IWG

IWG · Main Market · Real Estate · mcap £1,725m · 184.9p

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Financials · balance sheet 30 Jun 26 · last twelve months · today’s market value

Source: results 11 Aug 26 ↗

Key figures Cash & debt Profit & cash flow Valuation Returns & quality Latest half-year

Market cap: £1,748m
Owner’s net cash: −£690.4m
Net cash / market cap: -39%
EV ex leases: £2,394m
Revenue: £2,892m
Operating profit: £84.3m
EV / EBIT: 28.4×
ROCE: 2%
Net income (owners): £13.7m

Hover or tap a figure for its formula and the values used – the names are the line names of the key figures below. Extracted automatically from the company's results announcements; check the source before relying on a figure. Not investment advice.

Key figures As reported

Income statement Balance sheet Cash flow

Annual Half-yearly

Standardised line items in £m, comparable across companies – figures the company reported in USD are converted to £ at the average rate of each period (balance sheets: at the date); when a later report restated a period, the later figure is shown and marked ^r (hover for the figure first reported). Italic = calculated (LTM, H2 = FY − H1); a year of other than 12 months is marked (15m). Hover a value for its source.

Latest report: H1 26 (six months to 30 Jun 26), published 11 Aug 26 · read the results ↗

Source ↗

	2026 $m	2025 $m
System-wide revenue	2,400	2,162
Revenue	1,970	1,850
Cost of Sales, exclusive of items shown separately below	(1,429)	(1,369)
Gross profit	541	481
Gross profit margin	27.5%	26%
Selling, general and administrative expenses	(315)	(250)
Allowance for credit losses	7	(11)
Depreciation & amortisation before landlord contributions on leased properties	(184)	(182)
Depreciation of landlord contributions (cost reimbursements) on leased properties	28	42
Impairments, disposals and closures	(39)	(12)
Operating income	38	68
Interest Expense	(51)	(40)
Other finance costs	(7)	(16)
(Loss) profit before tax	(20)	12
Taxation and equity method investments	22	(4)
Net income	2	8
Net income attributable to non-controlling interests	-	3
Net income attributable to the Company	2	11
Basic EPS (¢)
From continuing operations	0.2	1.1
Attributable to shareholders	0.2	1.1
Adjusted EPS (¢)
From continuing operations	4.6	2.3
Attributable to shareholders	4.6	2.2

Source ↗

	30 June 2026 unaudited	31 December 2025
As of
Assets
Current assets:
Cash and cash equivalents	372	302
Accounts receivable, net	537	419
Prepaid expenses	145	165
Other current assets	455	390
Total current assets	1,509	1,276
Non-current assets
Operating lease right-of-use assets	5,402	5,293
Property and equipment, net	731	778
Intangible assets, net	151	156
Deferred tax asset	436	362
Goodwill, net	1,385	1,245
Equity method investments	60	59
Other non-current assets	100	147
Total non-current assets	8,265	8,040
Total assets	9,774	9,316
Liabilities
Current liabilities
Accounts payable	262	297
Short-term debt, net	14	17
Deferred revenue	321	334
Customer deposits	651	621
Operating lease liabilities	1,321	1,300
Accrued expenses and other current liabilities	915	775
Total current liabilities	3,484	3,344
Non-current liabilities
Long-term debt, net	1,273	1,070
Long-term operating lease liabilities	5,215	5,022
Other non-current liabilities	210	185
Total non-current liabilities	6,698	6,277
Total liabilities	10,182	9,621
Shareholders' deficit
Common Shares; par value $0.0124; 8,000,000,000 shares authorised, 971,864,422 issued and outstanding as of 30 June 2026 and 1,008,736,266 as of 31 December 2025, respectively	12	12
Treasury Shares, at cost 14,447,661 shares as of 30 June 2026 and 15,307,650 shares as of 31 December 2025	(65)	(67)
Additional paid-in capital	228	324
Accumulated deficit	(271)	(264)
Accumulated other comprehensive (loss)	(312)	(310)
Total shareholders' deficit	(408)	(305)
Non-controlling interests	-	-
Total shareholders' deficit	(408)	(305)
Total liabilities and shareholders' equity	9,774	9,316

