PPHE Hotel Group Ltd

PPH · Main Market · Travel and Leisure · mcap £602m · 1432.0p

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

Source: results 27 Aug 26 ↗

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

Market cap: £599.9m
Owner’s net cash: −£940.3m
Net cash / market cap: -157%
EV ex leases: £1,714m
Revenue: £475.8m
Operating profit: £66.3m
Free cash flow after leases: £61.2m
EV / EBIT: 25.9×
FCF yield: 10.2%
Price / tangible book: 0.96×
ROCE: 4%
Net income (owners): £155.6m

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; 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 27 Aug 26 · read the results ↗

Source ↗

	2026 £'000	2025 £'000
Revenues (note 6b)	209,261	199,880
Operating expenses	(159,669)	(153,144)
EBITDAR	49,592	46,736
Rental expenses	(1,217)	(1,244)
EBITDA	48,375	45,492
Depreciation and amortisation	(26,289)	(23,793)
EBIT	22,086	21,699
Financial expenses	(26,476)	(22,635)
Financial income	2,765	2,189
Other income (note	145,621	45
Other expenses (note 6d)	(3,652)	(6,609)
Net expense for financial liability in respect of Income Units sold to private investors	(4,952)	(4,763)
Share in results of joint ventures	(321)	(153)
Profit (loss) before tax	135,071	(10,227)
Tax (expense) income	(1,060)	1,473
Profit (loss) for the period	134,011	(8,754)
Profit (loss) attributable to: Equity holders of the parent	139,467	(2,913)
Non-controlling interests	(5,456)	(5,841)
	134,011	(8,754)
Basic earnings per share (in Pound Sterling) (note 6e)	3.33	(0.07)
Diluted earnings per share (in Pound Sterling) (note 6e)	3.30	(0.07)

Source ↗

	30 June 2026 £'000	31 December 2025 £'000
ASSETS
NON-CURRENT ASSETS:
Intangible assets	5,246	6,622
Property, plant and equipment	1,627,290	1,460,744
Right-of-use assets	103,347	222,916
Investment in joint ventures	8,082	8,073
Other non-current assets	43,481	41,506
Restricted deposits and cash	4,830	6,421
Deferred income tax asset	11,906	12,284
Total non-current assets:	1,804,182	1,758,566
CURRENT ASSETS
Restricted deposits and cash	3,657	8,062
Inventories	2,965	2,711
Trade receivables	21,614	13,887
Other receivables and prepayments	15,163	15,157
Cash and cash equivalents	91,610	123,466
Total current assets	135,009	163,283
Assets held for sale (note	23,895	-
	158,904	163,283
Total assets	1,963,086	1,921,849

Source ↗

	2026 £'000	2025 £'000
Cash flows from operating activities:
Profit (loss) for the period	134,011	(8,754)
Adjustments to reconcile loss to cash provided by operating activities
Financial expenses including expenses for financial liability in respect of Income Units sold to private investors	31,427	27,398
Financial income	(2,765)	(2,189)
Income tax expense (income)	1,060	(1,473)
Net loss on disposal of assets	-	45
Loss on buyback of Income Units sold to private investors	629	611
Share based payments	946	1,579
Profit from Waterloo lease termination and asset acquisition (see note 3a)	(145,621)	-
Revaluation of lease liability	2,130	2,048
Share in results of joint ventures	321	153
Share appreciation rights revaluation	276	2,038
Fair value movement derivatives through profit and loss	247	655
Depreciation and amortisation	26,289	23,793
Total adjustments to reconcile loss to cash provided by operating activities	(85,061)	54,658
Changes in operating assets and liabilities
Increase in inventories	(284)	(466)
Increase in trade and other receivables	(6,374)	(9,152)
Increase in trade and other payables	14,288	18,817
Total changes in operating assets and liabilities	7,630	9,199
Cash paid and received during the period for
Interest paid	(28,464)	(26,944)
Interest received	1,115	1,983
Taxes paid	(841)	(1,386)
Taxes received	1,069	1,992
Total cash paid and received during the period for	(27,121)	(24,355)
Net cash flows provided by operating activities	29,459	30,748

