHRI Holding
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Company Limited
Dormant related undertakings
% of class of
% of class of shares held by
shares held the Group (if
by the different from % of nominal
Country of Class of shares the parent the parent value (where
Company name incorporation held company company) applicable)
Advisebegin Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Alastair Campbell &
Scotland
14
Ordinary \u00a31.00
\u2014
100.0
100.0
Company Limited
Archibald Campbell
Scotland
14
Ordinary \u00a31.00
\u2014
100.0
100.0
Hope & King Limited
Autumn Days Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Belgrave Hotel Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Brickwoods Limited
England
1
Ordinary \u00a30.25
\u2014
100.0
100.0
Belstead Brook Manor
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Hotel Limited
Brewers Fayre Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Britannia Inns Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Broughton Park
England
1
Ordinary \u00a30.01
\u2014
100.0
100.0
Hotel Limited
Carpenters of
Widnes Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Deferred
\u2014
100.0
100.0
ordinary \u00a31.00
Cherwell Inns Limited
England
1
A ordinary non-
\u2014
100.0
66.7
voting \u00a31.00
Ordinary \u00a31.00
\u2014
100.0
33.3
Chiswell Overseas Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Chiswell Properties Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Churchgate Manor
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Hotel Limited
Country Club Hotels Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Cromwell Hotel (Stevenage)
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Cymric Hotel
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Company Limited
Danesk Limited
Scotland
13
Ordinary \u00a31.00
\u2014
100.0
100.0
% of class of
% of class of shares held by
shares held the Group (if
by the different from % of nominal
Country of Class of shares the parent the parent value (where
Company name incorporation held company company) applicable)
David Williams
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
(Builth)\ue01eLimited
Dealend Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Delamont Freres Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Delaunay Freres Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Dome Restaurants Limited England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Dragon Inns and
Restaurants Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Dukes Head 1988 Limited
England
1
B ordinary \u00a31.00
\u2014
100.0
100.0
W ordinary \u00a31.00
\u2014
100.0
100.0
Duttons Brewery Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
E. Lacon & Co., Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Evan Evans Bevan Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Finite Hotel Systems Limited
England
1
A ordinary \u00a31.00
\u2014
100.0
50.0
B ordinary \u00a31.00
\u2014
100.0
50.0
Fleet Wines & Spirits Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Forest of Arden Golf and
Country Club Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Gable Care Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Goodhews (Castle)
England
1
A ordinary \u00a31.00
\u2014
100.0
51.0
Ordinary \u00a31.00
\u2014
100.0
49.0
Goodhews (Holdings)
England
1
A ordinary \u00a31.00
\u2014
100.0
42.2
Limited
B ordinary \u00a31.00
\u2014
100.0
42.2
C ordinary \u00a31.00
\u2014
100.0
15.6
Goodhews (Inns)
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Goodhews (Restaurants)
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Goodhews B. & S. Limited England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Goodhews Enterprises
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Goodhews Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
% of class of
% of class of shares held by
shares held the Group (if
by the different from % of nominal
Country of Class of shares the parent the parent value (where
Company name incorporation held company company) applicable)
Gough Brothers Limited
England
1
Deferred
\u2014
100.0
97.6
ordinary \u00a30.20
Ordinary \u00a31.00
\u2014
100.0
2.4
Grosvenor Leisure Limited England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Hammock Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Hart & Co. (Boats) Limited
England
1
1% non-
\u2014
100.0
99.0
cumulative
preference \u00a31.00
Ordinary \u00a31.00
\u2014
100.0
1.0
1% non-
\u2014
100.0
\u2014
cumulative
preference \u00a30.01
Harveys Leisure
England
1
A ordinary \u00a31.00
\u2014
100.0
70.0
Promotions Limited
B ordinary \u00a31.00
\u2014
100.0
30.0
Hunter & Oliver Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
J. Burton (Warwick) Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
J. J. Norman and Ellery
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Limited
James Bell and
England
1
Deferred
\u2014
100.0
96.2
