IWG
IWG · Main Market · Real Estate · mcap £1,745m · 186.1p 3 open situations →
Open · 3
Managed & Franchised network build-out
The capital-light Managed & Franchised build-out continues. H1 signings were 728 (496 a year earlier) and openings 425 (338). The segment is 22% of system revenue and 32% of open rooms. Managed RevPAR fell 9% as new centres ramp, and the pipeline now excludes rooms unopened after two years.
- Signings
- 728 in H1 2026 (H1 2025: 496)
- Openings
- 425 in H1 2026 (H1 2025: 338)
- Pipeline
- 257,000 rooms signed but not open, after removing rooms unopened after 2 years
- Open rooms
- 358,000 rooms open, 32% of all open rooms (H1 2025: 25%)
- Mature potential
- Open and pipeline rooms expected to produce system-wide revenue of over $2bn per year once mature
- Recurring fees
- $35m, +84%; 2026 guidance is $80m
Next: Q3 2026 trading update on signings and openings · 3 Nov 2026
- 11 Aug 2026 H1 signings 728, openings 425, pipeline 257k rooms
- 12 May 2026 Q1 signings 382, openings 222, pipeline 231k rooms
- 3 Mar 2026 Record 2025 signings and openings; pipeline 227k rooms
- 4 Nov 2025 Signings and openings up c.40%+ year-over-year
Share buyback and convertible repayment
The 2026 buyback began in December 2025 and was raised to $150m from $100m on 30 June. The H1 results show $100m spent on 37,971,536 shares and $109m returned including dividends. Net debt rose to $880m, and the company says it will update on buybacks through 2026.
- Authority
- AGM 19 May 2026; up to 145,918,746 shares; 138,231,271 remaining
- Closed period
- 1 July 2026 to 11 August 2026 (2026 Interim Results)
- Broker
- Jefferies; irrevocable, non-discretionary, pre-agreed parameters
- Inside information
- Company confirms no unpublished inside information
- Executed
- 37,971,536 shares repurchased for $100m in H1 2026
- Total returned
- $109m to 30 June 2026, comprising dividends and share buybacks
Next: buyback update; Q3 trading update · 3 Nov 2026
- 11 Aug 2026 $100m of $150m programme bought by 30 June
- 30 Jun 2026 Buyback raised to $150m; closed-period buying authorised
- 12 May 2026 $100m announced; $75m returned so far
- 3 Mar 2026 2026 buyback raised to $100m; convertible largely repaid
1 director buying
- 27 Aug 2026 Christian Schmitz £91k
- 20 Aug 2026 Christian Schmitz £259k
Closed · 4
Company filings. Not investment advice.