INTERIM CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED)
(CONTINUED)
Six months ended
Cash flows from investing activities
Waterloo freehold acquisition (see note 3a)	(155,637)	-
Investments in property, plant and equipment	(14,994)	(32,599)
Investment in intangible assets	(319)	(469)
Loan to third party	(485)	-
Loan to Joint Venture	(195)	276
Increase in deposits	-	(875)
Decrease in restricted cash	6,246	5,457
Net cash flows used in investing activities	(165,384)	(28,210)
Cash flows from financing activities
Proceeds from long-term loans	158,185	8,988
Repayment of long-term loans	(35,753)	(16,963)
Repayment of leases	(1,071)	(1,906)
Purchase of derivatives	(2,563)	-
Proceeds from transactions with non-controlling interests	-	2,074
Payments in relation to transactions with non-controlling interests	(1,011)	(16,452)
Exercise of options settled in cash	(325)	(326)
Dividend payment	(9,210)	(8,790)
Dividend payment by a subsidiary to non-controlling interests	(1,810)	(1,585)
Buyback of Income Units previously sold to private investors	(2,078)	(2,060)
Net cash flows provided by (used in) financing activities	104,364	(37,020)
Decrease in cash and cash equivalents	(31,561)	(34,482)
Net foreign exchange differences	(295)	898
Cash and cash equivalents at beginning of period	123,466	113,225
Cash and cash equivalents at end of period	91,610	79,641
Non-cash items
Lease additions and lease remeasurement	1,056	9,984
Outstanding payables on investments in property, plant and equipment	300	7,521

Source ↗

	2025 £'000	2024 £'000
Revenues	466,403	442,787
Operating expenses	(326,019)	(303,988)
EBITDAR	140,384	138,799
Rental expenses	(2,195)	(2,336)
EBITDA	138,189	136,463
Depreciation, amortisation and impairment	(72,305)	(47,083)
EBIT	65,884	89,380
Financial expenses	(48,052)	(42,634)
Financial income	4,846	5,226
Other expenses	(11,473)	(13,243)
Other income	2,492	5,048
Net expenses for financial liability in respect of Income Units sold to private investors	(11,893)	(12,896)
Share in results of joint ventures	(330)	(268)
Profit before tax	1,474	30,613
Income tax expense	(865)	(2,881)
Profit for the year	609	27,732
Profit (loss) attributable to
Equity holders of the parent	13,185	28,206
Non-controlling interests	(12,576)	(474)
Total profit (loss) attributable to	609	27,732
Basic earnings per share (in Pound Sterling)	0.32	0.67
Diluted earnings per share (in Pound Sterling)	0.31	0.66

Source ↗

	2025 £'000	2024 £'000
Assets
Non-current assets:
Intangible assets	6,622	7,632
Property, plant and equipment	1,460,744	1,421,376
Right-of-use assets	222,916	225,265
Investment in joint ventures	8,073	8,233
Other non-current assets	41,506	46,993
Restricted deposits and cash	6,421	5,826
Deferred income tax asset	12,284	12,890
Total non-current assets:	1,758,566	1,728,215
Current assets
Restricted deposits and cash	8,062	16,602
Inventories	2,711	2,703
Trade receivables	13,887	18,712
Other receivables and prepayments	15,157	17,683
Cash and cash equivalents	123,466	113,225
Total current assets	163,283	168,925
Total assets	1,921,849	1,897,140
Equity and liabilities
Equity
Issued capital	-	-
Share premium	135,228	134,472
Treasury shares	(14,138)	(14,519)
Foreign currency translation reserve	14,446	4,862
Hedging reserve	6,772	9,995
Accumulated earnings	179,127	177,874
Attributable to equity holders of the parent	321,435	312,684
Non-controlling interests	191,159	213,374
Total equity	512,594	526,058
Non-current liabilities
Borrowings	843,433	805,057
Provision for concession fee on land	5,255	4,995
Financial liability in respect of Income Units sold to private investors	107,943	110,565
Other financial liabilities	284,151	277,878
Deferred income taxes	5,732	5,192
Total non-current liabilities	1,246,514	1,203,687
Current liabilities
Trade payables	10,381	9,088
Other payables and accruals	82,322	77,720
Borrowings	70,038	80,587
Total current liabilities	162,741	167,395
Total liabilities	1,409,255	1,371,082
Total equity and liabilities	1,921,849	1,897,140