Source ↗

	2026 unaudited $m Adjustments to reconcile net income (loss) to net cash provided by Operating Activities:	2025 $m Adjustments to reconcile net income (loss) to net cash provided by Operating Activities:
Cash Flows from Operating Activities:
Net income
Depreciation and amortisation before landlord contributions on leased properties	184	182
Depreciation of landlord contributions (cost reimbursements) on leased properties 1	(28)	(42)
Operating lease cost	691	716
Share-based compensation	4	4
Deferred income tax benefit	(10)	(3)
Allowance for credit losses	(7)	11
Share of income from equity method investments	(3)	(2)
Impairment of long-lived assets	28	17
(Gain) loss on disposal	7	(16)
Gain on extinguishment of debt	-	(1)
Increase (decrease) in provision	11	(21)
Changes in operating assets and liabilities 3
Accounts receivable and prepaid expenses	(99)	(11)
Other current assets and non-current assets	(73)	22
Accounts payable, accrued expenses, and other liabilities	97	(94)
Deferred revenue	10	9
Customer deposits	4	13
Operating lease liabilities	(788)	(712)
Proceeds from landlord contributions on leased properties	23	23
Other operating activities, net	(2)	6
Net cash provided by operating activities	51	109
Cash Flows from Investing Activities
Purchases of property and equipment	(84)	(60)
Additions to intangible assets	(14)	(18)
Acquisition of companies, net of cash acquired	(8)	-
Other investing activities, net	-	2
Net cash used for investing activities	(106)	(76)
Cash Flows from Financing Activities
Proceeds from issuance of long-term debt	-	15
Proceeds from issue of Eurobonds	237	337
Payment of debt issuance cost	-	(5)
Repayment of long-term debt	-	(5)
Repayment of Convertible bonds	-	(22)
Dividends paid	(9)	(9)
Share buybacks	(100)	(50)
Other financing activities, net	(3)	3
Net cash provided by financing activities	125	264
Effects of exchange rate changes on cash, cash equivalents and restricted cash	-	5
Changes in cash, cash equivalents and restricted cash	70	297
Net increase in cash, cash equivalents and restricted cash	70	302
Cash, cash equivalents and restricted cash at beginning of period 2	304	148
Cash, cash equivalents and restricted cash at end of period 2	374	450
Supplemental Disclosure of Cash Flow Information
Six months ended 30 June
$m 2026 unaudited	2025	–
Cash paid during the period for interest (net of amount capitalised)	54	44
Cash paid during the period for income taxes, net	24	14
Supplemental Disclosure of Non-cash Investing & Financing Activities
Utilisation of treasury shares for acquisition of non-controlling interest	-	70

Source ↗

	2025	2024
System-wide revenue	4,453	4,297
Revenue	3,762	3,756
Cost of Sales	(2,731)	(2,808)
Gross profit	1,031	948
Gross profit margin	27.4%	25.2%
Selling, general and administrative expenses	(546)	(514)
Allowance for credit losses	(18)	(13)
Depreciation & Amortisation before landlord contributions	(357)	(333)
Depreciation of landlord contributions (cost reimbursements) on leased properties	64	80
Impairments, disposals and closures	(31)	(26)
Operating Income	143	142
Interest Expense	(87)	(64)
Other finance costs	(13)	(20)
Profit before tax	43	58
Taxation and equity method investments	(28)	(40)
Profit for the period	15	18
Net income (loss) attributable to non-controlling interests	(3)	-
Net income (loss) attributable to the Company	18	18
Basic EPS (¢)
From continuing operations	1.8	1.8
Attributable to shareholders	1.8	1.8
Adjusted EPS (¢)
From continuing operations	4.8	2.8
Attributable to shareholders	4.7	2.7

Source ↗


Current assets	1,276	1,331	1,308
Non-current assets	8,040	7,781	8,675
Total assets	9,316	9,112	9,983
Current liabilities	3,344	3,608	3,529
Non-current liabilities	6,277	5,713	6,695
Equity	(305)	(209)	(241)
Total equity and liabilities	9,316	9,112	9,983

	LTM Jun 26	FY 25	FY 24	FY 23	FY 22
Revenue to operating profit
Revenue	2,892.2	2,855.3	2,939.2	3,027.5	2,922.1
Gross profit	–	782.5	741.8	711.8	534.7
Adjusted EBITDA	397.8	403.0	392.0	–	–
Operating profit	84.3	108.5	111.1	(78.8)	(143.9)
Operating profit to net income
Profit before tax	–	32.6	45.4	–	–
Tax	–	(24.3)	(31.3)	(34.6)	33.2
Net income (owners)	–	13.7	14.1	(166.5)	(160.1)
Per share
EPS basic	–	1.3p	1.4p	(16.2p)	(15.5p)
EPS diluted	–	1.3p	1.4p	(16.2p)	(15.5p)