Company Limited ordinary \u00a30.25
Ordinary 0.01
\u2014
100.0
3.8
Jestbread Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Kingsmills Hotel
Scotland
16
Ordinary \u00a31.00
\u2014
100.0
100.0
Company Limited
Lambtons Ale Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Latewise Limited
England
1
Ordinary \u00a31.00
\u2014
53.4
53.4
Lawnpark Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Leisure and Retail
England
1
Ordinary \u00a31.00
\u2014
99.6
99.6
Resources Limited
% of class of
% of class of shares held by
shares held the Group (if
by the different from % of nominal
Country of Class of shares the parent the parent value (where
Company name incorporation held company company) applicable)
Lloyds Avenue
England
1
3% non-
\u2014
100.0
50.0
Catering Limited cumulative
preference \u00a31.00
Ordinary \u00a31.00
\u2014
100.0
50.0
London International
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Hotel Limited
Mackeson &
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Company Limited
Mackies Wine
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Company Limited
Maredrove Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Marine Hotel
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Porthcawl Limited
Marlow Catering Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Meon Valley Golf and
Country Club Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Milton 2 Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Morans of Bristol Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Morris\u2019s Wine
England
1
Ordinary \u00a31.00
\u2014
100.0
5.4
Stores Limited 5.6% non-
\u2014
100.0
94.6
cumulative
preference \u00a31.00
New Clapton Stadium
England
1
Ordinary \u00a30.05
\u2014
100.0
100.0
Company Limited
Norseman Lager Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Pacific Caledonian
Scotland
13
Ordinary \u00a31.00
\u2014
100.0
100.0
Properties Limited
Percheron Properties
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Limited
Peter Dominic Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
PI Hotels York Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Piquant Caterers Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
% of class of
% of class of shares held by
shares held the Group (if
by the different from % of nominal
Country of Class of shares the parent the parent value (where
Company name incorporation held company company) applicable)
Pizzaland Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Premier Inn Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Premier Inn Troon Limited England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Premier Inn Manchester
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Trafford Limited
Priory Leisure Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Raybain (Northern) Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Raybain (Wine Bars)
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Limited
Respotel Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Rhymney Breweries Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
S & S Property Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
S.H. Ward &
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Company Limited
Salford Automatics Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Scorechance 1 Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Scorechance 12 Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Scorechance 17 Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Scorechance 25 Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Scorechance 8 Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Sheffield Automatics
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Limited
Shewell Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Silk Street Hotel
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Liverpool Limited
Small & Co.
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
(Engineering)\ue01eLimited
Small & Co. Limited
England
1
7% cumulative
\u2014
100.0
0.7
preference \u00a31.00
Ordinary \u00a31.00
\u2014
100.0
99.3
% of class of
% of class of shares held by
shares held the Group (if
by the different from % of nominal
Country of Class of shares the parent the parent value (where
Company name incorporation held company company) applicable)
Spring Soft Drinks Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Sprowston Manor
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Hotel Limited
Square October 1 Limited England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Square October 2 Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Square October 3 Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
St Andrews Homes
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
(1995) Limited
St Martins Care Homes
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Investments Limited