Source ↗

	2025 £'000	2024 £'000
Cash flows from operating activities:
Profit for the year	609	27,732
Adjustment to reconcile profit to cash provided by operating activities
Financial expenses and expenses for financial liability in respect of Income Units sold to private investors	59,945	55,530
Financial income	(4,846)	(5,226)
Income tax expense	865	2,881
Loss on buy-back of Income Units sold to private investors	1,089	1,486
Re-measurement of lease liability	4,121	3,984
Change in fair value Park Plaza County Hall London Units	(150)	(450)
Lease termination	(2,094)	-
Impairment of property, plant and equipment	23,733	-
Capital loss on sale of fixed assets, net	204	195
Share in results of joint ventures	330	268
Share appreciation rights revaluation	3,613	767
Fair value movement derivatives through profit and loss	773	(4,299)
Depreciation and amortisation	48,572	47,083
Share-based payments	2,040	1,549
Cash flows from operating activities before movements in working capital	138,195	103,768
Changes in operating assets and liabilities
Decrease in inventories	102	468
Decrease (increase) in trade and other receivables	5,372	(5,694)
Increase (decrease) in trade and other payables	10,820	(6,002)
Cash flow from movements in working capital	16,294	(11,228)
Cash paid and received during the period for
Interest paid	(57,879)	(54,710)
Interest received	3,866	4,837
Taxes paid	(3,033)	(2,436)
Taxes received	2,028	-
Cash flow from interest and taxes	(55,018)	(52,309)
Net cash provided by operating activities	100,080	67,963
Cash flows from investing activities
Acquisition of Leman Street	(18,411)	-
Acquisition of Park Royal freehold	(10,537)	-
Investments in property, plant and equipment	(50,858)	(74,075)
Investments in intangible assets	(1,499)	(280)
Proceeds from disposal of property, plant and equipment and intangible assets	274	328
Loans repaid from (provided to) joint ventures	282	(2,984)
Decrease (Increase) in restricted cash	8,454	(5,572)
Net cash used in investing activities	(72,295)	(82,583)
Cash flows from financing activities
Proceeds from loans and borrowings	129,249	46,668
Buy-back of Income Units previously sold to private investors	(3,666)	(5,287)
Proceeds of derivatives	-	1,481
Dividend paid	(15,906)	(15,549)
Dividend paid by a subsidiary to non-controlling shareholders	(1,613)	(1,452)
Repayment of loans and borrowings	(117,287)	(41,147)
Repayment of leases	(3,853)	(4,162)
Proceeds from transactions with non-controlling interest	11,747	10,444
Payments in relation to transactions with non-controlling interests	(17,369)	(2,734)
Purchase of treasury shares	-	(7,864)
Exercise of options settled in cash	(465)	(167)
Net cash used in financing activities	(19,163)	(19,769)
Increase (decrease) in cash and cash equivalents	8,622	(34,389)
Net foreign exchange differences	1,619	(2,802)
Cash and cash equivalents at beginning of year	113,225	150,416
Cash and cash equivalents at end of year	123,466	113,225
Non-cash items
Lease additions and lease re-measurement	10,016	5,938
Investments in property, plant and equipment	6,454	8,077

	LTM Jun 26	FY 25	FY 24
Revenue to operating profit
Revenue	475.8	466.4	442.8
EBITDA	141.1	138.2	136.5
Operating profit	66.3	65.9	89.4
Share-based payments	1.4	2.0	1.5
Operating profit to net income
Finance costs	(51.9)	(48.1)	(42.6)
Profit before tax	146.8	1.5	30.6
Tax	(3.4)	(0.9)	(2.9)
Net income (owners)	155.6	13.2	28.2
Per share
EPS basic	372.0p	32.0p	67.0p
EPS diluted	368.0p	31.0p	66.0p
Dividend per share	–	39.0p	38.0p