	H1 26	vs H1 25	H2 25	H1 25
Revenue to operating profit
Revenue	1,464.8	+3%	1,427.4	1,427.9
Adjusted EBITDA	197.0	−3%	200.8	202.2
EBITDA	165.1	−14%	–	193.0
Operating profit	28.3	−46%	56.0	52.5
Share-based payments	3.0	−4%	–	3.1
Per share
Dividend per share	0.4p	–	–	0.3p

	H1 26	vs H1 25	H1 25
Operating activities
Cash from operations	37.9	−55%	84.1
Interest paid	40.2	+18%	34.0
Tax paid	17.8	+65%	10.8
Investing activities
Capex (PP&E)	(62.5)	+35%	(46.3)
Capex (intangibles)	(10.4)	−25%	(13.9)
Financing activities
Dividends paid	(6.7)	−4%	(6.9)
Share buybacks	(74.4)	+93%	(38.6)

	30 Jun 26	31 Dec 25	31 Dec 24	31 Dec 23
Non-current assets
Goodwill	1,045.0	924.5	–	–
Other intangibles	113.9	115.8	–	–
Property, plant & equipment	551.5	577.7	–	–
Associates & JVs	45.3	43.8	–	–
Non-current assets	6,235.9	5,970.1	6,200.4	6,812.5
Current assets
Trade receivables	405.2	311.1	–	–
Cash	280.7	224.2	–	–
Current assets	1,138.5	947.5	1,060.6	1,027.2
Total assets	7,374.4	6,917.5	7,261.1	7,839.7
Current liabilities
Trade payables	197.7	220.5	–	–
Borrowings, current	10.6	12.6	–	–
Lease liabilities, current	996.7	965.3	–	–
Current liabilities	2,628.6	2,483.1	2,875.1	2,771.3
Non-current liabilities
Borrowings, non-current	960.5	794.5	–	–
Lease liabilities, non-current	3,934.7	3,729.1	–	–
Non-current liabilities	5,053.6	4,661.0	–	–
Total liabilities	7,682.2	7,144.0	–	–
Equity
Total equity	(307.8)	(226.5)	(166.5)	(189.3)
Net cash and other figures
Net cash / (debt) ex leases	(664.0)	(530.9)	(580.9)	–
Shares in issue	971.9m	1,008.7m	–	–
Treasury shares	14.4m	15.3m	45.2m	–
Undrawn facilities	329.0	323.7^r	573.7	–

	30 Jun 26	31 Dec 25	31 Dec 24	31 Dec 23
Non-current assets
Goodwill	1,045.0	924.5	–	–
Other intangibles	113.9	115.8	–	–
Property, plant & equipment	551.5	577.7	–	–
Associates & JVs	45.3	43.8	–	–
Non-current assets	6,235.9	5,970.1	6,200.4	6,812.5
Current assets
Trade receivables	405.2	311.1	–	–
Cash	280.7	224.2	–	–
Current assets	1,138.5	947.5	1,060.6	1,027.2
Total assets	7,374.4	6,917.5	7,261.1	7,839.7
Current liabilities
Trade payables	197.7	220.5	–	–
Borrowings, current	10.6	12.6	–	–
Lease liabilities, current	996.7	965.3	–	–
Current liabilities	2,628.6	2,483.1	2,875.1	2,771.3
Non-current liabilities
Borrowings, non-current	960.5	794.5	–	–
Lease liabilities, non-current	3,934.7	3,729.1	–	–
Non-current liabilities	5,053.6	4,661.0	–	–
Total liabilities	7,682.2	7,144.0	–	–
Equity
Total equity	(307.8)	(226.5)	(166.5)	(189.3)
Net cash and other figures
Net cash / (debt) ex leases	(664.0)	(530.9)	(580.9)	–
Shares in issue	971.9m	1,008.7m	–	–
Treasury shares	14.4m	15.3m	45.2m	–
Undrawn facilities	329.0	323.7^r	573.7	–

Read automatically from each results announcement. Check the source before relying on a figure.

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Company filings. Not investment advice.