Stoneshell Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Stripe Travel Inn Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Strong and Co. of
Romsey Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Summerfields Care Limited England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Sun Taverns Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Sweetings (Chop House)
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Limited
Swift (Lurchrise) Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Swift Hotels (1995) Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Swift Hotels
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
(Management) Limited
Swift Inns and
Restaurants Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Swift Profit Sharing
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Scheme Trustees Limited
Swift Quest Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Swingbridge Hotel Limited England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Tewkesbury Park Golf
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
and Country Club Limited
% of class of
% of class of shares held by
shares held the Group (if
by the different from % of nominal
Country of Class of shares the parent the parent value (where
Company name incorporation held company company) applicable)
The Barcave Group Limited
England
1
7% cumulative
\u2014
100.0
90.9
preference \u00a31.00
Ordinary \u00a31.00
\u2014
100.0
9.1
The Dominic Group Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
The Four Seasons Hotel
England
1
8% cumulative
\u2014
100.0
33.0
Investments Limited preference A
\u00a31.00
8% cumulative
\u2014
100.0
28.1
preference B
\u00a31.00
Ordinary \u00a31.00
\u2014
100.0
30.2
Preferred
\u2014
100.0
8.8
ordinary \u00a31.00
The Four Seasons
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Hotel Investments
Management Limited
The Four Seasons
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Hotel Limited
The Oyster Spa
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Company Limited
The Portsmouth
England
1
Ordinary \u00a30.25
\u2014
100.0
100.0
and Brighton United
Breweries, Limited
Thomas Wethered
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
& Sons Limited
Threlfalls (Liverpool
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
& Birkenhead) Limited
Threlfalls (Salford) Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Trentrise Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Uncle Sam\u2019s Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Virlat Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
% of class of
% of class of shares held by
shares held the Group (if
by the different from % of nominal
Country of Class of shares the parent the parent value (where
Company name incorporation held company company) applicable)
W. M. Darley, Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
49.8
Preference \u00a31.00
\u2014
100.0
49.8
Preferred
\u2014
100.0
0.4
ordinary \u00a30.01
W. R. Wines Limited
England
1
Deferred \u00a31.00
\u2014
100.0
99.0
Ordinary \u00a30.01
\u2014
100.0
1.0
West Country
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Breweries Limited
Wentworth Guarantee
England
1
N/A
N/A
N/A
N/A
Company Limited
Wheeler Gate Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Whitbread (Condor)
England
1
Ordinary
\u2014
100.0
100.0
Holdings Limited \u00a30.0001
Whitbread (G.C.) Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Whitbread Company
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Two Limited
Whitbread
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Developments Limited
Whitbread Devon Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Whitbread Directors
England
1
Ordinary \u00a30.05
\u2014
100.0
100.0
1 Limited
Whitbread Directors
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
2 Limited
Whitbread Dunstable
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Limited
Whitbread Enterprise
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Centre Limited
Whitbread Finance PLC
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Whitbread Fremlins Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Whitbread Golf and
England
1
5% non-
\u2014
100.0
45.0
Country Club Limited cumulative
preference \u00a31.00
A ordinary \u00a31.00
\u2014
100.0
55.0
% of class of
% of class of shares held by
shares held the Group (if
by the different from % of nominal
Country of Class of shares the parent the parent value (where
Company name incorporation held company company) applicable)
Whitbread Golf Club
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Limited
Whitbread Guarantee
England
1
N/A
N/A
N/A
N/A
Company Two Limited
Whitbread Healthcare
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Trustees Limited
Whitbread Hotel
England
1
Ordinary \u00a30.05
\u2014
100.0
100.0
(Bournemouth) Limited
Whitbread Hotels
England
1
Deferred \u00a31.00
\u2014
100.0
100.0
(Management) Limited
USD 0.01
\u2014
