IHG Hotels & Resorts unveiled its results for the six months ended 30 June 2026 on 11 August 2026, reporting a 10% rise in operating profit from reportable segments and a 13% increase in adjusted earnings per share. These results were underpinned by development activity the group described as record-breaking, with openings and signings up 8% on an organic basis.
On the operational front, global RevPAR grew by 4.1% in the first half, driven by the Americas (+4.8%), EMEAA (+3.0%) and Greater China (+3.1%). Average daily rate rose 2.5%, while occupancy gained 1.0 percentage point. The group’s total gross revenue stood at $18.2 billion, up 7% at constant currency.
An unprecedented pace of development
IHG opened 31,500 rooms, or 197 hotels, a level the group called record-breaking and up 8% year-on-year excluding the 2025 acquisition of the Ruby brand. The global estate now totals 1,049,000 rooms across 7,109 hotels.
Signings followed the same trend, with 49,200 rooms and 352 hotels signed over the period, also up 8% on an organic basis. The development pipeline stands at 348,000 rooms and 2,385 hotels, up 3% year-on-year, representing 33% of the current estate’s size.
🔗 Also on LTH IHG Hotels & Resorts passes the milestone of one million rooms open worldwide
Margins and profitability strengthened
Fee margin came in at 65.9%, up 1.2 percentage points, as growth in fee business revenue (+7%) outpaced cost growth (+4%). Operating profit from reportable segments reached $665 million, up 10%, after accounting for a $5 million charge relating to a fire incident at a leased hotel, and a favourable net foreign exchange effect of $6 million.
Operating profit under IFRS stood at $671 million, including a $9 million gain relating to the System Fund and reimbursable receipts, compared with $31 million a year earlier, as well as $3 million in exceptional costs versus $12 million in 2025. Adjusted earnings per share came to 274.7 cents, up 13%, after an adjusted interest charge of $106 million and an adjusted tax rate steady at 26%.
Cash flow and controlled debt
Net cash generated from operating activities reached $355 million, compared with $312 million a year earlier. Adjusted free cash flow stood at $360 million. Net debt rose by $330 million since the start of the year, driven in particular by $564 million spent on dividend payments and share buybacks.
Adjusted EBITDA on a trailing twelve-month basis reached $1,392 million, up 11% year-on-year, taking the net debt to adjusted EBITDA ratio to 2.63 times.
Shareholder returns maintained
IHG has confirmed its $950 million share buyback programme for the 2026 financial year, 42% complete as at 30 June. The interim dividend rose 10% to 64.5 cents per share. The group remains on track to meet its target of returning more than $1.2 billion to shareholders over the year, equivalent to 5.8% of its market capitalisation at the start of the financial year.
A message from Elie Maalouf
Elie Maalouf, Chief Executive Officer of IHG Hotels & Resorts, said the diversity of the group’s global footprint and better-than-expected demand across most markets had driven robust RevPAR growth over the half. He noted that activity in the United States had accelerated in the second quarter, that growth had continued in Greater China, and that strong performance across the rest of the EMEAA region had offset the challenges encountered in the Middle East.
The chief executive highlighted the record level of development activity, with almost 200 hotel openings in the first half, taking the global estate to 7,100 properties. He also pointed to pipeline growth, up across all three of the group’s regions, with 352 signings over the period, equivalent to almost two a day.
On tensions in the Middle East, Elie Maalouf said their effects, including a broader disruption to international travel flows, were expected to continue to be offset by demand growth in other markets. He reaffirmed the group’s confidence in meeting full-year consensus profit and earnings expectations, as well as in continuing its growth strategy built on its scale and leading market positions.
🔗 Also on LTH IHG unveils Noted Collection, its new premium brand for hotels of character
An active competitive landscape
These results come as several major hotel groups have published their half-year accounts against a backdrop viewed as mixed internationally. Marriott International reported global RevPAR up 3.4% and a record development pipeline, while Accor also released its results for the same period.
🔗 Also on LTH Marriott International reports global RevPAR up 3.4% and a record pipeline
AT A GLANCE 👀
IHG Hotels & Resorts – H1 2026 Results
Key figures for the six months ended 30 June 2026:
Operating profit from reportable segments: $665m (+10%)
Adjusted EPS: 274.7¢ (+13%)
Global RevPAR: +4.1% (Americas +4.8%, EMEAA +3.0%, Greater China +3.1%)
Openings: 31,500 rooms / 197 hotels, up 8% YOY organically
Global pipeline: 348,000 rooms / 2,385 hotels (+3% YOY)
Shareholder returns: on track for $1.2bn+ in 2026