	H1 26	vs H1 25	H2 25	H1 25
Revenue to operating profit
Revenue	209.3	+5%	266.5	199.9
EBITDA	48.4	+6%	92.7	45.5
Operating profit	22.1	+2%	44.2	21.7
Share-based payments	0.9	−40%	0.5	1.6
Operating profit to net income
Finance costs	(26.5)	+17%	(25.4)	(22.6)
Profit before tax	135.1	n/m	11.7	(10.2)
Tax	(1.1)	n/m	(2.3)	1.5
Net income (owners)	139.5	n/m	16.1	(2.9)
Per share
EPS basic	333.0p	–	39.0p	(7.0p)
EPS diluted	330.0p	–	38.0p	(7.0p)

	LTM Jun 26	FY 25	FY 24
Operating activities
Cash from operations	98.8	100.1	68.0
Interest paid	(59.4)	(57.9)	(54.7)
Tax paid	(2.5)	(3.0)	(2.4)
Investing activities
Capex (PP&E)	(33.3)	(50.9)	(74.1)
Capex (intangibles)	(1.3)	(1.5)	(0.3)
Financing activities
Lease principal paid	(3.0)	(3.9)	(4.2)
Dividends paid	(16.3)	(15.9)	(15.5)
Share buybacks	–	–	(7.9)

	H1 26	vs H1 25	H2 25	H1 25
Operating activities
Cash from operations	29.5	−4%	69.3	30.7
Interest paid	(28.5)	+6%	(30.9)	(26.9)
Tax paid	(0.8)	−39%	(1.6)	(1.4)
Investing activities
Capex (PP&E)	(15.0)	−54%	(18.3)	(32.6)
Capex (intangibles)	(0.3)	−32%	(1.0)	(0.5)
Financing activities
Lease principal paid	(1.1)	−44%	(1.9)	(1.9)
Dividends paid	(9.2)	+5%	(7.1)	(8.8)

	30 Jun 26	31 Dec 25	31 Dec 24
Non-current assets
Other intangibles	5.2	6.6	7.6
Property, plant & equipment	1,627.3	1,460.7	1,421.4
Associates & JVs	8.1	8.1	8.2
Non-current assets	1,804.2	1,758.6	1,728.2
Current assets
Inventories	3.0	2.7	2.7
Cash	91.6	123.5	113.2
Current assets	158.9	163.3	168.9
Total assets	1,963.1	1,921.8	1,897.1
Current liabilities
Trade payables	14.5	10.4	–
Borrowings, current	48.4	70.0	80.6
Current liabilities	158.8	162.7	167.4
Non-current liabilities
Borrowings, non-current	983.5	843.4	805.1
Non-current liabilities	1,172.4	1,246.5	1,203.7
Total liabilities	1,331.2	1,409.3	1,371.1
Equity
Non-controlling interests	182.3	191.2	213.4
Total equity	631.9	512.6	526.1

	30 Jun 26	31 Dec 25	31 Dec 24
Non-current assets
Other intangibles	5.2	6.6	7.6
Property, plant & equipment	1,627.3	1,460.7	1,421.4
Associates & JVs	8.1	8.1	8.2
Non-current assets	1,804.2	1,758.6	1,728.2
Current assets
Inventories	3.0	2.7	2.7
Cash	91.6	123.5	113.2
Current assets	158.9	163.3	168.9
Total assets	1,963.1	1,921.8	1,897.1
Current liabilities
Trade payables	14.5	10.4	–
Borrowings, current	48.4	70.0	80.6
Current liabilities	158.8	162.7	167.4
Non-current liabilities
Borrowings, non-current	983.5	843.4	805.1
Non-current liabilities	1,172.4	1,246.5	1,203.7
Total liabilities	1,331.2	1,409.3	1,371.1
Equity
Non-controlling interests	182.3	191.2	213.4
Total equity	631.9	512.6	526.1

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