100.0
\u2014
Whitbread International
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Limited
Whitbread International
England
1
Ordinary \u00a30.25
\u2014
100.0
100.0
Trading Limited
Whitbread Investment
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Company Limited
Whitbread Investment
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Company Securities Limited
Whitbread London Limited England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Whitbread Nominees
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Limited
Whitbread Pension
England
1
N/A
N/A
N/A
N/A
Trustee Directors
Company Limited
Whitbread Pension Trustees
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Whitbread Pub and
Bars Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Whitbread Pub
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Partnership Limited
Whitbread Pub Restaurants
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Business Limited
% of class of
% of class of shares held by
shares held the Group (if
by the different from % of nominal
Country of Class of shares the parent the parent value (where
Company name incorporation held company company) applicable)
Whitbread Quest
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Trustee Limited
Whitbread Restaurants
England
1
Ordinary \u00a31.00
\u2014
100.0
\u2014
(Australia) Limited
Ordinary \u00a30.56
\u2014
100.0
100.0
Whitbread Restaurants
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Limited
Whitbread Scotland Limited
Scotland
14
Ordinary \u00a31.00
\u2014
100.0
100.0
Whitbread Secretaries
England
1
Ordinary \u00a30.05
\u2014
100.0
50.0
Limited 4% preference
\u2014
100.0
50.0
\u00a30.05
Whitbread Share Ownership
England
1
N/A
N/A
N/A
N/A
Trustees Limited
Whitbread Spa Company
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Limited
Whitbread Sunderland
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
(1995) Limited
Whitbread Sunderland 2
England
1
Ordinary \u00a31.00
\u2014
100.0
57.0
Limited 5.6% non-
\u2014
100.0
43.0
cumulative
preference
\u00a31.00
Whitbread Sunderland
England
1
Ordinary \u00a35.00
\u2014
100.0
50.0
Limited Preference
\u2014
100.0
50.0
\u00a35.00
Whitbread Trafalgar
England
1
A ordinary
\u2014
100.0
50.0
Properties Limited \u00a31.00
B ordinary
\u2014
100.0
50.0
\u00a31.00
Whitbread UK Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Whitbread Wales Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Whitbread Wessex Limited England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Whitbread West
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Pennines Limited
% of class of
% of class of shares held by
shares held the Group (if
by the different from % of nominal
Country of Class of shares the parent the parent value (where
Company name incorporation held company company) applicable)
White Cross Films Limited England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Wiggin Tree Limited
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Willhouse Limited
England
1
Deferred \u00a31.00
\u2014
100.0
50.0
Q ordinary
\u2014
100.0
25.0
\u00a31.00
W ordinary
\u2014
100.0
25.0
\u00a31.00
William Overy
England
1
Ordinary \u00a31.00
\u2014
100.0
100.0
Crane Hire Limited
The registered office of the above companies is as follows: 1 Whitbread Court, Houghton Hall Business Park, Porz Avenue, Dunstable, Bedfordshire LU5 5XE. 2 4th Floor, Saltire Court, 20 Castle Terrace, Edinburgh EH1 2EN, Scotland. 3 Ground Floor, Two Dockland Central, Guild St, North Dock, Dublin D01 K2C5, Ireland. 4 2nd Floor, St Mary\u2019s Court, 20 Hill Street, Douglas IM1 1EU, Isle of Man. 5 4th Floor, St Paul\u2019s Gate, 22\u201324 New Street, St Helier JE1 4TR, Jersey. 6 Ground Floor, Premier Inn Dubai Investment Park, P.O. Box 35118, Dubai, United Arab Emirates. 7 3rd Floor, Tornado Towers, PO Box 34040, Doha, Qatar. 8 Europa-Allee 22, 60327 Frankfurt am Main, Germany. 9 Room 742, 968 West Beijing Road, Jing\u2019an District, Shanghai, China. 10 Gandaria 8 Office Tower, 19th Floor Unit A1, Jalan Sultan Iskandarmuda, Kebayoran Lama, 12240, Indonesia. 11 TMF Services B.V., Nassima Tower, Office 1401, Sheikh Zayed Road, PO Box 213975, Dubai, United Arab Emirates. 12 Almas 6C, Almas Tower, Jumeirah Lake Towers, Dubai, United Arab Emirates. 13 4th Floor, 115 George Street, Edinburgh EH2 4JN, Scotland. 14 The Royal Scot Hotel, 111 Glasgow Road, Edinburgh EH12 8NF, Scotland. 15 11 New St, Guernsey GY1 3EG, Guernsey. 16 Swallow Royal Scot Hotel, Glasgow Road, Edinburgh EN12 8NF, Scotland. 17 Hegelgasse 13, 1010 Wien, Austria.", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2025-02-28T00:00:00/2026-02-27T00:00:00" } }, "fact-1": { "value": "Whitbread Court Houghton Hall Business Park Porz Avenue Dunstable Bedfordshire LU5 5XE", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:21380099VMZKRMN3EX36", "period": "2025-02-28T00:00:00/2026-02-27T00:00:00" } } } }